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Application # 0121308548
<br />200210449
<br />Financial Reports and Additional Dominants. Trustor will provide to Beneficiary upon request, any financial statement
<br />or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any additional
<br />documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Trustor's obligations
<br />under this Security Instrument and Beneficiary's hen status on the Property.
<br />6. WARRANTY OF TITLE. Trustor warrants that Truster is or will be lawfully seized of the estate conveyed by this
<br />Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sale. Truster also warrants that the Properly is unencumbered, except for encumbrances mf record.
<br />7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be immediately due and
<br />payable upon the creation of, or contract for the creation of, a transfer or sale of the Property .. This right is subject to the
<br />restrictions imposed by federal law (12 C.P.R. 591), as applicable.
<br />8. DEFAULT. Trustor will be in default if any of the following occur:
<br />Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that
<br />is an open end home equity plan.
<br />Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a payment
<br />when due.
<br />Property. Any action or inaction by the Bhurowcr Or Trustor occurs Thal adversely affects the Property or Beneficiary's
<br />rights in the Property. This includes, but is not limited to, the following: (a) Truster fails to maintain required insurance on
<br />the Property; (b) Truster musters the Property; (c) Truster commits waste or otherwise destructively uses or falls to
<br />maintain the Property such that the action or inaction adversely affects Beneficiary's security; (d) Truster fails to pay taxes
<br />on the Properly or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of
<br />this Security Instrument; (e) a sole Toaster dies; (1) if more than one Tmstor, any Truster dies and Beneficiary's security is
<br />adversely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Trustor and subjenls
<br />Truster and the Property to action that adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses on the
<br />Property and as a result, Beneficiary's interest is adversely affected.
<br />Executive Officers. Any Borrower is an executive officer of Beneficiary or an affiliate and such Borrower becomes
<br />indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted under federal laws and
<br />regulations.
<br />9. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument,
<br />Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor
<br />is in default. In some instances, federal and stale law will require Beneficiary to provide Trustor with notice of the right to
<br />cure, or other notices and may establish time schedules for foreclosure actions. Each Tmsmr requests a copy of any notice
<br />of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Section 1 above.
<br />At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />inmhediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />If there is a default, Trustee shall, at the request of the Beneficiary, advertise and sell the Property as a whole or in separate
<br />parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title and interest
<br />of Trustor at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place
<br />of sale and a description of the property to be sold as required by the applicable law in effect at the time of the proposed
<br />sale.
<br />Upon sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br />sold which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to Beneficiary
<br />all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thmcon, and the
<br />pprincipal and interest on the Secured Debt, paying the surplus, if any, to Tstor. Beneficiary may purchase the Property.
<br />11h m
<br />e recitals in any deed of conveyance shall be prince facie evidence of the facts set tbrth therein.
<br />The acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt after the balance is due or is
<br />accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's right to require complete
<br />cure of any existing default. By not exercising any remedy on Tmstor's default, Beneficiary does not waive Beneficiary's
<br />right to later consider the event a default if it happens again.
<br />10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Trustor breaches
<br />any covenant in this Security Instrument, Trustor agrees to pay all expenses Beneficiary incurs in performing such
<br />covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for
<br />inspecting, preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses are payable
<br />on demand and will bear interest from die date of payment until paid in full at the highest rate of interest in effect as
<br />provided in the terms of the Secured Debt. Truster agrees to pay all costs and expenses incurred by Beneficiary in
<br />collecting, enforcing or protecting Beneficiary's rights and remedies under this Security Instrument. This amount may
<br />include, but is not limited lo, Trustee's fees, court casts, and other legal expenses. To the extent permitted by the United
<br />States Bankruptcy Code, Truster agrees to pay the reasonable attorneys' fees Beneficiary incurs to collect the Secured Debt
<br />as awarded by any court exercising jurisdiction tinder the Bankruptcy Code. This Security Instrument shall remain in effect
<br />until released. Truster agrees to pay for any recordation costs of such release.
<br />11. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U -S.C. 9601 it self), and all other federal, state and local laws, regmlatons, ordinances, court orders, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will he
<br />located, stored or released on or in the Properly. This restriction does not apply to small quantities of Hazardous
<br />Substances tat are generally recognized to be appropriate for the normal use and maintenance of the Property.
<br />B. Except as previously disclosed and acknowledged In writing to Beneficiary, Trustor and every tenant have been, are,
<br />and shall rennin in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately notify Beneficiary n} a release or threatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law...
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<br />40 C465(NE) asaz)
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