|
200210507
<br />Financial Reports mid Additional Documents. Trustor will provide to Beneficiary upon request, any financial slalement
<br />or infmanitimn Beneficiary may deem reasonably nevereany. Trustor amccs In sign, deliver, and file any additional
<br />documents or certifications that Beneficiary may consider necessary to per ect, continue, and preserve Truster's obligations
<br />under this Security Instrument and Beneficiary's lien status on the Property.
<br />6. WARRANTY OF TITLE. Truster- warrants that Trusmr is or will he 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. Trustor also warrants that the Property is imeucunberal, except for eucmnbrancus of record.
<br />7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be immediately due Had
<br />payable open the aeatiou 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.F.R. 59D, as applicable.
<br />S. DEFAULT. Truster 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 />Pro perty. Any adtion or inaction by the Burrower or Truslor occurs that Adver e'Y Alfcets the Property o[ Beneficiary's
<br />rights in the Property. This includes, but is not limited to, the foltowing� (a) Trustor fails to maintain required insurance
<br />on the Property; (b) 7tuslu[ transfers the P[ope[ly; (c) Trustor commits waste or otherwise deslruc[ivdy uses or fails W
<br />main Win lire Property such rhot the aotiou or inelton adversely affeds BcneficiHry'I security; (d) Trustor fails in pay taxes
<br />on the Property or otherwise fails to act and thereby causes alien to be filed agalust the Yropedy that is senior to [he lien
<br />of this Security he amen; (e) a sole 'fluster dies; (t) if more than one Trustor, any 'Trustor rims and Beneficiary's
<br />security is adversely affected; (g) the Propertyy is taken through eminent domain; (h) a judgnicnl is filed against Trustnr and
<br />subjects Trust.[ and the Propertyy to actin¢ IhaI adversely affects Beneficiary's interest; or () a prior lienholder forecloses
<br />on
<br />he Popery and as a result, Becettciary'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 an other remedy available under the terms of this Security Instrument,
<br />Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manor provided by law if Trustor
<br />is in default. In sumo m maces, federal and slate law will require Beneficiary to pnvide Trusnor with notice of the right to
<br />cure, or other notices and ma establish lime schedules for forectosure actions. Each Trustor requests a copy of any notice
<br />of default and any notice of sate thereunder be mailed to each'fmstor at the address provided in Section l above.
<br />At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and princi al shall become
<br />immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br />thereafter.
<br />If there is a default, Trustee shag, at the request of the Benticiary, advertise and sell the Property as a whole or in
<br />separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all hale, tide
<br />and mtcresl of Trusnu at such time and place as Trustee designates.
<br />Trustee shall give notice of sale including the lime,
<br />terms and place of sale and a description of the property to he sold as required by the applicable law in effect at the time of
<br />the proposed sale.
<br />Ugon sale of the properly and to We extent not prohibited by law, Trustee %hall 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
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liras, assessments and prior eucmnbrances and interest
<br />thereon, and We principal and interest on the Secured Debt, Faying the surplus, if any, to Trustor Beneficiary may
<br />purchase the Property_ The recitals in any deed of conveyance shall be prima tacie evidence of the facts set forth 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 'f roster's default, Beneficiary does not waive Rcndiciary's
<br />right to late[ .Haider the event a default if it happens again.
<br />10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. if Toaster btrnches
<br />any covenant in this Security Instillment, Trustor agrees h> 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 the date of payment until paid in full at the highest rate of inmrest in effect as
<br />provided in the trims of (lie Secured Debi. Truslor 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, 'Phis amount may
<br />include, but is not [mite d to, 'fmstee'a fees, court costs, and other legal expenses. To the extent permitted by the United
<br />States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys' feels Beneficiary incurs to collect the Secured Debt
<br />as awarded by any court exercising jurisdiction under 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 DAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compeasatiou and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />o miens nr interpretive letters concerning the puhlic health, safety, welfare, environment or a hazardous substance; and (2)
<br />Iazardous 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 detiued as "hazardous material," "toxic substances,"
<br />"hazardous waste" nr "hazardous sub axH.' under any Enviromminal 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 be
<br />located, stored or released on or in the Property. This restriction does not apply to small .pAyanI t s of Hazardous
<br />Substances that are generally recognized to be appropriate for the normal use and maiufggm ne of qm Property.
<br />B. Except as previously disclosed and acknowledged m writing to Beneficiary, Tmstpr and every coon[ have been, are,
<br />and shall remain in fall compliance with any applicable Environmental Law. (M r
<br />C. Trustor shall immediately notify Beneficiary it a release or threatened `tel ease -al a`N7zardous- Substance occurs on,
<br />under or about the Property or there is a violation of any Euviromnernal Law concerning the Properly_ In such an
<br />event., Truslor shall take all necessary remedial action in accordance with any Environmental Law.
<br />Z{ 'b11984 Banheie SY "W m".Inm. Sl Cl"u J. MN FomOCP- PEOT -NE 1/302993
<br />
|