|
200212333
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of
<br />inspecting the Property. Beneficiary shall give Truster notice at the time of or before an inspection specifying a reasonable purpose
<br />for the inspection. Any inspection ofthe Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on
<br />Beneficiary's inspection.
<br />Authority to Perform. If Tmstor fails to perform any duty or any of the covenants contained in this Security Instrument,
<br />Beneficiary my, without notice, perform or cause them to be performed. Toaster appoints Beneficiary as attorney in fact to sign
<br />Toaster's time or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall not create an
<br />obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's other
<br />rights under the law, or this Security Instrument.
<br />Leaseholds; Condominiums; Planned Unit Developments. Trustor agrees to comply with the provisions ofany lease if this
<br />Security Instrument is on a leasehold. If the Property includes a unit in a condominium or planned unit development, Trustor will
<br />perform all of Trustor's duties under the covenants, by -laws, or regulations of the condominium or planned unit development.
<br />Condemnation. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public entities to
<br />purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor authorizes
<br />Beneficiary to intervene in Toastor's time in any of the above described actions or claims. Toaster assigns to Beneficiary the
<br />proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such
<br />proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is
<br />subject to the terms ofany prior mortgage, deed oftrust, security agreement or other lien docutment.17384
<br />Insurance. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated
<br />with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that
<br />Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval,
<br />which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the to= of this Security
<br />Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and, where
<br />applicable, "loss payee clause." Toaster shall immediately notify Beneficiary of cancellation or termination of the insurance.
<br />Beneficiary shall have the right to hold the policies and renewals. If beneficiary requires, Toaster shall immediately give to
<br />Beneficiary all receipts ofpaid premiums and renewal notices. Upon loss, Truster shall give immediate notice in the insurance
<br />carrier and Beneficiary. Beneficiary may make proof of lose if not made immediately by Trustor.
<br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the
<br />Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principal shall not extend or
<br />postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Trustor. If
<br />the Property is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage to the
<br />Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition.
<br />Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial statemem or
<br />information Beneficiary may deem reasonably necessary. Truster agrees to sign, deliver, and file any additional documents or
<br />certifications that Betleficiary may consider necessary to perfect, continue, and preserve Trusters obligations under this Security
<br />Instrument and Beneficiary's lien status on the Property.
<br />6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Security
<br />Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of sale. Trustor also
<br />warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance ofthe Secured Debt to be immediately due and payable
<br />upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions
<br />imposed by federal law (12 C.F.R. 591), es applicable.
<br />8. DEFAULT. Trainor 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 is an
<br />open and 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 when due
<br />Exper rs' C1994 Bankers Systems, Inc., Sr Cloud, MN Form USBOCP -DT -NE 9/5/2001 (page 3 of 6)
<br />
|