|
200214514
<br />Financial Bepnrte and Additional Documents. Trustor will provide to Benchtian^ upon request, any financial
<br />stammcnt or information Beneficiary may deem reasonably necessary. Taster agrees to sign, deliver, and file any
<br />additional documents or ccriifionloms that Beneficiary may consider necessary to perfect, continue_ and preserve
<br />'1'nslor's obligations under this Security tustruill and Beneficiary's lien status on the Properly.
<br />6. WARRANTY OF TITLE. Truster warrants (hat Trustor is or will be lawfully seized of the estate conveyed by thus
<br />Security Instrument and has the right to irrevocably grant. convey, and sell the Proporty to Trustee, in trust, with power
<br />of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. DUE ON SALE. Beneficiary may, a its option, declare the entire balance of the Secured Debt to be immediately due
<br />and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject
<br />to the restrictions imposed by federal law (12 C.F. R. 591), as applicable.
<br />8. DEFAULT. Truster will be in default if any of the following occur:
<br />Fraud. Am Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt
<br />that is an open end home equity plan.
<br />Payments. Any Consumer Borrower on any Secured Debt that is an open and home equhly plan fails to make a payment
<br />when due.
<br />Prnpety. Any action or inaction by the Borrower or Trustor occurs that adycrscly affects the Property or Bencfician's
<br />rights in thc Properly. This includes, bill is not limited to. the followving. (a) Truster fails to maintain required
<br />insurance on the Properly; (b) Truster transfers the Property; (c) Trustor commits waste or otherwise destructively uses
<br />or fails to maintain the Property such that the action or inaction adversely affects Beneficiary's security; (d) Tmstor fails
<br />to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is
<br />senior to the lien of this Security Inslrumem; (e) a sole Trustor dies; (f) if more than one Trustor, any Truster dies and
<br />Beneficiary's security is adversely affected, (g) the Property is taken through eminent domain; (h) a judgment is filed
<br />against Trustor and subjects Trustor and the Property to action that adversely affects Beneficiary's interest; or fit a prior
<br />lientiolder forecloses on the 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 mount greater than the amount permitted under federal laws
<br />and regulations.
<br />9. REMEDIES ON DEFAULT. In addition to any, other remedy available under the terms of this Social Instrument,
<br />Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if
<br />Toaster is in default. in Soule instances, federal and suite law will require Beneficiary to provide Truster wilh notice of
<br />the right to cure, or other notices and may establish time schedules for foreclosure actions. Each Truster requests a copy
<br />of any notice of default( aid d any notice of sale (hereunder be mailed to each Truster at tine address provided in Section 1
<br />above.
<br />At the option of the Benefician all or any part of the agreed fees and charges, accrued interest and principal shall
<br />become inmhediately due and payable, after giving notice if required by law, upon the occurrence of it default or
<br />anytime thereafter.
<br />If there is it default. Trustee shall, at the request of the Beneficiary, advertise and sell the Property as a whole or in
<br />separate parcels al public auction to We highcst bidder for cash and eonve7 absolute title free and clear of all right, title
<br />and inl icsl of Trtslor al such linter and place as Imstoe designates. Trustee shall give notice of sale including The time,
<br />corns and place of sale and a description of the property to be sold as required by the applicable law in effect al the time
<br />of the proposed sales
<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
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />thereon. and the principal and interest on the Secured Debt, paying the surplus, if any. to Truster. Beneficiary may
<br />purchase the Property. The recitals in arty deed of conveyance shall be prima facie evidence of the facts set forth
<br />therein.
<br />The acceptance by Beneficiary of any Burn in pi men( or partial payment on the Secured Debt after the balance is due or
<br />is accelerated or offer foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's right to require
<br />complete care of are existing default By not exercising any remedy on Tnator's default, Beneficiary does not waive
<br />Beneficianr's right to later consider the event a default if it happens again.
<br />111. EXPENSES; ADVANCES ON COVENANTS, ATTORNEYS' FEES; COLLECTION COSTS. If Truster crotches
<br />ant covenant in this Security Instrument, Truster agrees to pav all expenses Berefcar, incurs in performing such
<br />covenants or protecting its security interest in the Property. Such expenses include, bill are not limited lo, fees incurred
<br />for inspecting, preserving. or otherwise protecting the Property and Beneficiary's security interest. These expenses are
<br />payable on demand and will beer interest from (he date of payment until paid in full at the highest rate of interest in
<br />effect as provided in the terns of the Secured Debt Trustor agrees to pay all costs and expenses incurred by Beneficiary
<br />in collecting. entoming or protecting Beneficiary's rights and remedies under this Security Instrument. This amount new
<br />include, but is not limited to. Trustee's fees, court costs, and other legal expenses. To the extent permitted by the
<br />United States Bankruptcy Code, Truster agrees to pay the reasonable attorneys' fees Beneficiary incurs to collect the
<br />Secured Debt as awarded In court exercising jurisdiction under the Bankruptcy Code. This Security Instrument shall
<br />remain in effect 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 />mean& without limitation. the Comprehensive Ent immneutal Response Compensation and Liability Act (CERCLA, 42
<br />U_S_C 9601 cl sal.), and all olhcr federal, state and local laws_ regulations_ ordinances, court orders, alorucy general
<br />opinions err Interpretive Ickcrs concerning (he public health, safety_ welfare, environment or it hazardous substance'. and
<br />(2) Hazardous Substance means any toxic, radioactive or hazardous material, waste. pollutant or contaminant which has
<br />chnotacrisocs which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />en, trmnnhen(. The loan includes, without limi(alioq any substances defined as '1a rdeus material," "laic substances,"
<br />"hazardous waste" or "hazardous substance" under env Environmental Law.
<br />Tnator represents_ warrants and agrees that
<br />A. E.ccept 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 quantities of Hazardous
<br />Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property _
<br />B. Exccpl as pre,ionsly disclosed and acknowledged in writing to Beneficiary. Truster and every tenant have been_
<br />are and shall remain in full compliance it am applicable Environmental Law,
<br />C Tmstor shall inunediatcly notify Beneficiuot if t release or Ihr incred release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violation of any Emvirumnenntal Law concerning; the Property. In such an
<br />event Truster shall lake all necessary remedial action in accordance with any Enviromnental Law.
<br />(page 3 of i)
<br />7'.991 ll,i, —S /hems .nc. 11 11ou9,.o Form OO1 KIT -NE Ill Y113
<br />(M- C486(NE) 1112192
<br />0
<br />
|