|
A•
<br />200512574
<br />Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial statement
<br />or information Beneficiary may deem reasonably necessary. Trustor a gees to sign, deliver, and file any additional
<br />documents or certifications that Beneficiary may consider necessary to peMcct, continue, and preserve Trustor's obligations
<br />under this Security 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
<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 unencumbered, except for encumbrances of record.
<br />7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be uruttediately 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.F.R. 591), as applicable.
<br />S. 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 />Property. Any action or inaction by the Borrower or Trustor occurs that adversely affects the Property or Beneficiary's
<br />rights in the Property. This includes, but is not limited to, the following: (a) 'Trustor fails to maintain required insurance
<br />on the Property; (b) Trustor transfers the Property; (c) Trustor commits waste or otherwise destructively uses or fails to
<br />maintain the Property such that the action or inaction adversely affects Beneficiary's security; (d) Trustor fails to pay taxes
<br />on the Property or otherwise fails to act and thereby causes a lien to be filed against. the Property that is senior to the lien
<br />of this Security Instrument; (e) a sole Trustor dies; (f) if more than one Trustor, any 'I rustor dies and Beneficiary's
<br />security is adversely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Trustor and
<br />subjects Trustor and the Property to action that adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses
<br />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 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 state 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 Trustor 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 />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 shall, at the request of the Beneficiary, 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 right, title
<br />and interest of 'Trustor at such time awd place as Trustee desigrLitcs. Trustee shall give notice of sale including the tune,
<br />terms and place of sale and a description of the property to be sold as required by the applicable law in effect at the time of
<br />the proposed 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
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances a.ud interest
<br />thereon, and the principal and interest on the Secured Debt' paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property. The recitals in any deed of conveyance shall be prurra facie evidence of the facts set forth (herein.
<br />The acceptance by Beneficiary of any ruin 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 Trustor'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 Instrutneut, 'I'rust.or agrees to pay all expenses Beneficiary incurs in performing such
<br />covenants or protecting its security interest in the Properly. Such expenses iucludc, but are not limited to, fees incurred for
<br />inspecting, preserving, or otherwise protecting the Property and Beueficiary's security interest. These expenses are payable
<br />on demand and will bear interest frnrrt the date of payment witil paid in full at the highest rate of interest. in effect as
<br />provided in the terms of the Secured Debt. Trustor 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 litnited to, 'Trustee's fees, court costs, and other legal expenses. '1'o the extent permitted by the United
<br />States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys' fees 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. Trustor agrees to pay for any recordation costs of such release.
<br />11. ENVIRONMENTAL LAWS AND HAZAR OU U
<br />means, without imitation, t. a _ompre ensive nvironmenta esponse, ompensation ati is t ity' Act ((AiKULA 42
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />o inions 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 />envirormeilt. 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 waiting 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. Except as previously disclosed and acknowledged . in writing to Beneficiary, Trustor and every tenant have been, are,
<br />and shall retrain in full compliance with any applicable Environmental •Law.
<br />C. 'Trustor shall immediately notify Beneficiary if 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 Properly. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />��
<br />��__�_L -� rnaQe� s ui a�
<br />E E L�o (9) 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP- REOT -NE 1/31/200,3
<br />
|