200603858 - Laserfiche WebLink

Browse

~ 200603858 Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or privete party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As usad in this paragraph 20, "Hazardous Substancas" ara thosa substancas dafined as toxic or hazardous substancas by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petrolaum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrumont (but not prior to acceleration undor paragraph 17 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to curo the default; (c) a date, not loss than the minimum number of days established by applicable law from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date spocified in the notice may result in acceleration of the sums secured by this Socurity Instrument, and sale of the Property. The notice shell further inform Borrower of the right to reinstete after ecceleration and the right to bring e court action to assert the non-existence of a default or any other defonse of Borrower to acceleration and sale. If the default is not cured on or boforo the date specified in the notice, Lender at its option may require immediate paymont in full of all sums secured by this Security Instrument without furthor demand and may invoke the power of sale and any other remedies permitted by applicablo law. Londer shall be entitled to collect all exponses incurred in pursuing the remedies providod in this paragraph 21, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If tho powor of sale is invoked, Trustee shall rocord a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrowor and to the other persons prescribed by applicable law. After the time required by applicable law, Trustae shall give public notice of sale to the persons and in the manner prescribed by applicabla law. Trustee. without demand on Borrower, shall sell the Property et public auction to tho highost bidder at the time and place and under the terms designated in the notice of sale in ono or more parcels and in any order Trustee detorminas. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon recoipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidenco of the truth of the statements made thoro in. Trustee shall apply tho proceods of the saiD in the following ordor: (al to all costs and expensos of exercising the power of sale, and of the sale, including the payment of the Trustoo's foos actually incurred, not to excood 21. 00 % of the principal amount of the note at the time of the declaration of default, and reasonable attorneys' fees as permitted by law; (b) to all sums secured by this Security Instrument; and (cl any excess to the person or persons legally entitled to it. 22. Reconveyance. Upon payment of all sums sacured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrander this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shell reconvey the Property without warranty and without charge to the person or persons legally entitled to it. Such person or persons shall pey any recordation costs. 23. Substitute Trustee. Lender, at its option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed hereunder by en instrument recorded in the county in which this Security Instrument is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by eppliceble law. 24. Request for Notices. Borrower requests thet copies of the notices of default and sale be sent to Borrower's address which is the Property Address. Initials Initials By initialing, I acknowledge this is page 6 of 7 of the Deed of Trust. ~ Copyright Compli.n,. Sy,t.m..ln,. 1993. 1994, 1995, 1667, 2004 ITEM 121 NEL6 104081 Pog'8 of 7 www.l:omplilnclIsystlms.com 800.888.8522 F" 616.956.1868