88101496 - Laserfiche WebLink

Browse

I r rJeeo ot trust evidencing or securll1g an obl'gatlon w,th priority In right of payment over this Deed of Trust or ~g-;;em!tqr!h1s~i~ has or appears to have any priOrity over the ',en created by Olis Deed 01 Trust; or any other creditor tries to (or does) seize or obtain a writ 01 attachment against the Property (in each case, no grace period); or (F) We, or any person who SIgns the Agreement, make an assignment for the benefit of our or such person's creditors, become insolvent or become unable to meet our or such person's obligations generally as they become due (no grace period): or (G) The persons who Sign the Agreement foil 10 return the checks and credit card(s) issued under lhe Agreement when required by the terms of the Agreement (no grace period); or (H) Any person who signs Ihe Agreement obtains or attempts to obtain sums under the Account in excess 01 the credit available underthe Account, as provided in the Agreement (no grace period); or (I) We, or any person who signs the Agreement, fait 10 keep any agreement contained in any of the Credit Documents not otherwise specified in this paragraph 14, or any 01 the representations contained in ihe Credit Documents is incorrect (ten (10) day grace period, unless the failure is by its nature nol curable. in which case no grace period or, 0' another grace period is specified in the Credit Documents, that grace period shall prel/ail). 15. REMEDIES, First Federallincoln has certain rights under Ihe Credit Documents to (8) cancel the right of the persons signing the Agreement to any future advances under the Account without requiring accelerated repayment of any amounts outstanding under the Account (that in, "freeze" Ihe Account); or (b) not only cancel the right to future advances but also require accelerated repayment of the amounts outstanding under the account, plus the entire accrued interest. and other charges imposed on the Account (that is, "terminate" the Account). The Account is automatically terminated upon the occurrence of an EI/ent of Defaull (see paragraph 14 above), unless First Federal Uncoln expressly states, in the notice given under paragraph 14(a) above, that the Account is Irozen. In addition, despite any other terms of the Credit Documents, First Federal Lincoln may freeze the Account immedialely upon the occurrence 01 any violation or other event speCified in paragraph 14(b) above, el/en if the grace period, if any, has not expired, First Federal Uncoln can take this action without giving us notice and without declaring the violation or other event an Event 01 Default. II First Federal Lincoln freezes the Account Pur5Jant 10 this paragraph rather than terminates it, we will not be obligated to repay the amounts outstanding under the Account until the datc such amounts are due. as specified in the Agreement. II First Federal Lincoln terminates the Account pursuant to this paragraph 15. rather than merely freezes it. the amounts outstanding under the Account and any other amounts outstanding under the Credit Documents are immediately due and payable in full and we will be required to immediately repay such amounts plus the entire accrued interest. late charges and other charges imposed on the Account. If we do not do so, First Federal Uncoln will have the right to inl/oke any remedy given it by any 01 the Credit Documents, or any other remedy available to First Federal Lincoln under applicable law, This includes, without limitation, invoking the power of sale under this Deed of Trust. First Federal Lincoln shall be entitled to collect all reasonable costs and expenses incurred in pursuing Ihe remedies provided in this paragraph 15, including, but not limited to, reasonable attorney's lees and trustee fees 01 not more than ~__% 01 sale price. If First Federal linColn freezes the Account pursuant to this paragraph 15. First Federal Lsncoln may stilllerminate the Account for any reason at a later date in accordance with this paragraph 15, If First Federal Lincoln freezes or terminates the Account pursuant to this paragraph 15, all credit card(s) and unused checks obtained in connection with the Account must be immediately mailed to First Federal LII1coln (see paragraph 10 abol/e), In any event, once First Federal Lincoln freezes 0' terminates the Account under this paragraph 15. the persons who sign the Agreement will no longer have any right to obtain additional advances under the Account. II First Federal Lincoln invokes the power of sale under this Deed of Trust. First Federal Uncoln shall execute or cause Trustee to execute a wriUen notice specifying, without limitation, the following: (a, the occurrence and nature 01 an Event of Default; (b) First Federal Lincoln's election to accelerate the debt evidenced by the Agreement and to cause the Property to be sold; and (c) our right, ij any, under applicable law, to reinstate the Account and avoid sale 01 the Property, First Federal Lincoln shall cause such notice to be recorded in each county in which Ihe Property or some part thereol is located, and shall have copies 01 such notice mailed to the persons and in the manner prescribed by applicable law. 1/ we are permitted, under applicable law, but lail to reinstate in accordance with the terms of the notice required above in this paragraph 15, (lr if we are not permilled to so reinstate, Trustee shall give public notice of sale 01 the Property to the persons and in the manner prescribed by applicable law. After the lapse of such time as may be required by applicable taw, and our lailure to redeem the Property by paying to First Federallincoln all sums secured by this Deed of Trust together with all cosls and expenses incurred by First Federallincoln and lor which it is entitled to reimbursement, under applicable law, Trustee shall, wilhout lurther demand on or notice to us, sell the Property at public auction to the highest bidder at the time and place and under the terms designa!ed in the public notice of sale in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all or any parcel of the Property by public announcement at Ihe time and place of any previously scheduled sale and from time 10 time thereafter may postpone sucn sale by publiC announcement at the time fixed by the preceding poslponement in the manner prescribed by applicable law, Firs! Federallincoln or First Federal Lincoln's designee may purChase the Property at any sale. Trustee shall delil/er to the purchaser a Trustee's deed conveying the Property so sold withoul any cOl/enant or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima facie evidence 01 the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (A) to all reasonable costs and expenses of Ihe sale. including, but not limited to, reasonable trustee's and attorneys' fees and costs oltille evidence, all as and to the extent permitted by applicable law; (6) 10 all sums secured payable pursuant to paragraphs 5 and 2501 this Deed 01 Trust; (C) to interest payable under the Agreement; (D) toothercharges under the Agreement; (E) to the principal payable under the Agreement; and (F) the excess, if any, to the person or persons legally entitled thereto, 16. OUR RIGHT TO REINSTATE. Regardless 01 First Federal Lincoln's acceleration of the sums secured by this Deed of Trust, we shall have the right, if permitted under applicable law, to receive Irom Trustee a cancellation ot Notice ot Default jf wahin one month of the filing 01 such Notice of Default pursuant to paragraph 15 above: (a) we pay First Federal Lincoln all sums which would be then due under thisOeed of Trust and the Agreement, if any, had no acceleration occurred; (b) we cure all of au r breaches of any other covenantsor agreements contained in this Deed of Trust;(c) we pay, as permitted by law, all reasonable expenses incurred by First Federal Un coIn and Trustee in enforcing our cOl/enants and agreements contained ;n this Deed of Trust and in enforcinQ First Federal lincoln's and Trustee's remedies as provided in paragraph 15 of this Deed of Trust, including, but not limited to. reasonable attorney's fees; and (b) we take such action as First Federal Lincoln may reasonably require to assure ihat the lien of the Deed of Trust. First Fedoral Lincoln's interest in the Property and our obligations to pay the sums secured by this Deed of Trust shall continue unimparied. Upon such payment and cure by us, this Deed 01 Trust and the obligations secured by this Deed of Trust shall remain in lull force and effect as il no acceleration had occurred. 17, ASSiGNMENT OF RENTS: APPOINTMENT OF RECEIVER: FIRST FEDERAL LINCOLN IN POSSESSION, As additional security, we hereby assign to First Federal Lincoln the rents of the Property, provided that prior to acceleration under paragraph 15 abol/e or the occurrence 01 an Event 01 Default or abandonment of the Property. we shall have the right to collect and relain such rents as they become due and payable. In any action to invoke the power 01 sale under this Deed of Trust, First Federal Uncoln shall be entitled to the apPOintment of a receiver. Upon acceleration under paragraph 15 above, or abandonment olthe Property. First Federal lincoln, at any time and without notice. 111 person, by agent or by judicially appointed receiver, and without regard to or proor 01 either(al depreciation of the I/alue of the Property or (h) the inSOlvency 01 any person who signs Ihe Agreement or(c) the value 01 the Propertyor{d) the adequacy of any security for Ihe indebtedness secured by Ihls Deed of Trust. shall be entitled to enter upon. take possession 01, and manage the Property, and in its own name sue lor or collect the rents of the Property, including those past due. All renls collected by First Federallincoln or the receil/er shall be applied lirst to payment of the costs 01 operation and managem.mt ollhe Property and collection 01 renls, including, but not limited to, receiver's lees, premiums on receiver's bonds and reasonable attorney's lees. and then to Ihe sums secured by this Deed 01 Trust First Federal Lincoln and the receil/er shall be liable to account only for those renls actually received. The entering upon and taking possession 01 the Property and Ihe collechon and application of the rents shall notcure orwail/e any Event 01 Delault or notice of a violation under this Deed 01 Trust or invalidate any act done pursuant to such notice. We will not. without the written consent of First Federal Lincoln, receive or collect rent Irom any tenanl of all. or any part of, the Property lor a period of more than one month in advance, and in the event of any default under this Deed of Trust will pay monthly in advance to First Federal Lincoln, or to any receiver appoinled to collect said rents. issues and prolits. the fair and reasonable rental value for the use and nccupallon 01 the Property or that part or the Property in our posseSSion. and upon default ir, any such paymenl willl/acate and surrender the possession of the Property 10 First Federal Lincoln or to such receIVer, and may bo evicled by summary proceedings. 1 B. TRUSTEE'S ACTION, AI any time, without liability and wilhoul nollce, upon written request 01 First Federal Lincoln and us, Truslee may consent to Ihe making of any map or plat of Ihe Property, join in granting any easoment on the Property, join in any subordination or other agreemenl affecting Ihis Deed 01 Trust, or reconvey, withoul warranly, all or any Ilart 01 the Property. 19. RECONVEYANCE. Upon Dayment of all sums secured by this Deod 01 Trust. the lulfillment 01 all obligalions under the Agreement and termination of the Account, First Federal Lincoln shall request Trusteo 10 reconl/ey the Property and shalt surrender this Deedof Trust and the Agreement to Trustee. Trustee shall cancel the Agreement and reconvey Ihe Properly withoul warranly to the person or persons legally entilled thereto, Such person or persons shall pay all costs of recordahon, il any 20, .3UBSTlTUTE TRUSTEE. First Federallincoln at Firsl Federal Lincoln's opt1On, may Irom time to tirne remove Trustee and apPOin' n successor Irustoe to any Trustee appolntod under this Deed 01 Trus. by an lflSlrument executed and acknowledge by First Federal Uncoln and recorded In tho counly where tho Properly or some parllhOICol. IS 10Caled 10 the mannar ploscfllmd by applicable law Tho Instrument ahallcontaln our names and the name oj First Fellornllincoln amllhu oliglno I r ruSIOO, tho hook and pOlle wher e !tIlS Deed of TIus! IS fl'ca"jed ilnd Ihe name und addross oltha succossor trustee, Upon cOOlpliance With applicahle lilW, the successor trlisten shnll, WIthout ConveYilllce of Hw P'OjJflrty, 5UCCIlOd 10 all tho litlo. e5lalo, powers illld dutiu5 conforlOlJ upon \!II~ r. llsh~(~ m HilS Doml 01 1, lIsl ,iIId Ill' ilppl,CilUI,' 1,1>\1 hIS p'ocedure lor 9ullslltulion ellrustoo upOn compliance w,lh applicahle lilW, ',hnll qr,v,"1l 10 tho ,nclu51on of ,111 011'<,' PIOVIS.OnS lor 5"h5111l1I.on 21 H[OLJE51 FOn NOTlCf,S, FI(5t I' (HJCIill L,ncoln rOQlIosts Ihal r;op'",. 01 '\01"-:"'5 01 Ilnl 11 ull nnrl sali' "'H11 'h" hol,ll" 01,111, ..,'n wh,cll ";\S pruml)' OV.)I Ihl'o; [)0(1(1 01 "ust hn ~(!flt III rllsl I'ml(HOllincoln al /'0 110' "":1 Olll.llla, NI t!Hl(l!, l