87105562 - Laserfiche WebLink

Browse

81— :105a6 #;,0) deed of trust evidencing or securing an obligation with priority in fight of payment over this Dead of Trust or the Agreement, or whose lion has or appears to have any priority over the lion created by this Dead of Trust; or any other creditor trios to (or duos) stiliziff or obtain a writ of attachment against the Property (in each case, no grace poriodl; 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 duo (no grace period►; or (0) The persons who sign the Agreement tail to return the checks and credit card(s) issued under the Agreement when required by the forms of the Agreement (no grace period); or (H) Any person who signs the Agreement obtains or attempts to obtain sums under the Account in excess of the credit available under the Account, as provided in the Agreement (no grace period); or (1) We, or any person who signs the Agreement, fail to keep any agreement contained in any of the Credit Documents not otherwise specified in this paragraph 14, or any of the representations contained In the Credit Documents is Incorract(ton(l 0) day grace period, union* the failure is by its nature not curable, in which case no grace period or, of another grace period in specified In the Credit Documents, that grace period shall prevelo, 15. REMEDIES. First Federal Lincoln has certain rights under the Credit Documents to (a) 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 is, "freeze" the 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 Accouft The Account is automatically terminated upon the occurrence of an Event of Default (see paragraph 14 above), unless First Federal Lincoln expressly states, in the notice given under paragraph 14(a) above, that the Account is frozen. In addition, despite any other terms of the Credit Documents, First Federal Lincoln may freeze the Account Immediately upon the occurrence of any violation or other event specified in paragraph 14(b) above, even it the grace period, if any, has not expired. First Federal Lincoln can take this action without giving us notice and without declaring the violation or other event an Event of Default, If First Federal Lincoln freezes the Account pursuant to this paragraph rather than terminates it, we will not be obligated to repay the amounts outstanding under the Account until the date such amounts are due, as specified in the Agreement. It 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. It we do not do so, First Federal Lincoln will have the right to invoke any remedy given it by any of 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 the remedies provided in this paragraph 15. including, but not limited to. reasonable attorneys fees and trustee fees of not more than _______.__96 of sale price. If First Federal Lincoln freezes the Account pursuant to this paragrapon 15, First Federal Lincoln may still terminate the Account for any reason at a later date in accordance With this paragraph 15. It 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 Lincoln (see paragraph 10 above►. In any event, once First Federal Lincoln freezes or 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. If First Federal Lincoln invokes the power of sale under this Deed of Trust, First Federal Lincoln shall execute or cause Trustee to execute a written notice specifying, without limitation, the following; (a) the occurrence and nature of 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, if any, under applicable law, to reinstate the Account and avoid sale of the Properly. First Federal Lincoln shall cause such notice to be recorded In each county in which the Properly of some part thereof is located, and shall have copie° of such notice mailed to the persons and in the manner prescribed by applicable law. It we are permitted, under applicable law, but fail to reinstate in accordance with the terms of the notice required above in this paragraph 15, or if we are not permitted to so reinstate, Trustee shall give public notice of sale of 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 law, and our failure to redeem the Property by paying to First Federal Lincoln all sums secured by this Deed of Trust together with all costs and expenses incurred by First Federal Lincoln and for which it is entitled to reimbursement under applicable law. Trustee shall, without further demand on or notice to us, sell the Propertyat public auction to the highest bidder at the time and place and under the terms designated 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 Properly by public announcement at the time and place of any previously scheduled sale and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement in the manner prescribed by applicable law. First Federal I.incoln or First Federal Lincoln's designee may purchase the Property at any sale. Trustee shall deliver to the purchaser a Trustee's deed conveying the Property so sold without any covenant or warranty, expressed or implied. The recitals in the Trustee's dead shall be prima facie evidence of 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 the sale, Including, but not limited to, reasonable trustee's and attorneys' fees and costs of title evidence, all as and to the extent permitted by applicable law; (B) to all sums secured payable pursuant to paragraphs 5 and 25 of this Deed at Trust; (C) to interest payable under the Agreement; (D) to othercharges underthe Agreement; (E) to the principal payable under the Agreement; and IF) the excess, it any, to the person or persons legally entitled thereto. 16. OUR RIGHT TO REINSTATE. Regardless at First Federal Lincoln's acceleration of the sums secured by this Deed of Trust, we shall have the right. it permitted under applicable law, to receive from Trustee a cancellation of Notice of Default If within one month of the filing of such Notice of Default pursuant to paragraph 15 above. is) we pay First Federal Lincoln all sums which would be then due under thisDeed of Trusteed the Agreement, if any, had no acceleration occurred; (b) we cure all of our breaches of any other covenants or agreements contained in this Deed of Trust(c) we pay, as Permitted by law, all reasonable expenses incurred by First Federal Lincoln and Trustee In enforcing our covenants and agreements contained in this Deed of Trust and in enforcing 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 that the lion of the Deed of Trust, First Federal Lincoln's interest in the Propertyand ourobligatlons to pay the sums secured by this Deed of Trust shall continue unimparied. Upon such payment and cure by us, this Deed of Trust and the obligations secured by this Deed of Trust shall remain in full force and effect as it 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 above or the occurrence of an Event of Default or abandonment of the Properly, we shall have the right to collect and retain such rents as they become due and payable. In any action to invoke the power of sale under this Deed of Trust. First Federal Lincoln shall be entitled to the appointment of a receiver. Upon acceleration under paragraph 15 above, or abandonment of the Properly, First Federal Lincoln, at any time and without notice, in person, by agent or by judicially appointed receiver, and without regard to or proof of either (a) depreciation of the value of the Propertyor(b) the irroahreiricyof any person who signs the Agreement oric) the value oi the Property or (d) the adequacy of any security for the Indebtedness secured by this Deed of Trust, shall be entitled to enter upon, take possession of, and manage the Property, and in its own name sue for or collect the rents of the Property, including those past due. AN nantacoffected by First Federal Lincoln of the receiver shall be applied first to payment of the costs of operation and management of the Prop" and collection of rents, including, but not limited to, receivers fees, premiums on receiver's bonds and reasonable attorneys fees, and than to the sums secured by this Deed of Trust First Federal Lincoln and the receiver shall be liable to account only for those rents actually received. The entering upon and taking possession of the Property and the collection and application of the fonts shall not cure or waive any Event of Default or notice of a violation under this Deed of 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 from any tenant of alt, or any part of. the Property for 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, of to any receiver appointed to collect said rents, issues and profits, the fair and reasonable rental value for the use and occupation Of the Property or that part of the Property in our possession, and upon default in any such payment will vacate and aurranderthe Possession Of the Property to First Federal Lincoln or to such receiver, and may be evicted by summary proceedings. 18. TRUSTEE'S ACTION. At anytime. without liability and without not", upon written request of First Federal Lincoin and us, Trustee may consent to the making of any map or plot of the Property. join in granting any easement on the Property, join in any subordination or other agirsoffient affecling this Do" of Trust, or reconvey, without warranty, all or any part of the Properly. 19, RECONVEYANCE. Upon payment of all sums secured by this Deed of Trust, the fulfillment of all obligations under theAtiollooment and tip itionionallan, oftheAccount. First Federal Lincoln shall request Trustee loteconvey the Property and shall surrenderlhis Deed of Trust and the Agreement to Trustee. Trustee shall camai the Agreement and feconvoy the Property without warranty to the person or poisons legally ontatted thereto Such person or persons shall pay all costs of recordation, of any 20- SUBSTITUTE TRUSTEE Fast Federal Lincoln at First Federal Lincoln's option, may from tirnot to firloo remove Trustee arid appoint a successor trustee to any trustee appointed under this Deed of Trust by an instrument executed and Acknowledge by Float Federal Lincoln and oracrAfo1w in the county where the Ptoplairlyor some Part thereof, is located in the manner prescnl,ed by Appitc."Iblo 111W ~caMafn our "Asia" and In* namelof First Federal Lincoln and the oftginal t I ustee. the book arid page *heiv lh,s Oviod of T,usJ -5 lecor%ied and the naVroearld addtalwAx of the succefoliol Ifu%hole Upon compiiam"a Wt th a poll: a boo IRA, the %wei-ri %000t I fu4toe 0 h at I tholstoPleflY, powers and dulmoiconforroold upon the TIU3100 An 11AJ91 This fvwlwjury for #1 urieeNlto tfusiffe upor, comoliance wilhapiftablor law, shall gavel" to the ro,iiclutown All kill kilho, Jl,o"%J"nq lot R"I'vollhillon �! PEOVEW FORNOTioC&S fo 41 F offers, L infflin requosils that copfea of not lcos of d"laun find 0000le I r( I lho t-lilm "I'lloy 1,01) whil to haq, P, iara,ty OVAI th'4 bViod AAt T, M roe, 40n1 fly f lf%t V lodmIlil 1, ml,ollo at J" 0 Box 62,17:1 ()rnioiha foof fon 10 6