|
<br />.
<br />
<br />..
<br />
<br />200902374
<br />
<br />14. D~FAUJJT. Trust?r will be in default if any party obligate~ on the Secured Debt fails to make payment when due. Trustor
<br />wIll be m default If a breach occurs under the terms of this Security Instrument or any other document executed for the
<br />Rurp~se. of creatin~, securing or guarantying the ~ecured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />tIme IS lllsecure wIth respect to any person or entIty obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of default.
<br />
<br />15. RE~DIES ~N DEFAULT. In some ~nstances, federal an? sta~e law will require Beneficiary to provide Trustor with
<br />~ot~ce .of th~ nght to cur~ or other notIces and may estabhsh tIme schedules for foreclosure actions. Subject to these
<br />hnutatIOns, If any, BenefiCIary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided
<br />by law if Trustor is in default.
<br />
<br />~t the .option of Beneficiary, all or .~y part. of ~he ag~eed fees and charges, accrued interest and principal shall become
<br />Immed..~tely due an~ payable, after !\lVlllg notIce If reqUIr~d by la~, upon the occurrence of a default or anytime thereafter.
<br />In additIon, BenefiCIary shall be entItled to all the remedIeS provIded by law, the terms of the Secured Debt this Security
<br />Instrument and any related documents, including without limitation, the power to sell the Property. '
<br />
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />apd sell the Property as a ~hole.or in separate parcels at public auc~ion to the highest bidder for cash and convey absolute
<br />tItl~ free and c~ear o~ all ngh~, tItle and lllterest of Trustor at such tIm~ 8!ld place as Trustee designates. Trustee shall give
<br />notIce of sale lllcludlllg the tIme, terms and place of sale and a descnptIOn of the property to be sold as required by the
<br />applicable law in effect at the time of the proposed sale.
<br />
<br />Upon s~le of the property an~ to the extent not prohibited by law, '!rustee shall make and deliver a deed to the Property
<br />sold WhICh conveys absolute tItle to the \?urchaser, and after first paYlllg all fees, charges and costs, shall pay to Beneficiary
<br />all moneys advanced for repairs, taxes, msurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />princip~1 an~ interest on the Secured Debt, payin~ the sl!-rplu~, if any, to Trustor. Beneficiary may purchase the Property.
<br />The recItals m any deed of conveyance shall be pnma faCie eVIdence of the facts set forth therein.
<br />
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiarl is entitled to all remedies \?rovided at law or
<br />equity, whether or not expressly set forth. The acceptance by Beneficiary 0 any sum in payment or partIal payment on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />
<br />16. EXPENSES; AI>V ANCES ON COVENANTS; ATTORNEYS' :FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin~, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear lllterest from the date of the
<br />payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />opinions 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 />environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law.
<br />
<br />Trustor represents, warrants and agrees that:
<br />A. Except 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. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br />are, and shall remain 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 Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigatIOn, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance or the violation of any Environmental Law.
<br />
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for damages connected with ~ condemn~tion or othe~ taki!1g o~ all or a!1y
<br />part of the Property. Such proceeds shall be considered payments ~d WIll be applIed as proVIded ~n thiS Secunty
<br />Instrument. This assignment of proceeds is subject to the terms of any pnor mortgage, deed of trust, secunty agreement or
<br />other lien document.
<br />
<br />19. INSURANCE. Trustor shall keep Property insured ag~inst los.s ~y fire, flood, theft an? ot~er h~zards and risks reasonably
<br />associated with the Property due to its type and locatIon. ThIS lllsurance shall be mallltamed III the amounts. and for the
<br />periods that .Beneficiary requires. What Beneficiary requires pursuant to the preceding sentence can ch~nge dunng the. term
<br />of the Secured Debt. The insurance carrier prOViding the insurance shall be chosen by Trustor subject to BenefiCIary's
<br />approval which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Benefi~ia~y
<br />may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of thIS
<br />Security Instrument.
<br />
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor shal.l immediat~ly notify Beneficiary of cance~lation or .termination of the
<br />insurance. Beneficiary shall have the right to hold the pohcIes and renewals. If BenefiCIary reqUIres, . T~stor s~all
<br />immediately ~ive to Beneficiary all receipts of paid premiums and renewal notices. ~pon loss, Trustor. shall gIve ImmedIate
<br />notice to the msurance carrier and Beneficiary. Beneficiary may make proof of loss If not made ImmedIately by Trustor.
<br />
<br />(page 3 of 4)
<br />
<br />01994 Wolters Kluwer Financial Services - Banker. Sy.lem.™ Form RE-DT-NE 12/15/2006
<br />VMP @-C165(NE) 107081
<br />
|