|
<br />
<br />
<br />
<br /> ,'il)ti.~~td 201003058
<br />
<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 rees; to sign, ,.deliver, and file any additional
<br /> documents or certifications that Beneficiary may consider necessary to per ect, 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' lze lawfully seized of the estate conveyed by this
<br /> Security'Instrument and has'the riglit to irrevocably grant, convey; 'and tsell the P.roperty.to Trustee, in trust, with power of
<br /> .::Y p sale.' Trustor-also warrants'that the Prop ert " Is unencumbered, exce t for e ncumb rances of record'
<br /> 7. DUE'ON SALE. Beneficiarryy may, at its option, declare the entire balance of the Secured Debt to be immediately due and
<br /> payable upon the creation of,' or contract for the creation of, a transferor sale of all or any part of the Property. This right
<br /> is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. .
<br /> 8. 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 /> when due.
<br /> Property. An 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 Trustor 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 /> Beneficia y.may accelerate the Secured Debt and foreclose this,SecurityInstrument in'a manner provided by law if Trustor
<br /> is in default: -In some, instances, federal and state law will require Beneficiary, to pprovide Trustor with notice of the right to
<br /> cure, or other notices and may establish time schedules for foreclosure actions.' Each Trustor requests 'a coppy of any notice
<br /> of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Section 1 shave.
<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 and place as Trustee designates. Trustee. shall give, notice of sale including the time,
<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 and 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 prima facie evidence of the facts set forth therein.
<br /> The acceptance by Beneficiary of any sum in pa ment 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 Instrument, Trustor agrees. to pay all expenses Beneficiary incurs in performing such
<br /> covenants or protecting its security interest in the Property. Such expenses. include, but are not limited to; fees incurred for
<br /> inspecting, preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses are payable
<br /> on' demand . and will bear interest from the date of `payment until '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 byy Beneficiary in
<br /> collectingg ' `enforcing or "protecting "Beneficiary's 'rights,' and remedies .under' this Security' Tns'trunient: This amount may
<br /> include, but is not limited to, Trustee's" fees, 'court costs, and other legal expenses:' To the extent permitted b 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 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 /> 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. E~GeptM s^reviousI disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are,
<br /> and shalIs
<br /> reriaain it r~icioI"an"c"i~"" ith any ap licable Environmental Law.
<br /> ' W
<br /> C. TrListo> shall kXlunyeflt~ ely notify B neficiary ifpa release or threatened release of a Hazardous Substance occurs on,
<br /> wilder or. about1101 }alyer y or the e is a violation of any Environmental Law concerning the Property. In such an
<br /> event; jFrustor ll-taleeral~-necesfiwy remedial action in accordance with any Environmental Law.
<br /> IP89e of 41
<br /> r ® 1994 Bankers Systems, Inc., St. Cloud, MN Form pCP-REDT-NE 6!10!2006' .
<br /> ALI015 02110 OEDOT
<br />
|