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201009642
<br />7. DUE ON SALE. Reneficiary may, at its option, declare the entire balance of the Secured llebt to be in�mediately due and
<br />payable upon the creation of, or contract for t4e creation of, a transfer or sale of all or any part of the I'roper�y. This rigl�t
<br />is subjcct to the res�rictions imposed by federal law (12 C.F.R. 591), as applicable.
<br />8. DEFAULT. '1'rustor will be in dclault il' any of �he foUowing cxcur:
<br />Fraud. Any Cousumer I3orrower engages in fraud or material rnisrepresentation in coanection with the Secured Debt that
<br />is an opcn end home equity plan.
<br />Payanents. Any Co�zsumer Borrower on any Secured Debt that is an opeu cnd home equity plan fails to make a pay�neat
<br />when due.
<br />Property. Any action or inact.iou by the Borrower or Trustor occurs that adversely affects che Property or Beueficiary's
<br />rights iu the Property. This includes, but is not limited to, the following: (a) Trustor fails to maintain required insurance
<br />on the Property; (b) Truscor transfers the Propeny; (c) Trust�r commits waste or otherwise destructively uses or fails �o
<br />maintain the Property such that the action or inaction adversely affects F3eaeficiary's security; (d) Trustor fails to pay taxes
<br />�n the Property or otherwise farls to act and thereby causes a liet� to he liled agaiust the Properiy Ihat is seuior to the lie❑
<br />of this Security Instrument; (e) a sole '1'rustor dics; (� if more than one "I'rustor, any TruS[or dies and Reneficiary's
<br />security is adversely affected; (g) the Property is taken thrnugh eminent domain; (h) a judgment is filed against Trustor and
<br />subjects '1'rustor and the Property to action that adversely affects Fieneficiary's interesr, or (i) a prior lienhnlder forecloses
<br />on the Properey and as a result, Bcncficiary's intcrest is adversdy affcctcd.
<br />Executive Officers. Any Borrower is au executive officer of Beueliciary or an al'lilixte and such Borrower 6ecomes
<br />indebted to Reneficiary pr another Icnder in an aggregate amount greater lhan the amount perntitted under f'ederal laws and
<br />regulalions.
<br />4. REMEDIES ON DEFAULT. lu addition to any other rcmedy available uuder the terms of this Sccuriry Instrument,
<br />Beneficiary n�y xccelerate �he Secured Debt and foreclose �his Sec:uriiy Insirument in x manner provideci by law if Trustor
<br />is iu �lefault. In some instances, federal and state law will require Henefici�ry to provide Trustor witl� notice ul' the rigt�t �o
<br />cure, or other notices and may establish time scl�edules for foreclnsure actions, Each Trustor requests a copy of auy uotice
<br />of default and any notice �f sale thereunder be mailed t� each Trustor at the address provided in Section 1 above.
<br />At the option of the Beneficiary, all or any pact of ihe agreed fees and charges, accrned interest and principxl shall become
<br />unmediately due aad payablc, xfter giving nolice if required by law, upon tbe occurreuce of a delaul� or anylime
<br />thereafter.
<br />If there iti a default, Trustee shall, at the request of the Seneficiary, advertise and sell the Property as a whc�le or in
<br />se�arate parcels at public auc�ion to the h'rghest bidder for cash and convey absolute title frec and clear of all right, title
<br />and intcrest of 'I'rustor at such time and placc as 'I'ruslec designatcs. Trustcc shall givc nolice of salc iucluding tl�c tirnc,
<br />terms and place ol' sale and a descriplion of the property lo be sold as reyuired by the applicablc law iu effecl al lhe linae of
<br />the proposed sale.
<br />Upon sale of the Yroperty and to the extent not prohibited by law, Trustee shall maKe and del'rvcr a deed ro 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 izioneys advanecd for repairs, taxcs, insurance, licns, assessments and prior encumbrxnces aud interest
<br />thereon, and lhe principal and interest on the Secured llebl, paying the surplus, if any, to '1'ruslor. Beneficiary may
<br />purchase the PropeRy. 'The recitals in any deed of conveyanee shall be prima facie evidence of the facts set forth thereita.
<br />The acceptance by Reneficiary of any surn in payment or partial payment ou the Secured Deht after the balance is due or is
<br />accelerated or after foreclosure proceedings are #�iled shall not constitute a waiver of Beueficiary's right to require cnnaplete
<br />cure of any existing default. By not exerc�smg any remedy on Trustor's default, Beneficiary does not waive Beueficiary's
<br />right to later cousi�ler the event a default if it happens xgaiu.
<br />10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' F'EES; COLLECTION COSTS. If Tarustor breaches
<br />any covenant in this Securiry Inscrument, Trustor agrees to pay all expenses �3cneficiary incurs in perfonning such
<br />covenants or protecting 'rts security interest in thc 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 payahle
<br />l]Il I�CTTISTICI and will hear ipterest frotn [he date nl' payuieut uutil paid in full at the liighest rate ol' iu[eresl in effect as
<br />provided in the terms nf the Secured nebt. Trustor agrees to pay all eosts and expenses incurred hy Reneficiary iu
<br />collectiug, euforcing or protecting Beueficiary's right�; and remedies under this Security Instrument. This amount may
<br />include, but is not t►rnited to, Trustee's Pees, court cc�sts, and other legal expenses. To the extent peruiitted by the ilnited
<br />Statcs Bankruptcy Code, Trustor agrces t� pay thc rcasonablc attorneys' fces Bcneficiary incurs to collect thc Sccurcd Dcbt.
<br />as awacded by �ny couR exercisiug �urisdictton under the Rankruptcy Code. This Securily Inslrumenl shall remain in eFf'ecl
<br />un�il released. '1'rustor agrr.�es �o pxy fnr any recordation cos�s nf such relea�e.
<br />�r� 4 or s�
<br />(�11994 Woltar6 Kluwar Financial5arvicos �� 8ankare Sy6tam6 Form USBOCP�DT NE BI24/2006 � ��
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