|
RE�RE�����a
<br />�2��:10`-3��.�3
<br />201102855
<br />14. DEFAULT. Trustor will be in default if any pa.rty obligaxed on the Secured Debt fails to ma.ke payment when due. Trustor
<br />will be in default if a brea.ch occurs under the terms of this Securiry Instrument or any other document executed for the
<br />purpose, of creating, se¢uring or gua.raniying the Seeured llebt. A good faith belief by Beneficiarp that Beneficiary at any
<br />tiine is insecure with respect to a.ny person or entiry 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 />15. REIVIEDTE5, ON DEFAULT. In some insta.nces, federal and sta:te law will, require Beneficiary to' provide Trustor with
<br />nvtiCe of Lhe right to cure or other notices a.nd may esta.blish time schedules for foreclosure actions. Subject to these
<br />limitaiions, if any, Beneficia.ry ma,y accelerate the Secured Debt and foreclose this Securiry Instrument in a ma.nner
<br />provided by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and cha.rges, accrued interest and principal shall become
<br />immediately due and payable, after giving notice if required by law, upon the occunence of a default or anytime
<br />thereafter. In addition, Beneficiary sha11 be entitled to a11 the remedies provided by law, the terms of the Secured Debt,
<br />this Security Instrument and any related documents, including without limitation, the power to sell the Property.
<br />If there is a default, Trustee sha11, in addition to a.ny other permitted remedy, at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in separate pa,rcels at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title and interest of Trustor at such time a.nd place as Trustee designates. Trustee shall give
<br />Aotice of sale including the ta�ne, terms and pla.ce of sal� and a d�cription uf tk� pr�perty tu be scsld a� reqnired by the
<br />appiicable iaw in effect at�the ti�rne of the proposec! sa�e. - _..
<br />Upon sale of the Properly and to the extent not prohibited by la.w, Trustee sha11 make and deliver a deed to the Property
<br />sold which conveys absolute title to the purchaser, and after first paying a11 fees, charges and costs, sha11 pay to
<br />Beneficiary a11 moneys advanced for repairs, taaces, 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 ma.y
<br />purchase the Property. The recitals in any deed of conveyance shall be prima. facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equiry, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Secured Debt after the balance is due or is accelerated ar after foreclosure proceedings are filed shall not constitute a
<br />waiver of Beneficia,ry's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br />default, Beneficiary does not waive Beneficiary's right to leier consider the event a default if it continues or happens again.
<br />16. E�ENSES; ADVANGES ON COVENANTS,• ATTORNEYS' FEES; ' COLLECTION CO5T5. Except when
<br />prohibited by law, _'�rustor agrees to pay all of Beneficiary's expenses if Trustor brea.�hes any covena.nt in this` Securiry
<br />Instrument. Trustor will-�a1so pay an demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Properiy a.nd Beneficiary's securiry interest. These expenses will bear interest 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 a11 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, attomeys' fees, court costs, and
<br />other legal expenses. This Securiry Instrument sha11 rema.in in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SIJB5TANCES. As used in this section, (1) Enviromnental La.w
<br />mea.ns, without limitation, the Comprehensive Enviromnental Response, Compensation and Lia.bi Act (C ERCLA, 42
<br />'U:3.-G: 95�3 ct. _ � � � - � - - -- — - —
<br />eq.�, � -a:� �tt��r f�crad ��t�'i:e �iT� tocat" taws, re nlations ordina.nces court orders, 8ttomey general
<br />opinions or interpretive letters concerning the public health, safery, welfare, enviromnent or a haza.rdous substance; and (2)
<br />Hazardous Substance means any to�tic, radioactive or hazardous material, waste, pollutant or contamina.nt which has
<br />characteristics which reuder the substance da.ngeruus or patentially dangeruus to the public health, safery, welfare or
<br />enviromnent. The term includes, without limitation, any substa.nces defined as "hazardous material," "toxic substa.nces,"
<br />"hazardous waste" or "haza.rdous substance" under any Enviromnental Law.
<br />Trustor represents, warra.nts and agrees that:
<br />A. Except a.s previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stored or released on or in the Properry. This restriction does not apply to small quantities of Hazardous
<br />Substances that are generally recognized to be appropriate fo'r the normal use and maintena.nce of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor �.nd every tenant ha.ve been, are,
<br />and shall remain in fu11 complia.nce`with any applica.ble Bnviromnental La.w.
<br />C. Trustor' shall immediat�ly notify Benefici�.ty if a release or threatened release of a Hazardoits Substance occurs on,
<br />undet or about Che Property or there is a violation of any Envirorunental La.w concerning the Properly. In such an
<br />event, Trustor sha11 take a11 necessary remedial action in accorda.nce with any Bnviromnental Law.
<br />D. Trustor shall immediaxely notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigation, cla.im, or proceeding relaxing to the release or threatened release of any Hazardous
<br />Substa.nce or the violation of any Bnvitomnental Law.
<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 Properiy 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 dama.ges connected with a condemna.tion or other taking of all or any
<br />paR of the Properly. Such proceeds sha11 be considered payments and will be applied as provided in this Securiry
<br />Instrument. This assigmnent of proceeds is subject to the tetms of any prior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />19. INSURANCE. Trustor sha11 keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its rype and location. This insurance shall be ma.intained in the amounts and for the
<br />periods tha.t Beneficiary requires. What Lender requires pursuant to the preceding sentence can change during the term of
<br />the loan. The insurance carrier provid+.ng the insu*ance sha11 be chosen by Trustor subject tt� Bene�'iciary's approvaA, which
<br />sha11 not be unrea.sona.bly withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />Beneficia.ry's option, obtain coverage to protect Beneficia,ry's rights in the Property according to the terms of this Security
<br />Instrument.
<br />All insurance policies and renewals sha11 be accepta.ble to Beneficiary and 'sha11 include a'standard "mortgage cla.use" and,
<br />where applicable, "loss payee cla.use:" Trustor sha11 immediately notify Benefi¢iary of cancellation or termination of the
<br />insurance. Beneficiary sha.11-. ha.ve the right to hold the policies and renewals. If Beneficiary .'requires, Trustoc shall
<br />immediately �give xo Beneficiary .all receipts of paid premiums and renewal notices. Upon loss, Trastor sha11 give
<br />immediate notice tb the insurance carrier and Beneficiary. Beneficiary ma.y make proof of loss if not ma.de immediately by
<br />Trustor.
<br />fpage 3 of 4)
<br />� c ,gankar��,�� c. G�L,,.� m RE-DT-NE 1/30/2002 ��
<br />:io l ry '���� � V"W`7�n�R �dtl'��Yi "'{
<br />�'i�.s �S'�.�'���5 � ��,;
<br />�� a :az-
<br />�e. �a �;`,.7 f�r,qi �;44C1?"�� �
<br />-- - --- <..;-.aa
<br />
|