|
201103209
<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 agrees to sign, deliver, and file any additional
<br />documents or certifications that Beneficiary may cdns�ilei� necessary to perfect, continue, and preserve Trustor's obligations
<br />under this Security Instrument and Beneficiary's lie�i sfa`tus on the Properiy.
<br />6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sa1e. Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. DUE ON SALE. Beneficiary 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 transfer or sale of the Property. This right is sub�ect to the
<br />restnctions imposed by federal law (12 C.F.R. 541�;�aS,;�ppl,icable.
<br />?. ,,.
<br />8. DEFAULT. Trustor will be in default if any of tli� following occur:
<br />{;
<br />�raud. 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 Bonower on any Secured Debt that is an open end home equity plan fails to make a payment
<br />when due.
<br />Property. Azy action or inaction by the Bonower 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 maintaln 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 inacrion adversely affects Beneficiarx's security; (d) Trustor faxls to pay taxes
<br />on the Property or otherwise fails to act and thereby causes a lien to be filed agamst the Property that is senior to the lien
<br />of this 5ecunty Instrument; (e) a sole Trustor dies; (fj 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 Prope to action that adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses
<br />on the Property and as a result,�eneficiary's interest is adversely affected.
<br />Executive Officers. Any Borrower is an execu�v `°a�o�`fiG�r of Beneficiary or an aff'�liate and such Bonower becomes
<br />indebted to Beneficiary or another lender in an aggr`�gate 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 />Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor
<br />is in default. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to
<br />cure, or other notices and may establish time schedules for foreclosure actions. Each Trustor requests a copy of any notice
<br />of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Section 1 above.
<br />At the option of the Beneficiary, a11 or any part vf tf�e ��`r`eed fees and charges, accrued interest and principal sha11 become
<br />immediately due and payable, after givmg notic� tf,;required by law, upon the occurrence of a default or anytime
<br />thereafter.
<br />If there is a default, Trustee shall, at the rec�uest of tlie Beneficiary, advertise and sell the Properiy as a whole or in
<br />separate parcels at public auction to the highest bidder"for cash and convey absolute title free anfl clear of a11 right, title
<br />and mterest 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 properiy to be sold as required by the applicable law in effect at the tune of
<br />the proposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, 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, shall pay to
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />thereon, and the principa1 and interest on the Secured Debt, paying the surplus, , if any, to Trustor. Bene�ciary 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 payment or partial payment on the Secured Debt after the balance is due or is
<br />accelerated or after foreclosure proceedings are filed sha11 not constrtute 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 happen;s a�ain.
<br />10. EXPENSES; ADVANCES ON COVENANTS; A FEES; COLLECTION COSTS. If Trustor breaches
<br />any covenant in this Security Instrument, Trustor agrees to pay a11 expenses Beneficiary incurs in performing such
<br />covenants or protecting its security interest in the Property. Such expenses mclude, but are not lunited to, fees incurred for
<br />inspecting, preserving, or otherwise protecting the Properry and Beneficiary's security interest. These expenses are payable
<br />on demand and will beaz 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 a11 costs and expenses incurred by Beneficiary in
<br />collecting, enforcing or protecting Beneficiary's rights and remedies under this Security Instrument. This amount may
<br />include, but is not limited to, Trustee's fees, court costs, and other legal expenses. To the extent permitted by the United
<br />States Bankruptcy Code, Trustor agrees to pay tti�' re�so.��ble attomeys fees Beneficiary incurs to collect the Secured Debt
<br />as awarded by any court exercising �urisdiction u�,der �h�, ��;nkruptcy Code. T'his Secunty Instrument shall remain in effect
<br />until released. Trustor agrees to pay for any recoii�ation coSts of such release.
<br />11. ENVIRONMENTAL LAWS AND HAZARDOUS 5UBSTANCES. As used in this sectiott, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et sec�.), and all �ther federal, st�te and local laws, regulations, ordinances, court orders, attorney general
<br />opinions or interprehve letfers concerning the public health, safety, welfaze, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioacrive 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 acl�owledged 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 Hazazdous
<br />Substances that are generally recognized to be ap ropriate for the normal use and maintenance of the Property.
<br />B. Except as previously disclosed and acknowledg� in writing to Bene�ciary, Trustor and every tenant have been, are,
<br />and shall remain in full compliance with any ap licable Environmental Law.
<br />G Trustor sha11 immediately notify Beneficiar�.,i�a re ase or threatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violatio� �f any Environmental Law conceming the Property. In such an
<br />event, Trustor sha11 take a11 necessary remedial action in accordance with any Environmental Law
<br />�� (p e f I
<br />� O 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 1/31/2003
<br />c . i " ,
<br />�; r�'ry���s:l;il��%,._,
<br />t.:�r ;�is:. •��,k�
<br />. . . '�.�. ._;�;,
<br />
|