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<br /> ' • S�~ �.1.�D029 . -.,--.--
<br /> �� . 15.Pa►sslAlc Actions,
<br /> --�-- ---......'� �
<br /> �, MeseilI Lyns:i,u� t,�c rfFht under certain cirr��mstanv.ec specified In the Cr�dit Documents to (a) aucomadcally _ __.T,!___
<br /> � terminate the Account and reqn�ire repayn�ent of any amounts outstanding under the Account, plu� the entire accrued ,
<br /> . interest. late charges and other chazges imposed on the Account, (b) prohibit additlonal �xtea�lons of credit without ., •�
<br /> tequiring accelerated paymenc af[he amounes outsd�n�Jing under the Account("freeze" the Account)or(c)reduce the crafit
<br /> limit on the Accaunt.
<br /> � ��;�.. (a) NO'1'IC�. Merrill Lynch will have the right to terminate,temporarily or permanendy freeze, or reduce the
<br /> ,+z„�_,,,�, credit limit in the Account immediately upon Mercill Lynch giving notice to us and ro thc persons��tho aign the Ageeemsnt
<br /> " (sa pa�agraph 11 abnve) of ane of the events listed in paragraph 15(b) below• Pazagraph 15(c) spectfies addltional
<br /> circumstances under which Menill Lynch may temporarily freeze a•reduce the credlt limit in the Accouat. Actions under �� "
<br /> paragraph 15(c)need not be preceded by the notice specified in this subparagraph. - •�" ::�?.�;;?
<br /> �.2rc*;•,.;,�_-
<br /> (b)TER1d1INATION AND ACC�LERATION.Merrill Lynch can tetminate the Account and demand repayment of ',�:�,-�:__
<br />• • the entire outstaading balance in advauce of the original tcrm if: ''�'��y-
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<br /> (q) Thc persons who sign the Agreement fail to meet the rcpayment terms under the Credit ,,,,;�____
<br />"� � �. Documents;except that. under this subparagraph only, there is a thirty (30)day grace period �� -
<br /> within which 1Werrill Lynch will not mrminate the account and which begins to run oa the day ���Y�`-
<br />� � after thc notice is given and expires at 11:59 p.m. Eastem time on the last day of the perlod:or -_ _
<br /> (B) Merrill Lynch receives actual know l e dge t ha t t he p e r s o n s w h o s i g n t h e A g r e t m e n t h a v e �._;:,�__
<br /> �•�.° incentionally(i)omiteed material informadon from,or in connectton with,their credit�pplicetion, __
<br /> "'� (ii) made any material statements that are false or mislending on, or in conneccion with, their � _
<br />__ credit applica�ion,(ili)�nunitted any fraud ar made any material misr�presentation ia connecuon �_ -
<br /> � '- with thc Account;or �
<br /> '"� � � ' �� (C) Without the prior wdtten consent of Merrill Lynch, (i) we, or any person who signs the i—
<br /> . . Agreement,agreo to sell,transfer or assign the Property or at�y Interest in the ProPertY:or(ii)the
<br /> ti� �� _ p;��n.� ����i�r�rnct in the Propeny is sald,transferred or asslgned;or -
<br />��;. � 1 . ' (D) We or any person who signs the Agreement faila to maintain insurance on the dwelling as roquired -
<br />_'-`°`'�i • under paragraphs 4 and 6 of the Deed of Trust;or
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<br />�; °:'�- �:'u;" (�) We or any person who signs the Agreement commits waste or permits impairment or detecioruion o
<br />_�::i;����.:w;" the Propeny, or otherwise destructively uses the Property, such that Mecrill Lyach's secutity is
<br />_;�'.,;;.';',"�'- adversely affected;or
<br /> �'~ ,� (F) We or any person who aigus the Agr�ement fails to pay taxes on the Property or takes Rome other � �
<br />""���"��''-°.._.'�■� action that results in the filing uf a lien senior to that of Merrtll Lynch which adversely affxts
<br /> ---=��y'�''�� Menill Lynch's security;or —
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