|
h • ,.
<br />�o����s�c
<br />If there is a default, Trustee sha11, in addition to any other permitted remedy, at the request of the
<br />Beneficia.ry, advertise and sell the Property as a whole or in separate parcels at public auction to the highest
<br />bidder for cash and convey absolute title free and clea.r of a.11 right, title and intetest of Trustor at such time
<br />and place as Trustee designates. Trustee sha11 give notice of sale including the time, terms and place of sale
<br />and a description of the property to be sold as required by the applicable law in effect at the time of the
<br />proposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall ma.ke and deliver a deed to
<br />the Property sold which conveys absolute title to the purchaser, and after first paying a11 fees, charges and
<br />costs, shall pay to Beneficiary a11 moneys advanced for repairs, taxes, insurance, liens, assessments and prior
<br />encumbrances and interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if
<br />any, to Trustor. Beneficia.ry may purchase the Property. The recitals in any deed of conveyance sha11 be
<br />prima. facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficia.ry is entitled to all remedies
<br />provided at law or equiry, whether or not expressly set forth. The acceptance by Beaeficiary of any sum in
<br />payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure
<br />proceedings are filed sha.(1 not constitute a waiver of Beneficiary's right to require complete cure of' any
<br />existing default. By not exercising any remedy on Trustor's default, Beneficia.ry does not waive Beneficiary's
<br />right to later consider the event a default if it continues or happens again.
<br />16. EXPENSE5; ADVANCES ON COVENANTS; ATTORNEY5' FEES; COLLECTION COSTS. Except
<br />when prohibited by law, Trustor agrees to pay all of Beneficia.ry's expenses if Trustor breaches any covenant
<br />in this Securiry Instrument. Trustor will also pay on dema.nd any amount incurred by Beneficiary for
<br />insuring, inspecting, preserving or otherwise protecting the Property and Beneficiary's security interest.
<br />These expenses will bear interest from the daie of the payment until paid in full at the highest interest raxe in
<br />effect a.s provided in the terms of the Secured Debt. Trustor agrees to pay a11 costs and expenses incurred by
<br />Beneficia.ry in collecting, enforcing or protecting Beneficiary's rights and remedies under this Securiry
<br />[nstrumeat. This amount may include, but is not limited to, attomeys' fees, court costs, and other legal
<br />expenses. This Securiry Instruznent sha11 remain in effect until released. Trustor agrees to pay for aay
<br />recordaxion costs of such release.
<br />17. ENVIRONMENTAL LAW5 AND HAZARDOUS SUBSTANCES. As used in this section, (1)
<br />Enviromnental Law means, without limitation, the Comprehensive Bnviro�ental Response, Compensation
<br />and Liabiliry Act (CERCLA, 42 U.S.C. 9601 et seq.), and a11 other federal, staie and local laws, regulations,
<br />ordinances, court orders, attorney general opinions or interpretive leuers concerning the public health, safety,
<br />welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance mea.ns any toxic, radioactive or
<br />hazardous maxerial, waste, polluta.nt or contaminant which has characteristics which render the substance
<br />da.ngerous or pocentially dangerous to the public health, safery, welfare or environment. �'he temi includes,
<br />without limitaxion, any substances defined as "haza.rdous material," "toxic substances," "hazardous waste" or
<br />"hazardous substance" under any Enviromnenta.( Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Haza.rdous Substance is
<br />or will be located, stored or released on or in the Property. This restriction does not apply to small
<br />quantities of Haza.rdous Substa.nces that are generally recognized to be appropriaxe for the normal use
<br />and maintena.nce of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficia.ry, Trustor and every tenant
<br />ha.ve been, are, and shall remain in full compliance with aay applicable Enviromnental Law.
<br />C. Trustor sha11 immediately notify Beneficiary if a release or threatened release of a Hazardous Substance
<br />occurs on, under or about the Property or there is a violaxion of any Environmental Law concerning the
<br />Property. In such an event, Trustor sha11 take all necessa.ry remedial action in accorda.nce with any
<br />Environmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing a.s soon as Trustor has reason to believe there is
<br />any pending or threatened investigation, claim, or proceeding relating to the release or threatened
<br />release of any Hazardous Substance or the violation of any Enviromnental La.w.
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by
<br />private or public entities to purchase or take aay or a11 of the Property through condemnation, eminent
<br />doma.in, or any other means. Trustor authorizes Beneficia.ry to intervene in Trustor's name in any of the
<br />above described actions or claims. Trustor assigns to Beneficiary the proceeds of any award or cla.im for
<br />damages connected with a condemnation or other taking of a11 or any part of the I'roperty. Such proceeds
<br />shall be considered payments and will be applied as provided in this Securiry Instrnment. This assig�ent of
<br />proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien
<br />document.
<br />Security lnetrumerrt-Consumer-NE RE-DT-NE 7/1/2011
<br />VMP�BankeraSystemsTM VMP-C166{N� (1107).00
<br />Wolters Kluwer Financial Servicas OO 1994, Z011 Page 4 of 8
<br />
|