Extracted text (via ocr_local)
62473 characters
Recording Requested By:
Equity Title Agency, Inc.
AFTER RECORDING, RETURN TO:
MATTILEW WALL and MICHELLE WALL
29103 N GIST ST
CAVE CREEK, AZ 85331
ESCROW No, 01719416 -G17- BS9 Ld
For the consideration of Ten
MARK CHAMBERLAIN,
do/docs hereby convey lo
RYAN
MATTHEW WALL and N
the following real property s
See Exhibit A attached hereto
I OFFICIAL RECORDS OF
MARICOPA COUNTY RECORDER
HELEN PURCELL
| 20340517480 08/06/2014 11:28
ELECTRONIC RECORDING
1719416-4-3-1--
ramirezp
l
Warranty Deed
‘Doltars, and other valuable considerations, 1 or we,
an Unmarried man
ANNE
ICHELLE WALL, husband and wife
tuated in MARICOPA County, ARIZONA:
nd made & part hereof,
SUBJECT TO: Current taxes and other Assessments, rescrvations in patents and all casements, rights of way, encumbrances,
fiens, covenants, conditions, res
Atid | or we do warrant the title}
rictions, obligations, and. liabilities as may appear of record.
against all persons whomisoever, subject to the matters set forth above,
Dated JULY 28, 1014
SELLER(S):
(eV —~
MARK CHAMBERLAIN
STATE OF ARIZONA |
COUNTY OF MARICOP.
é lotary Pubtc State of Anzona
‘Maricopa County
ae pene Seaton
ty Corevrt anon Expres 11902007
STATE OF ARIZONA
County of MARICOPA
SS
This instrument was acknowledged before me this /
day one id by MARK CHAMBERLAIN
<a
Notary Public
My commission will expire if “3 0-/
This instrument was acknowledged befare me this
day of 20. by
Notary Public
My commission will expire
WDEERI
OFFICIAL RECORDS OF
MARICOPA COUNTY RECORDER
HELEN PURCELL
20140517480 08/06/2014 11:28
ELECTRONIC RECORDING
Recording Requested By:
~4-3-1--
Eqully Title Agency, Inc. 1719416-4-3
ramirezp
AFTER RECORDING, RETURN TO:
MATTIFEW WALL and MICHELLE WALL
29103 N GIST ST
CAVE CREEK, AZ 85331
ESCROW No. 01719416 .017- BS9 /)
Warranty Deed
For the consideration of Ten Dollars, and other valuable considerations, ] or we,
MARK CHAMBERLAIN, an unmarried mon
do/does hereby convey to
RYAN ANNE
MATTHESV WALL and MICHELLE WALL, husband and wife
the following reat property stuated in MARICOPA County, ARIZONA:
See Exhibit A attached hereto and made a part hereof.
SUBIECT TO: Current taxes ahd other assessntents, reservations in patents and all easements, rights of way, encumbrances,
liens, covenunts, conditions, restrictions, obligations, and labilities as may appear of record.
And 1 or we do warrant the tilleagainst all persons whomsoever, subject to the ntatiers set forth above.
Dated JULY 28, 2054
SELLER(S):
MARK CHAMBERLAIN
ATE OL y This instrument was acknowledged before me this |
STATE OF ARIZONA } 88 day of ger 2014 by MARK CHAMBERLAIN
COUNTY OF MARICO! Avy «BS
‘ he ‘Pubac State of Anzone
ae Hatcope’ Souniy hubtn Y, tgigpo
rcoomason pre awnez08? [- Notary Public
. My commission will expire { 30-7
STATE OF ARIZONA This instrament was acknowledged before me this
} ss dayor 20 by
County of MARICOPA
Notary Public
My commission will expire
WOEEDOL
| 20140517480
Exhibit A
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF MARICOPA, STATE OF
ARIZONA, AND IS DESCRIBED AS FOLLOWS:
THE SOUTH 160.00 FEET OF THE FOLLOWING DESCRIBED PROPERTY;
THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF
THE NORTHEAST QUARTER OF SECTION 28, TOWNSHIP $ NORTH, RANGE 4 EAST OF THE GILA AND
SALT RIVER BASE AND mess MARICOPA COUNTY, ARIZONA;
EXCEPT AL1, OLL, GAS, AND OTHER MINERAL DEPOSITS AS RESERVED IN PATENT FROM THE
UNITED STATES OF AMERICA.
: . 20140517480
Acceptance of Community Property
ith Right of Survivorship
Escrow ff; 01719416-017 -BS9
MATTHEW RYAN WALL and MICHELLE ANNE WALL, husband and wife each being first duly sworn upon oath each for
himself or herself and jointly but not one r the other deposes and says,
THAT I am one of the Grantees named i 1 that certain Deed attached hereto and which is dated 7-28-14 , and executed by MARK
CHAMBERLAN, as Grantors, t0 MATTHEW RYAN WALL and MICHELLE ANNE WALL, as Grantees, and which
conveys certain premises described as:
Sec Exhibit A attached hereto and made alpart hereof.
To the Grantees named therein, not as Tenants in Common, not as Community property Estate, not as Joint Tenants with full right
of Survivorship, but as Community Property with full right of Survivorship,
THAT each of us individually and jointly jas Grantees hereby assert and affirm that it is our intention to accept said conveyance as
such Community Property with full right of Survivorship and to acquire any interest we may have in said premises under the terms
of said Deed as community property with right of survivorship,
Dated AUGUST 5, 2014
MATTHEW RYAN WALL MICHELLE ANNE WALL
STATE OF ARIZONA ss This instrument was acknowledged before me on AUG S>* 2014 by
CouecEMABICOPA, MATTHEW RYAN WALL and MICHELLE ANNE WALL
Notary Publle Arizona Licla Oe Ie a
Ha reton bocites Notary Public
My eptember 9, 2018 My commission will expire 2/ehté
STATE OF ARIZONA ss This instrurnent was acknowledged before me on ——___. by
County of MARICOPA }
Notary Public ~
My commission will expire
ACPTCP
20140517480
Exhibit A
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF MARICOPA, STATE OF ARIZONA, AND
IS DESCRIBED AS FOLLOWS:
THE SOUTH 160.00 FEET OF THE FOLLOWING DESCRIBED PROPERTY;
THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF THE NORTHEAST
QUARTER OF SECTION 28, TOWNS: | 5 NORTH, RANGE 4 EAST OF THE GILA AND SALT RIVER BASE AND
MERIDIAN, MARICOPA COUNTY, ARIZONA;
EXCEPT ALL OIL, GAS, AND OTHER MINERAL DEPOSITS AS RESERVED IN PATENT FROM THE UNITED STATES OF
AMERICA,
yn
EQUITY Tiki aac
Return To:
Compass Bank
P.O. Box 10566
Mail Code AL-BI-8C-LLE
Birmingham, AL 35296
Prepared By:
Maritsa Khachatrian
OFFICIAL RECORDS OF
HELEN PURCELL
wt 20140517481 08/06/2014
ELECTRONIC RECORDING
1719416-18-3-3--
ramirezp
8312 South Hardy Driva, Bidg
¥
Tempe, AZ 85284
WAU
nce Above This Linc For Recording Data}:
| DEED OF TRUST
DEFINITIONS
Words used in multiple sections of this document are defined below and other words are defined in
Sections 3, 11, 13, 18, 20 and
also provided in Section 16.
(A) "Security Instrument" means this document, which is datedAuguat 5, 2014
together with all Ridera to this |
(B) "Borrower" js MATTHEW
AS JOINT TENANTS WITH
Borrower is the trustor under th
GARDENIA AVE, PHOENIX’
(C) "Lender" is COMPASS 8B.
Lenderisa 1 ALABANA
21, Certain rules regarding the usage of words used in this document are
document.
YAN WALL AND MICHELLE ANNE WALL, HUSBAND AND WIFE
RIGHT OF SURVIVORSHIP
is Security Instrument. Borrower's mailing address is 1404 W.
AZ 65021
ANK
STATE BANK
£400175206
GRZONASingle Pamby-Fannie MactFraséle M
Woltere Kluwer Financial Services
6 UNIFORM INSTRUMENT
OST +} KG PSPS D
Oe
MARICOPA COUNTY RECORDER
11:28
20140517481
organized and existing under the laws of
. Lender's nailing address is P.O. BOX 13345, BIRMINGHAM, AL 35202
Lender is the beneficiary under; this Security Instrument,
(@) "Trustee" ig BQUITY TITLE AGENCY, INC.
. Trustee's mailing address is
7975 N. HAYDEN RD, SUITE C280, SCOTTSDALE, AZ 85258
() "Note" means the promissory note signed by Borrower and datedAuguat 5, 2024
The Note states that Borrower
Hundred Fifty and 00/1
(U.S. $763,750.00
wes Lender Seven Hundred Righty Three Thousand Seven
O00 Dollars
) plus interest, Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt i in full not later than Beptember 1, 2044
) “Property” means the property that is described below under the heading "Transfer of Rights in the
Property."
(G) "Loan" means the debt evjdenced by the Note, plus interest, any prepayment charges and late charges
due under the Note, and all sums due under this Security Instrument, plus interest.
(H) "Riders" means all Ridera to this Security Instrument that are executed by Borrower. The following
Riders are to be executed by Barrower [check box as applicable]:
Adjustable Rate Rider (_] Condominium Rider - Second Home Rider
Balloon Rider [£1 Planned Unit Development Rider 1-4 Family Rider
1_] VA Rider |_| Biweekly Payment Rider Other(s) [specify]
|
@) “Applicable Law" means, all controling applicable federal, state and local statutes, regulations,
ordinances and administrative rules and orders (that have the effect of law) as well av all applicable final,
non-appealable judicial opinions,
(J) "Community Association Ducs, Fecs, and Assessmenta’ means all dues, fees, assessments and other
charges that are imposed on
association or similar organizat!
Borrower or the Property by a condominium association, homeowners
on.
(K) “Electronic Funds Transfer" means any transfer of finds, other than a transaction originated by
check, draft, or similar paper
instrument, computer, or ma;
ti
or credit an account, Such wh
machine transactions, transfe;
transfers,
() "Escrow Items" means tho}
(@) "Miscellaneous Proceeds‘
by any third party (other than
damage to, or destruction of,
Property; (iii) conveyance in |
value and/or condition of the P;
instrument, which is initiated through an electronic terminal, telephonic
ic tape so as to order, instruct, or authorize a financial institution to debit
includes, but is not limited to, point-of-sale transfers, automated teller
3 initiated by telephone, wire transfers, and automated clearinghouse
¢ items that are described in Section 3,
means any compensation, settlement, award of damages, or proceeds paid
insurance proceeds paid under the coverages described in Section 5) for: (i)
the Property; (ii) condemnation or other taking of all or any part of the
leu of condemnation; or (iv) misrepresentations of, or omissions as to, the
‘operty.
6 UNIFORM INSTRUM ENT Form 3008
20140517481
(N) "Mortgage Insurance” means insurance protecting Lender against the nonpayment of, or default on,
the Loan.
(O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the
Note, plus (ii) any amounts under Section 3 of this Security Instrument,
(P) "RESPA" means the Real|
implementing regulation, Re;
Estate Settlement Procedures Act (12 U.S.C, Section 2601 et seg.) and its
lation X (12 C\F.R. Part 1024), as they might be amended from time to
time, or any additional or successor legislation or regulation that governs the same subject matter. As used
in this Security Instrument, “
SPA" refers to all requirements and reatrictions that are imposed in regard
fo a “federally related mortgage loan" even if the Loan does not qualify as a “federally related mortgage
loan" under RESPA.
(Q) "Successor in Interest of Borrower" means atty party that has taken title to the Property, whether or
not that party has assumed Bo:
‘ower's obligations under the Note and/or this Security Instrument,
TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals,
extensions and modifications
of the Note; and (ii) the performance of Borrower's covenants and
agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and
conveys to Trustee, in trust; with power of eale, the following described property located in the
couUNTY of Maricopa :
{Type of Recording Jurisdletion) [Name of Recording Jurisdiction}
SEE ATTACHED EXHIBIT FA" FOR LEGAL DESCRIPTION
1
Parcel ID Number: 211-44-088-B which currently has the address of
29103 N 618T STREET {Streer]
CAVE CREEK {City}, Arizona 85331 [Zip Code]
("Property Address"):
TOGETHER WITH all
the improvements now or hereafter erected on the property, and all
casements, appurtenances, and fixtures now or hereafter a part of the property, All replacements and
additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
Security Instrument as the "Property."
1408175298
ARIZONA-Slagte Famiy-Fannie MasiFreddis M
Vat
Woltecs Kivwer Financial Services
10918039
ne UNIFORM (NSTRUMENT Form 3003 4101 tev, 6102
wusPa Az) (1302
H Page 3 of 1
i
20140517481
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has
the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances
of record. Borrower warrants: and will defend generally the title to the Property against all claims and
demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property.
UNIFORM COVENANT
1, Payment of Princip
Borrower shall pay when due
prepayment charges and late c!
S. Borrower and Lender covenant and agree as follows:
al, Interest, Escrow Items, Prepayment Charges, and Late Charges.
the principal of, and interest on, the debt evidenced by the Note and any
barges due under the Note. Borrower shall also pay funds for Escrow Items
pursuant to Section 3, Payments due under the Note and this Security Instrument shall be made in U.S.
currency. However, if any chetk or other instrament received by Lender as payment under the Note or this
Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments
due under the Note and this
selected by Lender: (a) cash;
cashier's check, provided any
Security Instrument be made in one or more of the following forms, as
(b) money order; (c) certified check, bank check, treasurer's check or
such check is drawa upon an institution whose deposits are insured by a
federal agency, instramentalityy or entity; or (d) Electronic Funds Transfer.
Payments are deemed ri
such other location as may be
ived by Lender when received at the location designated in the Note or at
ignated by Lender in accordance with tho notice provisions in Section 15,
Lender may return any paymeht or partial payment if the payment or partial payments are insufficient to
bring the Loan current. Lender may accept any paymient or partial payment insufficient to bring the Loan
current, without waiver of any; tights hereunder or prejudice to its rights to refuse such payment or partial
payments in the future, but Lender is not obligated to apply such payments at the time such payments are
accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay
interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring
the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply
auch funds or retum them to Borrower. If not applied earlier, such finds will be applied to the outstanding
principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower
might have now or in the future against Lender shall relieve Borrower from making payments due under
the Note and this Security Instrument or performing the covenants and agreements secured by this Security
Instrument,
2, Application of Payments or Proceeds. Except as otherwise described in this Section 2, all
payments accepted and applied) by Lender shall be applied in the following order of priority: (a) interest
gue under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments
shall be applied to each Periodic Payment in the order in which it became due, Any remaining amounts
shall be applied first to late charges, second to any other amounts due under this Security Instrument, and
then to reduce the princjpal baldnce of the Note,
If Lender receives a pa
sufficient amount to pay any la
the late charge. If more than on
from Borrower to the repaymer
paid in full. To the extent that
more Periodic Payments, such e
be applied first to any prepayme
ent from Borrower for a delinquent Periodic Payment which includes a
charge due, the payment may be applied to the delinquent payment and
& Periodic Payment is outstanding, Lender may apply any payment received
it of the Periodic Payments if, and to the extent that, each payment can be
any excess exists after the payment is applied to the full payment of one or
Xcess may be spplied to any late charges due. Voluntary prepayments shall
nt charges and then: as described in the Note.
4400175298
ARZONA-Shngie Fardy-Fancie MaalFreddi¢ Mac UNIFORM INSTRUMENT
Wares Kower Finenclad Services
10915039
Form 3603 4/04 {rev, 8/02
VMPS ittea}
Paged af 4
20140517481
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under
the Note shail not extend or pdstpone the due date, or change the amount, of the Periodic Payments,
3. Fands for Escrow Items. Borrower sbal] pay to Lender on the day Periodic Payments are due
under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due
for: (a) taxes and assessments ‘and other items which can attain priority over this Security Instrument as a
lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c)
premiums for any and ali ingurance required by Lender under Section 5; and (d) Mortgage Insurance
premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
Insurance premiums in accordance with the provisions of Section 10, These items are called “Escrow
Items." At origination or at any Hime during the term of the Loan, Lender may require that Community
Association Dues, Fees, and /Asgessments, if any, be escrowed by Borrower, and such dues, fees and
assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to
be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives
Borrower's obligation to pay; the Funds for any or all Escrow Items. Lender may waive Borrower's
obligation to pay to Lender Filnds for any or all Escrow Items at any time. Any such waiver may only be
in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts
due for any Escrow Iterns for which payment of Funds has been waived by Lender and, if Lender requires,
shall furnish to Lender Teceipts evidencing such payment within such time period as Lender may require.
Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to
be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and sgreement"
is used in Section 9. If Borrawer is obligated to pay Escrow Items directly, pursuant to a waiver, and
Borrower fails to pay the amobat due for an Escrow Item, Lender may exercise its rights under Section 9
and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such
amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
accordance with Section 15 aid, upon such revocation, Borrower shall pay to Lender all Funds, and in
such amounts, that are then required under this Section 3.
Lender may, at any time, ‘collect and hold Funds in an amount (a) sufficient to permit Lender to apply
the Funds at the time specified under RESPA, and (B) not to exceed the maximum amount a lender can
require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable
Law. ,
The Funds shall be held in an institution whose deposits are ingured by a federal agency,
instrameatality, or entity (incl}ding Lender, if Leader is an institution whose deposits are so insured) or in
any Federal Home Loan Bank.| Lender shall apply the Funds to pay the Escrow Items no later than the time
specified under RESPA. Lendpr shall not charge Borrower for holding and applying the Funds, annually
anslyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the
Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing
or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower
any interest or carnings on the Funds. Borrower and Lender can agree in writing, however, that interest
shall be paid on the Funds. Leader shall give to Borrower, without charge, an annual accounting of the
Funds as required by RESPA,
If there is @ surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
Borrower for the excess funds jin accordance with RESPA, If there is a shortage of Funds held in escrow,
as defined under RESPA, Lender shail notify Borrower as required by RESPA, and Borrower shall pay to
Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12
1406175286 10915039
ARIZGHA-Bingls Family-Fannle MesiFreddie Mac UNIFORM INSTRUMENT. Form 3003 1/01 (tev, 6/02
VRP ® VAPB(AZ) (1302
Wolters Kiuwer Financlat Services Pegus of 1
20140517481
monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make
up the deficiency in accordancé with RESPA, but in no more than 12 monthly payments.
Upon payment in full of all sums secured by this Security Instrument, Lender sball promptly refund
to Borrower any Funds held by Lender.
4, Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines, and impositions
attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any, To
the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly |discharge any lien which has priority over this Security Instrument uaoless
Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable
to Lender, but only ao long a8 Borrower is performing such agreement; (b) contests the lien in good faith
by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to
prevent the enforcement of thg lien while those proceedings sre pending, but only until such proceedings
are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating
the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien
which can attain priority oe i Security Instrument, Lender may give Borrower s notice identifying the
lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or
more of the actions set forth above in this Section 4,
Lender may require Bortower to pay a one-time charge for a rea! estate tax verification and/or
reporting service used by Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on
the Property insured against loss by fire, hazards included within the term “extended coverage," and any
other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance.
This insurance shall be maintained in the amounts (including deductible levels) and for the periods that
Lender requires, What Leuder requires pursuant to the preceding sentences can change during the term of
the Loan, The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's
right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may
require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone
determination, certification and tracking services; or (b) a one-time charge for flood zone determination
and certification services and subsequent charges each time remappings or similar changes occur which
reasonably might affect such determination or certification, Borrower shall also be responsible for the
payment of any fees imposed |by the Federal Emergency Management Agency in connection with the
review of any flood zone determination resulting from an objection by Borrower.
If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance
coverage, at Lender's option and Borrower's expense, Lender is under no obligation to purchase any
particular type or amount of coverage, Therefore, such coverage shall cover Lender, but might or might
not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk,
hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower
acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of
insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall
become additional debt of Borrower secured by this Security Instrument, These amounts shall bear interest
at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from
Lender to Borrower requesting —
1496875266 | 4081503
ARIZONA-Single Famty-Faanie MawFreddis Mao UNIFORM IHSTRUMENT Form 3003 MT Ge 810:
VMP Vid POAT) (2392)
9
4
Wolfers Kluwer Financial Sarvices Page 6 oft
20140517481
All insurance policies required by Lender and renewals of such policies shall be subject to Lender's
right to disapprove such policies, shall include a standard mortgage clause, aod shall name Lender as
mortgagee and/or as an additional loss payce. Lender shall have the right to hold the policies and renewal
certificates, If Lender requireal Borrower shall promptly give to Lender all receipts of paid premiums and
renewal notices, If Borrower obtains any form of insurance coverage, not otherwise required by Lender,
for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and
shall name Lender as mortgagee and/or as an additional loss payee,
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender
may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree
in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall
be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and
Lender's security is not lessened, During such repair and restoration period, Lender shall have the right to
hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the
work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
promptly. Lender may disburs¢ proceeds for the repairs and restoration in a single payment or in a series
of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any
interest or earnings on such proceeds, Fees for public adjusters, or other third parties, retained by
Borrower shall not be paid out of the inaurance proceeds and shall be the sole obligation of Borrower. If
the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance
proceeds shall be applied to the sums secured by this Security Instrument, whtther or not then due, with
the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in
Section 2.
If Borrower abandons th¢ Property, Lender may file, negotiate and settle any available insurance
claim and related mutters. If Borrower does not respond within 30 days to a notice from Lender that the
insurance carrier has offered tojsettle a claim, then Lender may negotiate and settle the claim, The 30-day
period will begin when the ngtice is given. In either avent, or if Lender acquires the Property under
Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance
proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and
(b) any other of Borrower's rights (other than the right to any refund of uneamed premiums paid by
Borrower) uader all insurance policies covering the Property, insofar as such rights are applicable to the
coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or
to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower} shall occupy, establish, and use the Property es Borrower's principal
residence within 60 days after the execution of this Security Instrument and shall continue (o occupy the
Property as Borrower's principal residence for at least one year after the date of occupancy, unlesa Lender
otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower s control.
7, Preservation, Maintesiance and Protection of the Property; Inspections. Borrower shall not
destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the
Property. Whether or not Borger is residing in the Property, Borrower shall maintain the Property ia
order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is
determined pursuant to Section|5 that repair or restoration is not economically feasible, Borrower shall
promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or
condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower
1408175286 10915039
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shall be responsible for repalring or restoring the Property only if Lender has released proceeds for such
purposes. Lender may disbursd proceeds for the repairs and restoration in a single payment or in a series of
progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient
to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of
such repair or restoration.
Lender or its agent may) make reasonable entries upon and inspections of the Property, If it has
reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give
Borrower notice at the time of br prior to such an interior inspection specifying such reasonable cause.
8. Borrower's Loan Application, Borrower shall be in default if, during the Loan application
process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's
knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender
(or failed to provide Lendey with material information) in connection with the Loan. Material
representations include, but are not limited to, representations concerning Borrower's occupancy of the
Property as Borrower's principal residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If
(a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there
is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under
this Security Instrument (such as 4 proceeding in bankruptcy, probate, for condemnation or forfeiture, for
enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or
regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is
reasonable or appropriate to protect Lender's interest in the Property and rights under this Security
Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing
the Property, Lender's actions |can include, but are not limited to: (a) paying any sums secured by a lien
which has priority over this Security Instrument; (6) appearing in court; and (c) paying reasonable
attomeys’ fees to protect its interest in the Property and/or rights under this Security Instrument, including
its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to,
entering the Property to make tepaisa, change locks, replace or board up doors and windows, drain water
from pipes, eliminate building lor other code violations or dangerous conditions, and have utilities turned
on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not
under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all
actions authorized under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower
secured by thia Security Instrument. These amounts shall bear interest at the Note rate from the date of
disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the
lease, If Borrower acquires feeltitle to the Property, the leasehold and the fee title shall not merge unless
Lender agrees to the merger in writing.
10. Mortgage Insurance. |If Lender required Mortgage Insurance as a condition of making the Loan,
Borrower shall pay the premiunis required to maintain the Mortgage Insurance in effect. If, for any reason,
the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that
previously provided such insurance and Borrower was required to make separately designated payments
toward the premiums for Moftgage Insurance, Borrower eholl pay the premiums required to obtain
coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially
equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate
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mortgage insurer selected by) Lender. If substantially equivalent Mortgage Insurance coverage is not
available, Borrower shall continue to pay to Lender the amount of the separately designated payments that
were due when the insurance! coverage ceased to be in effect. Lender will accept, use and retain these
payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be
non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be
required to pay Borrower any jinterest or earnings on such loss reserve. Lender can no longer require loss
reserve payments if Mortgage [Insurance coverage (in the amount and for the period that Lender requires)
provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires
separately designated payment toward the premiums for Mortgage Insurance. If Lender required Mortgage
Insurance as a condition of making the Loan and Borrower was required to make separately designated
payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to
maintain Mostgage Insurance! in effect, or to provide a non-refundable loss reserve, until Lender's
requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and
Lender providing for such termination or until termination is required by Applicable Law. Nothing in this
Section 10 affects Borrower's dbligation to pay interest at the rate provided in the Note,
Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it
may incur if Borrower docs not repay the Loan as agreed. Borrower is not a party to the Mortgage
Insurance,
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may
enter into agreements with oth parties that share or modify their risk, or reduce losses. These agreements
are on terms and conditions that are satisfactory to the mortgage inaurer and the other party (or parties) to
these agreements. These agreements may require the mortgage insurer to make payments using any source
of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage
Insurance premiums),
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
provides that an affiliate of Lender takes a share of the inaurer’s risk in exchange for a share of the
premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
(a) Any such agreements wilt not affect the amounts that Borrower has agreed to pay for
Mortgage Insurance, or any other terms of the Loan. Such agreements will uot increase the amount
Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund,
(b) Any such agreements will not affect the rights Borrower has - if any ~ with respect to the
Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
may Include the right to refeive certain disclosures, to request and obtain cancellation of the
Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a
refund of any Mortgage Insurauce premiums that were unearned at the time of such cancellation’ or
termination.
11. Assignment of Misceaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
assigned to and shall be paid to Lender.
If the Property is damaged, such Miscellancous Proceeds shall be applied to restoration or repair of
the Property, if the restoration |or repair is economically feasible and Lender's security is not lessened,
During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
until Leader has had an opportpnity to inspect such Property to ensure the work has been completed to
1408 175208 TO{SOSD
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Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender toay pay for the
repaira and restoration in a single disburaement or in a series of progress payments ag the work is
completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such
Miscellaneous Proceeds. If the!restoration or repair ia not economically feasible or Leader’ 3 security would
be lessened, the Miscellancoug Proceeds shall be applied to the sums secured by this Security Instrument,
whether or not then duc, with the excess, if any, paid to Borrower, Such Miscellaneous Proceeds shall be
applied in the order provided for in Section 2.
In the event of a total taking, destruction, or loss in valuc of the Property, the Miscellaneous
Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
the excess, if any, paid to Borrower,
Tn the event of a partial taking, destruction, or Joss in value of the Property in which the fair market
value of the Property immediately before the partial taking, destruction, or loss in value is equal to or
greater than the amount of the sums secured by this Security Instrument immediately before the partial
taking, destruction, or loss in|value, unless Borrower and Lender otherwise agree in writing, the sums
secured by this Security Ins
ent shall be reduced by the amount of the Miscellaneous Proceeds
multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
partial taking, destruction, of
immediately before the partial
loss in value divided by (b) the fuir market value of the Property
ing, destruction, or loss in value. Any balance shall be paid to Borrower.
Tn the event of a partial king, destruction, or lose in value of the Property in which the fair market
value of tho Property immediately before the partial taking, destruction, or loss in value ig less than the
amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless
Borrower and Lender otherwis¢ agree in writing, the Miscellaneous Proceeds shall be applied to the sums
secured by this Security Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after nolice by Lender to Borrower that the
Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for camages,
Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
sums secured by this Security Instrument, whether or not then due, "Opposing Party" means the third party
that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
regard to Miscellaneous Proceeds,
Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
Lender's judgment, could result in forfeiture of the Property or other materia! impairment of Lender's
interest in the Property or Fighip under this Security Instrument. Borrower can cure such a default and, if
acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be
dismissed with a ruling that, in| Lender's judgment, precludes forfeiture of the Property or other material
impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of
any award or claim for damages that are attributable to the impairment of Lender's interest in the Property
are hereby assigned and shall be! paid to Lender.
All Miscellaneous Proceeds that arc not applied to restoration or repair of the Property shall be
applied in the order provided for in Section 2.
4406475296
ARIZORA-Single Family-Fennle MaviFreddia Mind
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12, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for
payment or modification of amortization of the sums secured by this Security Instrument granted by Lender
to Borrower or any Successoriin Interest of Borrower shall not operate to release the liability of Borrower
or any Successors in Intereat of Borrower. Lender shall not be required to commence proceedings against
any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify
amortization of the sums secured by this Security Instrument by reason of any demand made by the original
Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or
remedy including, without limitation, Lender's acceptance of payments from third persons, entities or
Successors in Interest of Borrower or in amounts legs than the amount then due, shall not be a waiver of or
preclude the exercise of any right or remedy.
13. Joint and Several Wiabillty; Co-signers; Successors aud Assigns Bound, Borrower covenants
and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who
co-signs this Security Instrument but does not execute the Note (a "co-signer"); (a) is co-signing this
Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the
terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security
Instrument; and (c) agrees that Lender und any other Borrower can agree to extend, modify, forbear or
make any accommodations with regard to the terms of this Security Instrument or the Note without the
co-signer' 6 consent,
Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes
Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain
all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from
Borrower’ s obligations and liability under this Security Instrument unless Lender agrees to such release in
writing. The covenants and dgreements of this Security Instrument shall bind (except as provided in
Section 20) and benefit the suceessors and assigns of Lender.
14, Loan Charges. Lender may charge Borrower fees for services performed in connection with
Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this
Security Instrument, including) but not limited to, attomeys' fees, property inspection and valuation fees,
In regard to any other fees, the! absence of express authority in this Security Instrument fo charge a specific
fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge
fees that arc expressly prohibited by this Security Instrument or by Applicable Law.
Tf the Loan is subject to allaw which sets maximum loan charges, and that law ig finally interpreted so
that the interest or other loan charges collected or to be collected in connection with the Loan exceed the
permitted limite, then: (a) any|such loan charge shall be reduced by the amount necessary to reduce the
charge to the permitted limit; and (6) any sums already collected from Borrower which exceeded permitted
limits will be refunded to Borrower, Lender may choose to make this refund by reducing the principal
owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the
reduction will be treated as a partial prepayment without any prepayment charge (whether or not a
prepayment charge is provided for under the Note), Borrower's acceptance of any such refund made by
direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out
of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument
must be in writing. Any noticelto Borrower in connection with this Security Instrument shall be deemed to
have been given to Borrower when mailed by first class mail or when actually delivered to Borrower’ s
notice address if sent by other incans. Notice to any one Borrower shall constitute notice to all Borrowers
unless Applicable Law expresgly requires otherwise. The notice addecas shall be the Property Address
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unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly
notify Lender of Borrower's thange of addceas. If Lender specifies a procedure for reporting Borrower's
change of address, then Borrower shall only report e change of address through that specified procedure.
There may be only one designated notice address under this Security Instrument at any one time. Any
notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address
stated herein unless Lender has designated another address by notice to Borrower, Any notice in
connection with this Security {nstrument shall not be deemed to have been given to Lender until actually
received by Lender. If any notice required by this Security Instrument is also required under Applicable
Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security
Instrument. t
16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be
governed by federal law and the law of the jurisdiction in which the Property is located. All rights and
obligations contained in this ‘Security Instrument are subject to any requirements and limitations of
Applicable Law. Applicable aw might explicitly or implicitly allow the parties to agree by contract or it
might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In
the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable
Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be
given effect without the conflicting provision.
As used in this Security| Instrument: (a) words of the masculine gender shall mean and include
corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and
include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to
take any action,
17, Borrower's Copy. Borrower shail be given one copy of the Note and of this Security Instrument,
18. Transfer of tho Pro or a Beneficial Interest in Borrower. As used in thiy Section 18,
“Interest in the Property" means apy legal or beneficial interest in the Property, including, but not limited
to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or
escrow agreement, the intent of/which is the transfer of title by Borrower at a future date to a purchaser,
Tf all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower
is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior
written consent, Lender may require immediate payment in full of all sums secured by this Security
Instrument, However, this option shall not be exercised by Lender if such exercise is prohibited by
Applicable Law,
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall
provide a period of not leas than 30 days from the date the notice is given in accordance with Section 15
within which Borrower must pay all sums secured by this Security Instrument. [f Borrower fails to pay
these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower.
19. Borrower's Right td Reinstate After Acceleration. If Borrower meets certain conditions,
Borrower shali have the right to have enforcement of this Security Instrument discontinued at any time
prior to the earlicst of (a) five days before sale of the Property pursuant to any power of sale contained in
this Security Instrument; (b) such other period as Applicable Law might specify for the termination of
Borrower's right to reinstate; jor (c) entry of a judgment enforcing this Security Instrument Those
conditions are that Borrower: (®) pays Lender all aums which then would be due under this Security
Instrument and the Note as if no, acceleration had occurred; (b) cures any default of any other covenants or
agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited
ANTON Strate Fi Fanals Mas/Froddle Mac UNIFORM INSTRUMENT Form 3009 $704 tar eo
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to, reasonable attorneys! fees, property inspection and valuation fees, and other fees incurred for the
purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d)
takes such action as Lender may reasonably require to assure that Lender's interest in the Property and
tights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security
Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and
expenses in one or more of the following forms, as selected by Lender; (a) cash; (b) money order; (c)
certified check, bank check, rer’s check or cashier's check, provided any such check is drawn upon
an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic
Funds Transfer. Upon reinstatkment by Borrower, this Security Instrument and obligations secured hereby
shall remain fully effective as! if no acceleration had occurred, However, this right to reinstate shall not
apply in the case of acceleration under Section 18.
20, Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in
the Note (together with this Security Instrument) can be sold one or more times without prior notice to
Borrower. A sale might result in a change in the entity (known as the “Loan Servicer") that collects
Periodic Payments due wader [te Note and this Security Instrument and performs other mortgage loan
servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be
one or more changes of the Loan Servicer unrelated to a sale of the Note, If there is a change of the Loan
Servicer, Borrower will be given written notice of the change which will state the name and address of the
new Loan Servicer, the addres to which payments should be made and any other information RESPA
requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is
serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loun servicing obligations
to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not
assumed by the Note purchaser/unless otherwise provided by the Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an
individual litigant or the member of a class) thet arises from the other party's actions pursuant to this
Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by
reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such
notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the
other party hereto a reasonable period after the giving of such notice to take corrective action. Hf
Applicable Law provides a tinte period which must elapse before certain action can be taken, that time
period will be deemed to be feasonable for purposes of this paragraph. The notice of acceleration and
opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to
Borrower pursuant to Section 18 shall be deemed to satisfy the notice and Opportunity to take corrective
action provisions of this Section 20.
21, Hazardous Substances, As used in this Section 21: (a) "Hazardous Substances” are those
substances defined as toxic or ‘dous substances, pollutants, or wastes by Environmental Law and the
following substances: gasoline) kerosene, other flammable or toxic petroleum products, toxic pesticides
and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials;
(>) “Environmental Law" means federal Jaws and laws of the jurisdiction where the Property is located that
relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response
action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental
Condition” means a condition that can cause, contribute to, or otherwise tigger an Environmental
Cleanup,
1408175296 10095039
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Borrower shall not cause. or permit the presence, use, disposal, storage, or release of any Hazardous
Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do,
nor allow anyone else to do, “Tnything affecting the Property (a) that is in violation of any Environmental
Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a
Hazardous Substance, creates a condition that adversely affects the value of the Property, The preceding
two sentences shall not apply to the presence, use, or storage on the Property of small quantities of
Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to
maintenance of the Property (including, but not limited to, hazardous substances in consumer products).
Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit
or other action by any governmental or regulatory agency or private party involving the Property and any
Hazardous Substance or Enyironmental Law of which Borrower has actual knowledge, (0) any
Environmental Condition, inclyding but not limited to, any spilling, leaking, discharge, release or threat of
release of any Hazardous Sih, and (c) any condition caused by the presence, use or release of a
Hazardous Substance which a versely affects the value of the Property, If Borrower learns, or is notified
by any governmental or regulatory authority, or any private party, that any removal or other remediation
of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary
remedial actions in accordance with Environmental Law. Nothing herein shell create any obligation on
Lender for an Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22. Acceleration; Remedfes. Lender shall give notice to Borrower prior to acceleration
following Borrower's breach pf any covenant or agreement in this Sccurity Iustrumont (but not prior
to acceleration under Section 18 unless Applicable Law provides otherwise), The notice shall specify:
(a) the default; (b) the action|required to cure the default; (c) a date, not less than 30 days from the
Gate the notice is given to Borrower, by which the default must be cured; and (d) that faliure fo cure
the default on or before the date specified in the notice may result in acceleration of the sums secured
by this Security Instrument aud sale of the Property, The notice shall further inform Borrower of
the right to reinstate after| acceleration and the right to bring a court action ta assert the
non-existence of a default or ay other defense of Borrower to acceleration and gale. If the default is
not cured on or before the date specified in the notice, Lender at its option may require immediate
payment in full of all sums secured by this Security Instrument without further demand and may
invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be
entitled to collect all expenses jucurred in pursuing the remedies provided in this Section 22,
including, but not limited to, reasonable attorneys’ fees and costs of title evidence,
If Lender invokes the power of sale, Lender shall give written notice to Trustee of the
occurrence of an event of default and of Lender's election to cause the Property to be sold. Trustee
shall record a notice of salo injeach county in which any part of the Property is located and shall mail
copies of the notice as prescribed by Applicable Law to Borrower and to the other persons prescribed
by Applicable Law. After the time required by Applicable Law and after publication and posting of
the notice of sale, Trustee,) without demand on Borrower, shall sell the Property st public
auction to the highest bidder for cash at the time and place designated in the notice of sale, Trustee
may postpone sale of the Property by public announcement at the time and place of any previously
scheduled sale, Lender or its deslgnee may purchase the Property at any gale,
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Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any
covenant or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima facie
evidence of the truth of the statements made thereln. Trustee shall apply the proceeds of the sale in
the following order: (a) to all expenses of the sale, including, but not mited te, reasonable Trustee's
and attorneys! fees; (b) to all sume secured by this Security Instrument; and (c) any excess to the
Person or persons legally entitled to it or to the county treasurer of the county in which the sale took
place.
23. Release. Upon payment of all sums secured by this Socurity Instrument, Lender shall release this
Security Instrument. Borrower shall pay any recordation costs, Lender may charge Borrower a fee for
releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the
charging of the fee is permitted under Applicable Law.
24. Substitute Trustee, Lender may, for any reason or cause, from time to time remove Trustee and
appoint e successor trustee to any Trustee appointed hereunder. Without conveyance of the Property, the
successor trustee shall succced to all the tifle, power and duties conferred upon Trustee herein and by
Applicable Law,
25. Time of Essence. Time is of the essence in each covenant of this Security Instrument.
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GREOKASinate Famity-Fennls MaglFreddie May UNIFORM IHSTRUMENT Form S009 ot 333)
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