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<br /> 14. DEFAIJL'f'.Trustor will be�1a default if tmy�arty o9li�at�on d�c Secured Debt fails to mnkc payment when due.Trustor �;�.
<br /> will be in defnult if a breach occurs•under tho terms of th Security Instrument or any other document executed for the „
<br /> purpose of creating, securins ox guarantying th�Secured, bt. A good faith belief by Beneficiary that BeneficfAry at any _
<br /> tinte ls iasecure with respeCt to any person or eatity"obli6nted oa the Secured Debt or that the prospect of any payment or ! _
<br /> � the value of the Property is impurc�cl shall also wastitute�n cvcnt of default. �
<br /> 15. REI4IED�S ON DEFAUI.T. !n some instances, fedetal and state law wiU require Beneficiary to provide Trustor with .
<br /> notice c+f the right to cm�e or other notEces and may establish time schedules for foreclosure actions. Sub�ect to these
<br /> • limitations, if any, Beneftciary may accclerute the Secured Debt and foreclose this Security Instrument in a manner �
<br /> pmvided by law if Trustor is in default.
<br /> At the optivn of Beneficiary, all or any �art of the agreecl fees nn� chazges, accrued interest and principtl shall becorae +
<br /> immediately due a�� payable, after givwg notice if required bv law, upon the occurrence of a detault ar anytime
<br />. . thFreaftar. In adclhimn,&3e�eficinry shall be entided to all the remxclies provided by law, the terms of tha Secured Debt, � _`
<br /> tY�is Securi2y]usmiment and any related docutnents, including without limitation,the power to sell the Property. -
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<br /> If there is a default, Tnistee shall, in zddition to any other pemutced remedy, at the request of the Beneficiary, advectise ,�K�,��:'
<br /> and sell the Property as a whole or in separate p�rcels at public auction to the hf�est bidder for cash nnd convey absolute • ,
<br /> title free and clear of all right,tltle and mterest of Trustor at such ume and place as Tnistee designntes. Tn�ctce shall g�ve • , .L _. '
<br /> notice of sale inclu�iag the time, tetms and place of s�le and a deseaption of tl�r,property to be sold as requlr�d by the ,� =�,�,
<br /> applicable law in effect at the t)me of the propased sale. I .' _- _
<br /> iU�on nnle of the property and ro the cxtent not prohibUrd by law Tn�ntce shall makc An� dclivcr n dced to Ihe Property � -•a����'
<br /> sold which conveys ebsolute titic to the purchnser, nrtd nfter first payfnB nll fccs, chnrges nnd cocta, sholl pay to ��;��'���
<br /> BenePicinry all moneys ndvnnced for rcpaire, taxes, insurunce, liene, nssessmeni� nn�l prlor encumbrances mid intemst ' "--
<br /> ' thcmon, und the principal nnd I�iterc�! on the Scti:ured Debt. payinQ thc eurplus, if nny, to Trustor. l3�meficiary may �� �
<br /> ' purchnsc dic Pra�xrry.'I'he recitale in nny dccd of wnveyance shall tH;prlraa fucie evidencc of the flucta s4t fnrth thcr�in. �' --
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<br /> All remedles ure dlstinct, cumulative nnd not excluslve, and the R:neficinry is entftled to nll remedie�pmvidal at law or
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<br /> cqulty, whether ar not expreesl�set forth.The accepmnce by Bcnefi�ir�ry of nny sum in payn�ent or partinl pnyment on the �
<br /> �,- Secured Debt nRer the balancc is due or is ncceletated or eft�r foeeclosuee proceedings arc:filed shn!I aat consdtt{te n "s
<br /> � waiver of Beneficiary's right ta require complete cure of any eaistina defnult. �y not exercising a�ry remedy on Trustor's �
<br /> default,Beneficituy+dces not walve Eieneficlary's right to later conuider t�e event a default if ic contim�es or hnppens again.
<br /> _ ' 16. FXPF.NF��: ADVANCFS ON COVENANTS: ATTOI:I�TF,YS' FGT.�: COLLECI'ION CaST3. Excent when '��
<br /> � prohibited by law, Trustor agnes to pay all of BeneficiarY's eapenses if Tn�stor breaches any covenant in this-Security �Y� � �
<br /> Insttument. rrustar wAl also pay on demnnd any amount mcurral by Beneficiary for insuring, inspoctinB, preserving or "'"-�'•
<br /> � otherwise protecting the Propeny and Benefcicuy's security interest. I'hese expenses will bear interest from tPie date of the `'� ', ;
<br /> ' ( pay�r�ent until paid in full at tlie highest interest rate in effect as provided in che termg of the Secured Debt.Trustor ag�ees � �. ,
<br /> .� to pa all costs and eapen�es lncuned by Beneficjary in collecting, enforcin� or protecting Beneficinry's rights and ; j'
<br /> re�es und�r this Security Insuvment. This amount may include, but is not limited to,attomeys' fces, court costs, and
<br /> other le�al expeases. This Security lnstnuncnt shall remAin u► eKect until releused. Trustor agrc�es to pay for any .� :��
<br /> recordauon costs of such release. �
<br /> ' i7. °:itivLIRON1ViENTAI. LAWS AND HAZARDOUS S[IBSTANCES. As used tn this section. (1) Envirranmental Law ,;, � `
<br /> h^ m::ans, without limitadon, the Compreheasive Environ�eental Response, Compeneation and LiabUity Mct��ERCLA. 42
<br /> U.S.C. 96'�1 et seq.), and sill other federal, state and locu! lav�s,regulations, ordinances, court ordern, attorney general .
<br /> ,• opinions or.int�rpretive letters concerning the public health,safety,�velfare.environmcnt or u hazardous substance;and(2) �,
<br /> , Ha�ardous Stibstance means any toxic. radioactive or hazardvus material, waste, po Ilutant or cantncninant whicu mas � ' ,;_<�
<br /> .. cl�aracteristics which c�ender the substance dangemus or potentially dan�erous to the public health, safery, welfare oi .:, ,.����,P►�? �
<br /> � eaviron�mnt. 'Ihe term includes, without limitation, any substances defined as hazardous material," 'ta�ic substances,' q �.. .�
<br /> "ha�ardoue waste"or"hazardous substance"under any Environmeatal i.aw. �' ���'
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<br /> Trustor represents,warrants and ugrees that: �����_ --
<br /> A.Except as previously disclosed and acknowlod�ed in wrlting to BeQeficiary, no Hazardous Sub�tsmce is or will be ��=,��r�-�-
<br /> located, srored or mleased on or in the Pro�erty. T6ia resuiction docs not ap ly to small qutintitfes mf Hazardous �;;;�..�,;��,�-_
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<br /> � Substnnces thut are generally recognized to be ap ropriate for the normnl use and maintenance of thc Property. :F'?�B''.�.__.__=`�.-
<br /> B.Exce t as previously disclosed and aclmowledg�in writing to Benefceiary,Ttustar and every teuttnt have been, are, '�"`�`�'���
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<br /> and s all remain in full campliance with anyapplicable Envimnmental Lavi. - _="�
<br /> C.Tnistor shall immediately notify Beneficiary if a release or thmateu�d relense of a Hazardou5 SubsKance occurs on, '.-�`,�y�,�_„._,`"
<br /> under or about the Property or there is a violation of any Envlronmental Law concemin�t�e Pruperty. In such an -,•����.•-:•� Y,:,
<br /> event,Trustor shall take all necessary remedlal acdon in accordaace:with any Environmental Law. . ���j,.
<br /> '•��'• D.Trustor shall imtnediately notify Beneficiary in writing as soon as Trustor has reason to believe d�ere is any pending . _ •
<br />_ or threatened investigauon, claim, or procerd'ang relating to the mlease or threatened release of any Hazardous
<br />' Substance or the violauon of any Environmental Law. �
<br /> 18. CONDEIl�TATION.Trustor will�ive Beaeficiary prompt notice of aay pendin�or threatened action,by private or public � �:,.;:,,��;;:�•. �_
<br /> entities to purchase or take any or all of the Property through condemnation,e�runent domain,or any od�er means.Trustor �;. ,
<br /> audiorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. TTUSCOr assigns to
<br /> Beneficiary the proceeds of any award or claim for damages connected with a condemnation or ad�er tFikfn� of all or any
<br /> part of the Pcoperty. Such procceds shall be con3idemd paymenta and will be applied as provided in this Secur3ty ;
<br /> Inatroment.This assignment of proceeds is subject to the terms of any prior mortgage.dced of trust, socurity agre�ment or
<br /> othcr lien document. " •
<br /> 1 19. INS[JRANCE.Trustor shull kcep Property insured against loss by flre, fload,theft and other ht�aattls and risks reasonably
<br /> associated witl� the Property due to its type and location. This insurance shall be maintained in the nmounts und for the
<br />:, i �eriods that Beneficiary reyuims. The insurance carrler providin� the insurance shall be chosen by Trustor subject to
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<br />- aenenc�ary s approva�, wmcn sna�t not oe unreasonanty wunneta. it t rustor faiis to mamta�n Ute coverage descnbed
<br /> above. Ben�ficiuy may, at Beneficiary's option,obtain coverage to protect Beneficiary's rights in the Property according f
<br /> to die tem�s of this Socurity�nstcument. �
<br />- All insuranr,e policies and renewals shall be ae:ceptuble to Beaeficiary and shall include a standard"mort�age clause" and,
<br /> where applicable, "loss payee clause." Trustor shall immediatel�noti�y Beneficiary of cancellation or termtnation of thc
<br />�r:. insurance. Beneficiary shull have the right to hold the polictes and renewals. If Beneficiary requims, Trustor shall I
<br /> c; immediately give to Beneficiary all receipts of paid premiums and renewul notices. Upon loss, Trustor shall give
<br />_ • �`; immer3iate not�ce to the insurance carrier and Be�neficiary. Beneficiary may make proof of loss if not made immediately by •
<br /> Trustor.
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<br /> 01996 Oankoro Svstome.�nt.,51-CiouU.MN It-800 397�23411 Form RFOT�NE 9n3r90
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