|
.
<br /> - , �
<br /> • � � � .. .
<br /> . . � _ ,e . ,: . . , -;_, . .�.. ,. � .. M,, .� ,,�.
<br /> .-
<br /> 14. DEFAULT. Trustor will be in default if any party obligat d j�S�Debt fails to make payment when ue.'Trustor
<br /> will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the
<br /> purpose of creatin�, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br /> t�me is insecure w�th respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br /> the value of the PmpeRy�s impaired shall also consdtute an event of default.
<br /> 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br /> nodce of the right to cure or other nodces and may establish time schedules for foreclosure actions. Sub�ect to these
<br /> limitadons, if any, BeneSciary may accelerate the Secured Debt and foreclose this Security Instrument in a maaner
<br /> provided by law if Trustor is in default.
<br /> At the opdon of Beneficiary, all or any �tar't of the a�r� fees and charges, accnud interest and principal shall become
<br /> immediately due and payable, after.givmg:notice i� required by law, upon the occurrence of a default or anydme
<br /> thereafter.•In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br /> this Security Instrument and any related documents, including without limitation, the power to sell the Property.
<br /> If there is a default, Trustee sha11, in addition to any other pernutted remedy, at the request of the Beneficiary, advertise
<br /> and sell the Property as a whole or in se�arate parcels at public auction to the highest bidder for cash and convey absolute
<br /> title fr e and;,�lear of all right, titl�and iuterest of Trustor at such time and place as Trust��= '�
<br /> �_. �.. �,� , � ���:���,��������`�ro� ��'
<br /> _ ., �iplicable tsw in at����pt�o�poeed eate:'
<br /> Upon sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br /> sold which conveys absolute title to the.purchaser, and after first paying all fees, charges and costs, shall �ay to
<br /> Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and mterest
<br /> thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br /> purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therem.
<br /> All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to a11 remedies provided at law or
<br /> equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br /> Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a
<br /> waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br /> default, Beneficiary dces not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br /> 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br /> prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Secunty
<br /> Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary for insuring, inspecdng, preserving or
<br /> otherwise pmtectin�the Property and Beneficiary's security interest. Tbese expenses will bear mterest from the date of the
<br /> payment unhl paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br /> to pa y, all costs and expenses incurred by Beneficiary in collecting, enforcing or protecdng Beneficiary's rights and
<br /> remedies under this Secunty Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br /> other le�al ezpenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br /> recordation costs of such release.
<br /> ____ 17. ENV�ONIVIENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1� Environmental Law
<br /> meaias, without limitation, the Comprehensive�m�ironmental Response, Co�ensation an�Liability Act (CBRCLA, 42
<br /> U.S.C. 9601 et seq.), and all other federal, state and local laws, reguladons, ordinances, court orders, attorney general
<br /> opinions or interprerive letters concerning the public health, safety, welfare, 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 acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br /> located, stored or released on or in the Property. This restnction does not apply to small quantities of Hazardous
<br /> Substances that are generally recognized to be appropriate for the nornial use and maintenance of the Property.
<br /> B. Except as previously disclosed and acknowledged m writing to Beneficiary, Trustor and every tenant have been, are,
<br /> and shall remain in full compliance with any applicable Environmental Law.
<br /> C.Trustor shall immediately not�fy Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br /> under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an
<br /> event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br /> D.Trustor shall immediately nodfy Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br /> or threatened investigataon, claim, or proceeding relating to the release or threatened release of any Hazardous
<br /> Substance or the violation of any Environmental Law.
<br /> 18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pendin�or threatened action, by private or public
<br /> entities to purchase or take any or all of the Property through condemnation, e�unent domain, or any other means. Trustor
<br /> authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br /> Beneficiary the proceeds of any award or claim for damages connected with a condemnadon or other taking of all or any
<br /> part of the Property. Such proceeds shall be considered payments and will be applied as provided in tlus Security
<br /> Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br /> other lien document.
<br /> 19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br /> associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br /> periods that Beneficiary rec�wres. The insurance carrier providing the insurance shall be chosen by Trustor subject to
<br /> Beneficiary's a�proval, wluch shall not be unreasonably withheld. If Trustor fails to maintain the coverage described
<br /> above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the PropeRy according
<br /> to the terms of ttus Secunty Instrument.
<br /> All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br /> where applicable, "loss payee clause." Trustor shall immediately not�fy Beneficiary of cancellation or ternunation of the
<br /> insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br /> immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br /> immediate not�ce to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by
<br /> Trustor. � .
<br /> lpage 3 of 4/
<br /> 01994 Bankero Syetems,Inc.,St.Cloud,MN (1-800387-23411 Form DT;t� �0�27/�7�
<br /> �, .r � ;s �F►".:
<br /> � ��' f.i a..� YC e t ,�.i n• .
<br /> � �
<br />
|