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<br /> executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that
<br /> Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect
<br /> of any payment or the value of the Property is impaired shall also constitute an event of default.
<br /> 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Grantar with
<br /> notice of the right to cure or other notices and may establish time schedules far foreclosure actions. Subject to these
<br /> limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner
<br /> provided by law if'Grantor is in default.
<br /> At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br /> immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br /> thereafter. In addition, Lender 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 shall, in addition to any other permitted remedy, at the request of the Lender, advertise
<br /> and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey
<br /> absolute title free and clear of all right, title and interest of Grantor at such time and place as Trustee designates.
<br /> Trustee shall give notice of sale including the time,terms and place of sale and a description of the property to be sold
<br /> as required by the applicable law in effect at the time of the proposed sale.
<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 pay to Lender all
<br /> moneys advanced for repairs, taxes, insurance, liens, assessments and priar encumbrances and interest thereon, and the
<br /> principal and interest on the Secured Debt, paying the surplus, if any, to Grantor. Lender may purchase the Property.
<br /> The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br /> All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law ar
<br />� equity,whether or not expressly set farth.The acceptance by Lender 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 Lender's right to require complete cure of any existing default. By not exercising any remedy on Grantor's
<br /> default,Lender does not waive Lender'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, Grantor agrees to pay all of Lender's expenses if Grantor breaches any covenant in this Security
<br /> Instrument. Grantor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or
<br /> otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of
<br /> the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt.
<br /> Grantor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights
<br /> and remedies under this Security Instrument This amount may include, but is not limited to, attorneys' fees, court
<br /> costs, and other legal expense�. This Security Instrument shall remain in effect until released. Grantor agrees to pay
<br /> far any recordation costs of such release.
<br /> 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES.As used in this section, (1) Environmental Law
<br /> means,without limitation,the Comprehensive Environmental Response,Compensation and Liability Act(CERCLA,
<br /> 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney
<br /> general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous
<br /> substance; and (2) Hazardous Substance means any toxic, radioactive ar hazardous material, waste, pollutant or
<br /> contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public
<br /> health, safety, welfare or environment. The term includes, without ]imitation, any substances defined as "hazardous
<br /> material," "toxic substances," "hazardous waste"or"hazardous substance"under any Environmental Law.
<br /> Grantor represents,warrants and agrees that:
<br /> A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be
<br /> located, stored or released on or in the Property. This restriction does not apply to small quantities of
<br /> Hazardous Substances that are generally recognized to be appropriate far the narmal use and maintenance of
<br /> the Property.
<br /> B. Except as previously disclosed and acknowledged in writing to Lender,Grantar and every tenant have been,are,
<br /> and shall remain in full compliance with any applicable Environmental Law.
<br /> C. Grantor shall immediately notify Lender if a release ar 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
<br /> an event,Grantor shall take all necessary remedial action in accordance with any Environmental Law.
<br /> D. Grantor shall immediately notify Lender in writing as soon as Grantor has reason to believe there is any
<br /> pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any
<br /> Hazardous Substance or the violation of any Environmental Law.
<br /> 18. CONDEMNATION. Grantor will give Lender prompt notice of any pending or threatened action, by private or
<br /> public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other
<br /> means. Grantor authorizes Lender to intervene in Grantar's name in any of the above described actions or claims.
<br /> Grantor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation ar other
<br /> taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in
<br /> this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust,
<br /> security agreement or other lien document.
<br /> 19. INSURANCE. Grantor shall keep Property insured against loss by fire, flood, theft and other hazards and risks
<br /> reasonably associated with the Property due to its type and location.This;nsurance shall be maintained in the amounts
<br /> and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Grantar
<br /> subject to Lender's approval, which shall not be unreasonably withheld. If Grantor fails to maintain the coverage
<br /> described above,Lender may, at Lender's option,obtain coverage to protect Lender's rights in the Property according
<br /> to the terms of this Security Instrument.
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard "martgage clause" and,
<br /> where applicable, "loss payee clause." Grantor shall immediately notify Lender of cancellation or termination of the
<br /> insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Grantor shall immediately
<br /> give to Lender all receipts of paid premiums and renewal notices. Upon loss, Grantor shal] give immediate notice to
<br /> the insurance carrier and Lender.Lender may make proof of loss if not made immediately by Grantor.
<br /> (page 3 of 4)
<br /> OO 1994 Bankers Systems,Inc.,SL Cloud,MN (1-500-397-2341) Fortn RE-DT-NE 8/8/�, � �. � .. - � .� -
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