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2012010�2
<br />14. DEFAULT. Trustor wili be in defaulC if any party obligated on the Secured Debt fails to make payznent when due. 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 Deneficiary that Beneficiary at any
<br />ume as insecure w►th respect to any person or entity obligated on the Secured Debt or that rhe prospect of any payment e�r
<br />the value of the Property �s impaired shall also canstztute an event of deEaulG
<br />15.
<br />16.
<br />REM�DIES ON DEFAULT. In same inslances, faderai and state law will require Beneficiary to provide Trustor with
<br />notice of the rzght to cure or other notices and may establish time schedules for foreclasure actions. Suhject �o these
<br />limitations, if any, Benefcciary rnay accelerate the Secured Debt and foreclose this Security Instrument in a manner pravided
<br />by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part af the agreed fees and charges, accrued interest and principal shall h�ewmi
<br />immediately due and payable, after giving natice if requ�red hy law, upon the occurrence vf a default or anytimc thereafter.
<br />la addition, l3eneficiary shall be entitled to all the rernedies �rovided by taw, Che terms oC the Sccured Debt, this Sccuri�}�
<br />Instre�ment and any related documents, including without limitation, the povaer to sell the Pro�erty.
<br />If there is a de�ault, Trustee shall, in addition to any other permitted remedy, at the request of the �ienei5ci�r��, advertise
<br />and sell the Property as a whole or in separale parcels at public auction ta the hi�hest bidder for cash and u�nvey �ihsolutc
<br />title free and clear of al1 right, title and interest of Trustor ac such time and place as Trustee designatcs. Trustee shall �ivc
<br />natice of saIe inctuding the time, terms and place af sale and a descriptian ot the property to be sold as requireci l�y the
<br />applicable law in efFect at the time of the proposed sale.
<br />Upan sale nf the property and to the extent not prohibiled by law, `f'rustae shall make �nd deliver a deed ta the 1'roperty
<br />sold which conveys absalute titie Co the parchaser, and after first paying all fees, charges and costs, shall pay ta Benaficiary
<br />all mone}�s advanced fUr repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />grincipal and interest on the Secured Debt, payin� the surplus, if any, to 'Frustor. 8enefic,riary may purchase the Prc�perty.
<br />The recatals in any deed of canveyance shall be pnma facie evidence of the facts set lorth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies �rovided at law or
<br />equity, whether or not expressIy set forth. The acceptance by Beneficiary of any sum in pa�+ment or partial payment on the
<br />Secured Debt after the balance is due ar is accelerated or after foreclosure proceedings are f�led shall not cc7nscitute a waiver
<br />of Beneficiary's right to require complete cure oP any existing default. By not exerc�sing any remedy on 'Frustnr's default,
<br />Heneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />EXFENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COST5. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustar breaches any covenanl in this Securit}�
<br />Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of the
<br />payment until paid in full at the highest interest rate in effect as pr�vided in the terms of the Secured Debt. Trustar agrees
<br />ta pay all costs and expenses incurred by Beneficiary in collecting, enCorcing or protecting I3cneficiary's rights and
<br />remedies under this Security Instrument. This amount may include, but is nol limited to, attorneys' fces, caurt rcasts, and
<br />other 3egal expenses. This Sec:urity Instrument shall remain in effect until released. Truslor agrees to pa} for any
<br />recordation costs of such release.
<br />17. ENVIRUNMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this sec:tion, {1) Enviranmental (,aw
<br />means, without limiCatian, fhe Comprehensive Environmental Response, Compensation and l.iabilily Acl (CERCLA, 42
<br />U.S.C. 9601 et seq.), and all ocher federal, state and local law�s, regulations, ordinances, court arders aftorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, poIlutant or contaminant which has
<br />chazacteristics which render the substance dangerous ar potentially dangerous to the public health, safety, welfare or
<br />environment. The term includes, without limitation, any substances defined as "hazardous material," "loxic subscances,"
<br />"hazardous waste" or "hazardous substance" under any Environmencal Law.
<br />Trustar represents, warrants and agrees that:
<br />A. Except as previausly disclosed and acknawledged in writing to Beneficiary, no Hazardous Substance is or will Uc
<br />located, stored or released on or in the Property. This restriction does not apply ta sroall quantities af Hazardous
<br />Substances that are generally recc�gnized to be appropriate for the narmal use and mainlenance of th� Property.
<br />B. Except as prevaously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant ha��e Ueen,
<br />are, and shall remain in full complianc� with any applicable Envir�nmental I,aw.
<br />C. Trustor shal! immediately notify Beneficiary if a release or threacened release of a Y-Iazardous Substance occurs un,
<br />under or about tlte Property or there is a violatian of any �nvironmental Law concerning the Property. In snch an
<br />event, Trustor shall take ali necessary remedial action in accordance with any Environme�ntal Law.
<br />D. Trustpr shall immediately notify Beneficiary in writing as soon as Trustor has reason to belie��e chere is any pcnding
<br />or threatened investigation, clacm, or proceeding relating to the release or threatened release of any Hazardaus
<br />Substance or the violation of any Environnnental �,aw.
<br />1$. C4IVDEMWATION. Trustor will give Beneficiary� Prompt notice of any pendin� or threatened action, by privaie �r public
<br />entities to purchase or take any ar aIl o[ the Property through condernnati�n, eminent damain, or any other means. Trustor
<br />authorizes Beneficiary to interve�e in Trustor's name in any of the abave descrihed actians or claims. Trusfor assigns ta
<br />Beneficiary the proceeds of any award or claim fnr damages connected w�ith a c�ndemnatian or ather taking nf all or any
<br />pari of the Property. Such praceeds shall be considered �ayments and will be applied as pravided sn this Sccurity
<br />InstrumenY. This assignment af proc;eeds is subject to the terms of any pric�r martgage, deed Qf trust, securicy agrEemanc c>r
<br />other lien document.
<br />19. INSUR.a,NCE. Trustor sha1S keep Pcoperty insured against loss by fire, flood, fheft and other hazards and risks rcasonably
<br />assaciated with the Property due to its type and locatian. This insurance shall be maintained in the a►nounts and [ar Chc
<br />periods that T3eneficiary requires. What Bene�ciary requires pursuant to the preceding sentence can change during the Cetm
<br />o� the loan. The insurance carrier �rovicling the insurance shall be chosen by Trustor subject to Beneficiary's approe�al,
<br />which shall not be unreasonably v��thheid. Tf Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of tl�is Secunty
<br />Tnstrument.
<br />All insurance policies and renewats shall be accep[able to Beneficiary and shall include a standarct "mortgage clause" and,
<br />where applicabie, "loss payee clause." Truseor shall immediately nat�fy B�eneficiary of rdncellatiao or termioation ot the
<br />insurance. Benef�ciary shall have the right to hald the policies and renewals. �f Beneficiary requires, 'Frustar shall
<br />immediately �ive to Heneficiar}� all receipts of paid premiums and renewal notices. U�on loss, Trustar shall give immediate
<br />notice to the insurance carrier and Beneficiary. Beneficiary may make prooF of loss if not made immediately hy Truslor.
<br />�e Q�994 Bankers Systems, Inc., S�. Cloud, MN Farm RE-DT-NE 1 13 012 0 0 2
<br />(��C165(NE� {oso�►
<br />C � ' �.� (page 3 of 4)
<br />Loan 1Vumber X�pc-�oc-xX�U50
<br />S165NE EN (01/1Q)
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