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<br /> executed far 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 lhe 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 Grantor with
<br /> notice of the right to cure or other notices and may establish time schedules for 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 Properly 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 dced 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 prior 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 facic evicicnce of the f�►cts set forth therein.
<br /> All�remedies are distinct, cumulative and nol exclusive, and lhr Lencler is entitled to all rcmeclics rrovicicct at law or
<br /> eyuity,whether or not expressly set forth.Thc acccptance by Lender of any sum in paymcnt or parlial paymcnt �m thc
<br /> Secured Debt after the balance is due or is accelerated or af�er foreclosure proceedings are filed shall not constitute a
<br /> waiver of Lender's right to require complete cure of any existing default. By not excrcising any remedy on Grantor's
<br /> default, Lender does not waive Lender's right to later considcr the cvent a default if it continucs c�r happens again.
<br /> 16. EXPENSES; ADVANCES ON COVENAN'I'S; AT1'ORNEYS' I+EES; COLLEC'I'ION COSTS. Except whcn
<br /> prohibited by law, Grantor agrees to pay all of Lender's expenses if Grantor hreachcs any covenant in this Security
<br /> Instrument. Grantor will also pay on dcmand any amount incurred hy Lender fcir insuring, inspccling, preserving or
<br /> otherwise protecting the Property and Lender's security interesL These expenscs will hcar inlerest from lhe date c�l�
<br /> the payment until paid in full at the highest interest ratc in el'fect as pr��vidcd in thc terms ol� the Secured Dcbt.
<br /> Grantor agrees to pay all costs and expenses incurred by [,endcr in collecting, enforcing or protecting Lcnder's rights
<br /> and remedies under this Security InstrumenL '1'his amount m�y include, but is not limiled to, at[orncys' fees, court
<br /> a�sts, and other legal expenses. This Security Instrument shall remain in effect until released. Grantor agrees to pay
<br /> for any recordation costs of such release.
<br /> 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES.As used in this section, (1) Environmei�tal Law
<br /> means,without limitation, the Comprehensive Environmcntal Responsc,Compensation ancl Liability Act (CERCLA,
<br /> 42 U.S.C. 9fi01 et sey.), and all other federal, state and local laws, regulations, ordinances, court orders, atlorney
<br /> general opinions or interpretive Ietters coneerning the public heallh, safety, welfare, environment or a hazardous
<br /> suhstance; anci (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or
<br /> contaminant which has characteristics which rcnder the substance dangerous or potentially dangerous to the public
<br /> health, safety, welfare or environmenl. The term includes, wilhoul limitation, any substances defined as "harardous
<br /> material," "toxic substances,""l�azardous wastc"or"hazardous substancc" undcr any Environmcntal Law.
<br /> Grantor represents,warrants and agrces that:
<br /> A. Exccpt as previously discloscd and ack��owlcdgccl in writing to Lrndcr, nc� f larar�l��us Suhstancc is �n� will hc
<br /> located, stored or released on or in the Property. This restriction does nol apply to small yuantitics ��I�
<br /> Haz�rdous Substances that are generally recognized to be appropriate for the normal use and maintenance of
<br /> the Property.
<br /> B. Except as previously disclose�l and acknowledged in writing to Lender, Grant��r and evcry tenant have bcen, are,
<br /> and shall remain in 1'ull compliancc with any applicablc Environmcntal Law.
<br /> C. Grantor shall immediately n�tify Lender if a rclease �r lhrc�itened relcasc c�f a I la�ardous Suhslance occurs on,
<br /> under or about the Property or there is a violation of any Environmcntal L�iw concerning the Pro��cr�y. In such
<br /> an event, Grantor shall take all necessary remedial action in acc��rdance with any Environmental I,aw.
<br /> D. Grantor shall immediately notify Lencicr in wriling as so��n as Granlor has rcason t�> hclieve there is anv
<br /> penc(ing or �hreatened investigalion, claim, or proceeding rclating to the releasc or threatened relcase of any
<br /> Hazardous Substance ar the violation of any Environmental Law.
<br /> 18. CONDEMNATION. Grantor will give Lender prompt noticc of any pending or threatcned action, by private or
<br /> public entities to ptrrchase or take any or all of the Property through condemnation, eminent domain, or any othcr
<br /> means. Grantor authorizes Lender to intervene in Grantor's name in any oF the above described actions or claims.
<br /> Grantor assigns to Lcndcr thc }�rocccds ��f any aw,�rd or claim for clam�igcs amncctcd with a a�ncJcmnati��n ��r ��thcr
<br /> taking of all or any part of U�c Property. Such pr<�cccds shall hr consicicrc�l ��aymcnts�incl will hc a����liccl ati ��r<rvidc�l in
<br /> this Security Instrumcnt. This assignment of procecds is subject tc� thc tcrms of �iny ��rior nu�rtgagc, deec{ <i�� trusl,
<br /> security agreement or other lien document.
<br /> 19. INSURANCE. Grantrn- shall kcc�� Pr�iperly insurccl againsl I<�sti hy firc, fl�xul, thcl�t an�l �ilhcr haiar�ls an�1 ritiks
<br /> reasonably associatcd with thc Properly duc to its �ypc anci location. "I�his ;nsurancc shall hc ri�aintainccl in thc amow�ts
<br /> and for the periods that Lender requires. The insurance carricr prc>viciing the insurance shall be chosen hy Gr��nt�>r
<br /> suhject to Lender's approval, which shall not be unreasonahly �vithhcld. If Grantor fails tc� maintain the coveragc
<br /> described ahove, l.ender may, at Lendcr's option, <�btain coverage to protect Lendrr's righ�s in the Pro�erly 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 "mortgage clause" and,
<br /> where applicable, "loss payee clause." Grantor shall immediately notify Lender of canccllation or termination of the
<br /> insurance. Lender shall have the right to hold the policies and renewals. [f Lender requires, Grantor shall immediately
<br /> give to Lender all receipts of paid premiums and renewal notices. Upon loss, Grantor shall 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 19g4 Bankers Systems,Inc.,St Cloud,MN (1-800-397-2341) Form RE-0T-NE 8/8/94 ��
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