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201201�0�
<br />14. DEFAULT. Trustor wt�� be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />will be in default if a breach occurs under the terms of this Security Instrument or any other clocument executed for tbe
<br />purpase of creatin�, securing or ,guarantying the Secured bebt. A good faith belief by Beneficiazy t�at Beneficiary at any
<br />t�me is insecure �nth respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the valne of the Property is impaired shall aiso cans�itute an event of default.
<br />15. REMEDIES ON DEFAULT. In some ins�ances, federal and state law wil� require Beneficiary ta provide Trustor with
<br />notice of the right to cure or othez notices and may esYabizsh time schedules for foreclosura actions. Snbject to these
<br />limitations, if any, Beneficiary may accelerate tbe Secured Debt and forec�ose this Securlty Ins�rument in a manner provided
<br />by law if Trustor is in default.
<br />Ai the oprion of Beneficiary, all or any part of the agreed fees and chazges, accrued interest ancl principal shall be.come
<br />immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />In addirion, Benefiaary shall be entitied to ait the remedies �rovxded by }aw, the terms of the Secured Debt, �his Security
<br />Instrument and any related documents, including withont limitation, the power to sall the Property.
<br />Lf there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in separate pazcels at public a�ction to the highest bidder for cash and convey absoiute
<br />tifle free and clear of all right, title and i�tezest of Txustor at such time and place as Trustee designates. Trustee shall give
<br />notice of sale incluc}ing the time, tezms and piace fl� sale and a deseription of the ptoperty to be sold as required by the
<br />appiicable law in effect at the time of the proposed sale.
<br />Ugon sale of the pro erty and to the esctent nat prohibited bq law, Trustee shall make and deliver a deed to the Property
<br />sold which conveys �solute tifle to th.e purchasez, and after first paying all fees, charges and costs, shatl pay to Beneficiary
<br />all moneys advanced fox repairs, taxes, msurance, liens, assessrnents and prior encumbrane�ss and interest thereon, and the
<br />principal and interest on the Secured bebt, payin� the surplus, if any, to Trustor. Beneficiaz� may purchase the Property.
<br />The recitals in any deed of conveyance shall be pnma facie evidence of the facts set forth therein.
<br />All remedies ara distinct, cumulative and not exclusive, and the Bene�ciary is entitled to all remedies pravided at law or
<br />equity, whether or not expressl� set farth. The acxeptance by Benefiici.azy of any sum in payment or partial payment on the
<br />Secured Debt after the balance is due or �s acoelerated or after fozeclosure proceedings aze filed shall not consnl�te a waiver
<br />of Bene�xciary's right to require complece cure af any existing default. By not exercising any temedy on Trustor's default,
<br />Ben�ciu� does not waive Beneficiary's xight ta 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 />protubited by law, Trustor ageas to pay all of Beneficiat�+'s expenses if Trustor breaches any covenant in this SecuriEy
<br />Insfirument. Trustor wi11 also gay on demand any amount incurred by Beneficiary far irdsuring, mspecting, preserving or
<br />otherwise protectin� the PFOperty and Benefic'razy's security interest. These expet�ses will bear interest from the date af the
<br />payment unhl paid m full at the lughest interest rate in effect as provided in the terms of the Secured Debt. Trust�r agrees
<br />to pay all casts and expenses incurxed b y Bene�iciazy in collecting, enforcing or protecting Beneficiazy's rights and
<br />remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, ctiurt costs, and
<br />other le�al expenses. 'This 5ecurity Instrument shaiI remain in effect until released. Trustor agees to pay for any
<br />recordat�oa oosts of suc� release.
<br />17. ENVIItONMENTAL LAWS AND HAZARDOUS SQBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Enviranmental Response, Compensadon anc� Liabiiity Act (CERCLA, 42
<br />U.S.C. 9601 et seq.�, and all other federal, sfate and loc� laws, regulations, ordinances, eourt orctezs, attorney general
<br />opinions or interprerive letters concern�ng the public health, safety, welfare, en�ronment ar a hazardous substance; artd (2)
<br />Hazardous Substance means any touic, radioactive or hazardous material, waste, pollutant or contaminanE which has
<br />characteristics which render the substance dangerous or potendally dangezous to the pvblic health, safety, welfare ar
<br />environment. The term inc�udes, withau6 lunitation, any substances defined as "�azardous ma�erial," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmenta} Faw.
<br />Trustor represents, warrants and agrees that:
<br />A E�cept as previonsly disclosed and acknQwkedged zn writing ta Beneficiary, na Hazardous Substance is or will be
<br />located, stored or released on or in the Property. This restriction does r�ot apply to smail quantities of Hazardous
<br />Substances that are geaerally recogni�ed to be appropriate for the nc�rmal use and mainten�nce of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiaty, Trustor and every tenant have been,
<br />are, and shall remain in full compliartce with any applieable Enviromneneal Law.
<br />C. Trustor shall immediately noti.fy $eneficiary if a release or threatened reiease of a Hazardaus Substance occurs on,
<br />under or about the Propert�y or there is a violation of any Environmental I.aw cancerning the Property. Tn such an
<br />event, Trustor shall take ali necessary renaedial adion in acxordanc� with any Environmental Law.
<br />D. Trt�stor shall immediately notify Beneficiary in v�mting as soon as Trustor has reason to betieve there is any pentling
<br />or threatened investigation, claim, or proceeding relating to the release or threatened retease of any Hazardous
<br />Substance or the violation of any Environmental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiazy 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, eaunent doznain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustar's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary t�ie proceeds of any award or claim for damages connected with a cnndemnatioa► or other taking af a11 or any
<br />part of the Property. S,uch proceeds shall be considered payments and will be applied as provided in this Security
<br />Instrument. This assignment af prvceeds is subject to the terms of any prior martgage, deed of trust, security agreement or
<br />other lien document.
<br />19. IlVSURANCE. Trustor sha11 keep Pzoperty ittsured against loss by fire, flood, theft aad other haz.ards and risks reasonably
<br />associated with the Praperty due to its type and location. This insurancs shall be maintainefl in the amounts and for the
<br />periods that Beneficiary requues. What Bene�ieiazy requires pursuant to the preeeding sentence can change during the term
<br />of the ioan. The insurance carrier �providing the msuxance shall be chosen by Trustor subject to Beneficiary's approval,
<br />which shall not be unreasonably w�thhe�d. If 'Frustor fails to maintain the coverage described above, Beneficiary may, at
<br />Be�eSciary's option, obtain coverage to proted Beneficiary's righcs in the Property according to the terms of this Secunty
<br />Instrument.
<br />All insurance policies and renewals shalI be acceptable to Benefiiciary and shall Enclvde a standard "mortgage clause" and,
<br />where applica.ble, °loss payee cla�se." Trustor shall immecliately notify Beneficiaty of cancellation or termination of the
<br />insurance. �neficiary sha11 have the right to hold the policies and renewais. If Bene£iciarq requiras, Tcustor sha12
<br />immediately pive to $eneficiary a�l recei�ts of paid premiums and renewa! notices. Upon loss, Trustor shalig�ve immediate
<br />notice to the uysurance c�rrier and Beneficiary. Beneficiary may make praaf of loss if not made immediateiy by Trustor,
<br />�"' c� 788a Bankers Syatems, Ina, St. Cloud, MN Form RE-DT-NE Sl30l2002
<br />Q��C16S{NE) �oso�}
<br />Loan Number �poc X7c-xx�2�
<br />(pege 3 of 4)
<br />S165N� EN (01/10}
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