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<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to ma�e payment when due. Trustor
<br />will be in default if a breach occurs under the terms of this Security Instrument or an 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 />tune is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of default.
<br />15. REMEDIE5 ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor 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, Beneficiary may accelerate the Secured Debt and foreclose this Security Instnunent in a manner provided
<br />by law if Trustor is in default.
<br />At the option of Beneficiary, 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 reqtured by law, upon the occurrence of a default or anytune thereafter.
<br />In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security
<br />Instrument and any related documents, including without limitation, the power to sell the Properiy.
<br />If 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 se�arate pazcels at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title and mterest of Trustor at such time and place as Trustee designates. Trustee shall give
<br />notice of sale including the time, terms and place of sale and a description of the property to be sold as required by the
<br />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 a11 fees, chazges and costs, shall pay to Beneficiary
<br />all moneys advanced for repairs, taxes, uisurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />principal and interest on the Secured Debt, payin� the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br />The recrtals in any deed of conveyance shall be pnma facie evidence of the facts set forth 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 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 fAed shall not constitute a waiver
<br />of Beneficiary's right to require complete cure of any e�sting default. By not exercismg any remedy on Trustor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it conrinues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANr5; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay a11 of Beneficiat�'s expenses if Tntstor breaches any covenant in this Security
<br />Insmxment. Trustor will also pay on demand any amount mcurrefl by Beneficiary for insurin�, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will beaT lnterest from the date of the
<br />payment unril paid m full at the lughest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This aznount may include, but is not liixuted to, attorneys' fees, court costs, and
<br />other le�al expenses. This Security Instnunent sha11 remain in effect until released. Trustor agr�s to pay for any
<br />recordarion costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SiTBSTANCES. As used in this section, (1) Environinental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S .C. 9601 et seq .), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />opuuons 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, pollutant or contaminant which has
<br />chazacteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfaze 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, wazrants 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 restriction does not apply to small quantities of Hazardous
<br />Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property.
<br />B. Except as previously disclosed and aclaiowledged in writing to Benefici , Trustor and every tenant have been,
<br />aze, and shall remain in full compliance with any applicable Environmental�w.
<br />G Trustor sha11 immediately notify 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 al� necessary remedial action in accordance with any Enviranmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigation, 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, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name in any of the above described actious or claims. Trustor assigns to
<br />Beneficiary the proceeds of any awazd or claim for damages connected with a condemnation or other taking of all or any
<br />part of the Property. Such proceeds sha11 be considered payments and will be applied as provided in this Security
<br />Instnunent. TYus assignment of proceeds is subj�t to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />19. INSiJRANCE. 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 requu�es. What Beneficiary requires pursuant to the preceding sentenc� can change during the term
<br />of the Secured Debt. The insurance carrier providmg the insurance shall be chosen by Trustor subject to Beneficiary's
<br />approval, which sha11 not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary
<br />may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this
<br />Security 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 notify Beneficiary of cancellation or ternunation of the
<br />insurance. Beneficiary shall have the right to hold the policies anc� renewals. If Beneficiary requires, Trustor shall
<br />immediately �ive to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate
<br />notice to the uisurance carrier and Beneficiary. Beneficiary may make proof of loss if not z�de immediately by Trustar.
<br />� fpage 3 of 41
<br />Qc 1994 Wolters Kluwer Flnencial Services - Bankera SystemsT� Form RE-DT-NE 12/16/2008 �
<br />VMP�-C165(NE) 1o�oa1
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