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<br /> 4 14. DEFAlJ1.T.Trus�b�"wHt de 1�►�(sf�if�pa�tyj bliguted on the Secured Debt fafls to make ps►yment when due.Trusror :.
<br /> wili be!n dcfanit iF a,p �i 4c}C�1�¢uader�hc't��ns of this Se�udty Instrurnent or any othcr documcnt executed for the
<br /> :, t• purpose of creatirl4.�c�,���ul�ntyi�Ag;thr'9eCUred Debt.A gaod faitd belief by Beneficiary that&aeftciary�t any
<br /> • � timr ie insecure wtth tapect to any person or entiry abNgated on the S�curcd Debt or that the prospect of any paymrnt or
<br /> the value of the Propcny is impaired shall also wnstitutc an eveat of default.
<br /> ��.� IS. REMEDIFS ON DEFAULT.In somc instences. fedcral and state law will rtquire Beneflciary to provtde Tn�sror with
<br /> - notice of the right to cure or other notices end may establish time achedules for foreclosure actions. Sub xt to these �
<br />. �A��� . liailtatlons, if aay. &aeflclary may accelerate We Secured Debt anA foreclose thls SecurIty Instrumeat a a a»uner
<br /> provided by law if Tnutor is in default.
<br /> t� At the option of Heneficiary. all or eny part of thaagreed fees and charges. accrued iaterest and principal shall become
<br /> �,, , Immedietely due and payable, after giving noticc ff required by law, upoa the occurreace of a defaWt or anytime
<br /> � thenaRer. In addition,Beneficiary shall be entitled to aU the reme�ies provided by law, We term4 of the Secured Debt,
<br /> � thia Securiry Instrumeat xnd any related documents,Including withoui limitatioa,the power to sell the Property.
<br /> . If there is a default. T�usta shall. in addition to aay other pertnitted mmedy, at thereq uest of We Beneficiary, advertise
<br />_ � and sell the Property as a whole or inseparate parcels at public auction to tde highest bidder for cash and convey absolute
<br /> dde free and clear of all rlght,tlde and�ntorest of Trustur at such�mc and piace as T�ustee designates.Trustee shall give
<br /> uotice of sale including the time, terrns aad place of sale and a descrlptlon of the properry to be sold as required by the
<br />- applicable law in effect at the time of the proposed sale.
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<br />�� Upon sale of the property and to We extent not prnhibited by law Tcustee shall make and delivcr a deed to tde Property
<br /> sold whlch coaveys absolute utle to the purchaser, and after t�irst paying all fees, chnrges and costs. shall �y to _
<br /> - Heneficiary aU moneys advanad for repairs, taxes� insurana, ltens, assesstt�en�s and prior eacumbrances and laterest
<br /> ;x'' � ' thereon, aad the priuc[pal and iaterest on the Secured Debt, paying the suiplus, if any, to Tnistor. �eneficiary uuy
<br /> purchase t4e Property.The recitals in any deed of conveyance shall be prima facie evidtnce of the facts set forth thereta.
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<br /> , •'.t All remedies are distinct. cumulative and not exclusive,and the Beneficiary is eadtled to all reroedies provided at law or
<br /> equity,whether or not expressly set forth.The acceptance by Beneficiary of any sum in payrnent or partial payment on the
<br />- •-:��•i�.^� Secu�ed Debt after the balance is due or is eccelerated or after foreclosure proceedings are �iled sball not consdtutc a
<br /> •� ,-�' waiver of Beneficlary's r�ght to require complete cure of any existfng default. �y not exercising any remedy on Tcustor's
<br /> • default,Beneficiary dces not waive Benefictary's right to later consider the event a default If it wntlnues or bappeas again.
<br /> ���� " 16. EXPENSES; ADVANCES ON COV�NANTS; ATTORNEYS' FEES; COLLECTION COSI'S. Except wbea
<br />��, ..: �� prohibited by luw, Trustor agrees to pay all of BeaeRctary's eapenses if Truswr breaches any covenaat in tdis StcurIry
<br />-`��`.'����� Instrument. T r ustor wlll also pay on demaud any amoun t i ncurred by Beneficiary for inauring, iaspecting. preserving or
<br />;=:;,;;� ,;.:��; ' ot�c,wlsc p,�iR-�g t�c:':�p�.;ty asd Ecncf�fary•'s accvrity inicr�t. 'l�ss,.o.,ex��:llt Yxar inter�t frflnt stsa d.;le af tLt •
<br />-.n,��,.,- ,,M: payment until paid in full at We t►ighest interest rate ia effect as pmvided In the terrns of the Secural Debt. Tmstor asrees
<br />�,...,�;t;•;<'�a to pa all costs and eapenses iucurnd by &neRclary in.collecting, enforcing or prntxtiug Beneficiary's riighte and
<br />-?�" 1" ' ''" re�es twder th9s 5e�urIry Instniment.This amount may uulude,but is aot limited to,sttomeys' fees, court c�ste, and
<br /> `°����„ other legal supenses. This Securlty Instcument shali nmain in effect until rcleased. Trustor agrees to pay for aay
<br />"�:..'_:�::�'.�x�� recor d a t ion costs of such release.
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<br />�-_�?�,r,�{� 17. ENVIRONMENTA.I.LAWS AND RAZARDOUS SUHSTANCFS. As used in this section. (1) BnvlronroenW Law
<br /> __-��� means,wIthout limitation, the Comprehensive Environmental Response, CompensaHoa and Liabllity Act (CERCLA, 42
<br />—_ 'd U.S.C. 9601 et seq.),aad all oWer federal, state and loc�t lativs,regulations. ordinances, court orders,attomey general
<br /> —_''�:"`�� opinions or interpretive letters conceming the public heal�h, safety,welfare,environmeat or a hazordous substaace;end (2)
<br /> �-"���==•�� Hazardous Substence means eny toaic. radioactive or vazardous m�+terlal, waste. po lluteat or contaminant whlch b�s
<br />— °= characterisdcs which nnder the substance dangemus or potentiaily dangerous ro the public health, snfety,welfue or
<br /> --- environment. The term includes. without limttation, aay substences defined as "hazardous materlal," "toxic substonces,"
<br />�`� "bazardoua waste"or'hazardous substance"uuder any Environmental Law.
<br /> --::,��.�
<br /> ��`� Tcustor represenu,warrants and agnes Wat:
<br /> A.Except as previously disclosad and acknowledged ia writing to&neficiary, no Hazardous Substance is or will be
<br />--—� Pocatod, stored or releasod on or in the Property. 'Ihis resuIctIon dces not ap ly to su�aU quantides of Ha7ardous
<br /> — Substances that are generally ra�gnized to bc ap ropriate for the nora�al use�Tnainunanoc of the Property.
<br />- s�:T�,�; B.Except as previously disclosed and acknowledg�in wrldng to Beneficiary,Trnstor aud every tenant have been, am,
<br /> - - ; and shall remain ln full compliance with anyapplicable Enviranmental Law.
<br />-_-�.�.-�-s,;s� C.Trustor shall immediately notify BeneficlarY if a release or threatoned relesise of a Hazardous Substana occurs on,
<br /> -----= under or abouc the Property or there is a violation of any Envlronuxatal Law conceming the Property.Iu such an
<br /> --"_' event,Trustor shall take ali necessary remedial action ia eccordance wiW any Environuxntel Law.
<br /> a�:;av±�xi D.Trustor shall ixnmodlatelq notify BeaefcIary in writiag as soon as'Crustor has reason to believe there is any pmdiag
<br />�.�T.__� or tluratened investigation, claiw, or proceeding reladag to the release or threatened release of any Fiazudous
<br />���M�,� Substencc or thc vtolation of any Envlmnn�ental Law.
<br />;�;_�:'{`.,�:�� 18. CONDEMNATION.'ltustor will give Beneflciary prompt nodce of any pending or thmatened acHon.by private or ubNc
<br /> :.'•::�;� endtles to purchase or teke aay or all of the Property through wademnation,eminent domain.or any other means. �tor
<br /> -_ . . authorizes Beneficiary to intervene in Trustor's name in any of the above descdbed actioas or claims. Trustor assigas to
<br /> = Beneficiaty the proceeds of any awarc!or claim for dameges connected with a condemnation or other taking of all or any
<br />-Y'^. �� '"Y;, part o�.the Property. Such proceeds shall be considend payrneate and wlll be applied as pmvided ia tuls Securiry =
<br /> • Instrunxnt.'fhls assignment of proceeds is subject ro the terms of any prior mortgage,deed of uvst, securiry agreement or °°
<br />- ' :::' other liea document. `
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<br />_ . " 19. IIVSURANCE.Trustor shall koep Property insured against loss by fire,flood.theft aad other hazards and risks reasonably �'�
<br />- � � associated with the Property due to its type and location.Thls insurance shall be maintalned in the amounts and for the --
<br /> _ . . perIods Wat Bcneficiary mquires. 'Ihe insurance carrier providing the insurance shall be chosen by Tcustor subjxt to �
<br />�,,. ;,,',,j;;,s' , Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maIntain the coverage described �
<br />_- •,�K�s. above.Beneficiary may, at Beaeficiary's option,obtain wverage to protect Beneficiary's rlghts in the Property accotding =
<br /> _ to the tetms of thie Secudtv Instnunent. °
<br /> _ -_-;_,_�--- - _
<br /> _ All insurance policies and reaewals shall be acceptable to Beaeficiary aad shall include a standard"mortgage clause'and, �
<br /> where a licable, "loss pa ee clause." Trustor s all immediately noti{y Beneficiary of cancellation or termination of the
<br /> insuranc.pep. Beneficfary shall have the rIght to hold the policies and renewals. If Beneficiary requires. T�ustor shall
<br /> . immediately give to Beneficiary all receipts of paid prernmms and renewal notices. Upon loss, Trustor shall sive
<br /> , immediate notice ro thc insurance carrier and Beneficiary.Beneftciary may make proof of loss if ttot made immodiatcly by
<br /> Trustor.
<br /> ,. IPage 3 oJ 41
<br /> m199tB�nkoraSy6�em�,Inc.,St-Cloud.MN It•800397Q7N1 FormREOT�NE 1p�23l90
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