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` 200000 � 50
<br /> 14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due.
<br /> Trustor will be in default if a breach occurs under the terms of this Security Instrument or any other document
<br /> executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary
<br /> that Beneficiary at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the
<br /> prospect of any payment or the value of the Property is nnpaired shall also constitute an event of default. '
<br /> 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustar
<br /> with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to
<br /> these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a
<br /> manner provided 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 required by law,upon the occunence of a default or anytime 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 docume,nts ' cludiug�+it�iout limitation,the power to sell the Property.
<br /> If there is a defarilt, Tlt�9l��sh"� ,�in��tiori�o�aIIy�7i�her permitted remedy, at thie xequest of the Benefi ia
<br /> advertise and sell the Property as a whole or in separate parcels at public auction to the highest bi
<br /> , convey absolute title free and clear of all right, title and interest of Trustor at such time and place as Trustee
<br />�::;�,�< de�gastes. Trustee shall give notice of sale including the time, terms and place of sale and a description of the
<br /> property to be sold as required by the applicable law in effect at the tune 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 all fees, charges and costs, shall pay to �
<br /> Beneficiary all moneys advanced for repairs, t�es, insurance, liens, assessments and prior encumbrances and interest
<br /> thereon, and the principal and inierest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br /> purchase the Property.The recitals in any deed of conveyance sha11 be prima 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 provided 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 filed shall not constitute a
<br /> waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br /> default,Beneficiary does not waive Bene�iciary's right to 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 /> prohibited by law,Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br /> Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting,preserving
<br /> or otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the
<br /> date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt.
<br /> Trustor agrees to pay all costs and expenses incurred by Beneficiary in collecting,enforcing or protecting Beneficiary's
<br /> rights and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees,
<br /> court costs, and other legal expenses. This Security Instrument shall remain in effect until released.Trustor agrees to
<br /> pay for any recordation costs of such release.
<br /> 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES.As used in this section,(1)Environmental Law
<br /> means,without limitation,the Comprehensive Environmental Response,Compensation and Liability Act(CERCLA,
<br /> 42 U.S.C. 960] et seq.), and all other federal, state and local laws, regulations, ordinances, court er��;''
<br /> genera[ upinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous
<br /> substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or
<br /> contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public
<br /> health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous
<br /> material,""toxic substances,""hazardous waste"or"hazardous substance"under any Environmental Law.
<br /> Trustor represents,warrants 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
<br /> Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of
<br /> the Property.
<br /> B. Except as previously disclosed and acknowledged in writing to Beneficiary,Trustor and every tenant have been,
<br /> are,and shall remain in full compliance with any applicable Environmental Law.
<br /> C. Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs
<br /> on,under or about the Property or there is a violation of any Environmental Law concerning the Property. In
<br /> such an event,Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br /> D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any
<br /> pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any
<br /> Hazardous Substance or the violation of any Environmental Law.
<br /> 18. CONDEMNATION.Trustor will ve Benefici rom t notice of an endin or threatened action, b nvate or �
<br /> � �'YP P YP g YP � �
<br /> public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other
<br /> means.Trustor authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims.
<br /> Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other
<br /> taking of all or any part of the Property.Such proceeds shall be considered payments and will be applied as provided in
<br /> this Security Instrament. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust,
<br /> security agreement or other lien document.
<br /> 19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks
<br /> reasonably associated with the Property due to its type and location.This insurance shall be maintained in the amounts
<br /> and for the periods that Beneficiary requires.The insurance carrier providing the insurance shall be chosen by Trustor
<br /> subject to Beneficiary's approval,which shall not be unreasonably withheld. If Trustor fails to maintain the coverage
<br /> described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the
<br /> Property according to the terms of this Security Instrument.
<br /> All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause"
<br /> and,where applicable,"loss payee clause."Trustor shall immediately notify Bene�iciary of cancellation or ternunation
<br /> of the insurance.Beneficiary shall have the right to hold the policies and renewals.If Beneficiary requires,Trustor shall
<br /> immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br /> immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made
<br /> immediately by Trustor.
<br /> (page 3 of 4)
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<br /> �1994 Bankers Systems,Inc.,St.Cloud,MN (1-B00-397-2341) Form RE-DT-NE 10/27/97 L�
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