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" 204UU1039
<br /> 14. DEFAULT. Trustor will 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 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 /> time is insecure v�nth 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 constrtute an event of default.
<br /> 15. REMEDIES 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 Instrument in a manner provided
<br /> by law if Trustor is in default.
<br /> At the option of Beneficiazy, a11 or any part of the agreed fees and chazges, accrued interest and principal sha11 become
<br /> immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br /> In addition, Beneficiary sha11 be entitled to a11 the remedies�rovided by law, the terms of the Secured Debt, this Security
<br /> Instrument and any related documents, including without limrtation, the power to sell the Property.
<br /> If there is a default, Trustee sha11, 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 auction to the highest bidder for cash and convey absolute
<br /> title free and cleaz of all right, title and mterest of Trustor at such time and place as Trustee designates. Trustee sha11 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 sa1e.
<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, charges and costs, shall pay to Beneficiary
<br /> a11 moneys advanced for repairs, ta�ces, msurance, liens, assessments and prior encumbrances and interest thereon, and the
<br /> principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br /> The recitals in any deed of conveyance sha11 be prima facie evidence of the facts set forth therem.
<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 paym ent or partial payment on the
<br /> Secured Debt after the balance is due or is accelerated or after foreclosure proceedmgs aze filed shall not constrtute a waiver
<br /> of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br /> Beneficiary does not waive Beneficiary'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 Beneficiacx's expenses if Trustor breaches any covenant in this Security
<br /> Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin�, inspecting, preserving or
<br /> otherwise protectin�the Property and Beneficiary's security interest. These expenses will beaz mterest from the date of the
<br /> payment until paid m full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br /> to pay a11 costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br /> remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br /> other legal expenses. This Secwity Instrument shall remain in effect until released. Trustor agrees to pay for any
<br /> recordation costs of such release.
<br /> 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Emironmental 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 /> opinions 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 /> characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare 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, 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 sma11 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 acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br /> aze, and shall remain in full compliance with any applicable Environmental Law.
<br /> C. Trustor sha11 immediately notify Beneficiaz� 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 sha11 take a1I necessary remedial action in accordance with any Environmental Law.
<br /> D. Trustor sha11 immediately notify Beneficiazy 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 tlu�eatened release of any Hazardous
<br /> Substance or the violation of any Environmental Law.
<br /> 18. CONDEMNATION. Trustor will give Beneficiazy prompt notice of any pending or threatened action, by private or public
<br /> entities to purchase or take any or all of the Property through condemnation, errunent domain, or any other means. Trustor
<br /> authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br /> Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br /> part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security
<br /> Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br /> other lien document.
<br /> 19. INSURANCE. Trustor shall keep Property inswed 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 requires. The insurance cazrier providing the insurance shall be chosen by Trustor subject to
<br /> Beneficiary's approval, which sha11 not be unreasonably withheld. If Trustor fails to maintain the coverage described above,
<br /> Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the
<br /> terms of this Secwity Instrument.
<br /> All insurance policies and renewals shall be acceptable to Beneficiazy and shall include a standard "mortgage clause" and,
<br /> where applicable, "loss payee clause." Trustor shall immediately norify Beneficiary of cancellation or termmation of the
<br /> insurance. Beneficiary sha11 have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br /> immediately�ive to Beneficiary a11 receipts of paid premiums and renewal notices. Upon loss, Trustor sha11 give immediate
<br /> notice to the msurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor.
<br /> �1994 BankersSyslems,Inc.,St.Cloud,MN(1-800397-2341) Form RE-DT-NE 10127197
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