|
1
<br />i I
<br />2001010'70
<br />-114.I, .
<br />EFA>,ULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />il b in default if a breach occurs under the terms of this Security Instrument or any other document executed for the
<br />ur o a of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at an
<br />ime i insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment o
<br />the I,va ue of the Property is impaired shall also constitute an event of default.
<br />15. (REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />rtotjcel of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these
<br />2i taf ions, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided
<br />by if Trustor is in default.
<br />option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall becom
<br />.iately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />ition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security
<br />nent and any related documents, including without limitation, the power to sell the Property.
<br />e is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertis
<br />11 the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolut
<br />ee and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall giv
<br />of sale including the time, terms and place of sale and a description of the property to be sold as required by th
<br />ible law in effect at the time of the proposed sale.
<br />UP-6 sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property)
<br />!Sol w hich conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to Beneficiary
<br />11 oneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />n ci al and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br />h recitals in any deed of conveyance shall 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 />qui , whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on th
<br />Sec d Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />f eficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,),
<br />c
<br />e iary y does not waive Beneficiay s right to later consider the event a default if it continues or happens again.
<br />116. tXIPI!LNSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />ro i ited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />ns r ent. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />th ise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of the
<br />a t until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />!to a all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights an
<br />e 'es under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and,
<br />th legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any,
<br />ecorclation costs of such release.
<br />7. ONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />e without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42'
<br />I 9601 et seq. ), and all other federal, state and local laws, regulations, ordinances, court orders, attorney genera
<br />pi i ns or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2
<br />ous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which h
<br />ch a teristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare o
<br />g1'rdnment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,
<br />"ha�at}dous waste" or "hazardous substance" under any Environmental Law.
<br />('Tr st or represents, warrants and agrees that:
<br />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 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 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 all necessary remedial action in accordance with any Environmental Law.
<br />p.; Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pendin
<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 />118. N�EMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />ll
<br />i to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trusto
<br />orizes Beneficiary to intervene in Trustor 's name in any of the above described actions or claims. Trustor assigns to
<br />iary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or an the Property. Such proceeds shall be considered payments and will be applied as provided in this Security' ent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement o
<br />th r ien document.
<br />I19. N URANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />ass ci ted with the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br />er o that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to
<br />e ciary' s approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above,',
<br />ef ciary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the
<br />�terrns of this Security Instrument.
<br />All inssurance 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 termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shal
<br />nr e lately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediat
<br />otice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor.
<br />1
<br />III 1894 Bankers Systems, Inc., St. Cloud, MN (1- 800 - 397 -2341) Form RE -DT -NE 10127/97
<br />1 1 I
<br />
|