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200003845 14 it b in default if a breach occurs under the terms of this Security Instrument or any other payment executed for the DEFAULT. Trustor will be in default if an party obligated on the Secured Debt fails to make a ent when due. Trustor), purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any im is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or he va ue of the Property is impaired shall also constitute an event of default. 15. RE DIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with not ce of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these lim tai ions, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided)' by a if Trustor is in default. At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become imme iately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including without limitation, the power to sell the Property. If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise and s ell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey itl flee and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall giv ottce of sale including the time, terms and place of sale and a description of the property to be sold as required by the policalble law in effect at the time of the proposed sale. bp' n sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property Isola which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to Beneficiary 11 moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the Wr al and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.; recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein. 16. to �I17. I 18. 19. a, , ledies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on & Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver,, ficiary' s right to require complete cure of any existing default. By not exercising any remedy on Trustor' s default,) iary does not waive Beneficiary's right to later consider the event a default if it continues or happens again. TSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when .ed by law, Trustor agrees to pay all of Beneficiary' s expenses if Trustor breaches any covenant in this Security ent. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or se protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of the t until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and ;s under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and -gal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any tion costs of such release. .ONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 421, 9601 et seq. ), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general s or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) )us Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has ;ristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or ment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," ous waste" or "hazardous substance" under any Environmental Law. Astor represents, warrants and agrees that: Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such event, Trustor shall take all necessary remedial action in accordance with any Environmental Law. 'D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous, Substance or the violation of any Environmental Law. EIVINATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public ties to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor) o izes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns t e ciary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security rutnent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or r ien document. ;URANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably ci ted with the Property due to its type and location. This insurance shall be maintained in the amounts and for the o s that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject t e ciary' s approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above e ciary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the as of this Security Instrument. insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and �re applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination of th ce. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shah nce iately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate e to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor. Bankers Systems, Inc., St. Cloud, MN (1- 800 - 397 -2341) Form RE -DT -NE 10/27/97 (9908) — (pcel