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<br />200004118
<br />14.
<br />DE
<br />FAULT.
<br />Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />it
<br />in default if a breach occurs under the terms of this Security Instrument or any other document executed for the
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<br />'m
<br />?oke
<br />of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />A, insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />he
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<br />ue of the Property is impaired shall also constitute an event of default.
<br />15.
<br />IRE
<br />DIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />of
<br />ce
<br />of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these
<br />ions,
<br />.im
<br />to
<br />if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided
<br />y
<br />avr
<br />if Trustor is in default.
<br />t
<br />he
<br />option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
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<br />iately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
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<br />Addition,
<br />Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security
<br />Insirument
<br />and any related documents, including without limitation, the power to sell the Property.
<br />If tielle
<br />is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and
<br />'tl
<br />11 the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />ee and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall give
<br />lot
<br />ice
<br />of sale including the time, terms and place of sale and a description of the property to be sold as required by the
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<br />ible law in effect at the time of the proposed sale.
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<br />sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br />;old
<br />Which
<br />conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to Beneficiary
<br />1
<br />moneys
<br />advanced for repairs, taxes, )Insurance, liens, assessments and prior encumbrances and interest thereon, and the
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<br />al and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br />Fhd
<br />recitals
<br />in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />11
<br />remedies
<br />are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />Nu
<br />ity,
<br />whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Sec
<br />i r
<br />Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />of I
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<br />ieficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />Ber
<br />ef
<br />ciary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />16.
<br />EX
<br />PENSES;
<br />ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />ro
<br />iit,ited
<br />by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />InsIrtunent.
<br />Trustor will also pay on demand any amount )incurred by Beneficiary for insuring, inspecting, preserving or
<br />th
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<br />fise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of the
<br />)aym.,nt
<br />until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />o
<br />a
<br />r all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights an
<br />-emec
<br />ies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, an
<br />th
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<br />legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for an
<br />ecorc
<br />ation costs of such release.
<br />17.
<br />ENVIRONMENTAL
<br />LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental La
<br />e
<br />without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 4
<br />9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />pi
<br />i
<br />ns or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2
<br />Hwardous
<br />Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />h
<br />a
<br />'r
<br />teristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />n
<br />nment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"haEmdous
<br />waste" or "hazardous substance" under any Environmental Law.
<br />Fru
<br />St(
<br />r represents, warrants and agrees that:
<br />A.
<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.
<br />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.
<br />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 />D.
<br />Trustor shall immediately notify Beneficiary 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 threatened release of any Hazardous
<br />Substance or the violation of any Environmental Law.
<br />18.
<br />X
<br />N
<br />EMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or publi
<br />nt
<br />ti
<br />to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trusto
<br />tut
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<br />izes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns t
<br />el
<br />ciary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or an
<br />ar
<br />f the Property. Such proceeds shall be considered payments and will be applied as provided in this Security
<br />ns
<br />ru
<br />rient. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />th
<br />r
<br />ien document.
<br />19.
<br />N
<br />U
<br />RANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />s
<br />ci
<br />ted with the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br />s that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject t
<br />Bet
<br />ef
<br />ciary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above,
<br />Bereficiary
<br />may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the
<br />terms
<br />of this Security Instrument.
<br />11
<br />where
<br />in
<br />urance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination of the
<br />insirrarice.
<br />Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />immediately
<br />dive to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate
<br />notice
<br />to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor.
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<br />Bunkers Systems, Inc., S1. Cloud, MN (1 -800- 397 -2341) Form RE -DT -NE 10/27/97
<br />(NEI
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