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2000 4902
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />it 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 any
<br />ti i$ insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment o
<br />the'value of the Property is impaired shall also constitute an event of default.
<br />15. �tE DIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />dot ce of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to
<br />imitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provide
<br />�by a* 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 />immeoiately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />In ad ition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security
<br />lInsi ent and any related documents, including without limitation, the power to sell the Property.
<br />!If t ere is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and s 11 the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />title fee and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall 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 th�
<br />ap /cable law in effect at the time of the proposed sale.
<br />Up n 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 Beneficiary
<br />1 neys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and th
<br />ri ca al and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.)
<br />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 />quit y, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Sec Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />of Be eficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />j Be e ciary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />116. NSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />pro i ited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />Ins ent. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving o
<br />pth ise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of th
<br />pa nt 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 ands
<br />e e 'es under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />other /legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any!
<br />ec ration costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Lavin
<br />ne ns, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 421
<br />U. C. 9601 et seq.). and all other federal, state and local laws, regulations, ordinances, court orders, attorney general'
<br />pi licns or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />H ous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has;
<br />chatacteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare ot]
<br />en it nment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />'% #dous waste" or "hazardous substance" under any Environmental Law.
<br />Trust r represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will b
<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 a�
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<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. CC NPEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />pndtios to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />au o izes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to,
<br />Bei te fjciary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br />of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security,
<br />I Ins ru}nent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />th r ien document.
<br />19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />lass 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 s that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject t
<br />e e ciary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above
<br />e e ciary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to th
<br />ers of this Security Instrument.
<br />All j it urance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />lwh re applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or ternunation of the
<br />�insitrance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
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<br />immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate
<br />In t ce to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor.
<br />KV (Page 3 of 4.
<br />I 9 Bankers Systems, Inc., St. Cloud, MN (1- 800 - 397 -2341) Form RE -DT -NE 10/27/97 w -
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