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<br />. - -- - __ - -- - - -_ - - -- 2 0 010 48 2.1 --- 114. DE A�ULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />rl b in default if a breach occurs under the terms of this Security Instrument or any other document executed for th(
<br />l o e of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />im i insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />he Iva ue of the Property is impaired shall also constitute an event of default.
<br />15. RENIEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor witt
<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 provider
<br />y aw 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 />ininie iately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />In d ition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security
<br />nsirutnent and any related documents, including without limitation, the power to sell the Property.
<br />�f t esle is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />;andsell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />itl f_ee and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall giv(
<br />of ice of sale including the time, terms and place of sale and a description of the property to be sold as required by the
<br />law in effect at the time of the proposed sale.
<br />,Upi on 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 Beneficiar3
<br />iall noneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />rr i ci )al and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br />The r6citals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
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<br />remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />q , whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Sec d Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
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<br />3eneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />reficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />16. XP NSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />pr o i ited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />nstr ent. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving of
<br />th rWise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of the
<br />pay Ent until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />to ?ay all 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 />th legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />ec rdation costs of such release.
<br />117.E ONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Lave
<br />Me , 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 />opi idns or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />azar0ous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />Iharaqteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />en 'r6mnent. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />!"haz#dous waste" or "hazardous substance" under any Environmental Law.
<br />represents, warrants and agrees that:
<br />Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will
<br />located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazard(
<br />Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property.
<br />Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have be
<br />are, and shall remain in full compliance with any applicable Environmental Law.
<br />Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs
<br />under or about the Property or there is a violation of any Environmental Law concerning the Property. In such
<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 pend
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazard(
<br />Substance or the violation of any Environmental Law.
<br />18. !Cal EMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />dent ti s to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />ut ioi izes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns t(
<br />Benefciary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or an)
<br />pah of the Property. Such proceeds shall be considered payments and will be applied as provided in this Securit)
<br />Ins rument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />loth r lien document.
<br />I19. iIN U RANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonabl3
<br />s ci ted with the Property due to its type and location. This insurance shall be maintained in the amounts and for th(
<br />per o s that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject tc
<br />Bei e ciary' s approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above,
<br />Bei e ciary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to th(
<br />� erms of this Security Instrument.
<br />All insurance 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 />i a iately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate
<br />of ce to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor.
<br />1g94IBankers Systems, Inc., St. Cloud, MN (1- 800 - 397 -2341) Form RE -DT -NE 10/27/97
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