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200005945
<br />14. E ULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor'
<br />it in default if a breach occurs under the terms of this Security Instrument or any other document executed for th�
<br />ose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at an
<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 />the va ue of the Property is impaired shall also constitute an event of default.
<br />X15. RE �IEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor wit
<br />of ce of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to the
<br />s
<br />�i= tions, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provid
<br />by 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 />ininiediately 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 />instrument and any related documents, including without limitation, the power to sell the Property.
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertises
<br />and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolutq''
<br />itl ee and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall give!
<br />notjce! of sale including the time, terms and place of sale and a description of the property to be sold as required by the
<br />(applicable law in effect at the time of the proposed sale.
<br />sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br />hich conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to Beneficiary
<br />neys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />)al and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.:, .
<br />citals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />nedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law orj
<br />whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on th
<br />d Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />leficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />ciary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />LASES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except whe
<br />ited by law, Trustor agrees to pay all of Beneficiary' s expenses if Trustor breaches any covenant in this Security
<br />nent. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />rise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of they
<br />nt until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees)
<br />all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />yes under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />ation costs of such release.
<br />117. ENV ONMENTAL LAWS AND IIAZARDOUS SUBSTANCES. As used in this section, (1) Environmental LaW
<br />Veatis, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42',
<br />C. 9601 et seq. ), and all other federal, state and local laws, regulations, ordinances, court orders, attorney genera
<br />opi 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 />haracteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare o
<br />vir nment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"h dous waste" or "hazardous substance" under any Environmental Law.
<br />Tru st( r represents, warrants and agrees that:
<br />A. 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 />Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br />1, 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,l
<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 />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 />118. ','C EMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />gent ties to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trusto
<br />taut c t -izes Beneficiary to intervene in Trustor' s name in any of the above described actions or claims. Trustor assigns to
<br />Bei tf ciary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br />ar f the Property. Such proceeds shall be considered payments and will be applied as provided in this Security!
<br />ns ent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or,
<br />oth en document.
<br />19. INSURANCE. 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 />per oc s that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to
<br />Penef ciary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above,''
<br />Ber e ciary may, at Beneficiary' s option, obtain coverage to protect Beneficiary' s rights in the Property according to th4
<br />terms of this Security Instrument.
<br />All insurance ppolicies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,'
<br />wh re� applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination of th
<br />�insitwr ce. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shal
<br />rmme iately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediat
<br />notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor. I
<br />( 3 of 4)II
<br />0 1' 94'Bankers Systems, Inc., St. Cloud, MN 1- 800 - 397 -2341 Form RE -DT -NE 10/27/97
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