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, 9g. iC�5449
<br /> 14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br /> will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the
<br /> purpose of creatinp, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br /> time is insecure wrth respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br /> the value of the Property is impaired sha11 also constitute an event of default.
<br /> 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<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 provided
<br /> by law 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 sha11 become
<br /> immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br /> In addition, Beneficiary shall be entrtled to a11 the remedies�rovided by law, the terms of the Secured Debt, this Security
<br /> Instrument and any related documents, including without limrtation, 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, advertise
<br /> and sell the Property as a whole or in sepazate pazcels at public auction to the highest bidder for cash and convey absolute
<br /> title free and clear of ali nght, title and interest of Trustor at such time and place as Trustee designates. Trustee sha11 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 the
<br /> applicable law in effect at the time of the proposed sa1e.
<br /> U n sale of the rope�}' and to the extent not prohibited by law, Trustee sha11 make and deliver a deed to the Property
<br /> sold which conveys absolute title to the purchaser, and after first paying a11 fees, charges and costs, sha11 pay to Beneficiary
<br /> a11 moneys advanced for repairs, ta�tes, msurance, liens, assessments and prior encumbrances and interest thereon, and the
<br /> The rlepcl'talsan any deed f conveyance shall be pr ma faciepevide cenof t e facts set fBorth there n. ay p�chase the Property.
<br /> All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to a11 remedies �rovided at law or
<br /> equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in paym ent or partial payment on the
<br /> Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br /> Be�fic ary does not waive Benefic aryes r ght to later consider the evlentBa defaultif it contanues orehyappe s again.s default,
<br /> 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br /> prohibited by law, Trustor agrees to pay a11 of Beneficiarx's expenses if Trustor breaches any covenant in this Security
<br /> Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin�, mspecting, preserving or
<br /> otherwise protecting the Property and Beneficiary's security interest. These expenses will bear mterest from the date of the
<br /> payment until paid m full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br /> to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br /> remedies under this Secunty Instrument. This amount may include, but is not limrted 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 /> recordation costs of such release.
<br /> 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br /> means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br /> U.S.C. 9601 et seq.), and a11 other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br /> opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and(2)
<br /> Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br /> characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br /> environment. The term includes, without limrtation, any substances defined as "hazardous material," "toxic substances,"
<br /> "hazardous waste" or "hazardous substance" under any Environmental Law.
<br /> Trustor 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 /> B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant ha�e been,
<br /> are, and shall remain m full compliance with any applicable Environmental Law.
<br /> C. Trustor sha11 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 sha11 take a1I necessary remedial action in accordance with any Environmental Law.
<br /> D. Trustor sha11 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 violarion of any Environmental Law.
<br /> 18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br /> entities to purchase or take any or a11 of the Property through condemnation, emment domain, or any other means. Trustor
<br /> authorizes Beneficiary to intervene in Trustor's name m any of the above described actions or claims. Trustor assigns to
<br /> Beneficiary the proceeds of any awazd or claim for damages connected with a condemnation or other taking of all or any
<br /> part of the Property. Such proceeds sha11 be considered payments and will be applied as provided in thireementlor
<br /> Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security ag
<br /> other lien document.
<br /> 19. INSURANCE. Trustor sha11 keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br /> associated with the Property due to its type and locarion. This insurance sha11 be maintained in the amounts and for the
<br /> periods that Beneficiary requires. The mswance carrier providing the insurance shall be chosen by Trustor subject to
<br /> Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above,
<br /> Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the
<br /> terms 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 sha11 immediately noti Beneficiary of cancellation or terrcunation of the
<br /> insurance. Beneficiary shall have the right to hold the policies an renewals. If Beneficiary requires, .
<br /> Trustor sha11
<br /> immediately�ive to Beneficiary a11 receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate I
<br /> notice to the msurance carrier and Beneficiary. Beneficiary may malce proof of loss if not made immediately by Trustor. i
<br /> (page 3 of 4)
<br /> �1994 Bankers Syatems,Inc.,St.Cloud,MN(1-800-387-2341) Form RE-DT-NE 10/27/97
<br /> 1�..� 1_1RS/NF1 raAnei
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