|
� � 1�i '7761
<br /> At the option of Beneficiary, all or any part of the agreed fees and charges, accruecl interest and principal shall become
<br /> immediately due and payahle, after giving notice if re�uired by law, upon the occurrence of a default or anytime thereafter.
<br /> In addition, Beneficiary shall be entitled to all the remedies provided by law, the Evidence of Debt, other evidences of deht,
<br /> this Deecl of Trust 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 reyuest of the Beneficiary, advertise and
<br /> sell the Property as a whole or in separate parcels at public auction to the highest biclder for cash and convey absolute title
<br /> free and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall give notice
<br /> of sale including the time, terms and place of sale and a description of the property to be sold as reyuired by the applicable
<br /> law in effect at the time of the proposed sale.
<br /> Upon sale of the property and to the extent not prohibited by law, Trustee shall make and deNver a deed to the Property sold
<br /> which conveys absolute title to the purchaser, and after tirst paying all fees, charges and costs, shall pay to Beneficiary all
<br /> moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br /> principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneticiary may purchase the Property.
<br /> The recitals in any deecl 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 entitlecl to all remeclies provided at law or
<br /> ec�uity, whether expressly set forth or not. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br /> Secured Debt after the balance is due or is accelerated or after foreclosure proc�edings are filecl shall not constitute a waiver
<br /> of Beneficiary's right to reyuire full and complete cure of any existing default. By not exercising any remecly on Trustor's
<br /> default, Beneficiary does not waive Beneticiary's right to later consider the event a default if it continues or happzns again.
<br /> 18. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited
<br /> by law, Trustor a�rees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Deecl of Trust. Trustor
<br /> will also pay on demand all of Beneficiary's expenses incurrecl in collecting, insuring, preserving or protecting the Property
<br /> or in any inventories, audits, inspectioas ar other examination by Beneticiary in respect to the Property. Trustor agre.es to
<br /> pay all costs and expenses incurred by Beneficiary in enforcing or protecting Beneficiary's rights and remedies under this
<br /> Deed of Trust, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the Sec;ured Debt is
<br /> fully and finally paid, Beneficiary agrees to release this Deecl of Trust and Trustor agrees to pay for any recordation costs.
<br /> All such amounts are due on demand and will bear interest from the time of tha advance at the highest rate in effect, from
<br /> time to time, as provided in the Evidence of Deht ancl as permitted by law.
<br /> 19. ENVIRONNICNTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law"
<br /> means, without limitation, the Comprehensive Environmental Response, Compensation and Liahility Act (CERCLA, 42
<br /> U.S.C. 9601 et sey.), all other fed�ral, state and local laws, r�gulations, ordinances, court orders, attorney general opinions
<br /> or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; ancl (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 clangerous to the public health, safety, welfare or
<br /> environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br /> "hazardous waste" or "hazardous substance" under any Environmental Law. Trustor represents, warrants and agrees that,
<br /> except as previously disclosecl and acknowleclged in writing:
<br /> A. No Hazardous Substanee has been, is, or will be loeatecl, transported, manufaeturecl, treatecl, refinecl, or handled by
<br /> any person on, under or ahout the Property, except in the ordinary course of business ancl in strict compliance with
<br />' all applicable Environmental Law.
<br /> B. Trustor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property.
<br /> C. Trustor will immediately notify Beneficiary if(I) a release or threatened release of Hazardous Suhstance occurs on,
<br /> under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of
<br /> any Environmental Law concerning the Property. In such an event, Trustor will take all nec;essary remeclial action in
<br /> accordance with Environmental Law.
<br /> D. Trustor has no knowledge of or reason to believe there is any pending or threatenecl investigation, claim, or
<br /> proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any
<br /> violation hy Trustor or any tenant of any Environmental Law. Trustor will immediately notify Beneficiary in writing
<br /> as soon as Trustor has reason to helieve there is any such pending or threatenecl investigation, claim, or proc�eding.
<br /> [n such an event, Beneficiary has the right, but not the obligation, to participate in any such proce�ding including the
<br /> right to rec;eive copies of any documents relating to such proceeclings.
<br /> E. Trustor and every tenant have been, are and shall remain in full compliance with any applicable Environmental Law.
<br /> F. There are no underground storage tanks, private dumps or open wells locatecl on or under the Property and no such
<br /> tank, dump or well will he added unless Beneficiary first consents in writing.
<br /> G. Trustor will regularly inspec;t the Property, monitor the activities and operations on the Property, and confirm that
<br /> all permits, licenses or approvals required by any applicable Environmental Law are obtainecl and compliecl with.
<br /> H. Trustor will permit, or cause any tenant to permit, Beneficiary or Beneficiary's agent to enter and inspect the
<br /> Property and review all records at any reasonable time to determine (1) the existence, location and nature of any
<br /> Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any
<br /> Hazardous Substance that has been relzasecl on, under or about the Property; or (3) whether or not Trustor and any
<br /> tenant are in compliance with applicable Environmental Law.
<br /> I. Upon Beneticiary's rec{uest and at any time, Trustor agrees, at Trustor's expense, to engage a yualified
<br /> environmental engineer to prepare an environmental audit of the Property and to submit the results of such auclit to
<br /> Beneficiary. The choice of the environmental engineer who will perform such audit is suhject to Beneficiary's
<br /> approval.
<br /> J. Beneficiary has the right, but not the obligation, to p�rform any of Trustor's obligations under this sec;tion at
<br /> Trustor's expense.
<br /> K. As a consec{uence of any breach of any representation, warranty or promise made in this section, (1) Trustor will
<br /> indemnify and hold Beneficiary and Beneficiary's successors or assigns harmless from and against all losses, claims,
<br /> demands, liabilities, damages, cleanup, response and remecliation costs, penalties and expenses, including without
<br /> limitation all costs of litigation and attorneys' fees, which Beneficiary and Beneti'ciary's successors or assigns may
<br /> sustain; and (2) at Beneficiary's discretion, Beneficiary may release this Deed of Trust and in return Trustor will
<br /> provide Beneficiary with collateral of at least equal value to the Property secured by this Deed of Trust without
<br /> prejudice to any of Beneficiary's rights under this Deed of Trust.
<br /> I � (��1983 Benkers Systems,Inc.,St.Cloud,MN(1-B00-397-23411 Form AG/CO-DT-NE 10/30/97 � . page 4 of 6
<br />
|