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99. 1�8
<br /> ss�
<br /> 14. DEFAiTLT. Trustor will be in default if a�y 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 Seeurity Instrument or any other document executed for the
<br /> purpose of creatin�, securing or guazantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br /> tune is insecure with 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 DEFAITLT. In some instances, federal and state law will require Benefic�ary 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
<br /> provided 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 shall become
<br /> immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br /> thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br /> this Security Instrument and any related documents, including without linutation, 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 parcels at public auction to the highest bidder for cash and c;ouvey absolute
<br /> tfti�fre�and clear of a11 �fght; tifle arid m"terest of'I'�rustor at such fime and p1�ce as Trus�ee designates.�stee sha�f 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 sale.
<br /> Upon 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 a11 fees, chazges and costs, shall pay to
<br /> Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br /> thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br /> purchase the Property. The 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 �rovided at law or
<br /> equity, whether or not expressly set forth. 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 proceedings are filed shall not constitute a
<br /> waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br /> default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br /> 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br /> prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br /> Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insurin�, inspecting, 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 in 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 Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br /> other le�al expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br /> recordation costs of such release.
<br /> �-'�—� A€�-��i�►'�-�rAF�i�ZAItDOUS $UBS��44NC--�5. As use� in t�is s�;tiarr, (1} �nvit�nmerrtai-i;aw__
<br /> means, without limitation, the Comprehensive Environmentat Response, Compensation and Liability Act (CERCLA, 42
<br /> U.S.C. 9601 et seq.), and all other federal, state and locai laws, regulations, ordinances, court orders, attorney general
<br /> opinions or interpretive letters concerning the public health, safefy, welfare, environment or a hazardous substance; and(2)
<br /> Hazardous Substance means any toxic, radioactive or hazardous materiat, waste, pollutant or contaminant which has
<br /> chazacteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br /> environment. The term includes, without limitation, any substances defined as "hazazdous 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 have been, are,
<br /> 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 Hazazdous Substance occurs on,
<br /> under or about the Property or there is a violation of any Environmental Law conceming the Property. In such an
<br /> event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br /> D.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. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pendin�or threatened action, by private or public
<br /> entities to purchase or take any or all of the Property through condemnation, eirunent domain, or any other means. Trustor
<br /> authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br /> Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br /> part af the PrcF,�.:"�y: Su�u prxe:,�� sLalt' �c'co�s��eri;3 Faym.�nts znd �v:l. '�� applie� as. grm�id�d i: L'�is Secu:ity
<br /> e.
<br /> Instrument. This assignment of proceeds is.subject to the terms of any prior mortgage, deed of trust, security agreement or
<br /> other lien document.
<br /> 19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazazds and risks reasonably
<br /> associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br /> periods that Beneficiary requires. The insurance 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 rnaintain the coverage described
<br /> above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according
<br /> to the terms of this Security Instrument.
<br /> All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standazd "mortgage clause" and,
<br /> where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or ternunation of the
<br /> insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br /> immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br /> immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by
<br /> Trustor.
<br /> (page 3 of 41
<br /> m1994 Bankers Systems,Inc.,St.Cloud,MN (t-800397-23411 Form RE-DT-NE 10/27/97
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