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<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 creatin�, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br /> time is msecure with respect to any person or entity.obligated on the Secured Debt ar.that the,prospect of any payment or
<br /> the value of the Property is impaired shall also constitute an event of default. ' �
<br /> 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Be�eficiary to provide Trustor with
<br /> notice of the right to cure or other notices and may establish time schedules for foreclosure actions. 5ubject 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 m 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 occunence 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 limitation, the power to sell the PropeRy.
<br /> If_ re i�azttefault, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br /> ' �i��1'the��c.�a�uuhsaie:or in se�arate parcels at public auction to the hi hest bidder for cash and conve absolute
<br /> title free and clear of all right, title and mterest of Trustor at sucTi"�m'�" .
<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 all fees, charges 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 aze 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 mcurred by Beneficiary for insuring, mspecting, preserving or
<br /> otherwise protecting the Property and Beneficiary's security interest. These expenses will beaz interest 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 incuned 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, attomeys' 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 HAZARDOU5 SUBSTANCES. As used in this section, (1) Environmental Law
<br /> means, without li�,it�ti,�n,:the:Comprehensive Environmental Response, Compensation_and Liability Act (CERCLA,_42
<br /> U.S:C. 96f�T"�'t seq.); and atl ottte�r l�t��tate and`locat la�vs,�r�g�Tati�ins;oidinances;court orders, attomey general
<br /> opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazazdous substance; and(2)
<br /> Hazardous Substance means any toxic, radioactive or hazardous material, 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 "hazardous material," "toxic substances,"
<br /> "hazardous waste" or "hazazdous 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 aze 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 a�plicable Environmental Law.
<br /> C.Trustor shall 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 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 Hazazdous
<br /> Substance or the violation 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 all of the Property through condemnation, eminent 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 /> Bene�ciary the proceeds of any awarci or claii�n for damages cotmected with a c�ndcmnation o:other taking of a1L or any
<br /> part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security
<br /> Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement Qr._
<br /> other lien document. -- -
<br /> 19. IN$IJR9NCE. Trustor s�iall 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 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 a�proval, which shall not be unreasonably withheld. If Trustor fails to maintain 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 standard "mortgage clause" and,
<br /> where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termmation 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 cazrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by +
<br /> Trustor.
<br /> /page o 41
<br /> p1994 Bankers Systems,Inc.,St.Cloud,MN (1-800-397-2341) Form RE-DT-NE 10/27/97 ""�
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