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200406980 <br />14. DEFAULT. 'truster will be in default if any party obligated on the Secured Debt fails to make payment when due. 'I rustor <br />will be in default if a breach occurs under lire terms of [his Security Instrument or any other document executed for the <br />purpose of creatinit, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any <br />time 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 shall 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 scheduas for foreclosure actions. Subject to these <br />limitations, if any, Beneficiary may accelerate (tic 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 shall 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, Benefcmy 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 withom . limitation, the power to sell the Property. <br />If [here 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 whale tir in separate parcels at public auction to the highest bidder for cash and convey absolute <br />title free and clear of all right, title mid interest of Taster at Such time and place as Trustee designates. Trustee shall 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 pro ppertyy and to the extent not prohibited by law, Trustee shall make mid deliver a deed to the Propperty <br />sold which conveys ahstilute title to the purchaser, and after first paying all fees, charges and costs, shall pay to BeMiary <br />all 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. Beneficiary may purchase the Property. <br />I he recitals in any deed of conveyance shal be prima facie evidence of the facts set forth therein. <br />All remedies are distinct, cumulative and not exclusivc, and the Beneficiaryy is entitled to all remedies provided at law or <br />equity, whether or not expressly set forth. The acceptance by Beneficiary ol'any min in payment or partial payment on the <br />Secured Debt after the balance Is due or is accelerated or after foreclosure proceedings are Pled shall not constitute a waiver <br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default, <br />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 COVENANT'S; ATTORNEYS' FEES; COLLECTION COSTS. Except when <br />prohibited by law. 'Trustor agrees In pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security <br />ItStnuncut. 'I rustor will also pay on demand any amount Incurred by Beneficiary for insuring, inspecting, preserve or <br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear micros( from the date ofgthe <br />payment until pant 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 />remet es under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and <br />other legal expenses. This Security Instrument shall remain in effcel 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 ct .seq_), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general <br />opinions or interpretive letters concerning the public health, safely, welfare, environment or a hazardous substance; and (2) <br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, Whiten( 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 limitation, any substances defined as "hazardous material," "toxic substances," <br />"hazardous waste" a' "hazardous substance" under ;my Environmental Law. <br />'(rustor represents, warrants and agrees Thal: <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. Rxcept as previously disclosed and acknowledged in writing to Beneficiary, 'Trustor and every tenant have been, <br />are, and shall remain to 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, <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 lake all necessary remedial action in accordance with any Environmental Law. <br />D. "Nestor 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 />IS. 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 tither means. Trustor <br />authorMS Benefcimy 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 of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security <br />Instrument 'Phis assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or <br />other limn document. <br />19. INSURANCE. 17uslor shall keep Property insured against loss by fire, flood, theR and other hazards and risks reasonably <br />associated with (he Property due to its type and location. This insurance shall be maintained in the amounts and for the <br />periods that Beneficiary requires. What Beneficiary requires pursuarrt to the preceding sentence can change during the term <br />of the loan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, <br />which shall not be unreasonably withheld. If'I'rustor fails to maintain (he coverage described above, Beneficiary may, at <br />Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security <br />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 termination of the <br />insurance lienelicimy shall have the right to hold the policies aid renewals. If Beneficiary requires, 'Trustor shall <br />bronediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall gfee immediate <br />notice to the insurance carrier and Beneficiary. Beneficiary may make - ---i- my by Trustor - <br />[. 9MM111�4�4 <br />f -�jF'� Qi I P01 Benkeri 6Ynems, Inc., 91. 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