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200408966 :}~~i J~}f"~_ ~~ ~.~ ,'~ p 14. DEFAULT. Trustor will be in defmllt if any party obligated on the Securoo Debt fails to make payment when due. Trustor will be in default if a bre<u:h occurs under the term') of this Se\:urity Instrument or any other document executed for the purvose of creatins, securing or guarantying the Secured Debt. A geod faith belief by Beneficiary that Beneficiary at any time is insecure WIth respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 15. REl\IEDlES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions, Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor is in default At the option of Beneticiary, all or any part of the agreed fees and charges, <"ccrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of c default or anytime thereafter. In addition, Beneficiary shall b~ entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including without limItation, the power to sell the Property. I f there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise and sell the Property as a whole or in s'~parate parcels at public auction to the highest bidder for cash and convey absolute title free 3..i1d clear of all right, title and mterest of Trustor at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place of sale and a description of the property to be sold as required by the applicable law in effect at the time of the proposed sale. Upon sale of the property and to t..~e extent not prohibited b>' law, Trustee shall make and deliver a deed to the Property sold which conveys absolute title to the purcha>er, and after fmt paying all fees, charges and costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens. assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured Debt, payin~ the surplus, if any, to Trustor. Beneficiary may purchase the Property. The recitals in any de,;d of conveyance shall be pnma facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt after the balance IS due cr is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Bencfici<JIy' s right to require complete cure of any existing default. By not exercising any remedy on Trustor's default, Beneficiary docs not waive Beneficiary's right to later consider the event a default if it continues or happens again. 16. EXPENSES; AD V, '\ICES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security Instrument. Trustor will also pay on demand any amount Incurred by Beneficiary for insuring, inspecting, preserving or otherwise protecting the Property and Beneficiary's security interest. These expenses will bear mterest from the date of the payment until paid III full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This Security rnstrument shall remain in effect until released. Trustor agrees to pay for any recordation costs of such release. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, withal:! limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 u.s. C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) l-Ia.zNdcus Substance rnc;:ms ,my toxic, radioactive or hazardous material, waste, pollutant or contmninant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined a'> "hazllTdolls material," "toxic substances," "rla7-<vdous waste" or "hazardous substance" under any Environmental Law. . Trustor represents. warrants and agrees that: A. Except as previously disclosed and acknowledged in writinfi to Beneficial)', no Hll7.ardolls Substance is or will be located, stored or released on or in the Property. This restnction does not apply to small quantities of Hazardous S'lbstances that are generally recognized to be appropriate for the normal use and maintenance of the Property. 8. Except as previously disclosed and acknowledged in writing to Benefici~y, Trustor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental....riw. C. Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Trustor shall take ai/ necessary remedial action in accordance with any Environmental Law. D. Tmstor sha]] immediately notify Beneficiary in writin~ as soon as Trllstor has reason to believe there is any pending or threatened inve:;tigation, claim, or proceeding relating to the release or threatened release of any Hll7.ardoUJ Substance or the vioiation of any EnVIronmental Law. 18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pendins or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation,emment domain, or any other means. Trustor authorizes Beneficiary to intervene in '.I'rLlstor's narne in any of the above ~cribcd actions or claims. Trustor assigns to Bcnefi;:iory the proceeds of nny award or clnim for damages connected wit~'i1 condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied :lS provided in this Security J I1strumenL This assignment of proceeds i~; subject to the terms of any prior mortgage, deed of trust. security agreement or other lien document. 19. INSURANCE. Trustor shall bep Property insured against loss by fire, flood, then and other hazmds and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts lUld for the periods that Beneficiary requires, What 13cneficiru'y requires pLlrslllU1t to the preceding sentence can change during the term of the loan. The insurance carrier providing the insurrulce shall be chosen by Trustor subject to Beneficiary's approvul, wh:ch shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to prote:t Beneficiary's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" Md, where applicable. "loss payee clause." Trustor shall immediately notify I3encficiary of cancellation or termination of the in:;urance. Beneficiary shall have the right to hold the poliCies and renewals. If Beneficiary requires, Trustor shull immcdiately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shull give immediate notice to the Il1S11nmCe carrier and Beneficiary. Beneficiary may make proof of loss if not madeimme(jiately by Trustor. . . ,I, ~'7:) (page 3 of 4Y CI l'c--f>\- ~ --- -- (71-7 ~- --- r~xp:~,:;?i";.~~ () 1V')~ 8a.(.I(~;; :;ptel":""1~. Inc" St. Cl~~", MN Forn'1 RE-OT-NE 1/30/2rI02 C .C165(NE) (0:0 I) . 'x.