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200301754
<br />14. DEFAULT. Truster JAI nit'def'aulE 2 any party obligated on the Secured Debt fails m make paynnan when due. Trustor
<br />will be in default If bre�Iefwia is under the terms of this Security Instrument or any other document executed for the
<br />purpose of creating, lieutrring ol'glurantying the Seeurdd 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 Iha1 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 inxtances, federal and state law will require Beneficiary to provide Tmslor with
<br />noltu: 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 lusttumem in a manner
<br />provided by Law if Trusmr is in default.
<br />At the option of Beneficiary, all or any pan of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable, after giving entice if required by law, upon the occurrence of a default or anytime
<br />thereafter. In addition, Beneficiary shall he entitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security Instrmoud and any related documents, including without limitation, the power to sell the Property.
<br />If there is a default, Trustee shalt, in addition to any other pertained rernedy, at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free lend clear of all right, title and interest of Trusor at such time and place as Trustee designates- Trustee shall give
<br />notice of sale Including the time, terms and place of safe and a description of the pmpery to be sold as required by the
<br />applicable law in effect AT the [line 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 m
<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 arty, to Truster. Beneficiary may
<br />purchase the Property. 'L'he recitals in any deed of conveyance shall he 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 provided al law or
<br />equity, whether or not expressly set forth. The acceptance by Beneficiary of any stun in payment or partial payment on the
<br />Secured Debt after the balance is due or is accelerated nr after foreclosure proceedings are filed shall not constitute a
<br />waiver of Beneficiary's right le require comple , cure of any existing default. By not exercising any remedy on Trustur's
<br />default, Beneficiary do" not waive Beneficiary's right to later consider the event a default if it unn intr s or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. except when
<br />prohibited by law, Truster agrees In pay all of Beneficiary's expenses if Truster breaches any covenant in Ibis Security
<br />Instrument. Trusmr will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear 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 agaves
<br />or pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security lustrument_ This amount may include, but is not Ihnited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security lrwtrument shall remain in effect until released. 'Irustor 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, Compensariau and Liability Act (CCRCLA, 42
<br />II_S.C. 9601 of segJ, 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, pollutant or comamioant which has
<br />characteristics which tender 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 "hazardous smec ice" under any Environmental Law.
<br />TrusLot 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 nr released ern 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 w BamGeiary, 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 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, '1'castor shall lake all necessary remedial action in accordance with any Environmental Law.
<br />D. Tmsmr shall immediately notify Beneficiary in writing as soon as'1'roster 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 pending or Ibreatcncd action, by private or public
<br />entities to purchase or take any or all of the Property through umdunnation, cmincat domain, or any other means. '1'roster
<br />authorizes Beneficiary to intervene in Trustor'S name in any of the above described actions or claims- Tmslor assigns or
<br />Beneficiary The proceeds of any award or claim for damages connected with a condemnation or other taking Or all or any
<br />par, of the Property. Such proceeds shall be considered paymwls and will he applied as provided in this Security
<br />Instrument. This assignment of proceeds is subject to the morns of any prior mortgage, deed of trust, security agreement or
<br />Other lWo thleunlent.
<br />19. INSURANCE. Truster shall keep Property insured against loss by lire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due w in type and location. This insurance shall be maintained in the amounts and for the
<br />periods that Beneficiary requires. What Lender requires pursuant to the preceding sentence can change during the temt of
<br />the loan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be unreasonably withheld. If Trustor fails to naintain the 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 />AIL insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." 'I'mstor shall immediately notify Beneficiary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right m held the policies and renewals. If Beneficiary requires, Trustor shall
<br />hmnedimely, give to Beneficiary all receipts of paid premiums and renewal notices. Upon loxs, Truster shall give
<br />inunetiate notice to the insurance carrier and Beneficiary _ Beneficiary may make proof of loss if not made inmtediately by
<br />Trustor.
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