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O X11 O I:YJ O O B. Except as previously disclosed and acknowledged in writing to Beneficiary, Tmstor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. OTmxtor 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 all necessary remedial action in accordance with any Environmental Law. D.Trustor shall immediately notify Beneficiary in writing as soon as Truster has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law, 12. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not be required to pay to Beneficiary funds for taxes and insurance in escrow. 13. JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument arejoint and individual. If Trustor signs this Security Instrument but does not sign an evidence ofdebt, Trustor does so only to mortgage Trustor's interest in the Property to secure payment ofthe Secured Debt and Trustor does not agree to be personally liable on the Secured Debt. Ifthis Security Instrument secures a guaranty between Beneficiary and Trustor, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim against Trustor or any party, indebted under the obligation. These rights may include, but are not limited to, any anti - deficiency or one - action laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns ofTmstor and Beneficiary. 14. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or implicitly permits the variations by written agreement. Hany section ofthis Security Instmment cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings ofthe section of this Security Instrument are for convenience only and ere not to be used interpret or define the terms of this Security Instrument Time is ofthe essence in this Security Instrument. 15. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Tas[ee and appoint a successor trustee without any formality than the designation in writing. The successor trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Security Instrument and applicable law. 16. NOTICE. Unless otherwise required by law, any notice shall be given be delivering it or by mailing it by first class mail to the appropriate party's address on page I of this Secun ty Instrument, or to any other address designated in writing. Notice to one truster will be deemed to be notice to all tasters. 17. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating to the Property. 18. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 19. APPLICABLE LAW. This Security Instrument is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws ofthejurisdiction where the Property is located, and applicable federal laws and regulations. 20. RIDERS. The covenants and agreements of each ofthe riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. (check all applicable boxes) f Assignment of Leases and Rents — Other 21. _ CONSTRUCTION LOAN. This Security Instrument is a constmetion security interest which secures an obligation incurred for the construction of an improvement on the Property. 22. } ADDITIONAL TERMS. Exp ocro 01994 Bankers Systems, Inc., St Cloud, MN Form USBOCP -DT -NE 9/52001 (pngc 5 of 6)