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200302073 14. DEFAULT. 'I rustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Truster will be in default if a breach occurs under the terms of this Security Instrument or any Other dUemllent executed for the purpose of creating, securing or guarantying the Secured Debt. A good 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 nr the value of the Property is impaired shall also constitute an event (if default. 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trusmr with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these Barbarians, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provisbalby law if Trustor is in default. At the option of Beneficiary, a0 or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if requited by law, upon the occurrence of a default or anytime thereafter- In addition, Beneficiary shall be entitled to all the remedies providcvl by law, the temts of the Secured Debt, this Security Instrument and any related dowmenis, including without limitation, the power to sell the Property. If there is a default, Trusty: shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the highest hidder for cash and convey absolute title free and clear of all right, title and interest of Truster at such time and place as I mslee 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 proposal sale. Upon sale of the Properly and to the extent not prohibited by law, 'roustee shall make and deliver a deed to the Property sold which conveys absolute title to the purchaser, and after first 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, paying the surplus, if any, to Trusmr. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall he prima facie evidence of the facts set forth therein, All remedies are distinct, cumulative and nut exclusive, and the Beneficiary is entitled to all remedies provided at law tar equity, whelhcr 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 nr is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's rigid to require complete cure of any existing default. By not exercising any rernedy on Trustor's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again. 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Truster breaches any covenant in this Security Instrument. Trustor will also pay on demand any anumnt incurred by Beneficiary for insuring, inspecting, preserving or otherwise protecting the Property and Beneficiary's security interest These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Tmstor 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 tray include, but is nor limited m, attorneys' fees, court costs, and other legal expenses. 'Phis Security Iustrumetit 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 meats, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U S.C. 9601 or seq), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions of interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. 'the term includes, withnul limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Trustor represents, warrants and agrees that A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction dues not apply to small quantities of Hazardous Substances that are generally recognized In be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Beneficiary, Truster and every tenant have been, arc, and shall remain in full compliance with any applicable Environmental Law. 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, Tmstor shall take ail necessary remedial action in accordance with any Environmental law. D. Trustor shall immediately notify Beneficiary in writing as soon as Truster bas reason to believe there is any pending ur threatened investigation, claim, or proceeding relating In the release or threatened release of any Hazardous Substance or the violation of any Euvirerinla UI Law. 18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public utilities to purchase or take any or all of the Property through conderRuation, eminent domain, or any other means. 'I rustor authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims - 'Trusmr assigns to Beneficiary the proceeds of any award of claim for damages connected with a condemnation or otter taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. 'Phis assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other licit document. 19. INSURANCE. Truster shall keep Property insured against loss by fire, flood, their and other hazards and risks reasonably associated wish Ole Property due to its type and location. 'this insurance shall be maintained in the amounts and for the periods that Beneficiary requires. What Lender requires pursuant to the preceding sentence can change during the term of the loan The insurance carrier providing the insurance shall be chosen by Truster subject to Beneficiary's approval, which shall nut be unreasonably withheld. If Tmstor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage In protect 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, and, where applicable, "Ines payee clause." fluster shall immediately notify Beneficiary of cancellation or termination of the insurance. Beneficiary shall have the fight to hold the policies and renewals. If Beneficiary requires, 'l'rustor shall immediately give to Beneficiary all receipts of paid premiums and renewal notices, Upon loss, Trusmr shall give Immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Truster. l�° id 1996 fian1.eic 5yetemc lnc..5t C1ouG, r "` M QJ N Farm flC-0T -NE 1 /30R9[I]