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200302202 14. DEFAULT. Trustor will he in default if any party obligated on the Secured Debt fails to make payment when due. Trustor will be in default if a breach occurs under the terms of this Security Instrument or any other document 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 or the value of the Property is impaired shall also amstitute an event of default. 15. REMEDIES ON DEFAULT. in ,,line 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 airy, Beneficiary may accelerate the Secured Debt and foreclose this Security instrument in a mariner provided by law if Trustor is in default. At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become irmnediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Beneficiary shall be entitled to all the rernedies 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. If 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 separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all light, title and interest 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 the extent not prohibited by law, Trustee shall make and deliver a deed to the Property sold which conveys absolute title to the purchaser, acrd 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 Trustor. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, slid die Beneficiary is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any suer in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not conshNte a waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Dencriciary'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 Trustor breaches any covenant in this Security Instrument. I'rester 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 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. Trustor agrees to pay all op 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 Instrument shall remain in effect moil released. 'Trustor agrees to pay for any recordation costs of such r.doose. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Fr%irouncntul Response, Compensation and Liability Act (CERCLA, 42 U_SC. 9601 et sec.), and all other federal, state and local laws, regulations, ordinatrces, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazadous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contamimnt 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 as "hazardous material," "toxic substances," "hazardous waste" nr "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 does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed mid acknowledged in writing to Beneficiary, Trustor and every tenant have been, are, 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 Properly or there is a violation of any Environmental Law concerning the Properly. In such an event, Trustor shall take all necessary remedial action in accordance with any Environmental Law. D_ Tnstor shall itinnediately notify Beneficiary in writing as soon as Trustor has reason to believe there is my pending or tlueatened investigation, claim, or proceeding relating to the release or threatened release of my Hazardous Substance or the violation of any Environmental Law, 18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public entities io purchase or lake any or all of the Properly through condemnation, eminent domain, or any other moons. Trustor authorizes Beneficiary to intervene in True nr' a come in any of the above described actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other 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. This assignment of proceeds is subject to the teens of any prior mortgage, deed of trust, security agreement or other lien document. 19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Properly due to its type and location. This insurance shall be maintained in the amounts and for the periods that BcruTchuy requires the insurancc carrier providing the insurance shall he chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at Renefineisly's option, obtain coverage to product Beneficiary's rights in the Property according to the terms of this Semrity Instrument All insurance policies and renewals shall he acceptable to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Truster shall immediately notify Beneficiary of cancellation or formulation of the insurancc. Beneficiary shall have the right to hold the policies and renewals- If Beneficiary requires, truster shall immediately give to Beneficiary ail receipts of paid premiums and renewal notices. Upon loss, Tnator shall give immediate notice to the insurance carrier and Beneficiary_ B nericiary may make proof of loss if not made immediately by 'I roster. IS9n 2a�uers Sm'.i:'ns.Iw.S' DOUG MN (I 80C 3in 22,t') tmri 0.F eI Nc 02IN1 �w -G t 951NE1 ?etc; r: