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<br />14. DEFAULT. Trustor will he in default if any party ohligated on the Secured Debt failg'tcr uRk�r pa�'gtent when due. Tmstor
<br />will be in default If a breach occurs under the terms of this Security Instmmenf or aay'Rher document executed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A good faith belief bg Beneficiary, that Beneficiary at any
<br />time is instant. with respect to any person or entity obligated on the Secured Deta'cIfibIf the l 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 instances, federal and state law will require.Reneliciaty to provide 'Tmstor with
<br />notice 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 Deld and foteglose this Security Instrument in a roamer
<br />provided by law if Trustur is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />Immediately, due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br />thereafter. In addition, Beneficiary shall be emitted to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security Instrument and any related docutnents, including without limitation, the power to sell the Property. ,
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in separate parents at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title and interest of Trustor at such time and place as Trustee designates- Trustee shall give
<br />notice of sale including the time, terms and place of sale and a description of the property to be sold as required by the
<br />applicable law in effect at the time of the proposed sale.
<br />Upon sale of the Property and to the extent act 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 to
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />lhcnnn, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property- The recitals in any deed of conveyance shall be 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 at law or
<br />equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall act constitute a
<br />waiver of Beneficiary's right to require complete cure of any existing default By not exercising any remedy on Tractor's
<br />default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees N pay all of Beneficiary's expenses if Truster breaches any covenant in this Security
<br />tnstrumenL. Truster will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beuufrciary's security interest. These expenses will bear interest from the dale of the
<br />payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Truster agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This amount may include, but is not limited h1, attorneys' fcere, court costs, and
<br />other legal expenses. This Security Instrument shall remain in effect mail released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) EuvirommenLd Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S C. 9601 m seq.), and all other federal, state and local laws, regulations, ordinance, court orders, artumey general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />chaznLcrislics which render 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" mr "hazardous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is nr will be
<br />located, stored or released on 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 to Beneficiary, Trustor and every lemon have been, are,
<br />and shall remain in full compliance with any applicable Environmental Law.
<br />C. Tractor 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, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall umuediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigation, claim, or proceeding retailing to the release or threatened release of any Hazardous
<br />Substance or the violation of any Environmental Law.
<br />18. CONDEMNATION. Trainor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br />part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security
<br />Instrument. This assignment of proceeds is subject m the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />19. INSURANCE. 'Tmstor shalt keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for We
<br />periods that Beneficiary requires. What Lender requires pursuant to the preceding sentence can change during the term of
<br />the loan. The insurance carrier providing the insurance shall be chosen by'Icastor subject to Beneficiary's approval, which
<br />shalt not be unreasonably withheld. If Trustor fads to maintain 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 />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor shall immmediately notify Beneficiary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />nnledialely give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br />immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by
<br />Truslur.
<br />fEpCf� (4]1996 aanEers SYNamm Inc, S,. CIOUC, MN Fo,m flE -0TAE 1/30ROOi
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