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<br />14. DEFAULT. Tmstor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />will be in default if a breach Occurs under the terms of this Security Instrument or any other document executed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />lime is insecure with respect to any person or entity obligated on the Secured Debt or that file prospect of any payment or
<br />We value of die Property is impaired shall also constitute an event of default.
<br />16. REMEDIES ON DEFAULT. In sonic instances, federal and slate law will require Beneficiary le provide Truslor 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 arty, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner
<br />provided by law if Trustor is in default.
<br />At the option of Beneficiary, an 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 daytime
<br />thereafter. In addition, Beneficiary shall be cditiral to all the remedies provided by law, the terms of the Secured Debi,
<br />this Security Instrument and my related documents, including without limitation, the power 10 sell the Property .
<br />If them 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 whale or in separate parcels 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 lime and place as Tmstcc designates. Trustee shall give
<br />notice of sale including the time, (emu 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 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 to
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, licas, assessments and prior encumbrances and interest
<br />thereon, and . principal and interest on the Secured Debt, paying the surplus, if any, to Tension. Beneficiary may
<br />purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth ]herein.
<br />All remedies am 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 Bled shall not constitute a
<br />waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Tmstor's
<br />default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it cominues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Trustor 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 ]merest firer Flic date uC the
<br />payment until paid in full at the highest interest rate in effect as provided in the terns of the Secured Debt. Toaster 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 m not limited lo, attorneys' fees, court costs, and
<br />other legal expenses. This Security ImhoulMll shall retrain in effect until 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, (I) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 or seq.), and all other federal, stale and local laws, regulations, ordinances, court orders, attorney general
<br />opinions or intcrpretivc 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 />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. The temr includes, without limitation, any substances defined as "hazardous nrmerial," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed suit acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stored or released on of 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 tenant have been, are,
<br />and shall remain in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately notify Bcncficiary 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, Tm m
<br />slof shall take all necessary reedial action in accordance with any Environmm�lal Law.
<br />D. Tmstor shall immediately notify Beneficiary in writing as soon as Toaster 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 Enviroumental Law,
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or lake any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Torsion's name in any of the above described actions or claims. Truster assigns to
<br />Beneficiary the proceeds of any award or clahn 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 />lostrwitent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />19. INSURANCE. Tractor shall keep Property insured against loss by fire, flood, (hell and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in Ilm amounts and for the
<br />periods that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. If 'Tmstor fails to maintain the coverage described
<br />above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according
<br />to the temps of this Security Instrument.
<br />All insurance Policies and renewals shall be aece� table to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor s tall immediately notify Beneficiary of cancellation or temimtalion of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />immtediately 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 stake proof of loss if not trade immediately by
<br />Trustor.
<br />(page 3 of 41
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