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<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt falls to make payment when due. Trustor
<br />will be in default if a breach Occurs under the tens 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 Beneficary that Beneficiary at any
<br />time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an evem of default.
<br />15. REMEDIES ON DEFAULT. In sonic instances, federal mud state law will require Beneficiary to provide 'Trustor with
<br />notice of the right to cure or other ml and may establish time schedules for foreclosure actions. Subject to these
<br />limitations, if as Beneficiary may accelerate the Secured Debt and foreclose this Security Instrunent in a manner
<br />provided by law if Tmstor is in default.
<br />At the option of Beneficiary all or any part of (lie agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable, after ginng notice if required by law, upon the occurrence of a default or anytime
<br />thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security Instrument and any related documents, including without limitation, the power in 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 Prnperly as a whole 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 time and place a9 Trustee designates. Trustee shall give
<br />notice of sale including the time, [inns 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 tine Property
<br />sold which conveys absolute title to the purchaser, and after first paying an fees, charges and costs, shall pay to
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and merest
<br />thereon, 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 not constitute a
<br />waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br />default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />id. 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 />Instrunent. 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 interest from the date of the
<br />payment moil paid in full at the highest interest rate in effect as provided in the terms of lire Secured Debt. Trustor agrees
<br />to pay all costs and expemscs 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 drifted to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Instrument shall remain 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, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 or sl and all other federal, stale and local laws, regulations, ordinances, court orders, attorney 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 comanivant which has
<br />characteristics 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" or "hazardous substance" under any Environmental law.
<br />Tractor represents ' warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or 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 nain[enance of the Property.
<br />D. Except as previously disclosed and acknowledged in writing to Beneficiary, 'Trustor and every term have been, are,
<br />and shall remain in full compliance with any applicable Environmental law.
<br />C. Trustor shall inmmediately 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 Envirommenal Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trul shall immediately notify Beneficiary in writing as sown as Trustor 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 die violation of any Environmental Law.
<br />IS. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or mreatcned action, by private or public
<br />entities to purchase or lake any or all of the Property through condemnation, eminent domain, or any other mcaus. Trustor
<br />antborizes Beneficiary to intervene in Trismr's acme in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for dahnages 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 m this Security
<br />Instrument This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, secs ity agreement or
<br />other lien document.
<br />l9. INSURANCE. Trustor shall keep Property insured against loss by fire, deed, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in fire amounts and for the
<br />periods drat Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Tmstor subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described
<br />above, Beneficiary may, at Bcrufnciary's option, obtain coverage to protect Beneficiary's rights in the Property according
<br />to die terms of this Security 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 inmediately notify Beneficiary of cancellation or termination of the
<br />insurance. Bencficiary shall have the right to hold the politics and renewals. If Beneficiary requires, Tmto
<br />sr shall
<br />immediately give to Beneficiary all receipts of paid premiums and renewal entices. Upon loss, Truster shall give
<br />immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made inmedmtely by
<br />Trustor.
<br />IPape 3 xf 41
<br />®1996.,,M ... .prams. Inc.. St Cloud, PAN I1A0039723411 Po,dd RE OT-NE 10/9197 Y'Vii
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