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200201101
<br />14. DEFAULT. Tigard will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustee
<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 airy 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 event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state la% will require Beneficiary to provide Trader will,
<br />notice of the right to cure or other ounces and may establish time schedules for foreclosure actions. Subject to these
<br />linnilations, if any, Benern iary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided
<br />by law, if Trustor is in default.
<br />At the option of Beneficiary, all or dry part of the agreed fees mid charges, accrued interest and principal shall become
<br />immediately due and pa}able, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security
<br />Instrument and any related documents, including without limitation, the power to sell the Property.
<br />If there is a default, Trustcc shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />slid sell the Property 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 Trnstor at such time and place as Trustee designates. Trustee shall give
<br />notice of sale including the tittle, terms and place of sale acrd a description of the properly to be sold as required by the
<br />applicable law in effect at the time of the proposed sale
<br />Upon sale of the properly mid to the extent not prohibited by law, Tnistee 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 Beneficiary
<br />all moneys advanced for repairs, tares, insurance, liens, assessments and prior encumbrances mid interest thereon, and the
<br />principal and interest on the Secured Debt. paying the surplus, if dry, to Trustor. Beneficiary may purchase the Property.
<br />The recitals in any decd of conveyance shall he 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 i. accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />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 to pay all of Bcaeficimy's expenses if Trusts' breaches Cory covenant in this Security
<br />Instrument. Trustor will also pay on demand dry 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 until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt, Trustor 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 to, attorneys' fees, court costs, mid
<br />other legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of suCl, 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 et seq.), and all other federal, state 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 contaminant which has
<br />characteristics which reader 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 />Trustor represents, warrmts slid agrees that.
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary. an Hazardous Substance is or will be
<br />located, stored or released na or in the Property. 'Ibis restriction does not apply to small quantities of Hazardous
<br />Substa ces that are generally recognized to be appropriate for normal ormal use and maintenance of the Property.
<br />B. Except as previously disclosed and aeknnwledged in writing to Beneficiary, Trustor mid every Conant have been,
<br />arc, mid shall remain in fill compliance with any applicable Environmental Law_
<br />C. Trustor 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 Iniv ronmental Law.
<br />D. Trnstor shall immediately notify Beneficiary in writing as soon 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 the violation of any Environmental 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 take any or all of the Property through condenmation, eminent domain, or any other means. Trustor
<br />awhorizcs 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 dearl connected with a condemnation or other taking of all or any
<br />part of the Property_ `ouch proceeds shall be considered payments and will be applied as provided in this Security
<br />Instrument. This assignment of proceeds is .subject to the terms of any prim' mortgage, deed of trust security agreement or
<br />ether lien document
<br />19. INSURANCE. Trnstor shall keep Property insured against loss by tire, 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 the
<br />periods that Beneficiary requires The insurance carrier ptnviding the insurance shall be chosen by Truster subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. If Tansror fails to maintain the coverage described above,
<br />Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the
<br />terms of Ibis Security fi strmment.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a smndaid "mortgage clause" and,
<br />where applicable, "loss payee clause" Trustor shall immediately notify Beneficial of can eel lation or termination of the
<br />insurance Beneficiary shall have the right to hold the policies and renewals. 11' Beneficiary requires, Trustor shall
<br />immediately give to Beneficiary all receipts of paid prcmimns and renewal notices. Upon loss, Trator shall give immediate
<br />notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trnstor.
<br />(Pa9a_3_cf,47
<br />Q 199d Pnnkive 9y5:em5. lac, 61 Cloud MN tl sit a97 =1a<II Form REllRNE 10U1IN (�
<br />�, - C165(N E) us,e,
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