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200201302
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trusor
<br />will be in default if a breach nccurs under the terms of this Seem try Instrument or any other document exemrfed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary al ally
<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 event of default
<br />15. REMEDIES ON DEFAULT. In some instances. federal mid state law will require Beneficiary to provide 'Trustor 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 Debt and foreclose this Security Instrument in a mariner provided
<br />by law if Trustor is in default.
<br />At the option of Beneficiary, all or any pat of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable, after giving notice if equired by law, upon the occurrence of a default of anytime thereafter,
<br />I,, addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Seculily
<br />Instrument and any related documents, 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 parcels at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title aid interest of Trustor at such nine 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 propparty and to the extent not prohibited by law, Trustee shall make mid deliver a deed to the Property
<br />,old which couvLys abaclute title to the purchaser, and after first paying all fees, charges and costs, shall pay to Beneficiary
<br />all moneys advanced for repairs, taxes, insurance, liens, assessments end prior encumbrances and interest thereon, and the
<br />principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase Ore Property.
<br />The recitals in any deed ofemoveyance shall be pros facie evidence of the facts set faith therein
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all rennedies 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 nr is 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 Trea or's default,
<br />Beneficiary does not waive Beneficiary's right to later consider file event a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENAN'T'S 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 />hnumment 'Lrnstor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property mid Beneficiary's security interest These expenses will hear interest from the date of the
<br />payment until paid in fill at the highest interest rate in effect us provided in the terms of the Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurred hy Beneficiary in collecting, enforcing ar protecting Beneficiary's rights and
<br />remedies under this Security instrument. Tliis amount may include, but is not limited 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 Ito, section, (I) Bnvirnnmental L.vv
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA. 42
<br />U.S.C. 9601 el seq.), and all other federal, state and local laws, regulations, ordinances, court rodents, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardons 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 tern includes, without limitation, ary substances defined as "hazardous material," "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 and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stored or released on or in the Properly. This restriction does not apply to small quantities of Hazardous
<br />Substances that ere 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 Bencficiarv, Trustor and every tenon have beery,
<br />as, and shall remain in full compliance with any applicable Environmental Law.
<br />C Trustor shall immediately notify Beneficiary of a release or threatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violation of any E.avoonmentat Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Eawiromnental Law.
<br />U. Trustor shall immediately notify Beneficiary in writing as soon as'frustar has reason to believe there is any pending
<br />or threatened investigation, claim, nr proceeding rotating to the release or flhreatened release of may Hazardous
<br />Suhsomea m the violation of any EiiviromnentaI Law_
<br />IS. CONDEMNATION. gYuson 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 condenrmatior, eminent domain, or any other nieais- Trustor
<br />euthnnze, Bcncficiay nh intervene in Truster's name in any of the above described actions or claims. Trustor as's'igns to
<br />Beneficiary the proceeds of any award rr Chinni for damages connected with a condemnation or other taking of all or any
<br />part of the Properly. Such proceeds shall be considered payments mid will be applied as provided in this Security
<br />Instrument. 't his 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. Trustor shall keep property insured against lass by rite, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall he maintained in the amounts and for the
<br />pefiods that Beneficiary requires- The insurance carrier providing the insmace shall be chosen by Trustor subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld If Irumnr 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 />term, of this Security Instrument.
<br />All insurance policies and renewals shall he acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor shall immediately notify Renefiefory of cancellation or termination of file
<br />insurmme- Beneficiary shall have tlm right to hold the policies and renewals. If Beneficiary requires, 'Trustor shall
<br />immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate
<br />notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor.
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