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14. DEFAUL'I'. Trustor will be in default if any party obligated on the Scoured Debt fails to make payment when due. Truster
<br />will be in default if a breach occurs under the terms of this Security Instrument m- any other document executed for the
<br />purpose of creating, securing or gum aritying the Secured Debt_ A good faith belief by Beneficiary 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 event of default.
<br />15. REMEDIES ON DEFAULT. to some instances, federal and state law will require Beneficiary to provide Tremor 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 I i ustor is in default.
<br />At the option of Beneficary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due aid payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter .
<br />in addition, Belretieiary 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, Trumce shall, in addition to any outer permitted remedy, at the request of the Beneficiary, advertise
<br />mid 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 Trustor at such time mud place as Trustee designates. Trustee shall give
<br />notice of sale including the time, terms and place of sale mid 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, - fnedee shall make and deliver a deed to the Property
<br />sold which conveys absolute title to the purchaser, mid after first paying all fees, charges mud costs, shall pay to Beneficiary
<br />all money+ advanced fur repairs, faxes, insurance, liens, assessments and prior encumbrances and interest thennon, mid the
<br />principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br />The recitals in any deed of conveyance shall be prima facie evidence of the facts %et forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiayy is entitled to all remedies provided at law ar
<br />equity, whether or not expressly set firth- The acceptance by Beneficiary of any sum in payment or partial payment mi the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedings we filed shall not constitute a waiver
<br />of Beneficiary's right to require complete cure of cry existing default. By not exercising any remedy on Tmstor' s default,
<br />Benetcuny 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 Beneficiary's expenses of Trustor branches may covenant in this Security
<br />hhshvme a Trustor 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 been interest from the date of the
<br />payment until paid in full at die 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 mid
<br />remedies under this Security Instrmment. This amount may include, but is not limited lo, ato'neyd 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 casts of such release
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used iu this section, (I) Environmental Law
<br />mewls, with mut limitation the Comprehensive Envirouunenoll Response, Compensation and Liability Act (CF,RCLA, 42
<br />U.S.C. 9601 at seq.), and all othfederal, er fed state and local laws, regulations, ordinances, court orders, attorney general
<br />opinions or interpretive leaers concerning the public health, safety, welfare, environment or a hazardous substance; mid (2)
<br />Hazardous Substance mcaus any toxic, radioactive or hazardous material, waste, pollutmt or coutanileat which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfae or
<br />environment The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" of " hazardous substance" under any Environmental I.aw.
<br />Trustor represents, ware ass and agrees that:
<br />A_ Except as previously disclosed and acknowledged in writing to Beneficiary, nn Hazardous Substance is or will be
<br />located, stored or released on or in Ilse Property. This restriction does not apply to small quantities of ll zardous
<br />Sub.atances that are generally recognized to be appropriate for the normal use and maintenance of the Property.
<br />B. Except as previously disclosed mid acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br />are, and shall remain in full 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 Envu onmenal Law concerning the Property . In such an
<br />vent Trutor shall take all nccas. awy remedial action in m:cordmicc with any Environmental Law.
<br />D_ "frtstoi ,,hall immediately notify, Beneficiary in writing as soon as Truslor has reason to believe there is any pending
<br />m threatened investigation, clans, or pracwding relating to the release or threatened release of any Hazardous
<br />Substance or tic vinlanon of any Environmental Law,
<br />IS. CONDEMNATION. Truou will give Beneficiary prompt notice of any pending or tneatened action, by private or public
<br />entities to purchase or take any or all of the Prepcity through condemnation, eminent domain, or any other memos, Trustor
<br />authorizes Bemficiary to intervene in 'Ihistots irmue in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award m claim for damages connected with a condemnation or other taking of all or any
<br />Part of the Property. Such proceeds shall he considered payments and will be applied as provided in this Semnity
<br />hrstrunarnt. 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. Truslor xhall keep Property insured against loss by tire, flood, their mid other hazards mid risks reasonably
<br />associated with the Property due to its type and location. -Iris insurance shall be maintained in the anounts and for the
<br />periods that Beneficiary iecnires. The insurance carrier providing the insmmnce shall be chosen by Trustor subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. If'fmstor fails to maintain the coverage described above,
<br />Beneficiary ley, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Properly according to the
<br />terms of tins Security Instrument.
<br />All insurance policies and i- enewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." 'Dustin shall immediately notify Beneficiary of cancellation or immolation of tike
<br />insurance. Beneficiary shall have the right to hold the policies and real wets. If Behdieiary. requires, Trustor shall
<br />immediately give to Beueficuuy all receipts of paid pre nouns and renewal notices. Upon Joss, Trustor shall give immediate
<br />notice to the insurance carrier and Beneficiary. Beneficiary may make proof of'loss if nor niade.ino)echia"tleelly by Truston
<br />L
<br />p kem Tyms 'I — 41
<br />1994 Oanste_ Inc d9
<br />.. Sr GIOU4 MN I�- BOOr -2d<t� Form PE -0rAC tOPO10/ tPa9c/�
<br />�� - Cl65(NE) issoe�oi
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