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Application W 0120976493 200204570 14. DEFAULT, Trustor will be in default if any parry obligated on the Secured Debt fails to make payment when due. Truster will be in default if a breach occurs under the terns of this Security instrument or any other documem executed for the "se of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an evem of default. 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Truster with notice of the right in cure or other notices and may establish time schedules for foreclosure actions. Subject re these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Truster is in default. At the option of Beneficiary, all or any part of the agreed fees and charges, accred interest and principal shall become immedately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Seemed Debt, this Smurty Instrument and any related documents, including without limitation, the power to sell the Property. If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title and interest of Truster at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place of sale and a description of the propery to he sold as required by the applicable law it.. effect at the time of the proposed sale. Upon sale of the properly and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property sold which conveys absolute title m the purchaser, and after first paying all fees, charges and costs, shag pay to Beneficiary all mineys advanced for repairs, taxes, insurance, liens, assessments and rior encumbrances and murest (hereon, and the prneipal and interest on the Secured Debt, paying the surplus, if any, m Truster. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be prim facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies Rrovided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constime a waiver of Beneficiary's right to require complete cure of any existing default By tut exercising any remedy on Truism's default, Beneficiary dues not waive Beneficiary's right to later consider the event a default if it continues or happens again. 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Truster breaches any covenant in this Security Instrument. Truster will also pay on demand any amount incurred by Beneficiary for insuring, ms Ling, preserving or otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest ftom the data of the payment until paid in full at the highest interest ram in effect as provided in the terms of the Secured Debt. Truster agrees to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and remedies under this Security Instrumem, This amount may include, but is not limited m, attorneys' es, court costs, and other legal expenses. This Security Instrument shall remain in effect until released. Truster agrees to pay for any recordation costs of such release. 17. ENVIRONMENTAL LAWS AND RAZARDOUS SUBSTANCES. As used in this seedon, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Lability Act (CERCLA, 42 U.S.C.9601 et seq ), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which ruder the substance &rigorous or potentially dangerous to the public health, safety, welfare or environment The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Truster represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing te Beneficiary, no Hazardous Substance is or will be located, snored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized m be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Beneficiary, Truster and every [count have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Truster shad immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental law concerning the Property. In such an Event, Trustor shall take all necessary remedial action in accordance with any Envhonmental Law, D. Truster shall immediately notify Beneficiary in writing as soon as Truster has reason m believe there is any pending or threatened invest i lion, claim, or proceeding relating te the release or threatened release of any Hazardous Substance or the violation ot�any Environmental Law. 18. CONDEMNATION. Truster will give Beneficiary prompt notice of any pending or threatened action, by private or public entities m purchase or take any or all of the Property through condemnation, eroment domain, or any ether means. Tmsmr authorizes BeWftcary to intervene in Tmstor's dame in any of the above described actions or clams. Truster assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 19. INSURANCE. Truster shall keep Property insured against loss by fire, flood, theft and other bazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject m Beneficiary's approval, which shall not be emessnnably wi ld, if Trr#or fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according in the terms of Lids Security Instrument. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a a=I and "mortgage clause" and, where applicable, "loss payee clause." Tmsior shall immediately witty Beneficiary of cancellation or termination of the insurance. Benelcimy shall have the right In hold the policies and renewals. If Beneficiary requires, Truster shall immediately live in Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Truster shall give immediate notice m the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Truster. . j�(FwDe3d4) O 1BV aeMeN a)yMme, IM.. SL CI"uJ. MN (baPo�9a]2aal I Poml RE or IN1]N] (®-Olee(NE) (gem)