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'200208158
<br />14. BEFALL 1. Trustor will be in default if any party obligated on the Secured Debt Pails to make payment when due. Tipster
<br />will be in default if a breach occur,, 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 />mme is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment ur
<br />the value of the Property is impaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instance,, federal and elate law will require Beneficiary to provide Truster with
<br />notice of the right to care or other notices and may establish time ,schedules fur foreclosure actions. Subject to these
<br />Iimitavons� if any, Rcneficiary 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 Bcnctunwy, all of any part of the agreed fees and charges, accrued interest and principal shall become
<br />mmediutely due and payable. after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />In addition, Beneficiary shall he entitled to all the remedies provided by law. the terns 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. 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 dear of all right, title and interest of Trustor at such time 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 property and to the extent not prohibited by law, Trustee 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 menevs advanced for repair, taxes, insurance, liens. assessments and prior encumbrances and interest thereon. and the
<br />principal and interest on the Scoured Debt, paying tine surplus. if any, to Tiustm. Beneficiary may purchase the Property.
<br />The ccital., 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 Reneficiary 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 allot the balance is due or is accelerated or after foreclosure proceedings are tiled ,hall not constitute a waiver
<br />of Beneficiary's right to require complete care of any existing default. Rv not exercising any remedy on Locator's default,
<br />Beneficiary does not waive Boneficiary s right to Inter consider the event o default it it continues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS, ATTORNEYS' FEES; COLITCTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of BoncGciary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Trustor will also pav on demand any amount incurred by Beneficiary for insuring, inspecting, preservinb, or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date 1 the
<br />payment until paid in fill at the highest interest rate in effect as provided in the terms of the Secured Debt Trustor agrees
<br />to pay all amts and expenses incun'ed by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />rnluvdies under d"S Security Instrument phis amount may include, but is not limited to. attorneys' fees, court costs, and
<br />other legal expenses_ This Security Instrument shall remain in clTcel .nail released. Trustor agrees to pay for any
<br />recordation cost., ofsuch release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOLS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means. without limimtion. (fie Comprehensive Environmental Response, Compensation and Liability Act (CLRCLA, 42
<br />U.S.C. 9601 et seq.). and all other federal, state and local laws_ regulations, ordinances, curt order, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or n hazardous substance; and (2)
<br />Hazardous Substance nice,,, any toxic, radioactive or hazardous material, waste, ppollutant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to Ilre public health, safety, welfare of
<br />environment The term includes, widand limitation. any substances defined as "hazardous matetiuL" "toxic substances."
<br />" hazardous waste" or "hazardous substance" under any I tivironmemal Law_
<br />Truslor represents, warrants and agrees that
<br />A_ txccpl a., 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 tier the normal use and maintenance of the Property.
<br />B. Except .s' previously disclosed and acknowledged in writing to Beneficiary. Trustor and every feral have been,
<br />are. and shall remain in full compliance with any applicable Environmental Law.
<br />C. Trustor shall it notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br />under or about the Propertv or there is a violation of any Environmental Law concerning the Properly. In such an
<br />event. Trustor shall take al(ncce.,aary remedial action in accordance with any Environmental Law.
<br />D. Truslor shall immediately nobly Bcncliciary in writing as soon as Trustor has reason to belicve there is any pending
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance the violation cfany Environmcntal flaw.
<br />IS. CONDEMNATION. taster will give Beneficiary prompt notice of any pending or threatened action. by privet, m public
<br />entities to purchase or lake any or all of the Properly through amdcnunaliml, eminent domain, of any other means Trns'tot
<br />autho izes Beneficiary to intervene in Tlmstor's name in any of the above described actions or claims. l'rustor assigns to
<br />Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br />part of tine Property . Such proceeds shall he considered payments and will be applied as provided in this Sociality
<br />Instrument This assignnicnl of proweds is subject to the terns of any prior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />I9. INSLRANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location Phis insurance ahall be maintained in the amounts and fin r the
<br />periods that Reneficiary requires. The insurance ,artier providing the ins'umnce shall be chosen by 'Itustor subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. If Truslor fails to maintain the coverage described above,
<br />Beneficiary may, at Beneficiary's option, obtain coverage to protect Rcneliciary' a rights in the Pmperay according to the
<br />terms of this Security Instrument.
<br />NI insurance policies and renewals shall be acceinable to Beneficiary and shall include a standard "mortgage clause" and,
<br />Miele applicable, "loss payee clause " 17ustor shall immediately notify Beneficiary of cancellation ol termination of the
<br />insurance. Beneficiary shall have the right to hold the poliefa and renewals If Beneficiary requires, Trustor 'hall
<br />inuncdialely give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor .shall give immediate
<br />reticent the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made Immediately by Trustor.
<br />(page 3 of 4)
<br />Q 1994 e ke e systenis Inc. St cloud MN,1 UUUJ9h234 1 Fare rr -0TNE 10 27 97 C-
<br />��- 166(ND ;osna, 11
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