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200208696
<br />14. DF.FAU1: 1. Truster will be in default if any party obligated on the Secured Debt fails to make payment when due. Truster
<br />will be in default if a breach occurs under the terms of this Security Instrument or any other document executed fur the
<br />propose of ereafing securing or guarantying tie Secured Debt A good faith belief by Beneficiary that Beneficiary at any
<br />nee is insecure with respect to any person or entity obligated on the Secured Deb[ or that the prospect of any payment or
<br />[he value of the Properly is impaired .shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instincts, federal and state law will require Beneficiary to provide Truslor with
<br />notice of the right to cure or other notices and nay establish time schedules far foreclosure actions. Subject to these
<br />limitations, if any, Beneficiary 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 any pan of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable. after giving notice if required by law, upon the occurrence of a default or anytime thereanta.
<br />In addition. Beneficiary shall be enti tled to all the remedies provided by law, the terms of the Secured Debt. this eecuriry
<br />Instrument and any related documents including without limitation, the power to sell the Properly.
<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 it and dear of all right, aunt and interest of Truslor at such time and place as 'fmstee designates. Ti uslee shall also
<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 tune of the proposed sale.
<br />Upon sale of the property and to the extent not prohibited by law - 'I rnstee shall make and deliver a deed to the Properly
<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, taxes. insurance, liens, assessments and pilot encumbrances and un esi thercon, and the
<br />principal and interest on the Secured Debt, paying the Surplus if airy, to Trustor. Beneficiary may purchase the Propctly.
<br />The recitals in any deed of couvcyanca shall be 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 haw a'
<br />,quit,- whether or not expt'evly set forth_ The acceptance by Beneficiary of any sour in payment or partial payment on [tic
<br />Secured Debt alter the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a wn"I
<br />of Beneficiary's right to require complete cure of any existing default By nut exercising any remedy oil Truarl's default,
<br />Beneficiary does not waive Benefciaq%s right to later consider the event a default if it continues in happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited bylaw. liustor agrees ee pay all of Beneficiary's experrses if Trustur breathe, any covenant in this Security
<br />Instrument Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, plescning or
<br />uther wise protecting the Property and Beneficiary', security interest These expenses will bear interest from the date of the
<br />payment unlit paid in PoII at the highest interest tale in effect as provided in the terms of the Secured Debt. Tmstor agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />r2medre, undm this Security Instrument. This amount may include, but is not limited to, attorneys' tees. 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 ofsech release_
<br />17. EN IHON.MEN'I'AL LAWS AND HAZARDOUS SUBSTANCES. As used in [his scrhon, (II Drvironmmnml l aw
<br />means- without linuonion, the Cornprehere ive Fnvironmental Response, Compensation and Liability Act (CERCLA. 42
<br />U.S.C. 9601 et see,.), and ell other federal. state and local laws, regulations, ordinauce,, court orders, attorney general
<br />opinions or nuetptet've Zellers concerning the public health- safety, welfare, environment or a hazardous substance. and (2)
<br />Hazardous Substance means any toxic. rrdioachi e or hazardous material, waste, pollutant or con rain i trait which has
<br />characteristics which render the substance dangerous or potentially dangerous [o the public health. safely, erllare or
<br />environment. The terns includes, without [initiation, any substances defined as "hazardous material," "toxic, substances."
<br />"hazardous waste" or "hazardous substance" under any Environmental Law_
<br />'fmstor represents, warrants and agrees Thal:
<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 Property_ fits restriction does not apply to small quantities of Ilazedous
<br />Substances that are gcncrnlly ny,,gni7Cd to be appropriate for the normal use and maintenance of the Properly.
<br />B_ Except as previously disclosed and acknowledged in writing to Beneficiary, truster and every tenmu have been.
<br />etc_ and sltnll remain iu full compliance wish any applicable Environmental Law_
<br />C . truster shall imnled i itch notify Beneti c i any if a release or threatened rcicase of a 11 sin rrlous Suh.srance 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 fluster shall take all necessary remedial action in accordance with any Environmental Law,
<br />D. 17ustor shall immediately notft} Beneficiary in wining as soon as Trustur has reason to belie,, Ihcrc is any pending
<br />or' threatened invesliga[ion_ claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance or the violation of ally Eloiroumcuml Law,
<br />18. CONDEMNATION. flamer 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 Properly through condemnation, eminent domain, or any other means. I rusho
<br />authorizes Beneficiary to imenene in Trustor's name in any of the above described actions or claims. Trustor assigns In
<br />Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all on any
<br />part of the Property. Such proceeds shall he considered payments and will be applied as provided in this Security
<br />Instrument. This assignment of or is subject to the Icons of any prior mortgage, deed of it security agreement or
<br />other lie,, document.
<br />19. INS U RAN( E. Irester shall keep Property honied against loss by fire, flood, theft and other hazards and risks reasonably
<br />as,ocia[ed wish the Property Aue to its type and location_ Phis insurance shall be maintained in the amounts and fat the
<br />periods that Beneficiary requires 'the insutmrce calncr providing the insurance shall be chosen fip truster subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. 11 Truslor fails to maintain the coverage described above.
<br />Reneficls,, nray. at Beneficiary's option- obtain coverage to protect Beneficiary's rights in the Property accnrrling to the
<br />tern, of This Security Inxtnnment.
<br />All in,unitric policies and renewals shall he zcc7table m Beneficiary and shill include a standard "nw'Igrge clause' and,
<br />where applicable loss payee clause." It, ,tall immediately notify Beneficiary of cancellation a LLrminaGon of
<br />msurance_ Beneficiary shill have the right to hold the poliereS and renewals. It Beneficing regales. Truslor shall
<br />iuunelistely ,i%c to Bcndlce ry all receipts ofpaid premiums and renewal notices. Upon toss. Trustor shall gist inenedin[c
<br />notice to the ir,mauce canua and Beneficiary. Benefimiary ntsy nuke proof of IoF if not made inia edimely by huv lot.
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