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<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due Trustor
<br />will be in default if a breach occurs under the terms of this Security Instrument of any other document executed for the
<br />purpose of creating, securing or gummnying the Secured Debt A good faith belief by Beneficiary that Bcncriciary at ally
<br />time is insecure with respect to any person or entity obligated on the Seemed Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute on event of default.
<br />15. REMEDIES ON DEFAULT. In some instances. federal and state law will require Beneficiary to provide Trustor with
<br />notice of the right to erne or other notices and may ealublish time schedules for foreclosure actions. Subject to these
<br />limitations, Tony, Beneficiay may accelerate the Secured Debt acrd foreclose this Security Instillment in a manmer provided
<br />by law if fr istor is in default.
<br />At the option of Beneficiary, all or any part 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 thereafter.
<br />In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Seemed 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 mid convey absolute
<br />title free and clear 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 Lillie, tenus and place of sale and a description of the property to he sold as required by the
<br />applicable law in effect at the time of the proposed Salo
<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 Benefieiay
<br />all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances acrd interest thereon, and 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 set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law m
<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 bola ce Ls due or is accelerated m alter 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 Trustee's default,
<br />Beneficiary 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 if Trustor breaches any covenant in this Security
<br />Toslmment. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving o[
<br />otherwise protecting the Properly mid Beneficiary's security interest. These expenses will bear interest fi'om the date of the
<br />payment until paid in full of the 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 and
<br />rcmcdies under this Security Instrument. This 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 this section, (1) Environmental Law
<br />meatus, without limitation, the Comprehensive Environmental Response, Compensation mid Liability Act (CERCLA, 42
<br />U.S.C. 9601 el seq.), and all other federal, time and local laws, regulations, ordinances, court ordem, attontey general
<br />opinions or interpretive letters concerning the public health, safety, welfare, enviro nient or o hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or huaidous material, waste, pollutant or contaminant which Ines
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />,alcuonnnenl. the term includes, without limitation, may substances defined as "hua'dous material," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Fnvii onmental Law.
<br />Trustor represents, warrants and agrees that
<br />A. Except as previously disclosed stud acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, Stored in 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 for the normal use and maintenance of the Property.
<br />R Except as previously disclosed mid acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br />are, stud shall remain ill full compliance with any applicable Environmental Law_
<br />C. 'truster shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substmuce occurs on,
<br />under m about die Property or there is a violation of any Environmental Lew concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as'Irustor has reason to believe there is any pending
<br />or threatened investigation, claim, or proceeding relating to the release m threatened release of any Hazardous
<br />Substance or the violation of any Lnvironmental I.aw,
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase nr take any or all of the Property tlurough condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Truster's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim far damages connected with a condemnation or other taking of all or ally
<br />part of the Property. Such proceeds .shall be considered payments and will be applied as provided in this Security,
<br />histrnment. This assignment of mocceds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien mcurman.
<br />19. INSURANCE. Trustor shall keep Property insured against loss by fire, hood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br />periods that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to
<br />Iieneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above.
<br />Beneficiary may, at Beneficiary's option, obtain eovemge to protect Beneficiary's rights in the Property according to the
<br />terms of this Security hnstrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" mid,
<br />where applicable, "loss payee clause." 'trustor Shall immediately notify Beneficiary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hold Ilse 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 std Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor
<br />(Pe9
<br />C
<br />1994 9.rnk— Syelos. ln4.. Si LI0u0. MN I1 800J11791411 FO,m R6V l —tit 1U12N9/
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<br />C165(NE) ols 1111
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