|
200210624
<br />At the option of Beneficiary, all or any pact 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 he entitled to all the remedies provided by law, the Evidence of Debt, other evidences of debt,
<br />this Deed of'Frust 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 and
<br />sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute title
<br />free and clear of all right, title and interest of Trustor at such time and place as Trust= designates_ 'Tmstee shall give notice
<br />of sale including the time, remts and place of sale and a description of the property to be sold as required by the applicable
<br />law in effect at the time of the proposed safe.
<br />Upon sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property sold
<br />which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to Beneficiary all
<br />moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />principal and interest on the Secured Debt, paying the surplus, if any, to Tmstor, Beneficiary may purchase the Property_
<br />The recitals in any decd of conveyance shall be prima facie evidence of the facts set truth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equity, whether expressly set forth or not. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />of Beneficiary's right in require full and complete cure of any existing default. By not exercising any remedy on Trustor's
<br />default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again
<br />18. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited
<br />by law, Tmstor agrees to pay all of Beneficiary's expenses if Tmstor breaches any covenant in this Deed of Trust. Tmstor
<br />will also pay on demand all of Beneficiary's expenses incurred in collecting, insuring, preserving or protecting the Property
<br />or in any invemoties, audits, inspections or other examination by Beneficiary in respect to the Property. Tmstor agrees m
<br />pay all costs and expenses incurred by Beneficiary in enforcing or protecting Beneficiary's rights and remedies under this
<br />Deed of Trust, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the Secured Debt is
<br />fully and finally paid, Beneficiary agrees to release this Deed of Trust and Trusmr agrees m pay for any recordation costs.
<br />All such amounts are due on demand and will hear interest from the time of the advance at the highest rate in effect, from
<br />time to time, as provided in the Evidence of Debt and as permitted by law.
<br />19. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law"
<br />means, without limitation, the Comprehensive Euviromnental Response, Compensation and Liability Act (CERCLA, 42
<br />U,S.(7 9601 et seq), all other federal, slate and local laws, regulations, ordinances, court orders, altoruey general opinions
<br />or interpretive letters concerning the puhhe health, safety, welfare, environment or a hazardous suhxuncc� and (2)
<br />"Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or conlaminmt which has
<br />charactcrislics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "hazardous suhsarcc" under any Environmental Law. 'Trusmr represents, warrants and agrees that,
<br />except as previously disclosed and acknowledged in writing:
<br />A. No Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled by
<br />any person on, under or about the Property, except in the ordinary course of business and in strict compliance with
<br />all applicable Bnvirourrtental Law.
<br />B. Trusmr has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property.
<br />C. Tmstor will immediately notify Beneficiary if (1) a release Or threatened release of Hazardous Substrate occurs ran,
<br />under Or about the Property or migrates or threaten to migrate front nearby property; or (2) there is a violation of
<br />any Environmental Law concerning the Property_ In such an event, 'Tmstor will Like all necessary remedial action in
<br />accordance with Environmental Law.
<br />D. Trusmr has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or
<br />proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any
<br />violation by Tmstor or any tenant of any Environmental Law. Tmstor will immediately notify Beneficiary in writing
<br />as soon as Trusmr has reason to believe there is any such pending or threatened investigation, claim, or proceeding.
<br />In such an event, Beneficiary has the right, but not the obligation, to participate in any such proceeding including the
<br />right to receive copies of any documents relating to such proceedings.
<br />E. 'Trustor and every tenant have been, are and shall remain in full compliance with any applicable Environmental Law.
<br />F. There are no underground storage tanks, private dumps or open wells located on Or under the Properly and no such
<br />fink, dwnp or well will be added unless Beneficiary first consents in writing.
<br />G. 'Trustor will regularly inspect the Property, nmnitor the activities and operation on the Property, and confirm that
<br />all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with.
<br />H. Tmstor will permit, or cause any tenant to permit, Beneficiary or Beneficiary's agent to enter and inspect the
<br />Property and review all records at any reasonable time to deternin, (1) the existence, location and nature of any
<br />Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any
<br />Ilazardous Substance that has been released on, under or about the Property; or (3) whether or not 'truslor and any
<br />tenant are in compliance with applicable Environmental law.
<br />L Upon Beneficiary's request and at any time, Trustor agrees, at Trustor's expense, to engage a qualified
<br />environmental engineer to prepare an environmental audit of the Property and to submit the results of such audit to
<br />Beneficiary. The choice of the environmental engineer who will perform such audit is subject to Beneficiary's
<br />approval.
<br />J. Beneficiary has the right, but not the obligation, to perform any of Trustor's obligations under this section at
<br />'1'rustor's expense.
<br />K. As a consequence of any breach of any representation, warranty or promise made in this section, (1)'1'motor will
<br />indemnify and hold Beneficiary and Beneficiary's successors or assigns harmless from and against all IOSSUV, claims,
<br />demands, liabilities, damages, cleanup, response and rumediation casts, penalties and expenses, including without
<br />limitation all casts of litigation and attorneys' fees, which Beneficiary and Beneficiary's successors or assigns may
<br />sustain; and (2) at Beneficiary's discretion, Beneficiary may release this Deed of Trust and in return Tractor will
<br />provide Beneficiary with collateral of at least equal value to the Property secured by this Deed of 'Trust without
<br />prejudice to any of Beneficiary's rights under this Deed Of Trust.
<br />e�.ae O ol6
<br />t 0 1883 Ba,k— System, h' St Lend MN Porn AGICO OTNE 3/82001
<br />
|