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<br />200512687
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<br />14. D~FAU!-T. 'fmst?r will be in default if any,party ohligated on the Secured Debt fails to make payment when due. Trustor
<br />Will be III defau~t If a bte~ch occurs under the terms of this Security Instrument or any other document executed for the
<br />~urp~se. of creatm~, secunng 'ot guat'nntying' the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />time IS msecur~ With respee.! to_~ny person or entit~ obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property IS Impaired 8ha11111so constitute an event of default.
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<br />15. RE~D~S (~N DEFAUl..T. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />n.ot~ce .of th~ nght to cl~r~ or other notices and may establish timc schedules for foreclosure actions. Subject to these
<br />lllllltatlons, If any, Beneflclary may accelerate the Secured Debt and foreclose this Security Instnnuent in a manner provided
<br />by law if Trustor is in default.
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<br />~t the .option of Benel1ciary, all or any part of the agreed fees and charges, accrued interest and principal shall becomc
<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 Secured Debt, this Security
<br />Instrument and any related documents, including without limitation, the power to sell the Property.
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<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />a.nd s~ll the Property as a .wholeyI' in separate parcels at public auc~ion to the highest bidder for. cash and convey absolute
<br />l1t1~ free and c~ear o~ all ngh~, title and mterest of Trustor at such tlm? a.nd place as Trustee deSIgnates. Tmste\? shall give
<br />notice of sale mcludmg the tllue, terms and place of sale and a descnptlOn of the property to be sold as reqUIred by the
<br />applicable law in effect at the time of the proposed sale.
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<br />Upon s~le of the property an\1 to the extent not prohibited by law, Trustcc shall make and deliver a deed to the Property
<br />sold which conveys absolute title to the I?urchaser, and after fmt paying all fees, charges and costs, shall pay (0 Beneficiary
<br />all. m~meys adyanced for repairs, taxes, II1surance, liens, assessments and prior encumbrances and interest thereon, and the
<br />pnnclpal and mterest 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 sct forth therein.
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<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equity, whether or not expressly set fort!1. The acceptance by Beneficiary of any ~um in pay-ment or partial p~yment on. the
<br />Secured Debt after the balance IS due or IS accelerated or after foreclosure proceedl1lgs are flIed shall not constltute a waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Tmstor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
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<br />16. EXPENSES; AnV ANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Tmstor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />Instmment. Trustor will also pay on demand any amount lllcurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear Il1terest from the date of the
<br />payment until paid in full at 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 />remedies 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.
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<br />17. ENVIRONMENTAL l,AWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, cOLlrt orders, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, raclioactive or hazardous material, waste, pollutant or contaminant which has
<br />characteristics which rerider the substance dangerous or potentially dangerous to the public health, safety, wel fare or
<br />environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law.
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<br />Tmstor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in wriling 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 for the normal use and maintenance of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br />are, and shall remain in full compliance with any applicable Environmental Law.
<br />C. Tmstor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance 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, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Tmstor shall immediately notify Beneficiary 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 or the violation of any Environmental Law.
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<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Tmstor's name in any of the above described actions or claims. Trustor assigns to
<br />Benel1ciary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br />part of the Property. Such proceeds shall be considered payments and will be applied as provided !n this Security
<br />Instmment. This assignment of proceeds is subject to the terms of any prior mortgage, deed of tmst, secunty agreement or
<br />other lien document.
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<br />19. INSURANCE. Tmstor 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. This insurance shall be. maintained in the amounts. and for the
<br />periods that Beneficiary requires. What Beneficiary requires pursuant to the precedll1g senlence can change dunng the term
<br />of ~he loan. The insurance carrier providing ~he insur~ll.lee shall .be ~hosen by Trustor su.bject to Beneficia~Y.' s approval,
<br />winch shall not be unreasonably Withheld. If frustor falis to mamtalll the coverage descnbed above, BenefiCIary may, at
<br />Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security
<br />Instrument.
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<br />All insuran~e pol icies and renewals shall, be acceptabl~ to B\?neficiilry. and shall. i!lclude a standar~l "mortgag~ c1~use" and,
<br />:vhere. applicable,. '~Ioss payee clause." 1,rustor Shall. Imme(hat~ly notlfy BenefIcIary of canc:el.Ia~lOl~ or .t~r,ml!l?"tlOn of the
<br />ll1surance. BenefiCIary shall have the nght to hold the poliCies and rene~als. If Beneflclmy lequlles, .lll~stor s!lall
<br />imt;1ediately ~ive to Benefi~iary all rece!p~s of paid p~'e.minl1ls and renewal ~lotJces. ~~pon loss, Trustor. shall gIve nnmedwte
<br />notice to the l11surance carner and Beneficiary. BenefiCiary may make proof of loss If not made 1l1lmechately by Tmstor.
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<br />E~:: 0 '994 Bonkers Systoms, Inc.. St. Clo"d. MN rorm RE-DT.NE 1I30120~2
<br />G -C165(NE) (03011 ,I
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