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<br />200600659
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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 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 />time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of default.
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<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 cure or other notices and may establish time schedules for foreclosure actions. Subject to these
<br />limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a matlner provided
<br />by law if Trustor is in default.
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<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shalI 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 Secured Debt, this Security
<br />InstlUment 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 />~nd sell the Property as a :whole. or in separate parcels at public auc~ion to the highest bidder for. cash and convey absol~lte
<br />tItle free and clear of all nght, tttle and 111terest of Trustor at sllch tunc 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.
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<br />Upon sale of the property and to the extent not prohibited by law, Trustee shall make and dcliver 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 moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances amI 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.
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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 paxment or partial p,!yment on. the
<br />Secured Debt after the balance IS due or IS accelerated or after foreclosure proceed111gs arc 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 Trustor's default,
<br />Benet1ciary 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; AI>V ANCES 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 />Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin~, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear mterest from the date of the
<br />payment until paid in full at the highest interest rate in effect as provided in tbe 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 InstmmenL This amount may include, but is not limited to, attorneys' fees, court costs, <1nd
<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 LAWS AND HAZARDOUS SlffiSTANCES. As used in this section, (I) Envirornnental 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, court orders, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />HazardOl!s .Substa!1ce means any toxic, radioactive or hazardo~ls material, waste, pollutan.t or contaminant whi~h has
<br />charactenstlcs wInch render the substance dangerous or potentIally dangerous to the publtc health, safety, welfare or
<br />environment. The term includes, WilllOut 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 writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stored or released on or in the Property. 'fhis restriction does not apply to small quantities of Hazardous
<br />Substances that are generally recognized to be appropriate for the norm<11 use and maintenance of the Property.
<br />B. Except as previously diseIosed 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. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe 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 ilny or all of the Property through condemnation, eminent dOl~lain, or al~y other means. '!'rustor
<br />authorizes Beneficiary to intervene in Trustor's name in any of the above described actIOns or c1allns. Trustor assIgns to
<br />Beneficiary the proceeds of any award or claim for d.mnages connected with ~ condemn~tion or other taki!lg o( all. or a!ly
<br />part of the Pr?perty. Such proceeds sl~all b~ conSIdered payments a~d WIll be applted as proVIded !n thIS Secunty
<br />Instrument. ThIS assIgnment of proceeds IS subJect to the terms of any pnor mortgage, deed of trust, secunty agreement or
<br />other lien document.
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<br />19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other halards and risks reas~l\1ably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts. and for (he
<br />periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding sentence can change .dunng the term
<br />of the loan. The insurance carrier providing the insurance shall be chosen by Trustor sl~b.iect to Beneficla~fs approval,
<br />which shall not be unreasonably withheld. If Trustor fails to maintain the coverage descnbed above, Benef'Ictary 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 insurance policies and renewals shall be acceptabl~ to B~neficiary. and shall. i!leIude. a standar~1 "mortgag~ c1~use" ~nd.
<br />~here applicable!. '.'Ioss payee clause." T.rustor shall l1nmedtat~ly notify Beneflctary of cancel.1atlon or .tenmnallon of the
<br />1I1surance. Beneftclary shall have the nght to hold the poltCles anti renewals. If BenefiCiary reqUIres, Trustor shall
<br />inu!lediately ~ive to Benefi~iary all rece!p~s of paid P!e.miums and renewal ~lotices. ~pon loss, rrustor. shall give, immediate
<br />notIce to the 1I1surance carner and Beneftcwry. Beneftclary may make proof of loss If not made 1ll1medlately by 1 mstor.
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<br />Ex'{5em: 0 199~ Bonk.." Systems. Inc.. St. Cloud. MN Form RF DTNE 1130/2007
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