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<br />200601828
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<br />Fin~n,cial ~eports a~~ ,Additional Documents. Trustor will provide to Beneficiary upon request, any financial statement
<br />or Information Benehclary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any additional
<br />documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Trustor's obligations
<br />under this Security Instrument and Beneficiary's lien status on the Property.
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<br />6. W A~RANTY OF TITLE. Tru~tor w~rrants that Trustor is or will be lawfully seized of the estate conveycd by this
<br />Secunty Instrument and has the nght to mevocably grant, convey, and sell the Property to Trustee, in trust, wIth power of
<br />sale. Trustor also warrants that the Property is unencumbcred, except for encumbrances of record,
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<br />7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Dcbt to be inunediatcly due and
<br />payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the
<br />restrictions imposed by federal law (12 C.F.R. 591), as applicable.
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<br />8. DEFAULT. Trustor will be in default if any of the following occur:
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<br />Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that
<br />is an open end home equity plan.
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<br />Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to makc a payment
<br />when due,
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<br />Pl"Operty. Any action or inaction by the Borrower or Trustor occurs that adversely affects the Property or Beneficiary's
<br />rights in the Property. This includes, but is not limited to, the following: (a) Trustor fails to maintain required insurance
<br />on the Property; (b) Trustor transfers the Property; (c) Trustor commits waste or otherwise destructively uses or fails to
<br />maintain the Property such that the action or inactton adverscly affects Beneficiary's security; (d) Trustor fails to pay taxes
<br />on the Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien
<br />of this Security Instrument; (e) a sole Trustor dies; (f) if more than one Trustor, any Trustor dies and Beneficiary's
<br />security is adversely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Trustor and
<br />subjects Trustor and the Property to action that adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses
<br />on the Property and as a result, Beneficiary's interest is adversely affected.
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<br />Executive Officers. Any Borrower is an executive officer of Beneficiary or an affiliate and such Borrower becomes
<br />indebted to Beneficiary or another lender in an aggregate aIllount greater than the amount pennitted under federal laws and
<br />regulations.
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<br />9. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument,
<br />Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor
<br />is in default. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to
<br />cure, or other notices and may establish time schedules for foreclosure actions. Each Trustor requests a copy of any notice
<br />of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Section 1 above_
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<br />;'\tthe ,option of the Beneficiary, all or ~ny part or th~ ~gree~ fees and charges, accrued interest and, principal shall becl~me
<br />nnmedmtely due and payable, after glVlllg notice If reqUired by law, upon the occurrence 01 a dclault or anyllme
<br />thereafter.
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<br />If there is a default, Trustee shall, at the request of the Beneficiary, advertise and sell the ProperlY as a whole or in
<br />separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title
<br />and interest of Trustor at such time and place as Trustee designates_ Trustee shall give notice of sale including the time,
<br />terms and place of sale and a description of the property to be sold as required by the applicable law in effect at the time of
<br />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 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
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />thereon, and the principal and interest on the Secured Debt, raying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property, The recitals in any deed of conveyance shal bc prima facie evidence of the facts set forth therein.
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<br />The acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debl after the balance is due or is
<br />accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's right 10 require complete
<br />cure of any existing default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's
<br />right to later consider the event a default if it happens again.
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<br />10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Trustor breaches
<br />any covenant in this Security Instrument, Trustor agrees to pay all expenses Beneficiary incurs in performing such
<br />~ovena!1ts or prote~ting its security interest .in the Property. Such expe,~~s lIlclude, ~ut. are not limited to, fees incurred for
<br />Inspectmg, preservlllg, or otherWise protectIng the Propcrty and BenefiCiary's secunty Interest. These expenses are payable
<br />on demand and will bear intcrest from the date of payment until paid in full at the highest rate of interest in effect as
<br />provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by' Beneficiary in
<br />collecting, enforcin~ or protecting Beneficiary's rights and remedies under lhis Security Instrument. 'lhis amount may
<br />include, but is not hmited to, Trustee's fees, court costs, and other legal expenses. To the extent permiued by the United
<br />States Bankruptcy Code, Trust~~ ag~ee~ t9 ray the reasonable attorneys~ fees, l!~ne~iciary incurs to collect the Se~ur.ed Debt
<br />as awarded by any court exercIsing JunsdlctlOn under the Bankruptcy Code. I hlS Secuflty Instrument shall remalD In effect
<br />until released, Trustor agrees to pay for any recordation costs of such release.
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<br />11. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used'Tn this section; OJ 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, court orders, aUorney general
<br />opinions or i,nterpretive letters concer~ing th~ pub~ic health, safety, welfar~, environment or a hazardous sl!-bstance; ,and (2)
<br />Hazardoll;s ,Substa~ce means any tOXIC, radlOaclwe or hazardo~s matenal, waste, pollutan~ or contaml~tant WhlCh has
<br />charactensllcs WhlCh render the substance dangerous or potentmlly dangerous to tlie pubhc health, safety, wclfare or
<br />environment. The tenn includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "haz.ardous substance" under any Environmental Law.
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<br />Trustor represents, warrants and agrees that:
<br />A, Except as previously disclosed and acknowledged in writing 10 Beneficiary , no Haj,ardous 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 gen~rally recognized to he appropriat~ for the nonn~1 ;use ,and .maintenance of the Property.
<br />B. Except as pre":lOl;1sl~ dlsclose~ and a~knowledge,d 1Il W~lh-':lg to BenefIclary''ft!lstor ,and every tenant have been, are,
<br />and shall remallllll full comphance wlth any apphcable Envlfonmental Law:~
<br />C. Trustor shall inmlediately 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 Environmcntal Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
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<br />~ @ 1994 Sankors Systoms, Ino.. St. Cloud, MN Form OCP-REDT-NE 113112003
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