|
<br />-r '
<br />
<br />;0
<br />
<br />, --
<br />
<br />200602160
<br />
<br />expenses. Once the Secured Debt is fully and finally paid, Beneficiary agrees to release this Deed of Trust and Trustor
<br />agrees to pay for any recordation costs. All such am ounts are due on dem and and w ill bear interest from the time of
<br />the advance at the highest rate in effect, from time to time, as provided in the Evidence of Debt and as permitted by
<br />law.
<br />
<br />19. ENVIRONMENTAL LAWS 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.), 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;
<br />and (2) "Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contam inant
<br />which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety,
<br />welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "tOXIC
<br />substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Trustor represents,
<br />warrants and agrees that, except as previously disclosed and acknow ledged in writing:
<br />A. No Hazardous Substance has been, IS, or will be located, transported, manufactured, treated, refined, or
<br />handled by any person on, under or about the Property, except in the ordinary course of business and in strict
<br />compliance with all applicable Environmental Law.
<br />B. Trustor has not and w ill not cause, contribute to, or perm it the release of any Hazardous Substance on the
<br />Property.
<br />C. Trustor will im mediately notify Beneficiary if (1) a release or threatened release of Hazardous Substance occurs
<br />on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a
<br />violation of any Environmental Law concerning the Property. In such an event, Trustor will take an necessary
<br />remedial action in accordance with Environmental Law.
<br />D. Tf~~or .has f1okno~ledge 9f or reasCln to beliElve there is any pendiDg_9_Uhreate.nedi~v!lstlgation, claim, or
<br />proceeding of any kind relallng to (1) any Hazardous Substanc'e focated on, under or about Ilie Property; or (2)
<br />any violation by Trustor or any tenant of any Environmental Law. Trustor w ill immediately notify Beneficiary in
<br />w nting as soon as Trustor has reason to believe there is any such pending or threatened investigation, claim, or
<br />proceeding. In such an event, Beneficiary has the right, but not the obligation, to participate in any such
<br />proceeding including the 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
<br />Law.
<br />F. There are no underground storage tanks, private dum ps or open wells located on or under the Property and no
<br />such tank, dum p or well w ill be added unless Beneficiary first consents in writing.
<br />G. Trustor w ill regularly inspect the Property, monitor the activities and operations on the Property, and confirm
<br />that all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied
<br />with.
<br />H. Trustor w ill perm it, or cause any tenant to perm it, Beneficiary or Beneficiary's agent to enter and inspect the
<br />Property and review all records at any reasonable time to determine (1) the existence, location and nature of
<br />any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of
<br />any Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Trustor
<br />and any tenant are in compliance with applicable Environmental Law.
<br />I. 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
<br />audit to Beneficiary. The choice of the environmental engineer who w III perform such audit is subject to
<br />Beneficiary's approval.
<br />J. Beneficiary has the right, but not the obligation, to perform any of Trustor's obligations under this section at
<br />Trustor's expense.
<br />K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Trustor
<br />will indem nlfy and hold Beneficiary and Beneficiary's successors or assigns harm less from and against all
<br />losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses,
<br />including without lim itation all costs of litigation and attorneys' fees, which Beneficiary and Beneficiary's
<br />successors or assigns may sustain; and (2) at Beneficiary's discretion} Beneficiary may release this Deed of
<br />Trust and in return Trustor w ill provide Beneficiary with collateral OT at least equal value to the Property
<br />secured by this Deed of Trust without prejudice to any of Beneficiary's rights under this Deed of Trust.
<br />L. Notw it.hstanding any of the language contained in this Deed of Trust to the contrary, the terms of this section
<br />shall survive any foreclosure or satisfaction of this Deed of Trust regardless of any passage of title to
<br />Beneficiary or any disposition by Beneficiary of any or all of the Property. Any claims and defenses to the
<br />contrary are hereby waived.
<br />
<br />20. CONDEM NATION. Trustor w ill give Beneficiary prom pt notice of any action, real or threatened, by private or publiC
<br />entities to purchase or take any or all of the Property, including any easem ents, through condem nation, em inent
<br />domain, or any other means. Trustor further agrees to notify Beneficiary of any proceedings instituted for the
<br />establishment of any sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the
<br />Property or any part of it. Trustor authorizes Beneficiary to intervene in Trustor's name in any of the above described
<br />actions or claim s and to collect and receive all sums resulting from the action or claim. Trustor assigns to Beneficiary
<br />the proceeds of any award or claim for damages connected with a condem nation or other taking of all or any part of
<br />the Property. Such proceeds shall be considered payments and w ill be applied as provided in this Deed of Trust. This
<br />assignm ent of proceeds is subject to the term s of any prior security agreem ent.
<br />
<br />21. INSURANCE. Trustor agrees to maintain insurance as follows:
<br />A. Trustor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. Other hazards and rusks may include, for example,
<br />coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the
<br />periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding three sentences can
<br />change during the term of the Secured Debt. The insurance carrier providing the insurance shall be chosen by
<br />
<br />Loan Number 1667056
<br />(page 5 of 8)
<br />
<br />TJ2
<br />
<br />~ 01993, 2001 Banke,. Systems, Inc., SI. Cloud. MN Form AGCO.RESI.NE 1/17/2003
<br />..C595(NE) (0307).01
<br />@
<br />
|