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<br />200606253
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<br />6.
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<br />Fin~cial ~eports an~ ,Additional Documents. Trustor will provide to Beneficiary upon request, any financial statement
<br />or IOformatlOn B~~efl~lary may de~, reasonably ~ecessary. Trustor agrees to sign, deliver, and rile any additional
<br />doeumel!-ts or ct;rtlftcatlons that BenefIciary may consIder neccssary to perfect, continue, and preserve Trustor's ohligations
<br />under thIs Secunty Instrument and Beneficiary's lien status on the Property.
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<br />~ A~ANTY OF TITLE. Tru~tor w~rrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Secunty J nstrument and has the nght to trrevocably grant, convey, and sell the Property to Trustee, in trust, wIth power of
<br />sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record,
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<br />DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be immediately due and
<br />payab~e upon the crt;at~on ~f, or contract for the creation of, a transfer or ~ale of all or any part of the Property. This right
<br />IS subject to the restnctlOns tmposed by federal law (12 C.F,R. 591), as apphcable.
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<br />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 Deht thaI
<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 make a payment
<br />when due.
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<br />7.
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<br />8.
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<br />Property. 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 Pr?perty; (c) Trustor commits wa,st~ or otherw.ise destructively, ';lses or fails to
<br />malOtalll the Property such that the achon or machon adversely affects BenefIciary's secunty; (d) Trustor falls to pay taxes
<br />on lhe 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 amount greater than the amount permitted under federal laws and
<br />regulations.
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<br />REMEDIES ON DEFAULT. In addition to any other remedy available under the teons 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 sc~edules for ~~reclosure actions. Each '~rust9r requ,ests a copy of any notice
<br />of default and any notIce of sale thereunder be maIled to each I rustor at the address prOVIded In Section 1 above.
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<br />At the ,option of the Beneficiary, all or ~ny part o,fthe, agree~ fees and charges, accrued interest and, principal shall hec<?me
<br />llnmedlately due and payable, after glVlllg nOllce If reqUIred by law, upon the occurrence of a default or anyttme
<br />thereafter.
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<br />If there is a default, Trustee shall, at the request of the Beneficiary, advertise and sell the Property 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 />tenns 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 ahsolute 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, yaying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property. The recitals in any deed of conveyance shal be prima facie evidence of the facts set forth therein.
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<br />The acceptance by Beneficiary of any s~n in paY.lIlent or partial payment on t,he Se~ured I?e~t after, the balance. is due or is
<br />accelerated or after foreclosure proceedlllgs are filed shall not conshtute a waiver of BenefiCIary's nght to 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 thts S~curity ~nst,rument" Trustor agrees to pay all expenses Beneficiary i,nc';lrs in p,erfo!-'IIling su~h
<br />~ovena!lts or prote<:tlllg ItS secunty IOterest .Ill the Property, Such expe~s~s Illclude, ~ut, are not 1~lted to, fees Illcurred for
<br />lllspectlllg, preserv,lllg, or <?therwlse protectmg the Property and ~enef~cI":ry's secunty Ill~erest. 1 hese ,e~penses !tre payahle
<br />on demand and WIll bear mterest from the date of payment until paid III full at the hlghest rate 01 Illterest III effect as
<br />provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beneficiary in
<br />~ollecting, e~orcinu: <?r prote~l~ing Beneficiary's rights and remedies under this Security Instrument.. This amount I!lay
<br />melude, but IS not Itmlted, to, I rustee's fees, court costs, and other le~al expenses; ;0 t~e extent penmtted hy the lJmted
<br />States Bankruptcy Code, 1 rust?~ ag~ee~ tt? p'ay the reasonable attorneys fees B~neflclary mcurs to collect the Se~ur~d I?ebt
<br />as ~warded by any court exerclsmg .Iunsdlcllon und~r the Bankruptcy Code, ThiS Secunty Instrument shall remalll III effect
<br />unlLl released. Trustor agrees to pay for any recordatlOn costs of such release.
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<br />9.
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<br />tl-;-E-NVIRONMEN!fAlr-6\WS-AND--BAZARDOUS- -SUBSfANCES.- As- used in--this._-SeCtion, (1) . Environmental Law
<br />means, without limitation, the Comprehensive Enviromnental Response, Compcnsation 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 i,nterpretive letters concerl!-ing th~ pub~ic health, safety, welfar~, enviromnent or a hazardous sJ!.bstance; ,and (2)
<br />Hazardous Substance means any tOX1C, radIoactive or hazardous matenal, waste, pollutant or contamInant WhlCh has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. The teml 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 />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in wntlllg toBeneficiary, no HazardousSubftance is or will be
<br />located, stored or released on or iJ.l the Propcrty. T.his ~estri<fi6tl'does n9l; apply, to'sthall'quaritities of Hazardous
<br />Substances tbat, are gen~rally recogmzed to be appropnate, ~or tM nOlVl~I,use' and mamtenance of Ihe Property.
<br />B. Except as prevlOusly dIsclosed and acknowledged III wntmg to. BenefICiary, Trustor and every tenant have been, arc,
<br />a~d shall rema~in in f~ll compli~nce with ,a~y app!icable Environmental Law"
<br />C. 1 rustor shall tmmedtately 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?
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<br />(page 3 of 4)
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<br />~$ @ 1994 Bankors Sy.tom., Inc.. St. Cloud, MN Form OCP-REDT-NE 5/10/2005
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