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200606267 14. DEFAULT. Trustor will be in default if anYl'arty obligated ontheSecured Debt fails to make paymellC when due. Trustor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, jf any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor is in default. At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Beneficiary shall be ellCitled to all the remedies provided by law, the terms of the Secured Debt, this Security InstrumellC and any related documellCs, including without limitation, the power to sell the Property. If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place of sale and a description of the property to be sold as required by the applicable law in effect at the [il~W of the proposed sale. Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of rhe facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in paymellC or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again. 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS'FEES; COLLECTION COSTS. Excepr when prohibired by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenallC in this Security Insrrwnent. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecring, preserving or orherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from rhe dare of rhe payment until paid in full at rhe highesr interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and remedies under this Seeuriry InsrrumellC. This amount may include, but is not limited to, attorneys I fees, court costs, and other legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any recordation costs of such release. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in rhis section, (1) Environmental Law means, without limitation, the Comprehensive Environmenral Response, Compensarion and Liability Act (CERCLA, 42 D.S.C. 960-1 etscq.}, and all-other fe-dCI:al,-statc and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environmellC or a hazardous substance; and (2) Hazardous Substance means any roxie, radioactive or hazardous material, waste, pollutant or collCaminant which has characteristics which rellder the substance dangerous or porcntially dangerous to the public health, safety, welfare or environmellC. The rerm includes, wirhout limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Trustor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be located, stored or released on or in the Property. This resrriction does not apply ro small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmenral Law concerning the Property. In such an event, Trustor shall take all necessary remedial acrion in accordance with any Environmental Law. D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Enviromnental Law. 18. CONDEl\:INATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public enriries to purchase or take any or all of the Property through condemnarion, eminenr domain, or any other means. Trustor authorizes Beneficiary to illCervene in Trustor's name in any of the above described actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnarion or other laking of all or any part of the Pruperty. Such proceeds shall be considered paymenrs and will be applied as provided in this Security Instrument. This assignment of- proceeds is-subject to the terms of any prior mortgage, deed of trut:t, security agreement or orher lien document. 19. INSURANCE. Trustor shall keep Property insured against loss by fire, Hood, rheft and other hazards and risks reasonably associared with rhe Property due ro its rype and location. This insurance shall be maintained in the amounts and for the periods thar Beneficiary requires. What Lender requires pursuant to the preceding senrence can change during the teml of the loan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonahly withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of rhis Security Instrument. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Trustor shall immediarely notify Beneficiary of cancellation or rermination of the insurance. Beneficiary shall have the right to hold rhe policies and renewals. If Beneficiary requires, Trustor shall immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor. (page 3 of 4J ~M @1994Sank...Systems, Ino" St. Cloud, MN Form RE-DT-NE 113012002 , ., ) e .' , , : "'. ---,,- -.-.--- .__._.._-_...~,--,.,.