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<br />200611061
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<br />7.
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<br />Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial statcment
<br />or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, dcliver, and file any additional
<br />documents or certifications that Beneficiary may consider necessary to perfect, continue, and prcserve Trustor's obligations
<br />under this Security Instrument and Beneficiary's lien status on the Property.
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<br />WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Security Instrument and has the right to irrevocably 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. Ben~ficiary may, at its option, dcc1~rc the entire balance of the Secured Debt to. be immediatel~ 4ue .and
<br />payable upon the creation of, or contract for the creatIOn of, a transfer or sale of all or any part of the Property. ThiS nght
<br />IS subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable.
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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 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 make a payment
<br />when due.
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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 Property; (c) Trustor commits waste or otherwise destructively uses or fails to
<br />maintain the Property such that the action or inactIOn adversely 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; (0 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 Benef1ciary or an affiliate and such Borrower becomes
<br />indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted under fcderal 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 I above.
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<br />6.
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<br />8.
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<br />At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable, after giVlllg notice if required by law, upon the occurrence of a default or anytime
<br />thereafter.
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<br />If there is a default, T!ustee .shall, at th~ reques~ of the Beneficiary, advertise and ~ell the Property as a wh?le or. in
<br />separate parcels at pubhc auction to the highest bidder for cash and convey absolute title free and clear of all nght, 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, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property. The recitals in any deed of conveyance shall be 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 Debt after the balance is due or is
<br />accelerated or after foreclosure proceedings are filed shal1 not constitute a waiver of Beneficiary's right to require complete
<br />curc of any existing default. By not exercising any remedy on Trustor's default, Beneficiary docs 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 />covenants or protecting its sccurity interest in the Property. Such expenses lllclude, but are not limited to, fees incurrcd for
<br />inspecting, preserving, or otherWise protecting the Property and Beneficiary's security interest. These expenses are payable
<br />on demand and will bear interest from the date of payment until paid in full at the highest rate of interest in effect as
<br />provid~d in the t~rms of the ~ecured D~~t. pus.tor agrees to p~y all costs .and exp.enses incurred ?y.. Beneficiary in
<br />collectmg, enforcml;': or protectmg BenefiCiary s rIghts and remedies under thiS SecurIty Instrument. Ihls amount may
<br />include, but is not limited to, Trustec's fees, court costs, and other legal expenses. To the extent permitted by the United
<br />States Bankruptcy C()de, Trustor agrees to pay the reasonable attorneys' fees Beneficiary incurs to collect the Secured Debt
<br />as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Secunty Instrument shall remain 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 lIAZARDQUSSUBSTANCES-.- As-tised in this sectiol1;---(l) Envimrunental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.c. 9601 et scq.), and all other federal, state and local laws, rcgulations, ordinances, court orders, attorney general
<br />opinions or intcrpretive letters c()ncer~ing th~ pub~ic health, safety, welfar~, environmcnt or a hazardous sl~bstance; .and (2)
<br />Hazardo~s .Substa!,ce means any tOXIC, radIOactive or haza, rdol;1s matenal, waste, pollutan.t or contamlllant WlllCh has
<br />cha~actensl1cs which rep.der the su):lstance. d~ng~rous or potentially d~.ngerous to the public h~alth, ,saf~ty, welfare or
<br />envmmment. The term mcludes, without lImitatIOn, any substances dehned as "hazardous materIal," 'tOXIC substances"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law. '
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<br />Trustor represcnts, warrants and agrees that:
<br />A. Exccpt as previously disclosed and acknowledged in wntmg to Beneficiary, no Hazardous 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 generally rccognized to be appro'priate for the normal use and maintenancc of the Property.
<br />B. Except as prcvlOusly disclosed and acknowledged m writing to Beneficiary, Trustor and every tcnant have been are
<br />and shall rema,in in fi.!ll compli~l!-ce with.aJ?Y applicable Environmental Law. ' ,
<br />C. Trustor shall Immedmtely notify BenehClary 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 41
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<br />~ @ 1994 Bank.rs Sy".ms, Inc.. St. Cloud. MN Form OCP.REDT-Nf 5/10/2005
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