|
<br />200700124
<br />
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principlll; shall become
<br />immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytIme thereafter.
<br />In addition, Beneficiary shall be entitled to all the remedies provided by law, the Evidence of Debt, other evidences of
<br />debt, this Deed of Trust and any related documents including without limitation, the power to sell the Property.
<br />
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Truste~ shall give
<br />notice of sale including the time, terms and place of sale and a description of the property to be sold as reqUITed by the
<br />applicable law in effect at the time of the proposed sale.
<br />
<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 an~ mterest
<br />thereon and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. BenefiCIary may
<br />purchas~ the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equity, whether expressly set forth or not. The acceptance by Beneficiary of any sum in payment or partial payment .on the
<br />Secured Debt after tlle balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a
<br />waiver of Beneficiary's right to require full and complete cure of any existing default. By not exercising any remedy on
<br />Trustor's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or
<br />happens again.
<br />
<br />18. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Deed of
<br />Trust. Trustor will also pay on demand all of Beneficiary's expenses incurred in collecting, insuring, preserving or
<br />protecting the Property or in any inventories, audits, inspections or other examination by Beneficiary in respect to the
<br />Property. Trustor agrees to pay all costs and expenses incurred by Beneficiary in enforcing or protecting Beneficiary's
<br />rights and remedies under this Deed of Trust, including, but not limited to, attorneys' fees, court costs, and other legal
<br />expenses. Once the Secured Debt is fully and [mally paid, Beneficiary agrees to release this Deed of Trust and Trustor
<br />agrees to pay for any recordation costs. All such amounts are due on demand and will bear interest from the time of the
<br />advance at the highest rate in effect, from time to time, as provided in the Evidence of Debt and as permitted by 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; and (2)
<br />"Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law. Trustor represents, warrants and agrees that,
<br />except as previously disclosed and acknowledged in writing:
<br />A. No Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled by
<br />any person on, under or about the Property, except in the ordinary course of business and in strict compliance with
<br />all applicable Environmental Law.
<br />B. Trustor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property.
<br />C. Trustor will immediately notify Beneficiary if (1) a release or threatened release of Hazardous Substance occurs on,
<br />under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of
<br />any Environmental Law concerning the Property. In such an event, Trustor will take all necessary remedial action
<br />in accordance with Environmental Law.
<br />D. Trustor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or
<br />proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any
<br />violation by Trustor or any tenant of any Environmental Law. Trustor will immediately notify Beneficiary in
<br />writing 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 proceeding
<br />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 EnvirOlImental
<br />Law.
<br />F. There are no underground storage tanks, private dumps or open wells located on or under the Property and no such
<br />tank, dump or wcll will be added unless Beneficiary first consents in writing.
<br />G. Trustor will regularly inspect the Property, monitor the activities and operations on the Property, and confrrm that
<br />all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with.
<br />H. Trustor will permit, or cause any tenant to permit, Beneficiary or Beneficiary's agent to enter and inspect tlle
<br />Property and review all records at any reasonable time to determine (1) the existence, location and nature of any
<br />Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any
<br />Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Trustor and any
<br />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 audit to
<br />Beneficiary. The choice of the environmental engineer who will perform such audit is subject to Beneficiary's
<br />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 will
<br />indemnify and hold Beneficiary and Beneficiary's successors or assigns harmless from and against all losses, claims,
<br />demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including without
<br />limitation all costs of litigation and attorneys' fees, which Beneficiary and Beneficiary's successors or assigns may
<br />sustain; and (2) at Beneficiary's discretion, Beneficiary may release this Deed of Trust and in return Trustor will
<br />provide Beneficiary with collateral of at least equal value to the Property secured by this Deed of Trust without
<br />prejudice to any of Beneficiary's rights under this Deed of Trust.
<br />
<br />~ 01993 aonk"", SYl!(<lms, Inc., St. Clcud, MN Form AG/CO-DT -NE 1130/2002
<br />~-C164(NE) (03071
<br />
<br />C-07-0l-0000ao
<br />12-:S-~ ~/
<br />
|