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-' 200702984 14. DEFAULT. Trustor will be in default if any party ohligated on the Secured Debt fails to make payment when due. Trustor will be in default if a breach occurs under the term, of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secmed Debt. A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect to any person or entily ohligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitllte an event of default. 15. REMEDIES ON DEFAULT. In some instances, Ivderal and state law will require Beneficiary to provide Trustor with notice of the right to cure or other notices and Illay establish time schedules for foreclosure actions. Subject to these limitations, if any, Beneficiary may accelerate the Secllred 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 ;\greed 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 entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, 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 ProperlY 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 lOterest of Trustor at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place 01 sale and a description of the property to be sold as required by the applicable law in effect at the time of the proposed s,i1e. Upon sale of the property and to the extent not prohihited by law, Trustee shall make and deliver a deed to the Property sold which conveys absolute title to the purchaser, alld 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 lacie evidence of the 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 accepl<lI1ce by Beneficiary of any sum in paxment 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 anv 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; ^ TTORNEYS' }"EESj COLLECTION COSTS. Except when prohibited by law, Trustor agrees to pay all of Bellcliciary's expenses if Trustor breaches any covenant in this Security Instrument. Trustor will also pay on demand any alllount incurred by Beneficiary for insuring, inspecting, preserving or otherwise protecting the Property and Beneficiary's sL'CIlrity interest. These expenses will bear interest from the date of tlle payment until paid in full at the highest 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 Security Instrument. This amoulIl may include, but is not limited to, attorneys' 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 this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.c. 9601 et seq.), and all other federal, state ali(I local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerolls or potentially dangerous to the public health, safety, welfare or environment. The term includcs, without limitation, allY substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under ,lilY Environmental Law. Trustor represents, warrants and agrees that: A. Except as previously disclosed and acknowll,dged in writing to Beneficiary, no Hazardous Substance is or will be located, stored or released on or in the Properl y. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to 1)(' ;lJlpropriate 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 <lny applicable Environmental Law. C. Trustor shall immediately notify Beneficiary i I a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a viol:i1 ion of any Environmental Law concerning the Property. In such an event, Trustor shall take all necessary remcdi;d action in accordance with any Environmental Law. D. Tmstor shall immediately notify Beneficiary ill writing as soon as Tmstor 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 EnvirOlUl1elll,i1 Law. 18. CONDEMNATION. Trustor will give Beneficiary JiIOlllpt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property Ihrough condemnation, eminent domain, or any other means. Trustor authorizes Beneficiary to intervene 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 condemnation or other taking of all or any part of the Property. Such proceeds shall be cOllsidered payments and will be applied asprQvided in this Security Instrument. This aSSignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and IOC<llion. This insurance shall be maintained in the amounts and for the periods that Beneficiary requires. What Beneficiary J('qnires pursuant to the preceding sentence can change during the tenn of the loan. The insurance carrier providing the illSllr;mce shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Bellcliciary's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be accepliIhll' to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Trustor shall inuoediately notify Beneficiary of cancellation or termination of the insurance. Beneficiary shall have the right to hold the poliCies and renewals. If Beneficiary requires, Trustor shall immediately ~ive to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate notice to the msurance carrier and Beneficiary. Bendil'iary may make proof of loss if not made immediately by Trustor. ~ 0 1994 Sankers Systems, Inc" St, Cloud, MN Form RE.DT-NI' 1/JO/2002 G .C165(NE) 103011 @ (page 3 of 4)