200706638 - Laserfiche WebLink

Browse

200706638 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of tbe right to cure or other notices and may establish time schedules for foreclosure actions. S~ect to these limitations, if 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 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 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 Trnstor 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 time 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 purcha..<;er, 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 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 acceptance by Beneficiary of any sum in payment 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; A1TORNEYS FEES; COlLECTION COSTS. Except when prohibited by law, Trnstor agrees to pay all of Beneficiary s expenses if Trustor breaches any covenant in this Security Instrument. Trnstor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or otherwise protecting the Property and Beneficiary s security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trnstor agrees to pay all costs and expenses incurred hy Beneficiary in collecting, enforcing or protecting Beneficiary s rights and remedies under this Security Instrnment. This amount may include, hut is not limited to, attorneys fees, court costs, and other legal expenses. This Security Instrnment shall remain in effect until released. Trustor agrees to pay for any recordation costs of such release. 17. ENVIRONMENT AL 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 and 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 dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as Mhazardous material, M Mtoxic substances, M Mhazatdous wasteM or Mhazardous substanceM 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 restriction does not apply to small quantities of Hanudous 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. Trnstor 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 VlOlation of any Environmental Law concerning the Property. In such an event, Trustor shall take all necessary remedial action in accordance with any Environmental Law. D. Trnstor 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 Environmental Law. 18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pendin~ or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, emment domain, or any other means. Trustor GT-15-28-090 (11/97) (peg8 4 of 6) UI..) @1994 !lank....a SYlltoma, Inc., St. Cloud, MN Fo"" GTH-MTGLAZNE 118198 fL