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<br />200707827 <br /> <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 agamst the Property that is senior to the lien <br />of this Security Instrument; (e) a sole Trustor dies; (f) 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. <br /> <br />Executive Officers. Any Borrower is an executive officer of Beneficiary or an affiliate and such Borrower becomes <br />indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted under federal laws and <br />regulations. <br /> <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 1 above. <br /> <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 giving notice if required by law, upon the occurrence of a default or anytime <br />thereafter. <br /> <br />If there is a default. Trustee shall, at the request of the Beneficiary, advertise and sell the Property as a whole or in <br />separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, 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. <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 purcliaser, 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. <br /> <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 shall not constitute a waiver of Beneficiary's right to require complete <br />cure of any existing default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's <br />right to later consider the event a default if it liappens again. <br /> <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 Ilerforming such <br />covenants or protecting its security interest in the Property. Sucli expenses mclude. but are not limited to. fees incurred for <br />inspecting. preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses are payable <br />on demand and willllear interest from the date of payment until paid in full at the highest rate of interest in effect as <br />provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred iJy Beneficiary in <br />collecting. enforcin~ or protecting Beneficiary's rights and remedies under this Security Instrument. This amount may <br />include. but is not bmited to, Trustee's fees, court costs. and other le~al expenses. To the extent permitted by the Unitei:l <br />States Bankruptcy Code, 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 Security Instrument shall remain in effect <br />until released. Trustor agrees to pay for any recordation costs of such release. <br /> <br />II. 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.). and 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. <br /> <br />Trustor represents. warrants and agrees that: <br />A. Except as previously disclosed and acknowledged in writing 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 recognized to be appropriate for the normal use and maintenance of the Property. <br />12353050 (pagt: 4 of 6) <br /> <br />Ex15iiiii'eo _ , 994 IlBnkers Systems, Ine.. St. Cloud. MN form USBOCP-DT.NE 9/5/2001 <br />