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~: ~ 200710330 14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payme, t when due. Trustor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject 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 mterest of Trustor 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 10 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 purchaser, 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, payin~ the surplus, if any, to Trustor. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be pnma facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the Beneficiarl is entitled to all remedies I?rovided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary 0 any sum in paxment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are ftled 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; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law. Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin~, inspecting, preserving or otherwise protecting the Property and Beneficiary's security interest. These expenses will bear mterest 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. 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 amount 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. EN"IRQNMENT Me LAWS AND HAZM.IDOUS. SqBST ANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental "Response,-Compeilsation- aildLiiibility 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 "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" 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 Hazardous 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. Trustor 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 violation 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. Trustor 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 pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, emi!lent domain, or ~y other means. Trustor authorizes Beneficiary to intervene in Trusto(s name in any of the abovE7 descnbed acti~ns or clmms. Trustor aSSigns to Beneficiary the proceeds of any award or clann for damages connected with ~ condemn,:tlOn or Olhe! taki!lg o~ all or a!ly part of the Property. Such proceeds shall be considered payments a~d Will be apphed as prOVided ~n thiS Secunty Instrument. This assignment of proceeds is subject to the terms of any pnor mortgage, deed of trust, secunty 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 location. This insurance shall be maintained in the amounts. and for the periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding sentence can ch~nge durmg the. term of the Secured Debt. The insurance carrier providing the insur~ce shall. fie. chosen by Trustor ~ubJect to Beneficiary's approval which shall not be unreasonably Withheld. If Trustor fUlls to mamtam the coverage descr~bed above, Beneficiar.y may, at Beneticiary's option, obtain coverage to protect Beneficiary's rights in the Property accordmg to the terms of thiS Security Instrument. All insurUllce policies and renewals shall be acceptabl~ to B~neficiary. and shall. i~clude a standar~ "mortgag~ cl~use" and, where applicable, "loss payee clause." Trustor shall Immediat~ly notlfy Beneficiary of cance~latlOn or .tenrunatlOn of the insurance. Beneficiary shal~ have the .right to .hold t~e pohcles and rene~als. If Beneficiary reqUires, .Tfl!stor s~all immediately ~ive to Beneficiary all recel.pts of paid premIUms and renewal notlces. !--Ipon loss, Trustor. shall give Immediate notice to the msurance carrier and Beneficiary. Beneficiary may make proof of loss If not made Immediately by Trustor. (page 3 of 4) 01994 Wolters Kluwer Financial Services - Bankers Systems™ Form RE-DT-NE 12/15/2006 VMP @-C165(NE) 10708)