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<br />200802161
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<br />14. D~FAU~T. Trust?r will be in default if any party obligate4 on the Secured Debt fails to make payment when due. Trustor
<br />wIll be m defau!t If a bre~ch occurs under the terms of thIs Security Instrument or any other document executed for the
<br />purpose of creatmg. secunng or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of default.
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<br />15. RE~DIES ~N DEFAULT. In some ~nstances, federal an~ sta.te law will require Beneficiary to provide Trustor with
<br />~ot~ce .of th~ nght to cur~ or other notIces and may estabhsh time schedules for foreclosure actions. Subject to these
<br />ltlllltatlOns, If any, BenefiCIary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided
<br />by law if Trustor is in default.
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<br />~t the. option of Beneficiary, all or .31!-Y part. of ~he ag~eed fees and charges, accrued interest and principal shall become
<br />Immed.l~tely due an~ payable, after &Ivmg nottce If requlf~ by la:w', upon the occurrence of a default or anytime thereafter.
<br />In addItIOn, BeneficIary shall be entitled to all the remedIes provIded by law, the terms of the Secured Debt, this Security
<br />Instrument and any related documents, including without limItation, the power to sell the Property.
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<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />ap.d sell the Property as a ~hole.or in separate parcels at public auc~ion to the highest bidder for cash and convey absolute
<br />tttl~ free and c!ear o~ all ngh~, tttle and mterest of Trustor at such ttm~ ap.d place as Trustee designates. Trustee shall give
<br />nottce of sale mcludmg the ttme, terms and place of sale and a descnptlOn of the property to be sold as required by the
<br />applicable law in effect at the time of the proposed sale.
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<br />Upon s~e of the property an4 to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br />sold whIch conveys absolute tttle to the I,>urchaser, and after first paymg all fees, charges and costs, shall pay to BenefIciary
<br />all moneys advanced for repairs, taxes, msurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br />The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
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<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiarl is entitled to all remedies I,>rOVided. at. law or
<br />equity, whether or not expressly set forth. The acceptance by Beneficiary 0 any sum in paxment or partIal payment on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are fIled shall not constitute a waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
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<br />16. 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 Security
<br />Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protectin& the Property and Beneficiary's security interest. These expenses will bear mterest from the date of the
<br />payment until paid 10 full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />other le~al expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordatton costs of such release.
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<br />17. 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 />V.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.
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<br />18.
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<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 />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br />are, and shall remain in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance or the violation of any Environmental Law.
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<br />CONDEMNATION. Trustor will give Beneficiary prompt notice of any.pending or threate!led action, by private or public
<br />entities to purchase or take any or all of the Property through condemnatIOn, eml,nent dOJ?am, or ~y other means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name in any of the abov~ descnbed actt~ns or claIms. Trustor assIgns to
<br />Beneficiary the proceeds of any award or claim for damages connected With ~ condemn~tlon or othe! takl!lg o~ all or ~y
<br />part of the Property. Such proceeds shall be considered payments ~d Will be applted as proVided !n thIS Secunty
<br />Instrument. This assIgnment of proceeds is subject to the terms of any pnor mortgage, deed of trust, secunty agreement or
<br />other lien document.
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<br />19. INSURANCE. Trustor shall keep Property insured against loss ~y fire, flood, theft an~ ot~er h!lZards and risks reasonably
<br />associated with the Property due to its type and location. This msurance shall be. mamtamed m the amounts. and for the
<br />periods that Beneficiary requires. What Beneficiary requires pursuant to the precedmg sentence can ch~ge dunng the. ter~
<br />of the Secured Debt. The insurance carrier proViding the insurll!lce shall. be. chosen by Trustor ~ub.Ject to Beneficla~ s
<br />approval, which shall not be unreasonably Withheld. If Trustor ~atls ,to !llamt~1O the coverage descr~bed above, Beneficla~y
<br />may, at Beneficiary's option, obtain coverage to protect BenefiCIary s nghts In the Property accordmg to the terms of thIS
<br />Security Instrument.
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<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standar~ "mortgag~ cl~use" and,
<br />where applicable, "loss payee clause." Trustor shall immediat~ly notify Beneficiary of cance~latlOn or .termmatlOn of the
<br />insurance. Beneficiary shall have the .right to .hold t~e poliCIes and rene~als. If BenefiCIary reqUires, .Tfl!stor s~all
<br />immediately give to Beneficiary all receIpts of paId premIUms and renewal notIces. ~pon loss, Trustor: shall gIve ImmedIate
<br />notice to the lllsurancc carrier and Beneficiary. Beneficiary may make proof of loss If not made Immediately by Trustor.
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<br />(page 3 of 4)
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<br />o 1994 Wolter. Kluwer Financial Services - Bankers SystemsTOt Form RE-DT.NE 12/15/2006
<br />VMP@.C165(NE)107081
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