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<br />200805656
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<br />(' 14, DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />will be in default if a breach occurs under the terms of this Security Instrumentor any other document executed for the
<br />. purpose of creating; securing o.~ guarantying the Secured Debt., A good, faith 'belief by ~~nefici!U1"that~eneficiary at any
<br />, . , . time is insecure with respect .. to'any. person or~ntity" obligated on the Secure,d :pebt.. 0,1' tl1,at'tp:ep~ospect9fany payment or
<br />~'the value df'the Property' is'impaired 'shall also constitute 'all event of defa:ult:'., ,-n, " .' ,.\,- ,
<br />15,'~~DIES ~N ~Ji:1f r\ ULT ,'1)1 SOIIl~' ~ll~tfflces,~e~~ral an? '~t~te l~'f ~iJ1 ~~9ujre~,ellefici~'tR.rr9~i4e . !rustor with
<br />, ,.. "notice of 'the nght. to cure .' o,t" other'1l9hces u and '.l)1ayesta1?hsh ,hm~. ~9he~~les fo~, fqreclosu!l? ,ach911~. .. S!19~ ect to these
<br />limit~tions, if ~y, Bene,~~~~, ~ax ,~cc~\eJ~t~ ..~I1~ ~epvrrd D(\bt:.. ~d for~crlo~,e. Jhl~ 'Secunty Instf\lp.pnt. lD a manner
<br />provIded by law If Trustor IS 10 default. .,.. . .., , ,
<br />At the option of Beneficiary. all or any part of the agreed fees aIld 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. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security Instrument and any related documents, including without limitation, the power to sell the Property.
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title and interest of Trustor at sllch time and place as Trustee designates. Trustee shall give
<br />notice of sale including the time, terms and place of sale and a description of the property to be sold as'requircd by the
<br />applicable law in effect at the time of the proposed sale. . , ,.",.'"
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deHver a deed to the Property
<br />sold which conveys absolute title to the purchaser, 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 s).lrplus, 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 />All remedies are distinct, cumulativeand not exclusive, and the Beneficiary is ~ntit!e4to all remedies provided at law or
<br />equity, whether or not expr~s~ly set :fo$.Ih.eaccept~c(\ by Belleficiary',l?f~y s~llJ1)n ,P3;ymellt 9f p',ania!.payment .on the
<br />Sel;ured Debt after the balance is due oris apcelerated 01' after f<;lreqlosure pr()(.:eedil1g~ <gefil~ds.hall nqt constltute a
<br />, waiver ot BeneficiarY's righi t6 requft-e" C9m~!~~~'cUI'~:g{~y',~~fsti~g',4el3;ult::By,'n:Q~,~?C~,r9,i~il1~ i~~' ~~m~t on Trustor's
<br />,default, Beneficiary ~oes not \Y~~v~ Beneficiary's rig~t tdlate.rHol1~~d~r ,tJ,1~~v~~~;l.defaul,t; ifjt,99nHllut;;,s.or,hapP,~ns again.
<br />, 16" 'EXf.E~S:ES;AD':A!IlCt:S: ()N S9V~N'~$;.. AIT()~X~~,~,~~i(;q;H~E~tI,P~ 'CQST~,. J~~sem wh.en
<br />" .. . prohlblted'by . law , Trustor agrees. to . pay. all . or .BeneficIary' s expense,s If, T~stpr .l?reach,es, <U;1y .povenan,t .In ~hIS ~ecunty
<br />,-. Iristhlment. Trustor will also pay on demandal~y amount incllrredby ,e~I),efict!lfY for. insllring, jtl~pecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the <;1ate of the
<br />payment until paid in 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 legal expenses. This Security Instrument shall remain iQ effect until released. Trustor agrees to pay for any
<br />recordation costs of such release. "
<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 />U ,S .c. .9601 et.. seq, ), anp,all other federal.~.tate,. and .IQc~ laws,_regula~iPAIi ,_m:QillanC~, -CQ~It: ,.ordl;rs ,a~tQID,1<Y 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 />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 forthe normal use and maintenance of the Property.
<br />B. Exc~pt as. previottsly disclosed and acknowledged in writing to Beneficiary, 1;rustor;and every tenant have been, are,
<br />, arid shall remain infull compliance with any applicable Enviionmimtal Law,. . . . .... .. .. .
<br />,., C. Trustor shall immediately notify Beneficiary if it release or threatened release of a Hazardous .~llbstance: occurs on,
<br />under or about the Property or there is a violation 'of any Environmental' Law concemingtheProperty. In such an
<br />event, Tnistor 'shall takealJ: necessary' remedial action in accordance, with'any EtivironmentaJLaw'.!)
<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.
<br />18, CONDEMNATION, Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any awaru or claim for damages connected with a condemnation or other taking of all or any
<br />part of the Property . Such proceeds shall be considered payments and will be applied as provided in this Security
<br />Instrument. This assignment of proceeds is subject to the terms of ariyprior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />19, INSURANCE. Trustor shall keep Property insured against loss by fire, fl<<?od, theft and other hazards andrisks reasonably
<br />associated with the Property due to its type and location~ This insurance shall bemaintahled-In"theaniowits anO for the
<br />periods that Beneficiary requires. What Lender requires pursuant to the preceding sentence can change during the term of
<br />the loan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be unreasonably withheld, If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security
<br />Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a sVutdard "mortg~ge clause" and,
<br />where applicable, "loss payee clause;" Trustor shall immediately notify BenefiCiary ofcancellario'n or termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals.. If Beneficiary' 'requires, Trustor shall
<br />immediately give to Beneficiary all receipts of paid premiums and renewaL notices: Upon loss; Trustor shall give
<br />immediate notice to the insurance carrier and Beneficiary. Benefi;ciary maYtnake p~()o(pf loss if not made immediately by
<br />Trustor.' ,. ... ,..,. .. .,', .,.'" .'mi'
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<br />~ Q 1994 Bankers Systems. Ine,. St, Cloud. MN Form RE"DT.NE 1/30/2002"""..". ..:, ... ....."."".,..'.,~ ~
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