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<br />'14. DEFA.ULT, 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 Q(;c,urs under the terms of this SecurHY,Illstl1,lment or: any ()ther dOcJ.ltne!1te;x:ecuted for the
<br />.. '.'PUfP9Se of,cre~ting,~ecurif1g or.guaran~y~llg the Secured Debt,. Agood fil~th be~ief l;Jy l3eneficiarytb,atI:\eneficiary at any
<br />,J' "'!, }irpel i~ I iIl~ecute with resp.ecf to; ~y, pers.oq Pf ~llti,[y. opligated pn~r~.~ef~ryd; D~bt 9r that, the PtQsPeC~?J. any payment or
<br />'" the value of the Property IS ImpaIred shall, also constitute an eventgf <lef,mlt.,,;. '". , ; ..., d
<br />,:': 1,~.: lU!:~I>~S ~N. DE;F:,AUL T..~n, sQtpe:'-!J).s~,a.rices.. fyderij.l an?~,t.a.t~:~a,w. .wUl require,)?epeficiary to. provide Trustor with
<br />notIce of the nght to cure qr otherpqtiCcsM<1 may est"bh~h tll~lC ,sch~dJ.lI~~ f9r foreclgsure actIOns" ~ubJect to these
<br />limitations, if any, Beneficia~ 1flay , ac~~W~re. tpe Secured Debt ,an~;J~ryclose\thi~ Security Instf4tnent in a manner
<br />provided by law if Trustor is in default.' ", ' ' .
<br />At the option of 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. 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 such 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 required 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 deliver 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 surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property. The recit;ds inllllY, <teed of conveyance shall ,be prima facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulativean<l nqtexclusive, and the Beneficiary is ,entitled to all remedies. provided at law or
<br />equity, whether or not expres~IY set fo~th'l Tn~ ;tCc(lPtance byBelw~cia,ry y.f: any sUlp., ill payment or partiii\ payment on the
<br />'1,,', Se~ured :pel;Jt, a~t~rthe.1:l.al~cy.. i~.:c:l~!' Or)Sllf.:c~l,erat,edqr~~ter Ipi~pI~syrerIJfqe~~di!lgs~F~, filedsl1all I}ot constitute a
<br />, Wluver of BenefICIary's nght to reqUlr~C;.9,1!WJ9t~,?ur~.of l;U1Y.'rXI.st~P.&}rt~plt.,By notexe~cIslO~.ap:y remedy on Trustor's
<br />.,'." ,qyf~ult,B~~~f,iciary, does n9tw~ive )3enefic~ary's,ngh!tp lat(lr,yonsiaer the. ,event ,iil default if it continJ.les oF: happel).s again.
<br />I ,'16~IEXrE~~E.~; ',ADVANCES O~CQVt;~.(\N'fSj, ATTORNEYS'",FEESj, Co,l-LECTION, C9Sr~... E/Ccept when
<br />: 'prohil;Jited by law, Trustor agrees to pay allof Beneficiary's expenses if Trustor breaches any covenant inthis Security
<br />Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date 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 in 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.anvironmentalrRespoQs~;. Clilmpensation .and Liability, Ast (CERCLA, 42
<br />U .S.C. 9601 et seq.), and all otllerfederal, 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 />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 f9r the norm,al u.s(': and maintenance of theProperty.
<br />B. Except as previously disclosed and acknowledged in writing to Bel1eficiilTY , Tru'stor' and every ,tenant have been, are,
<br />,.,',and shall remain in full compliancewi~h atlyapplicable~nyironm{:n,tal Law~ '," " ,',' ".""., "
<br />; C.' Tnistoi' shall immediatelynotify'Benyficfary if' a releasf or threafeiled releas~ ()f ,a Hazardous. Substance oseurs on,
<br />under or about the Property orthere is'aviolatioI1ofjll1yEhvir6riri1entalLi,lw . cOncerning the Property: In such an
<br />'event, Trustor shall take all necessary remedial action in accordanceiwith 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.
<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 condenmation, 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 award or claim for damages connected with a condenmation 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 Iliibject to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien document. .
<br />19. INSURANCE, Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts and 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 />AU insurance policies and renewals $h<l11 be acceptable to Beneficiary and'sJiall include a stanl2iilrd "rogftgage clause" and,
<br />where applicable, "loss payee clause.i' Trustor shall immediatelyu()iifyBeneficiary ofcancellatic)fi or termination of the
<br />~nsura~ce. ,Be~eficiary-sh'al~ ~aYythe rig~t to hold.. t~e P6!i,ci~s'~~ ren~w,al~.)~Beneflciary.re,quires; .Trustor s~all
<br />ImmedIately glve to BenefIcIary all receIpts of paId premmmsandrenewal notIces. Upon loss, Trustor shall gIve
<br />immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by
<br />TTljstor.
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<br />~ 1994 Bankers Systems. Inc.. SI. Cloud. MN Form RE,OT,NE 1/30/2002
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