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" i'. j 200808146 14. DEFAULT. Trustor will be in defaull if any party obligated on the Secured Debt fails tOlllake payment when due. Trustor will be in default if a breach occurs under the terms of this Security Instrul1lelll or any other document executed for the purpose of creating, securing or guarantying the Securcd Debt. A good faith helief by Beneficiary that Beneficiary at any Lime 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 stale law will require Ikneficiary to provide Trustor wiTh nOlice of the right to cure or other notices and luay establish thne schedules for foreelosure actions. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreelose 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, :lcerued 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 doculUents, induding without limitation, thc power to sell the Property. If there is a default, Trustee shall, in addition to any other pennitted rcmedy, al 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 Hnd interest of Trus(or at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place of sale and a descriplion of the properly to be sold as required by tile 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, paying the surplus, if any, to Trustor. Beneficiary lllay purchase the Properly. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein. All rellledies are distinct, cUlllulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or equity, whether or not expressly set forth, The acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt afLer the balance is due or is accelerated or after foreclosure proceedings are filed sIwll nol constitute a waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy Oil Trustor's default, Beneficiary docs not waive Beneficiary's right to laler consider the event a default ifit continues or happens again. 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS I leEES; COLLECflON COSTS. Except when prohibited by law, 'I'rustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security Instrument. 'l'rustor will also pay on derlland any amount incurred by Beneficiary for insuring, inspecting, preserving or otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in lhe 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 alllount may include, but is not limited 10, attorneys' fees, coun costs, and other legal expenses. 'I'his Security Instrument shall remain in effect until released. Trustor agrees to pay for aay recordation costs of such release. 17. ENVIRONMENTAL I,AWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 4-2 V.S.C. 9601 ct seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning tbe public heallh, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any loxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, wd[arc or environment. 'I'he term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under a.ny 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 Suhstances 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. 'l'rustor 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 ProperlY. In sucll an event, Truslar shall take all necessary remedial action in accordance with any Environmental Law. D, '['rustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending or threatencd investigation, claim, or proceeding relating to the release or threatened release of any Ha7,anious Suhstance 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 lake any or all of the Property through condemnation, eminent domain, or any other means. Trustor authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the tenns of any prior mortgage, deed of trust, security agreement or other lien document. 19. INSURANCe. Trustor shall keep Property insured against loss by fire, Hood, theft and other ha7,anls and risks reasonably associated witll the Property due to its type and location, This insurance shall be maintained in the amounts and for the periods that Beneficiary requires. What L,ellder requires pnrsnant to the pr,~ceding sentence can cl1ange daring LIre term of the loan. The insurance carrier providing the ini>urance shall be chosen by 'l'rustor slJhjcct to Beneficiary's approval, which shall not he unreasonably withheld. If Trustor fails to maintain the coverage descrihed above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the tel1ns of this Security Instrument. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "loss payee elause," Trustor shall imlllediately notify Beneficiary of cancellation or termination of the insurance. Beneficiary shall !lave the right to hold the policies and renewals. If Beneficiary requires, 'l'rustor [;hall imrnediatc1y give to Beneficiary all receipts of paid premiums and renewal notices. U pOll loss, 'l'rustor shall give immediate notice to the insurance carrier and Beneficiary. Bell .. not made immediately by Trustor. Ex:{iii;?iJ(lM (~) 1994 Bankors Sys'lerns, Inc" St. Cloud, MN Form RE-DT-NE 1/30/2002 ;,qqoq J\r~i' t'OU~q,dml!~" ". ~.}.~ (page 3 of 4)