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<br />14. DEFAULT. Trustor \Yill b~jIl;)dQfaq1ti,if\!,p.y ~ga$I~()~Ii$ated onth~ 8.t;cured Debt fails to make payment when due, Trustor
<br />will be in default if a breach OCCUllSiunpq:fW,e terms $f this Security Instrwnent or anyothcr docwnent executed for the
<br />purpose of creating, securin:g()t'iguaramying tb;li:;'<Sfleu~ed Debt. A good faith belief by Benefil"iary that Beneficiary at any
<br />time is insecure with respect to any person oC'elitityoBligated 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. .
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />notice of the right to cure or other notices and may establish time schedules for foreclosure actions, Subject to these
<br />limitations, if any, Beneficiary may accelerate the Secured . Debt and foreclose this Security Instrwnent 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 recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />All remedies are distinct, cwnulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equity, whether or not expressly set forth, The acceptance by Beneficiary of any swn in payment or partial payment on the
<br />Secured Debt after the balance is due or is acceleJ;"ated, or after foreclosure proceedings are filed shall not constitute a
<br />waiver of Beneficiary's right to require complete cure of aQ.Y existing, default. By not exercising any remedy on Trustor's
<br />default, Beneficiary does not waive Beneficiary's right to later consider theevent a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES ONCOVENANTS;,AUORNf:YS' . :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 />Instrwnent. Trustor will also pay o.n demand a.nyamount 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 Instrwnent. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Instrwnent 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) Envirownental Law
<br />means, without limitation, the Comprehensive Environmelital' Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et seq,). and all other federal, state and local laws, regulations, ordinances, court orders, auorney general
<br />opinions or interpretive leuers 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 O~'; 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 heappr,opriate for the normal use and maintenance of the Property.
<br />B, Except as previously disclosed and acknowledged in writing; to Beneficiary, TrustoLa(l{\every.tenant',have,been, are,
<br />'and shall remain in,full compliance witbany:applicable Envirbnmental 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 remellial 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 rela~ing to the release or threatened release of any Hazardous
<br />Substance or the violation of any Envirownental 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 Propeny through coudemnation, 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 condemnation or other taking of all or any
<br />part of the Propeny. Such proceeds shall be considered payments and will be applied as provided in this Security
<br />Instrument. This assigwnent of proceeds is subject to the terms of any prior mortgage,' deed of trust, security agreement or
<br />other lien docwnent,
<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 (0 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 hea~ceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, . "loss payee clause," Trustor shall immediately notify Beneficiary of cancellation or termination of the
<br />insurance, Beneficiary :'shall' have' the right to "hold' , th17poli~ies and renewals. If Beneficiary requires; Trustor shall
<br />immediately give to Beneficiary , all' teceipts'Of paid premiums and renewal; 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 />Trustor.
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<br />~ @1994 Bankors Systom., Ino" 5t, Cloud, MN Form RE-DT-NE 1/30/2002'
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