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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 Instrument or any other document executed for the
<br />purpose of creating, securing 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 uefault.
<br />15. REMEDIES ON DEFAULT. In some instances, feueral 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 anu foreclose this Security Instrument 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 requireu 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 designatcs, 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 prohibitcu 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 oUhe facts set forth therein,
<br />All remedies are uistinct, cumulative and not exclusive, ami the Beneficiary is entitled to all remeuies provided at law or
<br />equity, whether or not expressly set forth, The acceptance by Beneficiary of any sum in payment 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
<br />waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remcdy on Trustor's
<br />uefault, Beneficiary does not waive Beneficiary's right to later consider the event a uefault if it continues or happens again,
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' I<'EI<~S; 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 protccting the Property anu Beneficiary's security interest. These expenses will bear interest from the date of the
<br />payment until paid in full at the highest intcrest 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 includc, but is not limitcd 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 Environmental 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, attorney general
<br />opinions or interpretivc letters concerning the public health, safety, wclfare, envirolilllent 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 uangerolls or potcntially dangerous to the public health, safety, welfare or
<br />environment. The term incluues, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "hazaruolls substance" under any Environmental Law,
<br />Tmstor represents, warrants and agrees that:
<br />A, Except as previously disclosed anu acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stored or releaseu 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, are,
<br />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 penuing
<br />or threatened investigation, claim, or proceeuing relating to thc release or threatened release of any Hazardous
<br />Substance or the violation of any EnvirOlilllental 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 award or claim for damages connected with a condemnation or other taking of all or allY
<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 proceeus is subject to the terms of any prior mortgage, deed of trust, secllrity agreement or
<br />other lien docllment.
<br />19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft anu other hazards and risks reasonably
<br />associated with the Property due to its type and location, This insurance shall be maintaineu in the amounts anu 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 standaru "mortgage clause" anu,
<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 the policies anu rcnewals. If Beneficiary requires, Trustor shall
<br />immediately give to Beneficiary all receipts of paid premiums anu renewal notices, Upon loss, Trustor shall give
<br />immediate notice to the insurance carrier and Beneficiary.- BenefieiB1'Y"1l1ay"make'pl'00f of loss if not made immediately by
<br />Trustor, : ""':'" ,.':... Hr.." ...:...'\,
<br />, ':'" , i (page 3 of 4)
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<br />Ex'(5e~ @1994 B.nkers Systems, Inc., SI. Cloud, MN Form RE.DT.NE ,.l/30/2002:.. _,... ..._:,..._. _ _ ..4
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