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<br />200900195
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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 tinder the terms of this Security Instrument or any other document executed for the
<br />purpose of creatin~, 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 default.
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<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />~ot~ce .of th7 right to cur~ or other notices and may establish time schedule~ for fo.reclosure acti~ns. Subject to these
<br />IIrmtatIons, If any, BenefiCIary may accelerate the Secured Debt and foreclose thIS Secunty Instrument In a manner provided
<br />by law if Trustor is in default.
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<br />~t the .option of Beneficiary, all or .~y part .of ~he ag~eed 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 thereafter.
<br />In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security
<br />Instrument and any related documents, including without limItation, the power to sell the Property.
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<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />a,nd sell the Property as a ~hole. or in separate parcels at public auc~ion to the highest bidder for. cash and convey absolute
<br />title free and clear of all nght, 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 he sold as required by the
<br />applicable law in effect at the time of the proposed sale.
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<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 Beneficiary
<br />all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />principal and interest on the Secured Debt, payin~ the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br />The recitals in any deed of conveyance shall be pnma facie evidence of the facts set forth therein.
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<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies (lrovided 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 waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
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<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' 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 />Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin~, inspecting, preserving or
<br />otherwise protectin& the Property and Beneficiary's security interest. These expenses will bear mterest from the date of the
<br />payment until paid m 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 le~al expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordatIOn costs of such release.
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<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in< this section, (I) 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 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.
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<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 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,
<br />are, 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 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.
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<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice ofany.pendin& or threate~ed action, by private or public
<br />entities to purchase or tak~ any or aV of the Property' t~rough condemnation, emI!lent dOI?-ro~,or ~y othermeans. Trustor
<br />authorizes Beneficiary to Intervene In Trusto(s name In any of the abovt:: descnbed actIo.nsor clroms. T!Ustor aSSIgns to
<br />Beneficiary. the proceeds .of.any award..!)r claun fOLdama&!';s "onn~~!~ ~ wlth ~, cO!1~~~atIO;ll_or other taki~g o~ all or, fI!1Y
<br />part of the Property. Such proceeds shall be considered payments and WIll oe applied as proVIded !n thIS Secunty
<br />Instrument. This aSSIgnment of proceeds is subject to the terms of any prior mortgage, deed of trust, secunty agreement or
<br />other lien document.
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<br />19. INSURANCE. Trustor shall keep Property insured ag~inst los.s ~y fire, flood, theft an~ o~er h~ards and risks reasonably
<br />associated with the Property due to its type and locatIon. ThIS Insurance shall be. maIntaIned m the amounts. and for the
<br />periods that Beneficiary requires. What Beneficiary requires pursuant to the precedIng sentence can ch~nge dunng th~ term
<br />of the Secured Debt. The insurance carrier prOVIding the insurfl!1ce shall. be. chosen by Trustor ~ubJect to BeneficIa~y's
<br />approval, which shall not be unre~sonably WIthheld. If Trustor ~atls,to !llamt~In the coverage descr~bedabove, BeneficIa~y
<br />may, at Beneficiary's option, obtaIn coverage to protect BenefiCiary s nghts In me Property accordmg to the terms of thIS
<br />Security Instrument.
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<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor shall immediat~ly notify Beneficiary of cance~lation or .termination of the
<br />insurance. Beneficiary shall have the right to hold the polICIes and renewals. If BenefiCIary reqUIres,. T~stor s~all
<br />immediately give to Beneficiary all receipts of paid premiums and renewal notices. ~pon loss, Trustor. shall gIve Imme, dIate
<br />notice to me Insurance carrier and Beneficiary . Beneficiary may make proof of loss If not made ImmedIately by Trustor.
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<br />(page 3 of 4J
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<br />o 1994 Wolters Kluwer Financial Services - Bankers Systems™ Form RE.DT-NE 12/15/2006
<br />VM P @-C165(NEII070BI
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