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<br />200902221
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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 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 />I~ot~ce . of th~ right to cur~ or other notices and may establish time schedule~ for f~reclosure acti~ns. Subject to these
<br />111m tat IOns, If any, Beneficiary may accelerate the Secured Debt and foreclose thiS Secunty Instrument 111 a manner provided
<br />by law if Trustor is in default.
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<br />{\t the. option of Beneficiary, all or .ar~y part. of .the ag~eed fees and charges, accrued interest and principal shall become
<br />nnmedlately due and payable, after glvmg nottce If reqll1red 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 />~nd sell the Property as a .whole. or in separate parc,els at public auc~ion to the highest bidder for. cash and convey absol~te
<br />t!tl~ free and c!ear o~ all ngh~, title and mterest of [rustor at such I1m~ apd place as Trustee designates. Trustee shall give
<br />notice of sale 1I1cludmg the time, terms and place of sale and a descnptton of the property to be sold as required by the
<br />applicable law in effect at the time of the proposed sale.
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<br />Upon s~le of the property an~ to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br />sold which conveys absolute t!tle to the I?urchaser, ~d after first paying all ~ees, charges and costs,. shall pay to Beneficiary
<br />all. m~:meys adyanced for repatrs, taxes, 1l1suran~e, hens, assessments and pnor encumbrances and 1l1terest thereon, and the
<br />pnnclp~1 an~ 1l1terest on the Secured Debt, paym~ the s\lrplu~, if any, to Trustor. Beneficiary may purchase the Property.
<br />The recitals 111 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 provided at law or
<br />eqll1ty, 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 Bene.ficiary's right t~ require ~o!npl~te .cure of any exis~ing default. By not ex~rc!sing ~ny remedy on Trustor. 's default,
<br />Beneficiary does not waive Beneficiary s nght to later consider the event a default If It contmues 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 incurred by Beneficiary for insurin~, inspecting, preserving or
<br />otherwise protectin~ the Property and Beneficiary's security interest. These expenses will bear 111terest from the date of the
<br />payment until paid 111 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.
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<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 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 contmninant 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 />18.
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<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed an? acknowledged in .writin& tl? Beneficiary, no Hazardous Subs~<I!lce is or will be
<br />located, stored or released on or m the Property. ThiS restnctlOn does not apply to small quantlhes 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 Haz~rdous Substance occurs on,
<br />under or about the Property or there is a violation of any Environmental Law concem1l1g the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall i1111nediately 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 />CONDEMNATION. Tnlstor will give Beneficiary prompt notice of any pending or threate!1t'ld action, by private o~ public
<br />entities to purchase or take any or all of the Property t~rough condemnation, emi?ent d01!latn, or ~y other means. ~rustor
<br />authorizes Beneficiary to intervene in Trusto(s name 111 any of the abov~ descnbed actt~ns or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claun for damages connected With ~ condemn~t1on or otheF takl!1g o~ all or a?y
<br />part of the Property. Such proceeds s~all b~ considered payments a~d will be apphed as proVided !n thiS Secunty
<br />Instrument. This assignment of proceeds IS subJect to the terms of any pnor mortgage, deed of trust, secunty agreement or
<br />other lien document.
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<br />INSURANCE. Trustor shall keep Property insured ag~inst los,s ~y fire, flood, theft an~ ot~er h:rzards and risks reasonably
<br />associated with the Property due to its type an.d locatlO!1. ThiS msurance shall be. mamtamed 111 the mnounts. and for the
<br />periods that Beneficiary requires. What B~neficlary Feqll1res.pursuant to the precedmg sentence can ch~nge dunng the. ter~
<br />of the Secured Debt. The insurance carner provldmg the msura!lce shall. be. chosen by Trustor ~ubJect to Beneficla~y s
<br />approval, which shall not be unreasonably wlIW1eld. If Truslor ~alls ,to !namt~111 the coverage desen.bed above, Benefiela~y
<br />may, at Beneficiary's option, obtain coverage to protect BenefiCiary s nghts 111 the Property accordmg to the terms of t1us
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<br />Security Instrument.
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<br />All insurance policies and renewals shaH be acceptable to Beneficiary and shall include astandar~l "mortgag~ cl~use" and,
<br />where applicable "loss payee clause." Trustor shall immediately notify Beneficiary of cance~latlOn or .ter1111natlOn of ~h~
<br />insurance. Beneficiary shall have the right to. hold t~e poliCies and rene:vals, If BenefiCiary reqll1res,. T1L!stor s. a
<br />immediately give to Beneficiary all receipts of pmd pre!11lUills and renewal notIces. !-JfPon 10sdS' TrustoJ. sr~1I fv~~~~dlate
<br />notice to the msurance carrier and Beneficiary. BenefiCIary may make proof of loss I not ma e Imme la e y y ,
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<br />19.
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<br />(page 3 of 4)
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<br />o 1994 Wolte," Kluwer Financial Se,vices - B.nkers System,TM Form RE-DT-NE 12115/2006
<br />VMP@,C165(NE) 107081
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