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200902886 14. DEFAULT. Trustor will be in default if lUIy party obligated on the Secured Debt falls to make payment when due. Trustor will be In default If a breach occurs under.the tenns of this Security Instrument or any other dOcument executed for the purpose of creatinf, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any time is Insec1ue WIth respect to any person or entity obligated on the Secured Debt or that the prospect of any psyment or the value of the Property is impaired shall also constitute an event of default. IS. REMEDIES ON DEFAULT. In some instances. federal and state law will require BenefICiary to provide Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any 1 Beneficiary may accelerate the Secured Debt and foreclose 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, accrued interest and principal shall become imrnPlltate1y due and payable, after atving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Beneficiary shall be entitled to all the renledies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including without linutstion, the power to sell the Property. If there Is a default, Trustee sba1l, in addition to any other permitted remedy, at the request of the Beneficiary, advertise and seU the Property as a whole or in separate parceJ.s at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title and interest of Trustor at such time and place as Trustee desl~. Trustee shall give notice of sale including the time, terms and place of sale and a description of the property to be sold as required by the 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 absofute title to the J,lurchaser, and after first paying all fees, charges and costs, shall pay to BeneIICIaiy all moneys advanCed for repairs, tMes, lIlSUl'lUtCC, liens, assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured Debt, paYInB the surplus, if any, to Trustor. BeneflCiary may purchase the Property. The recitals in any deed of conveyance shall be pnma facie evidence of the facts set forth therein. All remedies are distinct, cwnulative and not exclusive, and the Beneficiary is entitled to all remedies J,lrovided 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 after the balance IS due or Is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again. 16. EXPENSES; ADVANCES ON COVENANTS; ATIORNEYS' FEES; COLLECTION COSTS. Excepi when prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant In this Security Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for Insuring, inspecting, preserving or otherwise pro~ the Property and Beneficiary's security interest. These expenses will bear interest from the date of the payment until paid m full at the,highest Interest rate In effect as provided in the terms of the Secured Debt. Trustor agrees to pay all costa and ~s incurred I>y Beneficiary in collecting, enforcing or protecting Beneficiary's rights lUId reniedies under this Securlty Instn1ment. This amount may include, but is not limited to, attorneys' fees, court costs, and other leBal expenses. This Security Instn1ment shall remain In effect until released. Trustor agrees to pay for any recordatIon costs of such release. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means. without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regu)ations, ordinances, court orders, attorney general opinions or interprdive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contgmingnt which has characteristics which render the substance dangerous or potentls11y dangerous to the public health, safety, welfare or environment. The term includes. without limitation, any substances defmed as "hazardous material," "toxic substances. " "hazardous waste" or "hazardous substance" under any Bnvironmental Law. Trustor represents, warrants and agrees that: . A. Except as previously disclosed and acknowledged in wri~ to Beneficiary, no Hazardous SubstaI1Ce is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances 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, Bud shall remain In full compliance with any applicable Environmental Law. C. Trustor shall immediately notify Beneficillt}' if a release or threatened release of a Hazardous Substance ooours on, under or about the ProoCrtv or there is a vlolati~. of any Bnviro~tal Law oo~ the Property. In such an event, Trustor shall take a1f necessary remedial action in accordance Wlth any Envrronmentsl Law, D. Trustor shall inuncdiately notify Beneficiary in writing as soon as Tmstor has reason to believe there is any pending or threatened investigation, claiI!> or proceeding refating to the release or threatened release of any Hazardous Substance or the violation of any bDvironmental Law. 18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pendin$ or threatened action, by private or-public entities to purchase or take any or au of the Property through condemnation, emment domain. or lUIy 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 clailil for damages connected with a CC;llldemnation or other taking of all or lUIy part of the Property. Such pfoceeda sba1l be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of lUIy prior mortgage, deed of trust, security agreement or other lien document. 19. INSURANCE, Trustor shall keep Property Insured against loss by fire, flood, theft and other buards and risks reasonably associated with the Property due to Its type and location. This Insurance shall be maintained in the amounts and for the ~ods that Beneficiary requires. What Binefic~ requires pursuant to the preceding sentence can chqe during the term of the loan. The insurance carrier providinl! the msurance shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably Withheld. ff Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect BeneflCiary's rights in the Property according to the terms of this Security Instrument. AU insunmce policies and renewals shall be acceptable to Benefipiary and shall include a. standard "mortgage clause" and, where applicable, "loss payee clause." Trustor shall immediately notify Beneficiar}' of canceUation or termination of the insunmce. Beneficiary. sluill have the right to hold the policies and renewals. lf Beneficiary requires, Trustor shall ~ly stve to Senetifiary all receipts of p'aid ~~ums and renewal not1ces. Upon loss, Trustor i1ha1l give immediate notice to the msurance carner and BenefIciary. Beneficiary may make proof of loss if not made inuncdiately by Trustor. ~ 0 '884 ........Ily_. "",., St_ Cloud. "'N room R"-DT-f'" 1/3Dn002 _-C1e6INEllO:SOll Loan Numb.r 09.04"1!:- (~