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<br />200903508
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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 />~ot~ce . of th~ right to cur~ or other notices and may establish time schedule~ for f~reclosure actions. Subject to these
<br />IUUltatIOns, 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 />At the .option of Beneficiary, all or .ar~y part .of ~he ag~eed fees and charges, accrued interest and principal shall become
<br />Immed.l~tely due an~ payable, after ~1V1ng notIce If requlf~d by la~, upon the occurrence of a default or anytime thereafter.
<br />In addltlOn, 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 />apd sell the Property as a ~hole. or in separate parcels at public auc~ion to the highest bidder for. cash and convey absolute
<br />tltl~ free and clear o~ all ngh~, title and mterest of Trustor at such tlm7 apd place as Trustee deSIgnates. Trustee shalI give
<br />notIce of sale mcludmg the tIme, terms and place of sale and a descnptlOn 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 title to the purchaser, and after first paymg 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 />princip~l an~ interest on the Secured Debt, paying the sl.!rplu~, if any, to Trustor. Beneficiary may purchase the Property.
<br />The reCItals m 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 />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 insuring, inspecting, preserving or
<br />otherwise protectin& the Property and Beneficiary's security interest. These expenses will bear interest 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, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />V.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 .writin& t? Beneficiary, no Hazardous Subs~apce is or will be
<br />located, stored or released on or in the Property. Thl,s restnctlOn does not apply t~ small quantitIes of Hazardous
<br />Substances that are generally recognized to be appropnate for the normal use and mallltenance 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 ~ release or thr~atened release of a Haz~rdous Substance occurs on,
<br />under or about the. Property or there is a vlOlatlOn of any Envlfonmental Law concernmg 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 investigatlOn, 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 of any.pendin& or threate!led action, by private or public
<br />entities to purchase or take any or all of the Property through condemnatlOn, eml?ent dOt;nalll, or a~y other means. yrustor
<br />authorizes Beneficiary to intervene in Trusto~'s name in any of the abov~ descnbed actl~ns or claIms. T!ustor assIgns to
<br />Beneficiary the proceeds of any award or claIm for damages connected with ~ condemn~tlon or othe! taki!lg o~ all or a!1y
<br />part of the Property. Such proceeds s~all b~ considered payments a~d WIll be apphed as prOVided !n tlus 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 />19. INSURANCE. Trustor shall keep Property insured ag~inst los~ ~y fire, floohd'llthbeft an~ ot~lerdh~zatrhds and riStkS redasfo~a~~~
<br />associated with the Property due to its type and locatIo? ThIS msurance s a e. mallltame m e amoun s. an .
<br />periods that Beneficiary requires. What B~neficiary !eqmres .pursuant to the precedmg sentence can ch~nge dunng th~ terJ?
<br />of the Secured Debt. The insurance camer provldmg the msurance shall. be. chosen by Trustor ~ubJect to Beneficla~y s
<br />a proval, which shall not be unreasonably withheld. If Trustor ~ails ,to ~amt~m the coverage descr~bed above, BenefiCla~y
<br />Jay, at Beneficiary's option, obtain coverage to protect BenefiCiary s nghts m the Property accordmg to the terms of thIS
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<br />Security Instrument.
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<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall i!lclude a standar~ "mortgag~ cl~use" mg,
<br />where applicable "loss payee clause." Trustor shaH immediately notify BenefiCIary of canceVatlOn or .termmatlOn 0 ~ II
<br />insurance Beneficiary shall have the right to hold the poliCIes and rene~als. If BenefiCIary reqmres, .T~stor s. a
<br />immediat~ly give to Beneficiary. all receipts of paid premiums and renewal notIces. ~pon loss, Yrustor. Sh~ll fV{ IInmedlate
<br />notice to the msurance carrier and Beneficiary. Beneficiary may make proof of loss If not made ImmedIate y y rustor.
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<br />(page 3 of 4/
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<br />01994 Wolter. Kluwer Flnanci.1 Services - Banke,. SvstemsTM Form RE-DT.NE 12/15/2D06
<br />VMP@-C165(NE)107081
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