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20090902
<br />14. DEFAULT. Trustor will be in default if any pazty 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 5ecurit}~ Instrument or an other document executed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A ggoiod faith belief by Beneficiary that Beneficiary at any
<br />time is insecure with respect to any person or entity obligated on theiSeeured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of ~efault.
<br />15. REMEDIES ON DEFAULT. In same instances, federal and state law will require Beneficiazy to provide Trustor with
<br />notice of the right to cure or other notices and may establish tim¢¢' schedules for foreclosure actions. ~ibject to these
<br />limitations, if any, Beneficiary may accelerate the Secured Debt and fdreclose this Security Instrumenk in a manner provided
<br />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 />inunediately due and payable, after diving notice if required by law, pon tthhe occurrence of a default or anytime thereafter.
<br />In addition, Beneficiary shall be entitled to all the remedies ~rovided~ by law, the terms of the Secured Debt, this Security
<br />Instrument and any related documents, including without limitation, t~e power to sell the Property.
<br />If there is a default, Trustee shall, in addition to an other permitt remedy, at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in sepazate parcels at public sucti n to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title and interest of Trustor at such t' a and place as Trustee designates. Trustee shall give
<br />notice of sale including the time, terms and place of sale and a de iption 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 prohibited by law, rustee shall make and deliver a deed to the Pro erty
<br />sold which conveys absolute title to the purchaser, and after first payi~g all fees, charges and costa, shall pay to Beneficiary
<br />all moneys advanced for repairs, taxes, insurance, liens, assessmentsand 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 prune facie evidence f the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the ficiary is entitled to all remedies provided at law or
<br />equity, whether or not expressly set forth. The acceptance by Benefi 'ary of any sum in payment or partial payment on the
<br />Secured Debt after the balance is due or is accelerated or after foredo ure proceedings are filed shall not constitute a waiver
<br />of Beneficiary's right to require complete cure of any existing defaut . By not exercising any remedy an Trustor's default,
<br />Beneficiary does not waive neficiazy's right to later consider the ev nt a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiar~+'s expen s if Trustor breaches any covenant in this Security
<br />Instrument. Trustor will also pay on demand any amount incurred y Beneflciary 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 pro stied in the terms of the Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurred by Beneflciary in call g, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This amount may include, ut is not limited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Instrument shall remain in a feet until released. Trustor agrees to pay far any
<br />recordation costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANC S. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Resp rise, Compensation and Liabi]]ity Act (CERCLA, 42
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, r gulations, ordinances, court orders, attorney general
<br />opinions or interpretive letters concerning the public health, safety, elfare, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous feria), waste, pollutant ar contaminant which has
<br />characteristics which render the substance dangerous or potential) 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 Environmen Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writin to Beneficiazy, no Hazardous Substance is or will be
<br />located, stored or released on or in the Property. This restrt lion 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 writin to Beneficiary, Trustor and every tenant have been,
<br />are, and shall remain in full compliance with any applicable nvironmental Law.
<br />C. Trustor shall immediately notify Beneficiary if a release or t eatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violation of any E viroivmental Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in acco dance with any Environmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as so n as Trustor has reason to believe there is any pending
<br />or threatened investigation, claim, ar proceeding relating t the release or threatened release of any Hazardous
<br />Substance or the violation of any Environmental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pendin~t or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through cond lion, eminent domain, or any other means. Tnistor
<br />authorizes Beneficiary to intervene in Trustar's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim far damages tonne ed with a condemnation or other taking of all or any
<br />part of the Property. Such proceeds shall be considered paymen s and will be applied as provided in this Security
<br />Instrument. This assignment of proceeds is subject to the terms of y prior mortgage, deed of trust, security agreement ar
<br />other lien document.
<br />19. INSURANCE. Trustor shall keep Property insured against loss by e, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This ins ante shall be maintained in the amounts and for the
<br />periods that Beneflciary requires. What Beneficiary requires pursuan to the preceding senkence can Changge during the terns
<br />of the loan. The insurance carrier providingg the insurance shall be chosen by Trustor subject to Beneflciazy's approval,
<br />which shall not be unreasonably withheld. If Trustor fails to mains 'n the coverage described above, Beneficiary may, at
<br />Beneficiary's option, obtain coverage to protect Beneficiazy's rights 'n the Property according to the terms of this Security
<br />Instrument.
<br />All insurance policies and renewals shall be acceptable to Benefits and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor shall immediately n dfy Beneficiary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hold the policies d renewals. If Beneficiary requires, Trustor shall
<br />immediately give to Beneficiary all races is of aid premiums and re ewal notices. Upon loss, Trustor shall ggiive immediate
<br />notice to the insurance carrier and Beneficiary. Beneficiary may m proof of loss if not made immediately by Trustor.
<br />y[~,~ (page ~ 4)
<br />Fj ,~~M ©1994 Bankara Syatema, Inc., St. Cloud, MN Form R&C7~NE 1/3012002
<br />C155(N~ to3ot) ~ Loan Numher09-11-OOtit~46
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