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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 tYus Security Instrunnent or any other document executed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Bene�ciary 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 innpaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In sorne instances, federal an,d state law will require Beneficiary to provide Trustor with
<br />notice of the right to cure or other notices and may establish time schedules for foreclosnre actions. Subject to these
<br />limitatians, if any, Beneficiary may accelerate t]�,e Secured Debt and foreclose this Security Instrument in a manner
<br />provided by law if Trustor is in default.
<br />At the option of Bene�iciary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable, after giving notice if required by law, upon the occurz�ence of a default or anytime
<br />thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security Instrument and any related documents, including without limitation, the power to sell the Property.
<br />If there is a default, Truste� shall, in addition to any other permitted remedy, at the reyuest of the Beneficiary, advertise
<br />arad sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title and interest of Trustar at such time and place as Trustee desigz�ates. Trustee shall give
<br />nntice of sale including xhe time, terms and place of sale and a description of the property to be �nld as required by the
<br />applicable law in effect at the time of the propased sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall nnake 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
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property. The arecitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the $ene�ciary is entitled to all remedies provided at law or
<br />equity, whether or not expressly set forth. 'i'he acceptance by Beneficiary of any sum in payn:zent or partial payment on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are �led shall not constitute a
<br />waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br />default, Bene�ciary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES �N 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 />Inistrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses wili bear interest from the date of the
<br />payment until paid in 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 collecCing, enforcing or protecting Bene�ciary's rights and
<br />remedies under this Security Instrument. This amount nnay include, but is not limited to, attomeys' fees, court costs, and
<br />other legal expenses. This Security Instrument shall remain in effect until released. Tzustor agrees to pay for any
<br />recordation costs of such release.
<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
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<br />npinians or interpretive letters concerning the public health, safety, welfare, environment or a hazarcious substance; and (2)
<br />Hazardaus Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />charactearistics 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 rnaterial," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environznental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substan.ce is or will be
<br />located, stared 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, are,
<br />and shall remain in firll compliance with any applicable Environmental L.aw.
<br />C. Tn►stor shall i�nmediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violatinn of any Environmental Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordan,ce 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 threatene� investigation, claizn, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance or the violation of any Environtnental I.aw.
<br />18. CONDEMNATION. Trustor will give Beneficiary prornpt notice of any pending or thr�atened action, by private nr pnblic
<br />entities to purchase or take any or all of the Property through candemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustar's name in any of the above described actions or clainn.c. Trustor assigns to
<br />Beneficiary the proceeds of any award or claiun for damages connected with a condemnation or other taking of all or any
<br />part of the Property. Such proceeds shall be considered payments and will be applied as provided dn this 5ecurity ..
<br />' Instruihc�nt: This assignment of proceeds is subject to the terms of any prior�mortgage, deed of trust; security agreement or
<br />other lien document.
<br />19. INSURANCE. Trustax shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be m.aintained in the amounts and for the
<br />periods that $eneficiary requires. What Lender requires pursuant to the preceding sentence can change during the term of
<br />the loan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be unreasoz�ably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />Bene�ciary's aption, obtain coverage Co protect Bene�ciary's rights in the Property according to the terms of this Security
<br />Instrument.
<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 immediately notify Beneficiary of cancellation or termination of the
<br />insurance. Bene�ciary snarl na�e the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />i�ea��c�ry give to $eneficiary all receipts of paid premiurns and renewal notices. Upon loss, Trustor shall giv�
<br />immediate notice to the insurance carrier and Bene�ciary. Beneficiary may make proof of loss if not made immediately by
<br />Trttstor.
<br />,� , a7 .. I ""��� ���� . (Page 3 of 4J
<br />�� �1994 BankersSystems, Inc., St. Cloud, MN Form RE-DT-NE 1130l2 X � 3 "�' �� ��' '
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