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<br />14. DEFAULT. Trustor will be iu default if any parry obligated ou the Secured Debt fails to make payment when due. Trustor
<br />will be iu default if a breach occurs uuder the tenns of tl�is Securiry Instruznent or any otkier document executed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary tliat Beneficiary at any
<br />tune is iusecure with respect to any person or eutity obligated on the Secured Debt or tliat the prospect of any payment or
<br />the value af tl�e Property is impaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide 'I'custor with
<br />noticc of the right to cure or other untices aud iz�ay establish time schedules for foreclosure actious. Subject to these
<br />limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Iustrument in a manner
<br />provided by law if Trustar is in default.
<br />At tl�e option of Beneficiary, all or auy part of tlie agreed fees aud chacges, acerued interest and principal shall become
<br />unmedrately due and payable, after giving notice if required by law, upon the occurreuce of a default or anytune
<br />thereafter. Tu addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security Iustrument and any related documeuts, iucluding without limitation, the power to sell the Property.
<br />If there is a default, Trustee shall, in addition to auy other pennitted remedy, at the request a� the Beneficiary, adveRise
<br />and sell the Property as a wliole or in separate parcels at public auction to the higl�est qidder for cash and convey absolute
<br />t'rtle free and clear of all right, title and interest of Trustor at such time and place as 'I'rustee designates. Trustee shall give
<br />uotice of sale includiug the tirne, terms and place of sale and a descriptiou of the property to be sold as reqnired by the
<br />applicable law 'rn effect at the time of the proposed sale.
<br />Upon sale of the PropeRy and to the extent not prohibited by law, 'I'rustee shall make and deliver a deed to the Property
<br />sold which conveys absolute title to the purchaser, and after first payiug all fees, charges and costs, shall pay to
<br />Beneficiary a11 moneys advanced for repairs, taxes, insueance, lieus, assessments and prror encumbrauaes and interest
<br />thereon, aud the principal and i��terest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Pcoperty. The recitals in any deed of couveyance shall be prima fac're ev'rdeuce of the facts set forth therein.
<br />All reiuedies ace distinct, cumulative and nnt exclusive, and the Beneficiary is entftled to a11 remedies provided at 1aw or
<br />equity, whether or uot expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payrtxent on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are f'rled shall not constitute a
<br />waiver of Beueficiary's right tp require complete cure of auy existing default. By not exercisiug any remedy on Trustor's
<br />default, Beneficiary does uot waive Beucficiary's right to later consider the event a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prol�ibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Securiry
<br />Iustrument. Trustor will also pay on deniand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's securrty iuterest. These expenses will bear iuterest from the date of the
<br />payment until paid in fnll at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />to pay all costs an.d expenses incurred by Beueficiary in collecting, enforcing or protecting Beueficiary's rights and
<br />remedies under this Security Iustrumeut. This amount may iuclude, but is not limited to, attocueys' fees, court costs, and
<br />other legal expenses. Tl�is Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. ENYIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this sectiou, (1) Euvironmental Law
<br />__.. _ - - . means, wrtliout timitation, .th�..Co�npr�heusiv�. �n�rir�nmeutal Resp�u�e.�-Coanpeusation, .a.nd . Lia6ility Act (CERCLA,. 42 �
<br />U.S.C. 9601 et seq.), aad all other federal, state and local laws, regulations, ordinances, court orders, attorney geueral
<br />opinious or iuterpretive letters concerniug the public health, safery, welfare, environment or a hazardons substance; and (2)
<br />Ha,zardous Substance means any toxic, radioactive or hazardous z��aterial, waste, pollutant or contaminant which has
<br />cliaracterist'res which render tl�e substance dangerous or poteutially daugerous to the public health, safety, welface or
<br />environment. The tenn includes, without limitation, any substauces defined as "hazardous material,” "toxic substances,"
<br />"hazardous waste" oc "l�azardous substauce" uuder any �nviromneutal Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substaace is or will be
<br />located, stoced or released on or iu 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 inaintenance of the Properry.
<br />B. Except as previously disclosed and acknowledged in writiug to Beneficiary, Trustor and every tenant have been, are,
<br />aud shall remain in full compliauce with any applicable Environmeutal Law.
<br />C. Trustor sl�all umnediately uotify Beueficiary if a release or threatened release of a Hazardous Snbstance occurs on,
<br />under or about the Property or there is a violation of auy Environmental Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial actiou in accordance with any Environmental Law.
<br />D. Trustor shall i�runediately notify �eneficiary in writiug as soon as Trustor has reason to believe there is any peuding
<br />or threatened investigation, cla'rm, or proceeding relatiug to the release or thceateaed release of auy Hazardous
<br />Substance or the violation of any Envirom��ental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary pron�pt notice of any pending or tqreatened actinn, by private or public
<br />entities to purc�ase oc take any or all of the Froperty through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in 'I'rustor's uame iu any of the above described actions or claims. Trustor assigns to
<br />Seneficiary the proceeds of any award or claim for damages connected with a coudemnation or nther taking of all or auy
<br />paR of the Property. Suclt proceeds shall be considered payznents and will be applied as provided iu tltis Security
<br />Ipstrum�uC. Thi� assignmerLt ��prc�eeds is subject to the terms pf auy prior moRgag�, deed of trust, security agreement or
<br />other lien document.
<br />19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasouably
<br />associated with the Property dne to its type and location. This insurance sha11 be maintained in the amounts and for the
<br />periods that Beucficiary requires. What Lender requires pursuaut to the precedxng senfence can change during the terxn of
<br />the loan. 'I'he iusurance carrier providiug the insurance sl�all be chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be unreasonably withheld. If Trustor fails to nnaintain the covcrage described above, Beneficiary uiay, at
<br />Beneficiary's optinn, obtain coverage to protect Beneficiary's rights in the Prnperty according to the t�rms of this Secucity
<br />Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a sta,ndard "mortgage clause" aud,
<br />where applicable, "loss payee clause." Trustor shall 'unnieiiiatel'y not"�"`y '�eneficiary of �cancellation or terminatiou of the
<br />insura�ce. Beneficiary sliall have the right to l�old tt�e policies and renewals. If Beneficiary requires, Trustor shall
<br />unmediately give to Beneficiary all receipts of paid prerniums and renewal notices. Upon loss, Trustor shall give
<br />unmediate uotice to the insurauce carrier and Beueficiary. Beneficiary may make roa oss if not made i�nediately by
<br />Trustor.
<br />��� ��� i/ 7 (paqe 3 0 4J
<br />� � 1994 Bankera Syrtems, Iric., St. Cloud, MN Form RE-�T-NE 1l30 0 ����
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