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<br />14. DEFAULT. Trustor will be in default if any party obligated au the Secured'Debt fails tp make.p.ay�nent wk�e.0 due. Trustor
<br />will be in default if a breach occurs under the terms of this Securiry Instrurneut or any other document executed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Heneficiary that Beneficiary at any
<br />time is insecure with respect to any person or entity obligated on ttie Secured Debt or that the prospecc of any paymeat or
<br />the value of the Property is i�mpaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instaaces, federal and state law will require Beneficiary to provide Trustor with
<br />notice of the right to cure or other notices and may establish timc schedules fnr foreclosure actions. Subject w these
<br />limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrurneut in a manner
<br />provided 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 />immediately due and payable, after giviug uotice if required by law, upou the occurrence of a default or auytime
<br />thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Secnriry Instrument and any related documents, includiag without lunitation, the power to sell the Property.
<br />If ttiere is a default, Trustee shall, in addition to any other permitted remedy, at ttie request of the Beneficiary, adveRise
<br />aud sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absalute
<br />title free and clear of all right, title aud interesC of Trustor at such time and place as Trustee designates. Trustee shali give
<br />not�oe of sale including th� time, terms and place aP sale and a description of the pra�►erty w be sold as cequired by the
<br />applicable law in effect at the time af the praposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and fleliver a deed to the Praperty
<br />sold which conveys absolute title ta the purchaser, and after first paying all fees, charges and costs, shall pay ta
<br />Beneficiary all moneqs advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and 'rnterest
<br />thereou, and the principal and interest on the Secured Debt, payiag the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set foRh therein.
<br />All remedies are dist'rnct, 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 f'rled shall not canstitute a
<br />waiver of Beneficiary's right to require complete cure of any existing default. By uot exercisiag any remedy au Trustor's
<br />default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />1C►. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except wheu
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Secnrity
<br />Instrumeut. Trustor will also pay on demand any arnount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expeases will 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 incurced by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Securiry Instrument. This amouat may 'rnclude, but is not limited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Instrument shall rexnain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. ENVIItONMENTAL LAWS AND HAZARDOUS SUBSTANCES, As used 'rn this sectian, (1) Environmental Law
<br />means, without lunitation, the Crnnprehensive Environmental Respanse, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ard'rnances, couR orders, attorney gen`'e�1"
<br />opinions or interpretive letters conceruing the public health, safery, welfare, env'rronnaent or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />cparacteristics which render the substance dangerous ar potentially dangerous to the public heatth, 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.
<br />Trustor represents, warrants and agrees thar.
<br />A. Except as previously disclosed and acknowledged iu writ'rng to Beneficiary, ao Hazardous Substance is ar will be
<br />located, stored or released on ar in the Property. This restriction does uot apply to small quantities of Hazardous
<br />Substances that are generally recognized to be appropriate for the norimal 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 full compliance with any applicable Environmeatal Law.
<br />C. Trustor shall unmediately notify Beneficiary If a release or threatened release of a Hazardous Sabstance occurs oa,
<br />under or abaut the Property ar there is a violation of any Eavironrnental I.aw concerning the Property. In such aa
<br />event, Trnstar sk�all take all necessary remedial action in accordance with any Enviromnental Law.
<br />D. Trustor sha11 immediately natrfy Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />ar threatened investigatiou, claim, or proceeding relatiug to the release or threatened release of any Hazardous
<br />Substance ar the violation of any �nvironmental Law.
<br />18. CONDEMNATION. Trustor will give Benef'rciary prompt notice of aay pend'rng or threatened actiou, by private or public
<br />entities to purchase or take any or a11 af the Property through condernnatiou, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to 'rntervene in Trustor's uauie in auy of the above described actions or claims. Trustar assigns to
<br />Beneficiary the praceeds of any award ar claim for datna.ges conuected witt� a condemnation or other taking of all or any
<br />part of the Praper!y. Such proceeds sball be con�idered payments and will be applied as provided in this Security
<br />Instrument. This assignment of praceeds is subject to the terms af any prior mortgage, deed of trust, secnritq agreernent or
<br />other lien document.
<br />19. INSURANCE. Trustor shall keep Properiy insured against loss by f'tre, flood, theft and otl�er l�azards and risks reasonably
<br />associated with the Property due to its rype and location, This insurance sha11 be maintained in the amounts and for the
<br />periods that Beaeficiary requires. What Leader requires pursuant ta tl�e preceding sentence can change during the term of
<br />the laan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beueficiary may, at
<br />Beneficiary's option, obtain coverage to protect Beaeficiary's rights in the Property according to the terms of this 5ecurity
<br />Instrument.
<br />All 'rnsurance policies aad renewals sha11 be acceptabte to Beneficiary and shall include a standard "mortgage clause" and,
<br />where appticable, "loss payee clause." Trustor shali 'unmediately not'rfy Beneficiary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />immediately give to $eueficiary all receipts of paid prerniurns aud renewal natices. Upon loss, Trustor shall give
<br />irnrnediate notice to the insurance carrier and Beueficiary. Beneficiary may make proof of loss if not made immediately by
<br />TY'ilSiOC.
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<br />�j� � 1884 Bankera Syatema, Inc., St. Cloud, MN Farm RE-DT-NE 1/30l2002 ��
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