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<br />14. DEFAUI.T. Trustar will be in default if any party obligated oiY fY►e Secured Debc fails to make payment when due. Trustor
<br />wi11 be in default if a breach occurs under the terms of this Security Instrument or any other docutnent executed for the
<br />purpose of creating, securing ar guarantying the Secured Debt. A good faith belief by �ene�ciary that Beneficiary at any
<br />tinne is insecure with respect to any petson or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall alsa constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some inscaixces, federal and state law will require Beneftciary to provide '�rusfor with
<br />notice of the right to cpre or other notices and may establish tizne schedules for foreclosure actions. Subject to these
<br />limitations, if any, Beneficiary may accelerate the Secured Debt and fareclose this Security Instrument in a tnanner
<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 />irrunediately due and payable, after giving natice if requirecl by law, upon the occurrence 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 Secuarity Instrurnent and any related docunnents, including without litnitatian, the power to sell the Property,
<br />If there is a defaulC, Trustce shall, in additian to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in separate parcels at put�lic auction to the highest bidcler for cash and canvey absolute
<br />title free and clear of all right, title and interest of Ttustor at such time and place as Trustee designates. Trustee shall give
<br />noticc of sale including the time, terms and place of sale and a descciption of tlie property to be sold as 'required by the
<br />applicable law in effect at the titne af the proposed sale.
<br />Upon sale of the Property and to the extent not ptohibiCed by law, Trustee shall make and deliver a deed to the Praperty
<br />sold which conveys absolut� title to [he purchaser, and after �rsk paying all fees, charges and costs, shall pay to
<br />$eneficiary all maneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />therean, aand the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Properry. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth thearein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all cemedies provided at law or
<br />equity, whether or not axpressly set forth. The acceptance by Bene�ciary of any sum in payment or partial pay�nent on the
<br />Secured DebC after the balance is du� or is acceletated or after foreclosure proc�edings are filed shall not constitute a
<br />waivex af Beneficiary's right to require cotnplete cure �f any existing default. By not exeatcising any remedy on Trustor's
<br />default, Beneficiacy does not waive $eneficiary's right to later consider the event a default if it continues or happens again.
<br />l6. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEE5; COI,LECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if 'I'rnstor breaches any covenant in this Security
<br />Instrument. Trustor will also pay on demand any amount incuxred by Beneficiaty for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Seneficiary's security in.terest. These expenses will bear intexest from the date of the
<br />payment until paid in full at the highest ipterest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurred by Ben��iciary in collecting, enfarcing 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 legal expenses. '�'his Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />I7. ENVIRONMENTAL LAWS AND HAZARDOCIS SUBSTANCES. As usecl in this section, (1) Enviroiunental Law
<br />means, without Ii:ntitation, the Comprehensive Environtnental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S:C. 9601 et seq.), and•all other federal, state and lcrcal Iaws, regulativns, ordinanees� pXders� atf�rney g�neral
<br />opinions or interpretive letters cancerning the public health, safety, welfare, envirot�ment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or haxardous material, waste, pollutant or contaminant which has
<br />eharacteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environznent, The term includes, without limitation, any substances defined as "haxardaus rnatetial," "toxic substances,"
<br />"hazardous waste" or "hazatdous substance" under any Environat�ental Law.
<br />Trustnr represencs, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is az' will be
<br />located, stored ar released an ar in the Property. This restrictian does not apply to small quantities af Hazardous
<br />Substances that are generally recognized to be apprapriate for the narmal use and rnaintcnance of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and evety tenant have been, are,
<br />and shall remain in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately nvtify I3eneficiaxy if a release ar threatened release of a Hazardous Snbstance occurs on,
<br />undcr nr about the Ptoperty or there is a violation of any Environmental Law concerning the Pz'operty. In such an
<br />event, Trustor shall tak� all necessary rernedial action in accordance with any Environmental Law.
<br />D. Trustor shall immediately notify Benet�iciary in writing as soon as Trustor has reason to believe there is any pending
<br />ar threatened investigation, claim, or proceeding relating to thc release or thrcatened r�lease of any Hazardaus
<br />Substance or the violation of any Environmental Law.
<br />l$. CONDEMNATION. Trustor will give Beneficiary prc7mpt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any ar all af the Praperty thraugh condemnation, eminent domain, or any other means. 'I"rustor
<br />authorizes Beneficiary to intervene in Trustor's name in aaty c�f the above described actions or clauns. T'rustor assigns to
<br />Beneficiary the proceeds of any award or claim fc�r daznages connected with a condemnation or other taking of all or any
<br />part of the Property. Such paroceeds shall be coqsiderecl payments and will be applied as providcd in this Security
<br />Instrument. 'I'his assigcxttxent of prc7ceeds is subject to the terms of any prior mortgage, deed of trust, security agreemenC ar
<br />other lien document.
<br />19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and ather hazatds and risks reasonably
<br />associated with the Prnperty due to its Cype and location. This insurance, shall be maintained in the amounts and for the
<br />periods that Beneficiary requires. What Lender requires pursuant to the preceding sentence can ch,ange during the term of
<br />the loan. 'I'he insurance carrier providing the insurance shall be cltnsen by Trustar subjecC to Beneficiary's approval, which
<br />shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Bez�eficiaxy may, at
<br />Beneficiary's option, obtain coverage to protect Be�ieficiary's rights in the Praperty according to the ter�ns of this Security
<br />Instrument.
<br />All insurance policies and renewals shall be acceptable to Seneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary af cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hald the policies and renewals, If Bene�ciary requires, Trustor shall
<br />immediately give to Beneficiary all receipts of paid premiums and renewal natices. llpon loss, Trustor shall give
<br />irnmediate notice to the insurance cacrier and Beneficiary. $eneficiary may make proof of loss if not made itnmediately by
<br />Trustor.
<br />�/� � 1990. Bankars Systams, Inc., St. Claud, MN Form RE-DT-NE 1l30/2002
<br />��7� rpag�� 41
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