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201008157
<br />14. DEFAULT. Trustor will be in default if any party obligated vn the Secured Debt fails to make payment when due. Trustor
<br />will be m default if a breach occurs under the. terms of this Secur.ity Instrument or any other document executed for the
<br />purpose of creatin�, securmg ox r guair�ritying the Secured Debt. A good faith belief by Bene�iciary that Beneficiary at any
<br />rime is insecure wrth respect to any, persvn or entity obligated on the Secured Debt or that the prospect af any payment or
<br />the value of the �roperty is impaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, f�deral and state law will require Bene�iciary to provide Trustor with
<br />notice of the right to cure or other notices and may .establish tixne schedules for foreclosure actions. Subject to these
<br />limitations, if any, Beneficiary may accelerate the Secured Debt and foreclase this Security Instrurnent in a manner provided
<br />by law if Trustor is in default.
<br />At tt�e option of B�neficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable, after �iving notice if required by law, upon the occurrence of a default or anytime thereafter,
<br />In additian, Beneficiary shall be entitled to all the remedies �rovided by law, ihe terms of the Secured Debt, this Security
<br />Instz�wnent and any related documents, including without limrtatjon, the po�ver to sell the Praperty.
<br />If there is a default, Trustee shall, in addition to any other permitted rernedy, .at the request of the Beneficiary, advertise
<br />and sell the Property as a whole or in se�arate parcels at public auction to the highest bidder far cash and convey absolute
<br />title free and clear of all right, title and mterest of Trustor at such time and place as Trustee designates. Trustee shall give
<br />notice of sale including the time, ternis azid place of sale and a description of the properry 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 nvt prohibite� by law, Trustee shall rnake and deliver a deed to the Property
<br />sold which conveys absolute title to the �urchaser, and after first paying all fees, charges and costs, shall pay to Bene�ciary
<br />all rnoneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />prmcipal and interest on the Secured Debt, payin� the surplus, if any, to Trustor. Beneficiary rnay purchase the Property.
<br />The recrtals in any deecl of conveyance shall be pnma facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled ta all rernedies �rovided at law or
<br />equity, whether or not expressl� set forth. The acceptance by Beneficiary of an�y sum in payrnent or partial payrnent on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceeciings are filed shall not constxtute a waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on 1'rustor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens a�ain.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiar�+'s expenses if Trustor breaches any covenant in this Security
<br />Instrumen.t. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin�, inspecting, preserving or
<br />otherwise protectinp the Praperty and Beneficiary's security interest, These expenses will bear mterest from the date of the
<br />payment until paid �n futl 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 Bene�'ioiary . in co11ec4ing, enforcing or protecting Bene�iciary's rights and
<br />remedres under this Security Instrument. This am�ount rnay include, but is not lirnited to, attameys' fees, court costs, and
<br />other le�a1 expenses. This Seeurity Instnunent shall remain in effect until released. Trustor agarees to pay for an.y
<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 �nviranmental Response, Cornpensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et seq.), and a11 other federal, state and local laws, regulations, nrdinances, court orders, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environrnent or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contarninant which has
<br />characteristics which render tk�e substance dangerous ar patentially dangerous to the public health, safety, welfare or
<br />environment. The term includes, w�ithout liznitation, any substances defined as "hazardaus material," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and ac�owledged in writing to Beneficiary, na Hazardous Substance is or will be
<br />located, stored or released on or in the Property. This reatriction 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 aclrnowledged in writing to Beneficiary , Trustor and every tenant have been,
<br />aze, and sha11 remain in full compliance with any applicable Environrnental Law.
<br />C. Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an
<br />event, Trustor shal.l take a11 necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall immediatel� notify $eneficiary in writing as soon as Trustar has reason to believe there is any pending
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance or the violation of any Environmental Law.
<br />1$. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pendin� or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, emuient domain, or any other means. Trustor
<br />authorizes Beneficiary to intarvene in Trustar's name in any of the above described actions or claims. Trustor assigns to
<br />$enefciary the proc.eeds af any award or claim for damages connected with a condemnation or other taking of all or any
<br />part of the Propertx. Such proceeds shall be considered payrnents and will be applied as provided in this Secuxity
<br />Instzument. This ass�gnment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />19. INSLTRANCE. Trustor shall keep Property insured against loss by �ire, flood, theft and other hazazds and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts and foar the
<br />periods that Bene�ciary requires. WhaC Beneficiary requires pursuant to the preceding sentence can change during the term
<br />of the Secured Debt. The insurance carrier �roviding the insurance shall be chosen by Trustor subject to Beneficiary's
<br />approval, which shall not be unreasonably wrthheld. If Trustor fails to maintain the coverage described above, Beneficiary
<br />may, at Beneficiary's option, obtain caverage to prot�ct Beneficiary's rights in the Property according to the terms of this
<br />Security Tnstruxnent.
<br />All insurance olicies and renewals shall be a table to Beneficiary and shall include a standard "rnortgage clause" and,
<br />where applica le, "loss ayee clause." Trustar s all imrnediately notify Beneficiary of cancellation or ternunation of the
<br />insurance. Beneficiary s�all have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />immediately $ive to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give irnrnediate
<br />notice to the insurance ca,rrier and Beneficiary. Beneficiary rnay make proof of loss if not made immediately by Trustor.
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