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<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payrnent when due. Trustor
<br />will be in default if a breach oceurs under the terms of this Security Inst.rument or any other document executed for the
<br />purpose of crealing, securing or guarantying the 5ecured Debt. A good faiCh belief by Beneficiary that Beneficiary al. any
<br />time is insecure with respect to any pers�n o�-ept�ty .obligated on the Secured Deht or that the prospect of any payment or
<br />the value of the 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 Truscor wi[h
<br />noiice of the right to cure nr othcr notices and may establish cime schedules fnr foreclosure actions. 5ubject lo these
<br />limiiations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument. in a manner
<br />provided by law if Trustor is in default.
<br />At the option of 13eneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall hecame
<br />iriuxiediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br />thereafter. In addition, }3eneficiary shall be entitled to all the remedies pr.ovided by law, the terms of the Secured Debt,
<br />this Securiry Inslru�nent and any related documents, including without limitation, the power to sell the Property.
<br />If there is a default, '1'rustee shall, in addition to any other permitted remedy, at the request of the Beueficiary, advertise
<br />and sell the Property as a whole or in separate parcels at pnblic auction to the hi�hest bidder for cash and convey absolute
<br />title free and clear of all ri�ht, title and interest of Trustor at such time and place as '1'rustee designates, Trustee shall give
<br />notice of sale inclnding tlac tune, tcrins and plaue of sale a,nd a descriplior, of the pr�perty to be s�ld as required by the
<br />applicable law in effect at the time of the proposed sale.
<br />Upon sale of the Properry and to the extent not prohibited by law, Trustee shall rnake and deliver a deed to the Property
<br />sald which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, sl�ll pay to
<br />�3eneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encuinbrances and inlerest
<br />thereon, and the principal and interest on the Secured Debt, payin�; the sarplus, if any, to Trustor. Beneficiary inay
<br />purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of tlte facts set forth therein.
<br />All remedies are dislinet, curnulative and not exclusive, and the Beneficiary is entitled to all rcnnedies provided at law or
<br />equity, whether or not expressly set foRh. The acceptance by Beneficiary of any sum in payment or partial paymeul on [he
<br />Secured Debt after the balance is due or is accelerated or afler foreclosure proceedings are filed shall not constitute a
<br />waiver of Benefieiary's right tc� require enznplete cure of any existing default. $y not exercisin� any remedy on 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 />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if '1'rustor breaches any covenant in this Security
<br />Instruanent. Truscor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting lhe Property and Beneficiary's security interest. These expenses will bear interest from the date of the
<br />payment until paid in full at the highest interest rale in effect as provided in the terms of the Secured llebt. 'I'rustor agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under lhis Security Iustrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Tustrument sha11 remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. ENVIItONMENTAL LAWS AND HA�ARDOUS SUBSTANCES. As used in this section, (1) Environmen�l Law
<br />mcans, without limitat.ion, the Carnprehensive Environmental Response, Compensation and Liability Act (CERCLII, 42
<br />U.�.C: 9001 �t �c�.), aud �1 ctt;cr ::.d�ral, sttt.e a�: lo�a! laws, rc�ulations, �rdiaances, cc�uR _�r�ers, attorney general
<br />opinions ar interpretive leuers cnncerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />Hazardons Suhstance means any toxic, radioactrve or hazardous material, wasie, pollatant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. The term includes, withont lirnitation, any substances defined as "hazardous x�aaterial," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" ander any Enviranrnental Law.
<br />Trustor represents, warrants and agrees thaC:
<br />A. Except as previously disclosed and acknowledged in writrng to Beneficiary, no T-laz,ardous Substance is or will be
<br />located, stnred or released on or in the Pr�perty. This restriction does not apply to small quantities of lla'r,ard�us
<br />Substances that are generally recognized to be appropriate for the normal use and rnaintenance of the Property.
<br />B. �xcept as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are,
<br />and shall retnain in full compliance with any applicahle Environmental Law.
<br />C. Trustnr 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 Envirorunental T,aw concerning the Properly. In such an
<br />event, Trustor shall take all necessary retnedial action in accord�►nce with any Fnvironmental Law.
<br />D. Trustor shall unmediately notify Beneficiary in writing as soon as "Trustor has reason to believe there is any pending
<br />or threatened investigation, claim, or proceeding relating to thc release or threatened release of any Hazardous
<br />Substancc or the violation of any Environmental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt uotice of any peuding or threatened action, by private or public
<br />entities to purchase or takc any or all of the Property thraugh condemnation, emineni domain, or any other means. 'Trustar
<br />authorizes Beneficiary to intervene in Trustor's uame in any of tbe above described actious or claims. Trust.or assigns to
<br />Beneficiary lhe proceeds of any award or claun for damages conuected with a condernnation or other taking of all or any
<br />part of the Property. Such proceeds shall be considered payments and will be applied as provided in Wis 5ecurity
<br />InsCru.ment. This assigh�PTe�C^ �Sf"�Ca�eecls is' sub,ject to the �enns of any prior nioRgage, deed of trust, securi.ry agreernent or
<br />other lien document.
<br />19. INSURANCE. '1'rustor shall keep Property insured against loss by fire, flood, thefl and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This iusurapce shall he maintained iu the amounts and for We
<br />periods that Beneficiary requires. What Lender requrres pursuant to the preceding sentence can chapge during the t.enn of
<br />the loan. '1"he insurance carrier providing the insurance shall he chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be unreasonably withheld. If Trustor fails io rnaintain the coverage described above, Beneficiary may, al
<br />Beneficiary's option, obtain covera�e to protect Beneficiary's rights in the Property according to the terms of this Security
<br />Instrument.
<br />ALl insurance policies and renewals 5ha11 be acceptable to Beneficiary and shall include a standard "inorlgage clause" and,
<br />where applicable, "loss payee clause. " Trustor sha11 'unmediately notify Beneficiary of cancellatian ar termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary reqnires, Trustor shall
<br />immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon lass, Trustor shall give
<br />unmediate notice to lhe insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by
<br />Trust.or. � � ( � a „ , „� ,,,
<br />�i�f�;'
<br />Fj(� CJ 1994 Bankars SystBms, InC., St. Cloud, MN Form pE-bT-NE 1/30/2002 ����
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