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<br />14. DEFAULT. Trustor will be in default if any paRy obligated on the Secured Debt fails to make payrnent when due. Trus�or
<br />will be in default if a breach occurs uuder the terms of this Security Instrurnent or any other document executed for the
<br />purpose of creat'rng, securing or guarantying the Secured Debt. A goad faith belief by Seneficiary Chat Beneficiary at any
<br />t'rme is ipsecure with respect Co any person or enuty obligated on the Secured Debt 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 Trust.or with
<br />notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these
<br />lirnitatiops, if any, Beneficiary may accelerate the Secured Debt and foreclase this Security Instrument in a manaer
<br />provided by law if Trustor is in default.
<br />At the option of Beueficiary, all or any parC of the agreed fees and charges, accrued interest and principal shall become
<br />ixnmediately due aud payable, after �iving notice if required by law, upon the occurrence of a defautlt or anytime
<br />thereafter. In addition, Beneficiary shall be entit(ed to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security lnstrument and aay related dacuments, including without lirnitation, the power to sell the Property.
<br />If there is a default, Trustee ahall, in addition to any other permitted remedy, at the request of the $eneficiary, advertise
<br />and sell the PropeRy as a whole or in separate parcels at pnblic auctiop to the highest bidder for cash and couvey absalute
<br />title free and clear of all right, title and interest of Trustar at such tixne and place as Trustee designates. Trustee shall give
<br />natice of sale including the time, terms and place of sale and a description af the property ta be sold as required by th�
<br />applicable law in effect at the t'rme of the proposed sale.
<br />Upon sale of the Property and to the extent uot prohibited by law, Trustee shall make and deliver a deed to the Property
<br />sold which conveys absolute title ta the purchaser, and after first paying all fees, charges and costs, shall pay to
<br />$eueficiary all moneys advanced for repairs, taxes, insurance, lieps, assessments and prior encumbrances and ipterest
<br />thereon, and the principal and interest ou the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property. The recitals in any deed of conveyance shall be prima facie evideuce af the facts set forth therein.
<br />All remedies are distinet, curnulative 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 surn in payment or partial payment on the
<br />Secured Deht �►fter the halance is due ar is accelerated or after foreclosure proceedings are filed shall pot constitute a
<br />waiver of Beneficiary's rig�t ta require complete cure of any existing default. By not exercising any remedy on Trustor's
<br />default, $eueficiary does not waive Beaeficiary's right to later consider the event a default if it contiuues or happens again.
<br />lb. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Excep� when
<br />prohibit.ed by law, Trustor agrees to pay all of Beueficiary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Trustor w'rll also pay on demand any amount incurred by Beneficiary for insuring, inspect'rng, preserving or
<br />otherwise protecting the Proper[y and Beneficiary's security interest. These expenses will bear interest from the dale of the
<br />payment until paid in full at t�e highest interest rate in effect as pravided in the terms of the Secured Debt. Trustor agrees
<br />to pay all casts and expenses iucurred hy Beueficiary in collectiug, enforcing ot protecting Beneficiary's rights aud
<br />rex�nedies under this Securiry Instrument. This amount may include, but is not lim'rted to, attorneys' fees, court costs, aud
<br />other legal expenses. This Security Instrurnent shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release,
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without t'unit�►tion, the Comprehensive Environmental Respopse, Compeusation and Liability �1ct (CERCLA, 42
<br />U.S.C. 96U1 et seq.), and all ather federal, sta.te and local laws, regulations, ordinances, court orders, attarney general
<br />opinions or interpretive letters concerning the public health, safery, welfare, environment or a haz,ardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive ar hazardous rnaterial, waste, pollutant or cantaminant wh'rch has
<br />characteristics which render the suhstance daugerous or potentially dangerous to tl�e public health, safety, welfare or
<br />enviropmeut. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" nr "hazardous substance" under auy Environmental Law.
<br />Trustor represents, warrants and agrees that;
<br />A. Except as previously disclosed and ackuowledged in wriiing to Beneficiary, no Hazardous Substauce is or will be
<br />l�cated, stored or released on nr in the Property. This restrictiou daes uat apply to srnall quantities of Hazardous
<br />Subst�►nces that are generally recagnized ta be appropriate for the normal use and rna'rntenance nf the Property.
<br />B. Except as previously disclosed and acknowledged in writiag ta Beneficiary, Trustor and every tenant have been, are,
<br />and shall remain in full compliance wich anq applicable Environrneutal Law.
<br />C;. Trustor shall unrnediately notify Beneficiary if a release or threatened release of a Hazardous Substaace occurs on,
<br />under or about the Proper[y or there is a violatiou af any Environmental Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial actioa in accardance with any Environmental Law,
<br />D. Trustor shall immediately notify Beneficiary in writiug as soou as Trustor has reason [o believe there is any peuding
<br />or threatened investigatiou, claim, or proceediug relating to the release or threatened release af any Hazardous
<br />Substaace ar the violation of any Enviropnnental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary prampt notice of auy pending or threateued actian, by private or public
<br />entities to purchase or taKe any or all of the Property ttirough condemnation, eminent domain, ar any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name in any af tY�e above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award ar claim for damages counected with a condemnatinn or other taking of all or any
<br />pa�t of the Property. Such proceeds shall be considered paymepts and will he applied as provided in this Security
<br />-.- .Inst�u�."`°�ia � �i�-sui�,�ect ta terms of atry prior m� `rtgage; �eed af trust, �ec"urity agreement or
<br />nther lien document.
<br />19. INSURANCE. Trustor shall keep Property ipsured against lass by fire, flood, theft aud other hazards and risks reasonably
<br />assaciated wi[h the Praperty due to 'rts rype and location. This insurance shall be maintained in the amounts and for the
<br />periads that Beneficiary requires. What Lender requires pursuant to the preceding sentence can change during the terrn of
<br />the loan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be uureasopably withheld. If Trustor fails to rnaintain the coverage described above, Beneficiary may, at
<br />Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security
<br />Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary aad shall include a standard "mortgage clause" aud,
<br />where applicahle, "loss payee clause." Trustor shall 'rYnmediately notify Beneficiary of cancellation or termination of the
<br />insurance. Beueficiary shall have the right to hold the policies and reuewals. If Beneficiary requires, Trustor shall
<br />immediatelq give to Bepeficiary all receipts of paid premiums and renewal notices. U�on loss, "�'rustor shall give
<br />immediate natice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if nat made iYnmediately by
<br />Trustor.
<br />� � (Pa9e o� 1
<br />Fj(�j- "" p 1994�8anK�ysiim3�; RE-pT•NE 1/30/2002
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