|
i. �, � a; �� � �: �� 20100912G
<br />Secured Debt is fully and finally paid, Beneficiary agrees to release this Deed of Trust and Trustor agrees to pay for
<br />any recordation costs. All such amounts are due on demand and will bear interest from the time of the advance at the
<br />highest rate in effect, from time to time, as provided in the Evidence of Debt and as permitted by law,
<br />79. ENVIRONMENTAL LAWS AND HpZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law'" means,
<br />without limitation, the Comprehensive Environmental Response, Campensation and Liability Act (CEFiCLA, 42 U.S.C.
<br />9601 et seq.►, all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or
<br />interpretive letters concerning the public health, safety, welfare, enviranment or a hazardous substance; and (2)
<br />"Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which
<br />has characteristics which render the substance dangerous or potentielly dangerous ta the public health, safety, welfare
<br />ar environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic
<br />substances," "hazardous waste" ar "hazardous substance" under any Environmental Law. Trustor represents,
<br />warrants and agrees that, except as previously disclosed and acknowledged in writing:
<br />A, No Hazardous Substance has been, is, or will be located, transparted, manufactured, treated, retined, ar handled
<br />by any person on, under or about the Property, except in the ordinary course of business and in strict
<br />compliance with all applicable Environmental Law.
<br />B, Trustor has not and will not cause, contribute to, ar permit the release of any Hazardous Substance on the
<br />Property.
<br />C. Trustor will immediately notify Beneficiary if (1 � a release or threatened release of Hazardous Substance occurs
<br />on, under or a6out the Property or migrates or threatens to migrate from nearby property; or (2) there is a
<br />violation of any Environmental Law concerning the Property. In such an event, Trustor will take all necessary
<br />remedial action in �ccordance with �nvironmental Law.
<br />b. Trustor has no knaw(edge of or raason to believe there is any pending or threatened investigation, claim, or
<br />proceeding of any kind relating to (1) any Hazardous Substance Iocated on, under or about the Property; or (2)
<br />any violation by Trustor or any tenant of any Environmental Law, Trustor will immediately notify Beneficiary in
<br />writing as soon as Trustar has reason to believe there is any such pending or threatened investigatian, claim, or
<br />proceeding. In such an event, Beneficiary has the right, but not the obligation, to participate in any such
<br />proceeding including the right to receive copies of any documents relating to such praceedings.
<br />E. Trustor and every tenant have been, are and shall remain in full complisnce with any applicable Environmental
<br />Law.
<br />F. There are no underground storage tanks, private dumps ar vpen wells located an or under the Property and no
<br />such tank, dump or well will be added unless Beneficiary first consents in writing.
<br />G. Trustar will regularly inspect the Property, monitor the activities and operatians an the Property, and confirm
<br />that all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied
<br />with.
<br />H. l�rustor will permit, or cause any tenant to permit, Beneficiary or Beneficiary's agent ta enter and inspect the
<br />Property and review all records at any reasonable time ta determine (1) the existence, location and nature af any
<br />Hazardaus Su6stence on, under or about the Property; (2) the existence, location, nature, and magnitude of any
<br />Hazardous Substance that has been released on, under or about the Property; or (3) whather or not 7rustor and
<br />any tenant ere in compliance with applicable Environmental Law.
<br />I. Upon Beneficiary's request and at any time, Trustor agrees, at 7rustor's expense, to engage a qualified
<br />environmental engineer to prepare an environmental audit of the Property and to submit the results of such audit
<br />to Beneficiary. The choice af the environmental engineer who will perform such audit is subject to Beneficiary's
<br />approval.
<br />J, Beneficiary has the right, but not the abligation, to perform any af Trustar's abligations under this section at
<br />Trustor's expanse.
<br />K. As a consequence of any breach of any representation, warraniy or promise made in this section, (1) Trustor
<br />will indemnify and hold Beneficiary and Beneficiary's successors or assigns harmless from and against all losses,
<br />claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses,
<br />including without limitation all costs of litigatian and attorneys' fees, which Beneficiary and Beneficiary's
<br />successors or assigns may sustain; and (2) at Beneficiary's discretion, Beneficiary may release this Qeed of
<br />Trust and in retum.Trus#ar.an�ill provjde Beneficiary vvith aollateral of at least equ.al value to the Property secured
<br />by this Deecl af 7�ust withaut prejudice to any af Beneficiary's rights under this Deed of Trust.
<br />L. Notwithstanding any af the language contained in this Deed af 7rust to the contrary, the terms of this section
<br />shall surviva any foreclosure or satisfaction of this Deed of Trust regardless af any passage of title to
<br />Beneficiary or any disposition by Beneficiary of any or all of the Property. Any claims and defenses to the
<br />contrary are hereby waived.
<br />20. CONQEMNATION. Trustor will give Beneficiary prompt notice of any action, real or threatened, by private or public
<br />entities to purchase or take any or all af the Property, including any easements, thraugh condemnation, emment
<br />domain, or any other means. Trustor further agrees to notify Beneficiary of any proceedings instituted for the
<br />establishment of any sewer, water, conservation, ditch, drainage, ar other district relating to or binding upon the
<br />Property or any part af it. Trustor authorizes Beneficiary to intervene in 7rustor's name in any of the above described
<br />actions or claims and to collect and receive all sums resulting from the action or claim. Trustor assigns to Beneficiary
<br />the proceeds of any award or claim for damages connected with a condamnation or other taking of all or any part of
<br />the Property. Such proceeds shall be considered payments and will be applied as provided in this Deed of Trust. This
<br />assignment of proceeds is subject to the terms of any prior security agreement.
<br />21. INSURANCE. Trustor agrees to maintain insurance as fallows:
<br />A. Trustor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. Qther hazards and risks may include, for example,
<br />coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the
<br />periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding three sentences can
<br />change during the term of the Secured Debt. The insurance carrier providing the insurance shall be chasen by
<br />(page 5 of 8J
<br />��y"' � 1993, 2001 Bank'era 5yatems, Inc., S� Gloud, MN Form AGCO-RESI-NE 1l17/2003 �
<br />
|