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<br />20100922�
<br />14. DEFAiTLT. Trustor will be in default if any parry obligated on th� SecuCed I7ebt falls to make payment when due. Trustor
<br />will be in default if a 6reach occurs under Che terms of this Security Instrument or any other dacument executed for the
<br />purpose af creatiug, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />time is insecure with respect to any person or entity obligated on the Secured Debt or that the praspect of any payment or
<br />the value oF the Properiy is impaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. la some instances, federat and state law will require Beneficiary to provide Trustor with
<br />notice of the right to cure or acher notices and may establish time schedules for foreclosure actions. Subject to these
<br />limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Securiry Instrument 'rn a manner
<br />pravided by law if Trustor is in default.
<br />At the optian of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal sha(L become
<br />immediately due and payable, after giving notice if required by law, upon the occurceace of a default or anytime
<br />thereafter. In addition, Beneficiary sha11 be entitled to all the remedies pravided by law, the terms of the Secured Debt,
<br />this Securiry Instrumeat and any related documents, including without Liuiitation, the power to sell the Property.
<br />Tf there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and sell the Property as � whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free apd clear of all right, title and interest of Trastor at such t'rme and place as Trustee des'rgnates. Trustee shall give
<br />notice of sale includ'rng the tizne, terms and place of sale and a descript'ion of the properry to be sold as reqnired by the
<br />applicable law in effect at the time of the proposed sale.
<br />Upou sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed ta the Property
<br />sold which canveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to
<br />Beneficiary all maneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances aud interest
<br />Wereon, and the principal and rnterest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Property. Ttie recitals in any deed of conveyance shall be pruna facie evidence of the facts set forth therein.
<br />All remedies are distrnct, curnulative aud not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equity, whether or not expressly set farth. The acceptance by Beaeficiary of any sum in paymeut or partial payment on the
<br />Secured Debt after the balance is due or is accelerated or after fareclosure proceedings are filed shall not constitate a
<br />waiver of Benef'rciary's right to require comple[e cure of any existiug defauit. By not exercising any remedy on Trustor's
<br />default, Benefici�ry does not waive Beneficiary's right to later consider the event a default if it cantinues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTOItNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay a(1 of Beneficiary's expenses if Trustor breaches any covenant in this Securiry
<br />Instrurnent. Trustor will alsa pay on demand any amaunt incurred by Beneficiary for insuring, inspectiag, preserving ar
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from r.he date of the
<br />payment until paid in full at the highest interest rate in effect as provided in the terms af the Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This amount may include, but is nat limited to, aCtorneys' Fees, court costs, and
<br />other legal expenses. This Securiry Instrument shall remain iu effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. ENVTRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) �nvironmental Law
<br />means, wi[hou[ limitatian, the Coniprehensive Environrnental Response, Compensation aud Liability Act (CERCLA, 42
<br />iT,S.C. 9601 e�. seq:},-anct aH--�er- feder�i,- sta.te and loeal laws, regulations, ordivances, court orders, attaruey geueral
<br />opinions ar ituerpretive letters cancerning the public health, safery, welfare, env'rronment ar a hazardous substance; and (2)
<br />Hazardous Substance means any taxic, radioactive or hazardous material, waste, pollutant or contamivant which has
<br />characteristics which render the substance dangerous or potenti.ally dangerous to the public health, safery, welfare or
<br />enviranment. The term includes, without limitation, any substances defined as "hazardous 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 ackuowledged in writing to Beaeficiary, no Hazardous Substance is or will be
<br />located, stored or released au or in the Property. This restriction does not apply to smaJl quantities of Hazardous
<br />Substances tha� are generally recogniz.ed to be appropriate for the normal use and maintenance of the T'ropeRy.
<br />B. Except as previously disclased and acknowledged in writing to $eneficiary, Trustor and every teuant have been, are,
<br />and sball re�uain in fu11 compliancc with any applicable Environmental Law.
<br />C. Trustor shall immediaCely notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br />under or abaut the Property or there is a violation of any Environmeatal Law concerning the Property. In such au
<br />event, Trustor shall talce all necessary remedial action in accordance with any Environrnental Law.
<br />D. Trustar shatl unmediately notify Beneficiary in writing as soon as Trustor has reasan tn believe there is any pending
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release af any Hazardous
<br />Substance or the violation of any Environrnental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purcbase or take any or all of the Propercy through condemnaiian, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name ia any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for damages copnected with a condemnation or other taking of all or any
<br />pan of the Property. Such proceeds shall be considered payments and will be applied as provided in t6is Securiry
<br />Instrument. This as5ignment �f proceeds is suhj�ct to the-tea�.-of ac�y prior martgage, de�d of trust, 5ec:urity agree�nent or
<br />other lien document.
<br />19. INSURANCE. Trustor shall keep Property insured against loss by f'rre, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shali be maintained in the amoucits and for the
<br />periods that Beneficiary requires. What Lender requires pursuant ta the preceding sentence cau change during the term of
<br />the loan. The insurance carrier providing the insurance stiall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be unreasonably withheld. If Trustor fails ta 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 and shall include a staudard "mortgage clause" and,
<br />where applicable, "l�ss payee clause." Trustor shall inunediately notify Beneficiary af cancellation or terminatiou of the
<br />insurance. Beueficiary shall l�ave the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />immediately give to Beneficiary all receipts of paid premiums aad renewal aoCices. Upon loss, Trustor shall give
<br />immediate nntice to the insurance carrier aud Beneficiary. Beneficiary may make proof of loss if nat made immediately by
<br />Trustor.
<br />(paqe 3
<br />�� � 1994 8ankera Systoms, Inc., St. Cloud, MN Form RE-DT-NE 1l30/2002
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