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<br />14. DEFAIJLT. 'l'rust��r will he in def�ult if xuy party obli�aCeci on the Secured Debt fails to niake payment when due. '1'rutitur
<br />wilt he iia act�xulc if a hreach occurs uuder the lerms of this Security Inst.rumeu[ c�r any otlter �lacu�iaer�t uxecute�l for thc
<br />purpe�s� ol' crcxtivg, securiu� or guarautying lhe �ecured lleh[. A gond faith belief hy T3eneficiary that I3eueficiary at auy
<br />ticne is iusecure with resp�ct to any person or eutit.y obligaced on the Secured Debt <�r thxt the prospect of any paymenc nr
<br />the value of th� ['roperty is unpaireci shall also coustitute au event. of defaalt.
<br />15. REMEDIES ON DEFAULT. Ira sotne instances, federal and state law will reyuire $eneficiary to provide Trustor with
<br />uotice of the ri�l�f. tv curc or other notices and ►nay establisl� tune schedules for foreclosure actions, Suhject to these
<br />li�nitxtions, if xny, Beueficiary mxy accelerate the Securea Deht and foreclose this Security Instrucnent iu a manner
<br />prcrvia�a hy l�w if Trustor is i� defaul�.
<br />nl ll�e op[io�i nf Be�leficixry, all or any paR of the agreed fees and ct�arges, accrued inleresl and principal shall becu►»u
<br />uiirneaiately du4 xna payahie, after giviug noCice if required by law, upon lhe occurrence uf a aefault or xnytitrtc
<br />lhereafler. In addition, 13cucficiary shall be entitled to all the remedies provided by law, the lerms nf the Secured 1.)ebt,
<br />this Security instrJrt�cnt :�[.��1 .il.l}/ CL'1:3i�� C�OCUILlCL',!ti incl��dit�b WIII](�U� Illlll�illlfl�] the pciwer �o s��ll tYte F'roperty
<br />If �d�c.rc i� a aet�aull, '1'rustee shall, in addition to any other perntitted rett►e�y, at the request of the Beueficiary, advert.ise
<br />xnd sell tl�e PropeMy as a whole or in separate parcels at public auction to the highest bidder for cash �ud couvey absolute
<br />tide free aud clear of all righl, title aud interest of `L'rustor at such time xnd place as Trustee dcsignates. Trustee shalt �;ive
<br />uotice of sale iucluding the kirne, tertns and place of sale and a description of lhe properCy to be sold as reyuirea by tt�e
<br />applicable law in effect at thc tirne of the proposcd sale.
<br />Upon sale of the Property ana to thc extent not prohihited by law, Trustee shall make and deliver a deed fo the F'roperty
<br />sul�! wl�ich cnuveys absolute tide to the purchxscr, xnd after Cirst paying all fees, charges and costs, shall pay lc�
<br />13�ueficixry all moueys a�laancea fur repairs, txxes, insurxnce, liet�s, assessmeuts and prior encumbrances aud interest.
<br />tl�ereou, aud llie priucipal xn�l interest on the Secured Debt, paying the surplus, if auy, lo Truscor. Beneficiary may
<br />purcl�ase lhe Propeny. "The recitals in xny deed of convcy�nce shall be pritna facie evide�ce of the facts set fortl� therein.
<br />�111 reuiedies are distinct, curnulativc xn�l not exclusive, and the F3eneficiary is entitled to all remedies provided at. law ��r
<br />equity, whe�h�r c,r n��� uxpressly set fonh. The xcceptxuce by Beneficiary of auy sum in paymeu[ or partial payment on tki�
<br />Secured D�bt ak�tcr d.te halauce is �lue or is accelerated or xfter foreclosure proceediugs are filed sl�all not constitute x
<br />waiver of Heneficiary's ri�ht to rcyuirc complete cure nl' �ny existing dePault. By uot exercisiu� auy reuiedy on '1'ruslcir's
<br />defaulc, Beueficiary does uut wxive I3ene!'icixry's right ro Ixtcr consi�ler the event. a default if it couliuues or happeus a�ain.
<br />16. �XYENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. �xcept wl�en
<br />pruhihite�l by law, 'I'ruslor agrees to pxy all ol� iieracl�iciary's expcnses if Trustor breaches any coveuant iu t.his Security
<br />instrunient. "Crustur will alsn pay �u ae�����a any xmouul iucurrea hy Beneficiary for insuring, inspecting, preserving or
<br />uthcrwisc protectin� che Property xud Beneficiary's securiry interes[. Thes� expenses will hear interest from the date of the
<br />��.yme�t until pxid in full at the highest interest rate in el'fect as provided in the ter�ns of the Secured llebl. '1'ruslor agrees
<br />to pay all costs xnd cxpcuses iucurred by Beneficiary in collectiug, enforcin� or prolecliug Beneficiary's righls and
<br />remedies un�14r this Security Iustrumeut. This �unouut may include, but is not. lunited to, auorneys' fees, court. cosls, aud
<br />other le�al expeuses. Tltis Security Instrument shall retnain in effect until released. 1'rustor agrees to pay for auy
<br />recordaliou cnsts nf suc� relexse.
<br />17. ENV1ltO1ViVIEN"I'AL LAW� AN� HA�t1R�30US SU�ST,�NCES. ,�s' useci iu ttris sectiuu, ( i) Envirorunent�l Law
<br />means, without limitation, the Cot��prehensive Fnvirontnental Response, Compensation and Liability Act (CERCLA, 42
<br />[J.S.('. 9Cf11 et seq.), xnd all other federal, stxte aud local laws, regulations, ordivances, court. orders, aftorney geueral
<br />��piniui�s or i►�cerprccivc letters couceruing Che public health, safety, welfare, euviroumeuC or a hazardous subsl.auce; aua (2)
<br />Flarardouti Substxnc� mexns any toxic, radioactive or h�z,ardous material, wast.e, pollutant nr conlamina.nl. whicl� has
<br />ckixrac�cris�ics which reuder Che substauce daugerous or poteutixlly daugerous lo Che public healtl�, safe[y welfare or
<br />L'IIVICOIITTII:II[. TLlt ter�n iucludes, WLI.IlOUI. LllI11CSL1011 auy substances defiued as "ha�ardnus ma[erial," "taxic substances,"
<br />"hxzxr�lous waste" or "l�azardous subst<►nce" under xny �;nviron►neulal Law.
<br />Trustor represeuts, warrauls and agrees that:
<br />A. Except as previousty disclosed aud acknc�wledged iu writin� w$eueficiary, no Hxzardous Substance is or will bc
<br />Ic�cxicd, tit��re�l or rcicxsed on or in the Property. Thiti restriction does not apply to small yuautities of Ilazardous
<br />Subslauces l.hat. are �euerxlly recobnizea tc� he appropriale for the nc7nnal use ana tinxintenance of the Property.
<br />B. Excepl �s previously disclosed ai�a ackuowleaged iu wriliug [0 13eneficixry, Trustar xnd every tcnant have becu, �re,
<br />xn�l sl►all r�mxiu in full compliauce wilh xuy applicable E�viro►uueutal Law.
<br />(:'. �I'rustor sl�all inuuediately uotify Beueficiary if a release or lhrealeued release of a Hxzardous Subsixnce occurs on,
<br />uuder or ahr>ut �hc Property or there is a violatiou of any I'nvironmeutxl Law couceruiug lhe �'ropert.y. In sucli au
<br />cvcnt, Trustor shxtl Cake all necessary remedixl aclion in accordance with any �nviroumeutal Law.
<br />T). Trustur shxll in�rnediately uotify Beneficiary in writing as soon as Trustor has reason to believe there is auy �eudiu�
<br />or threateued iuvestigation, clxirt�, or procee�ling rela[inb to the release or threatened release of a�y Hazardous
<br />Subslauce c�r the viala[inn nf auy Environnten[al Law.
<br />18_ CONDEMNATION. Trus�or wiq give T3encl�ici�ry prntript uoticu of any pending or thrextened action, by private or public
<br />eutitic:s lo purchase or txke auy or all of the Property tl�rougl� condemnation emineut aomain, ur �ny othur tt�cans. Trustor
<br />autL�ori�es 13euefici�ry tn intervene in Trustur's nairt� in auy of the xbove descrihed xctions OC CliilTl]S. TCllS[OT' �SSl�tlti to
<br />B�ncficiary tl�r proceeds of auy award or claun for da.ma�es couuected with a coudemuation or other takin� of all or auy
<br />���rt oi tli� Pn�E��t�y. �`n�t► �ro�.-ccr}s .aix'� �e--r.-u�ider'cc� pttq�mcr�s �ttu w•i1�= �he x�lhfie�f xs p�uv;d��i iiti this 5ccu.�ty
<br />Instrumeut. This assigumeqt of proceeas is suhject tc� the [erms of any prior murtgxge, deed of trust, security agrcen�cut or
<br />otl�er lien document.
<br />19. INSURANCE. Truscor shall keep Propert.y iusured agaiust loss by fire, flood lLletl il[1[I OlI1�C Ilil'GiICCIti il(1(I C1tiICti Ce�itif111�iI7Iy
<br />associated wiCh tlie Propeny due to ils type aud localion. "1'his insurance shall be maintxine�l in the amounts aud for tt.te
<br />perio�ls tliat Beueficiary reyuires. Whal Leuder reyuires pursuxut to the precedin�; senleuce can cl�ange during the teni� af
<br />the loan. 'The iusurxnce carrier providiug lhe iusurance shall be chosen by 1'ruslor sub to $eneficiary's approval, whicl�
<br />shxll not be uurexsouably wilhheld. If Trustor fails to maiulaiu the coverage described above, Beneficiary naay, a[
<br />13cneficiary's option, obtaiu coverage lo protect Beneficiary's rights in the Property according to the terms of this Security
<br />I ustrumeut.
<br />All iusurauc� policics x��d ret�ewals shxll be acceptablc to 13eneficiary and shall include x stxudard "cnortgage clause" aud,
<br />whcre �pplicablc, " �OSS pxyee clause." Trustor shall inunediately uotify Beueficixry of cancellation or terxnination of lhe
<br />insurancc. I3cucficiary sliall hxve the rigl�t to hold the policies aud re�ewals. If Beneficiary reyuires, 1'ruslor shall
<br />11111T1C1I1�iICIy givc to T3eueficixry all receipts of paid premiums and reuewal not.ices. LJpon loss, '1'rust.or sl�all give
<br />llllllll;(I18tL' noticc to thc iusurauce cxrrier and Beueficia . Beneficia ma cnxke roof of loss if nol made uiunediaCely by
<br />Trustor. ���,,� ��
<br />J � v n /page 3 of 41
<br />��'^ cci 1994 5ankers Systems, Inc., St. Cloud, MN Form RE pT�NE � 0��� G. ' �� ��
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