|
w , �: 2oii0003l
<br />14. DE�'AULT. 'Cruslnr will he in d�fxult if xny party ohligated on the Secured Debl fails lo make paymeut when �luc. 'Trustor
<br />will be i�� �Iefault if a hrexch occurs under the terms of Ihis Security Instruix►ent or any other clocument executed for tl�e
<br />purpcise oP creatin�, �ccuriu� ur �uarantying the Secured llebt. A gcxid faitl� helict hy Renclicixry thxt T3eneficiary af auy
<br />1►L11C: lti ll1tiCCUCI` willi respcct tu x��y persou or entity obiigated on lhe Secured Debt ur ikiat tkac prospcct of xny payu�ent or
<br />thc vxlue ��f Ihe l'rc>pe�1y iti i►rtp�irc�l shall also constitute au eve�t of �lefault.
<br />1_5. REM�DIES ON DEFA[7LT. In sotiac inhtanccs, f'cdcral and state law will reyuire 13euet'iciary to prcivide Trustor witla
<br />notice ul� tl�� ri�lu tn cure or ocli�r noticcs xnd tuxy establish time schedules for foreclosure act.ious. Suhject to d�esc
<br />liir�itatioi�s, if any, Beueficiary may accelcratc thc Sucurea Debt xnd foredose this Security Instrumeut iu a. mauuer
<br />providea by law if "C'rustor ir iu �lefault.
<br />�lt ll�e optior� c�l' licncficixry, xll or any part of tL�e a�reed fees aud cL�arges, aecrued interest xn�l prirtcipal shall become
<br />ir��nt��liatcly �lu� �n�l payable, after giviu� uolice if reyuired hy law, u�oat thc occurrence of x �Iefault or auytune
<br />thereak Iu x�l�lition, 13�nefici�ry shall be euliCled to all the remedies provided by law, th� tertris of th� 5ccure�l Dcht,
<br />tl�is Sucurity Instrumeiil aua auy related documenls, iucludin� without l'unitatinn, the powcr to s�ll the Property.
<br />lf I.here is a �icl'xult, Trutitc� sl�xll, in �dditiou to auy other permitted remedy, at the r�quest of tlte Runcficixry, a�lvcrtisc
<br />and sell tlie �'rnperty as �t whole or in separale parcels a( public auctiou to t.he hi�;hest hiader for cas}� �nd convcy ahsolute
<br />tidc fr�� aud cl�ar of all righl, titte an� ii�ceresc uf Trustur at such timc and place as '1'rustee desi�na.l.es. '1'rustee shall givt
<br />ucitice ��f sale iucludiug die tiuie, terms a�d place of sale and a descriplion of the praperty to be sol�l ati required by the
<br />appli�:abl�: l:��v is: cf f�c,l at di�• ti�ne ot� the prnnosed sale.
<br />[J�op sxlc of tl�c Prop�rty aud lo tL�e exteul ►i��l �rohihited hy law, '1'rustec shall nixkc xn�l �leliver x dced ro the Property
<br />sold whicl� c�>nv�ys ahsotute title Co lhe purchaser, aud afler firsl payinb all t charEes an�l costs, st►xll pxy to
<br />T�cncficiary xll nwncys advauced far repairs, taxes, insurance, liens, assesszr�ents aud prior cncutnhrances and interest
<br />thereon, au�l tl�c princip�l xud iuleresl ou the Secured llebt, [�ayiug ll�e surplus, if any, to Trustor. F3eneFiciary rriay
<br />purch�sc th� Property. '1'he recitals iu auy deed nt conveyance shall be prima fxcie evidetace of the fxcts sct forth therein.
<br />All rcn�cdic� xrc distinct, cumul�live aud not excfusive, and [he Heneficiary is entitled to xll rernedius provi�le�l at I�w ur
<br />equity, whelher or uol exnretisly set fortl�. Tlte acceptancc hy Reneficiary of any sum in paymeut or partial paymeut. ou lhe
<br />Sccur�d D�bt xCtcr thc b�lauce is due or is accelcrxted or after foreclosurc proceedings are filed shall uot conslitute a
<br />waivcr ol' 13�nc1'iciary's ri�hl lo reyuire complete cure oF auy existin� default. I3y not cxcrcising any rcmedy on 'I'rustor's
<br />del'ault, 13cncfici�ry �u�s ifc�l w�ive I3eueficiary rigla[ [o laler cousider llae even[ x d�l�xul[ if it continucs ur l�appens a��in.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. l:xccpt when
<br />prohibite�l by Ixw, `l'rustor x�recs to pay all of Beneficiary's expenses if "1'rustnr hreaches a��y covenai�t in d�is Sccurity
<br />ln�rrwner�t. "I�rustor will also pxy on IICIIl�iIICI �ny amouut i�curred by Beneficiary for insuriug, iuspecl.iug, preserving c�r
<br />�xl�crwitic prutcctiu� die Property xud Beueficiary's security iuteresl.. '1'I�ese expenses Will bear inlererf frorn the �late of thc
<br />�ilylllt'Lll ULIIII �'rllll iu full at thc higltest intcrest rxte in effect as provided in the ter►ns of the Secured Deht. '1'ruslor x�rees
<br />l�� pay xll aists au�l cxpcuscs incurrrd hy i3eneFici�►ry in collectiug, ei�forciu� or protecling Beneficiary's ri�hls �ud
<br />remedies under Il�is 5ecurity Instrunier.u. "ft►i� attaount iriay inclu�lu, hut is not limitc�l to, aCtorneys' fecs, court costs, aud
<br />other le��l ex�euses. '1'liis Securil.y [ustrument shxll remaiu in �fl��c[ urztil rcicxscd. Trustor xgrecs to pay For auy
<br />rccord�tio�� cosls o(' sucli release.
<br />17. ENVIR,ONM�;NTAT. LAWS AND HAZARDOUS SUBSTANCE5. As used iu this sectiou �1� �IIVICOIlTT1CIlt�II L�w
<br />nieans, witlww liit�itation, tl�c Comprchensive [:nvironmental Response, Compeusaliou and Liahilily Acl. (C�;IZ(.'LA, 4?
<br />11.5.('. 9fi111 �t s�q.), aud all other federal, sl�te and local laws, regulations, ordinxnccs, court or�lcrs, xttorney general
<br />upiniuns or interpretivc leCters couceruiu� the public health, safe(y, welfare, euvirorunent or a h�.ardous suhstxncc; xn�l (2)
<br />H�,ardous Substance meaus any toxic, radioactive or �azardous malerial, was[e, pollutxnt or co�ttarrtinaru wl�icl� hxs
<br />charxcteristics which reuder ll�e subslance dau�erous or potenlially dan�,erous to the puhlic health, saFety, welfarc or
<br />�i��ir��u�iaeia�. '1'h� t��ri�i includeti, wi�tteiut limit�tiuii, any substxnceti det'ine� xs "l�azaPdous ITl�ilt'.CI�iI "toxic surst��:;.:;<,"
<br />"hxr.ar�lous was��" cn "har.xr�uus rubstxuc�" un�l�r �ny I�uvironnientxl Law.
<br />'1'ruslor represcuis, warranth xnd xgrccs thxt:
<br />A. Lxcept as previoutily disclosed �►nd xck��owledged in writing to Beneficiary, uo Iiazardous Subst.ance is or will be
<br />IocAtc�l, sturc�l or released on or iu lhe Property. '1'his reslrictiou does uoC apply lo small quaulities of Huxrdou�
<br />Suh�tanccs d�xt arc generally recoguized lo be appropriaCe for the uormal use aud maintenauce of lhe Yropert.y.
<br />B. �;xcept as previously aiscluscd xnd xcknowledged in writing to F3eneficiary, Trustor xud every lenaut L�ave beeu, are,
<br />aud sl�all rem�iu iu Pull compliance with xny applicahle F,nviro�azr�ental i,aw.
<br />C. "I'ruslor sh�ll uiunedialely notil'y IieneCicix.ry if a release or threatened relcase of a Hazar�lous Subst�nce occurs ou,
<br />uuder c�r ahnul l.�e I'roperty �>r thcrt is a violxtio�a ol� any T:►.�vironn�entxl Law co�cerni�g the PropeRy. lu such au
<br />even�, 'I�rutilor �hall txke all neccssary rcmcdixl xction in accord�ncc with auy Euvirotuneutal Law.
<br />(.).'1'rutitur sti�ll in�xucdiatcly nutify i3ci�e('iciary lll WClllll� as soon xs TrusCor I�as reasou to believe there is auy peudin�
<br />or ll�rext�ucd i�vesli�.atiou, claun, or proceediug relatiug lo ll�e release ar threatene�! r�lease uF any H�.xr�luus
<br />Subslance or tl�e vic�laliou of auy �:nvircimnental Law.
<br />18. CONDEMNATION. '1'rust�>r will give l�eueficiary prompt notice cif any pending or threatene�l xction, by privatc or public
<br />entities to purchase or take auy or all of ll�e f'roperty Chrougl� condemuat.iou, �mineut aomain or any otlicr n►car.ts. Trustor
<br />xutl�orir,c� 13cncficixry to interveue iu '1'rusCor's r�me iu auy of the above described actious or clauns. '1'ruslor assi�us lo
<br />L34I14'LIGIiIC}� Llll' proc�eas uf xny xwar�l or cl�tim for dxmages connected with x condemnatio❑ or other taking of all or auy
<br />part of Ilie I'ro��rty. Sucl� proc�t�is slaxll h� considerea pxynacncs an�l will hc applicd as providc�l in this Sc:curiry
<br />Instru►nent. 'L'I.iis assi��unent ol prciceeds is subject. to the terms of nny prior rnnrtgagc, duea of trust, securiry abrecriicr�t nr
<br />��[hcr lien �lucuu�cn[.
<br />19. INSURANCE. Trustor sl�xll keep Property iusured xgainst Loss by fire, flood, t.heft and other hazards aud risks reasonabty
<br />as�c�s:i�n�� wirla thL Prn�erly due to its type aud IocaCiou. This iusurxnce shall be mainlaiued iu the amounls �na r��r the
<br />perioa� 1L��1 13rueficiary ►•eyuires. Wl.�at Lender rcyuires �ursuau� lo the precedinE �enlence cxi� cli���ge duriia� che �eriai of
<br />d�c luxn. Tl�c insurancc cxrricr providiu� thc insurxnce shxll bc ct�oscn by Trustor subject to Bcueficiary's �pproval, which
<br />sl�al! not bc w�rcasonxbly withhcl�l. If Trustor fails to maintain thc covcragc describcd ahovc, I3cncficiary may, at
<br />i3cneficixry's option, obt�iu coverxge to protect F3eueficiary's rigt�ts iu the PropeRy xccording to tt�e ternis of this Security
<br />Iras[rurnen[.
<br />nll iusurauce polici�s and renewals shall be acceptable to 13eueficiary and shall include ����na�ra "mor[gage clause" and,
<br />wl�ere applicable, "loss payee clause. "'l�rustnr shall 'uiunedialely not.ify Beneficiary of cancellation or tenniva[ioa of tlte
<br />iusurauce. Beueficiary shall L�ave the ri�;ht to hold lhe policies aud renewals. If Beneficiary reyuires, Trustor shali
<br />immc�lixtely �;ivc tu I3eueficiary all receipts of p• 'd rei 'ums otices. Upon lors, 1'rustor sl�a.11 give
<br />imme�lixte uolic� t�� the iusurance c�rric:r �ud Benefi �� roo of loss if uoc made uiunediately by
<br />�l�CIISCOC. '� / /pa 3 of 41
<br />��r��� P:; 1994 Bankers Sysfams, Inr.., St. Cloud. MN Form FE�DT-NE 1;3� � � ,` " _
<br />�
<br />
|