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<br />14. DEFAULT. 'I'rustor will be in defaull if any parly obligaled on ihe Secured Debt fails to make payment when due. '1 rustar
<br />will be in defanit if a breach occurs under the terms af this Security Tnstrument or any other documen� execu[ed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that 13eneficiary at any
<br />time is ipsecure with respect to any person or entity obligated on the Secured Debt or that lhe prospect of any payment or
<br />the value of the Property is unpaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. Iu some instances, federal and stale law will require Beneficiary to provide Trustor with
<br />notice of the right to cure or ot.her notices aud may establish lime schedules far foreclosure actions. Subject to these
<br />1'unitations, if any, Beneficiary may accelerate the 5ecured llebl and foreclose this Security Instrument in a manner
<br />provided by law if Trustor is in default.
<br />At the nption of Beneficiary, all or any part of the agreed fces and charges, accrued interest and principal shall 6ecome
<br />inunediately due and payable, aftcr giving notice if required by law, upon the occurrence of a default or anytime
<br />thereafter. In addition, Bencficiary shall be cutitled to all the re�tiedies providcd hy law, the ter�ns of the Secnred Debt,
<br />this Securiry Instrumenc and any related documents, inclnding without limitation, the power w sell the Property.
<br />If there is a default, Trnstee shall, in addition w any oiher permitted remedy, at the reyuest of che Beneficiary, advertise
<br />and sell the Property as �► whole or in separate parcels al public auclion Co the highesc bidder for cash and convey absolute
<br />litle free and clear of all right, title and interest of Trnstor at such time and place as 'I'rustee desi�nates. Trustee shall give
<br />notice of sale including the tune, terms and place of sale and a description of the property to be sold as required by lhe
<br />applicable law iu effect at the time of the proposed sale.
<br />Upon sale of the PropeRy and to the extent not prohibited by law, Trustee shall make and deliver a deed ta the Yropert.y
<br />sold which conveys ahsolute title to the purchaser, and after first paying all fces, charges and costs, shall pay to
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, licns, $SS�SSTIIE:IILS and priar encumbrances and iuterest
<br />thercon, and the principal and interest on the Secured Debt, paying the surplus, if any, to `I'rustor. Beneficiary may
<br />purchase the PropeRy. The rccitals in any deed of conveyance shall be pruna facie evidence of che facts set forth therciu.
<br />All remedies are distincC, cumulative and nol exclusive, and the Beneficiary is entitled to all remedies pravided at law or
<br />equity, whethcr or not expressly set forth. The acceptance by Beneficiary of any suni in payment or partial payment on the
<br />Secured Debt after t.he balance is due or is accelerated or after foreclosure proceedings are filed shall not consLiLute a
<br />waiver of Benefici�ry's right to reyuire complete cure of any existiug default. By not exercising any rernedy on 'I'ruslor's
<br />default, Beneficiary does not waive Beueficiary's right. to later consider the event a default if it cC�ntinues or happens again.
<br />1b. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. �:xcep� when
<br />prohibited by law, Truslor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenanl iu this Security
<br />Instrurnent. Trustor will also pay on demand any �unount. incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Properly and Beneficiary's security interest. These expenses will bear interest from lhe date of the
<br />payment until paid in full at the highest interest rate in cffect as provided in the terms of [he Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurrcd by Reneficiary in collectin�, enforcing or prolecting Beneficiary's rights and
<br />remedics under this Security Tnstruinent. This amouut may include, but is noc limited to, allorneys' fees, couR costs, and
<br />other legal expenses. This Security Tnstrument shall remain in effecl unlil released. Trustor agrees to pay for aay
<br />recordation costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Enviroumen�al Law
<br />means, withoul limitation, the Comprehensive �;nviroumeutal Response, Co�npcnsation and Liability Acc (C:�;RCLA, 42
<br />iJ.S.C, 9601 et seq.), and all other federal, state an.d local LawS, regulations, ordinances, court orders, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, enviromnent or a qazardous substance; and (2)
<br />Hazardous Substance means any taxic, radioactive ar hazardous xnaterial, wasle, pollutant or contaYninant which has
<br />characteristics which render the substance dangerous or potencially dangerous �o the public health, saFety, welfare or
<br />environrnent. The term includes, without lirnitatina, any substances defined as "hacardous material," "toxic suhstances,"
<br />" hazardous waste" or "hazardons substance" under any Environmental Law.
<br />Trustnr represents, warrants and agrees that:
<br />A. Except as previously disclased and acknowledged in wriling to Beneficiary, no Hazardous Substauce is or will be
<br />lncated, stored or released on or in the Property. This restriction does uot apply io small quanCilies of Hazardous
<br />Substances thal are generally recagnized to be appropriate for the uormal use and maintenance of the PropeRy.
<br />B. Excepl as previously disclosed and acknowled�ed in writin� lo Beneficiary, 'Trustor and every tenant have been, are,
<br />and shall remain in full coinpliance with any applicable Environmental Law.
<br />C. Trustor shall uiunediately notify Beneficiary if a release or threatened release of a Haaardous Substance occurs on,
<br />under or about the Property or thcre is a violation of apy �nviXnttmental I,aw canceruing the Properly. In such an
<br />event, Trnstar shall take all nccessary rczx�edial action in accordance with aay Environmental Law.
<br />D. Trustor shall intrtiediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened invesligation, claim, or proceeding relaling to the release or threalened release of any Hazardous
<br />Substance or the viola[ion of any �nvironmental Law.
<br />18. CONDEMNATION. '1'rustor will give $eneficiary prarnpi noiice of any pendin� or threalened action, by private or public
<br />eucilies to purchase or take any ar all af [he Prc�perty thrangh condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene iu Trustor's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for d�unages connecCed wiCh a condemnation or other taking of all or any
<br />paR of the Property. Such proceeds shall be considered paytnepts and will be applied as provided in this Securiry
<br />Instrurnent. This assignrnent of proceeds is subject to the tenns of any prior mortgage, deed of trust, security a�reement c�r
<br />other lien docuznent.
<br />19. INSURANCE. Trustor shall keep Property insured against I.oss by fire, flood, theft and nther hazards and risks reasonably
<br />assoCiaLed with the Property duc to its type and location. This insurancc shall be maintaincd in the amounts and for the
<br />periods lhat Beneficiary requires. What I,ender requires pursuant to the precedipg sentence can change during the term of
<br />the laan. T'he insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />Beneficrary's option, obtain coverage to protect Beneficiary's rights in the Property according co the terms of this Security
<br />Instrurnen[.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "rnortgage clause" aad,
<br />where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or terminalion of the
<br />insurance. Beneficiary shall have the right tn hald the policies and renewals. Tf Beneficiary requires, Trustor shall
<br />unmediately give to Beneficiary all receipts of paid prerniurns and renewal notices. Upon lnss, Trustor shall give
<br />immediale notice to [he insurancc carrier and Beneficiary. 13eneficiary may make proof of loss if not made immediately hy
<br />�1'ruslor.
<br />lpaae 3 of 41
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<br />� ���� d, M Form FiE��b7-NE 1l30l2002
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<br />�MP � ��.�^r-
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