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<br />201100051
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make paymenl when due. Trustor
<br />will be in default if a breach occurs under the ter�ns of this 5ecurity Instrument or any other docurnent executed for the
<br />purpose of creating, securing or guarantying the Secured Debt. A good failh belief by Beneficiary that T3eneficiary at any
<br />time is insecure with respect to any person or enlity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is irnpaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instapces, fcderal and state law will require Beneficiary to provide Trustor with
<br />notice of the rrght to cure or other notices and may estahlish time schedules for foreclosure actions. Subject to these
<br />litnitations, if any, I3eneficiary may accelerate the Secured Debt and foreclose this Security Instruznent in a manner
<br />provided by law if Trustor is in defaull.
<br />At the option of Beneficiary, all or any parC of the agreed fees and charges, accrued inleresl and principal shall become
<br />irnrnediately dne and payable, after giving notice if reqnired by law, upon thc occurrence of a default or anytime
<br />thereafter. In addition, 13cneficiary shall bc cntitled to all the reznedies providcd by law, thc terms of the Secured Deb[,
<br />this Security Instrument and any related dncuments, including without limitatic�n, the power to sell the Propeny.
<br />If there is a default, Trustee shall, in addition to any other permitted remcdy, at thc request of the Beneficiary, adver�ise
<br />xnd sell the Property as a whole or in separate parcels at public auctinn to the highest bidder for catih and couvey absolute
<br />title free and clear of all right, title and interest of Trustor at such time and place as Trustce designates. Trustee shall give
<br />nc�tice of sale including the tirne, terms and place af sale aud a descrip[ion of the properly ta be sold as required by the
<br />applicable law in effect at the time of the proposed sale,
<br />LJpon sale of the Property and to thc extent not prohibited by law, Trustee shall make and deliver a deed lo the Property
<br />sold wh'rch conveys absolute title to the pnrchaser, and after first paying all fees, charges and costs, shap pay to
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />thereon, and the principal and interest on the Secured Debt, paying the surpins, if auy, to Trustor. Beneficiary may
<br />purchase the Property. The recitals in any deed nf conveyance shall be prima facie evidence of the facls set. forth therein.
<br />All remedies are distinct, curnulative and not exclusive, and the Beneficiary is en�i�led to all re�nedies providcd at law or
<br />equity, whether or not expressly set forth. The acceptance by Beneficiary of any suin in paytnept c�r partial paymeut on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure prnceedings are filed shall not constitute a
<br />waiver of Beneficiary's right lo reyuire complete cure of any existing default. By not exercising any rernedy nn '1'ruslor's
<br />default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in lhis Security
<br />lnslrument. '1'ruslor will also pay on deuiand any auiount incurred by Beneficiary for insuring, inspecting, preservin� or
<br />otherwisc protecting the Property and Beneficiary's security interest. These expenses will bear interesl from the date of the
<br />payment until paid in full at the highest interes[ rate in effecc as provided in �he �enns of the Secured Debt, Trustor agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's righls and
<br />remedies under lhis Security InstrumenC. '1'his unount may include, but is not limited to, attorneys' fees, conrt costs, and
<br />other legal expenses. This Security Instruinent shall reYtiain in cffcct until rcleased. Trustor agrees lo pay for any
<br />recordalion costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Envirnnmen�al Law
<br />means, without limitation, the Comprehensive �;nvironmental Response, Compensation and I,iahility Act (CERCLA, 42
<br />LJ.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorncy general
<br />apinions or interpre[ive letters conceening the puhlic health, safe�y, welfare, euvironment or a hazardous substance; and (2)
<br />Hazardous Substance means any tnxic, radioactive or huardous material, waste, pollutant or contaminant which has
<br />characteristics which render the substance dan�erous or polenlially dangerous to the public health, safety, welfare ar
<br />environmeut. The term iacludes, withoul L'unitzilion, any substauces defined as "hazardous matcrial," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environnaental I.,aw.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previou�ly disclosed and acknowledged in wrrtin� to Beneficiary, n�� I-Iaz,ardous Substance is or will be
<br />localed, slored or released on or in the PropeMy. 'This restriction does uot apply to small quantities of Hazardous
<br />SubsCances that are �enerally recognized t.o be appropriate for the normal use and inaintenance of the Property.
<br />B. Except as previously disclosed and acknowled�ed in writing to Beneficiary, Trustor and evcry tenant have been, are,
<br />and shall remain in full compliance with any applicable T'nvirowncntal i,aw.
<br />C. Trustor sqaq immediately notify Beneficiary if a release or threatcped release of a Hazardaus Suhstance occurs on,
<br />uuder or about the Property or there is a violation of any �nvironmental I,aw concerning [he Proper�y. ln such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Enviranrnental Law.
<br />D. Trustor shall 'unmediately notrfy Beneficiary in writing as saon as Trustor has reason to believe there is any pending
<br />or threatened investigation, CLSllll, or proceeding relating to the release or threatened relcase of any Hazardoas
<br />Substancc or thc violation of any Environmental Law.
<br />18. CONDEMNATION, Trustor will give Beneficiary prompt notice of any pendipg or threatened action, by private or public
<br />entities to purchase or taKe any or all of the Property through condemnatiop, cminent domain, or any other means, '1'rustor
<br />authorizes Bencficiary to intervene in Trustor's na�ne in any of the ahove describcd actions or clairns. Trustor assigus �o
<br />Benefrciary the proceeds of any award or claun for damages connectcd with a copdcrnnation or other taKing of all or any
<br />part of the PropeRy. Such proceeds shall be considered payn�ents and will be applied as provided in this Securily
<br />Instrurnent. This assi�nrnent of proceeds is subject to thc tcrnts of any prior mortgagc, dced of trust, securiry agreement. or
<br />other lien document..
<br />19. INSURANCE. Truscor shall keep Property insured againsl loss by fire, flood, lheft and olher hazards and risks reasonably
<br />assoeia�ed with the YropeRy due tn its type and locatic�n. This insnranee shall be maintained in the �unounts and for the
<br />periods th�►t Beneficiary requires. What Lender requires pursuant to the precedin� sentence can change during �he �enu of
<br />the loan. 'The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall nol be unreasor►ably withheld. If Trustor fails io maintain the coverage described above, Beneficiary may, at
<br />Beneficiary's option, obtain coverage lo prolecc Beneficiary's rights in the Property according to the ter�ns of this Securrty
<br />Instrument.
<br />All insurance policies and rencwals shall bc acccptable w Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause. " Trustor shall imrnediately notify Beneficiary af cancellation or leriuination of the
<br />insurance. Beneficiary shall have the right to hold the policies and repewals. iF T3eneficiary requires, 'I'rus[or shall
<br />irxunediately give to Beneficiary all receipls of paid preiniums and renewal notices. I7pan loss, Trustar shall give
<br />unmediate nolice to the insurance carrier and Beneficiary. Beneficiary may inake proof of loss if not made immediately by
<br />Trustor.
<br />(pa.Qe 3 of 41
<br />��"" (� 1994 Bankars Systems, Inc., St. Cloud, MN Form RE-DT-NE 1/30/2002 [!!_t... .
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