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201i0147G
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<br />14. DEFAULT. Trusror will be in defxult if any party obligated on the Secured Debt fails to maKe payment when due. Trustor
<br />will be in default if a breach occurs under the terms of this �ecuriry Instrument or any other document executed for the
<br />purpose of creating, securing or guaranrying 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 prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some inst�nces, federal and state law will require Beneficiary to provide Trustor with
<br />notice of the right to cure or other notices and may establish time scheduCes for foreclosure actions. Subject to these
<br />l'unitxtions, if any, Beneficiary may accelerate the Secured Debt and foreclose this Securiry Instrument in a manner
<br />provided by law if Trustor is in default. �
<br />At the option of Beneficiary, all or any p�rt of the xgreed fees and charges, accrued interest and principal shall become
<br />unmediately Jue hud payable, after givin� uotice if required by law, upon the o.ccurrence of a default or anytime
<br />thereafter. In addition, Beneficixry shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Securiry Instrument and any related documents, including without limitation, the power to sell the Property.
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />xnd sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />titte free and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall give
<br />notice of sxle including the time, Cerms and place of sale aud a description of the property Co be sold as required by the
<br />applicable law in effect at the time of the proposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall maKe and deliver a deed to the Properry
<br />sold whicl� couveys absolute titte to the purchaser, and after first paying all fees, charges and costs, shall pay to
<br />Beneficiary all moneys advauce�l for repairs, txxes, insurance, liens, assessments and prior encumbrances and interest
<br />thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beaeficiary may
<br />purcl�ase tUe Property: The recitals in any deed of conveyance shall be pruna facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not excl�sive, xnd the Beneficiary is entitled to all remedies provided at law or
<br />eyuiry, whether or not expressty set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Secured Debt after the bxlance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a
<br />waiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br />default, Beueficiary does not waive Beneficiary's right to lxter consider the event x 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 coveuant in this Security
<br />Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protectiug the Property and Beneficiary's security interest. These expenses will bear interest from the date of the
<br />payment until paid in full at the highest interest rate in effect as provided in the terms of 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 Securiry In.strument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />ocher legal expens�s. Tl�is Security Insuument shall remain in effect until released. Trustor agrees to pay for any
<br />� recordation costs of such� release: � � � � � � � � �
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitxtion, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />[J.S.C. 9601 et seq.), and al1 other federxl, state and local laws, regulations, ordinances, court oxders, attorney general
<br />opinions or interpretive (etters concerning the public health, safery, welfare, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. 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 x5 previously disclosed aud acknowledged in writing to Beneficiary, no Hazardous SubsEance is or will be
<br />located, stored or re(eased on or in the Property. This restriction does not apply to small quantities of Hazardous
<br />Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property.
<br />B. Except xs previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are,
<br />xud shall remaiu iu fut( coinpliance with any applicable Environmental Law.
<br />C. Trustor shall unmediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall 'unmediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance or Che violation of any Environmental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or txke any or ali of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beueficiary to iutervene in Trustor's u�une in any of the above described actions or claims. Trustor assigns to
<br />Beueficiat�,� t!�e prExeed� of xa� aw.�r�+ or claun for d.t�mages canaected wit� : co�demnation or oiher taking of all or aay
<br />part of the Property. Suc� proceeds shali be considered payments and will be applied as provided in this Security
<br />Instrument. Tl�is xssignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien document. �
<br />19. INSURANCE. Trustor shall keep Property in.�ured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated witl� the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br />periods that Beneficixry requires: What Lender requires pursuant to the preceding sentence can change during the term of
<br />the loan. The insurance cacrier providing the insurance shall be chosen by Trustar subject to Beneficiary's approval, which
<br />shall not be uurexsonably withheld. If Trustor fails to maintai❑ the coverage described above, Beneficiary mxy, at
<br />Beneficiary's optioa, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security
<br />Instrument.
<br />All insurauce policies xnd renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause. " Trustor shall nnmediately notify Beneficiary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustar shall
<br />immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br />immediate notice to the insurance carrier and Beneficiary. B ''• � roof of loss if not made nnmediately by
<br />TCLLtiCOC. ���' (page of 4)
<br />� O 1994 Bankers Systems, Inc., St. Cloud, MN Form RE-0T-NE 1/30/20 � � �
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