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<br />14. DEFAULT. Trustor will be in default 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 Securiry Instrument or any other document executed for the
<br />� purpose of creating, securing or guarantying 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 sh�ll also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. I❑ some instances, federal and state law will require Beneficiary to provide Trustor with
<br />notice of the right to cure or other notices and' niay establish time schedules for foreclosure actions. Subject to these
<br />limitations, if auy, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner
<br />provided by law if Trustor is in default. �
<br />At the optiou of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />nnmediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br />thereafter. I❑ addition, Beneficiary shxll 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 />aad set4 the Property �s x w�ofe or in separatQ parcels at publie auction to the highest• bi�der foc cash and con�e5� absolute
<br />title free aud clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall give
<br />notice of sale induding the tune, terms and place of sale and a description of the property to be sold as required by the
<br />applicable law in 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 to the Property
<br />sold which conveys xbsolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />thereon, and the principal xnd interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the PropeRy. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />All remedies �re distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equity, wt�ether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Secured Debt after the balance is due oC is accelerated or after fareelosure pcoceedings axe filed shall not eonstitute a
<br />waiver of Beueficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br />default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it conCinues 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 this Security
<br />Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interesC from the date of the
<br />payment until pxid in full at the highesi interest rate in effect as provided in the terms of the Secured Debt. Trustar agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This amount may � include, but is not limited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Instrument 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) Enviroumental Law
<br />n�exns, witl�nu� limitation, the Comprehensive .EnvirQnmental Response, Compensatian a�d _Liability Act (GERCLA, 42
<br />U.S.C. 9601 et seq.), and all other federal, state and Local Laws, regulations, ordinances, court orders, attorney general
<br />opinions or interpretive letters concerning the public health, safery, welfare, environment or a haza�dous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />charxeteriscics wl�ich render the substance dangerous or potenCially dangerous to the public heahh, safery, welfare or
<br />enviroument. The term ivcludes, without lunitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "haz,ardous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed aud acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stored or released 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 as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are,
<br />and shall remaiu in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately 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. Trustar sl�all 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 the violation of any Environmeutal Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any peading or thceatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary tv intervene in 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 dunages connected with a condemnation or other taking of all or any
<br />part of the Property. Such proceeds shall be con.�idered payments and will be applied as provided in this Security
<br />Iustr�ment.' This atisigmnent of proceeds is subject to the terms of any prior moRgage, deed of trust; security agreement or
<br />othec lien document. � �
<br />19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risKs reasouably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br />periods thxt Beneficiary requires. What Lender requires pursuant to the preceding sentence can change during the term of
<br />the loan. The insurxnce cxrrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />shall noC be uureasouably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />Beueficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Securiry
<br />InstrumenC. � �
<br />All insurance policies xnd renewals shall be acceptable to Beneficixry 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, Trustor shall
<br />nnmediate(y give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br />unmediate noCice to the insurance carrier and Beneficiat�. �u�ficu� loss if not made immediately by
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<br />t � �S.waN.�9�3 R±e:�3 e �° : �
<br />��"' C�` 1994 Bankers Systems, Inc., St. Cloud, MN Form RE-DT-NE t/3 /200� � � „�
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