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� � l i s
<br />F�tnancial Regorts and Additional D�uments. Trustor will provide to Beneficiary upon request, any �nancial statement
<br />or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any additional
<br />documents or certif'ications that Bene�ciary may consider necessary to perfect, continue, and preserve Trustor's obligations
<br />under this Securiry Instrument and Beneficiary's lien status on the Property.
<br />6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Securiry Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, vs+ith power of
<br />sale. Trustor also warrants that the Properry is unencumbered, except for encumbrances of record.
<br />7. DUE ON SAI,E. Bene�ciary may, at its option, declare the entire balance of the Secured Debt to be immediately due and
<br />payable upon the creation of, or contract for the creation of, a transfer or sale of all or any part of the Property. This right
<br />�s subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable.
<br />8. DEFAULT. Trustor will be in default if any of the following occur:
<br />Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that
<br />is an open end home equity plan.
<br />whend ues� An Consumer Borrower on an Secured Debt is an o n end home ui lan fails to make a payment
<br />Ym Y Y Pe �1 �Y P
<br />Property. Any action or inaction by the Borrower or Trustor occurs that adversely aff�ts the Properly or Bene�ciary's
<br />rights in the Properly. This includes, but is not limited to, the following: (a) Trustor fails to maintam required insurance
<br />on the Property; (b) Trustor transfers We Property; (c) Trustor commits waste or otherwise destructively uses or fails to
<br />maintain the Properly such that the action or inaction adversely affects Bene�ciary's security; (d) Trustor fails to pay taxes
<br />on the Properly or otherwise fails to act and thereby ca.uses a lien to be filed aga►nst the Property that is senior to the lien
<br />of this Secunry Instrument; (e) a sole Trustor dies; (� if more than one Trustor, any Trustor dies and Bene�ciary's
<br />securiry is adversely affected; (g) the Property �s taken through eminent domain; (h) a judgment is filed against Trustor and
<br />subjects Trustor and the Property to action thai adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses
<br />on the Property and as a result, Bene�ciary's interest is adversely affected.
<br />Executive OffYcers. Any Borrower is an executive officer of Beneficiary or an aff'�liate and such Borrower becomes
<br />indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted under federal laws aand
<br />regulations.
<br />9. REMEDIE5 ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument,
<br />Beneficiary may accelerate the Secured Debt and foreclose this Securiry Iastrument in a manner provided by law if Trustor
<br />is in default. In some instances, federal and staxe law will require Beneficiary to provide Trustor with notice of the right to
<br />cure, or other notices and may esta.blish time schedules for foreclosure actions. Each Trustor requests a copy of any notice
<br />of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Section 1 above.
<br />At the option of the Bene�cia.ry, all or any part of the agreed fees and charges, accrued interest and principa1 shall become
<br />immediately due and payable, after givmg notice if required by law, upon the occurrence of a default or anytime
<br />thereafter.
<br />If there is a default, Trustee shall, at the request of the Bene�ciary, advertise and sell the Property as a whole or in
<br />separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title
<br />and interest of Trustor at such time and place as Trustee designates. Trustee sha11 give notice of sale including the time,
<br />terms and place of sale and a description of the property to i� sold as required by the applica.ble law in effect ai the time of
<br />the proposed sa1e.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Properiy
<br />sold which conveys absolute title to the purchaser, and after first paying a11 fees, charges and costs, shall �pay to
<br />Beneficiary all moneys advanced for repaus, taxes, insurance, liens, assessments and prior encumbrances and mterest
<br />thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary ma.y
<br />purchase the Property. The recitals in any deed of conveyance shalI be pnma facie evidence of the facts set forth Werein.
<br />The acceptance by Bene�ciary of any sum in payment or partial payment on the Secured Debt after the balance is due or is
<br />accelerated or after foreclosure proceedings are filed shall not constrtute a waiver of Beneficiary's right to require complete
<br />cure of any existin default. By not exerc�smg any remedy on Trustor's default, Beneflciary does not waive Beneficiary's
<br />right to later consider the event a default if it happens again.
<br />10. ERPENSES; ADVANCE5 ON COVENANTS; ATTORNEY5' FEE5; COLI.ECTION COSTS. If Trustor breaches
<br />any covenant in this Security Instnunent, Trustor agcees to pay all ex�enses Beneficiary incurs in performing such
<br />covenants or protecting its secunt� interest in the Property. Such expenses mclude, but are not limited to, fees incurred for
<br />inspecting, preserving, or otherw�se protecting the Property and Bene�ciary's security interest. These expenses are payable
<br />on demand and will bear interest from the date of payment until paid in full at the highest rate of intetest iu effect as
<br />provided in the terms of the Secured Debt. Trustor agrees to pay a11 costs and expenses incurred by Bene�ciary in
<br />collecting, enforcin� or protecting Beneficiary's rights and remedies under this Secunry Instnunent. This amount may
<br />include, but is not lunited to, Trustee's fees, court costs, and other legal ex nses. To the extent permitted by the United
<br />States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys fees�eneficiary incurs to collect the Secured Debt
<br />as awarded by any court exercising �urisdicrion under the Bankruptcy Code. This Secunry Instrument shall remain in effect
<br />until released. Trustor agrees to pay for any recordation costs of such release.
<br />11r ENVIRONMENTAL .LAWS AND HA�ARDOU5 5I1B5°,CANCE5. As used in_ this section, �1) Environmental Law
<br />means, without limitation, the Comprei�ensive Enviroamental Response, Compensation and Liab' iry Act ��ERC:LA, A�2
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, tegulations, ordinances, court orders, attorney general
<br />opinions or interpretrve leuers concerning the public health, safety, welfaze, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous matenal, waste, pollutant or contaminant which has
<br />chazacteristics which render the substance dangerous or potentially dangerous to the public health, safery, 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 L.aw.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acl�nowledged in writing: to Beneficiary, no Hazardous 5ubstance is or will be
<br />located, stored or released on or in the Property. This restttction does not apply to small quantities of Hazardous
<br />Substauces that are generally recognized to be appropriate for the normal use and ma.intenance of the Property.
<br />B. Except as previously disclosed and acknowledged m wridng to Be�i�a�i, �� �-t$�a have been, are,
<br />and shall remain in full compliance with any applicable Environmen�al Law. �"� �� �- �
<br />C. Trustor sha11 immediately notify Beneficiary �f a release or threatl'ened r�i`�e� " bf a H�dous Substance occurs on,
<br />under or about the Properly or there is a violation of any Enviro�m�ttrttal -°' '.`�e�`�the: Properly. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />(page 3 of 4)
<br />F'j(�j- � OO 1994 Bankere Syeteme. Inc•. St. Claid, MN Form OCP-REDT-NE 6/10/2005
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