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201103391
<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 defaulE if a breach occurs under the terms of this Security Instrument or any other dacument executed for the
<br />purpose of creatin�, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />hme is insecure with respect to any person or entitq obligated on the Secured Debt or that the prospect of any payrnent or
<br />the value of the Property is impaired shall also canstitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state Iaw will require Beneficiary to provide Trustor with
<br />notice af the righi to cure or other notices and may sstablish lime schedules for foreclosure actions. SubjecC to these
<br />limitatians, if any. Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided
<br />by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the sgreed fees and charges, accrued interest and principal shall become
<br />immediately due and payabte, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />In ad@ition, Beneficiary shall be entitled to all the remedies �provided by law, the terms of the Secured Debt, this Security
<br />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 />and sell the Property as a whole or in se�arate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all ri�ht, title and interest of Trustor at sach time and place as Trustee desigz�ates. Trustee shall give
<br />notice of sala including the time, 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 af the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Praperty
<br />sold which canveys absolute title to the purchaser, and after �rst paying all fees, charges and costs, shall pay to Beneficiary
<br />all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the
<br />principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property.
<br />The recitals in any deed of conveyance shall be prima facie evidence of the facts set for[h therein.
<br />All remedies are distinct, cumulative and not exclusive, and the �neficiary is entitled to all remedies �rovided at law or
<br />equity, whether or not exprsssl� set forth. The acceptance by Beneficiary of any sum in payment or parrial payment on the
<br />Secured Debt after the balance is due or is acce�erated or after foreclosure proceedings aze �led shall not constitute a waiver
<br />of Beneficiary's right to require ccamplete cure of any existing default. By not exercising any remedy on Trustor's defauit,
<br />Bene�ciary 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; COLLECTTON COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Bene�ciary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Trustor will also pa}� on demand any amount incurred by Bene�ciary for insurin�, inspecting, preserving or
<br />otherwise profecting the Property and Beneficiary's security interest. These expenses wilt bear interest from the date of the
<br />payment until paid in fu11 at the highest interest rate ia effect as provided in the ternns of the Secured Debt. Trustor agrees
<br />Co pay all costs and expenses incurred bq Bene�ciary in coilecting, enforcing or protecting Beneficiary's rights and
<br />remedxes under this Security Tnstrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />other 1e�ai expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay far any
<br />recordatlon costs of such release.
<br />17. ENVIRUNMENTAL LA.WS AND FIAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Respanse, Compensation and Liability Act (CERCLA, 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 Ietters cvncerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or cantaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the puhlic health, safety, welfare ar
<br />environment. The terrn includes, without Iimitation, any substances de�ned as "hazardous material," "taxic substances,"
<br />"hazardous waste" or "hazardous substance" vnder any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and aeknowledged in writing tn Bene�ciary, 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 re�ognized to be appropriate for the nprmal use attd maintenance of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Bene�ciary, Truslor and every tenant have been,
<br />are, and shall remain in full comptiance with any applicable Environmental Law.
<br />C. Trustor shall immediately notify Beneficiazy if a release or thzeatened release of a Hazardous Substance occurs on,
<br />under or about the Froperty or there is a violation of any Bnvironmental Law cancerning the T'roperty. In such an
<br />evenk, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall irnmediatel� natify Bene€iciary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigaUon, claim, or proceeding relating to the release or threatened release o£ any Hazardous
<br />Substance ar the violation of any Environmental Law.
<br />18. CONDEMNATIOIV. Trustor will give Bene�ciary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or kake any or a11 of the Property through condemnation, emznent domain, or any other means. Trustor
<br />au[horizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns co
<br />Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br />part of the Property. Such proceeds shall be considered gayments and will be applied as provided in this Security
<br />Instrument. This assignment of praceeds 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 insured against loss by fire, £�ood, theft and other hazards and risks reasanably
<br />associated with the Property due to its tqpe and location. This insurance sha1I be maintained in the arnounts and for the
<br />periods that Bene�ciary requires. WhaC Beneficiary requires pursuant to the preceding sentence can change during the term
<br />of the loan. The insurance carrier �roviding the insurance shall be chosen by Trustor subject to Beneficiary's approval,
<br />which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Bene�ciary may, at
<br />Bene�ciary's option, obtain coverage to protect Beneficiary's rights in the Property accflrding to the terms of this Security
<br />Instrument.
<br />All insurance policies and renewals shall be accep table to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor sha11 imrnediately notify Beneficiary of cancellation or termmation af the
<br />insurance. Bene�ciary shall have the right to hold the policies and renewals. If Bene�ciary requires, Trustor shall
<br />immediately �iva to Bene�ciary all recei�ts of paid prexniums and renewal notices. Upon �oss, Trustor shall give immediate
<br />notice to the insurance carrier and Beneficiary. Bene�ciary may rnake proof of loss if not made immediately by Trustor.
<br />E�jt�r� Q 1994 Bankers Syatems, lno., St. Cloud, MN Form AE-D7•NE 7/30/20D2
<br />��C166(N� �o3oiy
<br />S165NE EN (0yI10)
<br />��''- (Px9 � 3 � o ! 4)
<br />CJC.(�
<br />Loan Number 11-04-ood208
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