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<br />201103734
<br />Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial statement
<br />or information;;; Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any additional
<br />documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Trustor's obligations
<br />under this Secu�rity Instrument and Beneficiary's lien status on the Property.
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<br />6. WARRANTY �<OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Security Instruti�ent and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sale. Trustor a1�o warrants that the Properiy is unencumbered, except for encumbrances of record.
<br />7. DUE ON SAL�. Bene�ciary may, at its option, declare the entire balance of the Secured Debt to be immediately due and
<br />payable upon tt�e creation of, or contract for the creation of, a transfer or sale of the Property. This right is sub�ect to the
<br />restrictions imp7osed by federal law (12 C.F.R. 591), as applicable.
<br />8. DEFAULT. T�ustor will be in default if any of the following occur:
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<br />Fraud. Any C�nsumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that
<br />is an open end klome equity plan.
<br />Payments. An� Consumer Borrower on any Secured Debt that, is an open end home equity plan-fails to make a payment
<br />when due.
<br />r ght�s in the
<br />on the PropE
<br />maintain the
<br />on the Prope
<br />of this Secu
<br />security is ac
<br />subjects Tru;
<br />on the Prope
<br />Executive �
<br />indebted to
<br />regulations.
<br />action or inaction by the Bortower or Trustor occurs that adversely affects the Property or Beneficiary's
<br />�perty. This includes, but is not limited to, the following: (a) Trustor fails to rnaintaui required insurance
<br />(b) Trustor transfers the Properiy; (c) Trustor commits waste or otherwise destructively uses or fails to
<br />perty such that the action or inaction adversely, affects Beneficiary's security; (d) Trustor fails to pay taxes
<br />or otherwise fails to act and thereby causes a lien to be �led against the Property that is senior to the lien
<br />Instrument; (e) a sole Trustor dies; (fj if more than one Trustor, any Trustor dies and Bene�ciary's
<br />sely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Trustor and
<br />and the Property to action tfiat adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses
<br />�nd as a result, Beneficiary's interest is adversely affected.
<br />Any Bonower is an executive of�cer of Beneficiary or an af�liate and such Borrower becomes
<br />y or another lender in an aggregate amount greater than the amount permitted under federal laws and
<br />9. REMEDIES ON DEFAUI.T. In addition to any other remedy available under the terms of this Security Instrument,
<br />Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor
<br />is in default. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to
<br />cure, or other notices and may establish 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 oE the Bene�ciary, 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 Beneficiary, advertise and sell the Properiy as a whole or in
<br />separate pazcels'' at public auction to the highest bidder for cash and convey absolute title free and cleaz Qf a11 right, title
<br />and mterest of firustor at such time and place as Trustee designates. Trustee shall give notice of sale including the time,
<br />terms and place of sale and a description of the properiy to be sold as required by the applicable law in effect at the time of
<br />the proposed sale.
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<br />Upon sale of th;'�, Property and to the extent not prohibited by law, Trustee sha11 make and deliver a deed to the Property
<br />sold which co�'veys absolute title to the purchaser, and after �rst paying a11 fees, charges and costs, shall pay to
<br />Beneficiary all :;'$noneys advanced for repairs, t�es, insurance, liens, assessments and prior encumbrances and mterest
<br />thereon, and the principa1 and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the PrQperty. The recitals in any deed of conveyance shall be prima facie evidence of tha facts set forth therein.
<br />The acceptance by Beneficiary 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 sha11 not constitute a waiver of Beneficiary 's right to require complete
<br />cure of any existing default. By not exercismg any remedy Qn Trustor's default, Beneficiary does not waive Bene�ciary's
<br />right to later consider the event a default if it happens again.
<br />10. EXPENSES; AbVANCES ON COVENANTS; AZ°I'ORNEYS' FEES; COLLECTION COSTS. If Trustor breaches
<br />any covenant ii� this Security Instrument, Trustor agrees to pay all ex�enses Beneficiary incurs in performing such
<br />covenants or pro,tecting its security interest in the Property. Such expenses include, but aze not limited to, fees incuned for
<br />inspecting, preserving, or otherwise protecting the Property and Beneficiary'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 interest in effect as
<br />provided in the':�� terms of the Secured Debt. Trustor agrees to pay all costs and expenses mcurred by Beneficiary in
<br />collecting, enfoz�cing or protecting Beneficiary's rights and remedies under this Secunty Instrument. This amount may
<br />include, but is not limited to, Trustee's fees, court costs, and other legal expenses. To the extent permitted by the United
<br />States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys fees Beneficiary incurs to collect the Secured Debt
<br />as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Secunty Instrument shall remain in effect
<br />until released. Trustor agrees to pay for any recordation costs of such release.
<br />11. ENVIRONMENTA�,, LAWS .AND HAZARDOUS SUBSTANCES. As used in this.section, (1).Environm@ntal Law
<br />means; without limitation, the Comprehensive Environmental ltesponse, Compensatiori and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et';seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attomey general
<br />opinions or interprerive letters conceming 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 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 de�ned as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "hazazdous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and aclmowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stored or released on or in the Property. This restriction does nat apply to small quantities of Hazardous
<br />Substances"that are generally recognized to be appropriate for the norr�al 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 r�main in full compliance with any applicable Environmental Law.,
<br />C. Trustor sh�ll 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 Environniental Law the Property. In such an
<br />event, Trustor shall take a11 necessary remedial action in accordance with any Environmental Law.
<br />(p e 3 4/
<br />� �O 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP•REDT-NE 1/31/2003
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