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�r ��Y � 201103738
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<br />DEFAULT. T'stor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />will be in defa t if a breach occurs under the terms of this 3ecurity Instrument or any other document executed for the
<br />purpose of creat g, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />time is insecure ith respect to any person or entiry obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the �operly is impaired shall also constitute an event of default.
<br />REMEDIES O DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />notice of the ri' t to cure or other notices and may establish time schedules . for foreclosure actions. Subject to these
<br />limitations, if � y, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner
<br />provided by law Trustor is in default. -
<br />At the option o� Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />immediately du ' and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br />thereafter. In ad ition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security Inst ent and any related documents, including without limitation, the power to sell the Property.
<br />If there is a def ult, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise
<br />and sell the Pro 'erty as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free and cl of all right, �itle and interest of Trustor� at such tim� and place as Trustee designates. Trustee shall give
<br />notice of sale in� luding 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 of th Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br />sold which con', eys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to
<br />Beneficiary all � oneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<br />thereon, and th �, principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />purchase the Pro erty. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />All remedies are'� distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equiry, whether ' r not expressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />Secured Debt a � er the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a
<br />waiver of Benefi�iary's right to require complete cure of any elcisting default. By not exercising any remedy on Trustor's
<br />default, Benefic' � does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />EXPENSES; � VANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by la , Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Tru tor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protec ing the Property and Beneficiary's security interest. These expenses will bear interest from the date of the
<br />payment until pa d in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />to pay all costsl�and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under s Security Instrument. This amount may include, but is not limited to, attomeys' fees, court costs, and
<br />other legal ex nses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs I of such release.
<br />ENVIRONME AL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without �imitation, the Comprehensive Environmental Response, 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, attomey general
<br />opinions or inte retive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />Hazardous Subs ce means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />characteristics �'ch render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. T'�e term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous wast " or "hazardous substance" under any Environmental Law.
<br />Trustor represen �, warrants and agrees that:
<br />A. Except as reviously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, st red 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 Properly.
<br />B. Except as reviously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are,
<br />and shall r ' in full compliance with any applicable Environmental Law.
<br />C. Trustor s immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br />under or a out the Property or there is a violation of any Environmental Law concerning the Property. In such an
<br />event, T tor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor s�' immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threate �'ed investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance r the violation of any Environmental L,aw.
<br />CONDEMNA 'ON. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purch � e or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Bene ciary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the roceeds 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 payments and will be applied as provided in this Security
<br />Instniment. ThiS�assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien docun
<br />19. INSURANCE.
<br />associated with
<br />periods that Be�
<br />the loan. The i�
<br />shall not be w
<br />Beneficiary's o�
<br />Instrument.
<br />All insurance p�
<br />where applicabl
<br />insurance. Ben�
<br />immediately gi
<br />immediate notic
<br />Trustor.
<br />� OO 1994
<br />�tor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br />iary requires. What Lender requires pursuant to the preceding sentence can change during the term of
<br />nce carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which
<br />onably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security
<br />icies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />"loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination of the
<br />ciary shall ha.ve the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />to Beneficiary all receipts of paic� ;g�m����.-and..re�y,!a1. �ox�,ces. Upon loss, Trustor shall give
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<br />to the insurance carrier and Benefici�:' ���[��� may mak� proof Qf loss if not made immediately b
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<br />nkers Systema, Inc., St. Cloud, MN Form RE-DT-NE 7/30/2002
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