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'` G � > ; 201103785
<br />Financial Regorts and Additional Docnments. Trustor will provide to Beneficiary 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 Security Instrument and Beneficiary's lien status on the Property.
<br />6. WA,RRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized af the estate conveyed by this
<br />Security Instrument and has the right to inevocably grant, convey, and sell the Property to Trustee, in trust, with pawer of
<br />sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. DUE ON 5ALE. Beneficiary 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 the Property. This right is sub�ect to the
<br />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 />F'raud. Any Consumer Bonower engages in fraud or material misrepresentation in connection with the Secured Debt that
<br />is an open end home equity plan.
<br />Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a payment
<br />when due.
<br />Property. Any action or inaction by the Bonower or Trustor occurs that adversely affects the Property or Beneficiary's
<br />rights in the Property. This includes, but is not limited to, the following: (a) Trustor fails to maintain required insurance
<br />on the Property; (b) Trustor transfers the Property; (c) Trustor commits waste or otherwise destructively uses or fails to
<br />maintain the Properly such that the action or inactian adversely affects Beneficiar�'s security; (d) Trustor fails to pay taxes
<br />on the Property or otherwise fails to act and thereby causes a lien to be filed agamst the Property that is senior to the lien
<br />of this Security Instrument; (e) a sole Trustor dies; (fl if more than one Trustor, any Trustor dies and Bene�ciary's
<br />security is adversely affected; (g) the Property is taken through eminent domain: (h) a judgment is filed against Trustor and
<br />subjects Trustor and the Property to action tfiat adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses
<br />on the Property and as a result, Beneficiary's interest is adversely affected.
<br />Executive Officers. Any Bonower is an executive of�cer of Bene�ciary or an affiliate and such Borrower becomes
<br />indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted under federal laws and
<br />regulations.
<br />9. REMEDIES 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 Secunty 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 notrce 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 of the Beneficiary, a11 or any part of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br />thereafter.
<br />Tf there is a default, Trustee sha11, at the request of the Beneficiary, advertise and sell the Properiy 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 shall give notice of sale inc3uding the time,
<br />terms and place of sale and a description of the property to be sold as required by the applicable law in effect at the time of
<br />the proposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br />sold which conveys absolute title to the purchaser, and after �rst 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 and interest on the Secured Debt, paying the surplus, .if any, to Trustor. Beneficiary, may
<br />purchase the Property. The recitals in any deed of conveyance sha11 be prima facie evidence of the facts set forth therem.
<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 �led shall not constitute a waiver of Bene�ciary 's right to require complete
<br />cure of any existing default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's
<br />right to later consider the event a default if it happens again.
<br />10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COST5. If Trustor breaches
<br />any covenant in this Security Instrument, Trustor agrees to pay all expenses Beneficiary incurs in performing such
<br />covenants or protecting its secunty interest in the Property. Such expenses include, but are noC limited to, fees incurred for
<br />inspecting, preservmg, or otherwise 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 interest in effect as
<br />provided in the terms of the 5ecured Debt. Trustor agrees to pay all costs and expenses incuned by Beneficiary in
<br />collecting, enforcing or protecting Beneficiary's rights and remedies under this Security Instrument. This amount may
<br />include, but is not limited to, Trustee's fees, court costs, and other le�al expenses. To the extent permitted by the United
<br />States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys fees Bene�ciary incurs to collect the Secured Debt
<br />as awarded by any court exercising �unsdiction 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. E�IVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCF.S. As used in this .seetion (1} E�viroflmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.5.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />opinions or interpretive 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 defined as "hazardous material," "toxic substances,"
<br />"hazazdous waste" or "hazardous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing, to Bene�ciary, no Hazardous Substance is or will be
<br />located, stored or released on or in the Properiy. 'I`his 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 prev,iously disclosed and acknowledged in writing to Beneficiary; �'rustaF and-every tenant have been, are,
<br />and shall remain in full compliance with any applicable Environmental Law.
<br />G Trustor sha11 immediately notify Beneficiary if a release or threatened release of a Haiardous Substance occurs on,
<br />under or about the Property or there is a violation of any Environmental Law concerning, �he Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental T:aw.
<br />„ n fpage 3 of 4J
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<br />Ej p�C p1 OO 1994 Bankara Systema, Inc., St. Cloud, MN Form OCP-REDT-PJE 1/3112003 ;���7
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