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<br />14. DE AUI.T. Trustor will lx in default if any party obligated on the Secured Debt fails to make payment when due. Trustor
<br />wil be in default if a breach occurs under fhe terms of this Security Instrument or any other document executed for the
<br />p ose of creating, securing or guarantying the Secured Debt. A good faitb belief by Beneficiary that Beneficiary at any
<br />is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of default.
<br />15. MEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />no ice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these
<br />1' 'tations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner
<br />pr'� vided by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />� ediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
<br />th' reafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secur� Debt,
<br />s Security Instrument and any related documents, incl�rding 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 />d sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute
<br />ti e free and clear of all right, tifle and interest of Trustor at such time and place as Trustee designates. Trustee shall give
<br />n tice of sale including the time, terms and place of sale and a description of the property to be sold as required by the
<br />a'� plicable law in effect at the time_ of the proposed sale.
<br />pon sale of the Property and to the extent not prohibited by law, Trustee shall, make and deliver a deed to the Property
<br />s ld which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay to
<br />�eneficiary all moneys advanced for repairs, ta.�es, insurance, liens, assessments and prior encumbrances an d interest
<br />ereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br />` chase the Property. The recitals in any de� of conveyance shall be prima facie evidence of the facts set forth therein.
<br />remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />'quity, whether or not exgressly set forth. The acceptance by Beneficiary of any sum in payment or partial payment on the
<br />ecured Debt after the balance is due or is accelerated or after foreclosure proceedings are fi�led shall not constitute a
<br />' aiver of Beneficiary's right to require complete cure of any existing default. By not exercising any remefly on Trustor's
<br />efault, Beneficiary does not waive Beneficiary's right to latex consider the event a default if it continues or happens again.
<br />16. XPENSFS; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />rohibited by law, Trustor agrees to pay a11 of Beneficiary's expEnses if Trustor breaches any covenant in this Security
<br />trument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />� therwise protecting the Property and Beneficiary's securiry interest. These expenses will bear interest from the date of the
<br />;, ayment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />�to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />� remedies under this Security Instrument. This amount may include, but is not limited to, attomeys' fees, court costs, and
<br />; other legal expenses. This Security Instrument sha11 remain in effect until released. Trustor agrees to pay for any
<br />` recordation costs of such release.
<br />17.( ENVIRONMENTAL LAWS AND HA.ZA,RDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />; means, without limitation, 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 interpretive letters concerning 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 />I characteristics which render the .substance dangezous or potentiaily dangerous to the public health, safety, 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 Law.
<br />t Trustor represents, wanants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, 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 recognized to be appropriate for the normal use and maintenance of the Property.
<br />a B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are,
<br />' and shall remain in full compliance with any applicable Environmental Law.
<br />i C. Trustor shall 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 Environmental Law concerning the Property. In such an
<br />r event, Trustor shall take all necessary remedial acrion in accordance with any Environmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />i or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />' Substance or the violation of any Environmental Law.
<br />1. CONDEMNATION. Trustor will give Beneficiary prompt notice of any gending or threatened action, by private or public
<br />! entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />; authorizes Beneficiary to intervene in Trustor's name 'vn any of the above describ� actions or claims. Trustor assigns to
<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 payments and will be applie�i as provided in this Securiry
<br />� Instrument. This assignment of proce�s is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />I other lien document.
<br />9. INSURANCE. Trustor shall keep Property insured against loss by fixe, flood, thefr and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br />periods that �eneficiary requires. What Lender requires pnrsuant to the preceding sentence can change during the term of
<br />; the loan. The insurance carrier providing the insurance shall be chosen by Trustor snbject to Beneficiary's approval, which
<br />i shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />� Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security
<br />� Instrument.
<br />+ All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />� where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination af the
<br />� insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />; imm�iately give to Beneficiary all receipts of paid premiums , aad = renew�r-notic�.s. _-�Jpon._1Qss, Trustor shall give
<br />' immediate notice to the insurance carrier and Beneficiary. Beneficiar3+ may mal�¢`proof �a�Floss if not made immediately by
<br />; � ,�_ .
<br />' Trustor i �? - fPage 3 of 41
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<br />��"" OO 1984 Benkars Systems, lnc., St. Cloud, MN Form RE-DT-NE 1 BOl2002 -.Lll--
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