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<br />14. DEFAiJI,T. Trustor will be in default if any parly obligated on the Secured Debt fails to make payment when due. Trustor
<br />will be in default if a breach occurs under the terms of this Security Instrument or any other dacunnent executed for the
<br />purpose of creating, securing or guarantying the Secuced Debt. A good faith belief by Beneficiary that Beneflciary at any
<br />time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the valne of the Property is impaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAiJLT. In some instances, federal and state law will require Bene�ciary to provide Trustor with
<br />natice of Che right to cure or other notices and may establish time schedules for foreclosure actions. 5ubject to these
<br />limitations, if any, Beneficiary may acceletate the Secuted Debt and foreclose this Security Instrument in a manner
<br />provided by law if Trustar is in default.
<br />At the option of Bene�ciary, all 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. In addition, Beneficiary shall be eutitled to all the remedies provided by law, the terms of the Secured Debt,
<br />this Security 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 separate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free and clear of all right, title and interest of Trustor at such time and place as Trustee designates. Trustee sha11 give
<br />notice of sale including the titne, 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 the Properiy and to the exCent not prohibited by law, Trustee sha11 make and deliver a deed to the Property
<br />sold which conveys absolute title to the purchaser, and after first 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 ptincipal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Bene�ciary may
<br />purchase the Property. The recitals in any deed of conveyaace sha11 be prima facie evidence af the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Bene�ciary is entifled to all remedies provided at law or
<br />equiry, whether or not expressly set forth. The acceptance by Bene�ciary of any sum in payment or partial payment on the
<br />Secuted Debt after the balance is dae or is accelerated or after foreclosure proceedings are filed shall not constitute a
<br />waiver of Bene�ciary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's
<br />default, Beneficiary does not waive Bene�ciary's right to laier consider the event a default if it continues ar happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of tbe
<br />payment until paid in full at the highest interest rate in effect as provided in the terms of the Secared Debt. Trustor agrees
<br />to pay all costs and expenses incurred by Bene�ciary in collecting, enforcing or protecting Bene�ciary's rights and
<br />remedies under this Security Instrument. This amount may include, but is not limited to, auorneys' fees, court costs, and
<br />other legal expenses. This Securiry Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZ�iRDOUS SIJBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liabiliry Act (CERCLA, 42
<br />U.5.C. 96fl1 et seq.), and alI other federal, state and local laws, regulations, ordinances, court orders; attotney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, euvironmerrt or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous materiat, waste, pollutant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welface 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 La.w.
<br />Trustor represents, warrants and agrees that:
<br />A. Bxcept 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 sma11 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 previausly 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 L,aw.
<br />C. Trustor shall immediately notify Bene�ciary 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 Properiy. In such an
<br />event, Trustor sha11 take all necessary remedial action 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 />or threatened investigation, ciaim, or proceeding relating to the release or threatened release of any Hazatdous
<br />Substance or the violation of any Environmental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Properiy 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. Tntstor assigns to
<br />Bene�ciary the proceeds of any award or claim for damages connected with a condemnation or other taking of a11 or any
<br />part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Secuti�
<br />Insttument. 'Fhis assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, securiry agreement or
<br />other lien document.
<br />19. INSiJRANCE. Trustor sha11 keep Property insured against loss by fire, flood, theft and other hazards and risks reasonabiy
<br />associated with the Property due to its rype and location. This insurance sha11 be maintained in the amounts and for the
<br />periods that Bene�ciary requires. What Lender requires pursuant to the preceding sentence can change during the term of
<br />the loan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Bene�ciary's approval, which
<br />shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at
<br />Bene�ciary's option, obtain coverage to protect Bene�ciary'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 of the
<br />insurance. Beneficiary shall have the right to hold the �alicies and renewals. If Beneficiary requires, Trustor shall
<br />immediately give to Beneficiary all receipts of paid �reniiu,�s ay�i_`.d� ' gon loss, Trustor shall give
<br />�'�' `' � e'"� `�f of ss if not made immediately by
<br />immediate nodce to the insurance carrier and Beneficiar� �ene��d���q�y � p d�1
<br />Trustor. b ��:'��� � �,�.: �� 5���a1 �' '=�., �
<br />,.-.. 4 7�.,. .� .� =..�.x (Paye 3 of 4J
<br />� OO 1994 Bankers Systems, Irtc., St. Cloud, MN Form RE-DT-NE 1/30l2002 �
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