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2011U589�
<br />Financial Reports and Additional Documents. Tiustor:wiil 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 />docwments or cert�cations that Beneficiary may coasider necessary to perfect, continue, and preserve Trustor's obligations
<br />under this Securiry Instrument and Beneficiary's lien status on the Property.
<br />6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sa1e. Trustor also wanants that the Property is unencumbered, except for encumbrances af record.
<br />7. DiJE ON 5ALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be immediately due and
<br />�ayable upon the creation of, or contract for the creation of, a transfer or sale of all or any part of the Properry. This right
<br />�s subject to the restrictions im�sed 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 />Fraud. Any Consumer Borrower engages in fraud or maierial 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 equiry plan fails to make a payment
<br />when due.
<br />Property. Any action or inaction by the Borrower 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 maiata►n 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 Property such that the action or ina.ction adversely, affects Beneficiary`s securiry; (d) Trustor fails to pay taxes
<br />on the Property or otherwise fails to act and thereby ca.uses a lien to be filed agasnst the Property that is senior to the lien
<br />of this Secunty Instrument; (e) a sole Trustor dies; (� if more than one Trustor, any T dies and Beneficia,ry's
<br />security is adversely affected; (g) the Pro�rty '�s taken thraugh eminent domain; (h) a judgment is filed against Trustor and
<br />subjects Trustor and the Properly to action that adversely affects Beneficiary's interest; or (t) a prior lienholder forecloses
<br />on the Properly and as a result, Seneficiary's interesC is adversely affected.
<br />Executive Of6cers. Any Borrower is an executive officer of Beneficiary or an affiliate and such Borrower becomes
<br />indebted to Beneficiary or another lender in an aggregate amount greater tba.n the amount permitted under federal laws and
<br />regulations.
<br />9. REMEDIE5 ON DEFAiJLT. In addition to any other remedy available under the terms of this Security Insttument,
<br />Beneficiary may acceletate the Secured Debt and foreclose this Security Instnunent in a manner provided by law if Trustor
<br />is in default. In some instances, federal and state law will require Bene�ciary 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 thereundet be mailed to each Trustor at the address provided in S�tion 1 above.
<br />At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />unmediately 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 tequest of the Beneficiary, advertise and sell the Ptoperry as a whole or in
<br />separate parcels at public auction to rhe highesC biddec for cash and convey absalute tide free and clear of a11 ri�ht, title
<br />and interest of Trustor at such time and place as Trustee designates. Trustee shall give notice of sale including tbe 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 fust paying all fees, charges and costs, shall �pay to
<br />Beneficiary a1i moneys advanced for repairs, taxes, 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 ma.y
<br />purchase We Property. The recitals in any deed of conveyance shall be pruna facie evidence of the facts set forth therem.
<br />The acceptance by Beneficiary of any sum iu payment or partial payment oa the 5ecured Debt after the balance is due or is
<br />accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Bene�ciary's right to require complete
<br />cure of any existing default. By not exercising auy remedy on Trustor's default, Beneficiary does not waive Beneficia.ry's
<br />right to later consider the event a default if it happens agaan.
<br />10. ERPENSES; ADVANCES ON COVENANTS; A1°rORNEY5' FEES; COLLECTION CO5T5. If Trustor breaches
<br />any covenant in this Security Instnunent, Trustor agrees to pay all ex�enses Beneficiary incurs in performing such
<br />covenants or protecting its security interest in the Properly. Such expenses include, but aze not limited to, fees incuned for
<br />inspecting, preserving, or otherw�se protecting the Property and Beneficiary's securiry imerest. These expenses are payable
<br />on demand and will bear iuterest from the date of payment until paid in full at the highest rate of interest u► effect as
<br />provided in the terms of the Secured Debt. Ttustor agrees to pay all costs and exgenses incurred by Bene�cia.ry in
<br />collecting, enforcing or ptotecting Beneficiary's rights and remedies under this Security Instrument. This amount may
<br />include, but is not lunited to, Trustee's fees, court costs, and other le�al expenses. To the extent pernutted bp the United
<br />States Bankruptcy Code, Trustor agrees to pay the reasonable attotneys fees Bene�ciary incurs to collect the Secured Debt
<br />as awarded by any court exercising �urisdiction under the Bankruptcy Cale. This Secunty Instrument shall remain in effect
<br />until released. Trustor agrees to pay for any recordation costs af such release.
<br />11. ENVIRONMENTAL LAWS AND HAZARDOUS Si1BSTANCES. As used in this section, �1) Enviromnental I.aw
<br />means, without limitation, the Comprehensive Environmental Response, Compensaxion and Liab' ity Act (CERCLA, 42
<br />U.S.C. 96fl1 et seq.), and a11 other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />opinions or interpretrve letters concerning the public healtU, safety, welfaze, 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 daagerous or potentially dangerous to the public health, safety, welfaze or
<br />enviromnent. The term includes, without litnitatton, any substances defined as "hazardous material," "toxic substances,"
<br />°haza.rdous waste" or "hazatdous substance" under any Envirownental Law.
<br />Trustor represents, warrants 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 restnction 4 s�. na,�ap,�1�+ to sma11 uantities of Hazardous
<br />5ubstances that aze generally recogaized to be appro�nate for the nor�s►al��s� and�ma�ti�,�►�e; �_�� rty.
<br />B. Except as previously disclosed and acknowledged in writing tfl Beneficu�ry, Tr�tQC a�d eve� tenant�ave been, are,
<br />and shall remain in full compliance with any applicable Environment�ll �.'�??v �, �° F s �a ���--:� � ;
<br />C. Trustor shall immediately notify Bene�ciary �f a release or threate"�� =�e��ase �e€ �a��fd�us. Stifis�nce occurs on,
<br />under or abouC the Property or there is a violation of any Environmental Law concerning th� Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental I,aw.
<br />fpege�
<br />�j �O 1994 Benkers Syetema, lrsc., St. Cbud, MN Form OCP-REDT-NE 6J10/20D5
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