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<br /> -� - 14. DEFAULT.Trnstor will be in default if any party obligated on the Secured Debt fails to make payment when due.TnLStor • ,.`'�t'•
<br /> will be in defauIt if a breach occurs under tt�termti of this Sec�uity Tnstnimeat or any other doaineent execated for the :' `
<br /> er�.• -
<br /> . pwpose of creating,securing or guarantying the Sewred Debt.A goad faith helief by Beneficiary that Beneficiary at any �.
<br /> • pane u insecur�v�nth respecc to any person or entity obligated on the Seeured Debt or[hat[he pmspect of any payment or : c '
<br />- � , the value of the Pmperty is impaired sball also constitute an event of default. �.
<br /> � 15. REMEisIFS ON DEFAULT. In some instauces, federal and statc law will requi:e 6eaeficiary to provide Tn�stor witt► • '
<br /> • • notice of the right to cum ar other noticxs and may establish time schediiles for forectosvre actions. Sub�ect u►thesB x:.`.�' '• �
<br /> • liraitazions, if any, Beneficiary may acceIerate t&e Secured Debt and forectose this Sec�rity Iastn�meat m a manner . • '
<br /> - ,__ pmvided by law if Tmstor is tn default. , ' _.
<br /> ' - -- ` Ai the optioa of Beneficiary. all or any�art of thea�r�fecs and charges.acaued interest and principal shall become ---_,-� =-
<br /> .. ; ' , • imnmediately due ansi payable, after giving notice i� rMuued by law, upon the oc�c�ucence of a default or anytime .
<br /> � thereafter. In addition, Beneficiary shaii be entided to all the remedies ptovided by taw, the temu of the Secured De6t.
<br /> this Security Insdnuaent and any related doc�meats.iacluding wi�out limitation.the gower to sell the Property. _ �
<br /> � � 3 ' � • �' �`�.
<br /> � If th�re is a default,Trustee shall, in additioa w aay other pe�tted remedy,at the�est of the Beneficiary,advertise ., . . �
<br /> '. � � . and sell the P�o�ty as a whole or in separate paroels at pnblic aucdon to the lrighest bidder far cash and oonvey a6solute '! �.,�� ,
<br /> ' • dtle free and clear of atl right,tide and mterest^f Tnucor at snch time and place as Tnistee desigoates.Tmstce shaU give .�• ;=s
<br /> notice of sale iacluding the time,tem�and place af sale and a description of the property w be sold as r+eqnired by the =-
<br /> . , applicable law in effect at the time of the proposed sale. : ' °"�-`=�
<br /> ' (Jpon sale of the property and to the e��tent not prohbited by law.Ttostee shall malce and delives a deed to the Property -•�'<��_:
<br /> � sold wluch coaveys absolute 6tte to the purchaser, and after firsc paying all fees, charges aad costs, shall pay to `;.;.''.
<br /> ' � Beneficiary all moneys advanced for repaizs, taxes, insnrance. lieas, assessments and prior encambranses aad mtes+est . � ---
<br /> " thereon. and the princ�pal and interest on the Secured Debt, PaYinS the stuPlus,_if any, to Trustor. Beneficiary may . , ':.r;�.:`;
<br />-- . � _ pnrcGase the Property.'il�e recitals in a�►Y deed of conveyance shaU be prima facie evcdznce of the facts set forth Weiein. ":'
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<br /> ' All n7nedies are distinct,cumulative and not exclusive,and the Beaefic�'ary is entitled to all remedies�rovided at law or � '%;_�,',..s�.—
<br /> . .� . -• equity.whether or not expressiy s�forth.'Il�e acceptaace by Heneg�y of aay svm in payment or parqal payment on the _' '%�•-�--
<br /> - � Secured Debt atter the balance is due or is accelerazed or after forecfosure pmceedings are filed shall not constitutc a ---- . ��-' --._
<br /> ��� waiver of BeneSciary's right to�uire complete cuce of aay exisring default By not exercising any remedy on'IYustor's • �� _=._
<br /> • s defautt,Beneficiary does not wa�ve Beneftciary's right to later consider the event a default if it comiaues or hapgens again. �'-��
<br /> •i �.;,::_r,_
<br /> � 16. EXPENSES; ADVAPiCES ON COVENANT§; ATTORNEYS' FEES; COLI.EG°1TON COSTS. Bxcept when �; � :� =�_
<br /> . . . prolu'bited by law.Tnutar agrees to paq ait of Beaeft�'ary's exp�if Tr�stor brea�es aay oovenant in this Security :..-�-,:_'. :-?r:.-�"_
<br /> ` � � Instnunent.Trustor will also pay on demand any amount incarred by Beneftciary for insurinp,mspertiag, preserving or � �,,
<br /> ' othera�ise protecting the Property and Beueficiary's seconty interest.'I'hese expens�s will bear mterest from the date of the ��
<br /> '.�.; , payment until paid in full at thc highest interest rate in effect as provided in the ter�....�of the Secured Debt.Trustor agrees ��':�:.���:,�.
<br /> , � to pa all casts and expenses inaured by BeaeRciary in collec�ag, eaforcing or psotecxing Beneficiary's rights and •, f�;��:
<br /> �es under this Secariry Instnimeat.'£fx3s amount may include,but is not limited to,attomeys'fees,court costs,and ' _
<br /> , other le�al expenses. 'Ihis Security rnr.r;-�,e�,t shaU remain in effcxt na81 released. Tn�stor agrees to pay for any .-��_
<br /> ���� recordatton oosts of such release. ,�.
<br /> ,.. , .
<br /> ' 17. ENVIEtONMLNTAL LAWS AND HAZARDOUS S�IBSTANCES. As used ia thls section, (1) Environmeatal Law -'i�"
<br /> -- meaas, without limitation,the Compreheasive Environmeatal Response,Compensasion and Liabiln'y Act(CERCLA,42 � . ' ;_,�;
<br /> - '. � U.S.C. 9601 et seq.). and ali other federal.state and local laws,regulations,ordinaaces,court orders, attomey geuesal • ,_:.;*�.
<br /> � o�pinions or interpreuve letters concerning the public healtb,safery,welfare,envtmnment or a hazardous substance;anQ(2) , � 1:_
<br /> . • Hazardaus Substance means any toxic, radioactive or hazardous material, waste, poliutant or contaminant which has . . ;�=���;�
<br /> '��` ct�aracteristics wluch render the substance dangerous or poteatiaily dangerous to the public hea1W. safety. welfare or .. , : • ,,�•,
<br /> • � environmenc.The term includes,without limitarion, aiy substances defined as "hazazdous material," "toxic substaaces," . �.,�,�
<br /> . ' "harardaus waste"or"hazardous substancc"under any Environmeatal Law. ���
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<br /> � Trustor represents.warrants and agrees t*zt: �•�-'.
<br /> - A.Except as previously disclosed and aclmowledged in writing to Beneficiary, no Hazardous Substance is or will be . � �:�;'�
<br /> � � , located.swred or released an or in We Property. 1tis restr�ction does not apply to small quantities of Hazardous ` :_-
<br /> Substances that are generally recognized to be ap ropriate for the nom�al use and maintenance of the Property. �: � '
<br /> , � B.Ex t as previously disclosed and aclmowledg�in writing to Beneficiary,'A�rastor and every tenant have b�n.arc, ', r,;�;:, t.:.:�;�
<br /> ; and�aU remain in fnll compliance with any+applicable Env�ronrmental Law. ,
<br /> ;�;� ,� � C.Tmstor stia11 immediately notify Beneficiar�r if a release or thre�ened release of a Ha7ardous Substance occurs on, � �
<br /> , . } uader or�sout the Property or there is a violation of any Environmental Law coneeraing the Property. In such an , '
<br /> �� � event,Tr�stor shall take alf necessary remedial action in accordance witb any Environmental Law.
<br /> :�.:;, D.Tzustor shall immediately notify BeneRciary ln writing as soon as Trustor has reason to believe there is any pending �•.;�:'
<br /> � � { or threatened inves���n. cla�m, or proceedmg relating to the release or threatened release of any Hazardous � .'p°�;�;.:,,;.,,s`�.
<br /> ' • . j Substance or the vio:�:*_�:s of any Environmental Law. • .';,f•�;
<br /> , ' 18. CONDEIVINA'I'ION.Tn�swr will give Benef ciary prompt nodce of any pending or tlueatened action,by private or public ' .
<br /> enthies to purchase or take any or a11 of the Property through condemnation,eminent domAin,or any other means.Trustor � ' .
<br /> authorizes Beneficiary to intervene in Tmstor's name in any of�he above described actions or claims.Tmstor assigns to � .; �
<br /> � . • • Beneficiary the praceeds of any awazd or claim for damages wnnected with a eondemnation 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 Secnrity
<br /> instnunent.Tbis ass�gnment of proceeds is subject to the tem�s of az►y prior mortgage,deed af trust.se�uriry agreement oT ��
<br /> other lien document.
<br /> 19. INSIJRANCE.Trostor shall keep Property insured against loss by fire,flood,theft and other hazards and risks reasonably � � .
<br /> associated with the Property �ne to its rype and locatmn. This insurance shall be maintained in the amounts and for the ' '
<br /> � � periods that Beneficiary reyuires. The msurance canier providing the insurance shall be chosen by Trustor svbject to •
<br /> � � � ! Beneficiary's approval. which shall not be unreasonably withheld. lf Trustor fails to malntain the coverage described
<br /> above. Benefic�ary may,at Beneficiary's option,abtain coverage to protect Beneficiary's rights in the Propeny acoording f �
<br /> eo the tem�s af this Security lnsirument. �
<br /> � AI1 insurancepo licies and renewals shall be acceptable to Benefrciary and shall include a standard "mortgage clause" and, � . .
<br /> _ ' where applicable. "loss payee clause."Trustor shall immediately notify Beneficiary of cancellation or termmation of the f � • ,
<br /> ' insurance. Beneficiary shall have the right to hold the polictes and renewals. lf Beneficiary requires. Trustor shall ; � •
<br /> `;�� ; immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss. Trustot shall give f ' .
<br /> :.;:. � immediate notice to the insurance carrier and Beneficiary. Beneflciary may make proof of loss if not made immediately by
<br /> ' ; Trustor. ? '
<br /> � , lpage 3 of 4! � �
<br /> , "�199e Bante�s Srsmms.ma_SI C�wA.�AN 1t 900 397 23dL Ferm pE OT NE 12Q3•96 j �
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