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<br /> � � � 14. DEFA[JI.T.Tnutor w�l be ia default if aay party obligated on the Seceued Debt fails ta when due.Tnutor :.�.
<br /> � will be ia defautt if a breach axurs under the teims of tbis Securiry Insaument os any other docament executed for the
<br /> � Y y.: ,_ pucpose of cceating,securing or guarantyin8[he Se�red Debt. A good faith belief by Beneficiary that Beneficiary ac any . � . .
<br /> • - pme is inse�re with cespect to any person or enhry.obligated on the Sc�ured Debt or that the pmspecc of any payment or �
<br /> � ' the valne of the Property ts impaited s1�a11 also coasatute an event of defauit• � .�
<br /> � ` ig. RElVlED�E3 ON DL'FA[JL7'. In some instaases.fedcral and state law will requin Beneficiary to provide Tn�stor with ,. �. . :
<br /> � � notice of the right to cuie or other uoticxs aud may establish time schedules for fareclosure actioAS. Sub2ect to these , , '
<br /> � . " '�, limitacions, if any. Beneficiary maY accelerate the Secur�ed Debt aud forerlose this Security Instnunenc m a manner
<br /> - -- pmvided by law if Tnutor is ia default. ;- .,
<br /> - �- -' � At the opdon of Benefrciary all or any �an of the agreed fees and charges, axrued interest aad principal sha11 be�ome - —`-- -
<br /> ` ,..�. . _ due and payable,_afcet givmg nouce if required by Iaw, upon the oca�artence of a default or anytime :;E '`
<br /> ` ° this' S��ee�ufty�Iasunnaeui ansl aaY related 1 bd°aunents.�cl d�ng wu��°��p�O°�the pow'er to sel�e Prope�De6t, `� .
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<br /> ` ^ '° If there is a defanit,Trustee shall. in addition to anq other permitted s-�medy,at therequest of the Beneficiary. advertise - _�_` : <.°A;
<br /> �•. � � � and sell the Pro ercy as a whote or ia separa[e parcels at public auaion to the highest b�dder for cash aad coavey absolute . . ,
<br /> � tifle free and clar of aU right,tide and interest uf Tnutor at such time and place as Tn�stee designates.Trustee shall give •,�` .,,
<br /> � ' nouce of sale mcluding the time.terms and Place of sale and a descripdon of the propetty to be sold as required bY the . _, :,:.�..,-
<br /> . • • applicable law in effect ai the time of the propos e d s a le. " �". . ,- _
<br /> , ' • Upon sale of the pmperty and w the extent not prob�ited by law.Trnstee shall make and deliver a deed to the Property �_ --
<br /> . sold wbich wnveys absolute title to the purcliaser, and after fi�st PayinS at1 fees, charges and costs, shall paY to � _
<br /> � . � BeneSe�ary ail moneys advanced for repairs, taces, insurance, liens, au?�`"'+si+ts aad prior encumbrances aad interest ` ;<. _
<br /> thereon, and the principal and interest on the Secared Debt, Pay�ng the sutPlus, if any. to Tnutor. BeneSciary.maY �,
<br /> . . purchase the Pmperty.'rhe recitats in any deed of comeyance shall be p�ma faae evidence of the facts set farth there�n. �� F r -, ,
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<br /> • �-Z- = All reme�ies are dis6nct,cumularive azcs!not exclusive,and the Beneficiary is eatided w all reraedies provided at law or . �.. �_ .s';"=.
<br /> � • � eqvity,whet&er or not expressiy set forth.The aa;eprauce by Beaefi�'ary of any sum in payment or paraal payment oa the —
<br /> �� �� � Secured Debt after the balance�s due or is acceleiated or after forecl�sure proceedings are filed shall not constitute a : •1"�►•"'_
<br /> � �' �•`" waiver of Bsneficiary's rigUt to require co�uPlete cure af anY existing default.By not exercising aay remedY on TnLStoPs ..:���_:
<br /> •' �-.:,�
<br /> default,Beneficiary does not waive Benefic�ary's nght to later consider the eveut a default if it continues or happens agaia• �:��,f;��:
<br /> � " � "' 16. ERPENSES; ADVANCES UN COdENANTS: ATTORNEYS' FEES: C�LLECI'ION CO�uTS. Except wheu ' ,� ' `�._
<br /> " • �� prolu'bited by law, Trustor agrees to pay all of BeneficiarY's expenses if Trustor breaches any coveuanc in this Secutlty , �
<br /> Insuument. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin�.:nspecting.preservin�8 or 4+," :
<br /> - otherwise protecting the PropertY and Benefrciary s securiry interest."I'hese eapenses will bear�nterest from the date o the f �,;. ,,;
<br /> paymeut uat�1 paid�n fuU at the highest interest rate in effea as provided ia the cerms of the Secured Debt.Tcustor agee.s ,�,��,
<br /> . � � ,? co pa, all eascs and expenses incarredpy Beneficiary in,collecting.enforcing or protecting Benefcciary's rights aad ,��-
<br /> ----' �es uncter this Security Iaauument.This amae:nt may mclude,but�s not limited to,attomeys'fces.court costs,and . ,_;i�r♦
<br /> ',. '`; othet legal expenses. This Securiry Insuument shall remain in effea unn7 rel�. Tnutor agrees to pay fos any ,,_ ��.-
<br /> recordanoa costs of such release. � . :
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<br /> ' ' 17. ENVIItONNIF1�iTAL LAW3 AND HAZARDOUS SUBSTANCES.As used in this seaion, (1) Environmental Law ; ..'y..'�.�.;
<br /> ... � • means, withaut limitarion,the Comg�henslve Eavironmental Response,Compensation and Liability Act(CERCLA,42 •,: 4`: � .,, -_
<br /> ' ' U.S.C. 9b01 et seq.), and a11 other federal, state and tocal iaws,regulations,ordinances. court arders,attomey general �, ,_
<br /> 1' � ' opinions or interprettve letters conceming the publia health.safety,welfare. environment or a hazardous substance;aad(2) , l�}�
<br /> � � Hazardous Substance means any to�cic, radioacnve or hazardous material, nraste, pollutant or contaminant which has . ; �5�:_:�
<br /> � characterlstics which render the substance daagerous or potentially dangerous to the puhlic health, safery, welfaie or ,. ` -
<br /> � ' emrironment.The temi includes, without limitation, aay substances defined as "hazardoas matenal," "toxic substanees," ;�:�
<br /> � � "hazardous waste"or"hazardous substance"under siry Eavironmentat Law. _ „
<br /> • . �;_ -.i�--
<br /> Tnutor represents,warrants and agrees�hac: ' ,
<br /> � . A Except as previously disclosed and acknowledged in writing to Beneficiary,no Hazardous Substance is or will be . ��•
<br /> � ' ' � located, atored or released on or in the Property. This restriction does not ap ly to small quantities of Harardous ' .=�. _
<br /> � , � ' ± Substances tbat are geaeralty recognued to be ap ropriate for the normal use�maintenance of�ihe Property. : • __
<br /> • ' • B.Except as previously disclosed and acknowledg�in writing to Benefxciary, Trustor an d every tenan t have been,are, °��.=-
<br /> • and sliall remain in fnll compliance with any applicab2e Environmental law.
<br /> - ' � � C.Tn�stor shall immediately notify Beneficiazy �f a release or threatened release of a Hazardous Substance occurs on, � •
<br /> � ' under or about the Ptoperty or there is a vcolation of any Environmental l.aw wncerning the Property- Ia such an ,: �
<br /> � event,Trustor shall take all necessary remedial action in accordance with atsy Environmental Law.
<br /> � " • :. a D.T�ustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is auy pending ,
<br /> ' ! or threatened investiganon, claim,or proceeding relating to the releaze or threatened release of any Hazardous • .
<br /> ;..:.� � � . i Substance or the violation of any Environmental Law.
<br /> • ' .� 1$. CONDEMNATION.Trustor will give Beneficiary prompt notice of any p�nding or tP�reatened attion.by�rivate or publie .
<br /> • �. � entities to purchase or take any or all of the Property through condemnation,eminent domain,or any other means.Trustor , „ .
<br /> ,•��. authorizes Beneficlary to intervene in Tmstor's name in any of the above described actions or cla�ms.Trustor assigns to
<br /> " ' � Beneficiary the proceeds of any awazd or claim for damages connected with a condemnation or other taking of all or any
<br /> � ' part of the Propert�. 5uch proceeds sha11 be considered payments and will be appiied a� provided in this Securiry . . • .
<br /> � �t Instmmrnt.T6is ass�gnment of proceeds u subject to the terms of any prior mortgage,deed of trust,security agteemeat or . .
<br /> � other lien document. �
<br /> ' 19. INSURANCE.Trustor sha11 keep Properry insured against loss by fire,flood,theft and other hazards and risks rcasoaably � •
<br /> associated with the Property due to its rype and location. This insurance sball be maintained in the amounts and for the ( •
<br /> - ' � periods that Beneficiary reyuires. The insurance carrier providing the insurance shall be chosen by Trustor subject to E
<br /> Beneficiary's approval, which shall not be unreasonably withheld. It Trustor fails to maintain the wverage described
<br /> �.,, above,Benefic�ary may,at Beneficiary's option.obtain coverage to protect Beneficiary's rights in the Property according
<br /> ' to the terms of th�s Secunty lnstrument.
<br /> �. . . •
<br /> ' � All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard"mongage clause"and. .
<br /> '• • where applicable. "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termmation of the
<br /> t��" ' '� insurance. Benefic�ary shall have the right to hold thc polic�es and renewals. If Beneficiary requires. Trustor shall .
<br /> immediately give to Beneficiary all rece�pts of paid prem�ums and renewal notices. Upon loss. Trustor sha11 give
<br /> •� � � immediate notlee to the insnrance carrier and B:neficiary.Beneficiary may ma4ce proof of loss�f not made immediately by i . -
<br /> � Trustor. ' .
<br />_, lpage 3 of 4l "
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<br /> � '� • � . �1996 BanRa�s Svstoma.me.St pwA.MN 1�R00 397 74411 io�m RE OT qE 9/13/96 �
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