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<br /> 1Q. DEFAiJL'd'.Trustor will be in default it any party obligated on the Secured Debt faiLs to make payment when due. . � _
<br /> Trustor�viU be in default if a breach occius under the terms of this Security Instrument or any other docutnent � , r_
<br /> executeJ for the purpose of creating.securing or guarantying the Secured Debt.A good faith belief by Beaeficiary r
<br /> � that Beneficiary at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the • ;.
<br /> • . prospect of aay payrtaent or the value of the Property is impaired shall also constitute an event of default_ • � •
<br /> 15. l�EtiriEDIF.�ON DEFAUL"1'.In some instaaces,fetieral aad state !aw will require BeneBciary to provide Trustor
<br /> with notirx of the right to cure or other notices and ffiay establish time schedules for foreclosure actions.Subject to . ` : ,
<br /> � these limitauons,if any,Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a -_ � ' � � +•
<br /> --, _ manner proviaed by law if Trustor is in default _ _._�____
<br /> At the option of Beneficiary,all or any part of the agreed fees and chazges.accrued interest and principal shall become , .
<br /> � immediately due and payable,after giving notice if required by law,upon the oocurrence uf a default or anyt�me thereafter. �
<br /> In addition,Beneficiary shall be endtled to all the remedies provided by law,the terms of the Secured Debt.this Security = � '� •_•
<br /> � Instrument and any related documents,including without limitaiion,the puwer tu s�ll the Pruperty. : .
<br /> � ' If there is a default,Trustee shall, in addition to any othcr permitted remedy,at the request of the Beneficiary. . ��•� -� •-
<br /> � advertise and seIl the Property as a arhole or in separate parcels at pubGc auction to the higttest bidder for cash and . '�•`
<br /> �. convey absolute dtle free and clear of all ri t,ude and interest of Trustor at such titne and place as Trustee ., ;s:; ,_
<br /> designates.Trustee shall give notice of sale i�ncluding We time,terms and place of sale and a description of tke `:':;�>;;}��.��„ :, _
<br /> propert}r to be sold as required by the applicable law in effect at tt►e tirne of the proposed sale. '����,�,�.y� ,
<br /> Upon sale of the property and to We extent not prohibited by law,Tmstee shall make and deliver a deed to the F±'eperty ' :_. .
<br /> � . sold which conveys ahsolute tide to the pwchaser,and after fust paying all fees,charges and c�sts,shall Fay to • '`"• �� ��,
<br /> Beneficiary all moneys advanced for repairs,ta)[CS,�nc�ran�,liens,assessments and prior encu�'��nces au��rest ;'.=L;_j`''_G.�,
<br /> Wereon,and the principal and interest on the Secured Debt,paying the surplus,if any,to Trustor.Benefici��s may
<br /> <�:�.�'.
<br /> purchase the Property.The recitals in any deed of wnveyance shall be prima facie evi�.nce of the facts set forth therem. :_ �»;t :��
<br /> • All remedies are distinct,cumulative and not exc�nsive,and the Bene�ci�ry is entitled to all remedies provided at law ar ' '����`'c�
<br /> � '��.•' �",.,._
<br />" ` equiry,whether or not eacpmssiy set for►h.The aoceptance by Benefician�f any sum in payment or pardal payment on the ::-.;:�:.��T�.�.
<br /> � Secured Debt after the balance�s due or is acceierated or after forectes��*e procee�gs are 61ed shall not constitute a ---�'-^-�'• '� ` � �
<br /> ... .,��•,i.;,�,
<br /> waiver of Benefictiary's right to res�uire complete cure of any existing default By ne��sercising any remedy on Tmstot's �d.'.::.�
<br /> 'ar ri h - g ,�,r,
<br /> - . default,Beneficiary does not waive Beneficiary's right to later consider the event a defar_lt if it continues or happens again- •• ,
<br /> ib. EXPENSES; ADVANCES�DN COVENANTS;ATTORNEYS' 1�EES;COLL�CTION COSTS.Except when .�• {',��„
<br /> �`�.;:�'��..:
<br />�. prohibited by law,Tntstor agrees to pay all of Beneficiary's expenses if Tnistor breaches any covenani in t6is Secttrity � ` .�:�
<br /> � Instrumen�Trustor wt�l also pay on demaud any amount mcurred by Beneficiary for insuring,inspecdng,preservinS ""?"�;
<br /> � or otherwise protecting the Property anct tae�e5ciary's security iwterest.These expenses will bear interest from the .
<br /> �:k.of the payment until aid ia fiill at the iri est interes��e�in effect as rovidedl in the terms of the Secured DebL �.��;,
<br /> p gh p �r;- � � �'. ,,,.. .
<br /> •� '£ruscor agrees to pay al!wsts�^d expenses incurred bv L3���ficiary in coUecting,e�ercing or protecting Heneficiary's . -� ������ ��•�-'
<br /> � .:<.;� �i ts and remedies under th;s Security Instrument Tt�amount may include,rus.as not limited to,attomeys'fees. ' � '�k"' ' ;t.::-
<br /> r� ::..E«r�f��;..-s•'.''
<br /> court costs,and other legal expenses.This Secvrity I n s t r�ment s h a ll reroain in e ff e c t�n t i l re l e a s e d.T n�s t o r a g rees to . ,��":'.
<br /> � ' • pay for any recordation costs of such release. 1� ..
<br /> 17. �NVIRONMENTAL LAWS AND HAZABDOUS SUBSTANC�ES.As used in this section,(1)Environmental Law -�.�.: .�
<br /> means,without limitation,she Compreheasive Environmental Response,Compensation and Liab�7ity Act(CERCLA. '��3i �
<br /> �`�-`
<br /> .__ 42 U.S.C.9601 et seq.),and all other federal,state and local laws,regulations,ordinances,courc orders,attorney '';�', .F;-
<br />• i general opinions or interpredve letters concerning the public health,safety,welfare,environment or a hazardous _ . r=� , .. .
<br /> �;.� :. substance:aud(2)Ha7ardovs Substance means any toxic,radioactive or hazardous material,waste,pollutant or � '�`-" '•
<br /> contaminant which has characteristics wlmich render the substance dan erous or otentiall dan erons to the ubfic �� '
<br /> S P Y 8 P . ;r_�=
<br /> health,safety,welfare or eavuonment.The term includes,without limitation,any substances de5ned as"hazardous ,•!,�
<br /> ' material,""toxic substaitc�.""(�.ardous waste"or"hazardous substance"under any Environmental Law. • �: ���, ... .
<br /> Trustor represents,warraa���agrees thar. - - _ _-
<br /> .. , p, g�ccepi as previously�rlased and zrknowledged in writing to Benefic�'ary,no Hazardous Substance is or wi91 be --_-
<br /> • � located,stored ar re>eased on or i.rs the Property.This res�iction does not apply to small quantiries of . ' '�*_�
<br /> ' � Ha7ardous Suhstaaa.�:hat aze generally recog�n�.ed to be ap�-�priate for the noimal use and mamtenance of .,��.�--
<br /> : the Property. �,
<br /> :�>`,'�;..
<br /> �. Except as previously disclosed and acknowledged in writimg to Beneficiary,7i'nLStor and every tenant have been, z`---. `
<br />'�;:�.. . aze,and shall remain m full compliance aith any applicai�le Environmental Law. :�;` . .
<br /> � • C. Trustcr s`aLl immediately notify Beneficiary if a release or threatened release of a Hazardaus Substance oocuts _ _ _
<br /> on.u¢d�:or about the Property or there is a violation of any�nvironmental Law concerning the Properiy.In -`:
<br /> : , sach aa esant,Tn�stc-shall take all necessary remedial actioa�aocordance with any Environmental Law. '�=
<br /> ���_
<br /> D. Trustor shall immeci:�:��ly notify Benefciary in writing as soon as TnLStor has reason to believe there is any ��
<br /> � y,,,u�;or threatea�:c investigatton,claim,vr gnzceeding relating to the r�i.�se or threatened release of any --':-��.- -�:
<br /> � Hazardc�Substance ar the violation of any Environmental L�.aw. , .,.�p�;;�r`:
<br />' � .j 18. CONDEMI�il�'�iGaN.Tnastor will give Benefrciary prompt notice a�any pen�;cr threateaed action,by private or ��L
<br /> �'��..r:
<br /> publie entities co purchase or take any or all of the Praperty thraw,�c condemaar���,eminent domain,or any oiher �`•.:.-�•..� ..
<br /> �eans.Trustor authorizes�eneficiary to intervene in Tn�stor's name ia any of tlx.zbove described actions Qa claim9• � ;'°'-`"'•�'�":`.`.
<br /> ±v`.," , .,.
<br /> T�.ur assi to Benefi ' the roceeds af an award mY claun for dama es ecn�ected with a coademnatioa�_�other ` �''�'°' `��"'� :.
<br /> � �*Y P Y S ::•';ti�:y.,�.. .
<br /> � tzkilg of all or any part of the Property.Such proceeds shall be considered pa}r�ei�rs and will be applied as pr}.��;,d in yk�fr�'.'•��;��'�
<br /> 1L�is Securit�r Sr►strument.Tlvs ass�gnment of proceeds is subject to the terms o£any prior mortgage,deed cf trust. :��r�••N---•..�;
<br /> security agre�-!�e�t or other lien document. ``��?`'`.'.,;,.�::.
<br /> 19 i1�iSURANCE.Trustor shall keep Properry inswed against loss by fire,flood.theft and ot1i�H�azar�and ristts .. � :,�4,
<br /> �. re.sonably associated with the Property due to rts rype and location.This insurance shall be mai.tained in tite a�ounts , • - �
<br /> � : ��for the periods that BeneSciary reqwres.The insurance carrier providing the insuraace sha!1 be chosen Lti•Tn�stor
<br /> _ subject to Beneficiary's approval,wluch shall aot be uareasonably withheld.If Tn�stor fails to�aintain the coverage . • . �
<br /> � � described above,Benefic�ary may,at Beneficiary's option,abtain coverage to protect Ben65ciary's rights in the � _
<br /> .' Property according to the terms of this Security Instrument. •
<br /> , All insurance policies and reQewals shall be acceptable to Beneficiary aztd shall include a standard"mortgage clause" ., "`"�+ '', _
<br /> and,where applicable."loss payee clause:'Trustor shaU immediately notify Beneficiary of cancellation or tem�ination � � . �
<br /> of the insurance.Beneficiary shall have the right to hold the policies and renewals.If Beneficiary requires,Tn�stor shall
<br /> � immediately give to Bene6ciary all receipts of paid premituns and renewal notcces. Upon bss,Trustor shall give • ,_},� _ _;� �
<br /> immediate notice to the insurance camer and Beneficiary. Seneficiary may make proof of loss if not made �
<br /> imtnediately by Trustor.
<br /> (page 3 0!4) �
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