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<br />14. DEFAULT. Trustor will be in default if any party 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 5ecurity Instrument or any other document executed for the
<br />purpose of creatin�, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />tune is uisecure vcnth respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also consritute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />notice of the right to cure or other notices and may establish time schedules for foreclosure acrions. Subject to these
<br />limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Securiry Instrument in a manner provided
<br />by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />irnmediately due and payable, after giving notice if required by law, upon the occurrence af a default or anyrime thereafter.
<br />In addition, Beneficiary shall be entitled to a11 the remedies �rovided by law, the terms of the Secured Debt, this Security
<br />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 se�azate parcels at public auction to the highest bidder for cash and convey absolute
<br />title free and cleaz of all right, title and uiterest of Trustor at such time and place as Trustee designates. Trustee shall give
<br />notice of sale including the time, 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 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 first paying a11 fees, charges and costs, shall pay to Beneficiary
<br />a11 moneys advanced for repairs, taxes, uisurance, liens, assessments and prior encutnbrances and 'ultsrest thereon, and the
<br />principal and interest on the Secured Debt, payin� the surplus, if any, to Trustor. �aileficiary may purehase the Property.
<br />The recitals in any deed of conveyance sha11 be pnma facie evidence of the facts set faTCh theTelA,
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedie�s �rovided at law or
<br />equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payInent or partlal payment on the
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedmgs ate f�ed sha11 not cottsritute a waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercis�ng any remedy on Trustor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; A1�ORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay a11 of Beneficiary's expenses if Trustor breaches any cavenant in this Security
<br />Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary far inst�rin�, ulspecting, preservin or
<br />otherwise protecting the Property and Beneficiary's security interest. These expenses will b�ar ulterest frpm the date o�the
<br />payment unt�l paid m full at the lughest interest rate in effect as provided in the terms a� the Seeurad I�abt. Trustor agrees
<br />to pay a11 costs and expenses incurred by Beneficiary in collecting, enforcing or pTOtecting �snefiGiaty's rights and
<br />remedies under this Secunty Instrument. This amount may include, but is not limrted to, attorneys' f�es, court costs, and
<br />other legal expenses. This Security Instrument shall remain in effect until released. Trustar agrees to pay fox any
<br />recordation costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SiTBSTANCES. As used in this seetipn, (1) �nvironmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and I�iability Act (CERCLA, 42
<br />U.S.C. 9601 et seq,), and a11 other federal, state and local laws, regularions, ord'1ua11ces, court arders, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environmsl�t ar a hazatdous �ubstance; and (2)
<br />Hazardous 5ubstance means any toxic, radioactive or hazardous material, waste, pallutant ar canta,minant whlch has
<br />characteristics which render the substance dangerous or potentially dangerous to the public hsalth, safety, welfate or
<br />environment. The term includes, without limitation, any substances defined as"hazaxdaus materlal," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law.
<br />Trustor represents, wanants 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 Properiy. This restnction does not apply to small quantities of Hazardous
<br />Substances that are generally recognized to be appropriate for the normal use and m�i�tenance of tY1e Property.
<br />B. Except as previously disclosed and aclrnowledged in writing to Benefici , Trustor and every teuant have been,
<br />are, and shall remain in full compliance with any applicable Environmental�w,
<br />C. Trustor shall immediately notify Beneficiary if a release or threatened release caf � H�zzardaus Substance accurs on,
<br />under or about the Property or there is a violation of any Environmental I,aw canC�eTilill� the Properiy. In such an
<br />event, Trustor sha11 take alI necessary remedial action in accordance with any �Iav�'aiuu�ntal I.aw,
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reasaA tA believs there is any pe�ding
<br />or threatened investigation, claim, or proceeding relating to the release or thraatsAed release af any Hazardous
<br />Substance or the violation of any Environmental Law.
<br />18. CONDEMNATION. Tntstor will give Beneficiary prompt notice of any pending or threatened actlon, by private or public
<br />entities to purchase or take any or a11 of the Property through condemnarion, emuient domaiil, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name in any of the above described actlons or elaizne. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for damages connected with a condel�uatian ar ather taking of all or any
<br />part of the Propert�. Such proc,eeds sha11 be considered payments and will Ue applied as provided in this Securiry
<br />Instrument. This assignment of proceeds is subject to the terms of any prior mortga$�, dead of trust, security agreement or
<br />other lien document.
<br />19. IN5iJRANCE. Trustor shall keep Property insured against loss by fire, flood, th�ft and ather hazards and rlsks reasonably
<br />associated with the Properly due to its type and location. This insurance shall be malntait�ed in Che atnounts and for the
<br />periods that Beneficiary reqtures. What Beneficiary requires pursuant to the precedin$ ssltt�ACe can chan$e during the term
<br />of the 5ecured Debt. The u�surance carrier providmg the insurance shall be chosen by Trustor aubjset to Beneficiary's
<br />approval, which shall not be unreasonably vcnthheld. If Trustor fails to ma.intain the coverage described above, Beneficiary
<br />may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Prop�rty accordiug to the tertus of this
<br />Security Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standacd "uwrtgage clause" atid,
<br />where applicable, "loss payee clause." Trustor sha11 immediately notify Beneficiary of c�nce11at1oA ar ternlination af the
<br />insurance. Beneficiary sha11 have the right to hold the policies and renewals, I� aensff�iary requires, Trustor shall
<br />imxnediately �ive to Beneficiary a11 receipts of paid premiums and renewal notices. Upal� lpss, TTU�tor �Y1a11 give immediate
<br />notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if Aot mad� immediately by Trustor.
<br />(page 3 of 41
<br />�c 1994 Wolters Kluwer Ffnanoial Serv(ces - Bankers Systems� Form RE-DT-NE 12/75/2006
<br />VMP�-C165(NE) to�oal ; % ' �
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