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<br /> 14. DEFAULT.Trustor will be in default if any party obligated on the 5ecured Debt fails to make payment when�ue.Tnutor ' `��
<br /> will be ia default if a brezch occurs under tlie terms of this Sc�urity lnstrumeac or any other document executed for the . ; T
<br /> � _ purpose of creatin�,securin�or guarantyin8 the Secured Debt. A good faiih belief by Beneficiary chat�enefcciary at any • ,
<br /> ����v�e w u h r e s p e c t t o a n y p erson or enti ty.obli gated on the Secured Debt or that che prospect af any payment ar '��_
<br /> che value of the Properry u impa�red sh�ll also consutute an event of default. .
<br /> . ' �a
<br /> 15. REA+�D�S ON DEFAULT. In some instances. federal and state law will require Beneficiary to provide Trustor with i. .. .—�
<br /> notice of the right to cune or other notices and may establish time schedules for foreclosure act�ons_ Sub�ect to these , . -
<br /> limitations, if any. B�ficiary maY accelerate [he Secured Debt and forectose this Security Insvument in a manner
<br /> �; provided by law if Tnutor is in default. � , ��
<br /> At the option of Eenefic�'ary all or any�art of the a fces and charges,accnied interesc and PMCipal shall become � _
<br /> ' im�ediately due and payable, after givuig nouce i�re1uired by law, upoa the accurrence of a default or an � , : `'i�
<br /> thcreafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the tetms of the Secured ebt, . ,, ,
<br /> this gecurity Instrument and any related dowments.including without Iuuitation,the poaer to sell the Property. __, _
<br /> � If there'ss a default,Trus[�shall, in addition to any other permitced remedy,at the recNest of the Beneficiary, advenise _ �:�'• �..; r
<br /> • ! and sell the Progercy as s wrLole or in separate parcels ai pubuc auciion w the tughess bidder for cash and convey absolute ,{ __.._•-..�._• _
<br /> ' title fr�e and clear of all right,title and mterest of Trustor at such tune and place as Trustee desi g n a t e s•"fn�stee sba11 give . ,y�.
<br /> t i�..��.
<br /> , .. � notice of sale including the ume,terms and plase of sale and a description of the property w be sold as required by the •._� --�•
<br /> . applicable law in effect at the time of the pmposed sale. , . �%='�= �
<br /> � - ; Opon sale of the property and to the extent not prohibited by law,Trustes shall make and deliver a deed to the Propert}+ ��:��
<br /> sold wtuch conveys absolute title to the purchaser, and after firsc paYinB a11 fe�. charges aad costs, shall�ay to _ s- ._�
<br /> ' Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessmenu and prior encumbrances and mterest �� : �-�._:�.-'.
<br /> � thereon, and the principa1 and interesc on the Secured Debt, paying the surPlus, if any, to Trustor. Beneficiary.may "�""'
<br /> ��
<br /> , purchase the Property.'Ihe recitals in any deed of conveyance shall��rima facie evidence of We facts set forth therem. ._y�-;� .�-
<br /> . All remetfies are distincc.cumulative and not exclusive, and the Bea��iciary is entided to all remedies mvided at law ar � -"�"�''� -
<br /> equity,whether or not expressly set forth.The acceprancx by Beaeficiary of any sum in Paymen�or paru 1 paymeat on the ' ,,��" ' �`
<br /> ran
<br /> Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed sha11 not conscitute a r,.
<br /> ' ' waiver of Beneficiary's right to require com�lete cure of any existiag default.By not exercising any remedY on Tnuwr's t"'�
<br /> '`•+�', .;.' _
<br /> � default.Beneficiary does not waive Beneflciary's right to later consid�°t�e event a default if it concinues or happens again. � '���:,'.-f �- '-���,
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<br /> ' 16. EXPENSES; ADVANCES ON COi�NANTS; A'd'I'ORNEYS' FEES; COLLEG°fION COS°rS. E�ccept when . 1. -tsf:;
<br /> j .�..�_ t.,,:/.,
<br /> prohibited by law,Tn�stor agrees to pay all af Beneficiar�+'s expenses if Tnist�or breaches any covenant in this S�ritY .>
<br /> In.guument. Tn�stor will also pay on demand any ama�wt mcurred by Beaeficiasy for insuring, insPectinS. Preserving or . .
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<br /> ' otherwise protectin�the Property and Beaeficiary s sec�uiry interest.These exPenses will bear mterest from the date of the `,,'�� "� .-� � ..;,:—
<br /> • ' payment unvl paid m fiill ai the highest interest rate in�effect as provided in the terms of the Secured Debt.Truswr agrees �,,;,.,�,�,��:' .: ,..;; .
<br /> to pap all costs and eapenses incurred by Beneficiary in collecting, enforcing,or protecring Beneficiary's rights and ; �,�.��.�. =,; :.
<br /> reme�es under this Secunty Instrument•This amount may include,but is not limtted to,attomeys'fees,court costs.and �S� `�...'; _
<br /> other te�al expenses. 'I]�is Security Insuument sLall remain in e:fect until released. Tnuwr agrees to pay for any ,. F s^�f- ' !.__
<br /> recordaaon wsts of such release. . i �
<br /> 17. ENVQtON1VIENTAI. LAWS AND HAZAIiDOUS SiJSS°I'ANCES. As used in this secxion, (1) Environmental Law _ .. :�� '..• %.. ' • —
<br /> means, without limitation, the Comprehensive Environmental Response. Compensation and Liability Act(CBRCLA, 42 � .,:. _
<br /> U.S.C. 9601 et seq.), and all other federal. state and local laws, regulations, ordinances,court ordezs.attomey g�ene�r'2a1� ��
<br /> o�pinions or interpreave letters concerning the public health,safety.welfare,environment or a hazardous substance; � • :,�� ��"�" -
<br /> Hazardous Substance means zn; toxic, radioacave or hazar�ous material, waste, po llutant or contaminant which has • ,�- �
<br /> cgaracteristics wLich ren der t he su bs t a nce dan g e r o u s o r p o t e n d a l l y d a n g e r o u s t o t h e public health, saf e t y. welfare or �,:':•�`-.r_,
<br /> ' environment.'Ihe term includes. without limitauon,any su bstances defined as "hazardous matenal," "toxic substances," • �_ n _,
<br /> "harardous waste"or"6azardous substance"under any Environmental Law. ��"..
<br /> � .. :����
<br /> Tnistor represeats,warranu and agmes that:
<br /> � � A.Eacept as previousiy disclosed and acknowledged in writing to Beneficiary,no Hazardovs Snbstance is or will be _
<br /> located, stored or released on or in the Property. 'ILis resuiction does not apply to smal! quantides of Hazardous , . �;�—
<br /> Substances that aze generally reco to beappropriate for the normal use and mamteaance of the Property. � _�---�
<br /> �zed .� , .
<br /> . B.Ex i as previously disclosed ar d a c k nowled g e d in writing to Beneficiary,Tmstor and every tenant have been,are, � . , •
<br /> and�all remain in fu11 comPlia:.�with any applicable Environmeatal Law. ' �,.•
<br /> � C.Tnistor shall i�nmediately notifY BeneficiaTY if a mlease or threatened release of a Ha7zrdovs Substance occurs on, • � _,. i•:'�
<br /> under or about the Property o.there is a violation of any Eavirorunental Law concerning the Property. In such an , :�;,:•'
<br /> event.Tnistor shall take all necessary remedial aaion in accordance with any Environmental Law. .
<br /> D.Trustor shall immediately notify Beneficiary in writing as sooa as Tmstor has reason to believe there cs any pending ;
<br /> .. ar threateaed investigauon, claim, or procee�ing relating to the release or threatened release of any Fiazardous ' �_
<br /> Substance or the violation of any Environmental Law. • . •
<br /> 18. CONDEMNATION.Trustor will give Beneficiary prompt notice of any pending or threatened action,by private or public `
<br /> entities to purchase or take any or all of the Property through condemnadon,ecn�nent domain,or an�other means.Tmswr • . � _
<br /> authorizes Beneficiary to intervene m Trustor's name in any of the above described actions or cla�ms.Trustor assigns to _
<br /> Beneficiary the proceeds of any av�ard or claim for damages connected with a wndemnation 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 Serurity .
<br /> Instnunent,'fhis ass�gnment of proceeds is subject to the termg of any prior mortgage,deed of trust,secunty a�reement or =—
<br /> i other lien document. �. .
<br /> � 19. INSIJRANCE.Tmstor shall keep Property insured against loss by fire,flood,theft and ather har.ards and risks reasonably �. • —
<br /> � associated with the Property due to�ts type and location. Tbis insurance shall be maintained in the amounu and for the • ' �
<br /> periods thai Beneticiary rec�u�res. The insurance carrier providing the �n���*+ce shell be ChoseD by Trustot subjeCt i0 �;
<br /> Beneficiary's approval, which shail not be aareasonably witLheld. If 7Yustor fails to maintain the coverage 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 ttus Security Tnsm�ment. . ' ���
<br /> { All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard"mon a e clause" and. �
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<br /> � whem applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or ternunation of the —
<br /> � insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires. Trustor sha'1 ,
<br /> • immediately give to Beneficiary all mce�pts of paid premiums and renewal notices. Upon loss. Trustor shall give '
<br /> . immediate nottce ro the insurance carrier and Benefciary.Benefc►ary may make proof of loss�f not made immediately by �� _—_
<br /> Trustor. — -
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