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20110883G
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debc fails to make pay�nent when due. 7'rustor
<br />will be in default if a breach occurs under the terms of this Security Instrument or any other dc�cumenr cxecutcd 1'or thc
<br />purpose of creatinp, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that T3enePiciary at any
<br />time is �nsecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any paymenl or
<br />the value of the Property is impaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will rcquire Beneficiary to providc Trus�or with
<br />notice of the right to cure or olher notices and may establish time schedules for foreclosure actions. Subjecl to these
<br />limitations, if any, Beneficiazy may accelerate the Secured Debt and foreclose this Security Inslrumenl 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 interes[ and principal shall bec:ome
<br />immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter.
<br />In addition, Benefieiary sha11 be entitled to all 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 sha11, in addition to any other permitted remedy, at the request of the 13eneticiary, adverUse
<br />and sell the Property as a whole or in se�arate parcels at public auction to the highest bidder for cash and convey absoiutc
<br />title free and clear of all right, title and interest of Trustor at such time and place as Trustee designales. Trustee shall givc
<br />nocice of sale including the time, terms and place of sale and a description of the property ln he sold as required by thc
<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 delivcr �i dced to the Property
<br />sold which umveys absolute title to the purchaser, and after first paying all fees, char�es �tnd costs, shali ��iy to Benel'iciary
<br />all moneys advanced for repairs, taxes, insurance, Iiens, assessments and prior encumbrances and interesl lhereon, and thc
<br />principal and interest on the Secured Debt, payin� the surplus, if any, to Trustor. Beneficiary may �urch�ise lhe Prorcrly.
<br />The recrtals in any deed of conveyance shall be pnma facie evidence of the facts sct forth tlierc�n.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or
<br />equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partiai paymc.nl on !hc
<br />Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on '1'rustor's clei'ault,
<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 COVENANT5; ATTORNEYS' FEES; COLLECTION COSTS. Cxce�t whcn
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Trustor will also pay on deman@ any amount incurred by Beneficiary for insuring inspecting, preserving or
<br />otherwise protecting the Property and Beneficiary's seeurity interest. These expenses will bear inleresc from the d�te ol' lhe
<br />payment until paid in full at the highest interest rate in effect as provided in the terms of the Securcd Debt. 'frusfor agrecs
<br />to pay all costs and expenses incurred by �neficiazy in collecting, enforeing or protecting Bene!'iciary's rights and
<br />remedies under this Security Instrument. Tlus amount may include, but is not limited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Instrument sha11 remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. F.NVIRONMENI'AL LAWS AND HAZARDOUS SU$STANCES. As used in this sec�ion, (1) Envirc�nmentat La�v
<br />means, withaut limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ardinances, cour� ordcrs, attorney gener,il
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or a haz�rdous suhs[ancc; an�l (2)
<br />Hazardous Substance means any toxic, radioactive or hazardaus material, waste, pollutant or contamin�u�l which has
<br />characteristics which render the substance dangerous ar potentially dangerous to the public hcal�h, s�fc�y, wclCrirc or
<br />environment. The term includes, without limitation, any substances defined as "hazardous material," "�oxic subsiances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental L.aw.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Huardous Suhstai�u: is e�r will bc
<br />located, stored or released on or in the Property. This restriction does noY apply to small quantities of Hnzardous
<br />Substances that are generally recognized to be appropriate for the normal use and maintenance oP the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Truscor and evcry tenan( havc hecn,
<br />are, and shatl remain in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately notify Beneficiaty if a release or threalened release of a Hazardous Substanc�; occurs on,
<br />under or about the Property or there is a violation of any Environmental Law concerning �he Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environ�nenta] Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor lias reason �o believe therc is any pending
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hxzardous
<br />Substance or the violation of any Environmental Law.
<br />18. CONDEMNATION. Trustar 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 condemnation, eminent domain, or any ot[�er means. Trustor
<br />authorizes Beneficiary to intervene in Trustor's name zn any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for damages connected with a condemnation 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 Sccurity
<br />Insirument. This assignment of proceads is subject to the terms of any prior mortgage, deed o1' trust, security agrecment or
<br />ofhcr ]ien document.
<br />19. INSUI2ANCE. Trustor sha11 keep Property insured against loss hy fire, flood, theft and other hazards �ind risks rcason;ihly
<br />associated with the Property due ta its type and location. This insurance shall be maintaincd in thc amounts ❑n�l for lhc
<br />periods that Beneficiary requires. What Beneficiary requires pursuant to the prec;eding sentence; c<in chan�c cluring thc tcr�n
<br />of the Ioan. The insurance carrier �roviding the insurance shall be chosen by Trustor subject to ]3c:neficiary's approval,
<br />which shall not be unreasonably wrthheld. If Trustor faits to maintain the c;overage described �ibovc, BcneCiciary may, ait
<br />Beneficiary's aption, obtain coverage to protect Beneficiary's rights in the Property acc;ordin� to thc tcrms of ti�is Securily
<br />Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a slandard "mortgage c(ause" ancl,
<br />where applicable, "loss payee clause." Trustor shall immadiatel� notify Beneficiary of c:ancellation or term�nation of thc
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary rcquires, Trus�or �hall
<br />immediately �ive to Beneficiary all recei�ts of paid premiums and renewal notices. Upon loss, Trustor shall give immediatc
<br />notice to the �nsurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor.
<br />�� Q 1994 Bankers Systems, Inc., St. Cloud, MN Farm RE-DT•NE 1I30I2002
<br />�-C165(NEj (o3ot)
<br />�
<br />(page � 0 4)
<br />Loan Number �.�
<br />S165NE EN (01/10)
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