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<br /> `4.` ,ti Secured Debt fails to make payment when due.Tn�stor - - ,;x'. .rk.:
<br /> 14. DEFAUI.T.Truscor will b�in de�Ita£any pacty obligated on thc S� �
<br /> � � � ' f Iartniment or aay other doamaeat executed for the . , •� •
<br /> . will be in def�lt if a breacfi occu_�H u�yder 4het,eans��t�is S�'�LY .� :...�. R d s'
<br /> �. ' ' purpose of creazing.seturij�S qr guarant�ting d�i+=.S� �iebi. A good faith belief by BeneSciary that Seneficiary at any .
<br /> � ' ume is insecum a�tith resp e c t to�g�g n�ar entt t y oUliga€ed on the Secured Uebt or that the prospeci of aaY PaS+ment or ` . ,.,.��;`'�
<br /> ` . the value of the Property is imP�also�°�i�ite a°eveut of defa�tlt. � �...
<br /> � 15. ItEMEDIE.S ON DEFAULT. In some iastaaas.federal and state taw a+ill require B�eficiary to provide Tnuwr wiW , `k'���;:;:_ _
<br /> ; - .� aotice of the rigt►t to cure or otPser notices and may esFablisb time sch�aies for foreclostue acxions. 5ub�ect to these � �.. : ' --.
<br /> limitations, if any, BenefciarY maY ac�ierate the Secured Debt and foreclose this Sec�rity Inswment m a mamner �, •..
<br /> � • �r-'� provided by law if Tn�stor is in default. �
<br /> t , .L t. _ -y<.. ..
<br /> ��. .
<br /> : ' '. ''� At the o tion of Beaefic'�ary all or any_ art of the a�fees and charges,acc.�rued interest and pr�nc�pai shali become °
<br /> •,� _ ,.:� immediately due and payab'te,_after giv�inS nonve i iequired by law, upon the occurrence of a default or anyume -���-
<br /> - � �1 thereafter. In addition,Benefrcrary shall be entitled to ali tl�e remedies provided by law,the terms of the Seaued Debt, �:� ,..•�....
<br /> • . s this Security lns�nt��y�d0�°�,��ding o"i t h°u t I i m i t a t i o n.t h e p o w e r t o s e ll t h e P r o p e rt y. `�}� ,
<br />.fck'�' . . � `'' ' . � •
<br /> ` at the request of the Bene�ciary,advertise ° :'-=
<br /> .; � ; If there is a defaul�Tmstee shall,in addiuon to any other permitted�Y. .
<br /> •�;+Y � . � •� ? and sell the Property as a whole or in separate parcels at public aucdon to the higbest bidder fot cash and convey absolute .4.,F; �:`�': .
<br /> :F ` •• .•-a�;'�
<br /> - titie free and clear of all right,titte and mterest of Tn�star at such time and place as Tn�stee desi�ates.Trustee shall give �. .
<br />�t.=•`' �� � notice of sale includiag the nme,tenns and place of sale and a descripdon of the property to be sold as required by the . .
<br /> ,t: . °. . . . aPPlicable law in effect u the wne of the proposed sale. ,. _1
<br /> ,°�...f,,.�: ,_'r_.
<br /> Upon sale of the property and to the extent not prolu'bited by law,Trustee shall malce and delivet a deed to the Propecty �. � �¢�
<br /> ;r sold wf►ich conveys absolute title w the puncbaser,,�d after first paying ail fees, charges and costs, st�a11 �ay t° . ` - --
<br /> ° ' .<`�+ Beneficiary all moaeys advanced for repairs. taxes, �n�uance,lieas, assessments and prior encumbranves and mte�est a�{. ,:,=_=__-�:
<br />-.i° ' thereon, and the princ�pal and mterest on the Secured Debt, PaYing the surplus. if any, to Ttustor. Benefciary may _�^,T..��
<br /> ��: ,. �'�'• purc6ase the Praperry.The recitals in�y deed of oonvcgance shall be prima facie evidence of the faus set forth therein. , . ��—�.3----__
<br /> �. . . • `.: {�•"r:�;�' :'�"�..�:_-
<br /> �' . _ , All n�medies are distinct, camulative and aot exchisive.and ttce Bene u entitled to all remedies�rovided at law or - .. --
<br /> ; or arual payment on the _
<br /> 'i:' - equity,whether or not expressly set forth.The acceptance by Eenefi c i a ry�any sum in payment p
<br /> � ' S e c u r e d D e b t a f t e r the balaace �s due or is accelerated or after forec losure proceedings are filed shall not constitute a _ �,_
<br />',;? waiver of Beneficiary's rigi�t w require complete c�ue of any existing de f a u lt.B y no t ex e�i s i n g a n y r e m e d Y o n T n u t o r's _— ------
<br /> ' �. . . ,.'; default,Beneficiary does uot waive BeneHciaTy's rlght to later consider the event a default if it continnes or happens again. �_ -
<br /> ._ � - 16. EI(PENSES: ADVANCES ON COVENANTS; ATTORNEYS' FEES: COLLECSI02►I CO�TS. ExceP= whea . � �--�—._�
<br /> � prolu'bited by�law, Tmstor agrees to pay all of Beneficiary's expenses if Tnutor breaches any coveaant ia this Secnrlty � -�
<br /> .:` . � . Instiument. Tn�stor will also pay on demand any amount mcurmd by Beneficiary for insuring.insPectin8. preserving or '�,,.�,�.
<br /> otherwise pmtecting the Property and Beneficiary's secutity intetest.These expenses wilt bear mterest fc+nm the date of the � ` _
<br /> `....! ' � � . payment until paid m fiill at the Ivghest interest rate in effect as provided in the tertns of the Seaued Debt.Tn�stor agr�es =� _s
<br /> .., � to paq aU costs and expenses incmred by Beneficiary in collecting, enforcing or protecting Beneficiary's rigUts aad •��..-F
<br /> remedies under this Secunty Insmiment.T�is amommt may include, but is not limited to,attameys'fees,court costs,aad �-`_
<br /> � • . other legal expenses. This Securiry Instrument shall remaia in effect uatil released. Trustor agees to pay for aay .��',�,�;. ,•.;'.y?
<br /> • recordauoa costs of such release. ' - • ,�
<br /> ` 17. ENVIRONMENTAL LAWS AND HAZA1iDOUS SIJBSTANCES. As nsed in tbis section, (1)Environmental Law � �<�..;��
<br /> ' ' means,without limitadon,the Compreheasive Environmental Response. Compensation and Liability Act(CERCI.A,42 � _
<br /> ..
<br /> �� � - U.S.C.9601 et seq.),and alt ot6er federal,state and local laws, regulations, ordinances, court orders,attomey general . -
<br /> � opinions or interpretive letters conceming the public health,saf'ety,welfare,environment or a ha7ardous substance;and(2) . .
<br /> � • Hazardous S�bstance means anY toxic, radioacrive or hazardous materlal, waste, poUutaut or coataminant which has . . •�s�"
<br /> ' • characteristia which render the substaace dangerous or potentially dangerous to the public health, safety, aelfare or ... ..�;,�y"
<br /> ' environment.The tean includes,without limitanon, a�y substances defined as "ha7ardous matcrial," °toxic substances," : �`•
<br /> `�� "hazardous waste"or"haTardous substance"under any Environmental Law. . . _-
<br /> . •��. .
<br /> • � i Tmstor represents.wamaats and agcees that: . . . .��',�:
<br /> � � A.Bxcept as previously disclosed and acknowledged in writing to Beneficit►rry.no Hazardous Substance is or will be
<br /> • � 4 located,stored or released on or in the Properry. '[Y�is restriction does noi apply to small quantities of Hazardoas . � ';'+iF-
<br /> ' � ' Substnnces Wat are generally recognized to be ap ropriate for the nortnal use aud maintenance of the Property. . ; ' �-�
<br /> � � ' � � B.Ex t as previously disclosed and acknowledg�in writing to Beneficiary.Trustor and every tenant have beeu,aze, .
<br /> '.'� �d�remain�n fu11 compliance with any applicable Environmental Law. . . .
<br /> �� ' � C.Tn�stor shall immediately notify Beneficiar�r �f a release or�tened release of a Hazardous Substance occurs on, :
<br /> �F under or about the Pcoperry or there is a violatlon of any Environmental Law conceming the Property.In such an .
<br /> .'� : event.Trustor shall take allnecessary remedial action in accordance with any Environmental Law.
<br /> D.Trustor s h a l l i m m e d i a t e l y n o t i f y.B e a e fi c i a ry i n w r i t i n g a s s o o n a s Tmstor has reason to believe there is aay pending
<br /> . or threatened investigauon, cla�m, or proceeding re lating to the release or threatened release of any Hazardous . .
<br /> • '' Substance or the violation of any Environmental Law. � . ,
<br /> . � 18. CONDENiNATION.Trustor will give Beneficiary prompt notice of any pendin�or threatened action,by private or public .
<br /> entlties to purchase or take any or all of the Property through condemnation.eminent domain,or any other means.Trustor
<br /> � � authorizes Beneficiary to intervene in Trustor's name in any of the above described acrions or clauns.Trustor asslgns to .. • .
<br /> �� � �i Beneficiary the proceeds of any award or claim for damages connected with a cottdemnation or other taking af all or any ,
<br /> � � put of the Property. Such proceeds shall be considered payments and will be applied as provided in tivs Security
<br /> ' �� . instrument.This ass�gnment of proceeds is subject to the terms of any prior mortgage.deed of trust,seeuriry agreement or . •
<br /> 1 other lien document.
<br /> I
<br /> 19. INSURANCE.Trustor shall keep Pcoperty insured against loss by fire, flood.theft and other hazards and risks reasonably .
<br /> � associated with the Property due to its type and location. This insurance shall be maintained in the am�unu and for tbe
<br /> ' . i periods that Beneticiary requires. The insurance carrier providing lhe inswance shall be chosen by Trustor subject to
<br /> ' Beneficiary's approval, which shall not be unreasonably witl�theld. lf Trustor fails to maintaln 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 this 5ecurity Instrument. ; �
<br /> ! •' � � � pll insarance policies and renewals shall be acceptable to Beneficiary and shall include a standard"mortgage clause"and,
<br /> ' � �' where applicable. "loss payee clause."Trustor shall immediatel�r nat�fY Beneficiary of cancellation or temunation of the
<br /> ' insnraace. Beneficiary shall have the riyrht to hold the polic�es and renewals. !f Benefcciary requires. Ttustor shall
<br /> - immediately give to Beneficiary all receipts of paid premiwns and renewal notices. Upon loss. Trustor sha1J give �
<br /> � immediate notice to the insurance carricr and Beneficiary. Beneficiary may r.�ake pronf of loss if not made immediately by �
<br /> � Trustor. � �. `
<br /> �'_ .. lpago 3 0/41 '
<br /> . - �1994 6ankon Svstems.�nc St Cbud.MN It 800 391 230�� Parm HE DT NE tOi27�97 j _ � . .
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