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<br /> executed for the purpose of creating,securing or guarantying the Secured Debt.A good faith belief by Lc�ndrr that ' . : '''
<br /> L�:nder at any time is insecure with respect to any person or entity ohiigated on the 5ecured Debt or that thc prospect � � �-
<br /> of any Payment or the value of the Property is impaired shaA also constitute an event o!defaWt_ , . � . � • .r.t .
<br /> 15. KEMEDIFS ONI DtEF,��L'T. ln some instanc��s.federal and state law will require Lender to provide Grantur with , ., , ` -
<br /> notice of the right to cure or other notices and may esta�lish teme schedutes Ior fonriwurc a�ti«rzs.SuSj«. ta tkcs� =�-=-• `==--.:�r;:v;
<br /> � • limitations,if any. Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner - • ;: `=`� �
<br /> ��+ provided by law if Grantar is in default. - ..�-
<br /> - At the aption of Lender,all or any part af the agreed fees and chargc�s,accrued interest and principal shall become � -:
<br /> immediately due and payable, after gicing notice if required by law,upon the occurrence uf a default or anytime ; • 9►.
<br />--- thereaftcr.In additeon,Lendcr sha!!be entided to al�the remedies pmvided by law,the t�rms uf the Secured Debt, _ _ _
<br /> this Sccurity Instrument and any rclated documenis.including without limitation,thc power to sell the Property. �� . '<<
<br /> If there is a default,Trustee shall.in addition to any other permitted remedy.at thr request of the Lender,advertise ' �''�'"
<br /> and sell the Propettyas a whole or in separate parcels at pubGc auction to the highest bidder for cash and convey '"''�""':^"-`='-
<br /> .. .� - �' . �
<br />, � absolute tiile free and cleaz of aU right,ride and interest of Grantor at such time and place as Trustee designates. �.,..�;�;�;;>=•:
<br /> Trastee shall give nouce of sale including the timc,terms and place of sale and a description of the property to he sold _ .; '?� `
<br /> � as required by the applicable law in effect at the time of thc propused,��Ic. � . . � �'�'- --
<br />, � Upon sale of the property and to the extent not prohibitcd by law,Trustre shall make and deliver a de:cd to thc Property ;'=-�F-- ��� ,._._ '
<br /> sold which conveys absolute title to the purchaser,and after first paying all fecs,charge.�and cu�ts,shall pay to Lc�nder all '�-'': > ���;��,�_,_.-
<br /> moneys advanccd for repairs,taYes,insurancc.liens,assessments and prior encumbrances and interest thereon,and the : , • - ._____^
<br /> • principal and interest on the Secured Debt,paying the surplus,if any.to Grantor.Lender may purchase the Property. �-- -�-
<br /> � The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein. �:. r.; �t�'"'.—_.
<br /> ��'=, - �,-�—
<br />, ! � All remedies are distinct,cumulative and not exclusive,and the Lender is entitled to all remedies provided at law or ��� `{`�� � '
<br /> �•i equity,whether or not expressly set forth.The acceptance by L,ender of any sum in payment or partial payment on t6e '. ,.." �L;��:�-���
<br /> • Secured Debt after the balance is due or is accelerated or after foreclosus�e proceedings are f led shall not constitute a '" �...-
<br /> waiver of Le:nder's right to require complete cure of any existing defaWt Sy nat exercising any remedy on Grantor s � •�"' i E.�►��, :�_.
<br /> �' �� default,Lender does not waive Lender's right to later consider the event a default if it cont�nues or happens again. ------
<br /> -s:kfF- t�.:
<br /> '��:;` 16. EXPENSES; ADVANCES �i COVENANfS; ATTOIiNEYS'FEES;COLLEt"I70N COSTS. Except when .;`..
<br />�;•;"'' prohibited by law.Grantor a�ees to pay all of Lender's expenses if Grantor breaches any covenant in this Security - ' .: , `:,.r ���''� °
<br /> Instrument.Grantor will also pay on demand any amount incurred by Lender for insuring, inspecting,preserving or � � :'f j :,-��_;
<br /> . �--.:.� -
<br />� otherwise protecting the Property and Lender's security interest.These expenses will bear interest from the date of � ..;,.
<br /> w.-:;-....
<br /> the payment unul paid in full at the highest interest rate in effect as provided in the terms of t�he Secured Debt. ;�-,� ''.�3 y� _. �
<br /> Grantor agrees to pay all costs and expenses incurred by Lender in collecting,enforcing or protecting I.ender's righu �
<br /> ' and remedies under this Security Instrument.This amount may include, but is not limited to,attomeys'fees,court - •. _ '�� j�`�..
<br /> • costs,and other legal expenses.This Security Instntment shall remain in effect until released.Grantor agrees to pay -
<br /> for any recordation costs of such release. �
<br /> •�'�� '.� _
<br /> 17. ENVIRONMEPPfAL LAWS AND HAZA�2�OUS SUBSTANCES.As used in this section.(1)Environmental Law r�r-° - ` %�
<br /> •, � means,witbout limitation,the Comprehensi�•e Environmental Response,Compensation and Liability Act(CERCLA. `" ' �.���.r'��;
<br /> 42 U.S.C.9601 et seq.), and all other federal,state and local laws,regulations,ordinances,court ordeis,attorney � �` �i ;• =:
<br /> ,,,,� general opinions or interpretive letters concerning the public health,safe[y,weifare,environment or a hazardous _ ,. . ;�'��''� �:
<br /> , . - substance:and (2} Ha7ardous Substance means any toxic,radioactive or hazardous material,waste, pollutant ar �t� '� �
<br /> . �' contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public �`��=a:
<br /> " health,safety,welfare or environment.The term includes,without limitation,any substances defined as•'hazardous --- ,.�t��-,_
<br /> ��� material;'"toxic substances;'"hazardons�vaste"or"hazardous substa�ce"under any Environmental Law. -.--
<br /> • G�antor represents,warranu and agcees that: �'
<br /> A. Except as previously disclosed and acknowledged in writing to L.ender,no Hazardous Substance is or�vill be �- ,_ _
<br /> • � located,stored or released on or in the Property.This restriction does not apply to small quantities of • _+- •=
<br /> � Hazardous Substances that are gencrally reco�;nized to be appropi iate for the normal use and maintenance of '�L'r �
<br /> �-
<br /> • � the Property. r �`
<br /> ��-,�,; B. Except as previously distlosed and acknowledged in writing to Lender.Grantor and evc-ry tenant have been,are.
<br /> and shall remain in full compliance with any applicable Environmental Law. �.��'"��r.
<br /> . ' C. Grantor shali immediately notify Lender if a releasc or threatcned release of a Ha�ardous Substance occurs on. -
<br /> r'°;��.-';.�
<br /> i. under or about the Property ar there is a violation of any Environmental Law conceming the Property.In such �-�•_.:...�k
<br /> an event,Grantor shall take all necessary remedial action in accordance with any Environmental Law. _ �' • —.
<br />:. �.. � D. Grantor shall immediately notify Lender in writing as soon as Grantar has reason to believe there is any �• � ` �.�._
<br /> pending or threatened investigation,claim,or proweding relating to the releasc or threatened release of any ,,,��,,,,,,�,�:.
<br /> Nazardous Substance or the violation of any Environmenial Law. ° �
<br /> 18. CONDEMNATIO�1.Grantor wiU give L,ender prompt notice of any pending or threatened action, by private or ?+��- -_,-
<br /> �:_::_.
<br /> � ublic entities to urchase ar take an or all of the Pro c throu condemnation,cminent domain,or an other `, '�`*='-�.` .�.�`�
<br /> P P Y P nY Sh Y �, �:a
<br /> � means. Grantor authorizes Lender to inten•ene in Grantor's name in any of the sbove described actions or claims. ��---�-
<br /> �'+7!q??1Y'7� —_...
<br /> Grantor assigns ta L.ender the proceeds of any award or claim for damages mnnected with a condemnation or other �:,��'.r�.::.,.,
<br /> latcing of aU or any part of the Property.Such procceds shall he considercd payment�and will be applicd as provided in � '""�;w*��_� • - -��'
<br /> this Security Tnstrument.This assignment of proceeds is subject to lhc tcrms of any prior mortgagc, dccd of trust. • " '
<br /> ..:c...,
<br /> . security agreement or other lien document. . _
<br /> 19 INSURANCE.Grantor shap keep Property insur�d against loss by fire,flood, thcft and other hazards and risks � _
<br /> - reasonably associated with the Property due to its typc and location.This�nsurancc shall bc maintaincd in thc amounts ..�• ���---
<br /> and for the periods that La:nder requires.The insurance carrier providing the insurance shall be chosen by Grantar .
<br /> � subject to L.ender's approval, which shall not he unreasonably withheld. If Grantor fails tu maintain the covcrage ' • . —
<br /> described above,i.ender may,at L.ender's option.obtain coverage to protect I.endcr 5 rights in the Property aca�rding :
<br /> to the terms of this Security instrument. . � ,
<br /> AU insuranee palieies and renewals shall be acceptable to Lendcr and shall include a standard"mortgage clause"and. . ' � . e-`�
<br /> where applicahle."loss payee clause."(iramor zhall immediately notify (Ander ot cancellatiun or trrmination of Ihe '. � • .. _
<br /> insu:ancc.Lender�hall have the right to hold thc pnlicirs<ind rencwals.If l.ender requires.C:rantor shall immediately �
<br /> give to L.cnder all receipts of paid premiums and rencwal notices.Upon loss.Gramor shatl �;ive immrdiate nnticc to � _�
<br /> thr insurance carrier and Lx:nder.I.�;nJer may mak�proof uf luss it not maJe immediatcly by Grantor. __
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