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<br /> or o�sol�te, provided that such p:rsonnl pra�terty i« r�plascd with oUier ps:rsanal propeny at least ey,ual in value tu the � __
<br /> replaccd p�;rsona{ property, frec from nny utl.r, rstentAOn device, sccurhy agreement Ur other encumbrance, Such �-
<br /> replacement of personal property ta�ill ba deemecl�uhj�tet to the security interest creatcd by this Beed of Trust.Trusror shnll _ ._
<br /> not partitton or subdlvtde the Pro�rty withmn �enr,fisiary's prior�vritten cansent. Beaeficiazy or Beneficlary's Agents „ �� ��
<br /> ns�tioneoffthe Property sh:illrin�entiPely fo•r DGirfctary'snbenefit und T stor will inf noswayirely on B ne�ciary a ; :
<br /> ' 1 inspection. --
<br /> 13.AUTHORITY'd'O P�;RFOI3M.(f Trustor fal)n u�perform any of Trustor's duties under thie Deed of Trust,or uny other
<br /> � mortga�e, decd of trust. securlt}•�greemcnt or ctl�cr lten da�nent that has priority over this Deed of Trust, Hene�clary
<br /> mny,withouc aotice,perform thm duties or ct►uuc tl�ean to be pedorm�d. Trustor appoints Beneficiary as attomey in fact to
<br /> ' sign Tntstor's name or pay any amaunt neces�nry for.perFormance.If any covstruction on the Property is dlscontinued ar
<br /> not carried on ln a reasonable mann�r,Senefcciary na�y do whatever is necessary to protect Benefictary's security interest _
<br /> In the Property.This cnny inclu,5z completiu�the ecnnauction. ..
<br /> . Beaeficiary's right to perfomi t'or Teuator sh�lt nat creat�an obligation t�petform, and Beneficiary's failure to perform -
<br /> will not preclude Flencficiary t�mm eaercisivQ nny ef.Berzeficiary's other rights under the law or tl�is Deed of Trust. Any _ .;.,�y:. ... .
<br /> amounts paid by Beneficiary for insuring, preoerv:ng or otherwise protecting the Property and BeaeFiciary's security `.,�s�.
<br /> ,:_..,,,_.
<br /> interest wlll be due on deman.l and will bcar iut,:reoa from the date of the puymenc until paid�n full at the interest rate in '`�..' A« �
<br /> , effect from time to tirnC acr,ordic�to the termn of du:Evidence of Debt. •� :.��:u-..�-
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<br /> 14.ASSIGNIVIENT OF LEAS�U AN�D 1REiV'i��•Tra�F�tor irrevocably grants, conveys and sells es additional security all the t`.'<�.,. , ;��--,-____
<br /> right,title and inteaest in and io any and ull: ��'�'�i ., '"°__
<br /> '�:,��__,__.
<br /> A. Existiug or future leasc.a,su6lr,ascs,liceaaca,guarandes and any other wdttea or verbal agreements for the use und �
<br /> oceupancy of any pottion of the Properay, includiag any exrensions, renewals, modificadons or subsututions of � �>��;�"
<br /> •'• such agreements(all m�'encd to as"Leases"l. `(, ��_ _
<br /> �,r, �°
<br /> + � B. Rente,issues and profifs(nA rcfcired to aa "Rents"),includiag but not limited to securiry deposits.minimum t�ent, �,
<br /> percentage mnt, adclitional rent, comman azea rnaintenance charges, pazking chazges. real estate taxes. other __
<br /> applicable taxes, inst;at�noe premlum can��ihvtions,ltquiduted damages following default,cancellation premiums. _ :.
<br /> �� �� 'loss of rents" insureFU�e,revenues,royc►lciea,proc.eeds,bonuses,und all rights and claiuis which Trustor may have �:
<br /> � that in any way pertaLc�s to or is on accouut vf the use or occupancy of the whole or any part of the Properiy. �
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<br /> , Trustor will pramptly provi•c1� Beueficiary witli ttue and corncc coPies of all existing and future L,easPS. Trustor may �
<br /> _. �!?�i,.TP.^.°iya PII��y and u�e the Rentc so lanA as Trustor is not in defuult.Trustor wlll not collect in advance any Renta ���` �
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<br /> ;�'':�t� due in future leuse pedods, ienless Tru�tor fu�t a�rtains B�neficiary's wdtten consi:nt. u�pon deiaui�, a rusto� :�;tt;a,:.=.c :;r ,�, �, ;
<br /> ",;.�;�' any Rents in trust for Benefici�:uy 1nd Truator wil?uot commingle the Rents with any ott��fun�s.Any arnounta coll� •;a,�a �y �
<br /> '°• shall bP applied at Beneficiary's discretion tp pay�ents on the Secured Debt as therein provided.to costs of managing the � �,`7� �
<br /> properry, incl�tding, bnt noE ]i�uited to. all tnRea, assessments, insurance premiums. rePairs� and commissions to rCntal '
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<br /> �" -� agents,and to eny othEr nec�ssacy related expeoaes including Beneficiary's attorneys' fees,paralegal fees and court costs. �x y f
<br /> �� �� T�ustor acknowledges thac►ini.s essignment in perfected upoa the recording of this Deed of Trust and that Beaeficiary is � � ;•
<br /> ` r entided to notify nay of'IYvstor's tennnm to n�cilce payrnent of mnts due or to become due to Beneficiary. However, '
<br /> ! Beneficiary a�rees that oal.y on dcfault will Ec�neficiary noufy Trustor and Trustor's teaants and meke demand that all •q `
<br /> �� future Rents be paid directly to Benefictary, Oei receiving the notice of default, Trustor wiU endorse and deliver to
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<br />_,. Beneficiary any payaients of ltent in Tru�tnr's puasession. ,
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<br /> � Teustor covenants that no dxffnalt exists undar die Leases or any applicable landlord law.Trustor alsa covenants and agrces __...t;�`
<br /> ' � ' to maintain, and to requirel the tenants to con�ply with, the Leases and any applicable law.Trustor wUl promptly notify �_�'�-'--'
<br /> ,, Beaefictary of any noncon�diunce. If Truntor ne�r,lects or refuses to enforce compliance with the terms of the Leases,then ��="
<br /> . Beneficiury may. at Bene!'[ciary's opiion. enforce compliance. Trustor will obtain B�neficiary's written authorization �_;.=;"-='�'"—�
<br /> before Tcustor consents to s�xblet, modify, cancel, or ott�envise alter the Leases, to accept the surrender of the Property •���--�° -
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<br /> � � I covered by such I.eases (uul�ss the Leases so nzquire), or to asslgn, compromise or encwnber the L�t�ses or any future ��,;:,_..
<br /> � � Rents. Trustor will hold Bt�ue�ciary harmless tmd indemnify�enefic9suy for any uvd all ]iability. loss or da�nage thai `�r��'•;�„-___
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<br />^ �' Beneflciary may incur as a�:�ons�c�uence of the assignment uucler this secdan. � .:��`���
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<br /> � 15.CONDaNIINRJMS; PLA1V�'1�D UNTf D�VIELOPMENTS. If the Property iRCludes a unit in a condominium or a �•• :=::_;:�-
<br /> ,�` , � planned unit development,'1'►-ustor will perforwi all of Trnsror's duti�under the covenaats,by-laws.or reguladons of the �ii,��:;°s`rR=' .�.
<br /> ` cottdominium or planned undt development. 'f{� .':�"��,�+ F'� ��;
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<br /> " ' ����•` � 16.DEFAiJLT.Trustor will b¢in defnult if any of shc following occur: ` ��-•�`��•��' �' '` ��
<br /> .:-`:, :..s�:..Y�;. ; .
<br />' A. Any party obligated on the Secumd Debt fails to rnake payment when due; , ;.��
<br /> � , B. A breach of any term or covenant iu this Dced of Trust. a�iy prior mortgage or any construcuon loan agreeaeent, s;;; �' � •
<br />.•�`� security agreement ar any otlier document evidencing, guarnntyin�, securing or otherwise relating to the Secured ..e..
<br />•1'� � '�i. .
<br /> Debt; �'^
<br /> C. ?he mnking or fumishing af any vezbnl or wdtten rcpresentation,statement or w�rranty to Beceficiary that is false � ''�i;�:�°t'. ;,� ,
<br /> or incorrect in any m3terial respect by 7'rustor or any person or entity obligated on 2he Secured Debt;
<br /> D. Tlie death,dlssolution, appointment of a receiver for, or application of any debtnr relief law to,Trustor or any
<br />_"! person or enuty obligated on the Secw+rd Debt; ��
<br />,r�'. � E. A good faith belief by Beneficituy a. any time that Beneficiary is insecure with respeet to any person or entity •• .
<br />- . oblignted on the Secured Debt or thut uic prospect of any payment is impaired or the Property is impaired;
<br />� � F. A material adverse change in Trustor's business including ownership,management,and financial conditions.which �.
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<br /> `��•�` Beneficiary in its opiDion b�rlieves impairs the value of the Property or repayment of the Secured Debt;or •. '-
<br />'-- ' .__.___- .. .__.�___ __....._.,__�...� r.....,...�....o.ti�...,:n,....,frih�,fp r�PY��;�P ernsion of hiahlv erodible land ar to the "
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<br />, �� � conversion of wedanda to pmduce an ngncultural commodity, as f�nher explained in 7 C.F.R. P<ut 1940, Subpart
<br />_ G.Exhibit M. '
<br />� 17.REMEDIES ON DEFAUI.1'. In some in�rmces, federnl end state la�v wxll require Beneficiary to provide Trustor with
<br /> . noNce of the ri�t to cure, mediation notices or otiier notices and may establish time schedules for foreclosure actions.
<br />- , Subject to these limitations. if arry, Benefir.inty may accelerate the Secured Debt and foreclose this Deed of Trust in a
<br /> � i manncr grovided by law if this T►vstor iy in dcfault.
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<br /> 9�893 Dankort SvctumL�nC.SI L�aoU,MN 11 000]31-23811 Fdm A6�C0 DT�NE fl/�Jr90 .
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