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<br /> ' I cuch ers�nal ropeny ie eepleced with otlier personal propen�at Ienst q ni in,voluc to tBtic ; "
<br /> or obsolete, provlded that p P +;
<br /> replaced persannl propcny, f�w����d�e�med�subJcct to sli�6ccurity 1 crest cr ated by thia Deed of Truat hTn2�or ehnll , ?�
<br /> r�pincement of perconul proZxrtY „
<br /> not pn»ition or subdividc the Property wl►baut Fleneficinry's prlor wrltten consent. Beneficlnry or BcneRr.iary's nBemts
<br /> mny, at Beneficinry's optio sf��i�b�tent r��ly�for Benef�'�clnry'n benefit nnd Tnistar wlll Itf noEwayifrcly��on (3 nr.�ficiory's
<br /> (respection of thc Pro�scrty
<br /> lnspection.
<br /> 13.AUTI�ORIT9l TO PEItFORM• If Tmstar fails to perform anY of Trustor's duties under this Deed vf Truc�t,or nny other
<br /> � mottgage, deed of trust, ��u�e d ties�or cause chemi o be performed�Trustor appuinta Denefi iary uo a com yein fucc� , -
<br /> may,withaut notice, perform
<br /> sign Tcustar's name or pay any Amouat necessary for performance• lf any consteuction an tl�e Property ie diccontmued or `
<br /> ;n the p�rty Thl$may includ�rnp etinslth�r,ou��da phatever is necessAry to protect Beneficiiiry's security interest ; .'
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<br /> Beneficlary's right to perform for Tiustor shall not create xn obligation to perform, and Beneficiaiy's fai�ure to p�rform _ ,� !
<br /> wtll not preclude Heneficiary from exercisi�g Tanerv�B��oifo��gi e�prot�i�iing thdcr�roPe�Y��d1 yD�ficiary's security �;;;�,,,'
<br /> amounts paid by Beneficiary for insw�ing, P
<br /> interest will be due on demend and will bear ietemst from the date of the payment until paid in ful4 at t6ic:interesc race in �T"''Y:
<br /> effect from time ta time accordinS to the tecros of the Evidence of Debt. ,��. , '
<br /> , � E, x ��....—
<br /> ; 14. ASSIGNIN�NI'OF LEASFS AND R1ENT�•Tn�ror inevocably grants, conveys and selis as addi�iar,a! sc:curiry a11 the , r� {���Y
<br /> right,dde uid interest in and to any aud all: ''` • ',�' S
<br /> �a�L��
<br /> A. E�c i s t i n�o r f u t u r e leases,subleases,liceases�guar�nties and any other writun or verb�l ugc�emcnts for the use and ��... �x�_
<br /> ex tensions, re n e w u l s, m o d i fi c a t:o no or subsdtutions of . tn ,�- -
<br /> occupancy af any portion of the PropertY� including any , ; • "a,,�__; _=—
<br /> such agreements(a l l refernd to as'I..eases")• ` ��;�;�°"
<br /> B. Rents, issues and profits (all referred to as"Rents"),including but not limitai to security d�an��.�►lmum rent, � t; .
<br /> percentage rent, addidonel �at, CO�°trlbutions�q dated damaSes following def ult,cancelladon p emlumsr f r;,,:; �`
<br /> es insurance pcemium co wbicl►Truator may have ,,��..•, '.���
<br /> �.�i; applicable ta�c , : .. ,.
<br /> 'losa of xents" insurance,revenues,roy a lties,pr o c e e d s, b o n u s e s. a n d a l l r i B h c s a n d c l a i m s •�
<br /> tbat in any way pertains to or i9 on account of the use ar occupancy of the whole or any pa►Y o�dte Properry. ' :';�,, + '
<br /> ' �<<� �
<br /> ' _ .:s� Tr��cor will nrompdy provide Beneflciary w i t h true an d c o r r e c t c o P i e s o f a l l e x i s t i n g a n d futun� L.eACes. Truator muy :;,,. .
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<br /> ' collect, receive,enjoy and use tlle tteats so Ioab a�Tra��oT 1s nc:!n�°f"-'!�-Tn���or will not callcct L•i advance any Rents :.
<br /> due in fuhue lease perlods,unless Tmstor fust obtains Beneficiary's written consent.llpon defmiIc,Truatox will receive •�;�;i.,1,+,;. •:� �
<br /> �� aay Rents in trust for Beneficiary and'�'sustor will aot comminEle the Rente with nay other fund�. Any amounts caflected .
<br /> � 8 � . ���,;_�����
<br /> sUall be applied ut Beneficiary's discretion to payments om the Secw'ed Debt as therein provided,to com�of mana ln �� ?s,'iYJ,'l``= y
<br /> .: property, Iacluding, but not limlted to. all tazes, assessments. insurance pmmiwns. repaire� aud commiosions ta rental ;" .�,;..,• ,, ` ,.
<br /> ��i� '..�. .
<br /> • � ageats,az+d to any other necessary related expeases including Beaeficiary's attorneys' fees,paraluII�1 fees and court costs• ,;t. �;• �'
<br /> �� f' Trusror acknowledges that this essigamenc is perfected upon tlie recording of t61a Deed of Traet and tlint Bene�iciary is
<br /> rs {;'s �. ',
<br /> ' entitled to notify �at only on default nw 11 Bemaeficiary nodfy Tn�stordand Trus►or�e ennnte anc��mnl e d mxndthat eall � ��
<br /> • � Beneficiary a�rees �:� �;�
<br /> `• ° future Reats he ptud directly to Beneficiary. On receiving the notice of default, Tcustor wiil endorss und deliver to ���il
<br /> � Asneficiary any paYments of Reat in Trustor's possession. ��
<br /> ,'' • �� licable landlord law.Trusta��alao coveneats and agrces �u�1r�;l�'%=��
<br /> % •� • Trustor covenants that no default e�ists under the Leases or enY$PP licable law.T�vmc�r will prompi3y notify i,��+�;_
<br /> � ,.• ';� . � to maintain, and to require the tenants to comply with, the Leases and any app
<br /> ' " ��'- Benaficiary of any noncompliance_ If Trustor neglects or refuses to enforce compliance with ttLa t�rmp of the Le�ses. then �A��s�?�•_�::
<br /> , �eneficiiuy may, at Beneficiary's option, eaforce compliance. Tnistor will obtnin Beneficimy's written uuthorizauom �,__..T ___
<br /> before Tmstor consents to sublet, modify, cancel, or othenvise alter the Leases�to accegt the suxrendcr of tl�e �roperty �,��___�
<br /> ' �' covered by such Leases (w�less che I.eases so require), or to assign, cc�mpromise or encumb�r the Leaces or:inY future �-°_°=��
<br /> � Rente. Trustor will hold Beneficiary hatuiless and indemnify Heaeficiary for aay and all .Inbility, loas or d�mage that ��:=.:�..
<br /> i� � Beneficiary mny Incur as a consequence of tl�e assign.ment under this section. �._W���
<br /> � �'�...: �..r.......�...
<br />- ' � 15.COIYDONdI:NILIMS+ pLAMV�D U1�T DEV�LOPMEN'I'S. If the Property includes a ucut in a conduinlnium or a �;����,,,`..
<br /> ,. .�.���,;�•:
<br /> ����� planned unit development,Trustor will perform all of Trustor s duties under the coveaant�,ba-Iaw3,or re�ufatious of die h r � ,
<br /> YIICRt. ';t;(::f'q :D'i+: p,;'
<br /> condominium or planned unit develop r��•„s,:t;����,..
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<br /> 'S 16.DEFAULT.Trustor will be in default if any of the following occur: •4�`.s;r:;�,� !. °.: :�� -
<br /> A. Any pv'ry obligated oxn the Secured Debt fails to mnke payment�orn ort n e or an cn►�truction loan agceement, � � t
<br /> B. A breuch of any term or covenant in this Deed of Trust, �p� S�unn or otherwlce �lutin� to the Secured ';,`�• � •
<br />� , security agreement or any other document evidcncing, gu Y S� g • •
<br /> . .,'i''`'�,. .,..
<br /> Debt: „..,��...
<br /> C. 'Ihe making or fnrnishing of any verbal or written representntion, statement or wurranty tm Beneficiaay th�t is fnlse
<br />- or inconect in any material respect by Trustnr or any person ur entity obligated on the Securcd Debt; � � ��
<br /> D. The death, dissolution,appointment of a receiver for, or application of nny debtor relief law to, Trustor or any
<br /> person or entity obligated on the Secured Debr, .
<br />- + g, p good faith beltef by Beneficiary at any time that Beneficiary is insecure with respect to any ge�son or entity
<br />- � obligated on the Secused Dcbt or that the prospect of any payment is impured or We Fro��erty ia in►Paired;
<br /> F. A material adverse change in Trustor's business includin�ownersliip, menagement,nnd fiucwciul conditions, which
<br />°• __. no..or...:on,i�u�oninion believes impairs the value of the Property or rcpayment of the Secured Dcbt;or
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<br /> - � �•=-� --`— ..........�._ - ..__
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<br /> G. Any loan proceeds are used far a purpose that will contri ute to excess, J -- - -
<br /> • conversion of wetlands to prodace an agricultural commodity. as furcher expinined in 7 C.1F.ti. Part 1940,Subpart .
<br />� � G, Exhibit M.
<br /> � 17,REIV�DIES ON DEFAUI.T. !n some instances, faieral and stute la�v will mquire Ben�ftcinry to provide Trustor�vidi :
<br /> notice of the right to cun, mediation notices or other notices and may establish time scheclules for foreclosure actions.
<br /> Subject to these limitations, if any, Beneficiary may uccelcrate the Securccl Dcbt and foreclorx: this Dc.�ed of Trust in a
<br /> manner provided by law if ttiis TNStor is in default.
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<br /> . iq 1993 Bankara Sv6toms.Inc.St CbuC.MN 11 800�397�23411 Fam AG�CO�DT�NE 9113190 �
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