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<br /> or obsolete, pravided that such personnl property is repleced with other pecsanal prope�t�� l�rnct equn n v ��e to ttte �� ��
<br /> repinceJ personal pro�oerty, frex from nny utle retentlon device, security ngrecment or uther encumbr:utce. .�uch _
<br /> replacement of personal property wi11 be deemed subject to the secudty intc�est crcated by thie Dr.cc!of Trust.Tnesror s}en11
<br /> not partition or subdivide the Propeny without Seneficiary's prior written cons�nt. Beneficinry or Re:neficiAry's ngente
<br /> mny at Beneficiary's option, e�ter the Praperty et any nasonable dme for the pu��se of b�spcct6na the Propert�. Any �
<br /> inspection of the Ptoperty ,hnll be entirely for Beneficinry's benefit An� Tmstur will in na ruuy rely on Benef�cinry's ._..-.
<br /> .: .. inspection. � , -
<br /> r. � l3.AYJTHORI'I'Y TO PERFORM.lf Trustor fails to perform uny of Trusror's dut[es under thie�eed of Trust, or any other � ; �
<br /> • mortgage�deeil of trust,security agreement or other lien dc�cumeuc that has priodty over thia Deed of Tru�t, B�nefici�ry � ,
<br /> may,without aotice, perform thc duties or cause them to be perfom�ed.Trustor appoints Benert%cinry na nttorney in fact to E .� �
<br /> sign Tn�stor's nawe or pay any amount necessnry for perfurmance.If aay constructton on dtu Fro�eny ia discontlnued or � ;
<br /> not carr�ed on in a masonabYe n�anner,Beneftciary may do w6atever is necessary to protect F�.�snot�ciary's secudty interest 4 �� :• . _
<br /> in the Property.7hie may Include campleting the consuuctlon. � • ��•
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<br /> Be.neficlary's*I�t to peeform for Trusror shall not create an obligation to p�.rfoim. and IIimaficiAry's fallure to perform � :•}_- _-'�
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<br /> will n9t preclude Seneficiary from eaercising any of Beneficiary's other dghts under tha lew mr t�iis Deed of Tcust. Any r ___
<br /> amounta paid by Beneficiary for insuring, preserving or otherwise protecdng the Froper�y and Beneficinry's secwity •' ��°��_;..____
<br /> interest wiU be due on de�and aad wUl bear interest from the date of tb.e payment until p�id in full ut the interest ratc in _ —_
<br />_ ' effect from time to tin►e accordinB to the term9 of the Evidena vf Debt. ' ' � -
<br />= 14.ASSIGNI4IENT OF LEASES MlD R1EIVTS.Tcustor imevocably grants, conveys and a:FUi�ati udaitlon�l seciuity all tho � _ _ _
<br /> � rig6t,title aad interest in and to any and all: , ' �� ;=.--
<br /> • A. Exlsting or future leases,subleases,licenses,guarnnties ai►d any other written or verbnl agrecments for the use and =•1=4:`
<br />- occupaacy of any portian of the Property, including uny extenslons, renewsla, madlfEcations or substitudons of f ;,. :�����_
<br /> � such agreements(all�:f�rred to as"L.ea.,es"). �?�:s-
<br /> ` B. Rents,issues and proTa¢�(a!1 referred to as"Renta"). including but not limite�i tcr sr.cuclty deposits,niinimum�nt,
<br />- percetttage rent, additionai rent, common area maintenance cher�es. ParkinB cunrges, reul estate taxes, other . •:>+ ,i�:
<br />=. ' `'�,� applicable taxes, insurance pnmiu�n contributions. liquidated damsiges followin�d�sfciult, enncellution premiiuns, ; . ,:.'�,
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<br />- "loss of rents"insurance,cevenuES,royalties,proceeda,bonuses,and all righw cutd cl�Im�which Trustor ma�►hAVC ;�� . ..
<br /> � that in any way p�rtains to or is on account o f tne use or a c c u p a n c y o f t h e w h a l u m r t u t y p a rt o f W e P e o p e rt y. '
<br /> --- -= Trnsior ::�ll! F*��rty�.��,vid� &:neficiary with uue and comect cop{es af all eai�tlna and future T.eases. Trustor may - �-
<br /> collect, receive,enjoy aad use the Reats so Iong as Trustor is aot in default.l'rustor wiit nac coileci in au�au� �y��� �"
<br /> " `� due in 4'uture lease periods,unless Trustfla first obtains Beneficiary's written conseut. U�an default, Trustor wUl recelva i "� �_�
<br /> any Rents in t�st for Beaeficiary and 1'a+stor will not comminsle t1i�:Renta with any ather fiiads. Aay amounts coll�ctacl
<br /> � shall be applied at Heneficiary's discrerion to payments on the S�cur�ed Debt es therein provId�:d,to costs of maneging tha :e .'�
<br /> :� Property. including, but nat limited to, all ta�ces, assessments, iasuranee pre►Nu�� �Futrs. �nd ��ssions w rental :�
<br /> ageute.and to any other necessary related expenses includin�B�neficiary's attomeys'feea,gtualegal fees and couat costs.
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<br /> �` Tcustor acknowledges that this nssigiment is perFected upon the recording of thie Deed of Tiuet and thut Beneflciary is
<br /> "' � endtled to notify any of'IYustor's tenants to make payment of rents due or to become due to Beneficiory. Howevcr�
<br />- �� Beaeficiary agrces that only on defauit wiU Beneficiary aotify Ttustor and Truator'x tennntc and mnke demand that aU _
<br /> � � future Rents be paid direcd;✓ to ��neficiary. On receiving the notice of defuult, Tcumor will endorse and deliver to �,.y��_
<br /> • Beneficiary any payments of Reat in Tmstor's possession. I���
<br /> �' efault exists x�nder the Leases or aay applicnble landlord lnw. Tnwt�oz�'so covenants and agreas '�: ____ _Y..
<br /> . ,� Tcustor covenants that no d ___
<br /> to maintain,And to rec�uire the tenants to comply with,the L,eascs and any upplicabl�Inw. �Trastoi will promptly notli� �;.-'_ _
<br /> - � Beneflciary of any noncompliance. If Trustor neglects or refuses to e�nforce compliance with tl�e terms of t6�I..eases. thon �_"- _
<br /> Beneficiary may, at Beneficiary's optEon. enfurce com(�liznce. Tr�stor will obtain &�ne�citiry's written Authorizaifon � ___
<br /> befere Tn�stor consents w sublet, modify, cancel, or otherwlse alter the Leases, to accept the surrender of the Propetty i�:__----
<br /> - covered by such L�eases (unless the L,eases so roquire),or to assi�n, cocnpromise or encumber the Leases or any ti�riiro C;,��;•.a_
<br /> - r Rents. �'ruetor will hold &aeficiary har�Ness and indemnify Benefdeinry for any and all liubi!ity, loss or damage thxt L-��_�.
<br /> - f Beneficiary may incur as a consequence of the assignment under this section, °j�=--` _
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<br /> "�' t��':'�-. 1S.CANDOMIIVI[JMS; P�.ANNED IJNET nEVELOPMEIVTS. (f the Property includes a u�ut in u cundominium or a � :�.�;�� �,-_.
<br /> '�•�'•' � T planned unit development,Trustor will perform a11 of Tn�stor's duties under thu cmvenants, by-l�ws,or regulations of tho ��;,.��-�s�
<br /> �� `�' .:ondominiwn or planned unit development. .�`'����~1Y-
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<br /> ' 16.DEFAIJ�.T.Trustor will be in default i�'any of the following c�ccur: :'. �.'`�"�-" '
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<br /> .. M A. Any ptuty obligated on the Secured Debt fails to make payment when due; !:•' :.���:z_,l_�.
<br /> � �. B. A breach of any term or covenant in this Dced of Trust,any prior mort�n,r,e or�ny constiuction loan agrcement, _. `...;�;�,,_'-�_
<br /> � • sQCUrity agrcement or aoy mther dceument evidencing, guaranrying,secucinII or orhenvise relnting to the Secwtitl � `�;;;µ�'k�:�;;:��
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<br /> ' • C. The mnking or furnishing�f az►y verbal or written represenea2iun, statement or wnmanty to Bencfcciary that is fel� � " '. ��
<br /> o•r inconect in any matedal mspect by Tnistor or any person or entiry obliBated on the Secured Debt;
<br /> �� D. 'Ihe death, dissolution,appoinunent of a receiver for. or application of any dcbtnr �+elief law to, Trustor or any _ �
<br /> �`�;;�.'";•''; person or entity obligated ou qie Secured nebt; . .
<br /> " - E. A good faith belief by Beneficiary at any time that Beneficiary is InsecutB wtth nespect to any person or entity
<br /> ,�}` obligated on the Secured Debt or that the prospect of any payment is lmpairecl ar thQ Phnperty is impaired; „
<br /> , F. k material adverse change in Taustor's busine.ev includiAg ownership,manngcment,and financial conditions, wh9eh 3 �,
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<br /> .. �, : : _.___:_:.,..��:e..e..:..,..�:.o�t,...,at��P r,f tl,r Pmnrrtv nr rrsavmrat of the SeCtined e t:oi ��--
<br /> - - _— OcitcuGtni'iu iw v aaaavu...........,. .
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<br />-- '„ G. Any loan proceeds are used for a purpose that will conuibute to excessive emsian of hi�ly erodible land or to thc .
<br /> - � ' converslon of wetlands to produce an ngricultursl cammodity,as further expiuined in 7 C.F.K. Part 1940,Subpxrt
<br /> G,Exhibit M. �•
<br /> � �. 17.FtEMEI?IES OI� DEFAULT.In somc instances, federal and state la�v will mquire}3enefici�vy to provide Trustor witt�
<br /> notice of the right to cure, mediation potices or other notices and may establish time schedules for t'oreclosum actlons. ,
<br /> - . Subj�t t� these limitations. if any, Beneficiary may arcelerate the Secund Debt and foreclose this Deed of Trust in a
<br /> ' manner provided by law if this Trustor is in defaule, '
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<br /> �199]Bankort Sv*�tcmf,Ine,St.CIODU.MN I7 800-397•23411 Fo�m AG/CO�UT�NE 911 3198
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