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<br /> olete rovided thnt such personal property is replaced with other personal propcny at I t cqunl in vnlue to tlie � ,. „ �
<br /> ar ubs , p
<br /> repluced personal property, free frum nny utic retention devlce, security agrce�nent or nther encumhrnnce. 5��cl� � .
<br /> ° repincement of personal propenp wdil be d�rned subjc.�ct to the securlty Interest crc:►ted by this Dced of Trust.Trusror shnll -�
<br /> � not partition or subdivide the Property without IieneftclAry's prior written consenc. BeneCiciary or Beneficinry's agents
<br /> mAy� dnn�oftthe Propeny shall�bc ntir�elypfor BenefclsuyQS benefitns►nd T star will Inf no ��yir�ly on a neficlary's _
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<br /> � inspection. # � -
<br /> 13.AIJTHORITY TO PERF�RM.If Trustor fttils W perform aay of Trustor's duties under this D��d of Teust,or any other
<br /> mortgage,deed of wst,security agreeraent or other lien dceument that has priority over this Deed of Trust, Beneficiary ,�
<br /> - may.without notice,perfarm the d�nies ar cause them to be performed.Tnutor appomts Beneficiary as attorney in fact ro �
<br /> "' sign Ttustor's natne or pay any a�nount necessary for perfom�anGe.If any consuuction on the Property is dir�sontinued or ,
<br /> not carried on in a reasonable menner, Beneficiary maY do whatever is necessary to protect Beneficiary'c recurity interest •
<br /> in the Property.This may include completing the constni�tion. �,;.
<br /> � .: •�':��;
<br /> ' Beneficiary's right to perform for Trustor shall nat create an obligaaon to perforn�, und Beneficiary's failute to perfornt .�'�:. �, ;'
<br /> will not preclude Beneficlary from exercising any of�neficiary's other rights under the law or�a is�De�d flry 8n�st�,MMy ��• • •.��._� �
<br /> amounts paid by Iieueficiary for insuring, Preservicig or otherwIse pmtecting the Propercy uj � ."#:'-__
<br /> interest will be due on demand and will be:+r interest from the date of the payment until paid m full at th�interest rate in ..,,�:-�_—
<br /> effect from time to dine according tv the tem4s of the Evidence of Debt. ,�___
<br /> .� 14.A�IGNMENT OF I.EASES AIVD REN'PS.Tn�stor irrevocably grants, conveys and sells as udditions►1 security all the ^��;�,,
<br /> . �� ri�hht,title and interest in aad to any and all: �ties a�d any othe*wrictea or verbal aereementa for the use and -- ��_
<br /> . ' � A. Fxisting or fuwre leases,su6t�ases,licenses, gu _ -
<br /> �ccia�ancy of any pnrtion e�1'the P►bPertY� in��ud�°g any extension�, renewals,modifications or subsdtutions of w.`.
<br /> such agreements(all referred to as"1-eases°)• 'ncludin but not limited to seourity deposits,minimum renE. �;,,�:,_
<br /> �► � B. EEeuts,issues and profits(all refemed to as Rents"). i �
<br /> _ ° percentage rent� additional rent, common �rea maintenance charges, puking charges. real estate ta�ces, other r5:,.�.._�
<br /> c�,.�.,•..�_ �
<br /> applicable[aaes, insurance premiwn conaebutions�, 1'ig u�n�and all frights ande laims whtch 1Ttus o tmay have ��''��'�.
<br /> loss of rents" inEUrance.revenues,roYalties, P :;�`;;���'�--
<br /> �• that in any way pertains to or is on account of the use or occupancy of the whole or any pazt of the Property. `'t,,;i •
<br /> ? � :
<br /> Trustor will promptly provide Benefrciary with vue az►d cornct copies of all e�cisting and futut�e Leases. Tcustor may
<br /> �' collect, receive,enjoy and use the Rents so long as Trustor is not in default.Trustor will not callect in advence anY Reuts ,.-
<br /> --�. �u��f��;��:n��,nnless'frustor first obtains Beneficiary's wrltten consent. Upon defuult.Tzustor will receive �.
<br /> . . an.y Rents in trust for Beneficiary aad Trustor will uot comnungle[he Renis wiu,�y auf�,;�;.zdo.".r.y sxot:nt���ll�.rr�l
<br /> q�. shall be ap�lied at Beneficiary's disc�etion to paymente on the Secured I3ebt as therein prmvi�ed,ro costs of managing the � �
<br /> � � Properrty,naduding, but not limited z�. all taxes, ass�ssments> insurance premiums, rePttirs. and vommissions to rentsl
<br /> �tegal fces and court costs.. ":, '�-
<br /> • � agents.and to any other necessary r�el�ted expenses including B2neficiary's attorneys'fees. parR _
<br /> � �-
<br /> . Trustor xknowledges t6at this assi�nt is perF�cted uPon tke rec°rding of this Deed of Ttust and ti�at Beneficiary is
<br /> entided to notify eny of Ttustor's zenents to make payment of reats due or to become dut to Beneficeary. However,
<br /> Beneficiary agrees that only on de�aiilt will Beneficiary notify Trustor and Tcustor's tentmas and make demand that all `i�.:.
<br /> future Rents be aaid ��Rent in Trustorry posses�p g �e notice of default, Tcus¢mr will endorce and delivet to
<br /> . ,. Beneficiary anY P 5'� - -
<br /> ` Trusror coveaants thflt r�o defau]t exists under the Leases or any applicable landlord law.Trustor also covenants and agrees ..�
<br /> to maintain. and to require the tenants ro comPly with,the Lx�ses and anY aPP
<br /> licable law.Tcustor will prompdY notify !��"'�"
<br /> _ ,�, - BeneSciary of any noncompliance. If Truseor neglects or refuses to enforce compliance with the terms of the Leases.then
<br /> , -r � Beneficiary may, ai Beae�iciary's opdon. enforce comp�iance• 'I"rustor Will obtain Beneficiary's written authorizar.�tm
<br /> before Tn�stor cansents to sublet. modifY.caucel. or otherwi.�e alter the Leases, to acoept the surcender of the Pro,��ty
<br /> covered by sur,h I.eases(unless the I.eas�s so re�ire). or to assign. w m pmmise or eacumber the Li:ases or any furiuo =
<br /> Rents. Trustor wlll hold Beneficiary hanNess t�ni! indemnifY Bene�iciary for any and a11 linbility, loss or dumage thac
<br /> „ Bcneficiery may inaur as a conse9uence of the assi�nment under this section. c
<br /> 15.CONDOM�iIUMS+ pLANNEIA �7N�'� DEVELOPMENI'S• If the Property includes a unit in a condominiu�cT a
<br /> -r,.,
<br /> :•. planned unit development.Trustor�vill perform all of Trustor's duties under the wveuants,by-laws.or regularioas o.?the -
<br />• ' ' ' candominium or planned unit devetopment.
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<br /> � ,_�f_�—__— — __—
<br /> 16.DEFAULT.Tcustor will be in default if any of the following mccur: „_
<br /> �- A. Any party obligated on the Secured Debt fails to make g�ayment when due; r; _�_`
<br /> : � � B. A breach of any term or covenant ia this Deed of Tn�st,any prior mortgage or any constnictian loan a��r,�t, i���'°""v=F;
<br /> securiry agrcement or any other doc�.meni evidencing. guarantying, securing or otherwise relating to the Secured �'�t
<br /> s � Debt: �-��r-__�,�::_.:
<br /> ,•� C. Ttte mlking or furnishing of any verbal or wrltten represe.�tation,statement or watranty to Be�xeficiary that is false - �.,���;�;
<br /> � , ��'�`���� or incorrect in any material respect by Trustor or any person or entity obligated on the Secured DeUt; := � �,,•,:.,. .
<br /> . . ,���,.�;;,.� �*�.
<br /> ;: !�.• D. 'Rie death. dissolution, appoiatment of a receiver for, or application of any debtor relief law ro, Trustar or any '�'�'�,,;,,,�.
<br /> �' person or entity obligated on the Secured Debt; ' � ��"'''�.`'
<br /> ��. .,..
<br /> � ,� ' g, p good faith belief by Beneficiary at any time that Beneficiary is insecure v�ith resPect to any pei'son or entity �ti ..
<br /> • obli�ated on the Secured Debt or that the prospect of any payment�s ampaired or the Property is impairal:
<br /> � ` F. A materIal adverse change in Trustor's business including own�y�s.mamag�nt,and fmancial conditions,�y�ich
<br /> • Ber.eficiary in its opinion believes impairs the value of¢he Pro rt or re a nt of the Secured Debt;or
<br /> � G. Any loan pmceeds are u�c1 for a purpose that will contribute to excessive erosion of highly erodible laud or co the
<br /> _ � . _ _�_.�>>a_......,,..t���on aoricultural CommoditY.as further explained in 7 C.F.R. Part 1940. Subpazi
<br /> - - -- ^�.
<br /> _ convcc�rou o� ..c..w=.....,,r. _
<br /> G.Exhibit M. ;,
<br /> 17,ItEIOZEDIFS ON DEFAULT. In some instances. fedecal and state law will tequire Beneficiary to provide Ttvstor with
<br /> notice of the riglit to care, m:diation notices or other notices and may establish time schodules for foreclosure actions. �
<br /> Subjvct to these limitadons, if any, f3eneficiary may accelerdte the Secumd Debt and foceclose this Deed of Trust in a
<br /> : manner provided by law if this Trustor is in default. �
<br /> � ��;...�1p. � „
<br /> � r�w _�r�� �
<br /> pago 3 0l G Y
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<br />� - , p 199J Mn0.en SYatN^S.hx.5t C�wC.RIN 11�800�397-2�411 iam AQa:O DT�NE 91t��90 �
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