|
.� • `�
<br /> •"n� . . � ' . ,... '.. .
<br /> ,. �
<br /> ._.��,�. ,. . :::;. , .,:.�,�,. ,..::
<br /> . . _._:`.
<br /> �
<br /> ,. . .
<br /> ..,. . ...+ ..... . .__ ..�_ ,,
<br /> ..._......
<br /> ----�.�n+�°.--. .. ., , .,...�...;
<br /> . r..�:,;�w;;
<br /> .. ,. . ..�.�-_.__
<br /> ' �`�=
<br /> , • , .-=i.k�- _-
<br /> , � ��'""�I.p2��`� • ,. . �, t.,y,�'"�-
<br /> � or obsolcte, pravided that such personal pmpeny is rGplaced with oth�er pr,rsonal prnper�y nt lcast equ�l In v�lue to thc " ;`�
<br /> rcpinced personnl property, t'see from any titic retention devltr:, sccunry :►�r,eem�c�nr. or other encumbrnnce. Such �:
<br /> rcplacen�ent of personnl property wifl be deemed subject ta the sce►trity interest crcatec!b1 this Deed of TrusR. 'i'rustor shNl , _
<br /> not partltion or subdivtde the Propeny wfthout Reneficiary's pric�r w�riu�n canecnt. Eler�flciary or Beneficiury's ngeuta ;
<br /> nu�y, nt Beneficiary's option, entee thc Peopeny 1t twy rcnsonat+ta,tin� far tha purp���r,of inspecting the Property. Any - -.
<br /> inspecd�n of the property shnll 6e entirely for Beneticlary's b�if�zfit and Trunt�r wiP.J. in no wny rcly on E3eneficlary's ?
<br /> inspection. -� 1�-
<br /> 13.AIJTHOItI'1'Y`y�P�;RFORIi�E.lf Tmstor fnils to�►erforn�a�y vf Te�►Stue�9 IIUtA�B U11(J.tti'1I119 Dlctd OF TIUSI, or v�y odier
<br /> mortgage. deed of trust, security u�ree�rx�nt or other lien docun�.s�t that lms pr�rnrity e�ver this Deed of Trust, Beneficiary '
<br /> . may,without notice,perform thc dudes or cause thcm to be p.tictimrd. Trur,tur a��Roin.t:t Reneficiary as uttorney in fact ta �_
<br /> � sign Trustor's nsunc or pay any tunount necessary for perfom�n,r., If.�ny can�tx�ir,tion an the Property is dtscontinued or .
<br /> not carrIed on in a re.�sonable m�nmer,Beneficiary may do whunve�r is necessnry to pr,��,at Beaeficiary's secudry interest .. _
<br /> in the Prop�rty.'R�is may include compledng the construction. ,
<br /> Beaeficiary's tight ta perfotm for Tntstor shall aot creute an at�figation t�pc,rfv�rni, and Beneficiary's failure to perform � � r,,. ,.
<br /> wiU not preclude Beneficiary from exercising any of Benefictas�'s other riphta under thh law or Wis Deed of T�ust. Any ;''"��'-.�
<br /> . � amounts paid by Beneficlary for insuri�e, preserving or ot i�enx iae protectinQ t 1�e F'c�npe rty nn d B ene f ic tary's s e c u r a t y - •:,=--
<br /> � interest will be due on dem:nd and tiv!!1 beaz interest from thm dc�te of the pa}nxicmt.unt_�i paid in full at the intcrest ratc in
<br /> effect from tIme to t�:rcorcling to the terms of the Eviden�c of�ebt. � ""`��-'��u
<br /> S x°y::-�...
<br /> 1 14.ASSIGNMENT OF LEASES AND RENTS.Trustor irrevcr3bly grnntc, conveyo anrh seUs as additional securlty all the
<br /> t. right,tltle and iuterest in and to any and all: -
<br /> el __
<br /> �' A. Existing or fur�:,�tc�.;.:.,,n:�lea.:rs,liecases,guarantie��r�d nny odier wrir.cen c�r verbal agreements for the use and __ �
<br /> occupaacy of any portion of the Propeny, includin�;auy� extenslonE, rea�wal3. ma�lficadons or uubstitutioas of _"�°"'
<br /> such agreements(all refernd to as"LeaSes"). ' •SF uR�•�
<br /> • B. Rents,issues end profits(all refernd to as "Rents"), inslt►ding but not limiu:d:o security deposits,minimum mnt, .:��,�'
<br /> .. ,�� percentage rent, additional rent, common� urPa ma�nte�ance chorQes, �n�rklt:� chazges. real estate taxe5. other ���-,.'F°'�r�""
<br /> applicable taxes. insurance pmmium contributions. liquid�ted danwQcs fv�ILpvring default. cancelladon premiums, ,
<br /> 'loss of renGS"insurance,revenues,royalties,proceeds,b�onuses.and alb ri�thti and claims whicd Trustor may have ��� -',,�
<br /> �' .:-._ ,��
<br /> that ia any way pertains to or!s on account of the usc:or occupancy of the�vLe3e or any part of the Property. � ,��.�
<br /> � ltustor vrFll prompily pmvide Beneficiary with true und corn:�s copics of Alt exSming and future Leases. Teustor may r . :
<br /> � collect,receive,eajoy and use the Rents sa long as Trustor I.s aot in default.Tru�tar will no:wlloct in advence any Rents "��
<br /> due in future lease periads, anless Tcustor first obtains Be�sci�ryr's writtcn canseur.. Upon default,Trustor will receive a
<br /> any Rents in uvst for ticnehciary and i iustor witl noi com�nic�tc inc iccni�wi'u`�+,,;.�° owea /uuuS.i+iiy aTuvtIilt'o tn"Sj�w� `�
<br /> shall be applied at Beneficiary's discretion to payiueats oa th��Se�cured Debt as Uierain pr�vided.to costs of mannaging the -_
<br /> . :il,,..� Property. iucluding. but not limit�d to, all taxes. assessmeats, insur�nce pr�miurun. repairs, and coratNssIons to rental ' -
<br /> , � •}� agents,and to any other necessary related expenses Including Bct�eficiary's att�rncy�'fees,paralegal fees and court costs. ; '
<br /> . � .
<br /> �,�;' «._ T�ustor acknowledges that this assignment is perfected upocn dle recordin�cf tliin U�ed of'iYvst and that Beneficiary io
<br />��.:�� �.; entitle�to notify auy of Trustor's tenants to make paymec;t of rents due or tr�brxome dua to Beaeficiary. However,
<br />-. . Beaefic9ary agrees that only on default wfll Beaefielary ncaiC�r 'Y'n�stor and Trunt�:ar's teaants and malce demand th�t all � �
<br /> .I �'• future Rents be paid di�+ecdy to Benefictery. On receivin� the notice of defoulc, Trustos wiU endorse and deliver to
<br />-;�,c,,, '" �o Beneficiary eny payme�ts of Rent in Trustor's possession. _
<br /> ';���'.;`
<br /> • Tivstor covenants t��u no default exists ur�der the Leases or any a��plicable l�mdlv.rJ law.'IYusror also covenauts and agtees �"��
<br />_ .. ,':�,�.� to maintain,sad to aequite the tenants to oomply with. th�e Le�ses and any app�li.r,cble law. 'IYusror will promptly notify
<br /> ''`'���`�•' Beneficiary oF any noncomplia�e. if Trustor neglects or refiises to enforce coa��li.znce with d�e tem�s of the Leases,tihen
<br /> _ ,.;f,
<br /> „- `"vi�;;;��� Beneficiary may, at Beneficiary's opdaa, enforce compilemce. Trustor wilt obta:in Beneficiary's written authori7ation
<br /> - • `•� before 7'�vstor wnseats to sublet, modify, cancel,or othacrwise alter the Leases,�o acoept the surrender of the Property •
<br /> '•���° ' ' covered by auch Leases (unless the I.eases so uire). or to assi —
<br /> rey gu, com�r�rav:�E or encuanber the Y.eases or any future
<br />�`�..::�F" -� Renta. Trustor will hold Beneficiary hacmless and indemaify Bencficituy fo�r a�x�and alt 8ability. loss or damage that
<br /> , Beneficiary may inc�u as a consequeuce of the assigament�.►nder this sectian. �
<br />-- 1S.CONDUMIMUMS; PLAIVNED UNI'T DEVELOPA�P�'lf�. 1f the Properiy ir�cludes a unit in a condominium or a �
<br />_-��=�';. - planned unit development,Trustor will perform all of Tnutor's duues ur��t�r die covenants. by-laws,or regulauons of tlie -----
<br />_"�� wndominium or planned unit development. ���-�
<br />_ :�,• ..L ,�=�-�__�—_.�.
<br /> , ,,,�; 16.DEFAULT.Trustor will be in default if any of the following occur: „�„�,r
<br /> .;,�.;�,�. A. Any party obligated on the 5ecured Debt fails ro n�ce payraent when due; �,��?�
<br /> - � ''Y B. A breach of any term or covenant in this Deed of 71�ust. any prior mor��age or any construcdon loan agreement, + --,k�.
<br /> — � � sacuriry a�a�eement or any other document evidencin�;, gunrantyin�r., securing or othenvise relating to the Secured
<br /> . ti r'n '•�Nr.y��� i.r•'�
<br />— � ry..L:�......_� .
<br /> Debr, �^� .u.,::;..�� w.,.,- ..
<br />�,"<.i . � `,��..�:;t.:�'<..;'�::,: . .
<br /> C. The ma3cin�or furnishing of any vetbal or wrlttea reprwentation,s 3�emce:t or watranty to BeneficIary that is false ���- _
<br /> — . . or inconect in any material mspect by Trustor or any person or entity aUli:g�ted on the Secured Debt; �
<br /> - D. The death. dissolution, appointmeat of a receiver for, �r applicatian of:any debtor relief law to, Trustor or any , , : „
<br /> .. person or entity obli�ated on the Secured Debt; '•
<br /> ;• E. A good faitli belief by Beneficiary at any time that Beneficiary is inaecure with respect to any person or entiry � ��
<br /> obligated o�e�e Secured Debt or that tUe�rospect of any payment is ii.upa:red or the Property is impaired; ��
<br /> � F. A material adverse change in Trusror's business including ownerslv�.,n�nnagement,and financtal canditions,wluch
<br /> Beneficiary in its opiniry�b.elieves impairs the value oi the Property ar c�puyment of the Socured Debt•or ° 1� ����:
<br /> ' � G. Any loan proceeds are vserd for a purpose that will a�nt�aUute to eacessive erosion of highly erodible land or to the •''�
<br /> : -- -
<br /> _ ._ conversion of weflands to nroduce an a�ricultura! commodity, as��!�.11�r eapla�ned in 7 C.F.R. Part 1940, Subpart _,._
<br /> G, B�chibit M. - - - _ — -—
<br />_ 17.RE1I�DIFS ON DEFAUL'I'. Ia some instances, federal ancl state law will r�quire Beneficiary to provide Trustor with
<br /> - notice of the right to cum, mediation notlr.es or other not;ces and may estnhlish time schedules for foreclosure actions.
<br /> Subject to these limitations, if any, Beneficiary may acce(crnte the Secured Debt and foreclQSC this Deed of Tiust in a
<br /> manncT provided by law if this Trustor is in default.
<br /> — .� . �''�; �/?/' pogo3ol6
<br /> .. A 1997 Bankcrt 6Ytlem�.IM,SI C�ad.MN It 8007974�011 Fam A6/CO OT•NE �n9�70 /`T � -
<br /> , I
<br /> � ... . . .. .. .. ... - - .. . . . •: .y - .,. ..-- . __.__._. . _ _
<br />
|