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<br /> , � or obsolctc, providcd thnt such personnl propeny is rcpluud wlti� othcr personal property nt le�st cqu��l in vnluc to th��
<br /> � repinccd pc�snnnl property, frcc from nny dtic retcndan dcvfcc, sccurity ngrccment or othcr cnau►nbrnnca Such � i
<br /> rc pincemcnt af personol pto��ny will be decntcd subJcct t�tlic sci:udty intcrcat crctricd by thle Dced of Trust. '1'ruHtor shnll �
<br /> �� not pnrtl�lon or eubAlvlde tlte Propetty without Bene ftc iary's pr ior wr i t t en c o n s e n t, �c m:f t c i n ry o r E 1 e n eficinr y�G 11��1119 , �
<br /> � ntny, at Ucncfictnry'e option, cntct tl�c Property at any rcnsonnblc Untc for tlic putp�se of inspcctinE thc PrUpercy. Any ;
<br /> ins�u;ctioi� of thc Property shaU be endre�Y for Bencficinry'A bcncflt nnd Truator wlli In no wny rely on Rcneticlnry's , :
<br /> • inspectiui►.
<br /> , { 13.AUTHORITY TO PEItFOISM� !f Trustor fnlle to perform nny of 7'rustor's dutics uncfer thie Dccd of Truht,or nny othcr , • :
<br /> mortgngc, deed of truat, securlty Agreement or other Iten docum�nt thnt has priority over this Decd nf Trust, Sen�ficinry
<br /> �� muy,without notice,perform che dut►es or cause chem to bc performed. Trustar appointe Bcneficiary ss attorney in f�ct to �
<br /> sign Trustor's name or pay any amount necessary for perfomian�_e. !f any construction on the Property is discontinued or i . ,
<br /> not carrled on in a reasonable maniter, Beneficlary may do whntever is necesse,ry ta protect Beneficiary's secutity interest _
<br /> � in the Proper[y.'This mey t�clude compteting the conscructlon. � .
<br /> �znefeciary's rignt to petform for Trustor shell aot create nn obligation to perf�rm�and Beneficiary's failure to perfotm ;�" _
<br /> 1 �vill nflt preclud��cueficinry from exercisln�any of Beneficiary's other dghts under the law or this Deed af Trust.�A��jny , � �;._, ,,,
<br /> . amounts paid by �Eneficiary for insuring. pr�serving or otherwlse protecting tbe Property and Beneficiary,B SWUl{Iy ' h�Yl�i:�,
<br /> interest will be due on demand and will bear interest from rh2 date of the payment until paid in full at tl:c interest ratc in _�:�r�,��.
<br /> ::�r' effect from time to time according to the terms of the Evidence of Debt. •�_�,��
<br /> _ �q, .ecr�nr�N'r (iF i,FASFS AND REN'1'S. Trustor irmvac:ably geants, coravcys uaW s�lls as a�+dicior_�! sec��r�ty all the __ __ ___
<br /> ri�ht,title and im+�:rest in and to any and all: •�""-� ="
<br /> ' A. Existing oz future leases,subleases, lic�nses, guaranties nnd any other�vri¢aen�7�erbal agrePments for the use and M; � ;���
<br /> �.�;,,�.; occupancy of any poruon of the Property, includin� any extensions, renra�l�, modifications or subststutions o� �',�:vA
<br /> `'���.`i�` such agrcements(all refenrd to as"Leases'7• �'
<br /> S`'�.::i:,.; �_M
<br /> , : ,,}, 13. Renta,issues and prafits l.all refened to as"Rents"), including but not liu�ite<1 tn szcurity deposits,mini�rn�iLn rent, , . „�,_
<br /> �.';,:...:•, percentage rent. addltional rent. common area mninteaence charges, Parkln•� charges. real estate u+xrs, other ;.r�,'. . ai ; _
<br /> applicabl� saxes. inswanc�Prem���°utrlbutions, liquidated dar�►ges foUowing default, ��ncellation pr�emiums. ,�' �.
<br /> � "loss of rents" insurance,revenues, royalties,proceeds,bonnses,auad all rig6ts and claims which Trustor may have •;�•�� __=;
<br /> ,,'?�;!•�. that in any way pertalns ta or is on account of the use or occupancy of the whole or any part of the Properry. :;,:y •{
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<br /> . �.<....,,,s. '4'sustor will promptly provide Benefir,iary wtth true ancl aorrect copies of all existnmg aad future Leases. Tr�tor ma .,.�, � � , ,
<br /> :.:�.i.,�..c-�: . ..5�. ��i��i�i�µj��� �r�a�s^� ��e Lhr�tents so long as Trustor is ndt in defau�t.Trustorwill not wllect in advence any Rents ['v°,�� '�r`` ` .
<br />-iF'•�::: "'.:��'-- ,
<br />-�-•�;;�?,;`�,:��' ' �lu�ia►3utate lease periods, unless Tn�sto7 first obtains Beu�eficiary's cvritten co�nsent. iipon defautc.Truaiur wili i�i.civ� � ` •
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<br /> '+'+ ��,.t '��. ',�. . �n}R�nty 3u srust for Benefic9ary uad Trustmr wlll not comr.nin�lP thz itanes wit� any ather funds. My amounes collected . i, ., ,,'..,.
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<br /> '. ::: ..1 :� s��ll be applied at Beneficnair�'s rliscretion to payments�n ihE�cured Debt as tbicrew pr�vidod,to wsts of aa�.^.;�a38nS tke �,+ ;• ',,.;:
<br /> �',;,,..':.;;.� Pc�operty, including, but not limnted to, all taxes� assessrnenu, insurance premium3. repaire� and commissi�a.� c� Rental ` �
<br /> . _ agents,and w any other aece,ssnry c�lated eapenses including Beneficlary's attomeys'fces,paralegal fees and cour�sosts. �, ��'t.�;
<br /> . 1, Tiustor acknowledges that this assigntnent is perfected upon the mcarding of this Deed of TYuat and that Bcncficiary is
<br /> eu t i t l e d to noti f y an y of'Trustor's tenants to make payment of rencs due or to become duo to Beneficiary. However. � _,
<br /> ;� Beneficiary agrees thnt only on default will Beneficiary notify Trustor and Trnsror's tenunts an d m a ke demaa d t ha t a ll
<br /> � future Ren�s be paid direcdy to Beneficiary. On receiving the notice of default, Trustor will endorse and deliver to
<br /> a Benetciary eny payments of Rent In Trustor's possession.
<br /> ��• Ttustor covenants that ao default eaists under the Leases or any applicable landlord law.Trustor also oavenante and agrees :y=-
<br /> k• to maiatain,and to require the tenant�to comply with� the I.eases and any applicable law. Tnistor will promptly nodfy
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<br /> .: ,� Beneflciary of any noncompiiance. If Trustor neglects or refuses to enforce compllance with the tecros of the Ixases.then _
<br /> Beneflciary may. at Benei�ciary's option, enforce compltance. Trustar will obtain BeneFiciary's wrttten authorizadon
<br /> befure Trustor consents to sublet, modify, cancel. or otherwise alter the Leases,to accept tlte surrender oP the Property --
<br /> : � covered by such I.eases(unless the Leases so requ'ue), or to assign, compromise or encumber the Leases or any futwe �s�—
<br /> Rents. Tru.tor will hold Beneficiary harmless and lndemnify Beneficiaxy for any and all liability, loss or damage that
<br />- , �� � IIeneflciary mRy incur ns a consequence of the asslgn►nent under this section. w—�
<br /> �r� I5.CONDOIVYIIVIYJI►'IS; PLANNED UNIT DEri�ELOPMEIV'I'S. If the Property includes a unit in a wndozninium or a _
<br />_ �.��.;t:;;•.' � planned unit development, Trustor will perform all of Trustor's duties under the covenants.by-laws,or regulations of the :r-=_�=��°�
<br /> condominium or planned unit development. F�` '�•;,�
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<br />- :�,:.r;l 16.DEFAULT.Trustor will be in default if any of the following occur: �j �"t"�•�"a'""
<br /> q, pny party obligated on the Securefl Debt fails to m�ce payment when due; � ���t"�'�'~'"�,
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<br />' • �. A hreach of any term or wveoent in this Deecl of Trust. any prior mortgage or any construction lonn agreement, �.: ;: ,, .�
<br /> security agreement or any other document evidencing, f,*U3TAA1}/lIl$, securing or otherwise relating to the Secured „,-,_:,,;;���;.�
<br /> - Debt; ' '
<br />– �'' C. 'Ihe mAking or furnishin�of any verbal or written representation,stateme�t or warranty to Beneficiary that is fatse
<br />-. or incorrect in any material respect by Trustor ar aay person or entity obligatad on the Secured Debt;
<br />= D. The death. dissoludon, apnointment of a receivcr for, or appltcation of any debtor relief law to, Trustor or any � •
<br />– person or entity obli�ated on the Secured Debt;
<br /> ' B, p &ood falth belief by Beneficiary at any time that Benefi�iary is insecure with respect to any person or entity .
<br /> oblsgated oa the Secuted Debt or that the 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 fmancial conditions, whic6
<br /> Beneficiary in its opinion believes impairs the value of the Property or repayment of the Secured Debt;or
<br /> _ ..__a.. .._...�� F.o„��,Y,,,�rhar�,;n�nnrr;hute to excessive erosion of hiP,hly erodible land or to We
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<br /> - .__..� t�. nny ivnii piv�,�.wo o,.....,.,...,.._
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<br /> - conversion of wetlands Yo produce an agricultural commodity,as further explained in 7 C.F.R. Part 1940, Subpan
<br /> � � G. Exhibit M.
<br /> � 17.REMEDIES ON DEFAULT. In some instances, federal and state law will reqare Beneficiary to provide Trustor with �
<br /> notice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions.
<br /> Subject to these Iimitallons, if any, Beneficiary may accelerate the Secured Debt and foreclose this Deed of Trust in a
<br /> marmer provided by law if this Trustor is in default.
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<br /> - I 91�J93 Benkan Srttamf.Inc.St.Clpd.MN It•800 397•2J411 Fwm A61CO�OT�NE 91t3196 .
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