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- � 98— ��,�+s�9 the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 9. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's rigbt to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Inatrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps ne�essary to protect Lender's aecurity interest in the Property, including completion of the construction. 10.ASSIGNMENT OF LEASES �AND RENTS. Mortgagor irrevocably grants, bargains, sells, conveys and warrants to Lender as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extenaiona, renewals, modifications or substitutions of such agreements (all referrg�do as "Leases") and rents, isaues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender w�th-tfus and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective after default between the parties to this Security Instrument and effective as to third parties on the recording of the Security Instrument, and this assignment will retnain effective during any period of redemption by the Mortgagor until the Secure�i Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in truet for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlordltenant law. Mortgagor also agreea to maintain and require any tenant to comply with the terms of the I.eases and applicable law. 11.LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perfotm all of Mortgagor's duties under the covenants, by-lawa, or regulations of the condominium or planned unit development. 12.DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Se�urity Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired ahall also constitute an event of default. 13.REMEDIES ON DEFAULT. In some inatances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actiona. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose tlua Security Inatrument in a manner provided by law if Mortgagor is in default. Upon default, Lender shall have the right, without declaring the whole indebtedness due and payable, to foreclose against all or part of the Property. This Mortgage ahall continue as a lien on any part of the Property not sold on foreclosure. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, thia Security Inatrument and any related documents. All remedies are distinct, cumulative and not exclusive, and the Lender ia entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum � � rve�e s of s� 01984 Banksrt Sy�tems,Ine.,St.Cloud,MN 11-800-387•2341) Form RE-MTO-IL 71/20l96