|
• y`` .,r
<br /> . . . . . l � . . . . ... , • . , . ; _ , �^ •, . :
<br /> '.' --_. � � .- .- .,.. � ' � ' � �r ,. �,
<br /> � �7� ��0��2 ! ' , , � .
<br /> t
<br /> . � . or obsoleta.pruvid�d U�ut such persattnti P P�Y �P , e at least equal in vaIue to the � � • �
<br /> m is laced with ather personal ProP rtY �.
<br /> t or othet eacnmbrance. Such <.< <
<br /> repla�Q petsona� pro{seccy. tree from any aQe retenuon devicc. securuy a�ea i
<br /> ' i c e piatement af qersonnl prope�ty will h:��subject to the serurity interest created by this Deed af Tnut.Tnutor svaU �. ,
<br /> � aot parUtton or su6divide the Pmpert>� n�thout Bsnefiaary's prior writte� cons�t• g e n efici a ry or Beneftc i a ry's agents ! ,
<br /> •_ � may. at Bcneftc[uty's oprion. enter thz Pr�a�rcy at any reasonable time for the puipose of inspeaing y e ProPertY;A°s � .
<br /> iaapectfun of�hc Property sha11 be �tirdY for BQ°efisi�5'�S��� 8IId Tnutor will in no wa rel oa Benefic�ary'
<br /> � inspecNmt.
<br /> � 13.A�T�EOR�TY TO FERFORIV�.If Ttustar tails to perform any of Tnutor's duries uttder Wis Deed of Tn�st.or aay other ` ' • ' .
<br /> - � mortgag�.dc�d of nust�sec�uiry agreemtnt or other liea document that has priority over this Be�of Tn�st. Beneficiary
<br /> ga$Q. as attomey in fact to
<br /> ' map.whitaut notice.perform the dutirs or cause th�to be perfomsed.Trustor appamts E�ficiary
<br /> sign Trastar's umue or pay any ausow�t��oessary for prrfo�mance.if aay ooastn�ctiorotert.�B�pci�r•s seauitY iaterest .
<br /> nat carricd on in a reasonabte a�.a.B�E the�c.onstr cti n�er is neoessar9�P ; .
<br /> in thc Praperty►.'fhis may inctude oampletmg .
<br /> ,.,!i .
<br /> geneFcimy's right to perform for Tmstor shall uot c�eate an obligarion to perform, and B�efic�y's faiIure t°perfo�m . �;°_:::.: -'
<br /> <::.
<br /> . will nat precludc Beneficiary from exeacesing any of BeneficiarY's other rights under the law o�Benefr iai7+'s securitY � 5
<br /> .. amwnts paid by Benefiaar5► for insu�in8• P��S or otherwise protectinS the PropertY. . .
<br /> int�ast wili be due on demand�d wiU h�ar mterest from t6e date of the payment untll paid ui fnll at the int�est rate in � ..
<br /> F
<br /> effect Crom time to dme according w the[e�ms of ths Evidence of Debt. f, . . .
<br /> la.A�IGNMf�NT OF LEASES AND RB.�PI'S.Tmswr irn.wocably grauts.oonveys aad sells as addirional secvrity all the . ..
<br /> right.title and intemst ia and w anY and 211: �and aay ottcer wriuea or verbal agreanents for the use and . . t�,: �.,
<br /> A. Existing ar funue leases,subleas�s.lic.enses,Suaian� ��o�,renewals. iaodfic�ans or substitntioas of . ..
<br /> � ' occupancy of any portion of the Ptoperty, including any . _ :,
<br /> SuCb agr�a�enis(eU iefeiied to 3S"I�ases"). � . r..,'
<br /> . .,,,:
<br /> B. Rents.issues and profits(aU tefEtned to as"Rents'),induding bui ant limited to secutity deposits,minimum ren� . . . ._ .
<br /> . percentage rent, addisional �eut, �non area maintenauce charges, Par�S ��� real estate taxes, other -- --.
<br /> ' a�plicahle taxes, msvrmmce premium oontn�utions,liqaidated damages following defa�ilt, cancxllation premiums, .
<br /> "loss of rnents"insurance.reveaues.roYalties,proceeds.bom�ses,�of the whole or an arc�of the PmP� �e
<br /> � ' that in a�r way gertains u+or is on�ocount of the use os occupancY Y P . � . ',�:�c
<br /> , and firtt�re . �J:i4'°
<br /> �,,`�'�,�,"f. Tmstor will gromptly pmvide Beneficesry arith uue as�correct coPies of all existing IRases. Tn�stor may : : :':� , ;. ._:.:
<br />- ` �� '�' coflcct,c�.r�enjoy and use the R�ts so loag as Tmswr is nflt in������de�Tiustor will�reoeive J� <:.�>��:
<br />- � '' d u e i n fit�tease periods.un2ess Tcassor fust obiains B��-arg''� , �. .,.:.,•,,
<br /> � �y Rents in dast for Beneficeaz9 ansl7lrustor a►ill nns as�'^..3g1e t�Rents arith aay other f i m t P s.A ay�i s wIIec� ; .
<br /> , >;':! ' s�all he applied at Beaefrc�Y's discretcam to pay�a�the Sec�ued Debi as thecein provided,w costs af�cr�aging th� f, ,.. ;:
<br /> tem�s. rePaiis•and comm;cc-�to tental �:-7_ .f:
<br /> . .. ptupecty, including, but aos limited to. all taxes,�ts, insuiance P f��p��al fees and oamt costs. �h>�.;.�, ;� ..
<br /> age�us.and to aay other n�ssazY relatod expenses mcluding Beneficiary s attomeys' .,; r�:.`:..
<br />. .. Trustar acknowledges that this ass'sg�ssis perf�upon the recording of this Dced of T�st and thai B�eficiary is . . . . ��� ;�='
<br /> t of rents due or to become due w Beneficiary. However. �;���*;�
<br /> � eat[tlad m notify aay of Tn�sws's t�ants to inake paymen ,.:,-.-,;•:
<br /> "''� HmeSciary ag�es that only oa d�fault wiU BeneficiarY notify Trustor and Tmswr's teaants aad make demaad that all ---. - .- `, r�,
<br /> ' ' futtuB Aents be paid d�rectly to Be�fi�iary• On��°g �e notice of defa�ilt, Truscor w�l endo�se snd deliver to . ,,�
<br /> • i Hcuef�ciar�J�3'PaY��of R�L in 7Yustor's possession. , ' ;��.
<br /> �;. ;r'.;�;
<br /> Trustor cm�ts that no default eaists uader the L�es or any applicable landlord law.Tnutar also covwanu and agrces ' .,,,�k::
<br /> � ' the tenants to oomply with.the l.eases aad anY aPPlicable law.Trastor w�l promptly notifY ��� . . '•y:;�.:;_
<br /> ta maintaiu, and to reguite . �
<br /> HmeRclary of arry nonoom�'.�aacc.If Tnuwr negtects or cefoses to enforce oompliance w�th the ternis of the Leases,Wen
<br /> ' BeneRaiary may, at H�:cta�Y'S opt�'�a� enforce compliaace. 'Truswr wiU obtain Benefictary's written authorir�tion .
<br /> ., before Trustor consents to sublet, maHfp.cancel,or athec�+ise alter the Leases,to accept the s�mnder of the Property
<br /> ct,vamd�by such Leasa(unless tha t�so require). or w assign, compromise or enas�Izer che Leases or any futut� . . _ ,"'�-.:.
<br /> - � � � � Rentg..Tn�stor w1U hold Beneficiaiy haimless and indemaify Beneficiary for any and all tialiil�ty. loss cr damage� ,�:`;`-
<br /> . � Be�aoHaim�y may incur as a wnseqnence of the assigumcnt under this seaion. . . . -
<br /> • 13.COlo1BOAqINAJMSt PLAI�IIVED UAIIT DEVELOPMENTS. if the Property includes a unit in a caIIda�inium or a . ,
<br /> plannal unit�davelapmcnt,Trustor wifl perform aU of Tnutor's d�ties under the covenants.by-lawa.or regeiations of the , . ;
<br /> � condominitun or plmoned nnit dwelo�rment. . ;
<br /> 16.DI3FAIJL'�.Tn�ster cv�1C T�e in default if aay of the feliowing occcr: , ,
<br /> � � '� ' � p, My party obfi�on the Soc+ued Debt f�cT�sn make payment when dn�; •
<br /> .�� I`�"��: � H. A breach of 2ay t�rm or covenamt in this Deed of Trust,anY Prior r,ic�age or any coastraceion loan agre�nt,
<br /> :� or any other doa�ment evideucing. guarantyinS.seairtn8 or otherwise relating to the Seaued
<br /> � sec�nty ag�emc� �
<br /> ..t . De3a;
<br /> A ., .� C. 'i4�e making cr fiu�:shing of anY verbal or written representation,statement ot warranry to Benefcciary that is false
<br /> �_: ,.'a;', :,f� or incosrect ca a�material r�spect bY Trustos or any person or entity obligated on the Secured Debt: • .
<br /> ; ; !.;� � p, '�Tae deaih,dtsa�lutfun, ap�oin�eat of a ceceiver for. or application of any debtor relief law to.Tnutor or aay
<br /> : ,, ,.
<br /> . pe�on oT etucg c�uligated on th¢Secured Debt: ,•;�.` .
<br /> � E. p gaud faith 6elief by Beaeficiary at any time that Bea�fciary is insecure with msPect to any persoa or entity p',.:'
<br /> oFitigated oa the Secured De6c or that the prospect of any paymeat is impaired or the Froperty is impaired: [
<br /> p, p material adverse change in.'�rustor's business including ownership.mamagement,aud financial cond�tions.wh� �
<br /> BeneRc�ary in ir.s cpinion believes impairs the value of the Property or repayment of the Secured Debt:or :�";���
<br /> (i. Any loan proce�ds are used fos a pwrpose that will wntribute to eacessive erosion of highiy eaodible land or to ihe .
<br /> conversion of aetlands to produce an agricultural cou�odity.as funher explalaed in 9 C.F.R.Part 1940.5ubpart
<br /> G.ExW'blt M. . •
<br /> 17,SEN�DILS OPI DEFAiJLT. In so�e instnnces.federal atcd state law will require Beaeficiary to provlde Tn�stor with � .
<br /> n
<br /> - notice of the right to cute. mediatioa notices or other aotices and may establish time sche�utes for foreclosure actions. t
<br />._. .. � Subject to these limitatfoas, if any. Benefrciary may accelerate the Secured Debt and foreclose this Dced of Tnut in a ;
<br /> manner pmvided by iaw if thls Tn�stor is in defautt.
<br /> •'' , � . .
<br /> , , . .
<br /> �
<br /> ,-r . , p.spa 3 a!B
<br /> � . ,Ij�;_ .• "
<br /> � ! O t 93�8ante+f Sritem�.tr+e.St C�aW.MN��B00397 S3at�iorm AG tO�Di pE 9�t�.98
<br /> S ..
<br /> ) .� �
<br /> .. . - . _ . -. . f�.-+!�fav!S:�'TTST��"'i'„�^'AS��SSRl1-r F�T'�_�aT-.��----•-�•--�.-��-�
<br />
|