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<br /> ;; or obsoleEe, pmvided thai such personal property is mPlaced wit6 other personal property at leasc equal in v ue to the �
<br /> •i ' replaced personal property, free from any tide retention device, security agreeaient or other �cumbrance. Such
<br /> �i replacemcnt of personal proFerty will be de�d svbject to the security interest created by this De�d of Tn�st.Trustor shall
<br /> :`� not partition or subdivide the Property without Beneficiary's prior written consent• Beneficiary or Beueficiary's agenrs
<br /> " may, az Beneficiary's optioa,enter the Property at any reasonable time for We putpose of inspecting the Property:Any ,
<br /> ��' ins�ecfion of the Propeny s1�all be eatirely for Benefrciary's benefit aad Tmstor will in no way mly on BenefiMazy's .
<br /> .� inspection. ;�
<br /> ��� ' 13.AiPI'HORITY TO PERFORI�Y.If Trustor fails to perform any of Trustor s duties under this Dced of Tn�st.or any other ;j;,
<br />:�-�z, � mortgage,deed of wst.secvrity agrecment or other Iien document that ha5 priority over this Daed of Tnut,Beneficiary `; �
<br /> ``. _ may,arithont notice.perform the duties or cavse them to be performed.Tmstor appoints Beaeficiary as attoraey in fact to i.
<br /> � sign Tmstor's aante or pay any amuunt ne�essary for performance.If any canswcrion on the Property is discontinued or �: .
<br />_.�� . not carried on ia a reasonable manner. BeneHciary may do ahatever is necessary to protect Beaefiriary's security interest i!
<br /> � in the Progerty.This may incl¢de compteting the vonsa�uaion. 11
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<br /> �`� Beuefuiary's right to perform for Tnistor shalI not create an obligation to perfo:m, and Beneficiary's failure to pecform
<br /> �� will aot preclude Benefrciary from exenising anY of Beneficiary's other rights under the law or this Deed of Tnut. Any �
<br /> �x � amounts paid by Beneficiary for insurinS, preserving or otherwise pro*xcting the Property and Beneficiary's sec�ritY �, _ ` . '.
<br />'�a:: interest will be due oa demand and will bear interest fmm the date of:�:.a�+ment imril paid m fi?�at the interest rate in x; I
<br /> ;��, ' eff�i from tune t�e�e accord'mg w the[erms of the Evidence of Debt. ' �
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<br /> .;�. 14.ASSdGN1V�1VT OF LEAS�'.rS AND lYENTS.Tcnstor irsevucably grants.oonvey��sells as additional s�urity all the �� .:.-, . :
<br />.;,� right,dde and intecest in and t�any and all: ;�`.`
<br /> �,�,;:
<br /> A. Existing or future leases,subleases,licenses,g�aranties and any other writt��:verbal agreements for the use aud t� �,•.
<br />.-:�.�, � • occupancy of any Qortioa of the Propecty, including any extensions, renewats. modifications or substitutions of _ .
<br /> � such ag�reemenu(all mferced w as"Leases°). � . .
<br /> F�� B. Rents,issues and prof�s(aTl refeRed to as"Rents"),incIuding but not limited ta security deposits,minimum reni, . ,
<br />�� k • genxntage rent, additional rent. common aiea maintenance charges, Parking charSes, rea! estate taxe.s. otfier ,
<br /> '-�� applicable taxes.insurance premium wntributions, liquidated damages foilowing default, caucellation pi�ic:�s,
<br /> loss of rents"insurance.reveaues.royalties.Proceeds.bonuses,and all rights and claims which Trustor may have ` "
<br /> .t` ' � Wat in aay way pertains to or is an account of the use or or.cupxry of the whole or any part of the Property. ; • .`.�:
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<br /> -: v t Trustor will pmmptly provide Beneficiary with true and comct copies of all exisiing and future L�ses. Trestas�as �: . . .. .,-,�.
<br /> � � collect,receive,enjoy and use the Rents so long as Tmstor is not in default.Tn�stor will not coAect in advance any Rr�ss ;j "� , , • -
<br /> �`" ' �' �ue ia future lease periods.�m:ess Tiustor fitst obtains BeaeSciary's written oonsent. Upon default,Ttustor a�receive ��: � ,_ . :�
<br /> .4:�
<br />. � aay Rents in nvst for Beaeficiary and Trasrsa will not commingle the Rents with aay other funds.Aay amoaats col2ec� . ;'
<br /> `": shall be applied at Beacficiary's discreaea tc•paymeats on the Secared Debt as theteia provided,to costs of managing tlie ��`�;;
<br /> �:"��: ptvgetcy, incIuding. but not limit e d to,a Il taxes, a s s e s s m e n t s, i n s u r a n ce p r e t n i u m s, m P a u s. a a d commissions to reatal _ . .
<br /> ;.,;: ' agents,and to aay other necessary mlated e�-�enses inciuding Beneficiary's attorneys'fees,paraleBal fees aad cou.-t costs. :-+;i;�
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<br /> � Tmstor acknowiedges t6at ttus assignment is perfected apon the recording of this Deed of Tn�st and that BQneficiary is • . :. .;�A�;,
<br /> ��!���; entided to notify any of Trustor's tenaats to make payment of reats dne or to become dne to Beneficiary. However. . . �.'..'�'"
<br /> ��:tt , � j Beaeficiary agrees that only oa default we�: Benefcciary nodfy Tn�stor and Tmstor's tenante and make demaad that all , ;:•i:
<br /> firture Renu be patd directly to Beneficiary. On receni�g the nodce of default, Tnutor wilI endorse and deliver w
<br />°'•�;� Beneficiary any payments of Rent in Trustor's possessiQ�.
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<br /> �� � , Tn�stor covenants that no default exists uuder the i.eases or any applicable landlord law.Trustor also coveaants and agtpes �� � . _
<br />� .�? '; w m�intain.aud to require the tenants to cor,nply with, the Leases and any applicable law. Tn�stor wili prompt3y notify �.. ., -
<br /> ,. ' BeneSciary of any noncompliance.If Tras�c^neglects or refuses to enforce compIiance wlth the temas of the Leases.then i .
<br /> •;,`'.�. Benefic�ary may, at Beneficiary's option, enforce compliaace. Trustor will obtain Beneficiary's written authori7ation � '
<br /> �=:•:; ` before Trustor consents to s�albte�modify,cancel,or o.s¢�wlse alter the Leases,w accept the sunender of the Property �; �• , �..
<br /> : ',, � � . . cc�E:red by sucb Leases(�mi�ss the Leases so mquire). es to assiga compmmise or eac�mber the Leases or�3 fumre �",�•,.::'� •
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<br /> �:�;;`:' .' ..,�: •. .. Renu. Trustor will hold B�e��iary ham�less aud inds�ify Beaefciary for any and all liability. loss or damage that '• , .
<br /> at ,
<br /> }'r;�;sYS�'._ : . . Beneficiary may incur as a coasequence of the assignment under this seaion. �� •�. . _
<br /> •�:�<.: . -.';'., 1S.CONDOM11VlilMS; PLANNED 1J11�7T DEVEI.OPA+�ENTS. If the Property includes a unit in a condominium or a j� .
<br />: �'•�� , plaaned unit devetopment,Te�stor will perform all of Tr�stor's duties under the covenants,by-laws.ar regulations of the r'.
<br />- :;,; condominiwn or planned uni.�vetopment. ;� "`'
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<br /> �'��.,` 16.DEFAIJLT.Tnutor will be in default if�cy of the following occur: � � ' .
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<br /> �.,.,;; . . . p � ,
<br /> ,.. � ; A. Any party obligated on the Secure�Debt fails to make payment when due: . .
<br /> ' . . B. A breach of aay ter�e or covenant in this Deed of Tnut,any prior mortgage or any construction loan agceemen� � �._'.:,�•
<br />�_�'. :; security agreemeat or any other document evidga�eg.guarantying,securing or otherwise relating to t�e Sec�ued ;;
<br /> �' � �: � Debt; ,..�. � :.
<br /> "'' C. The makin or fumishin of an verbal or written resentatian.statemen[or warranry to Beneficiary that is false
<br /> ''�f�"'�� ' or inco�srct in any mntenal respect by Trustor or any peraon or endty obligated on the 5ecured Debt: ! '
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<br /> � D. The death,diosolution, appointment of a receiver for, or appL=�cation of any debtor miief law to,Trustor or any
<br /> person or entity obligated on the Secured Debt; � .
<br /> � E. A good fa�th beliaf by Beaeficiary at any time that$eneficiary ia insecure with respect to any persoa or entity ''
<br /> �;.'�.��' '. obligated on tho 5ecun�:d Debt or that thc prosp�ct o.°any payment�s impaire�i or the Pro�erty is impa��ed: ,,� � •
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<br />.:t,;:, , F. A maierial advetse edunge in Trust�r's business including owaership.mAnagep^.ent,and fiaanciat condic,�ns,which �
<br /> o�y���" Bene&aiary'sn•its upinion believe�naapa�is the value of the Fro��y or rcQayment uf the S�ured Debt:or f •
<br /> �!' � a. Aay loan prooeeds are nsed for a g�rpose that will contribute:u�e.xcessive erasion of hig�Ty erodiblc land or to t�e � ,
<br /> .�•,,;.��'
<br /> ;��;,;4� ' wnversion of wetiaads to produce an agricultural commodity,as further explaiaed in 7 C.F.R.Part 1944.SuS�part ;. .
<br /> •s•..:�;� . G,E�ct►ibitM. ;,
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<br /> ��'�'' 17.REMEDIES ON D�FAULT. ln same instancea. fedcoral and state law will require Beneficiary to provide Trustor with
<br /> ���i�+.}','_ . .
<br /> _l�,i., . notice of the rig6t to c�,re, mediation notices or other notices and may establish time schedules for foreclosure actions
<br /> �:,,, ',. . • •, `� Subject to these limitalioas, if any, Beneficiary may acceterate the Secured Debt and foreclose this Deed of Tmst in a
<br /> -_;�.:t,.: .. • ' manner pmvided by Iaw if this Tmstor is in default.
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<br /> �a�.;l� � ��� o t 993 San�ns Svs-te�.inc.St CIOUC.MN Il 800 397 73411 iam AG.Cb OT NE 9��396 _� ,
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