|
.: �U�20237�
<br />In the event any item listed as Leases or Rents is determined to be personal property, this Assignment
<br />will also be regarded as a security agreement.
<br />Trustor will promptly provide Beneficiary wi1
<br />and correct copies. The existing Leases will
<br />Leases and any other information with resp
<br />are executed. Trustor may collect, receive,
<br />Trustor will not collect in advance any Rei
<br />Lender's written consent. Upon default, T
<br />Trustor will not commingle the Rents with
<br />endorse and deliver any payments of Rents
<br />applied at Beneficiary's discretion to the
<br />h copies of the Leases and will certify these Leases are true
<br />be provided on execution of the Assignment, and all future
<br />ect to these Leases will be provided immediately after they
<br />:njoy and use the Rents so long as Trustor is not in default.
<br />its due in future lease periods, unless Trustor first obtains
<br />rustor will receive any Rents in trust for Beneficiary and
<br />any other funds. When Beneficiary so directs, Trustor will
<br />from the Property to Beneficiary. Amounts collected will be
<br />Secured Debts, the costs of managing, protecting and
<br />preserv�ng the Property, and other necessary expenses. Trustor agrees that this Security Instrument is
<br />immediately effective between Trustor and Beneficiary and effective as to third parties on the recording
<br />of this Assignment.
<br />As long as this Assignment is in effect, Trustor warrants and represents that no default exists under the
<br />Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses
<br />and landlords and tenants. Trustor, at its sole cost and expense, will keep, observe and pertorm, and
<br />require all other parties to the Leases to comply with the Leases and any applicable law.
<br />If Trustor or any party to the Lease defaults or fails to observe any applicable law, Trustor will promptly
<br />notify Beneficiary. If Trustor neglects or refuses to enforce compliance with the terms of the Leases,
<br />then Beneficiary may, at Beneficiary's option, enforce compliance. Trustor will not sublet, modify,
<br />extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by the
<br />Leases (unless the Leases so require) without Beneficiary's consent. Trustor will not assign,
<br />compromise, subordinate or encumber the Leases and Rents without Beneficiary's prior written consent.
<br />Beneficiary does not assume or become liable for the Property's maintenance, depreciation, or other
<br />losses or damages when Beneficiary acts to manage, protect or preserve the Property, except for losses
<br />and damages due to Beneficiary's gross negligence or intentional torts. Otherwise, Trustor will
<br />indemnify Beneficiary and hold Beneficiary harmless for all liability, loss or damage that Beneficiary may
<br />incur when Beneficiary opts to exercise any of its remedies against any party obligated under the
<br />Leases.
<br />15. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or
<br />a planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or
<br />regulations of the condominium or planned unit development.
<br />16. DEFAULT. Trustor will be in default if any of the following occur:
<br />A. Any party obligated on the Secured Debt fails to make payment when due;
<br />B, A breach of any term or covenant in this Deed of Trust, any prior mortgage or any construction
<br />loan agreement, security agreement or any other document evidencing, guarantying, securing or
<br />otherwise relating to the Secured Debt;
<br />C. The making or furnishing of any verbal or written representation, statement or warranty to
<br />Beneficiary that is false or incorrect in any material respect by Trustor or any person or entity
<br />obligated on the Secured Debt;
<br />D. The death, dissolution, appointment of a receiver for, or application of any debtor relief law to,
<br />Trustor or any person or entity obligated on the Secured Debt;
<br />E. A good faith belief by Beneficiary at any time that Beneficiary is insecure with respect to any
<br />person or entity obligated on the Secured Debt or that the prospect of any payment is impaired or
<br />the Property is impaired;
<br />F. A material adverse change in Trustor's business including ownership, management, and financial
<br />conditions, which Beneficiary in its opinion believes impairs the value of the Property or
<br />repayment of the Secured Debt; or
<br />G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly
<br />erodible land or to the conversion of wetlands to produce an agricultural commodity, as further
<br />explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M.
<br />Security Instrumant-Commercial/Agricultural-NE AGCO-RESI-NE 7/2/2011
<br />VMP� Benkars SyatamsT� VMP-C6961NE1 (17071.00
<br />Woltars Kluwar Rnanciel Services OO 1993, 2011 Pega 6 of 11
<br />
|