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<br /> 9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the
<br /> Secured Debt to he immediately due and payable upon the creation of, transter or sale of all or any part
<br /> of the Property. This right is subject to the restrictions imposed by federal law(12 C.F.R. 591), as
<br /> applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is
<br /> paid in full and this Security Instrument is released.
<br /> 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in
<br /> good condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any
<br /> waste, impairment, or deterioration of the Property. Trustor will keep the Property free of noxious weeds
<br /> and grasses. Trustor agrees that the nature of the occupancy and use will not substantially change without
<br /> Beneficiary's prior written consent. Trustor will not permit any change in any license, restrictive
<br /> covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all
<br /> demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br /> Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable
<br /> time for the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or
<br /> before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property
<br /> shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection.
<br /> 11. AUTHORITY TO PERFORM. if Trustor fails to perform any duty or any of the covenants contained
<br /> in this Security Instrument, Beneficiary may, without notice, perform or cause them to be performed.
<br /> Trustor appoints Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for
<br /> performance. Beneficiary'a right to perform for Trustor shall not create an obligation to perform, and
<br /> Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's other
<br /> rights under the law or this Security Instrument. If any construction on the Property is discontinued or
<br /> not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary'a
<br /> security interest in the Property, including completion of the construction.
<br /> 12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to
<br /> Trustee, in trust for the benefit of Beneficiary as additional security all the right, title and interest in the
<br /> following(all referred to as Property): existing or future leases, subleases, licenses, guaranties and any
<br /> other written or verbal agreements for the use and occupancy of the Property, including any extensions,
<br /> renewals, modifications or replacements(all referred to as Leases); and rents, issues and profits(all
<br /> referred to as Rents). In the event any item listed as Leases or Rents is determined to be personal
<br /> property, this Assignment will also he regarded as a security agreement. Trustor will promptly provide
<br /> Beneficiary with copies of the Leases and will certify these Leases are true and correct copies. The
<br /> existing Leases will be provided on execution of the Assignment, and all future Leases and any other
<br /> information with respect to these Leases will be provided immediately after they are executed. 'Trustor
<br /> may collect, receive, enjoy and use the Rents so long as Trustor is not in default.
<br /> Upon default, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents
<br /> with any other funds. Trustor agrees that this Security Instrument is immediately effective between
<br /> Trustor and Beneficiary and effective as to third parties on the recording of this Assignment. As long as
<br /> this Assignment is in effect, Trustor warrants and represents that no default exists under the Leases, and
<br /> the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords
<br /> and tenants.
<br /> 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to
<br /> comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property
<br /> includes a unit in a condominium or a planned unit development, Trustor will perform all of Trustor's
<br /> duties under the covenants, by-laws, or regulations of the condominium or planned unit development.
<br /> 14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment
<br /> when due. Trustor will be in default if a breach occurs under the terms of this Security Instrument or any
<br /> other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good
<br /> faith belief by Beneficiary that Beneficiary at any time is insecure with respect to any person or entity
<br /> obligated on the Secured Debt or that the prospect of any payment or the value of the Property is
<br /> impaired shall also constitute an event of default.
<br /> 15. REMEDIES ON DEFAULT'. In some instances, federal and state law will require Beneficiary to
<br /> provide Trustor with notice of the right to cure or other notices and may establish time schedules for
<br /> foreclosure actions. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and
<br /> foreclose this Security Instrument in a manner provided by law if Trustor is in default
<br /> 563253
<br /> Security Instrument-Consumer-NE -r • 1/ 011
<br /> VMP® Bankers Syslemslu -. y„1071
<br /> Wolters Kluwer Financial Services 01994,201 1 B
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