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<br /> - � - or obso2ere,Pm�d���P��Pmperty is�placed�+ifli otacr personal piapercY at te�st equat in vataie w the _ <.. .:.
<br /> r� �laced Pezs�aa1 B�P�Y• free fmm any 6tte retentlon device. securlty egce�at or at� eAc�mbra�. �� <
<br /> , ; < �� witl be Qeaned subJect w the security inxer�st created by this Qead of 9'n�st.'I'tustor ehaU `' }' '`''
<br /> � : .,� �;.. replace�ent of personai property '
<br /> e� without Benefiaatgr"s p:tor arritte�cons�en� BeueficiasY or Bene&cfary's e8e�s �., < � `
<br /> `_ act partidon or snbdivide the Pcoperty► �
<br /> _ _ maq.at Beaeffciiary's opttoa.emw�e�tY�+���•��.�•�t„�s�,�e af io�s the P9roDert�►•An$ � _�;L
<br /> r arill in no wa :ei on Beae�daiY'
<br /> . .. ". . �nsp�tiaa of the Fmpeity shall be eatirely for Beaefictacy's benefit�d Tmstor Y Y ,
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<br /> _ . . • inspec�on. � " .. � - ��'
<br /> : ':� �
<br /> . �F� _ � �O PEBFORlI�.If Trustor fails to perfo��y of'IYustor's duties undec this Deed of Trust,or aay otltet . ��< �,
<br /> !3.AUTHORITY •�
<br /> --�'� mortgage.dad Af a�ust,seauity agce�m or other lien dQCnmeat that has priorit�rner this Deed of Tiusb Benefiaary 1 `
<br /> � may,withont notice,P�form t�dutie.s or cause them to 6e perfarmed.Ttaswr agpoi�Beneficiary as auameY in faci w �;� .��.- �
<br /> . � sign Trustar's name or PaY�9 amotmt necessary for performance.If any oonst�uction on the Property is discontinued or . �_
<br /> . � not carried oa in a reasona6le manner.Bene6ciazY may do whaiever is necessa�Y to pmt�t Beasfiaary's securitY mt�t �:
<br /> �..�.
<br /> m ;;��. ,
<br /> in the PrapeYty.This may incinde completing the consoinctton. y ,
<br /> �
<br /> � . gene�ci�y,s right to perfomd for Tntstor shall aot create an obligatioa w perform,�d Bene�ciarY'9 fa�u�to perform � ,R
<br /> ' , w�l n o t p s e d u de B�fmm execcising anY of Benefciacy's other rigflts under the law or this Deed of Trust.Any ' �y ..-_ ..
<br /> � � amaunts Paid 1�Y Benefcla�i► for insating, Preseav�g or othe�wise pmtec�S t 1►c P m P e rt Y an d B e n e f i c i a t 9's s e c u r i ty �n f
<br /> ,;�� .;: .. untt�patd ia fult at the i�eresc rate in
<br /> � in�st w�16e dne on deaoand and wt�i Hear interesc from ihe datc of.the paym�t. ,:�:.,. -_-_
<br /> ' ', effect from time to time accarding to the teims of the Evidence of Debt � �'�°--
<br /> � . r
<br /> ,. !4.ASSaGNMENT OY+'LEA�F�AND RENTS.Tnutor irrevocably grants,coave�s and sells as additional seauity all the ;%. :,� --
<br /> `� •� _ .<.
<br /> - '+�`: rigtu,titte and interest in and to any aud all: es aad anY other wliuea or verhal agceEments for the ase aud �"°'� �
<br /> - : A. Bu.afmg or fuuue leases.sableasea,hrenses,guara�i ons or snbstitntions of - _-=
<br /> ` '� �� � , oa�xiPancY of�Y Portlon of the Pmpert9, insiading aay extensIflns. renewals,mo�ifit�i ,: r
<br /> ' sach. (all refecred to as"Ixases')• ' ----
<br /> � - -�%s=' B. Reats,��and profits(all refer�ed to as"Re�ts"}.inclncling bnt not limited to secnrity deposits.m�� _.�.;.�,. _
<br /> • � 2��[01181 ICIILs 25� Ca18L$CSs f�CSLBIe 18X�Sr 0�1�` r
<br /> R ''��•�� percenta rent, na co�on area main��es fo�g def�lt,cancellatton premi�s, ___..�
<br /> apg1icable taxes,u�surause Premi�contnbutlons, qai y:- Y
<br /> ,.?.i; ` ' " "loss of rents'iIISUra�u�e.reve�ues,mi►aliies,Prace�ls.bommses,and all rights and clai�ns wHi�7Yustor may have � . -_
<br />_ . � ::�'� t h a t in an y w a Y P e rt a m s w or is on acxount of the use or oscupancY of the whole or mry part of the PmpertY• :M�'
<br /> -- � ._,._,. T:astor w�t promP�Y Pnwide�eaeficiatY witB tiue and car�ect coPies of all existing aad fut�e I.eases.l5mstor may. _
<br /> collect,reaeive,enjoy and nse the Renta so tong as Trustor is not in defaul�Tn�swr arill not colle�t in advance anp Rents �.:::'sr���.:.;�".--"�
<br /> ;,': �. . . � due in futare tease periods.nnlesa Tn�stor first obtasns BeneSciarY's writtea cansens.Upoa default,Trus2ar w�l receive . , :::.,
<br /> T , .. ., ...::�--'•-�
<br />_ . . a�r Renis in trast for BeaeSciar9 and Trustoz w�t aat commingle the Rents wlth a�ty other fuads.A�r amotmts collec�ed� __ --
<br /> :} ..�` . ` . sha116e a�lied at Beaeficiai9's disczruon to payments on the Seruced Debt as therein pmvlded,w costs of manag�.a$1he - _—
<br /> _'::`�:�� , �,'. p�y, but aot lindted w. aU taxes, assess�nents,insurauce preminms.rePaus, and cammissions w�al m --
<br /> agents,and to aay o her necessary related expenses m�luding 8eneficiary's auoraeys�fees,Paralegat fees aad cotut casts. --
<br /> � � �s afect�upou the recar0ing of this Deed of Trnst and that Be�neficiary is ,�
<br /> . . -- 'IYastor acknow2edges thai this assignmeot' P rec ---
<br /> . . °, ' eatitled ta nofify anp of Truswr's tenants to make paymeut of rents due or w become due w Heneticiary. However, �:_ y- -
<br /> n :
<br />- . � BeaeSciaiY aSrees that only on def�tt wU1 Benef�ciary notify Tn�stor and TnuWr's tenauts and make demand that all .���.;Y�:-', .._ -
<br /> st
<br /> ��� ' futu:e Rents be paid directty w Beneficiary. On receiviag the notice of default, Tn�swr will endoise and detiver w _r:�,. _'_-
<br /> , . � Beneficiary aay payments of Rent in Trustor's possession. ' ��'
<br /> � .. er the Leases or an a plicable landlord 1aw.Tniswr also covenaats and agr�aes �_',�..} .-- �
<br /> Trostor wvenaata tLat no defautt exists und Y P •_
<br /> a
<br /> - ' � .• . �malntais,and to requ�re the tenants to comply with,the Leases and amy apPlIcable law.Tmstor aiU promptly uo r Y ,
<br /> � .. . Beneficiar5►of any noncompliance.If Tnuwr neglects or refuses to enforcc compliance arIth tite terms uf the I.eases.then
<br /> =. at Benefici 's o tioa, enforce compliance. Tmstor aill obtaw Beneficiary's wriaen anthoriration ��YV�:�'�_,..�� _
<br /> Beneficiary may, �Y P .
<br /> - "" •- ,;. , before 7Yastor conse�s to snbtet. mod�fy.cancel,ar otherwise alter the Leases.to accePt the aurrender of the Broperty � ,- _:`:: _ _.
<br /> covered by such Leases(nnless the Leases so require).or to assign, campzomise or eaaimber the Leases or any fuUue —�z:-
<br /> � �..' . Rems.Trustor will hold Beaefictary harmless and indemnlfY Benefictary for any and all liability.loss or daaRage Wat :"r:.: . . _._-
<br /> � . BeneflclarY maY incur as a consequence of the assignuunt nnder this seaion. . ` y - _
<br /> . � 1 5.C O N D O N N�I II V I[J M Si P L A N r i E D U D I I T D E V E L OPMEN'I'S. If the P r a pertY includes a unit in a condominium ar a •. . ... '�
<br /> . VI[J
<br /> ... : ' planned unit development.Trustor arill perfosm all of Truswr's duties nnder the covenants.by-laws,or reg�lations o f t h e .. .
<br /> ., wadominium or plaaned unit deve2opment. . . .,
<br />- � 16.DEFAiJLT.Tn�stor will be in default if any of the followiag occur: � �,.��;�.�4
<br /> � � p, Any party obligated on the Secured Debt faits to make payment wheu due: � ,.
<br /> ' B. A breach of azry term or covenaat in this Dced of Trust.any prlor mortgage or any construction loan agreement.
<br /> � . � .. � security agreeumat or any other document evidencing,guarantyin8,securing or odae�vvise relating w the Sec�aed . .,-
<br /> ' Debt; ' �
<br />_ ' � , � C. The malsing or fumisbing of auy verbal or arritten representation,statement or aarranty w Benefic9ary that is false _ , .
<br /> . . • • or incorrect la any materlal respect by Ttustor or any pe�son os entiry obligated on the Secured Debt; �,
<br /> ' � D. 'I�ie death. dissolution, appolntment of a receiver for,or applicadon of any debtor relfef law to.Ttustor or an}r
<br /> . •'�� - � '•� person or entity obligated on the Secured Debt: .- ;. .. .•
<br /> � • � E. A good faiW 6elief by Beneflciary at any time that Beaeficiary is insecure with respect to any person or enflty .
<br /> �� obligated on the Secured Debt or that the prospect of any payment ls��red or the Property is impaired; .
<br /> ' � F. A materiat adverse change in Trustor's business iacludiag ownershlp.management.aad financial conditions,which
<br /> ' • � � • geneficiary in its opinion beiieves impaira the value of the Property or repayment of the Secumd Debt;or �: . . �'
<br /> � (i. Any loan proceeds are used for a pvrpose that wiil conuibute to excesslve erosion of hlghly erodible land or to the . ,
<br /> • conversion of wedaads to pmduce an agricultural commoditS+.as further explained ia 7 C.F.R. Part.1440.Subpart . .
<br /> • G,Exhibit M. '
<br /> � • 17.REMEDIES ON DEFAIJLT.ln some instances, federal and state law will require Benefcsiary to provide Tn�stor with : , � . �
<br /> � notice of the right to c�ue, mediation notices or other notices and may establisb time schedules for foreclosure actions. .
<br /> �.. • Subject to these limitations, if any, Beneficiary may acceletate the Secvred Debt and forec2ose this Deed of Tnut ln a . .
<br /> r? '' manner provided by!aw if this Trustor is ln default. . .- .
<br /> „• . � . •
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<br /> -'� �q 1993 8ankors SKtom9.��a.St.Cloutl,MN 11-600�39743411 Fpm AGlCO-0T�NE 9l13/98 - �
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