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<br /> or obsotete, providat that such pereonal property ln rcpleced with other personal property at least equal in valuc to the
<br /> repl�ced perootW property, ftte from �ny title retrntion device, eecurity agrament or other encumbrAnce. Such
<br /> replacement of pereon�l property v�lA be deemed subject to the eecudty interest created f�y ehia Deed of'Crust.Truator shall
<br /> not partition or subdivida the Propetty without Beneficluy's pdor written consent. &neficLary �r Benefictary'e egente
<br /> may, at Beneficiary'a option, enler the Property at any rcason�ble time for the purpc�se of inspecting thc Property. Any
<br /> inapection of the Propeny shsJl be entlrely for &neficiery's beneflt a��d Tniator will in no wKy rely on &neficiary'e
<br /> inspection.
<br /> 13.AITI'HOAI'TY TO PE1tFOR1N.[f Truator f�il�to perfotm any of Truator's duties unde�thle Deed of Tcust,or any ather
<br /> mortg�ge,deed of truat, security agramrnt or o�her Ilen document that has pdurity over thla Aa�d of Trust, Beneflcluy
<br /> may,wiWout notice,perform the dudes or c:auae them to ba perfornxd.Trustor appante Beneficirry as attorney in fect to
<br /> eign Truswr'e name or pay�ny�mounc necaauy for pedomnnce.If any construcdon on the Property Is discontinuod or
<br /> not carriod on in a reasonable manner, &neficiary may do whwtever is necessary to protect Beneficiwy's security interest
<br /> in the Pro�erty.This may include compledng the constaction.
<br /> Beneficiary's right to perform for Tn�stor shall not create an obligation to perform, and Beneficisuy's failure to pecfurm
<br /> will not preclude Beneficiary trom exercieing any of Beneficiary's other rights under the law or thia Deed of Trust. Any
<br /> unounts paid by Beneficiary tor insuring. pres�rving or otherwise protocting the Propeny and Beneficiery's security
<br /> interest will be due on demnnd uid will bear iaterest from the date of the payment until pald in full at the interest rate in
<br /> effxt from time to time according to the termg of the Evidence of Debt.
<br /> 14.ASSIGNMEN'Y'OI�LEASES AND RENTS� Trustor irrevoc,�bly grants, conveye and sells as additional security all the
<br /> right,title end interest in and to any and�11:
<br /> A. Existiag or future lr,�sa,subleasea, licenses, Buaranties and any other written or vecbal agraments for the use end
<br />_ occupancy of any portion of the Property, including any exteneiona, reaewale, modifications or substitutiana of
<br /> such agreemec►te(all rofetced to ae"I.easea").
<br /> B. Renta,isauee and pmfiu(all refernd to As "Rente"), including but not limital to socurity deposits, minimum ctint�
<br /> percentage rent, additlonal rent, common area maintcnance charges. pa�'king ch�rges, nal estate taxes. other
<br /> applic�ble taxea, innur�premlum contributions, liquidated demages following default, cancellaiion premiuim,
<br /> "loss of crnts" icwurana, nvenues, royalties,pincceds�bonuses, and all rights wnd claim�which Trustor may have
<br /> thet in any way pertein�to or is on acco�nt of the use or occupnncy of the whole or eny put of the Property.
<br /> Tnisror will pmmptly pmvide Beneficiuy with true and cornct copies of all existing and futun Leases. Trustor m�y
<br /> collect, roceive,enjoy and use the Rcnte so long as Trustor is noc in default.Tcustor will not collect in advance any Reace
<br /> dLC�n fu.�K�•.w„��g=•��� �snlnea Trngtnr first o�tains BenefiClary's w[lttetl COnstnt.Upon default, Trustor will rxeive
<br /> any Rents in trust for Beneficluy and Tcustor will not commingle the Rents with any other funds. Any amoua�s wlia�cd
<br /> shall be applied at Beneficiary's dlscretion to paymente on the Secured Aebt as therein pmvided,to costs of managing the
<br /> property, including, but not limital to, all texes, assessments, insuraace premiums, repdrs, and comm9ssions tn rent�l
<br /> agents,and to any other necessuy nlated expenses including Brneficiary's attomeys fees.paralegal fees and court ooate.
<br /> Trustor acknowledges that tl�is asslgnnxnt is perfected upon the recording of this Doed of Trust and that Beneficiary is
<br /> entitled to notify any of Trust�r's tena�►ts to make psyment of rents due or to become due to Beneficiary. However,
<br /> Beneficiary agtees that only on default will F3eneficiary notify Tcustor and Trustor'e tenuits and malce demand that all
<br /> future Rents be paid directly to &neficiary. On receiving the notice of default, Tcustor will endorse and deliver to
<br /> Beneficiary eny payttxnte of Bent in Truster's poseeseion.
<br /> Tivstor wvenanu that no def�ult exists under the Leases or any applicable landlord law. Ttustor also covenanta�nd tgraa
<br /> to cmintun, uM to require the tenu►ts to wmply with, the Leases and any applicable law. Tn�sWr will pron�ptly notify
<br /> Beneficiary of any noncompliance.If Tn►stor neglects or refuses to enforce compUance with the tem�s of the L�, tLen
<br /> Brneficiary may, at Beneficiuy's opdon, enforce compliance. Trustox wlll obtain BeAeficiuy's written authorizatloa
<br /> befon Trustor consents to subl�t,modify. cancel, or otherwist alter the Leases, to �:ept the surrender of the Propecty
<br /> covcrod by such 1.eases (unlas the I.eas�a so raluire), or to assign, compromise or enamber ffie Lcases or any future
<br /> Rents. Tcuator wiU hold Beneficiuy harrNess and indemnify Brneficiary for any and all liability, loss or damage thnt
<br /> Beneficiary mxy incur as 4 consequence of tha asaignnxnt under this section.
<br /> 15.COND0:I�MUMS; PLANNED UN1T D�VELOPMENTS� If the Property includes A unit in a condomitrium or a
<br /> planned unit devolopment,T�ustor will perform all of'I'rustor's duties under the coveaanu, bylaws, or regulatione of the
<br /> condominium or plumed unit d�velopment.
<br /> 16.DEFAULT.1'rustor witl be in default if any of the following occur:
<br /> A. Any party obligated on ttie Secured Debt fails to make payment when due;
<br /> B. A breach of any terrn or covenant in this Deed of T'tvst, any prior mo�tgage or any construction loan agceement,
<br /> _ security agreemcnt ot any other document evidencing, guarantying, securing or o�'�erwise relating to the Secured
<br /> � Debt;
<br /> -; C. The inaking or fumishing of any verbal or written representatlon, statcment or warcanty to Beneficiary that is false
<br /> : or incorroct in any mmerial respect by Trustor or any person or rndty obligated on the Secucal Debt;
<br /> = D. The death, dissolutioa, appointmeut of a receiver for, or application of any debtor nlief law to� Trustor or any
<br /> person or entity obligetod on the Secured Debt;
<br /> _ E. A good faith belief by Brnefictary at any time that Beneficiary is insecure witb respect to atty person or entity
<br />-- obligatAd on the Securcd Debt or thet the prospect of any payment ie impaired or the Property is impa�red;
<br /> � F. A material adv�rse ch�nge in Trustor's business including ownership,management,and t`inancial conditions,which
<br />_� Beneficiary in its opinlan believes tmpairs the value of the Pruperty or repayment of the 5ecured Debr,or
<br /> G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of hlghly erodible land or to the
<br />�� rnnvnr,einn nf wedandt Lo ntoduc:e en etttiCUltutal ComitlOd'tty,as further explained in'I C.F.R.Part 1940,Subpart
<br /> 7 G,Exhibit M. �
<br /> 17.REMEDIE5 ON DEFA[TLT. In some instanrxs, fedcral and state law will rcquire Beneficiary to provide Trustor with
<br /> notice of the right to cure. meeiiation notices or ott�er notices and tnay establish time schedules for foreciosure actions.
<br /> S�bject ro these limitations,if any, Beneficiary may accelerate the Secured Debt and foreclose this Deed of Trust in a
<br /> manner provided by law if t�is Trustor is in default.
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<br /> - �q 1993 B�nkan Svstsn+f.1nc�.St.Gaud.NN I7-A00397•23111 Fam AGICO�DUNE tOClO/97
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