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9. DUE ON SALE; OR ENCUMBRANCE: Beneficiary may, at its option, declare the entire balance of the
<br />Secured Debt to be immediately due and payable upon the creation .of; transfer or sale of all or any part of the
<br />Property. This right is subject to the restrictions iiiiposed by federal law (12 C.F.R. 591), as applicable. This
<br />covenant shall 'run with the Property and shall remain in effect until' the Secured Debt is paid in full and this
<br />Security Instrument is released. `
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION: Trustor will keep the Property in good
<br />condition and make all repairs that axe .reasonably. uec:essary. 'Trustor .shall not commit or allow any waste,
<br />impairment, or deterioration of the Property. Trustor will keep the Property - free of noxious weeds and
<br />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 chari}ge'in any license, restrictive covenant or
<br />easement. without Beneficiary's prior written consent. Trustor VAIL notify Beneficiary of all demands,
<br />proceedings, maims, and. actions against Trustor, and of any loss or dunnage to the Property. .
<br />Beneficiary: or 13einefieiary's • agents may; at Beae1?ieiary's • option, enter the Property at any reasonable time for
<br />the .purpose of inspecting the Property. Beneficiary shall give Tr.:stor notice at the tune of or before an
<br />inspection. specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely
<br />for Beneficiary'sibenefit and Trustor will in uo way rely on Beneficia4"s inspection.
<br />11 AUTHORITY 'O PERFORM. If • Trustor : failS`'to perform any duty or any of the • covenants • contained in
<br />this .Security I Beneficiary may,.:without• notice, perform or cause them to be performed. Trustor
<br />appoints ..Beneficiary as attorney in fact to sign Tristor's name or pay any amount necessary for performance.
<br />Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure
<br />to perform will not preclude' Beneficiary from exercising any of Beneficiary's other rights under the law or
<br />this Security Instrument.:; If any construction on the Property is discontinued or not carried on in a reasonable
<br />manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest :in the Property,
<br />including completion of the construction.
<br />12. ASSIGNMENT OF LEASES' AND RENTS, 'Trustor irrevocably assigns, grants and conveys, to Trustee., in
<br />trust for the benefit of Beneficiary as. additioual!..security all the right, title and 'interest in;the following (all
<br />(referred to as ' Property) r existing or future leases, subleases, licenses, guaranties and any other written or
<br />Verbal. agreements for the use and occupancy of the • Property, including any extensions, renewals,
<br />modifications or replacements (all referred to as Leases); and rents,. issues and profits (all referred to as
<br />Rents). In•the'event any;; item listed as Leases or "Rents is determiued`to- be. persoual property, this Assignment
<br />,will also be regarded as a security agreement. Trustor will promptly . provide Beneficiary with copies of the
<br />Leases and. will; certify !these Leases are true and correct copies. The existing Leases will • be provided. on
<br />execution of the Assignment, and all future Leases and any other information with respect to. these Leases will
<br />be .provided inhlnediately .after they are executed. Trustor may• collect, receive, enjoy and use the Reuts so
<br />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 with
<br />,:any other funds. Trustor agrees that this. • Security Instrument is immediately effective between Trustor. and
<br />Beneficiary and effective as .to- third parties. on the recording of this Assignment..As long as this. Assignment
<br />is iu effect, Trustor warrants and represents that :uo default exists under the •Leases,. and the parties subject to
<br />the. Leases haven not violated any applicable law on leases,' licenses and landlords and tenants.
<br />13..LEASEIIOLDS;. CONDOMINIUMS; PLANNED 'UNIT DEVELOPMENTS. Trustor agrees to comply
<br />with the .provisions of aty lease if this Security, instrument is on a lcsehold..1f the Property includes a unit in
<br />a .condominium or a planned unit development, •Trustor will •pe, form all of Trustor's duties under the
<br />covenants, by -laws, or regulations of the condominium or planned unif development:
<br />14. DEFAULT. Trustor will be iu default auy party obligated on the •$ecured Debt fails to make payment. when
<br />due. Trustor will' be' in default: if a breach occurs under the terms' of this Security Instrument or any other
<br />• document executed for the purpose of creating, i securing or guarantying the Secured Debt. A good faith 'belief
<br />by Beneficiary that Beneficiary at any tune is insecure with respect to any person or .entity obligated on the
<br />Secured Debt or that the prospect of any payment or the:value of the Property is impaired shall also constitute
<br />an event of default.
<br />15. . REMEDIES ON DEFAULT. In some instances; federal and state law will require Beueficiary .to provide
<br />Trustor with. notice of right_ to cure or •of er notices and: Inay establish time schedules for foreclosure
<br />actions. Subject to these limitations, if any, Beneficiary.. may accelerate the . •Secured Debt and foreclose this
<br />Security Iustruinent iu a manner.provided by law if Trustor is in default.
<br />At the option Of Beneficiary, all or. any :part of the • agreed fees and charges, accrued interest and principal
<br />shall become iinniediately due and. payable, after giving notice if required by law, upon the occurrence of a
<br />default or anytime thereafter.. In • addition; Beneficiary shall be entitled to all the remedies provided by law,
<br />the terms of: the • Secured Debt, this .Security; Instrument and any related documents,. including without'
<br />limitation, the power to sell the Property.
<br />•
<br />Security Instrument- Constir er -NE
<br />VMP11 Bankers SyetemelYi
<br />Wohsr8 Kluwer Financial Services ©1914i:2011
<br />201400737
<br />RE-DT-NE 2/1/2013
<br />VMP -C 165tNE1 113021:00
<br />Pep 3of
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