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<br /> � � .� ur oUsolctc, proviJed tliat such personnl properry is rc��lnccd with othcr personal properry at Icast cqual in valuc to thc -
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<br /> ; rcplaccd personal property, frce from any titic rctention device, sccurity agrecment or othcr encwiibr�►ncc. Sucti
<br /> ;� seplacement of personal property will be deenud suhicct ro tlie securiry interest created by this Decd of Tnist,Trustor chall __
<br /> ., ' , y� not partition or subdivide the Propeny without Beneficisry's prior written consrnt. I3eneficiary or Deneficiary's agentc —
<br /> may, at BcncCiciury's option, cntcr thc Propcny nt any rcnsonablc timc for thc purposc of ins{xcting thc Property. Any
<br /> • inspection of tha Projxrty shall be entirely for Deneticiury's benefit and Trustor will in nu way rcly on Ucnefciary's _
<br /> . .o inspcction.
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<br /> °'.{'�` 13.AUTFiORiTY TO PERFORM, If Trustor fails to perforni any of 1'nistor's dutics under d�is Deed of Trust,or a�iy other
<br /> s�'• moi�tgagc, deed of trust, securiry agrecmcnt or othcr lien daument that l�as priority over this Deed of Trust, E3eneCciary `�
<br /> -�� • may,without notice, perform the duties or cause them to be perfornicd. Trustor appouus Eieneficiary as a�torney in fact to =
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<br /> sign Trustor's name or pay any amount necessary for performance. If any constmction on the Pro�erty is dlscontinued or
<br /> not carricd on in a reasonable manncr, Beneficiary may do whatcver is ncccssary to protect Hcnc�ciary'�sccurity interest
<br /> in the Property.This may include completing the construction. -
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<br />``�rv�''"�� Beneficiary's right to perform for Trustor shall not create an obligation to per(orm,and BeneC�ci:►ry's failur to perform
<br /> • will not preclude Benefictary from exercising any of Beneficiary's other rights undcr the law or this Dccd of Tnist. Any
<br /> ` amounts paid by Beneficiary for insuring, preserving or otlierwise protceting the Property and DeneCiciary's security
<br /> `' ' � interest will be due on demand and will bear interest fmm the datc of the payrnent until paid in full at thc interest rnte in
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<br /> • affect from time to tinie accarding to thc terms of the Evidence of Debt.
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<br /> � ' 14.ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells as additional sccurity all thc
<br /> V.�` � right,title and interest in and to any and all:
<br /> -'a'- ' '. -'��'- A. Existing or future leases, subleases. licenses,guaranties and any other written or verbal agteemcnts for the use and
<br /> '" - occupancy of any porcion of the Property, including nny extensions, renewals, modifcations or substitutions of
<br /> �,�,;.,�,. such agrcements(all referred to as"L.eases").
<br /> --�"�r '� • B. Rents, issues and proGts(all referredto as "Rents"),including but not limited to security deposits, minimum rent,
<br /> ' '`•'��''� percenta$e rent, additional rent, comnion arca maintenance charges. parking charges, real estate taxes, other
<br />���s`��r� ., applicable taxes, insurance pr�mium contributions, liquidated damages tollowing default, cancdlation premiums,
<br /> --,--���,,;v "loss of rents" insurance,revenues. royalties,proceeds,bonuses, and all rights and claims which Tivstor may have —
<br />_- ; .,., that in any way pertains to or is on account of the use or occupancy of the whole or any parc of the Property,
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<br /> ;�'�^•�.F;''a � Trustor will promptly provide Beneflciary with true and correct copies of all existing and future L.eaces. Trustor may
<br /> .��•�'=�� collect,receive,enjoy and use the Rents so long as Trustor is not in default. 'Tnutor will not collPCt in advance any Rents
<br />_�_-_:f_:�;.�:�� due iu iittu;r i�asc g:.ric=.°� u^kas Tf!?Srnr{jrst oH[alns$COeftCl3ry's written wnsent. Upon_default, Trustor will receive
<br /> -:.;.. >. any Rents in trust for Beneficiary and Trustor will not commingle the Rcnts with any otner tunds. nny urnvdiiia i,ollw:�.+
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<br /> r'"""` i sha11 be applied at BeneCiciary's discretion to payments on the Secured Debt as therein provided, to costs of managing the
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<br /> � Property, including, but not limited to, all taxes. assessments, insurance premiums, repairs, and commission� to nnt
<br />--_-�,�;�.; ry� y arale al fed aiid couit costs.
<br />-'��-�•�:�• agents,and to any other necessary related eapenses including Beneficia s attome s'fces,p g
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<br /> --_ .a� Trustor ncknowledges that this assignmeiit is perfected upon the recording of this Deed of Tn�st and 1t�at Beneficiary ie
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<br />_��.:.�.;,�y,• • entided ro notify any of Trustor s tenants to makc payment of rents due or to bccome due to Benc6ciary. However,
<br /> _�!;::;;,• . Beneficiary ngrees that only on default wiil Beneficiary notify Trustor and Tmstor's tenants and make demand that all
<br /> •-�,��-'�:�:'�_: future Rents be paid directly to Beneficiary. On receiving the notice of default, Trustor will endorse and deliver to
<br /> v..�.::r;,� Bcueficiary any payments of Rent in T�ustor's possession.
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<br />----r_�� Tcustor covenants diat no default exists under the Leases or any ap�licable landlord law. Tn�stor also covenents and agras
<br /> �-~- to matntain, and to require the tenants to comply witb, the I.cascs and any applicable law. Trustvr will promptly notify
<br /> -�*''��-�'_p1�'� Beneficiary of any noncompliance. lf Trusror neglxts or refuses to enforce compliance with the terms of the I.eases,then
<br /> °��i'�±�Y�1ra� Beneficiary may, at Benefic�ary's option, enforce compliance. Trustor will obtain Bedeflciary's written au¢horization
<br /> - �-�``'�'�� before Trustor consents to sublet, modify,cancel,or otherwise alter the Leases, to accept the surrender of the Property
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<br /> _��=:..;��i covered by such L.eases (�inless tha Leases so require), or to assign, compromise or encumber the Leases or any tuture
<br /> • •* Rents. Trustor wil! hold Beneficiary harmless and indenmify Bcneticiary for any and a1! liebility, loss or damage that
<br />_-_ �'�� � j Beneficiary may incur as a consequence of the assignment under this section.
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<br /> �`��^^�� 15. CONDOMINIUMS; PLANNED UN1T DEVELOPMENTS. If the Ptoperty includes a unit in a condorninium or a
<br />�{���Y - planned unit dev�lopmcnt,Trustor will per[orm all of Trustor's dutics undcr thc covenants, by-laws. or regulations of the
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<br /> ---;�-- ' condominium or pla�med unit devclopment.
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<br /> 16. D�FAULT.Trustor will bc in dcfault if any of thc foUowing occur; _
<br /> A. Any party obligared on die Sccured Debt fails to makc payment wlun due;
<br />_. • S. A breach of any term or covenant in this Deed of Trust, any prior rnortgage or a�iy constntction loaii agreement,
<br /> ° security agrccment or any other dceument evidencing, guarantying, sauring or otherwise relating to the Secured `
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<br /> aC. The making or fumishing of any vcrba:or written representation,statcment or warranty to Bene�ciary that is falsc
<br /> � or iacorrect in any matcrial respcct by Trusror or any person or entity obligatcd on the Sccured Debt; _
<br /> j� D. 'Che dr.ath, dissolution, appointmcnt of a receiver for, or application of any deUtor rclief la�v to, Trustor or any -
<br /> ; � person or entity obligxted on the Secured Debt;
<br /> E, A good faitli belief by Beneficiaxy at any time that BeneCciary is insecure with respect to a�iy person or entity F,.
<br /> � obligatcd on tl�c Securcd Debt or that the prospect of any paymcnt is impaired or tl�c Property is irnpa�rcd;
<br /> F. A matcrial advcrsc cl�angc in Trustor's business including owncrship, managcment, and f nancial cuuditions,which
<br />-. ' I Beneficiary in its opinion bclicves impairs tlic valuc of thc Property or repayment of thc 5ecured Debt;or
<br /> G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the
<br /> —J ,.,,„,,,.���„n nf wedands to nroducc:m agricultural commodity,as furtlicr explained in 7 C.F.R.Part 1940, Subpart l
<br /> —� G,Exhibit M.
<br /> 17.R�MEUI�S ON DE:I�AULT. In some instances, fcdcral and state law�vill i�cquire BeneCiciary to provide Trustur�vitli ��
<br /> notice of the tight to cure, mediation notices or other notices �+nd may establish time schedules for foreclosure actions. -
<br /> Subject to these limitations, if m�y, E3eneficiary may uccelerate the Secured Debt .�id foreclose this Deed of Trust in a
<br /> . manner provided by law if tl�is Trustor is in default.
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