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<br /> or absolete, provided thAt such �x:rsonal property is rcplac:ed with othcr personal propeny at leas►eyua; in value to the '�--
<br /> ; , :.;,� �. replaced personal property, free from any title retention device, security agreement or other encumbrance. Such
<br /> replacement of personal praperty will be deemed subject to chc sccurity interest created by thts Deed of Trust.Trustor shall
<br /> � �� not partitton or subdivi�e the Propeny without Beneficiary's prior written consent. Beneficiary or Beneficiary's agents
<br /> -`'�`~`��� may, et Beneficiary's option, enter the Propeny at any reasonable time for the purpose of inspt�cting the Property. Any
<br /> inspection of the Property shnll be entirely for Beneftciary's benefit and Trustor will in no way rely on Benefic�ary's �
<br /> :,' inepaction.
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<br />�r'� 13.AUTIiORITY TO PERFORM.If Trustor fails to perform any of Trustor's duties under this Deed of Trust,or any other
<br /> -- mortgage, deed of truat, security agrcement or other lien document that has priority over this Deed of Trust,Beneficiary
<br /> may,without notice,perform the duties or cause them to be perfom�ed.Trustor appoints Beneficiary as attomey in fact to
<br />—`"''"'^""°"�� sign Trustor's name or pay any amount necessary for perfonnance. If any construction on�he Propr.rty is discontinued or
<br /> not carriod on in a reasonable manner, Beneficiary may do whatever is necessary to protect Beneficiary's security interest
<br /> __•;;'�, .�:.,. in the Progetty.This may include completing the construction. -
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<br />'?'��'���• Beneficiary's right to perform for i'rustor shall not creatc an obligation to perform, and BenefiGiary's failure to perform
<br />�;"C�,;;'; � will nat prcxlude Beneficiary from excrci�ing any of Beneficiary's other rights under the law or this Deed of Trust. Any
<br /> _,,�•` .,_' unounts paid by Reneficlary fot insuring, preserving or otherwise protecting the Property and Beneficiary's security
<br /> �;r,����::u,s interest will be due on demand and will bear interest from the date of the payment until paid in full at the interest rate in
<br />�;,,:.'°;;v•; effect from time to time according to the terms of the Evidence oP Debt.
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<br />,;z.i�_:�' �;,.a- 14.ASSIGNMEN'I'OF LEASES AND RENTS.Trustor inevocably grants, conveys and sells as additional security all the �-
<br />- =�,p�;°;r,r right,title and interest in and to any and all:
<br /> A. Existing or future teases,subleases, licenses, guaranties and any othcr written or verbal agreements for the use and
<br />�..�...c' � occupancy of any portion of the Property, including any extensions. renewals, modifications or substitutions of
<br />�f�°��":�� such egreements(all refened to as"Leases").
<br /> `� '�''�' B. Rents, issues and prafits(all referrcd to as"Rents"), including but not limited to security deposits, minimum rent,
<br /> _�,��.�� percentage rent, additional rent, common area maintenance charges, parking charges, real estate tazes, other
<br /> applicable taxes, insurance premium contributions, liquidated damages following default, c:ancellation premlums,
<br /> '�:��� "loss of rents" insurance,revenues, royalties,prceeecls,bonuses, and all rights and claims which Trustor may have
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<br />_=�:,�;•n; , that in any way pertains to or is on account of the use or occupancy of the whole or any part of the Property.
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<br />`;��'�-" Trusror will rom tl rovide Beneficiary with true and correct copies of all existir.g and future Leases, Trustor may
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<br /> __ . ,. ;�;, coilect,receive,cnjuy a;d a�tt'��=c:.;s sa lcaS°•..°Ts'�ssr�s���nr in default. Trustor wiU not collect in advance any ents
<br />��`�_�`•"�' due in future lease periods, unless T:ustor first obtains Beneficiary's written consent. Upon default, Tcustor wiil receive
<br />- -=�3,;;_,',;;�''{ any Reats in trust for Beneficlary and Trustor will not commingle the Rents with any other funds. Any arnounts collxtod
<br />��_:::.,�;;,' shall be applied at Bensficiary's discretion to payments on the Sec:ured Debt as therein provided,to costs of mana�inB the
<br /> ':;;;_,`�X Property, including, but not limited to, all taxes, assessments, insurance premiums, repairs, and commissions to rental
<br /> ;�_�,j�•�� agents,and to any other necessary related expenses including Beneficiary s attorneys fo�,(�aralegal fees and court costa.
<br /> `"���� Trustor acknowledges that this assignment is perfected upon the recording of this Dced of Tcust and that Beneficiary is
<br /> ��•'����� entitled to notify any of Trustor's tenants ro make payment of rents due or to became due to Boneficiary. However,
<br /> =���"=��� Beneficiary agrces that only on default will E3eneficiary notify Trustor and Trustor's tenants and make demand that all
<br />`-`_'°���-��� future Rents bs psud directly to Beneficiary, On receiving the notice of default, Trustor will endorse end deliver to
<br />--y�=���'=� Beneficiary any payments of Rent In Trustor's possession.
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<br /> --� Trustor covenauts that no default exists under the I.eases or any applicable landlord law. Tcustor also covenents and pgras
<br /> -"""�� to maintain, and to require the tenants to comply with, the Leases and any applicable law. Trustor will promptly notify
<br /> "`""''�`'�� Beneficiary of any nuncompliance. If Trustor neglects or refuses to enforce c:ompliance with the terms o1F the Leasey, then
<br />- _-�="'��� Beneficiary rnay, at Beneficiary's option, enforce compliance. Trustor will obtain Beneficiary's written suthorization
<br />_+,��s;�-�—- before Trustor consents to sublet, modify, cancel, or ocherwise slter the Leases, to accept the sunender of the Propeciy
<br /> ,�•::... .. coveral by such Leases (unless die Leases so require), or to assign, compromise or encumber the Leases or az►y future
<br /> Rents. Trustor will hold Beneficiary harmless and indemnify Beneficiary for uiy and all liability, loss or dwnage Wat
<br /> °=��`�'.�'` Beneficiary may incur�s a consequence of the assignment under this section.
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<br /> � '"-'yM� 15.CONDOMLNILTP�IS; PLANNED LJMT DEVELOPMENTS. If the Property includes a unit in a condominium ot a
<br /> ��� planned unit development,Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the
<br /> �'"o"°''' condamiuium or planned unit development.
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<br />_--_:�-����-- 16.DEFAIJLT.Trustor will be in default if any of the following occur:
<br /> • A. Any party obligated on the Secured Debt fails to make payment when due;
<br /> • . B. A breach of any term ar covenant in this Decd of Trust, any prior mortgage or any construction loan agreement,
<br />= • security agrcement or any otlier documcnt evidencing, guarantying, securing or othetwise relating to the Secured
<br /> � Debt;
<br />• � . C. The making or furnishing of any verbal or written representation,statement or warranty to Beneticiary that is false
<br /> ,t. or inconect in any material respect by Trustor or any persou or entity obligated on the 5ecurecl Debt;
<br /> D. The death, dissolution, appointment of a receiver for, or application of any debtor relief law to,Trustor or any
<br /> ° �' � person or entity obligate.9 on the�ecured Debt;
<br /> � E. A good faith belief by Beneficiary at any time chat Beneficiary is insecurc with respect to any person or entity
<br /> ' � obligated on the Secureci Debt or that the prospect of any payment is impaired or the Property is impair�i;
<br /> , F. A material adverse change in Trustor's business inchiding ownership,management, And financial conditions,which
<br /> . � • • Bencfici�uy in its opinion bclieves impairs the value of the Pro�erty or repayment of thc Sccur��d Dcbt; or
<br /> -- � _ � . , ___�__M.._...i e,.�.......,...�a A,or.vill �„nrr�t,ur�rn excess�ve erosion of hi�hhly erodible la�id or to the
<br /> __ _ _ ;_ u. P►ny ioai�p�u�.m+a a,a.��.....,. ..
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<br /> . . conversion of wetlands to produce an agricultural conunodity, as funher explaineci in 7 C,F.R. Part 1940,Subpart _
<br /> G,ExUibit M. -
<br /> 17.REMEDIES ON DEFAULT. [u some instances, federal a��d state law will require Beneticiary to provide Trustor with _
<br /> notice ot the right to cure, mediation notices or odier notices and may establish time schedules f�r foreclosure actions. -
<br /> Subject to d�esc limitatians, if any, Benefici:vy may accelerate the Secured Debt and foreclose this D�Y�d of Trust in a
<br />- macuier providcd by law if this Trustor is iii default. -
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<br /> cc f 793 Doi+tcrs Sysmms.inc.St Goud.MN I1 d00 397 YJAfI Farm nG•CO OT NC �O�J0�97 � —
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