|
200000905
<br /> or obsolete, provided that such personal property is replaced with other personal property at least equal in value to the
<br /> replaced personal property, free from any title retention device, security agreement or other encumbrance. Such
<br /> replacement of personal property will be deemed subject to the security interest created by this Deed of Tcust. Trustor shall
<br /> not partition or subclivide the Property without Beneficiary's prior written consent. Beneficiary or Beneficiary's agents
<br /> may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Any
<br /> inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's
<br /> inspection.
<br /> 13. AUTHORITY TO PERFORM. If Trustor fails to perform any of Trustor's duties under this Deed of Trust, or any other
<br /> mortgage, deed of trust, security agreement 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 performed. Trustor appoints Beneficiary as attorney in fact to
<br /> sign Trustor's name or pay any amount necessary for performance. If any construction on the Property is discontinuecl or
<br /> not carried on in a reasonable manner, Beneficiary may do whatever is necessary to protect Beneficiary's security interest
<br /> in the Property. This may include completing the construction.
<br /> Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform
<br /> will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or this Deed of Trust. Any
<br /> amounts paid by Beneficiary for insuring; przserving or otherwise protecting the Property and Beneficiary's security
<br /> 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 /> effect from time to time according to the terms of the Evidence of Debt.
<br /> 14. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells as additional security all the
<br /> right, title and interest in and to any and all:
<br /> A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br /> occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of
<br /> such agreements(all referrecl to as "I.eases").
<br /> B. Rents, issues and profits (all referrecl to as "Rents"), including but not limitecl to security deposits, minimum rent,
<br /> percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other
<br /> d�pilCBhl� CAReS, insurance premium contributions, liquidated damages following default, cancellation premiums,
<br /> "loss of rents" insurance, revenues, royalties, proceecls, bonuses, and all rights and claims which Trustor may have
<br /> that in any way pertains to or is on account of the use or occupancy of the whole or any part of the Property.
<br /> Trustor will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may
<br /> collec;t, receive, enjoy and use the Rents so long as Trustor is not in default. Trustor will not collec;t in advance any Rents
<br /> due in future lease periocls, unless Trustor first obtains Beneficiary's written consent. Upon default, Trustor will receive
<br /> any Rents in trust for Beneficiary and Trustor will not commingle the Rents with any other funds. Any amounts collec;ted
<br /> shall be applied at Beneficiary's discretion to payments on the Secured Debt as therein provided, to costs of managing the
<br /> Pro�erty, including, but not limitecl to, all taxes, assessments, insurance premiums, repairs, and commissions to rental
<br /> age�ts, and to any other necessary related expenses including Beneficiary's attorneys' fees, paralegal fees and court costs.
<br /> Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is
<br /> entitlecl to notify any of Trustor's tenants to make payment of rents due or to become due to Beneficiary. However,
<br /> Beneficiary agrees that only on default will Beneficiary notify Trustor and Trustor'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 /> Beneficiary any payments of Rent in Trustor's possession.
<br /> Trustor covenants that no default exists under the Leases or any applicable landlord law. Trustor also covenants and agrees
<br /> to maintain, and to require the tenants to comply with, the I.eases and any applicable law. Trustor will promptly notify
<br /> Beneficiary of any noncompliance. If Trustor neglects or refuses to enforce compliance with the terms of the Leases, then
<br /> Beneficiary may, at Beneficiary's option, enforce compliance. Trustor will obtain Beneficiary's written authorization
<br /> before Trustor consents to sublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Property
<br /> covered by such Leases (unless the Leases so require), or to assign, compromise or encumber the Leases or any future
<br /> Rents. Trustor will hold Beneficiary harmless and indemnify Beneficiary for any and all liability, loss or clamage that
<br /> Beneficiary may incur as a consequence of the assignment under this section.
<br /> 15. CONDOMINIUMS; PLANNED iJNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a
<br /> planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the
<br /> condominium or planned unit development.
<br /> 16. DEFAULT. Trustor will be in default if any of the following occur:
<br /> A. Any party obligatecl on the Sec;ureci Debt fails to make payment when due;
<br /> B. A breach of any term or covenant in this Deecl of Trust, any prior mortgage or any construction loan agreement,
<br /> security agreement or any other document evidencing, guarantying, securing or otherwise relating to the Sec;urect
<br /> Debt;
<br /> C. The making or furnishing of any verbal ar written representation, statement or warranty to Beneficiary that is false
<br /> or ittcorrect in any material respect hy Trustor or any person or entity obligatad on the Secured 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 obligated on the Secured Debt; �
<br /> E. A good faith belief by Beneficiary at any time that Beneficiary is insecure with respec;t to any person or entity
<br /> obligated on the Secured Debt or that the prospect of any payment is impaired or the Property is impaireci;
<br /> F. A material adverse change in Trustor's business including ownership, management, and financial conditions, which
<br /> Beneficiary in its opinion believes impairs the value of the Property or repayment of the Securecl 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 /> conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart
<br /> G, Exhibit M.
<br /> 17.REMEDIES ON DEFAULT. In some instances, fecleral and state law will reyuire Beneficiary to provide Trustor with
<br /> notice of the right to cure, mediation notices or other notices and may establish time scheclules for foreclosure actions.
<br /> Suhject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Deeci of Trust in a
<br /> manner provided by law if this Trustor is in default.
<br /> t' � . �� t� � t'
<br /> I - ----- pepe 3 of 6
<br />
|