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_ 1994 Wolters Kluwer Financial Services - Bankers Systems * Form USB- REDT -NE 11/16/2012
<br />261600296
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in
<br />trust for the benefit of Beneficiary, as additional security all the right, title and interest in and to any and all
<br />existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of
<br />any portion of the Property, including any extensions, renewals, modifications or substitutions of such
<br />agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as "Rents "). Trustor will
<br />promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may
<br />collect, receive, enjoy and use the Rents so long as Trustor is not in default under the terms of this Security
<br />Instrument.
<br />Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that
<br />Beneficiary is entitled to notify any of Trustor's tenants to make payment of Rents due or to become due to
<br />Beneficiary. However, Beneficiary agrees that only on default will Beneficiary notify Trustor and Trustor's
<br />tenants and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default,
<br />Trustor will endorse and deliver to Beneficiary any payment of Rents in Trustor's possession and will receive
<br />any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any amounts
<br />collected will be applied as provided in this Security Instrument. Trustor warrants that no default exists under
<br />the Leases or any applicable landlord /tenant law. Trustor also agrees to maintain and require any tenant to
<br />comply with the terms of the Leases and applicable law.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply
<br />with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in
<br />a condominium or a planned unit development, Trustor will perform all of Trustor's duties under the
<br />covenants, by -laws, or regulations of the condominium or planned unit
<br />development.
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured 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, securing or guarantying the Secured Debt. A good faith belief
<br />by Beneficiary that Beneficiary at any time 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 Beneficiary to provide
<br />Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure
<br />actions. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this
<br />Security Instrument in 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 immediately 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 />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the
<br />Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the highest
<br />bidder for cash and convey absolute title free and clear of all right, title and interest of Trustor at such time
<br />and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place of sale
<br />and a description of the property to be sold as required by the applicable law in effect at the time of the
<br />proposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to
<br />the Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and
<br />costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior
<br />encumbrances and interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if
<br />any, to Trustor. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be
<br />prima facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies
<br />provided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in
<br />payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure
<br />proceedings are filed shall not constitute a waiver of Beneficiary's right to require complete cure of any
<br />existing default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's
<br />right to later consider the event a default if it continues or happens
<br />again.
<br />(page 4 of 7)
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