|
202100339
<br />such Indemnitee concerning this Trustee/Security Instrument or the related property or any part thereof
<br />or therein or concerning the construction, maintenance, operation or the occupancy or use of such
<br />property, then the Trustor shall (to the extent permitted by applicable law) indemnify, defend and hold
<br />each Indemnitee harmless from and against all liability by reason of said litigation or claims, including
<br />attorneys' fees and expenses incurred by such Indemnitee in connection with any such litigation or
<br />claim, whether or not any such litigation or claim is prosecuted to judgment. To the extent permitted by
<br />applicable law, the within indemnification shall survive payment of the Secured Debt, and/or any
<br />termination, release or discharge executed by the Lender in favor of the Trustor.
<br />Violation of this provision is a material breach of this Security Instrument and thereby constitutes a
<br />default under the terms and provisions of this Security Instrument.
<br />14. AUTHORITY TO PERFORM. If Trustor fails to perform any of Trustor's duties under this Deed of Trust,
<br />or any other mortgage, deed of trust, security agreement or other lien document that has priority over
<br />this Deed of Trust, Beneficiary may, without notice, perform the duties or cause them to be performed.
<br />Trustor appoints Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for
<br />performance. If any construction on the Property is discontinued or not carried on in a reasonable
<br />manner, Beneficiary may do whatever is necessary to protect Beneficiary's security interest in the
<br />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
<br />failure to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under
<br />the law or this Deed of Trust. Any amounts paid by Beneficiary for insuring, preserving or otherwise
<br />protecting the Property and Beneficiary's security interest will be due on demand and will bear interest
<br />from the date of the payment until paid in full at the interest rate in effect from time to time according
<br />to the terms of the Evidence of Debt.
<br />15. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys to Beneficiary
<br />as additional security all the right, title and interest in the following (Property).
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal
<br />agreements for the use and occupancy of the Property, including but not limited to, any
<br />extensions, renewals, modifications or replacements (Leases).
<br />B. Rents, issues and profits, including but not limited to, security deposits, minimum rents,
<br />percentage rents, additional rents, common area maintenance charges, parking charges, real
<br />estate taxes, other applicable taxes, insurance premium contributions, liquidated damages
<br />following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues,
<br />royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and
<br />claims which Trustor may have that in any way pertain to or are on account of the use or
<br />occupancy of the whole or any part of the Property (Rents).
<br />In the event any item listed as Leases or Rents is determined to be personal property, this Assignment
<br />will also be regarded as a security agreement.
<br />Trustor will promptly provide Beneficiary with copies of the Leases and will certify these Leases are true
<br />and correct copies. The existing Leases will be provided on execution of the Assignment, and all future
<br />Leases and any other information with respect to these Leases will be provided immediately after they
<br />are executed. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default.
<br />Trustor will not collect in advance any Rents due in future lease periods, unless Trustor first obtains
<br />Lender's written consent. Upon default, Trustor will receive any Rents in trust for Beneficiary and
<br />Trustor will not commingle the Rents with any other funds. When Beneficiary so directs, Trustor will
<br />endorse and deliver any payments of Rents from the Property to Beneficiary. Amounts collected will be
<br />applied at Beneficiary's discretion to the Secured Debts, the costs of managing, protecting and
<br />Agricultural/Commercial Real Estate Security Instrument -NE
<br />Bankers Systems TM VMP®
<br />Wolters Kluwer Financial Services © 1993, 2011
<br />VMPC595(NE) (1701).00
<br />AGCO-RESI-NE 1/1/2017
<br />Page 5 of 13
<br />
|