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<br /> or obsolete,pravided thet such per�oaat propecty ia repluc:ed wl�h ather personN property at ieast equnl in vnlue to the __
<br /> replaced personnl property, feee from nny title rctention device, securlty ngrecment or other encumbrnnce. Such
<br /> � reptacemeut of personal propFny wlil bc decmed subJect to the sa�urity interest crcated by this Aeed of Trust.Trusror shull
<br /> � not partitiaa or sutsdlvide the Pmperty widiout Bcneficiary's ptloP written consent. Beneftciury or Heneticiary's �gcnte
<br /> may. ut Henefictary's opiton,enter the Pragerty ut auY reasoauble tim�for the purpose of iasgc�:tia�the Property. Any
<br /> inspecdoa of the Progerty shall be entircly 4'or BeneficlFUy's beaefit and T�vstor will in no wuy rely on Benefictary's
<br /> _ insgection. �:
<br /> 13.AU'I'�OfltITY TO PERI'�kiM•1f Trustor ft�ls to perform nay+of Tcuaror's duttes uader this Deed af Trust,or any other �'�;;
<br /> _-.:.:;,,,:� mortgoge, deed of tmst.security e�reement or otber tien docutmat tbat hes pdority over thfs Dced of Trust, Beacficisuy -.L-:
<br /> � ' may.wit�out nodce.perform We duties or cause them to be perfomaed.Trustar appoints Heneticiury as nttomey in fuct to �-`
<br /> � aign Tmstor's name or pay any wuount nec�ssary for perfomu�nce. If aay consuuction oa the Property is diaconttnued or °"'�`
<br /> aot carried on in a teusonable manner,BeneRclary may do whatever ia necesssuy to protect 8eneflciary's sccuriry ic►terest .�;-.
<br /> in the Pe+operty.This may include completiag the canstruction. �
<br /> Beneficiary's dght to perform far Tcustor shall not create aa obligatfon to pedorm,and Beneficlary's fallure to perform �_.
<br /> � will not preclude Beueficiery from exercising uny of Beneficlary's other rigbte under the law or tlua Deed of T�ust.Any _:..
<br /> amounta paid by Beneficiary gor insuring. Preser�ing or othenvlse protestipg the Property and BeneBciary's security �
<br /> ' interest wiU be due oa demaud aad will bear 1ntQrest from the dete of the payroent untll paid ia fuli at thc Wterest rate in [�`"-
<br /> � effect from dme w time aa�rding to the terrag af the Bvidence of Qebt. �=.-
<br /> � • 14.ASSEG1eJMENT OF LEASES AND R�N'I'S.Tiustor irrevocably grants, conveys and seiis ns addlUoual secuiity all the t�s
<br />� , ��:+� dght�dtle aud interest in aad to eny and all: �.
<br /> A. Existlag or futut�leases,subleases.licee�es.guaraaaes and any other written or verbal ogreeraents for the use sud
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<br /> � �• occupancy of amy portton of the Property, includlnq any extensions. renewals. modiftcations or substitutions of _
<br /> such a6reenients(sll refeRed to as°Leases").
<br /> ��. ��y B. �c.-�cs. issu�s aad profits(a!1 referred to as"itents").Incluc�ing but aot limited to seauity deposits,miaimwn rent, --
<br /> ��Taentage rem, additioaal rent, comraon area main¢ea�ce eharBes. Parldng ch�es. real estate ttuces. other
<br /> '.;�:`, apPlicable taxes, insurance premium conuib�tions.iiquidated damases following d�milt, caacelladoa premiums.
<br />��:+` . "loss of rents°finsurance��veaues+myalties,pmc�ds.bonuses.aad sU d�hts aad claims which'i'tusstor may have
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<br /> that in any way perteins w or ie oa account of the nse o:occupancy of tme whole or any part of tIIe Prnperty.
<br /> � � Teustor vvill promptly prnvide�eneRciary with tme aad correct oopies of all existins and futute L�es. Tcustor may _
<br />-. `�� = '�,''�,`� coileci. �cciv�.�juy aad ux ihe Renis�long�'!'s+��r�r is not in default.Tcustor wul not collect ia advance any Rents
<br /> ;�'•� � due ln future leace perlode,anless Tcustar ficst obtains Bene£ldary�8 W11ttCA COASCIIt. Upon default,Trustor wiil receive
<br />';'S�'t� any Rents in avst for @enefiMary aad Truetor wUl r�at comroingle the Rents�ti�Ith any other fuude.Any n�xnunts collected
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<br /> 4�• sha11 be applied at BenF�iciary e discretioa w paymmts on the Secured Debt rs¢herein pmvided�to cos2s of managin8 e
<br />`t�;." � PcvI�ertS►.3ncludiu8� but not limited to. aU taxe�, assessments�insurance premiums. rePaice. and commjssions w rental
<br /> . . aEente��nd so uny othet aecessery eelated eapenses lncluding Beaefictary's attorueys'fas.Parale�3a1 fces aad caurt costs.
<br />�t' � Trustor aclmowledges 2�►t td'ns assignment ia pert'exted upom 1he recordin8 of this Dced og'Htuat and thnt Beneficiary ls
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<br /> � entitled to aodfy any of Trustor's tenants to mnke payment of renta due or to bacome due to BeaeRciary. owever.
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<br />�,. ��. .�,�' Beneficiary agrees that only on default wiA Beneficiary aotify Tr�stor and Tcustor's tenants and wake dennand that all
<br /> future Arats be paid directiy to IDet�Rciary. On receivin8 tUe nodce of default, Tnutar will eadorse and dellver to
<br />�•�.. ..,;:J `';-� Beae6ci$ry any payments of Rent u►Trustor's possession.
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<br />��+: Ttustor covenants that no default enists uader the Lease.a or any applicable Iandlord law.7lcustor eiso coveuants aad agrees
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<br />�;�.�� to maintain. and to recNire the tenenta to compty with, the Leases and any rppllcabie Iaw.Trustor will�Qromp y ao —
<br />�,;_&�-f._ Beneficiery of eny nuneomplian�e.If Tcustor aeglecta or refuses to enforce rsnnplionce with the ternos of the Leases.then
<br />�•;� • Beueficlary may� ut BeneRMary a optton. enforce compltance. Trustor wiU obtain BeaeRciary's wrttten authorizetion
<br /> -:,:�:'"Y. before°r1'sustor cnnsrats to sublet, modifY.cancel.or otheravlse alter the Leases.W accept the surrender of the PcoP�nY
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<br /> o�vemd by svch L,et�scs(unless the 1.eases so require). or tn a�siIIn�compma�ise or encumber th�Leases or aay t�mre
<br />-;:;...::.�:.� Renu+. Truator wiDt hold Heneficiary hannless aad indemnify Beneflciary for any and ali liabfliry� loss or damage that _-
<br />_.'°��� Beneflciary anay tncar as a oonse�luencts of the essigaaEent uader this section. _
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<br /> '�� � 15.CONDOMII�11i1MSi ��D �T DEVELOPIViENTS.If the Prnperty includes a unit in a oandomia3um or a
<br />���;�9`+:,� plannad unit development.Trustmr w311 perform all of TNStor'e dudes uader the covenants.bydaws,or reguladnna of the
<br />_..����_,}� oondomiaiwn or planned uait devNopment.
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<br />-�: - :° �� 16.DEFA�ILT.Tn�stor wUl be in default if any of tha followtns occur: ��-�
<br />��f� . „ A. AnY P�Y obllgated on the Secured Debt fails to meke payment wb�dh:e: ___
<br />-. • • B. A breach of any u�a or covenant ia this Deed of Trust. any pdor monga�e or sny constcucdon loan ag�+ee�nent. ___
<br />_ �, security agreanenc as any other doaiment ev{dencfng,gunreatyin8. securing or otherwtse relatiag to the Secured _,
<br />-'�:� :. ��t' s2�t�nent or warranty to Benefictary that is false "`'"
<br />,;.+'�, ' C. 'ihe inaking or fumishing of any vetbal or wdtten represeatatlon. �;F{.;..
<br />-: ° or incorrece in+my materlal resPect by�ustor or any person or entiry o��igatecl on the Secuced Debi; �,__.-
<br /> '� D. Tbe death.dissolutlon,appointrnent aft p x�eseiver for,or appliption of uny debior reltef law to.Ttustor or any �,_-
<br /> ' person or entity obli�ated roa nine Seciw�d�ebt; °'~'
<br /> E. A good faith belief by L��ficiary at at�y t�mc that Beaeficiary is insecu�e�+iti�a+�spect to any person or ea�ity �_.
<br /> �. obligated on tha Secturd Debt or Wat tlse prospect of any payment ta impaired or tAx�°roperty is impaired; =
<br /> - F. A materlal udvetse chan�e ia'I'�usstor's�iYSiness includin�owneaship.marm8ement.aad finrmcial condidons�which �;;
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<br /> BeneRciary in tts opiaion believes im�airs the value of��,Pfotp�ty o�r ;m pa�on of hiahtv eradibela land or w tha �
<br /> -= t3. Any io�p:ooeeds aro usr�u�.,.o
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<br /> � wnvetsion of wetlands to ptoduce an aIIriculeurai commvdiry.as fluther explained in 7 C.F.R.Part IS40.Subpurt R
<br /> . .. 0,E�chibit M. .°
<br /> 17.It�Nd�D1ES OId D�FA[JL.T.ln some instanoes. iederel at►d state law wlit requine Beneficiary to provide'I�ustor with _
<br /> ' � noitoe of the dght to cure. mecliadoa aQdces or�ther nadas s�nd may establish tim�e schednles for foreclosure actions. �_
<br /> ° Subject to these Iiaritations. if any, Beneflciary may aooelerate the Secured Deiit aud fomclose th[s Ueed of'I'rust in a �
<br />� ,� mennes providad by la�v if this T:ustor ia in default. �
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<br />_ � . . Oago 3 0/6 =
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<br /> [01993�aNae SMcme.nu.St GbW.MN 11•600-797•Z�411 Form Ap�CO�DT�hE tQ90/07 ..
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