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<br /> " or nbsolete, provided that auch perconal property is replaced with other persanel property at least equal in val►te to the �
<br /> replaced person�l property, free from any title retentton devlce, securlty ugreement or other encumbrnnr.e. Such ,
<br /> replacement of personal progerty will be deemed subJect to the security intemst created by this Decd of Trust. Trustor shall
<br /> aot pertitfoa or subdivlde the Property without Beneticiary's prior wdtten cousent. Beneflciary or Beneticituy's ngente
<br /> taay.at Beneficiary's option, enter the Property at any reasoneble time fnr the purpose of inap�ting�e Proprrty �Y ,•�a
<br /> � in!mection of the Properry ahall be endrely for Beneficiary's beneflt and Truator wlll in no way rely on Beneflclary s ,
<br /> inspection. ' „, •
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<br /> � 13.AIITHORTI'Y TO PTRFORM.If Truator fails to perform any of Trustor's dutiea under thls Deed of Truat. or any other - row,,,�
<br /> � ' mortgage,deed of tn�at,securlry agr�ement or other liea docameat that hes prlodty over this Deed of Ttust. Beneficiary
<br /> ' �� �� may,without notice,petform the duties or cause them to be perfornaed.Truetar appoints Bsneficiary as attorney in fact to ` '�••�;
<br /> aign Tcustor's name or pay any amouat necessary for performance.If any conetruetion oa the Property is discontinued or ,;.
<br /> aot carried oa ln a reasonable manaer,Beneficlary may do whetever is ae�essary to protect BeneRcisuy's secudtY interes� '�''°��_
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<br /> in the Property.This may include completing the coasuuction. -_=
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<br /> Beneficiary's ri�ht to perform for Tcustor ahall not create an obligatioa to psrform, and Beneficiery's failure to perfurn► .:;=i__=
<br /> ' '' will not preclude Beneficiary from exercising any of Heneficiary's other rights uader the law or th�ss Deed of Trust. Any ��';�_M;_
<br /> ' atnounts paid by Beaeficiary for insuring, preserving or otherwise protecting the Ptoperty aad Beneficiary's secnriry r•;, -.--.-
<br />��°� ' , interat will be due on demand and will bear interest from the datc of the payment uadl paid ia full at the interest tate in ��7'm�
<br /> '"'t,•, -
<br /> �+ ' •�';? effect from timt to time according to We tem�s of the Evidence of Debt. r'.•,W J
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<br /> ' .`:' �'S:s� all the �':,.��;w
<br /> �, .,.,:�;`�� . 14.ASSIGNIVIEN�OF LEA►SES ANdD REIVTS.Trustor irtevocably grants. conveys and sells as eddidonai security �,.`r��:,;.
<br /> ;.:.�'.;:�,:,`+,".;�t;�;� ri bt,tide aud intereat�n and to any and all: —_
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<br /> -��,;•.,';�.:;�.ty,��r��..• A. Exiating or funue leasea.aubleases,llcenses,guarazxtiea aad any ather wrltten ar verbal agrcements for the use and �;.��;:,-;-:,
<br />-.,� .,� ,, , , �, �.
<br /> ,�,',. ...;�j.,�`:�,�, occupancy of anypo rtion of the Property, iaciuding any extensions, renewals, madificati�ns or substitudona of .,t5;.,,rn��}��:.
<br /> .;;;1,r such agseemeute(all refened to as"I.eASes")• `,„�-
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<br /> �,,,.��.; �,.u�a�z�
<br /> ;>,�- . B. Renta,�ssues and profits(ai� referred to as"Rents").includin�but not limited to securlry depoaits,miiilmum re�►t. ��;,,._;v
<br /> ',t: , percentage rent, additlonal reat, common area maintenance charges. Pari�ag charges, real estate taxea� other ��-��:.;
<br /> applicabls taxes, insurance Pn�mium coauibutions. liquidated damages following default, caacellation premiuma. ___
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<br /> "loss of cr.�ta"insurauce.revenuea,roynitiea, praceeds,bonusea,and all rights and claitns whtch Trustor may have
<br /> that in r�ny way pertaina to os is on account of the use or occupancy of the whole or aay part of ttie Property.
<br /> �� !� Ttuator wlll promptly pYOVide Beneficiary with uue and correct copies of all eaistin8 end t�ture Leaseo. Tcuswr may
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<br /> collect.receive�e�oy and une tiie ecents so iong es Tcustv:ui u�t Ia d�fautt.TLiiStOt ti+�T10t COII�!�!!�V�p?nY R�� °
<br /> ` , • due tn thture lease pedods�w�lesa Tn�awr first obtains Beneticiary's written consent. Upon default,Tcustor wUl re�cceive
<br /> any Reats in trust for Beneficiary and Trusror wilt not commingle the Renta with any other thnde. Ar►y aacouate�°�locted
<br /> ° � ehu11 be appHed at BeneRciury's discretlon to paymrnte on the Secured Debt as thereiu provided,so costs of manaBt�B�e
<br /> Property, lacluding. but not lintilted to. eil ta�ces,asseasmenta. iasuraace pretalums, repetra. aad cammiss[ons to rentt+l �
<br /> . � aaento.aad ta any othcr aecessar�r related eapenses iacluding Beneflcinry's attorueys'fces�Pnrnlegal fees end court oosta. —
<br /> o � Tiuetor scknowledges that this a�sigruaeat is perfected upon the rccording of this Deed of Tivat and thnt BeneBciury is
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<br /> � entided to aodfy any of 1Yuacor's tenants to make paycnent of renta due or to bewme due to Beaeftciary. However. _
<br /> �� Beneflciary agrces that only on default will HeneRciary nodfy TivsWr and Tniswr's tenaats and malce demand that e11
<br /> fum[e Renta bu pald directly w Beneflciary. On receiviang the notice of default, Trustor will eadorse and deltver to
<br /> . ' B�neflciary any paymencs of Rent in Ttuswr's possesalon.
<br /> �� Tcuator coveaanta that no default extats under the Leases or any applicable landlord law.Tcustor also co�eatsnts and aB�
<br /> to msiintatn,nnsl to reQuire the tenants w comply wlth.the Leases and anY apPlicable law.Tcustor wUl prompdy nodfy =_
<br /> � � 9eaeRciary of any aoncompliance. If'I'rustor aeglects or refiues to enforce compliance with the tern�s of the I.eases�then
<br /> ', Beneficiary may, et Beneficiary's option� enforce compliance. Trustor will obtain BEa�Sciary's wdtten authorization -_--
<br /> before Tcuator censents W sublet. modify, cancel, ur othenvlse alter the I.eases. to awept the surmnder of the ProPortY
<br /> ' covered by sucdn Leases <unless the I.eascs so require)�or w assign�compromise or encumber ttte Leases or unY thtum - -
<br /> . � , : �. Re�s. Tnistor will hold Beneftc�ary harmles� and indemxilfy Beaeficiary for any at►d aU liability, loss or dame8e that c
<br />;'..�� „ Beaeficiary may tacur as a consequ�ce of tIl�e usaignment under this sectian. _
<br />���,,v 1S.COIei�ONI11VIII1�1ISi FLAIVIVED UIVIT DEVELOPIV�1�iTS. If We PropertY iucludes a unit in a coadomWum or a . --
<br /> - � planned uait davetopment.Trustor will perform all of'lYustor's datiea under the covenants.by-lawe,or regulations of the _"
<br /> . _ ,;:., ,� � condomiuium or plsaneei unit developmeat. _�
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<br /> � :� 16.IIDL�FAULT.Ttustnr wlil be in defaulc if any of We following accttr: �„ -__
<br /> o °•-;:� A. Any party obligated on the Secured Debt fails to make payment whea due:
<br /> "' S. A breach of any term or coveaant in this Deed of Tnutt.any priar mortgage or any wnstmctlon loan ag��t• �%r'���,_.
<br /> ` �� � security agreement or aay other document evidencing. g,uarantying. se�urjng or otherwise reladag to the�� �;�__�
<br /> Debt; `'::^�;�:�'
<br /> C. '!he mak[ng or t�uatshin$of any verbal or written npresentatiou,state�rtent or warranty to H¢naftciary that is false
<br /> , ` � or iacornxt W any material respect by Trustor or any person or entiry obligated on the SecurPd Debt: ^- --
<br /> rnx 'I'�ustor or any
<br /> :' ' � D. The death, dissolution. appofatment of a t+eceiver for. or application of any debwr mli��law to, _
<br /> p�ccson or entity obtigated on the Secured Debt; = :
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<br /> � E. A goo:l fuith betief by Beneftciary at nny time thet Beneficiary is iasecure w[th respecQ to aaY Person or entity �,:�,._.
<br /> .,�' � obligated on the Scxured Det�or that the prospect of any payment is impaired or the Property is impairesi; .
<br /> „� .. • �� ` F. A materiel adverse change in Tsustor's buainesa Including ownersbip.mana8�of the Secured Debt�ior��which -.'.;.,�
<br /> Beneficiary in its opiaton helleves impaire the velue of tLe Pcoperty or_repuymen M^c�,�,.s.w..,�,�i�,�p tpnd or to t2te
<br /> -___ ___- C3. Any Ioan procceds ate useu tor n puipose inai w.0 wu�u�uK w��.�.��•��•,,.,:�..-••••u•«+ ------•- --
<br /> conversion of wetlends to praauce an agdcisltural commodity,as tbrthar explained in 1 C.F.R.Part 1940�Subpart
<br /> . . (3.B�ct�iblt M.
<br /> ` 17.REMED�'S OPt D�FAUL'1'. In some{nstances. federal aad state law will require BeneficIary to provide Trustor with
<br /> ' notice of We right to cute� medindon noticea or other nodces and may establish tLne schedules for foreclosure actions•
<br /> •' Subject to these limitations, if any, Benefictary raay asoc1erate the Secured Debt and fareclos�thia Deed of'fn�st in a
<br /> ������ mazzner provi�led by law if this Truetor is in default. -
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<br /> " m 1993 Omtmt Symams,1ne,Sf.CIaM.MN tt•80G597•23411 Fpm A61CO�OT•NE 10/30197 -
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