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<br /> <�r obsolete, provided that such personal property is replaced with other personai property at least equal in value to the
<br /> rcplaccd personal property, free from any title retention device, security agreement or other encumbrance. Such
<br /> i-eplacemerit of personal property will be deemed subject to the security interest ereated by this Deed of Trust. Trustor shall
<br /> not partition or subdivide the Property without Beneticiary's prior written consent. Beneficiary or Beneficiary's agents
<br /> inay, at Bcneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Any
<br /> inspcction ol �he Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's
<br /> ins��rction.
<br /> 13. Al1'I'IIOR!"1'Y 'I'O PERFORM. If Trustor fails to perform any of Trustor's duties under this Deed of Trust, or any other
<br /> mo��t��age. �i�•ecl ol trust> security agreement or other lien document that has priority over this Deed of Trust, Beneficiary
<br /> nla��, �vithour notice, perform the duties or cause them to be performed. Trustor appoints Beneficiary as attorney in fact to
<br /> si`�n 't'rustor's nanle or pay any amount necessary for performance. If any construction on the Property is discontinued or
<br /> not carrie�l on in a rcasonable manner, Beneficiary may do whatever is necessary to protect Beneficiary's security interest
<br /> in thc Property. This may include completing the construction.
<br /> [3cnc(iciary's ri�ht to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform
<br /> �vill not ��rcclude Beneficiary from exercising any of Beneficiary's other rights under the law or this Deed of Trust. Any
<br /> ,�muun�s �;�iicl by Bcneficiary for insuring, preserving or otherwise protecting the Property and Beneficiary's security
<br /> intrrest will he duc on demand and will bear interest from the date of the payment until paid in full at the interest rate in
<br /> cf�fect from time to time according to the terms of the Evidence of Debt.
<br /> 14. ASSIGNi�11�:N'T OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells as additional security all the
<br /> ri��1�t, title and interest in and to any and all:
<br /> :�. Existin�� or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br /> occu��<lncy of any portion of the Property, including any extensions, renewals, modifications or substitutions of
<br /> such a��rcements (all referred to as "Leases").
<br /> B. Rents, issucs and profits (all rcferred to as "Rents"), including but not limited to security deposits, minimum rent,
<br /> perccruage rent, additional rent, common area maintenance charges, parking charges, real estate ta�ces, other
<br /> �Pl�����ble taxes, insurance premium contributions, liquidated damages following default, cancellation premiums,
<br /> "luss c>f rents" insurance, revenues, royalties, proceeds, 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 /> Trust��r �vill E�romptly provide Beneficiary with true and correct copies of all existing and future Leases. Tnzstor may
<br /> collcct, recci��c, ciljoy and use the Rents so long as Trustor is not in default. Trustor will not eollect in advance any Rents
<br /> �luc in futur�� lcase periocls, unless Trustor first obtains Beneficiary's written consent. Upon default, Trustor will receive
<br /> an�� Rents in u-us� Cor Beneficiary and Trustor will not comrningle the Rents with any other funds. Any amounts collected
<br /> sh<<ll I�e a����licd at Beneficiary's discretion to payments on the Secured Debt as therein provided, to costs of managing the
<br /> Pru��crty, inclucling, but no[ limited to, all ta�ces, assessments, insurance premiums, repairs, and commissions to rental
<br /> a��cn�s, an�l �o 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 /> entitled to notify any of Tn�stor's tenants to make payment of rents due or to become due to Beneficiary. However,
<br /> C3cn�•I�iciai��� .���rccs that only on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all
<br /> I�uturc Rcn�s bc ��aid directly to Beneficiary. On receiving the notice of default, Trustor will endorse and deliver to
<br /> 13encliciar�� any paynlents of Rent in Trustor's possession.
<br /> Trustor covenants that no default exists under the I,eases or any applicable landlord law. Trustor also covenants and agrees
<br /> to mai�uain, ancl io require the tenants to comply with, the Leases and any applicable law. Trustor will promptly notify
<br /> 13encFiciar�� of an_y noncompliance. If Trustor neglects or refuses to enforce compliance with the terms of the Leases, then
<br /> 13cncCiciar�� �na��, at Beneficiary's option, enforce compliance. Trustor will obtain Beneficiary's written authorization
<br /> hcf���r Trusior conscnts to sublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Property
<br /> c����crrd b�� sucl� Leascs (unless the Leases so require), or to assign, compromise or encumber the Leases or any future
<br /> Rcnts. "Crustor �vill hold Beneficiary harmless and indemnify Beneficiary for any and all liability, ]oss or damage that
<br /> Brucliciar�� may incur as a consequence of the assignment under this section.
<br /> 15. C<)\DO�IINIUMS; PLANNED LTNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a
<br /> �,l��nncd �u�i� de��elopment, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the
<br /> con�luminium oi-planned unit development.
<br /> i6. 1)I�:F:�l!L'1'. Trusror will be in default if any of the following occur:
<br /> �. An�� ��arty oblibated on the Secured Debt fails to make payment when due;
<br /> 13. A hrc,�cli of any term or covenant in this Deed of Trust, any prior mortgage ar any construction loan agreement,
<br /> seciu�i�� agrecment or any o�her document evidencing, guarantying, securing or otherwise relating to the Secured
<br /> Dcl�t;
<br /> (�'. Thc making or furnishing of any verbal or written representation, statement or warranry to Beneficiary that is false
<br /> oi- i��a�rrect in any material respecl by Trustor or any person or entity obligated on the Secured Debt;
<br /> I�. Thc �i��ath, 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 /> F.. A ��ood faith belief Uy Beneficiary at any time that Beneticiary is insecure with respeet to any person or entity
<br /> �>bli��a�ed on the Secured Debt or that the prospect of any payment is impaired or the Property is impaired;
<br /> F. A n�atcrial adverse change in Trustor's business including ownership, management, and financial conditions, which
<br /> Bencficiary in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or
<br /> G. .An�� luan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the
<br /> con��crsion o(wetlands to produce an agricultural eommodity, as further explained in 7 C.F.R. Part 1940, Subpart
<br /> G, C.�hibit M.
<br /> 17. KI?�1EnII�,S ON DEFALILT. 1n some instances, federal and state law will require Beneficiary to provide Trustor with
<br /> notice ��f the i-i��ht �o cure, mediation notices or other notices and may establish time schedules for foreclosure actions.
<br /> Suhject t<> these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Deed of Trust in a
<br /> m�inner ��ru��i�lcd b}' la�v if this Trustor is in default.
<br /> page 3 of 6
<br /> - 1'.u,13 13a��irc�:�;���;s:eins,inc-.St.Cloud,MN I1-800-397-2341) Form AG/CO-DT-NE 10/30/97
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