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202401460
<br />Trustor hereby assigns, transfers, and conveys to Lender all rents, issues, income, profits, royalties, bonuses,
<br />and delay moneys or other proceeds that may from time to time become due and payable under any real
<br />estate lease or under any oil, gas, gravel, rock, or other mineral lease of any kind including geothermal
<br />resources now existing or that may hereafter come into existence, covering the Property or any part thereof.
<br />All such sums so received by Lender will be applied to the Obligations secured hereby; or Lender, at its
<br />option, may turn over and deliver to Trustor(s) or their successors in interest, any or all of such sums without
<br />prejudice to any of Lender's rights to take and retain future sums, and without prejudice to any of its other
<br />rights under this trust deed. This assignment will be construed to be a provision for the payment or reduction
<br />of the Obligations, subject to the Lender's option as hereinbefore provided, independent of the trust deed on
<br />the Property.
<br />This is a purchase money trust deed.
<br />Trustor and each of them further covenants and agrees with, or certifies and represents to Lender as
<br />follows:
<br />1. To pay all liens, judgments, or other assessments against the Property, and to pay when due all
<br />assessments, taxes, rents, utilities, fees, charges or encumbrances upon the Property or under any lease,
<br />permit, license, or privilege assigned to Lender as additional security to this trust deed, including those in or
<br />on public domain.
<br />2. To insure and keep insured all buildings and other improvements, including fixtures and attachments now
<br />on or hereafter placed on the Real Property to the satisfaction of Lender. Such insurance will contain an
<br />endorsement showing Lender as Beneficiary. On demand, Trustor will furnish said policies or proof of
<br />insurance to Lender and the insurance carrier shall be satisfactory to Lender. Trustor shall give written notice
<br />to Lender immediately of any claim or loss. Any sums so received by Lender may be applied in payment of
<br />any matured or unmatured Obligations secured by this trust deed, or at the option of Lender may be used to
<br />pay for reconstruction of the destroyed improvements. Such insurance will be in an amount at least equal to
<br />the lesser of the loan balance, the actual cash value of the Property, or the replacement cost of the Property,
<br />and will at a minimum, cover losses caused by fire, lightning, explosion, riot, aircraft, vehicles, vandalism, civil
<br />commotion, smoke, windstorm, and hail. Trustor will obtain and keep flood insurance in force to cover losses
<br />by flood as required by Lender and by the National Flood Insurance Act of 1968, as amended, and by
<br />regulations implementing the same. Trustor further agrees that Lender is not and will not be liable for any
<br />failure by Trustor or by any insurer, for whatever reason, to obtain and keep this insurance in force. Trustor
<br />shall give written notice to Lender immediately of any cancellation, termination or material modification of any
<br />such insurance. If Trustor fails to maintain the coverage described above, Lender may, at Lender's option,
<br />obtain coverage to protect Lender's rights in the Property according to the terms of this trust deed.
<br />3. To keep all buildings, fixtures, attachments, and other improvements now on or hereafter placed on the
<br />Real Property occupied and in good repair, maintenance, and condition and to neither commit nor permit any
<br />acts of waste or any impairment of the value of the Property. Trustor shall not remove or demolish any
<br />improvement without prior written approval of the Lender. Trustor shall give immediate notice to Lender of
<br />any material damage to or construction on or related to any of the Property. Lender may enter upon the Real
<br />Property to inspect the same or to perform any acts authorized herein or in the Loan Documents. Any
<br />inspections, reports or samples conducted by Lender shall be for their own use and benefit, and Lender shall
<br />not be required to disclose the results of any inspections to Trustor for any reason, regardless of whether
<br />Lender has done so on any other occasion unless Lender agrees to do so in a separate writing. Trustor is
<br />responsible for monitoring, preserving and inspecting the Property independently of Lender, and Lender
<br />makes no representation, statement or warranty regarding the accuracy of any inspection, reports or
<br />statements related to the Property's condition, quantity, or quality of any nature, and Trustor agrees it shall
<br />not rely upon statements related thereto made by a representative of Lender.
<br />4. That Trustor is, and shall continue to be, duly organized, validly existing and legally qualified to do business
<br />under the laws of the states in which Trustor operates, in compliance with federal, state and local laws or
<br />regulations, and have legal authority in such states to conduct Trustor's business operations and to own
<br />agricultural real estate. No change has been made in the name, ownership, control, relationship, legal status,
<br />FORM 5011, Trust Deed and Assignment of Rents 2788K Legal Doc. Date: April 5, 2024
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