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6/16/2025 9:17:37 AM
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6/16/2025 9:16:58 AM
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DEEDS
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202503220
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202503220 <br />members of a partnership; or (3) there is a change in ownership of more than 25 percent of the voting <br />stock of a corporation. However, Beneficiary may not demand payment in the above situations if it is <br />prohibited by law as of the date of this Deed of Trust. <br />11. Entity Warranties and Representations. If Trustor is an entity other than a natural person (such as a <br />corporation or other organization), Trustor makes to Beneficiary the following warranties and <br />representations which shall be continuing as long as the Secured Debt remains outstanding: <br />A. Trustor is an entity which is duly organized and validly existing in the Trustor's state of <br />incorporation (or organization). Trustor is in good standing in all states in which Trustor transacts <br />business. Trustor has the power and authority to own the Property and to carry on its business as <br />now being conducted and, as applicable, is qualified to do so in each state in which Trustor <br />operates. <br />B. The execution, delivery and performance of this Deed of Trust by Trustor and the obligation <br />evidenced by the Evidence of Debt are within the power of Trustor, have been duly authorized, <br />have received all necessary governmental approval, and will not violate any provision of law, or <br />order of court or governmental agency. <br />C. Other than disclosed in writing Trustor has not changed its name within the last ten years and has <br />not used any other trade or fictitious name. Without Beneficiary's prior written consent, Trustor <br />does not and will not use any other name and will preserve its existing name, trade names and <br />franchises until the Secured Debt is satisfied. <br />12. Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and <br />make all repairs that are reasonably necessary. Trustor will give Beneficiary prompt notice of any loss or <br />damage to the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor will <br />not initiate, join in or consent to any change in any private restrictive covenant, zoning ordinance or <br />other public or private restriction limiting or defining the uses which may be made of the Property or any <br />part of the Property, without Beneficiary's prior written consent. Trustor will notify Beneficiary of all <br />demands, proceedings, claims, and actions against Trustor or any other owner made under law or <br />regulation regarding use, ownership and occupancy of the Property. Trustor will comply with all legal <br />requirements and restrictions, whether public or private, with respect to the use of the Property. Trustor <br />also agrees that the nature of the occupancy and use will not change without Beneficiary's prior written <br />consent. <br />No portion of the Property will be removed, demolished or materially altered without Beneficiary's prior <br />written consent except that Trustor has the right to remove items of personal property comprising a part <br />of the Property that become worn or obsolete, provided that such personal property is replaced with <br />other personal property at least equal in value to the replaced personal property, free from any title <br />retention device, security agreement or other encumbrance. Such replacement of personal property will <br />be deemed subject to the security interest created by this Deed of Trust. Trustor shall not partition or <br />subdivide the Property without Beneficiary's prior written consent. Beneficiary or Beneficiary's agents <br />may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the <br />Property. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no <br />way rely on Beneficiary's inspection. <br />13. Use of Property and Related Indemnification. Trustor shall not use or occupy the property subject to this <br />Security Instrument in any manner that would constitute a violation of any state and/or federal laws <br />involving controlled substances, even in a jurisdiction that allows such use by state or local law or <br />ordinance. In the event that Trustor becomes aware of such a violation, Trustor shall take all actions <br />allowed by law to terminate the violating activity. <br />In addition to all other indemnifications, obligations, rights and remedies contained herein, if the <br />Beneficiary and/or its respective directors, officers, employees, agents and attorneys (each an <br />"Indemnitee") is made a party defendant to any litigation or any claim is threatened or brought against <br />Agricultural/Commercial Real Estate Security Instrument -NE <br />© 2024 Wolters Kluwer Financial Services, Inc. <br />All rights reserved. <br />AGCO-RESI-NE 5/1/2024 <br />12405).00 <br />Page 4 of 13 <br />
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