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<br />preserving the Property, and other necessary expenses. Trustor agrees that this Security Instrument is
<br />immediately effective between Trustor and Beneficiary and effective as to third parties on the recording
<br />of this Assignment.
<br />As long as this Assignment is in effect, Trustor warrants and represents that no default exists under the
<br />Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses
<br />and landlords and tenants. Trustor, at its sole cost and expense, will keep, observe and perform, and
<br />require all other parties to the Leases to comply with the Leases and any applicable law.
<br />If Trustor or any party to the Lease defaults or fails to observe any applicable law, Trustor will promptly
<br />notify Beneficiary. If Trustor neglects or refuses to enforce compliance with the terms of the Leases,
<br />then Beneficiary may, at Beneficiary's option, enforce compliance. Trustor will not sublet, modify,
<br />extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by the
<br />Leases (unless the Leases so require) without Beneficiary's consent. Trustor will not assign,
<br />compromise, subordinate or encumber the Leases and Rents without Beneficiary's prior written consent.
<br />Beneficiary does not assume or become liable for the Property's maintenance, depreciation, or other
<br />losses or damages when Beneficiary acts to manage, protect or preserve the Property, except for losses
<br />and damages due to Beneficiary's gross negligence or intentional torts. Otherwise, Trustor will indemnify
<br />Beneficiary and hold Beneficiary harmless for all liability, loss or damage that Beneficiary may incur
<br />when Beneficiary opts to exercise any of its remedies against any party obligated under the Leases.
<br />16. Condominiums; Planned Unit Developments. If the Property includes a unit in a condominium or a
<br />planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or
<br />regulations of the condominium or planned unit development.
<br />17. Default. Trustor will be in default if any of the following occur:
<br />A. Any party obligated on the Secured Debt fails to make payment when due;
<br />B. A breach of any term or covenant in this Deed of Trust, any prior mortgage or any construction
<br />loan agreement, security agreement or any other document evidencing, guarantying, securing or
<br />otherwise relating to the Secured Debt;
<br />C. The making or furnishing of any verbal or written representation, statement or warranty to
<br />Beneficiary that is false or incorrect in any material respect by Trustor or any person or entity
<br />obligated on the Secured Debt;
<br />D. The death, dissolution, appointment of a receiver for, or application of any debtor relief law to,
<br />Trustor or any person or entity obligated on the Secured Debt;
<br />E. A good faith belief by Beneficiary at any time that Beneficiary is insecure with respect to any
<br />person or entity obligated on the Secured Debt or that the prospect of any payment is impaired or
<br />the Property is impaired;
<br />F. A material adverse change in Trustor's business including ownership, management, and financial
<br />conditions, which Beneficiary in its opinion believes impairs the value of the Property or
<br />repayment of the Secured Debt; or
<br />G. Default shall also exist if any loan proceeds are used for a purpose that will contribute to
<br />excessive erosion of highly erodible land or to the conversion of wetland to produce or to make
<br />possible the production of an agricultural commodity, as provided by 7 CFR Part 12.
<br />18. Remedies on Default. In some instances, federal and state law will require Beneficiary to provide Trustor
<br />with notice of the right to cure, mediation notices or other notices and may establish time schedules for
<br />foreclosure actions. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt
<br />and foreclose this Deed of Trust in a manner provided by law if this Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal
<br />shall become immediately due and payable, after giving notice if required by law, upon the occurrence of
<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 />124051.00
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