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200301540 <br />restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of this section, the term <br />"Property" also includes any Interest to all or any part of the Property. This covenant shall run with the Property and <br />shall remain in effect until the Secured Debt is paid in full and this Deed of Trust is released. <br />10. TRANSFER OF AN INTEREST IN THE GRANTOR. If Truster is an entity other than a natural parson (such as a <br />corporation or other organization), Beneficiary may demand immediate payment If (1) a beneficial interest in Truster is <br />said or transferred; (2) there Is a change in either the identity or number of members of a partnership; or (3) there Is a <br />change In ownership of more than 25 percent of the voting stork of a corporation. However, Beneficiary may not <br />demand payment in the above situations if it is prohibited by law as of the date of this Deed of Trust. <br />11. ENTITY. WARRANTIES AND REPRESENTATIONS. If Trustor is an entity other then a natural person (such as a <br />corporation or other organization), Truster makes to Beneficiary the following warranties and representations which <br />shall be continuing as long as the Secured Debt remains outstanding: <br />A. Truster is an entity which is duly organized and validly existing In the Trustor's state of incorporation (or <br />organization). Truster is in good standing in all states In which Trustor transacts business. Truster has the <br />power and authority to own the Property and to carry on its business as now being conducted and, as <br />applicable. is qualified to do so in each state in which Truster operates. <br />B. The execution, delivery and performance of this Deed of Trust by Truster and the obligation evidenced by the <br />Evidence of Debt are within the power of Trustor, have been duly authorized, have received all necessary <br />governmental approval, and will not violate any provision of law, or order of court or governmental agency. <br />C. Other than disclosed in writing Trustor has riot changed Its name within the last ten years and has not used any <br />other trade or fictitious name. Without Beneficiary's prior written consent, Trustor does not and will not use any <br />other name and will preserve its existing name, trade names and franchises until the Secured Debt is satisfied. <br />12. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. I rustor will keep the Property in good condition and make <br />all repairs that are reasonably necessary. Trustor will give Beneficiary prompt notice of any loss or damage to the <br />Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor will not initiate, join in or consent <br />to any change in any private restrictive covenant, zoning ordinance or other public or private restriction limiting or <br />defining the uses which may be roads of the Property or any part of the Property, without Beneficiary's prior written <br />consent, Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor or any other <br />owner made under law or regulation regarding use, ownership and occupancy of the Property. Trustor will comply with <br />all legal requirements and restrictions, whether public or private, with respect to the use of the Property. Trustor also <br />agrees that the nature of the occupancy and use will not change without Beneficiary's prior written consent. <br />No portion of the Property will be removed, demolished or materially altered without Beneficiary's prior written consent <br />except that Trustor has the right to remove items of personal property comprising a part of the Property that become <br />worn or obsolete, provided that such personal property is replaced with other personal properly at lead equal in value <br />to the replaced personal property, free from any title retention device, security agreement or other encumbrance. Such <br />replacement of personal property will be deemed subject to the security interest created by this Deed of Trust. Trustor <br />shall not partition or subdivide the Property without Beneficiary's prior written consent. Beneficiary or Beneficiary's <br />agents 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 way rely on <br />Beneficiary's inspection. <br />13. AUTHORITY TO PERFORM. If Trustor falls to perform any of Trustor's duties under this Deed of Trust, or any other <br />mortgage, dead of trust, security agreement or other lien document that has priority over this Deed of Trust, <br />Beneficiary may, without notice, perform the duties or cause them to be performed. Trustor appoints Beneficiary as <br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. If any construction on the <br />Property is discontinued or not carried on in a reasonable manner. Beneficiary may do whatever is necessary to protect <br />Beneficiary's security interest in the Property. This may Include completing the construction. <br />Benefiriary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform <br />will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or this Dead of Trust. Any <br />amounts paid by Beneficiary for insuring, preserving or otherwise protecting the Property and Beneficiary's security <br />interest will be due on dermand and will bear Interest from the date of the payment until paid in full at the interest rate <br />in effect from time to time according to the terms of the Evidence of Debt. <br />14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit <br />development, Trustor will perform all of Iroster's duties under the covenants, by laws, or regulations of the <br />condominium or planned unit development. <br />15. 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 loan agreement, <br />security agreement or any other document evidencing, guarantying, securing or otherwise relating to the <br />Secured Debt; <br />-ro . (Oe9"n 3 �U of e) <br />F�r�"nI9oa xnor a. t.sv:.am,i ". s. na snaooi _ 7` <br />