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200200650
<br />or obsolete, provided that such personal property is replaced with other personal property at least equal in value to the
<br />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 Trost Trustor shall
<br />not partition or subdivide the Property without Beneficiary's prior written consent Beneficiary or Beneficiary's agents
<br />may, at Beneficiary'.¢ option, enter the Property at any reasonable time for the purpose of inspecting the Property. Any
<br />inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's
<br />inspection.
<br />13. AUTHORITY TO PERFORM. If Trustor fails to perform any of Trustor's duties under [his Decd of Trust, or any other
<br />mortgage, deed of trust, security agreement or other two document that has priority over this Deed of Trust, Beneficiary
<br />may, without notice, perform the duties or cause [hem to he performed. Trustor appoints Beneficiary as attorney in fact to
<br />sign TmNlor's name or pay any amount necessary for performance. If any construction on the Properly is discontinued or
<br />not carried on in a reasmable matter, Beneficiary may do whatever is necessary to protect Beneficiary's security interest
<br />in the Property. This may include completing the construction,
<br />Beneficiary's right to perform for Ttustor shall Out create an obligation to perform, and Beneficiary's failure to perform
<br />will not preclude Beneficiary from excruisiue any of Beneficiary's other rights under the law or this Deed 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 demand and will bear interest from the date of the payment until paid in full at the interest rate in
<br />effect from tune to time according to the terms of the Evidence of Debt.
<br />14. ASSIGNMENT OF LEASES AND RENTS. Traitor irrevocably grants, conveys and sells as additional security all the
<br />right, title and iateresl in and to any and all:
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br />occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of
<br />such agrccmculs all refitted to as "Leases ")
<br />It Rents, issues and profits (all referred to as "Rents "), including but or limited to security deposits, minir ana rent,
<br />percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other
<br />applicable taxes, insurance prentiunt contributions, liquidated damages following default, cancellation premiums,
<br />"loss of rents" insurance, revenues, royalties, proceeds, bonuses, and all rights and claims which Truster 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 />Tmstor will promptly Provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may
<br />collect, receive, enjoy and use the Rents so long as Trustor is not in default Trustor will out collect in advance any Rents
<br />due in future lease periods. unless 'Trustor first obtains Beneficiary 's written consent. Upon default, Trustor will receive
<br />any Rents in trust for Beneficiary and 'Tmstor will not commingle the Rents with any other funds. Any amounts collected
<br />shall he applied at Beneficiary's discretion to payments on the Secured Debt as therein provided, to costs of managing the
<br />Property, including, but not limited to, all taxes, assessments, insurance premiums, repairs, and commissions to rental
<br />agents, and to any other necessary related expenses including Beneficiary's attorneys' fees, paralegal fees and court costs.
<br />Tmstor acknowledges that this assignment is perfected upon the retarding of this Deed of Trust and that Beneficiary is
<br />entitled to notify any of 'I castor's tenants to make payment of rents due or to become due to Beneficiary. However,
<br />Beneficiary agrees that only on default will Beneficiary notify Trustor and Truslor's tenants and make demand that all
<br />future Rents be paid directly to Beneficiary - Da receiving the notice of default, Trustor will endorse and deliver to
<br />Beneficiary any payments of Rent in'I'mstots possession.
<br />Truant covenants that no default exists under the Leases or any applicable landlord law. Trustor also covenants and agrees
<br />I. mordiuu, and to require the tenants to comply with, the Leases and any applicable law. 'Tmstor will promptly notify
<br />Beneficiary of any noncompliance. If Trustor neglects or refuses to enforce compliance with the terms of the Leases, then
<br />Beneficiary may, at Beneficiary's option, enforce compliance. Trustor will obtain Beneficiary's written authorization
<br />before Truster consents to sublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Poperty
<br />covered by such Leases (mdess the Leases so require), or to assign, compromise Or cucumber the Leases or any future
<br />Rents. 'Trustor will hold Beneficiary harmless and indemnify Bcnefleiary for any and all liability, loss or damage that
<br />Beneficiary may incur as a consequence of the assignment under this section.
<br />15_ CONDOAUNIUMSI PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a
<br />planned unit development, 'Trustor will perform all of'frustor's dudes under [he. covenants, by -laws, or regulations of the
<br />condominium or planned unit development.
<br />16. DEFAULT. Tmstor 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 Decd of Trost, any prior mortgage or any construction loan agreement,
<br />security agreement or any other document evidencing, guarantying, securing or otherwise relating to the Secured
<br />Debt;
<br />C. The making or furnishing of any verbal or written representation, statement or warranty to Beneficiary that is false
<br />or incorrect in any material respect by Trustor or any person or entity obligated on the Secured Debt;
<br />D. The death, dissolution, appointmem 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 />13. A good faith belief by Beneficiary at any time that Beneficiary is insecure with respect to any person or entity
<br />obligated on the Secured Debt or that the prospect of any payment is impaired or the Property is impaired;
<br />F. A material adverse change in'I'msmr's business including ownership, management, and financial conditions, which
<br />Beneficiary to its opinion believes impairs the value of the Property or repayment of the Secured Debq or
<br />G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the
<br />conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart
<br />O, Exhibit M,
<br />17. REMEDIES ON DEFAULT. to some instances, federal and stale law will require Beneficiary to provide Trustor with
<br />notice of the tight to cure, mediation notices Or other notices and may establish lime schedules fur foreclosure actions.
<br />Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and fortelOse this Decd Of Trust to a
<br />manner provided by law if this Trustor is in default.
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