200201017
<br />or obsolete, provided that such personal property is replaced with other peraoual property at least equal in value to the
<br />replaced personal property, free from any title retention device, security agreerment or Other eucwnbrance. Such
<br />replacement of personal property will be deemed subject to the security interest created by this Deed of Trust. Tmstor shall
<br />not partition or subdivide the Property without Beneficiary's prior written consent. Threficiary Or Beneficiary's agents
<br />may, at Beneficiary's option, enter the Property at any reasonable time for the purpose oaf inspecting the Property. Any
<br />inspection of the Property shall be entirely for Beneficiary's benefit and fresher will in no way rely on Beneficiary's
<br />inspection.
<br />13. AUTHORITY TO PERFORM. If Truster fails to perfonu any of Trster's duties under this Deed of Trost, or any other
<br />mortgage, deed of trust, security agreement or other lien document that has priority over this Deed of Trust, Beneficiary
<br />may, without notice, pelfom the duties or cause them to be performed. 'Icwtor appoints Beneficiary as attorney in fact to
<br />sign Trustee's more or pay any amount necessary for performance if any consrmcrion on the Property is discontinued or
<br />not carried on in a reasonable manner, Beneficiary may do whatever is necessary m protect Beneficiary's security interest
<br />in the Property. This may include completing the construction.
<br />Beneficiary's right to perform for founder 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 Decd of Trost. Any
<br />arrro tuts paid by Beneficiary for insuring, preserving or otherwise protecting the Property and Beneficiary's security
<br />interval 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 time to time according to the terns of the Evidence of Debt.
<br />14. ASSIGNMENT OF LEASES AND RENTS. Toaster irrevocably grams, conveys and sells as additional security all the
<br />right, title and interest in and to any and all
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreernems for the use and
<br />occupancy of any portion of the Property, including any extensions, renewals, nmdificatinew Or substitutions of
<br />such agreements (all referred to as Leases'),
<br />B. Rents, issues and profit (ail referred to as "Rents "), including but not lunited to security deposits, minimum, rent,
<br />percentage rem, additional rem, common area maintenance charges, parking charges, real estate taxes, other
<br />applicable taxes, insurance preen bun contributions, liquidated damages following default, cancellation premimrs,
<br />"loss of runts" insurance, revenues, royalties, proceeds, bonuses, and all rights and claims which Trustor may have
<br />that in any way perahn m or is or account of the use or occupancy of the whole or any part of the Property.
<br />Truster will promptly provide Beneficiary with tine and correct copies of all existing and future Leases. Truster may
<br />collect, receive, enjoy and use the Rents .se long as Tmstor is not in default. Treater will not collect in advance any Rems
<br />due in future lease periods, unless 'Toaster first obtains Beneficiary's written consent. Upon default, Trustor will receive
<br />any Rems in trust for Bcneliciary and Truster will nut culmnlngle the Rams with any other funds. Any amounts collected
<br />shall be applied at Beneficiary's discretion tot payments on the Secured Debt as therein provided, to costs of managing the
<br />Property, including, but wt limited m, all taxes, assessments, insurance premiums, repairs, and commissions to rental
<br />agents, and to any other necessary related expenses includiug Beneficiary's attorneys' fees, paralegal fees and color costs.
<br />Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trost and that Beneficiary is
<br />entitled to notify any of Truster's tenants to make payment of reins due or to become due to Beneficiary. However,
<br />Beneficiary agrees that only on default will Beneficiary notify Tmstor and Trusmr's teuauts and ,rake demand that all
<br />future Rents be paid directly to Beneficiary. On receiving the notice of default, Tmstor will endorse and deliver to
<br />Beneficiary any payments of Rem in Truster's possession.
<br />'Tmstor eoveowms that not default exists under the Leases or any applicable landlord law. Toaster also covenants and agrees
<br />to maintain, and to require the tewnts to comply with, the Leases and any applicable law. Truster 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. Truster will obtain Beneficiary's written authorization
<br />before Truster consent., to sublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Triplicity
<br />covered by such Leases (unless the Leases so require), Or to assign, compromise or encumber the Leases Or any future
<br />Rents. Tmstor will hold Bcneliciary harmless and inde imly Beneficiary for any and all liability, loss or damage that
<br />Beneficiary may incur as a consequence of the assignment under this section.
<br />15. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a
<br />planned unit development, Toaster will perform all of truster's duties under the covenants, by -laws, or regulations of the
<br />condominium or planned unit development.
<br />16. DEFAULT. Truster 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 neon or covenant in this Deed 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 />Dcht;
<br />C. The making Or furnishing Of any verbal Or written representation, statement Or wartalny to Beneficiary that is false
<br />or incorrect in any material respect by Truster or any person or entity obligated on the Secured Debt;
<br />I). The death, dissolution, appiumliela of a receiver for, or application of any debtor relief law [o, Truster or any
<br />person or entity obligated on the Secured Deht;
<br />E. 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 Toaster's husinuss including Ownership, management, and financial conditions, which
<br />Beneficiary in its opinion believes imparts the value of the Property or repayment of the Secured Debt; or
<br />G. Any loan proceeds me 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 />G, Exhibit M.
<br />17. REMEDIES ON DEFAULT. In some matamces, federal and .state law will require Beneficiary to provide Tmstor with
<br />notice of the right to cure, mediation notices or other notices and may establish tunic schedules for foreclosure actions.
<br />Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose ibis Deed of Trust in a
<br />roamer provided by law it'this Trustor is in default.
<br />�,c� cp 01999 aen4vn5Y9vma, Inc.,SC CIauE, MN Farm PULL -04NE 3R /Roll
<br />f.t i
<br />
|