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200205697
<br />or obsolete, provided final such personal property is replaced with other personal property at least equal in value to [lie
<br />replaced personal property, free from any title retention device, security agreement or other encumbrance. Such
<br />replacement of personal properly will be deemed subject on the security interest created by [his Decd of Trust. Truster shall
<br />not partition or subdivide the Properly without Beneficiary's prior written consent Beneficiary or Beneficary's agents
<br />may, at Beneficiary's option, enter the Properly At any reasonable tune for the purpose of inspecting the Property. Any
<br />inspection of the Property shall he entirely for Beneficiary's benefit and 'fmslor will in no way rely on Beneficiary's
<br />inspection.
<br />13. AUTHORPPY TO PERFORM. If Truster fails m perform any of Trustor's duties under this Deed of'fmsl, or any other
<br />mortgage, deed of trust, security agreement or other lieu document that has priority over this Deed of Trust, Bcncficiary
<br />may, without notice, perform the duties or cause them to be performed. Truslor appoints Beneficiary as attorney in fact m
<br />sign 'I rustor's name or pay any amount necessary for performance. If any cofstmetiun tin the Property is disconunued or
<br />,n al carried on in a reasonable triumvir, Bcncficiary 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 'I'mstof 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 [lie law or this Died 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 firm[ tune to tune according to the terns of the Evidence of Debt.
<br />14. ASSIGNMENT OF LEASES AND RENTS. Truster irrevocably grants, 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 agreements for the use and
<br />occupancy of any portion of the Property, including any extensions, renewals, modifications or suhslautrow of
<br />such agreements (all referred In as "Loses')_
<br />B. Rents, issues and profits (all referred to as 'Bents "), including but not limited to security deposits, HAM11Nll] rent,
<br />percentage left, additional rent, conunon area maintenance charges, parking charges, [cal estate taxes, utlnr
<br />applicable taxes, insurance premium contributions, liquidated damages following default, cancellation premiums,
<br />"loss of tents" insurance, revenues, royalties, proceeds, bonuses, and all rights and claims which 'fmslor 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 />'I rustnr will promptly provide Beneficiary with true and tonsil copies of all existing and future Leases. Tmstor may
<br />collect, receive, enjoy and use the Rents so long as 'frustor is not in default 'Roster will not collect in advance any Rents
<br />due in future lease periods, unless 'I'mstor first obtains Beneficiary's written consent. Upon default, Truslor will receive
<br />any Rents in trust for Beneficiary and Truster will not commingle the Rents with any other funds. Any amounts collected
<br />shall he applied at Reneficiary's diserelton to payments nn the Secured Debi 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 />Truslor aeknowledigcs that this assignment is perfaAcd upon the recording of this Deed of ['rust and Thal Bcncficiary is
<br />entitled lo nolify any of Trustor's Icnnnls to make payment of rents due or to become due to Beneficiary _ However,
<br />Beneficiary agrees that only on default will Beneficiary notify 'frustor and 'I roster's tenants and make demand that AB
<br />future Rents be paid directly to Beneficiary. On receiving the notice of default, Truster will endorse and deliver to
<br />Beneficiary Any payments of Rent in Trus'lor's possession
<br />'frustor covenants that no default exists under the Leases or any applicable landlord law. 'frustor also covenants and agrees
<br />to maintain, and to require the tenants to comply with, the Leases and any applicable law. Trusms will promptly nolify
<br />Beneficiary of any noncompliance. If frustor neglects or refuses m enforce compliance with the terms of the Leases, then
<br />Beneticary may, at Reneficiary's option, enforce compliance. Truster will obtain Beneficiary's written aulhodzation
<br />before 'I rustor consents m sublet, modify, cancel, or otherwise alter the [,cases, to accept the surrender Of the Property
<br />covered by such Leases (unless the ],cases so require), or to assign, cmnprumlise Or encumber the Lcases or any future
<br />Rents. Truster will hold Beneficiary harmless and indemnify Beneficiary lot any and all liability, less or damage that
<br />Bcncficiary may incur as a consequence of the assignment under (his section.
<br />15, CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. if the Property includes a unit in A condominium or a
<br />planned unit development, Truslor will pmforn all of Trusfor's duties under the 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 ouour
<br />A. Any party ohligated on the Secured Debt fails to make payment when due;
<br />B. A breach of any term or covemvl in this Deed of 'frost, any prior mortgage or any constructieu loan agrceurcut,
<br />security agreement or any other document evidencing, guarantying, securing or Otherwise relaling In the Secured
<br />])chi;
<br />C. 'Fite making or furnishing of any verbal or wriden representation, sontantnl m warranty to Beneficiary that is false
<br />nr incorrect in any material respect by Trustor or any person or entity obligated on the Secured Debt;
<br />D_ The death, dissolution, appointment of A receiver for, Or application of any debtor relief law to, 'frustor or any
<br />person or caity obligated on the Secured Debt.
<br />E. A good faiW belief by Beneficiary al any time that Bcncficiary is insecure with respect to Any person or entity
<br />ohligated on the Secured Debi or Thal the prospect of any payment is impaired or the Property is tmpaircd;
<br />I'_ A material adverse change tu'1'roster's business including ownership, management, and financial conditions, which
<br />Beneficiary in its Opinion believes wpaim the value of the Property or repayment of the Secm'ed Debt; or
<br />G7 Arty loan proceeds are used for a purpose that will contribute to excessive erosion of highly crodihle land or to the
<br />conversion of wetlands to produce an agricultural commodity, as further explained in 7 CF R_ Part 1940, Subpart
<br />G, Lxhtbtl M.
<br />17. REMEDIES ON DEFAULT. In sewe instaners, federal and stane law will require Beneficiary In provide Truslor with
<br />notice of the right to cure, mediation notices or other notices and may establish time schedules for torcelusure actions_
<br />Subject to these limitations, it any, Beneficiary may accelerate the Secured Debt and foreclose this Decd of Trust in a
<br />manner provided by law if the' rI' castor is in default
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