|
20'0210370
<br />S. CLAIMS AGAINST TITLE. Truster will pay all faces, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may require Truster to provide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Truster s payment Truster will defend title to
<br />the Property against any claims that would impair the lien of this Security Instrument. Truster agrees to assign to
<br />Beneficiary, as requested by Beneficiary, Buy rights, claims or defenses Truster may have against parties who supply labor
<br />or materials to maintain or improve the Property.
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or
<br />sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This
<br />covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Truster will keep the Property in good condition
<br />and make all repairs that are reasonably necessary. Truster shall not commit or allow any waste, impairment, or
<br />deterioration of the Property. Truster will keep the Property free of noxious weeds and grasses. Truster agrees that the
<br />nature of the occupancy and use will not substantially change without Beneficiary s prior written consent. Truster will not
<br />permit any change in any license, restrictive covenant or easement without Beneficiary s prior written consent. Trustor will
<br />notify Beneficiary of all demands, proceedings, claims, and actions against Truster, and of any loss or damage to the
<br />Property.
<br />Beneficiary or Beneficiary s agents may, at Beneficiary s option, enter the Property at any reasonable time for the purpose
<br />of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying a
<br />reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary s benefit and
<br />Truster will in no way rely on Beneficiary s inspection.
<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or Buy of the covenants contained in this Seeurity
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Truster appoints Beneficiary as
<br />attorney in fact to sign Trustor s name or pay any amount necessary for performance. Beneficiary s right to perform for
<br />Trustor shall not create an obligation to perform, Bud Beneficiary s failure to perform will not preclude Beneficiary from
<br />exercising any of Beneficiary s other rights under the law or this Security Instrument. If any construction on the Property
<br />is discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary s
<br />security interest in the Property, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Truster irrevocably grants, conveys and sells to Trustee, in trust for the
<br />benefit of Beneficiary, as additional security all the right, title and interest in and to any and all existing or future leases,
<br />subleases, and any other written or verbal agreements for the use and occupancy of Buy portion of the Property, including
<br />any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues
<br />and profits (all referred to as "Rents "). Truster will promptly provide Beneficiary with true and correct copies of all
<br />existing and future Leases. Truster may collect, receive, enjoy and use the Rents so long as Truster is not in default under
<br />the terms of this Security Instrument.
<br />Truster acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is
<br />entitled to notify any of Trustor 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 Truster and Tmstor s tenants and make demand that all
<br />future Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary
<br />any payment of Rents in Tmstor s possession and will receive any Rents in trust for Beneficiary and will not commingle
<br />the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Trustor
<br />warrants that no default exists under the Leases or any applicable landlord /tenant law. Tmstor also agrees to maintain and
<br />require any tenant to comply with the terms of the Leases and applicable law.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Truster agrees to comply with the
<br />provisions of any lease if this Security Instrument is on a leasehold. 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 regulations of the
<br />condominium or planned unit development.
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Truster
<br />will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the
<br />purpose of creating, Securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of default.
<br />T�, ) GT- 1 5 -28- 090 111/9]1 !page 3 of 6)
<br />*11884 Banker, Bp[ema. Inc.. St CIoud MN Farm GTM MTGL ZNE 118198 fJ �/ %9 /i�
<br />'ria
<br />
|