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<br />or obsolete, provided that such personal properly is replaced with other personal property at least equal in value to the
<br />replaced personal property, free from any tine 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 shall
<br />not partition or subdivide the Property without Beneficiary's prior written consent. Beneficiary of Beneficiary's agents
<br />may, at Beneficiary's option, enter the Properly 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 'I roster fails to perform any of 'I 'roster's duties under this Deed of Trust, or any other
<br />mortgage, deed of trust, security agreement or other lien document that has priority over this Deed of Trust, BencGciary
<br />may, without notice, perform the duties or cause them to be perfurawd. Trustor appoints Beneficiary as attorney in fact to
<br />sign Trusterr's name or pay any amount necessary for performance. If any construction on the Property is discontinued or
<br />not carried on in u reasonable manner, 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 Trustor shall not create an obligation m 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 Deed of Trost. 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 unto paid in full at the interest rate in
<br />effect from time to fine according to the terms of the Evidence of Debt.
<br />14. ASSIGNMENT OF LEASES AND RENTS. Trushm irrevocably grarns, 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 substiWlinns of
<br />such agreements (all referred to as "I.uases ").
<br />B. Rents, issues and profits (all reterred to as "Rents "), including but not limited to security deposits, minimum rent,
<br />percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other
<br />applicable taxes, insurance premium 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 pertaias to or is on account of the use or Occupancy of the whole or any part of the Property.
<br />Truslor will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Truslor may
<br />collect, receive, enjoy and use the Rents so long as Truster is not in default, Trustor will not collect in advance any Rents
<br />due in future lease periods, unless 'I rustor first Obtains Beneficiary's written consent. Upon default, Trustor will receive
<br />any Rents in trust for Beneficiary and Trustor will not commingle the Rents with any other funds. Any amounts collected
<br />shall he applied at Beneficiary's discrclion to payments on the Secured Debt as therein provided, to costs of managing the
<br />Properly, 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 />Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneticiary is
<br />entitled to notify any of 'I'rstor'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 Trustor's tenants and nuke dennaud that all
<br />I.(.,. Rents be paid directly to Beneficiary. On receiving the notice of default, Truslnr will endorse and deliver to
<br />Beneficiary any payments of Rent in Tmsmr's possession.
<br />Trustor covenants that no default exists under the Leases or any applicable landlord law. Trustor also covenants and agrees
<br />to main Win, and to require the tenants to comply with, the Leases and any applicable law. Truslor wilt promptly notify
<br />Beneficiary of any noncompliance. If Trustor neglects or refuses to enforce compliance with the terms of Zestfully then
<br />Beneficiary may, at Beneficiary's option, enforce compliance. 'Truslor will obtain Beneficiary's written authorization
<br />before Trustor consents to sublet, modify, cancel, Or otherwise alter the Leases, N accept lire surrender of the Property
<br />covered by such Leases (unless the Leases so require), or to assign, compromise or encumber the Leases or any future
<br />Rents. 'Trustor will hold Beneticiary harmless and indemnify 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, 'I rustor will perform all of I rustor's duties under the covenants, by -laws, or regulations of the
<br />condominium or planned unit development.
<br />16. DEFAULT. Trustor will he in default if any of the following occur:
<br />A. Any parry obligated on the Secured Debt fails to make payment when due;
<br />B. A breach of any ter[ or covenant in this Deed of Trust, any prior mortgage Or any construction loan agreement,
<br />security agreement or any other document evidencing, guaranlying, 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 Deht;
<br />D. The death, dissolution, appointment 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 />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 unpaired;
<br />F. A material adverse change in Trustor's business including ownership, management, and financial conditions, which
<br />Beneficiary in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or
<br />G. Any loan proceeds are used for a purpose that will contribute to excessive erosion Of highly modihlc land or to the
<br />emvcrsion Of wetlands to produce an agricultural commodity, as further explained in 7 C.P.R Pan 1940, Subpart
<br />G, Exhibit M.
<br />17. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />notice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions.
<br />Subject W these limitations, it any, Beneficiary may accelerate the Secured Debt and foreclose this Deed of Trust, in a
<br />manner provided by Law if this Trustor is in default.
<br />page 3 0f 6
<br />F iC/L� O 1993 BnnkevI,— Inc,.m 11-1, No 1—we le DT -Nr 11,1 1
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