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<br />restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of this section, the term
<br />"Property" also includes any interest to all or any part of the Property. This covenant shall run with the Property and
<br />shall remain in effect until the Secured Debt is paid in full and this Deed of Trust is released.
<br />10. TRANSFER OF AN INTEREST IN THE GRANTOR. If Trustor is an entity other than a natural person (such as a
<br />corporation or other organization), Beneficiary may demand immediate payment if (1) a beneficial interest in Trustor is
<br />sold or transferred; (2) there is a change in either the identity or number of members of a partnership; or (3) there is a
<br />change in ownership of more than 25 percent of the voting stock of a corporation. However, Beneficiary may not
<br />demand payment in the above situations if it is prohibited by law as of the date of this Deed of Trust.
<br />11. ENTITY WARRANTIES AND REPRESENTATIONS. If Trustor is an entity other than a natural person (such as a
<br />corporation or other organization), Trustor makes to Beneficiary the following warranties and representations which
<br />shall be continuing as long as the Secured Debt remains outstanding:
<br />A. Trustor is an entity which is duly organized and validly existing in the Trustor's state of incorporation (or
<br />organization). Trustor is in good standing in all states in which Trustor transacts business. Trustor has the
<br />power and authority to own the Property and to carry on its business as now being conducted and, as
<br />applicable, is qualified to do so in each state in which Trustor operates.
<br />B. The execution, delivery and performance of this Deed of Trust by Trustor and the obligation evidenced by the
<br />Evidence of Debt are within the power of Trustor, have been duly authorized, have received all necessary
<br />governmental approval, and will not violate any provision of law, or order of court or governmental agency.
<br />C. Other than disclosed in writing Trustor has not changed its name within the last ten years and has not used any
<br />other trade or fictitious name. Without Beneficiary's prior written consent, Trustor does not and will not use any
<br />other name and will preserve its existing name, trade names and franchises until the Secured Debt is satisfied.
<br />12. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and make
<br />all repairs that are reasonably necessary. Trustor will give Beneficiary prompt notice of any loss or damage to the
<br />Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor will not initiate, join in or consent
<br />to any change in any private restrictive covenant, zoning ordinance or other public or private restriction limiting or
<br />defining the uses which may be made of the Property or any part of the Property, without Beneficiary's prior written
<br />consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor or any other
<br />owner made under law or regulation regarding use, ownership and occupancy of the Property. Trustor will comply with
<br />all legal requirements and restrictions, whether public or private, with respect to the use of the Property. Trustor also
<br />agrees that the nature of the occupancy and use will not change without Beneficiary's prior written consent.
<br />No portion of the Property will be removed, demolished or materially altered without Beneficiary's prior written consent
<br />except that Trustor has the right to remove items of personal property comprising a part of the Property that become
<br />worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value
<br />to the 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 Trust. Trustor
<br />shall not partition or subdivide the Property without Beneficiary's prior written consent. Beneficiary or Beneficiary's
<br />agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the
<br />Property. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on
<br />Beneficiary's inspection.
<br />13. AUTHORITY TO PERFORM. If Trustor fails to perform any of Trustor'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,
<br />Beneficiary may, without notice, perform the duties or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. If any construction on the
<br />Property is discontinued or not carried on in a reasonable manner, Beneficiary may do whatever is necessary to protect
<br />Beneficiary's security interest in the Property. This may include completing the construction.
<br />Beneficiary's right to perform for Trustor 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 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
<br />in effect from time to time according to the terms of the Evidence of Debt.
<br />14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit
<br />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 />15. DEFAULT. Trustor 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 Deed of Trust, any prior mortgage or any construction loan agreement,
<br />security agreement or any other document evidencing, guarantying, securing or otherwise relating to the
<br />Secured Debt;
<br />1-,(6� (Page 3 0/ 81
<br />� ©1993, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO - RESI -NE 3/1/2002
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