|
200315930
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and
<br />make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration
<br />of the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the occupancy
<br />and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any change in any
<br />license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all
<br />demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the
<br />purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying
<br />a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and
<br />Trustor will in no way rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as attorney
<br />in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall not
<br />create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried
<br />on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the
<br />Property, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in trust for the benefit of
<br />Beneficiary, as additional security all the right , title and interest in and to any and all existing or future leases, subleases, and any
<br />other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals,
<br />modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as
<br />"Rents "). Trustor will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may
<br />collect, receive, enjoy and use the Rents so long as Trustor is not in default under the terms of this Security Instrument.
<br />Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to
<br />notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees that
<br />only on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all future Rents be paid directly to
<br />Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Rents in Trustor's
<br />possession and will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any
<br />amounts collected will be applied as provided in this Security Instrument. Trustor warrants that no default exists under the
<br />Leases or any applicable landlord/tenant law. Trustor also agrees to maintain and require any tenant to comply with the
<br />terms of the Leases and applicable law.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisions
<br />of any lease if this Security Instrument is on a leasehold. 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 condominium or planned
<br />unit development..
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor will be in
<br />default if a breach occurs under the terms of this Security Instrument or any other documents executed for the purpose of creating, securing
<br />or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect to any person or
<br />entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an
<br />event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right
<br />to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Beneficiary may
<br />accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due
<br />and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Beneficiary shall be
<br />entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including
<br />without limitation, the power to sell the Property
<br />ExpereTM (0 1994 Bankers Systems, Inc., St. Cloud, MN Form USB- REDT -NE 9/4/2001
<br />(page 3 of 6)
<br />
|