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<br />200601807
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<br />13.
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<br />or obsolefe, provided that such personal property is replaced with other personal property at least equal in value to the
<br />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 shall
<br />not partition or subdivide the Property without Beneficiary's prior written consent. Beneficiary or Beneficiary's agents
<br />may. at Beneficiary's option, enter the Property at any reasonable time for thc purpose of inspecting the Property. Any
<br />inspection of the Property shall be entirely, fOf Beneficiary's benefit and Trustor will in no way rely on Beneficiary's
<br />inspection.
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<br />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, Beneficiary
<br />may, without notice, perform the duties or cause them to be performed. Trustor apP?ints Beneficiary as ~tto~ey i~ fact to
<br />sign Trustor's name or pay any amount necessary for performance. If any construction on the Property 1S d1scontmued or
<br />not carried on in a reasonable manner, Beneficiary may do whatever is necessary to protect Beneficiary's security interest
<br />in the Property. This may include completing the construction.
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<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 in
<br />effect from time to time according to the terms of the Evidence of Debt.
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<br />ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells as additional security all the
<br />right, title and interest in and to any and all:
<br />A. Exis~ing or fllture leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br />occupancy or any portion of the Property, including any extensions, renewals, modifications or substirotions of such
<br />agreements (~l referred to as "Leases").
<br />B. ~eqts, ilisues and profits (all referred to. as "Rents"), including but not limited to security deposits, minimlJ1TI rent,
<br />percentag~ _ rjmt, additional rent, common area maintenance charges, parking charges, real estate taxes, other
<br />applicabl~ f~es, insurance premium contributions, liquidated damages following default, cancellation premiums,
<br />"loss of rent~" insurance, revenues, royalties, proceeds, bonuses, and all rights and claims which Trustor may have
<br />that In-any w~y;pertains-to or is on account of the use or occupancy of the whole or any part of thc Property.
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<br />'frUstor wilf"promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may
<br />eoUect, fec~iv~, enjoy and use the Rents so long as Trustor is not in default. Trustor will not collect in advance any Rents
<br />cl.u~ ~ furore lease periods, unless Trustor first obtains Beneficiary's written consent. Upon default. Trustor will receive
<br />any R~nrs in trust for Beneficiary and Trustor will not commingle the Rents with any other funds. Any amounts collected
<br />~!1al!pe npplieQ Ilt peneficiary's discretio.n to payments on the Secured Debt as therein provided, to. costs of managing the
<br />rrop~rty, including, but 110t limited to, all taxes, assessments, insurance premiums, repairs, and commissions to rental
<br />a:,g:,~Js, ~g to. lmr.,()~eJ' n~~essary related expenses including Beneficiary's attorneys' fees, paralegal fees and court costs.
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<br />Tnfsfor ~c1qlqwledgesthl\t - tms assignment is perfected upon the recording of this Deed of Trust and that Bencficiary is
<br />~nti!!e!U~F9J!.fr lIl1~J)LIPlstor's tenants to make payment of rents due or to become due to Beneficiary. However,
<br />~eneficillry agrees tI1at pmy on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all
<br />fu~~e ~~flts-J>(J..p~}4 cfu:~Uy)o ~enefi,ciary. On re~eiving the notice of default, Trustor will endorse and deliver to
<br />aeu!'lficlary any paYlnents ofJ{ent III Trustor's posseSSIOn.
<br />'.~. ."c. ,~~",~',:. ~_"\ '":"~'q.~._ ,. '. ::"'."... ."',
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<br />J'nJ~!9fc()Y~nllIltli thllt nQ ~efault exists under the Leases or any applicable landlord law. Trustor also covenants and agrees
<br />to JUJUntaln, and to require the tenants to comply with, the Leases and any applicable law. Trustor will promptly notify
<br />J.lei1.eficiary ~f anyJlonCoJ?1pliance. If Trustor negl~ts or refuses to enforce compliance with the terms of the Leases, then
<br />Beneficil!l'Y may, at Beneficiary's option, enforce compliance. Trustor will obtain Beneficiary's written authorization
<br />bl(fQre TwstQr PQ~ents tOBublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Property
<br />coverj'ld by ~ucb J..eases (unless the Leases so require), or to assign, compromise or encumber the Leases or any furore
<br />Rl'nts. Trustofwi11_ no14 Beneficiary harmless and indemnify Beneficiary for any and all liability, loss or damage that
<br />Bene.ftcil!fY IUay F~~r as 'a ponsequence of the assignment under this section.
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<br />r;QNDO~i l'~D UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a
<br />planne4 ullH develoR1l1ent. Tl11stor will perform all of Trustor's duties under the covenants, by~laws, or regulations of the
<br />~'OMQiriini\l~ pr p~~eq1Jg~t d~yelopmellt.
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<br />........ ,-~... '~.r" ,'"" . .'........ ,~, " . "<:~.;.JI!.o
<br />DEf4UQ\ Tf\l~iqi<wp.-f~~'4l4~fl!,!!lt if any of the following occur:
<br />A. Anyplirty. o~lig~te~p.BJh~ Secured Debt fails to make payment when due;
<br />a.. A breach of iiUY terp:1or coy~nant in this Deed of Trust, any prior mortgage or any construction loan agreement,
<br />" _ liecprity agreeineIlt '.Q~ anY other document evidencing, guarantying, securing or otherwise relating to the Secured
<br />Pebt; '--;'. ,
<br />G._ Tq~ij1ald.ng prfqrm~p~~g Qf;my verbal or written representation, statement or warranty to Beneficiary that is false
<br />. or inCprregt ill !lUY ~t~ial respect by Trustor or any person or entity obligated on the Secured Debt;
<br />n. The qelltlI, qissQIMtloll,.appointment of a receiver for, or application of any debtor relief law to, Trustor or any
<br />per~!!n. 9J' entity ob~ig~t~d-pn the Secured Debt;
<br />E. A good faith belief by ~~eficiary 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 impaired;
<br />F. A matep..u adverse change in Trustor's business including ownership, rnaitagement, 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 erodible land or to the
<br />co.:Q.version of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart
<br />G,Exhibit M.
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<br />REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />:Q.otice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions.
<br />Subject to these limitations, if 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.
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<br />14.
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<br />l~,
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<br />16.
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<br />17.
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<br />~01993 aankors Sv",oms.lnc.. St. Claud, MN Form AG/CQ-OT-NE 1130/2002
<br />~-C164INEJ 103071
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