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<br />~ '; <br /> <br />200602160 <br /> <br />........ <br /> <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 /> <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 follow ing 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 m which Trustor transacts business. Trustor has the <br />power and authority to ow n the Property and to carryon 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 w ill 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 <br />any other trade or fictitious name. Without Beneficiary's prior written consent, Trustor does not and w ill not <br />use any other name and will preserve its existing name, trade names and franchises until the Secured Debt is <br />sat isfied. <br /> <br />12. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor w ill keep the Property in good condition <br />and make all repairs that are reasonably necessary. Trustor will give Beneficiary prompt notice of any foss or damage <br />to the Property. Trustor w ill keep the Property free of noxious weeds and grasses. Trustor w ill not mitiate, join in or <br />consent to any change in any private restrictive covenant, zoning ordinance or other pUblic or private restriction <br />limiting or defining the uses which may be made of the Property or any part of the Property, without Beneficiary's <br />prior w rilten consent. Trustor w ill notify Beneficiary of all demands, proceedingl?, claims, and actiolls against Trl,J~tor <br />or any other owner made under law or regulation regarding use, ow nership aria-occupancy of the Property. Trustor will <br />comply with all legal requirements and restrictions, whether public or private, with respect to the use of the Property. <br />Trustor also agrees that the nature of the occupancy and use w ill not change without Beneficiary's prior written <br />consent. <br /> <br />No portion of the Property w ill be rem oved, dem olished or materially altered without Beneficiary's prior w ritlen <br />consent except that Trustor has the right to remove items of personal property comprising a part of the Property that <br />becom e worn or obsolete, provided that such personal property is replaced with other personal property at least equal <br />in value to the replaced personal property, free from any title retention device, security agreement or other <br />encumbrance. Such replacement of personal property w ill be deemed subject to the security interest created by this <br />Deed of Trust. Trustor shall not partition or subdivide the Property without Beneficiary's prior written consent. <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. Any inspection of the Property shall be entirely for Beneficiary's benefit and <br />Trustor w ill in no way rely on Beneficiary s inspection. <br /> <br />13. AUTHORITY TO PERFORM. If Trustor fails to perform any of Trustor's duties under this Deed of Trust, or any <br />other 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 m a reasonable manner, Beneficiary may do whatever is necessary to <br />protect Beneficiary's security interest in the Property. This may include com pleting the construction. <br /> <br />Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform <br />w ill 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 otherw ise protecting the Property and Beneficiary's security <br />interest w ill be due on demand and w ill 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 /> <br />14. ASSIGNM ENT OF LEASES AND RENTS. Grantor irrevocably assigns, grants and conveys to Lender as additional <br />security all the right, title and interest in the follow ing (Property). <br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use <br />and occupancy of the Property, including but not lim ited to, any extensions, renewals, modifications or <br />replacem ents (Leases). <br />8. Rents, issues and profits, including but not limited to, security deposits, minimum rents, percentage rents, <br />additional rents, common area maintenance charges, parking charges, real estate taxes, other app,licable taxes, <br />insurance premium contributions, liquidated damages following default, cancellation premiums, 'loss of rents" <br />insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general <br />intangibles, and all rights and claims which Grantor may have that in any way pertain to or are on account of <br />the use or occupancy of the w hole or any part of the Property (Rents). <br />In the event any item listed as Leases or Rents is determ ined to be personal property, this Assignment w ill also be <br />regarded as a security agreement. <br /> <br />Grantor w ill prom ptly provide Lender with copies of the Leases and w ill certify these Leases are true and correct <br />copies. The existing Leases w ill be provided on execution of the Assignment, and all future Leases and any other <br />information with respect to these Leases w ill be provided immediately after they are executed. Grantor may collect, <br />receive, enjoy and use the Rents so long as Grantor is not in default. Grantor w ill not collect in advance any Rents due <br />in future lease periods, unless Grantor first obtains Lender's written consent. Upon default, Grantor will receive any <br />Rents in trust for Lender and Grantor w ill not com mingle the Rents with any other funds. When Lender so directs, <br />Grantor w ill endorse and deliver any payments of Rents from the Property to Lender. Amounts collected w ill be <br />applied at Lender's discretion to the Secured Debts, the costs of managing, protecting and preserving the Property, <br />and other necessary expenses. Grantor agrees that this Security Instrument is im mediately effective between Grantor <br />and Lender and effective as to third parties on the recording of this Assignment. <br /> <br />Loan Number 1667056 <br /> <br />~ 01993,2001 Benkers Systems. Ino" St. Cloud. MN Form AGCQ-RESI-NE 1117/2003 <br />e.C59 5(NE) (0307).01 <br />i:!> <br /> <br />T/2 <br />r <br /> <br />(page 3 of 8) <br />