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<br />200601807
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<br />RE-RECORDED "
<br />200602528
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<br />13.
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<br />or obsolete, 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 I s agents
<br />may, at Beneficiary's option, enter the Property 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.
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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 appoints Beneficiary as attorney in fact to
<br />sign Trustor's name or pay any amount necessary for performance. If any construction on the Property is discontinued 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 perfonn
<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 fIlture 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 substitutions of such
<br />agreements (all referred to as "Leases").
<br />B. ~ents, ilisues and profits (all referred to as "Rents"), including but not limited to security deposits, minimum rent,
<br />percentagerpnt, additional rent, commo~ area maintenance charges, parking charges, real estate taxes, other
<br />applicable !~es, insurance premium contributions, liquidated damages following default, cancellation premiums,
<br />"loss of rents" insurance, revenues, royalties, proceeds, bonuses, and all rights and claims which Trustor may have
<br />that In. any WllY' pertains. to or is on account of the use or occupancy of the whole or any part of the Property.
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<br />'f111stor wU(promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may
<br />collectl rec~ive, enjoy and use the Rents so long as Trustor is not in default. Trustor will not collect in advance any Rents
<br />4ue in fUture leaSe periods, unless Trustor first obtains Beneficiary's written consent. Upon default, Trustor will receive
<br />any Ihints ill- trust for Beneficiary and Trustor will not commingle the Rents with any other funds. Any amounts collected
<br />shall boapplied at 13eneficiary's discretion to payments on the Secured Debt as therein provided, to costs of managing the
<br />Prop'~rty, including, but 110t 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 />I' ...:-....' . ~.... '. '.~: . 'C" :. :_..' "J'" .
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<br />TnJ&tor ~ckpQ'wledges. thl\t ibis assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is
<br />~ntitle~ to notify !illY of Jrustor I s tenants to make payment of rents due or to become due to Beneficiary. However,
<br />llclleficiniY- ~grees tltat' If Ply on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all
<br />fU~~e.~~fttlflJ~,p~l~ dh,'~t1y)O !Jeneficiary. On re~eiving the notice of default, Trustor will endorse and deliver to
<br />aen~ficiary any paYlUents o(~t ill Trustor's possesslOn.
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<br />'fru~~9rcOYenants thllt nO ~efault exists under the Leases or any applicable landlord law. Trustor also covenants and agrees
<br />to _rain. and to require the tenants to comply with, the Leases and any applicable law. Trustor will promptly notify
<br />~eJieficlary pf any JlontJo~pliance. If Trustor neglects or refuses to enforce compliance with the terms of the Leases, then
<br />BeneficiarY may, at l3eneficiary's option, enforce compliance. Trustor will obtain Beneficiary's written authorization
<br />p(lfQre TwstQr po~cuts to sublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Property
<br />covered by ~uch }..eases (unless the Leases so require), or to assign, compromise or encumber the Leases or any future
<br />R~riJs, Tl'\UltofwUPlOlq Beneficiary harmless and indemnify Beneficiary for any and all liability, loss or damage that
<br />aene.~ci~ ~ay mCj1r asa ponsequence of the assignment under this section.
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<br />~QNDO~j I'~~D UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a
<br />planneq lfIllt development, TT\lstpr will perform all of Trustor's duties under the covenants, by~laws, or regulations of the
<br />~"OMQuiiniUin pr p~~e4lJH~t dey~lopment.
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<br />.~ "i';:". . .::.~ . .,"':~..:.'~. '_~ . ."1\ -......:."'"
<br />DEf4ULT~ T111~tqf. WW,--~~'4l ~~fa~lt if any of the fOllowing occur:
<br />A. Any p.arty' 9~ligate~ Jl.B Jh~ Secured Debt fails to make payment when due;
<br />Ij. A breach Qf ilnY teqn or-coy~nant in this Deed of Trust, any prior mortgage or any construction loan agreement,
<br />..., _ ~Wllrity agte~ti1ellt:9~ any other document evidencing, guarantying, securing or othelwise relating to the Secured
<br />Debt; "... "
<br />G.. T4~waking PLfqrm~ll~g of any verbal or written representation, statement or warranty to Beneficiary that is false
<br />or Uleprrel?,t ill !illY ~t(;lrial respect by Trustor or any person or entity obligated on the Secured Debt;
<br />0.. Th~ dCf\tP, qissQI:gtlo1k appointment of a receiver for, or application of any debtor relief law to, Trustor or any
<br />..' per~Q.Il!-'lf ~ril~ty oWg~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 materilll 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 erodible land or to the
<br />conversion 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 />REMEDlliS 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 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 />"17.
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<br />~.. 01993 Sanker. Systems. Ino.. SI. Cloud. MN Form AG/CO-OT.NE 1130/2002
<br />.~C164[NEI (03071
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