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<br />200701932
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<br />ohange in ownership of more than 25 percent of the voting stock of a oorporation. However, Beneficiary may not
<br />demand payment in the above situations if It is prohibited by lew as of the dElte of this Deed of Trust.
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<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 carryon its business as now being conducted and, as
<br />applicable, is qualified to do so in each state in which Trustor operates.
<br />8. 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 then 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 end franchises until the Secured Debt is satisfied,
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<br />12. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and make
<br />all repairs that are reasonably neoessary. 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 oftheProper.ty. Trustor also
<br />agreesthet theneture of the occupancy and use will not change without Beneficiary's prior written consent.
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<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 obsoleta, provided that such personal property is replaced with other personal property at least aqual 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.thisDeed of Trust, Trustor
<br />shall not partition or subdivide the Property wlthout 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 Trust!?r will in no way rely on
<br />BenefiCiary's inspection. .'
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<br />. 13. AUTHORITY TO PERFORM. If Trustor fails to perform any of Trustor's duties under this Deed of Ttust. .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 mllnnor, Beneficiary may do whatever Is necessary to protect
<br />Beneficiary's security interest in the Property. This may include completing the construction.
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<br />" Beneficiary's right to perform for Trustor shall not creata 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 in~uring, 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.
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<br />14. ASSIGNMENT OF LEASES AND RENTS. Grantor irrevocably assigns, grants and conveys to lender as additional
<br />security all the right, title and interest in the following {Propertyl.
<br />A. Existing or future leases, subleases, licenses, guaranties and Ilny other written or verbal agreements for the use
<br />and occupancy of the Property. including but not limited to, any extensions, renewals, modifications Dr
<br />replacements (leases).
<br />B, 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 applicable 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 intangibles,
<br />and all rights and claims which Grantor may have that in any way pertain to or are on account of the use or
<br />occupancy of the whole or any part of the Property (Rents).
<br />In the event any item listed as leases or Rents is determined to be personal property, this Assignment will also be
<br />regarded a8 a security agreement.
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<br />Grantor will promptly provide lender with copies of the leases and will certify these leases are true and correct
<br />copies. The existing leases will be provided on execution of the Assignment, and all future leases and any other
<br />information with respect to these leases will 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 will 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 will not commingle the Rents with any other funds. When lender so directs,
<br />Grantor will endorse and deliver any payments of Rents from the Property to lender. Amounts collected will be applied
<br />at lender's discretion to the Secured Debts, the costs of managing, protecting and preserving the Property, and other
<br />necessary expenses. Grantor agrees that this Security Instrument is immediately effective between Grantor and lender
<br />and effective as to third parties on the recording of this Assignment.
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<br />(p_ge 3 of 81
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<br />~ ~ 1993.2001 Bankor. 5y.tams.lno., St. Cloud. MN Form AGCO-RESI-NE 111712003
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