|
<br />200701932
<br />
<br />Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain
<br />the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's
<br />rights in the Property according to the terms of this Deed of Trust.
<br />
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage
<br />clause" and, where applicable, "beneficiary loss payee clause," Trustor shall Immediately notify Beneficiary of
<br />cancellation or termination of the insurance. Beneficiary shall have the right to hold thr: policies end renewals. If
<br />Beneficiary requires. Trustor shell immediately give to Beneficiary all receipts of paid premiums and renewal
<br />notices, Upon loss, Trustor shall give immtldiate notice to thiJ insurence carrier and Beneficiary. Beneficiary may
<br />make proof of loss if not made immediately by Trustor.
<br />
<br />Unless Beneficiary and Trustor otherwise agree in writing, insurance proceeds shall ba applied to restoration or
<br />repair of the Property damaged if the restoration or repair is economically feasible and Beneficiary's security is
<br />not lessened. If the restoration or repair is not economically feasible or Beneficiary's security would be lessened,
<br />the insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to
<br />Trustor. If Trustor abandons the Property, or does not answer within 30 days a notice from Beneficiary that the
<br />insurance carrier has offered to settle a claim, then Beneficiary mey collect the insurance proceeds. Beneficiary
<br />may use the proceeds to repair or restore the Property or to pAy the Secured Debt whether or not then due. The
<br />3Q-.day period will begin when the notice is given.
<br />
<br />Unless Beneficiary and Trustor otherwise agree in writing, any application of proceeds to principal shall not
<br />extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property
<br />is acqUired by Beneficiary, Trustor's right to any insurance policies and proceedS resulting from damaga to the
<br />Property l;1efore the acquiSition shall pass to Beneficiary to the extent of the Secured Debt immediately before.
<br />the acquisition. .
<br />B. Trustor agrees to maintain comprehensive general liability insurance naming Benaficiaryasanadditionalinsured
<br />in an amount acceptable to Beneficiary, insuring against claims arising from any accident or occurrence in or on
<br />the Property. .,
<br />C. Trustor agrees to maintain rental toss or business interruption insurance. as raquired by Be~efi~iary, in an
<br />amOUnt equal to at least coverage of one year's debt serVice, and reqUired escrow account deposits. (If agreed to
<br />separately in writing). under a .form of policy acceptable to Beneficiary.
<br />
<br />22. NO ESCROW FORrAXES AND INSURANCE. Unless otherwise provided ina separate agreemeint.TriJsto('willnot be
<br />reqUired to pay to ~eneficiary funds for texes Bnd insurance in escrow.
<br />
<br />. 23. FINANCIAL REPORTS AND ADDITIONALDOCUMENTS.Trustor will provide to 13eneficiaryupon:reqllest;anyfinahCial
<br />statement or. information BeneficiBry moy deem necessory, Trustor warrants that all financial statements and
<br />information Trustor provides to Beneficiery are, or will be,accurate, correct, and complete,. Trustor agrees to sign,
<br />deliver, end filees Beneficiary may reasonably request any additional documents or certifications that Beneficiary may
<br />consider necessary to perfect. continue, and preserve Trustor's obligations under this Deed 'ofTrust':end' Beneficiary's
<br />lien status on the Property. If Trustor fails to do so, Beneficiary may sign, deliver. and file such docurnents or
<br />Certificates in Trustor's name and Trustor hereby irrevocably appoints Beneficiary or Beneficiery's' .agent as attorney in
<br />fact to do the things necessary to comply with this section.
<br />
<br />
<br />24, JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND, AU ,duties.undar,this Deed
<br />of Trust are joint and individual. If Trustor signs this Deed of Trust but does not sign the Evidence of Debt, Trustor
<br />does so only to mortgage Trustor's interest In the Property to secure payment of the Secured Debt snd Trustor does
<br />not agrea to ba personally liable on the Secured Debt. Trustor agrees that Beneficiary and any party to this Deed of
<br />Trust mey extend, modify or make any change in the terms of this Deed of Trust or the Evidence of Debt without
<br />Trustor's consent. Such a change will not releasa Trustor from' the terms of this Deed of Trust. The duties and
<br />benefits of this Deed of Trust shall bind and benefit the successors and assigns of Trustor and Beneficiary.
<br />
<br />If this Deed of Trust secures a guaranty between Beneficiary and Trustor and does not directly secure the obligation
<br />which Is guarantied, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim
<br />against Trustor or any party indebted undar the obligation including, but not limited to, anti-deficiency or one-action
<br />laws.
<br />
<br />25. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Deed of Trust is governed by the laws of the jurisdiction
<br />in which Beneficiary is loceted, except to the extent otherwise required by the laws of the jurisdiction whera the
<br />Property is loceted. This Deed of Trust is complete and fully integrated, This Deed of Trust may not be amendad or
<br />modified by oral agreement. Any section or clause in this Deed of Trust, attachments. or any agreement related to the
<br />Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the
<br />variations by written agreement, If any section or clausa of this Deed of Trust cannot be enforced according to its
<br />terms, that section or clause will be severed and will not affect the enforceability of the remainder of this Deed of
<br />Trust. Whenever used. the singular shall include the plural and the plural the singUlar. The captions and heedings of the
<br />sections of this Deed of Trust are for convenience only and are not to be used to interpret or define the terms of this
<br />Deed of Trust. Time is of the essence in this Deed of Trust.
<br />
<br />26. SUCCESSOR TRUSTEE. Beneficiary. at Beneficiary's option, may from time to time remove Trustee and appoint a
<br />successor trustee by an instrument recorded in the county in which this Deed of Trust is recorded, The successor
<br />trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon the
<br />Trustee by this Deed of Trust and applicable law.
<br />
<br />(plIgIJ 6 of 8)
<br />
<br />~ illl1993, 2001 Bonkoro Sycloms, lno" Sl. Cloud, MN Form AGCO.A6SI.NE 1/11/200J
<br />
|