200708198 - Laserfiche WebLink

Browse

200708198 ]0. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any change in any license. restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands. proceedings. claims, and actions against Trustor. and of any loss or damage to the Property. Beneficiary or Beneficiary's agents may, at Beneficiary's option. enter the Property at any reasonable time for the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying a reasonable furpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor wil in no way rely on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may. without notice, perform or cause them to be performed. Trustor a~points Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary s right to perform for Trustor shall not create an obligation to perform. and Beneficiary's failure to perform will not preclude Beneficiary from exercisin& any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is discontmued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of the construction. ]2. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in trust for the benefit of Beneficiary. as additional security all the right. title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property. including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents. issues and profits (all referred to as "Rents"). Trustor will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may collect, receive. enjoy and use the Rents so long as Trustor is not in default under the terms of this Security Instrument. Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees that only on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Rents in Trustor's possession and will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Trustor warrants that no default exists under the Leases or any applicable landlord/tenant law. Trustor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development. Trustor will perform all of Trustor's duties under the covenants, by-laws. or regulations of the condominium or planned unit development. 14. DEF AUL T. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when due. Trustor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect to any person or entity obligated on tlie Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations. if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor is in default. At the option of Beneficiary. all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable. after giving notice if required by law. upon the occurrence of a default or anytime thereafter. In addition. Beneficiary shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including without limitation. the power to sell the Property. ~ . 1994 B.nk.... Sy.tem., Ino.. St. Cloud. MN Form USB.IlEOT.NE 9/4/2001 (page 3 of 6) 12578169