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<br />i' i ~ p <br /> <br />200710244 <br /> <br />As long as this Assignment is in effect, Grantor warrants and represents that no defCllllt exists under the leases, and <br />the parties subject to the leases have not violated any applicable law on leases, licenses and landlords and tenants. <br />Grantor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the leases to <br />comply with the leases and any applicable law. <br /> <br />If Grantor or any party to the lease defaults or fails to observe any applicable law, Grantor will promptly notify lender. <br />If Grantor neglects or refuses to enforce compliance with the terms of the Leases, then lender may, at lender's <br />option, enforce compliance. Grantor will not sublet, modify, extend, cancel, or otherwise alter the L.eases, or accept <br />the surrender of the Property covered by the leases (unless the leases so require) without lender's consent. Grantor <br />will not "ssign, compromise, subordinate or encumber the leases and Rents without lender's prior written consent. <br />lender does not assume or become liable for the Property's maintenance, depreciation, or other losses or damages <br />when lender acts to manage, protect or preserve the Property, except for losses and damages due to lender's gross <br />negligence or intentional torts. Otherwise, Grantor will indemnify lender and hold lender harmless for all liability, loss <br />or damage that lender may incur when lender opts to exercise any of its remedies against any party obligated under <br />the leases. <br /> <br />15. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit <br />development, Trustor will perform all of Trustor's duties under the coven"nts, by-laws, or regulations of the <br />condominium or planned unit development. <br /> <br />16. DEFAULT. Trustor will be in default if any of the following occur: <br />A. Any party obligated on the Secured Debt fails to make payment when due; <br />B. A breach of any term or covenant in this Deed of Trust, any prior mortgage or any construction loan agreement, <br />security agreement or any other document evidencing, guarantying, securing or otherwise relating to the <br />Secured Debt; <br />C. The making or furnishing of any verbal or written representation, statement or warranty to Beneficiary that is <br />false or incorrect in any material respect by Trustor or any person or entity obligated on the Secured Debt; <br />D. The death, dissolution, appointment of a receiver for, or application of any debtor relief law to, Trustor or any <br />person or entity obligated on the Secured Debt; <br />E. A good faith belief by Beneficiary 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 material adverse change in Trustor's business including ownership, management, and financial conditions, <br />which Beneficiary in its opinion believes impairs the value of the Property or repayment of the Secllred Debt; or <br />G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to <br />the conversion of wetlands to produce "n agricultural commodity, as further explained in 7 C.F.R. Part 1940, <br />Subpart G, Exhibit M. <br /> <br />17. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with <br />notice of the right to Cllre, 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 I"w if this Trustor is in default. <br /> <br />At the option of Beneficiary, "II or any part of the agreed fees and charges, accrued interest and principal shall become <br />immediately due "nd payable, after giving notice if required by law, upon the occurrence of a default or anytime <br />thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the Evidence of Debt, other <br />evidences of debt, this Deed of Trust and any related documents including without limitation, the power to sell the <br />Property. <br /> <br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, <br />advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and <br />convey absolute title tree and clear of all right, title and interest of Trustor at such time and place as Trustee <br />designates. Trustee shall give notice of sale including the time, terms and place of sale and a description of the <br />property to be sold "s required by the applicable law in effect at the time of the proposed sale. <br /> <br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the <br />Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay <br />to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and <br />interest thereon, and the principal and interest on the Secured Debt, p"ying the surplus, if <lny, to Trustor. Beneficiary <br />may purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth <br />therein. <br /> <br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law <br />or equity, whether expressly set forth or not. The acceptance by Beneficiary of any sum in payment or partial payment <br />on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not <br />constitute a waiver of Beneficiary's right to require full "nd complete cure of <lny existing def"ult. By not exercising <br />any remedy on Trustor's defalllt, Beneficiary does not waive Beneficiary's right to later consider the event a default if <br />it continues or happens again. <br /> <br />18. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, <br />Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Deed of Trust. Trustor will <br />also pay on demand "II of Beneficiary's expenses incurred in collecting, insuring, preserving or protecting the Property <br />or in any inventories, audits, inspections or other examination by Beneficiary in respect to the Property, Trustor agrees <br />to pay- all costs and expenses incurred by Beneficiary in enforcing or protecting Beneficiary's rights and remedies under <br />thl, Deed of Tco", ,ndudlng, but not I'm'''d to, 'ttom,y" f,"" COU:. :_:" 'n~7he legal expenses. Once the <br /> <br />~ L_ _ (page 4 of 8) <br />Exj:J.#::::!~M (f;l1993, 2001 Bankers Systems, Inc, 5t Cloud, MN Form AGCO-RESI-NF. 1/17/2003 <br />