|
<br />200802717
<br />
<br />20. CO~E~ATION. Trustor will give Beneficiary prompt notice of any action, real or threatened, by private or
<br />pul;>lic entItles, to purchase or take any or all of the Property, including any easements, through condemnation,
<br />emment ~omam, or any other means, Trustor further agrees to notify Beneficiary of any proceedings instituted for
<br />the establishment of any sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the
<br />Prop~rty or ~ny part ~f it. Trustor authorizes Beneficiary to intervene in Trustor's name in any of the above
<br />descn~~d actIons or claIms and to collect and receive all sums resulting from the action or claim, Trustor assigns to
<br />BeneficIary the proceeds of any award or claim for damages connected with a condemnation or other taking of all
<br />or any part of the ,Prop~rty. Such proceeds s,hall b.e considered payments and will be applied as provided in this
<br />Deed of Trust. ThIS. aSSIgnment of proceeds IS subject to the terms of any prior mortgage, deed of trust, security
<br />agreement or other hen document.
<br />
<br />21. INSURANCE. Trustor agrees to maintain insurance as follows:
<br />A. Trus~or shal,l keep the Property insured against loss by fire, theft and other hazards and risks reasonably
<br />aSSOCIated wI.th the Property due to its typ~ and location. Other hazards and risks may include, for example,
<br />coverage agaInst loss due to floods or floodmg. This insurance shall be maintained in the amounts and for the
<br />per~ods that Be~e~ici~ry requires. Th~ insurance carrier providing the insurance shall be chosen by Trustor
<br />subject to Ben~flcIary s approval, WhICh shall not be unreasonably withheld. If Trustor fails to maintain the
<br />c~)Ver~ge descnbed above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's
<br />nghts m the Property according to the terms of this Deed of Trust.
<br />
<br />All in~~rance policies an.d rene~als shal~ be acceptable to Beneficiary and shall include a standard "mortgage
<br />clause and" where appl.Ica~le, benefi~Iary loss payee c!ause." Trustor shall immediately notify Beneficiary
<br />of cancellatIOn or. t~rmlOatIc:>n of the lOsuran~e. BenefIciary shall have the right to hold the policies and
<br />renewals. If Ben.efic1ary reqUlres, Trustor shall.lln~ediately give to Beneficiary all receipts of paid premiums
<br />and re.n~wal notices. Upon loss, Trustor shall gIve Immediate notice to the insurance carrier and Beneficiary.
<br />BenefICIary may make proof of loss if not made immediately by Trustor.
<br />
<br />Unless ~eneficiaryand Trustor othe~ise agree in writing, insurance proceeds shall be applied to restoration
<br />or re~aI~ of the Property damaged If the restoration or repair is economically feasible and Beneficiary's
<br />secunty IS not lessened. If the restoration or repair is not economically feasible or Beneficiary's security
<br />w~>uld be lessened: the insurance proceeds shall be applied to the Secured Debt, whether or not then due,
<br />With any ex~e~s paid to Tru,stor. If Trusto~ abandons the Property, or does not answer within 30 days a notice
<br />~rom BenefICiary that the ,msurance carner has offered to settle a claim, then Beneficiary may collect the
<br />lOsurance proceeds. BenefIciary may use the proceeds to repair or restore the Property or to pay the Secured
<br />Debt whether or not then due. The 3D-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
<br />Property is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting from
<br />damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt
<br />immediately before the acquisition.
<br />B. Trustor agrees to maintain comprehensive general liability, insurance naming Beneficiary as an additional
<br />insured in an amount acceptable to Beneficiary, insuring against claims arising from any accident or occurrence
<br />in or on the Property.
<br />C. Trustor agrees to maintain rental loss or business interruption insurance, as required by Beneficiary, in an
<br />amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed
<br />to separately in writing), under a form of policy acceptable to Beneficiary.
<br />
<br />22. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will
<br />not be required to pay to Beneficiary funds for taxes and insurance in escrow.
<br />
<br />23. FlNANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor will provide to Beneficiary upon request,
<br />any financial statement or information Beneficiary may deem necessary. Trustor warrants that all financial
<br />statements and information Trustor provides to Beneficiary are, or will be, accurate, correct, and complete. Trustor
<br />agrees to sign, deliver, and file as Beneficiary may reasonably request any additional documents or certifications
<br />that Beneficiary may consider necessary to perfect, continue, and preserve Trustor's obligations under this Deed of
<br />Trust and Beneficiary's lien status on the Property. If Trustor fails to do so, Beneficiary may sign, deliver, and file
<br />such documents or certificates in Trustor's name and Trustor hereby irrevocably appoints Beneficiary or
<br />Beneficiary's agent as attorney in fact to do the things necessary to comply with this section.
<br />
<br />24. JOINT AND INDIVIDUAL LIABILITY; CO.SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties
<br />under this Deed of Trust are joint and individual. If Trustor signs this Deed of Trust but does not sign the Evidence of
<br />Debt, Trustor does so only to mortgage Trustor's interest in the Property to secure payment o~ t~e Secureg Debt and
<br />Trustor does not agree to be personally liable on the Secured Debt. Trustor agrees that BenefiCIary and any party to
<br />this Deed of Trust may extend, modify or make any change in the terms of this Deed c:>f Trust or the Evidence ~f Debt
<br />without Trustor's consent. Such a change will not release 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. ~oes not dir~ctlr secure th~ obligati?n
<br />which is guarantied, Trusto~ agrees to waive any ~gh~s t~at mar prevent B~n~ficlary fro~ br~gtng any actIon. or clatm
<br />against Trustor or any party lOdebted under the obhgatlOn mcluding, but not lllli1ted to, anti-defiCIency or one-action laws.
<br />
<br />25. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This ~eed of~rust is governed by the.la~s ?f~he
<br />jurisdiction in which Beneficiary is located, except to the extent otherwIse reqwred b):' the laws of the JunsdictlOn
<br />where the Property is located. This Deed of Trust is complete and fully integrated. This Deed. of Trust may not be
<br />amended or modified by oral agreement. Any section or clause in this Deed of Trust, attachments, or any agreement
<br />related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or
<br />impliedly permits the variations by written agreement. If any section or cla.useof this Deed of Trust .c.annot be
<br />enforced according to its terms, that section or c1aus~ will be sev~red and wIll not affect the enforcea~llity of the
<br />remainder of this Deed of Trust. Whenever used, the smgular shallmclude the plural and the plural the smgular. The
<br />captions and h~adings of the se~tions of this Dee~ of :rrust are for cO!lve~ience only and are not to be used to
<br />interpret or define the terms of thIS Deed of Trust. Tune IS of the essence m thIS Deed of Trust.
<br />
<br />26. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint
<br />a 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 />
<br />Trustee by Ibis Deed of Trust and applicable law. .. ",..4.. page 5 of 6
<br />
<br />
<br />@ 1993 Bankers Systems, Inc., SI. Cloud, MN (1-800-397.2341) Fonn AGlCQ.OT-NE 10130/97\,J 'I' .
<br />'I' ~ ~ '""
<br />
<br />, '
<br />
|