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<br />change in ownership of mare than 25 percent of the voting stack af a corparati�n, However, Beneficiary may not
<br />dernand payment in the above situations if it is prohibited by law �s of the date of this Deed of Trust.
<br />9 9. ENTITY WARRANTIES AND REPRES�NTATIONS. If Trustor is an entity other than a natural person (such as a
<br />corporation or other organization�, Trustor makes tn Beneficiary the following warranties and representations which
<br />shall be continuinr� as long as the Secured Debt remains outstanding;
<br />A. Trustor is ari entity which is duly nrganized and validly existing in the Trustor's state of incorporation (or
<br />nrganization►. Tn.istor 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 carry on its business as now being conducted and, as
<br />applicable, is qualified to do so in each state in which Trustor operates.
<br />B. The execution, delivery and performance of this Deed of Trust by Trustar and the obligati�n evidenced 6y the
<br />Evid�nce of Debt are within the power of Trustor, have been duly authorized, have received all necessary
<br />yovernmental approval, and will not violete any provision of law, or ord�r of court or governmental agency.
<br />C. Other than 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 ncat and will not use any
<br />other name and will preserve its existing name, trade names and franchises until the 5ecured Debt is satisfied.
<br />12. PROpERTY CONpITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and make
<br />all repairs tN7at are reasonably necessary. Trustor will give Beneficiary prompt notice of any loss or damage to the
<br />Property. Tr��stor will keep the Property free of noxious weeds and grasses, 7rustor will not initiate, join in or consent
<br />to any chanye in any private restrictive covanant, zoning ordinance or other pu6lic nr 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 iander law nr rec�ulation rec�arding use, ownership and occupancy �f the praperty. Trustor will comply with
<br />all legal requirements and restrictions, whether public or private, with respect to the use of the Property. Trustor also
<br />ac�rees that the nature of the occupancy and use will not change without Beneficiary's prior written consent.
<br />No portion of the Prnperty will be removed, demolished or materially altered without Beneficiary's prior written consent
<br />except That ��rustnr has the right to remove items of personal property comprising a part oF the Property that become
<br />worn or ohsolete, provided that such personal property is replaced with other personal property at least eyual in value
<br />to the repiaced personal property, free from any title retentian device, security agreement or other encumbrance. 5uch
<br />replacement of pers�nal property will be deemed subject to the security interest created 6y this Deed of Trust. Trustor
<br />shall not partition or subdivide the Property without Beneficiary's prior written consent. Beneficiary or Beneficiary's
<br />agents may, at B�neficiary's option, �nter the Property at any reasonable time for the purpose of inspecting the
<br />Property. Any inspection of the Property shall be �ntirely for Beneficiary's 6enefit and Trustor will in no way rely on
<br />Beneficiary's inspection.
<br />93. AUTHORITY TO PERFORM. If Trustor fails to perform any of 7rustor's duties under this Deed of Trust, or any other
<br />martgaqe, deed of trust, security agreement or other lien document that has priority over this Deed of Trust,
<br />Beneficiary rnay, without notice, perform the duties or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fdct to sign Trustor's name or pay any amount necessary far performance. If any construction on the
<br />f'roperty is discontinued or not carried on in a reasonable manner, Beneficiary may do whatever is necessary to protect
<br />Beneficiary's security interesT in the Property. 7his may include completing the construction.
<br />Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform
<br />will not preclude Beneficiary from exercising any of Beneficiary's other rights und�r the law or this beed of Trust, Any
<br />amounts paid by Beneficiary for insuring, preserving or otherwise protecting the Property and Benefir,iary's seaurity
<br />interest will be due on demand and will 6ear 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.
<br />14. ASSIGNMENT OF L.EpS�S AND RENT'S. Grantor irrevocably assigns, grants and conveys to Lender as additianal
<br />security all the right, title and interest in the following (Property►.
<br />A. ExisYinq or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use
<br />and ocr.upancy of the Property, including b�rt not limited to, any extensions, renewals, madificati�ns or
<br />replacements (Leases►.
<br />B. Rents, ISSUP,S and profits, including but not limited to, security deposits, minimum rents, percentage rents,
<br />additional rents, commnn area maintenance charges, parking charges, real estate taxes, other applicable taxes,
<br />insuranr.e premium contributions, liquidated damages following default, cancellation premiums, "Inss of rents"
<br />insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intanr�ihles,
<br />anci all rights and claims which Grantor may have that in any way pertain tn or are on account of the use or
<br />occupancy of the whole or any part of ihe Property (Rents).
<br />In the event any item listed as �.eases or Rents is determined to be personal property, this Assignment will also be
<br />regarded as a security agreement.
<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 ex�cirtion of the Assignment, and all future Laases 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 Grentor 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 iri trust for Lerider 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 5ecured Debts, the costs of managing, protecting and preserving the Praperty, and other
<br />nec�;ssary expenses. Grantor agrees that this Security Instrument is immediately effective between Grantar and Lender
<br />arid effective as to third parties on the recording of this Assignment.
<br />/�_' _ S ,� �/� lpage 3 of 8J
<br />���^" (��) 1993, 2001 Bankars Systams, Inc„ St. Cloud, MN Form AGCO-FiE51�NE 1/17l2003 �y� �j��� ��
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