|
, � .. �. 4a r � � �,
<br />20100'7547
<br />�
<br />C
<br />Trustor subject t� B�neficiary's approval, which shall not be unreasonably withField. If Trustor fails to maintain
<br />the coverage described above, Beneficiary may, at Beneficiary's op#ion, abtain coverage to protect Beneficiary's
<br />rights in the Property according to the terms of this Deed of Trust.
<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 h�ld the policies and renewals. If
<br />Beneficiary requires, Trustor shall immediately give to Beneficiary all receipts of paid premiums and renewal
<br />nvtices. Upon loss, Trustar shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary may
<br />make proof of loss if not made immediately by Trustor.
<br />Unless Beneficiary and Trustor otherwise agree in writing, insurance proceeds shal� be applied tn restoration nr
<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 insuranae proceeds shall be applied to the 5ecured Debt, whether or not then due, witri any excess paid to
<br />Trustar. If Trustor abandons the Property, or does not answer within 30 days a notice from E3eneficiary that the
<br />insurance carrier has offered to settle a claim, then Beneficiary may collect the insurance proceeds, Beneficiary
<br />may use the proceeds to repair or restare the Property or to pay the Secured Debt whether or not then due. The
<br />30-day period will bec�in when the notice is given.
<br />Unless Beneficiary and Trustor otherwise agree in writing, any application of praceeds to principal shall not
<br />extend or postpone the due date of scheduled payments or change the amount of The payrr�ents. If the Property
<br />is acquired by Beneficiary, Trustor's right to any insurance pc�licies and proceeds resulting frorr7 damage to the
<br />Property befnre the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before
<br />the acquisitinn.
<br />Trustor agrees to maintain comprehensive general liability insurance naming Beneficiary as an addition�l insured
<br />in an amount acceptable to Beneficiary, insuring against claims arising from any accident br occi�rrence in or on
<br />the Prnperty.
<br />Trustor agrees to maintain rental loss or business interruption insurence, as required by Ben�ficiary, 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 fnrm of policy acceptable to Beneficiary.
<br />22. NO ESCROW FOR 7AXES AND INSURANCE. Unless otherwise provided in a separate agreerrient, �C'rustor will not be
<br />required to pay to Eieneficiary funds for taxes and insurance in escrow.
<br />23. FINANCIAL REPORTS AND A��ITIONAL DOCUMEN7S. Trustor will provide to BeneFiciary upon request, any financial
<br />statement or infnrmation Beneficiary may deem necessary. Trustor warrants that ail financial statements and
<br />information Trustor pravides to Beneficiary are, or will he, accurate, correct, and carnplete, Trustnr agrees to sign,
<br />deliver, and file as 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 pPed of Trust and Beneficiary's
<br />lien status on the Property. If Trustor fails to do so, Beneficiary may sign, deliver, and file sur.h documents or
<br />certificates in Trustor's name and Trustor hereby irrevocably appoints Beneficiary or Beneficiary's agent as attorney in
<br />fact to do the things necessary to comply with this section.
<br />24. JOIN7 AND IN�IVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Deed
<br />of Trust are joint and individual. If Trustor signs this Deed of Trust but does not sit�n the Evidence of Debt, Trustar
<br />does so only to mortgac�P Trustor's interest in the Property to secure payment of the Secured Debt and Trustor does
<br />not agree to be personally liable on the Secured Debt. Trustor agrees that Beneficiary and any party to this Deed of
<br />Trust may extend, modify or make any change in the terms of this Deed of �rust nr the Evidence of Debt without
<br />Trustor's consent. Such a change will not releas� Trustor from the terms of this Dead of Trust. The duties and
<br />benefits of this Deed of Trust shall bind and benefit the successors and assigns of 7rustor and Beneficiary.
<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 ariy party indebted under the obligation including, but not limited to, anti-deficiency or one-action
<br />laws.
<br />25, pppLICABLE LAW; SEVERABILITY; INTERPR�TATION. This Deed of Trust is governed by the laws of the jurisdictinn
<br />in which Ben�ficiary is located, except to the extent otherwise required by the laws of the jurisdir,tion where the
<br />Property is located. This Deed of Trust is complete and fully integrated, This Deed of Trust m�y not be amended or
<br />m�dified by oral agreement. Any section or clause in this Deed of Trust, attachments, nr any agreement related to the
<br />Secured Debt that conflicts with applica6le law will not be effective, unless that law expressly or impliedly permits the
<br />variations by written agreement. If any section ar clause of this Deed of Trust cannot be enforc�d 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 headings of the
<br />sections of this peed 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 af the essence in this beed of Trust.
<br />26. SUCCESSOR TRUST��. Beneficiary, at Beneficiary's option, may from time to time remnve Trustee and appoint a
<br />successor trustee by an instrument recorded in the county in which this peed 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 />�,�,A � //�/'� /page 6 uf Ei)
<br />���p C�J 1993, 2007 eankers Systams, Inc., St. Cloud, MN Form AGCO-RE51 NE 1/17/2D03 //�% ��/ �`���L
<br />
|