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O�T-05-201a 12:53 WESTERN NATIQNAL BANK 785 244 6256 P.003f009
<br />2oioo�5s;
<br />change in ownership of more then 25 percent of the vating stock of a corporation. However, Benefiiciary may not
<br />demand payment in the abnve situatians if it is prohibited by law as of the date nf this C]ead af 7rust.
<br />11. �N71TY WAN�RANTI�S AND REPRESENTATIONS. If 7rustnr is an antity other than a natural persnn (such as a
<br />corporation or other orgenizetion►, Trustor makes to Beneficiary the fallowing werranties and representations which
<br />shall be continuing as Inng as the Secured pebt remains autstanding:
<br />A. 7rustor is an entity which is duly organized and validly existing in the Trustor's state of incorpnration (or
<br />organization). 7rustor 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 ta da so in each state in which Trustor operates.
<br />E3. TMe execution, delivery and perFormance of this Deed ofi Trust by Trustor and the obligatinn evidenced hy the
<br />Evidence of Debt are within the power of Trustor, have been duly authorized, have received all necassary
<br />gnvernmental approval, and will not violate any provision of law, or ordsr of court or governmental agency.
<br />C. Othar then disclased in writing 7rustar has nnt 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 not and will not use any
<br />other name and will preserve its existing name, t�ade names and franchises until the Seaured pebt is satisfied,
<br />12. PROPERTY CONDITIaN, ALTERA710NS AND INSPEC71qIV. 7rustor will keep the Property in gnnd cnnditinn and make
<br />all repairs that are reasonably necessary. Trustor will give Beneficiary prompt notice of any loss or damage to the
<br />Property. 7rusinr will kesp the Property free of noxious weeds and grasses. 7rustor will not initiate, join in or consent
<br />to any change in any private restrictive covenant, zoning ordinance or other pu6lic or private restriction limiting or
<br />defining the uses which may be made of the I'roperty or any part of the Property, withnut Beneficiary's prior written
<br />consent. Trustor will notify Beneficiary of all demands, proceedings, cleims, and actions against Trustor or any other
<br />nwner made under law ar regulation regarding use, nwnership and nccupancy af the Property, Trustor will comply with
<br />all legal requirements and restrictions, whether public or private, with respect to the use of the Property. Trustor alsp
<br />agrees thst the nature af the accupancy and use will not change withnut Beneficiary's prior written consant.
<br />No portion of the Property will be remaved, demalished ar mate�ially altered without Beneficiary's prior written cansent
<br />except that Trustor has the right to remove items of personal property comprising a part of the Property that become
<br />worn or obsalete, provided that such persnnal property is replaced with other personal property at least equal in value
<br />to the replaced personal property, firee firom any title retention device, security egreement or other eneumbrance. Such
<br />replacement nf persnnal property will be deemed subject to the security interest craated by this Deed of Trust, Trustor
<br />shall not partition or subdivide the Property without Benefici�ry's prior written consent. Beneficiary or Beneficiary's
<br />agents may, at Beneficiary's optinn, enter tha Prape�ty at any �easonable time fnr the purpose of inspecting the
<br />Property. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on
<br />Beneficiary's inspeation,
<br />13, pU7HORI7Y TO P��tFqRM. If Trustor fails to perform any of Trustor's duties under this I]eed of Trust, or any other
<br />mortgage, deed ofi trust, security agreement or otlier lien document that has priority over this Deed of Trust,
<br />Beneficiary may, withnut nntice, perform the duties or cause them to be performed. Trustnr appnints Beneficiary as
<br />attorney in fact to sign Trustor's name or pay eny amaunt necessary for parfon�ance. If any construction on the
<br />I'roperty is discantinued or not carried nn in a reasonable manner, 8eneficiary may do whatever is necessary tn prntect
<br />Beneficiary's security interest in the Property. This may include completing the construetion.
<br />Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Benefieiary's failure to perform
<br />will not preclude Beneficiary firom exercising any of Beneficiary's other rights under the law or this peed of Trust, Any
<br />amounts paid 6y Beneficiary for insuring, �reservin� ar otherwise protecting the Property and Beneficiary's security
<br />interest will be due on demand and will bear inte�est 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 LEASES AND RENTS. Grantor irrevocably assigns, grents and conveys to L.ender as additional
<br />security all the right, title and interest in the fnllowing (Prnperty►.
<br />A, Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the uss
<br />and occupancy of tha Proparty, including but not limited to, any extensinns, renawals, modifications ar
<br />re�lacements (Leases►.
<br />B. Rents, issues snd prnfits, including but not limited ta, security deposits, minimum rents, percentage rents,
<br />edditional rents, common area maintenence charges, perking eharges, real estate taxes, other applica6le taxes,
<br />insurance premium contributinns, liquidated damages follawing default, cancellation premiums, "loss of rents"
<br />insurenee, guest reeeipts, revenues, royalties, proceeds, bonuses, eccounts, contract rights, general intangibles,
<br />and ell rights and claims which Grantor may have that in any way pertain ta ar are on account of the use or
<br />occupancy of the whole ar any part of the Property (Rants►.
<br />In the event any item listed as Laases or Rents is deta�mined to be personal prnperty, this Assignment will also be
<br />regarded as a security agreement.
<br />Grantor will promptly provide L.ender with copies of the Leases and will certify these Leases are true and correct
<br />anpies. 7he existing Leases will pe provided nn executinn nf the Assignment, and all future Leases and any other
<br />information with respect to these Leases will be provided immediately aiter they are executed. Grantar may collect,
<br />receive, enjny and use the Fisnts so long as Grantor is not in default. Grantor will not collect in advance any Rents due
<br />in future lease periods, unless Grantor first obteins Lender's written consent. Upon defeult, Grantor will receive any
<br />Rents in trust for Lender and Grantar will not commingle the Rents with any other funds. When l.ender sa 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 Secured Debts, the costs of managing, pratecting and preserving the Praperty, and other
<br />necessary expenses. Grantpr agrees that this 5ecurity Instrument is immedietely effective 6etween Grantor and Lender
<br />and effsctive as to third parties nn the recnrding nf this Assignment.
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