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f�� ���; �+�>: �n10C�r��� <br />Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If 7rustor fails to maintain <br />the coverage described above, Beneficiary may, at Beneficiary's aption, obtain coverage to pratect 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 ta 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 hold the policies and renewals. If <br />Beneficiary requires, Trustor shall immediately give to Beneficiary all receipts of paid premiums and renewal <br />natices. Upon Ioss, Trustor shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary may <br />make proof of lass if not made immediately by "�rustor. <br />Unless Beneficiary and Trustar otherwise agree in writing, insurance proceeds shall be applied to restoration or <br />repair of the Property damaged if the restoration or repair is economically feasible and Beneficiary's security is <br />nat lessened. If the restoration or repair is not economically feasible or Beneficiary's security would be lessened, <br />the insursnce praceeds shall be applied to the 5ecured Debt, whether or not then due, with any excess paid ta <br />Trustor. If Trustor abandans the Property, or does not answer within 30 days a notice from Beneficisry 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 restore the Property or to pay the Secured Debt whether or not then due. 7he <br />30-day periad will begin when the notice is given. <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 Property <br />is acquired 6y Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage to the <br />Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before <br />the scquisition. <br />B. 7rustor agrees to maintain comprehensive general liability insurance naming Beneficiary as an additional insured <br />in an amount acceptable to Beneficiary, insuring against claims arising from any accident or occurrence in or on <br />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 ta <br />separately in writing►, under a form of policy acceptable to Beneficiary. <br />22. NO ESCROW F�R TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not be <br />required to pay to Beneficiary funds for taxes and insurance in escrow. <br />23. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. 7rustor will provide to Beneficiary upon .request, any financial <br />statement or information Beneficisry may deem necessary. Trustor warrants that all financial statements and <br />informatian Trustor provides to Beneficiary are, or will be, accurate, correct, and complete. Trustor agrees to sign, <br />deliver, and file as Beneficiary may reasonably request any additional documents or certificstions that Baneficiary may <br />consider necessary to parfect, continue, and preserve Trustor's obligations under this Deed of Trust and Beneficiary's <br />lien status on the Property. If Trustor fails to do so, Beneficiary may sign, deliver, and file such 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 tn comply with this section. <br />24. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCE550RS AND AS51CiNS BOUND. All duties under this Deed <br />of Trust are joint and individual. If Trustor signs this Deed of 7rust but does not sign the Evidence of bebt, Trustor <br />does so only to mortgage 7rustor's interest in the Property to secure payment of the Secured Debt and Trustor does <br />not agree to be personally liable on the 5ecured Debt. Trustor agrees thst Beneficiary and any party to this Deed of <br />Trust may extend, modify or make any change in the terms of this beed of Trust or the Evidence of Debt withaut <br />Trustor's consent. Such a change will not release Trustor from the terms of this beed 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 />If this Deed of 1"rust secures a guaranty between Beneficiary and Trustor and does nat directly secure the obligation <br />which is guarantied, 7rustor agrees to waive any rights that may prevent Beneficiary from bringing any action nr claim <br />against Trustor or any party indebted under the obligation including, but not limited to, anti-deficiency or one-action <br />laws. <br />26. APPLICABLE LAW; SEVERABILITY; INTERPREl'A'TION. This Deed af Trust is governed by the laws of the jurisdiction <br />in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where the <br />Property is located. This Deed of Trust is complete and fully integrated. This Deed of Trust may not be amended or <br />modified by oral agreement. Any section or clause in this Deed of Trust, attachments, or any agreement related to the <br />Secured Debt that conflicts with applicable law will not he effective, unless that law expressly or impliedly permits the <br />variations by written agreement. If any section or clause of this Deed of Trust cannat be enforced according to its <br />terms, that section or clause will be severed and will not affect the enforceability of the remainder of this Deed vf <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 Deed of Trust are far convenience only and are not to be used to interpret or define the terms af this <br />Deed of Trust. Time is of the essence in this Deed af Trust. <br />26. SUCCE550R TRUSTE�. Beneficiary, at Beneficisry's option, may from time to time remove Trustee snd appoint a <br />successar trustee by an instrument recorded in the county in which this Deed of Trust is recorded. The successor <br />trustee, without conveyance of the Proparty, shall succeed to all the title, power and duties conferred upon the <br />Trustee by this Deed of Trust and applicable law. <br />� lpaqe 6 of 8) <br />�/� � 1883, 2001 8ankera Systams, Inc., St. Cloud, MN Form AGCO-RESI-NE 1/17l2003 � <br />