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<br />change in ownership of more than 25 percent of the voting stock of a cnrporation. However, Beneficiary may not
<br />demand payment in the above situatians if it is prohibited by law as of the date af this Deed of Trust.
<br />9 9. ENTITY WARRANTIES AND R�PRES�N7'pTIONS. If Trustor is an entity other than a natural person (such as a
<br />corporation or other organization�, Trustor makes ta Beneficiary the following warranties and representations which
<br />shall be continuing as long as the Secured Debt remains autstanding:
<br />A. Trustor is an entity which is duly organized and validly existing in the 7'rustor's state of incorporation (or
<br />ar�snization). Trustor is in good standing in all states in which Trustor transacts business. Trustar 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 da sa in each state in which Trustor operates.
<br />B. The execution, delivery and performance of this Qeed of 1'rust by Trustor and the obligation evidenced by the
<br />Evidence of Debt are wiihin the power nf Trustor, have been duly authorized, have received all necessary
<br />governmental approval, and will not violate any provision of law, or order 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 not and will not use any
<br />other name and will preserve its existing name, trade names and franchises until the Secured Debt is satisfied.
<br />12. PRQPERTY CONDI710N, ALTERA71dNS AND INSPECTION. Trustor will keep the Property in good condition and make
<br />all repairs that are reaspnably necessary. Trusior will give Beneficiary prompt notice of any loss or damage to the
<br />Property. Trustor will keep the Property free of noxious weeds and grasses. 7rustor will not initiate, join in or consent
<br />tv any change in any private restrictive cavenant, zoning ordinance or other public or private restriction limiting or
<br />defining the uses which may be made of the Property or any part of the Property, withaut Beneficiary's prior written
<br />consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against 7rustor or any ather
<br />owner made under law or regulation regarding use, ownership and occupancy of the property. Trustor will comply with
<br />all legal raquirements and restrictions, whether public or private, with respect to the use of the Property. Trustor also
<br />agrees that the nature of the occupancy and use will not change withoui Beneficiary's priar written consent.
<br />No portion of the F'roperty will be removed, demolished or materially altered without Beneficiary's prior written consent
<br />except that Trustor has the right to remove items of personal property comprising a part of the Property that become
<br />worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value
<br />to the replaced personal property, free from any title retention device, security agreement ar other encumbrance. Such
<br />replacement of personal property will be deemed subject to the security interest created by this Deed af Trust. Trustor
<br />shall not partition or subdivide the Property without Beneficiary's prior written cansent. Beneficiary or Beneficiary's
<br />agents mey, at Beneficiary's option, enter the Property at any reasonable time far the purpose of inspecting the
<br />Property. Any inspection af the Property shall be entirely fvr Beneficiary's benefit and Trustor will in no way rely on
<br />Beneficiary's inspection.
<br />13. A11�'HORITY TO PERFORM. If Trustor fails to perform any of Trustar's duties under this Deed of Trust, or any other
<br />mortgage, deed of trust, security agreement or other lien document that has priority over this Qeed of Trust,
<br />Beneficiary may, without notice, perform the duties or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary far performance. If any construction on the
<br />Property is discontinued or not carried on in a reasona6le manner, Beneficiary may do whatever is necessary to protect
<br />Beneficiary's security interest in the Property. This 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 under the law or this Deed of Trust. Any
<br />amounts paid by Beneficiary for insuring, preserving ar otherwise protecting the Property and Beneficiary's security
<br />interest will be due on demand and will bear inierest from the date of the payment until paid in full at the interest rate
<br />in effect from time to time according ta the terms of the Evidence of �ebt.
<br />14. ASSIGNMENT' OF LEASES AND RENTS. Grantor irravoaably assigns, grants and conveys to Lender as additional
<br />security all the right, title and interest in the following (Property).
<br />A. Existing or future leases, subleases, licenses, guaranties and any ather written or verbal agreements for the use
<br />and occupancy of the Property, including but nat limited to, any extensions, renewals, modifications or
<br />replacements (Leasesl.
<br />B. Rents, issues and profits, including but not limited to, security deposits, minimum rents, percentage rents,
<br />additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable taxes,
<br />insurance premium contrihutions, liquidated damages following default, cancellation premiums, "loss of rents"
<br />insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles,
<br />and all rights and claims which Grantor may have that in any way pertain to or are on account of the use or
<br />occupancy of the whole or any part of the Property (Rents►,
<br />In the event any item listed as l.eases or Rents is determined to be persanal property, this Assignment will also be
<br />regarded as e security agreement.
<br />Grantor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct
<br />capies. The existing Leases will be provided on execution of the Assignment, and all future Leases and any other
<br />information with respect to th�se Leases will be provided immediately after they are executed. Grantar may collect,
<br />receive, enjoy and use the Rents 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 obtains Lender's written consent. Upon default, Grantor will receive any
<br />Rents In trust for Lender and Grantor will nat commingle the Rents with any other funds. When Lender so directs,
<br />Grantar will endorse and deliver any payments of Rents from the Property to Lender. Amounts callected will be applied
<br />at Lender's discretion to the 5ecured Debts, the costs of managing, protecting and preserving the Property, and other
<br />necessary expenses. Grantor agrees that this Security Instrument is immediately effective between Grantor and l.ender
<br />and effective es to third parties on the recording of this Assignment.
<br />�j-�y �1993, 2001 Bankera Syatema, Inc„ St, Cloud, MN Form AGCO-RESI-NE 1/17/2003
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