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<br />change in ownership of more than 25 percent of the voting stock of a corporation. However, Beneficiary may not
<br />demand payment in the above situations if it is prohibited by law as af the date of this Deed of Trust.
<br />11. ENTITY WARRANTIES AND REPRESENTATIONS, If Trustor is an entity ather than a natural persan (such as a
<br />corporation or ather organization►, Trustar makes to Beneficiary the following warranties and representations which
<br />shall be continuing as long as the Secured bebt remains outstanding:
<br />A, Trustor is an entity which is duly arganized and validly existing in the Trustar's state of incorporation (or
<br />organization►, Trustor 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 6eing conducted and, as
<br />applicable, is qualified to do so in each state in which 7rustor operates.
<br />B. The execution, delivery and performance of this Deed of Trust by Trustor and the obligation evidenced by the
<br />Evidence of Debt are within the power of Trustor, have been duly authorized, have received all necessary
<br />governmental appraval, and will not violate any provision of law, or order af court or governmental agency.
<br />C. Other than disclased in writing Trustor has not changed its name within the last ten years and has not used any
<br />ather trade or fictitious name. Without Beneficiary's privr 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 />92. PROPERTY CONDITION, ALT�RATIONS AND INSPECTI�N. Trustor will keep the Property in good condition and make
<br />all repairs that are reasonably necessary. Trustor will give Beneficiary prompt notice of any Ioss ar damage to the
<br />Property. Trustor will keep the Property free vf 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 public ar 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 actians against Trustor ar any ather
<br />owner made under law or regulation regarding use, ownership and occupancy nf 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 also
<br />agrees that the nature of the occupancy and use will not change without Beneficiary's prior written consent.
<br />No portion of the Property 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 pert of the Praperty 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 or other encumbrance. Such
<br />replacement of personal property will 6e deemed subject to the security interest created by 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 Beneficiary's nption, enter the Property at any reasonable time for the purpose ot inspecting the
<br />Property. Any inspection of the Praperty shall be entirely for Beneficiary's benefit and Trustor will in no way rely on
<br />Beneficiary's inspection.
<br />73. AUTHQRITY TO PERFQRM. If 7rustor fails to perform any of Trustor's duties under this Deed of Trust, or any ather
<br />mortgage, deed of trust, security agreement or ather lien document that has priority over this Deed of Trust,
<br />Beneficiary may, without notice, perform the duties or cause them ta be performed. Trustor appoints Beneficiary as
<br />attarney in fact to sign Trustor's name or pay any amount necessary for performance. If any construction on tha
<br />Property is discontinued or not carried an in a reasonable manner, Beneficiary may do whatever is neoessary to protect
<br />Beneficiary's security interest in the Prvperty. 7his may include campleting 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 Qeed of 7rust. Any
<br />amounts paid by Beneficiary far insuring, preserving or otherwise protecting the Property and Beneficiary's security
<br />interest will be due on demand and will bear interest fram the date of the payment until paid in full at the interest rate
<br />in effect fram time to time according to the terms af the Evidence of Dabt.
<br />94. ASSIC�NMENT OF LEASES AND RENTS. Grantor irrevocably assigns; grants and conveys to Lender as additional
<br />security all. the right, title and interest in the fol (Property►.
<br />A. �xisting or future leases, subleases, lic�nses, guaranties and any other written ar verbal agreements far the use
<br />and occupancy of the Property, including but not limited to, any extensions, renewals, modifications or
<br />replacements (Leases►.
<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 contributions, 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 Leases or Rents is determmed 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 Leasas will be provided on execution nf the Assignment, and all future Leases 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 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 not commingle the Rents with any other funds. When Lender so directs,
<br />Grantor will endorse and deliver any payments af Rents from the Property to Lender. Amaunts collected will be applied
<br />at Lender's discretion to the Secured Debts, the cvsts of managing, pratecting and preserving the Property, and other
<br />necessary expenses. Grantor agrees that this Security Instrument is immediately effective between Grantor and Lender
<br />and effective as to third parties on the recording of this Assignment.
<br />�"' � 1983, 2001 Bankers Systomc, Inc., St. Cloud, MN Form AGCO-RE5I-NE 1/17/2003
<br />l /page 3 of 81
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