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<br />change in ownership af more than 25 percent of the voting stock of a carporation. However, Beneficiary may not
<br />demand payment in the above situations if it is prohibited by law as of the date of this Deed af Trust,
<br />11. ENTITY WARRANTIES ANb REPRESENTATIQNS. If Trustor is an entity other than a natural persan (such as a
<br />corporation or other organization), 7rustor makes to Beneficiary the fallowing warranties and representations which
<br />shall be continuing as long as the Secured Debt remains outstanding:
<br />A. Trustor is an entity which is duly organized and validly existing in the Trustor'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 being conducted and, as
<br />applicsble, is qualified to do so in each state in which 7rustor operates.
<br />B. The executian, delivery and performance of this Deed af Trust by Trustor and the obligetian evidenced by the
<br />Evidence of Debt are within the power of Trustar, 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 />othsr 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. PROPERTY CONDITIQN, ALTERATI�NS AND INSPEC710N. Trustor will keep the Property in good candition and make
<br />all repairs that are reasonably necessary. Trustor will give Beneficiary prampt notice of any Ioss or damage to the
<br />Property. Trustor will keep the Praperty free of noxious weeds and gresses. Trustor will not initiate, join in or consent
<br />to any change in any private restrictive covenant, zoning ordinance or ather public or private restnction limiting or
<br />defining the uses which ma� be m�de -of.-the-Proper�}r -oF any part -of tha Property, without Beneficiary's prior written
<br />consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor or any other
<br />owner made under law or regulation regarding use, ownership and occupancy of the Property. Trustor will comply with
<br />all legal requirements and restrictions, whether pu6lic or private, with respect ta 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 part of the Property that become
<br />worn or obsnlete, provided that such persanal 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 encum6rance. 5uch
<br />replacement of personal property will lae 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 option, enter the Property at any reasonabls time for 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 inspection.
<br />13. AUTHORITY TO PERFORM. If Trustor fails ta perform any of Trustor's duties under this Deed of Trust, or any other
<br />mortgage, deed of trust, security agreement or other lien dacument that has prinrity over this Deed of Trust,
<br />Beneficiary may, without notice, perFarm 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 for perfarmance. If any canstruction on the
<br />Property is discontinued or not carried on in a reasonable 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 nnt create an obligation ta perform, and Beneficiary's feilure to perform
<br />will not preclude Beneficiary fram exercising any of Beneficiary's other rights under the law or this Deed af Trust. Any
<br />amounts paid by Beneficiary for insuring, preserving pr otherwise protecting the Property and Beneficiary's security
<br />interest will be due on demand and will bear interest from the date of the payment until paid in full at the interest rate
<br />in effect from time ta time according to the terms af the Evidence of Debt.
<br />94. AS5IGNMENT OF LEASES AND RENTS. Grantor irrevocably assigns, grants and convays ta l.ender as additional
<br />s�CUrity all thw right, - title ��id in'[8rest ir� #ha tollou+�ing �Propertyl. _ .,. - .. _-- ` , ..:: :. .
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for 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 maintensnce charges, parking charges, real estate taxes, other applicable taxes,
<br />insurance premium contributinns, liquidated damages following default, cancellation premiums, "loss of rents"
<br />insurance, guest receipts, revenues, royalties, proceeds, bonuses, sccounts, contract rights, general intangibles,
<br />and all rights and claims which Grantar may have that in any way pertain to or are on accaunt af the use or
<br />occupancy of the whole or any part of the Praperty (Rents�.
<br />In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will alsa be
<br />regarded as a seaurity agreement.
<br />Grantor will prnmptly provide Lender with copies of the Leases and will certify these Leases are true and correct
<br />copies. The existing Leases will be provided on execution of 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 ta Lender. Amounts collected will be applied
<br />at Lender's discretion to the Secured 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 Lender
<br />and effective as to third parties on the recarding of this Assignment.
<br />�� � 1993, 2001 Bankere Systema, Inc„ St. Cloud, MN Form AGCO-RESI-NE 1l17l2DD3
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