|
201100029
<br />As lang as this Assignment is in effect, Grantor warrants and represents that no default exists under the Leases, and
<br />the parties subject t� the Leases have not violated any applicable law on leases, licenses and landlords and tenants.
<br />Grantor, at its sole cost and expense, will keep, observe and perform, and require all o#her parties to #he Leases to
<br />comply with the Leases and any applicable law.
<br />IF Grantor or any party to the Lease defaults or fails to observe any applicable law, Grantor will promptly notify Lender.
<br />If Grantor neglects or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's
<br />option, enforce compliance. Grantor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or accept
<br />the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's cansent. Grantor
<br />will not assign, compromise, subordinate nr encumber the Leases and Rents without Lender's prior written consent.
<br />Lender does not assume or become liable for the Property's maintenance, depreciation, or other losses or damages
<br />when Lender acts ta manage, protect or preserve the Property, except for losses and damages due to Lender's grnss
<br />negligence or intentional torts. Otherwise, Grantor will indemnify Lender and hold Lender harmless for all liability, loss
<br />or damage that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under
<br />the Leases.
<br />95. CONDOMINIUMS; PLANNED UNIT �EVELOPMENTS. If the F'roperty includes a unit in a condaminium or a planned unit
<br />development, Trustor will perfarm all nf Trustor's duties under the covenants, by-laws, or regulations of the
<br />condominium or planned unit development.
<br />16. DEFAULT. Trustor will be in default if any of the fnllowing occur:
<br />,4. Any party �bligated on the Secured �ebt fails to make payment when due;
<br />B. A breach of any term or covenant in this Deed of Trust, any prior mortgage or any canstruction loan agreement,
<br />security agreement or any other dncument evidencing, guarantying, securing or otherwise relating to the
<br />Secured Debt;
<br />C. The making or furnishing of any verbal or written representation, statement or warranty to Beneficiary that is
<br />false or incorrect in any material respect by 7rustor or any person or entity obligated on the Secured Debt;
<br />b. The death, dissolution, appointment of a receiver for, or application of any debtor relief law to, Trustor or any
<br />person or entity obligated on the Secured Debt;
<br />E, A good faith belief by Beneficiary at any time that Beneficiary is insecure with respect to any person or entity
<br />obligated on the Secured Debt or that the prospect of any payment is impaired or the Property is impaired;
<br />F. A material adverse change in Trustor's business including ownership, management, and financial conditions,
<br />which Beneficiary in its opinion believes impairs the value of the Property or repayment of the Secured Debt; nr
<br />G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to
<br />the conversion of wetlands #o produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940,
<br />Subpart G, Exhibit M.
<br />17. REMEDIES ON DEFAULT. In some instances, federal and state law will require BeneFiciary to provide Trustor with
<br />notice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions.
<br />Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclnse this Deed of Trust in a
<br />manner provided by law if this Trustor is in default.
<br />At the aption of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br />immediately due and payable, after giving notice if required 6y law, upon the occurrence of a default or anytime
<br />thereaftar. In addition, Beneficiary shall be entitled to all the remedies provided by law, the Evidence nf Debt, other
<br />evidences of debt, this Deed of Trust and any related documents including without limitation, the power to sell the
<br />Property.
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary,
<br />advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and
<br />convey absnlute title free and clear of all right, title and interest of Trustar at such time and place as Trustee
<br />designates. Trustee shall give notice of sale including the time, terms and place of sale and a description of the
<br />property to be sold as required by the applicable law in effect at the time nf the praposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the
<br />Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay
<br />to Beneficiary all moneys advanced fnr repairs, taxes, insurance, liens, assessments and prior encumbrances and
<br />interest therenn, and the principal and interest nn the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary
<br />may purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth
<br />therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law
<br />or equity, whether expressly set forth or not. The acceptance by Beneficiary of any sum in payment or partial payment
<br />on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not
<br />constitute a waiver of Beneficiary's right to require full and complete cure nf any existing default. By not exercising
<br />any remedy on Trustor's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if
<br />it continues or happens again.
<br />98. EXPENSES; ADVANCES ON CQVENAN7S; ATTORNEYS' FEES; CQI�LECTION C�STS. Except when prohibited by law,
<br />Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Deed of Trust. 7rustnr will
<br />also pay on demand all of Beneficiary's expenses incurred in collecting, insuring, preserving or protecting the Property
<br />or in any inventories, audits, inspections or other examination by Beneficiary in respect to the Property. Trustar agrees
<br />to pay all costs and expenses incurred by Beneficiary in enforcing or protecting Beneficiary's rights and remedies under
<br />this Deed of Trust, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the
<br />/pege 4 of 81
<br />�� � 1993, 2001 Bankers Syrtema, Inc., St. Cloud, MN Farm AGCO-RESI-NE 1/17/2003
<br />
|