|
241100133
<br />As long as this Assignment is in effsct, Grantor warrants and represents that no default exists under the Leases, and
<br />the parties subject to the Leases have nnt 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 other parties to the 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 Ca11CeI or otherwise alter the �.eases, or accept
<br />#he surrender of the Property covered by the Leases (unless the Leases so require) without L.ender's consent. Grantnr
<br />will not assign, compromise, subordinate or 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 nr damages
<br />when Lender acts to manage, protect or preserve the Property, except fnr 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 />15. CONDOMINIUMS; PLANNED UNI7 DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit
<br />development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the
<br />condominium or planned unit development.
<br />9fi. D�FAUL7. Trustor will be in default if any of the following occur:
<br />A. Any partY_abligated on the Secured Debt fails to make payment when due;
<br />- - ------ - _ .
<br />B, A' breach of any term or in �Fiis'b6�'�Gf TPUS�, anq prrar rnnrXgaga
<br />security agreement or any other dacument evidencing, guarantying, securing or otherwise relating to the
<br />Secured Debt;
<br />C. The making or furnishing of any verbal or written representatinn, st�tement or warranty to Beneficiary that is
<br />false or incorrect in any material respect by Trustor or any person or entity ohligated an the Secured Debt;
<br />D. The death, dissolution, appointment of a receiver for, or application of any debtor relief law to, Trustor or any
<br />person or entity o6ligated on the Secured Debt;
<br />�. A good faith belief by Beneficiary st 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 Prnperty is impaired;
<br />F. A materisl 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; or
<br />G. Any loan proceeds are used for a purpase that will contribute to excessive erosion af highly erodible land or to
<br />the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C,F.R. Part 1940,
<br />Subpart G, Exhibit M.
<br />17. REMEDIES ON DEFAUL7. In some instances, federal and state law will require 8eneficiary to provide Trustor with
<br />notice of the right to cure, mediation notices ar other notices and may establish time schedules fnr foreclosure actions.
<br />Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Deed of 7rust in a
<br />manner provided by law if this Trustar is in default.
<br />At the option 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 by law, upon the occurrence of a default or anytime
<br />thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the Evidence of Debt, ather
<br />evidences of debt, this Deed of Trust and any related documents including without limitatian, 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 absolute title free and clear of all right, title and interest of 7rustor at such time and place as Trustee
<br />designates. Trustee sha�l �ive notice of sale including the time, terms and place of sale and a description of the
<br />property to 6e sold as required by the applicable law in effect a# the time of the proposed sale. -`-
<br />Upon sale of the Property and ta 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 />ta Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prinr encumbrances and
<br />interest thereon, and the principal and interest on the 5ecured 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 ta all remedies provided at law
<br />or equity, whether expressly set forth or not. The acceptance by Beneficiary of any sum in payment ar 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 of any existing default, By not exercising
<br />any remedy an 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 />78. �XPENSES; ADVANCES ON COVENAN75; ATTORNEYS' FEES; COLLEGTION CQ3TS. 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. Trustor will
<br />also pay on demand all af 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. Trustor agrees
<br />to pay all costs and expenses incurred by Beneficiary in enfarcing or protecting Beneficiary's rights and remedies under
<br />this Deed of Trust, including, but not limited to, attorneys' fees, court casts, and other legal expenses. Qnce the
<br />U � J/ � ylt` Ipage 4 of 81
<br />� � 1993� 2001 6ankera Syatema, Inc., 5t. Cloud, MN Form AGCO-RESI-NE 1/17/2003
<br />
|