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201100454
<br />7rustor subject to Beneficiary's approval, which shall nnt 6e ur7reasonably withheld. If Tr�.istor fails to maintain
<br />the coverage described above, Beneficiary may, at Beneficiary's option, obtain caverage to protect Beneficiary's
<br />rights in the Property accarding to the terms of this Deed of Trust.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a st�ndard "mortgage
<br />clause" and, where applicable, "beneficiary loss payee clause." Trustor sP7ali irnrnediately notify Beneficiary of
<br />cancellation or termination of the insurance, Beneficiary shall have the ric�ht ta hold the po�icies and renewals. If
<br />Beneficiary requires, Trustor shall immediately give to Beneficiary all receipts of paid premiurns and renewal
<br />notices. Upon loss, Trustor shall give immediate notice tn the insurance carrier and Beneficiary. Beneficiary may
<br />make proof of loss if not made immediately by Trustor.
<br />lJnless Beneficiary and Trustor otherwise agree in writinc�, insurance proceeds shall be applied tn restoration or
<br />repair of the Property damaged if the restoration or repair is econnmically feasible and Beneficiary's security is
<br />not lessened, If the restoration or repair is not economically feasible or E3eneficiary's security wauld be lessened,
<br />the insurance proceeds shall be applied to the 5ecured Debt, whether or not then due, with any excess paid to
<br />Trustor. If Trustor abandons the Property, or does not answer within 30 days a notice from Beneficiary that the
<br />insurance carrier has offered to s�ttle a claim, then Beneficiary may collect the insurance proceeds. Beneficiary
<br />may use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The
<br />30-day periad will hegin when the notice is given.
<br />Unless Beneficiary and Trustor otherwise ayree in writin�, �ny �pplication of proc�cds to principal shall not
<br />extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property
<br />is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage to the
<br />Property before the acquisition shall pass to Beneficiary to the extent of the Secured bebt irnmediat�;ly 6efore
<br />tfie acquisition.
<br />B. Trustor agrees to maintain comprehensive general lia6ility insurance narning Beneficiary as an additinnal insured
<br />in an amount acceptable to E3eneficiary, insuring against claims �risiny frorYi any accident or occurrenr,e in or an
<br />the F'roperty.
<br />C. Trustor agrees to rnaintain rental loss or business interruption insurance, as fP,C{IJIfP.Ci 6y Beneficiary, in an
<br />amount equal to at least coverac�e of nne year's debt service, and req�.iired escrow account deposits (if agreed tn
<br />separately in writin��, under a form nf policy acceptahle to Eienefir,iary.
<br />22. NO �SCROW FOR TAX�S AND INSURANCE. Unless OtIIPfWI$P, provided in d separate �1gfPPIllP.11t, Tf1151Df will not be
<br />required to pay to Beneficiary funds for taxes and insurance in escrow.
<br />23. FINANCIAL REPORTS AND ADDITIONpL pOCUMENTS. Trustor will prcavide to Beneficiary upon request, any financial
<br />statement or information Benefiriary may deerti necessary. Trustor warr�m.s thaT all financial statements and
<br />inforrnation 'i'rustar pravides to Beneficiary are, or will he, �ccurate, correct, and complete. Truslor agrees to sign,
<br />deliver, and file as E3eneficiary rriay reasonably request any additional dncuments or certifications that Beneficiary may
<br />consider riecessary to perfect, continue, and preserve Trustor's obliyations under this DP,P.C� of I rust and Beneficiary's
<br />lien status on the Property. If Trustor fails to do so, Benef iciary rriay sign, deliver, and f ile such documents or
<br />certificates in Trustor's name and Trustor hereby irrevoca6ly appoints Eienefiriary nr t3eneficiary's a,yent as attomey in
<br />fact to cio tf�e things necessary to comply with this section.
<br />24. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCES50RS AND ASSIGNS BOUND. All d�rties under tHiis Ueed
<br />of Trust are joint and individual. If Trustor signs this Deed of Trust but does not sign the Evidence of De6t, Trustor
<br />does so only to mortyaye Trustor's interest in the Property to secure p�yment of the Secured Debt and Trustor does
<br />not ac�ree tn be personally liable on the Secured Debt. Trustor r"]gfPP.$ that Beneficiary and any party to t.his Deed of
<br />Trust may extend, modify or make any change in the terms of this Deed of Trust or the Evidence nf Debt without
<br />Trustor's consent. Such a rhanr�e will not release Trustor from the terms nf this Ueed of Trust. The duties and
<br />benefits of this Deed of Trust shall bind and henefit the successors and assi�ns of 1 rustor and Beneficiary.
<br />If this Deed of Trust secures a guaranty between Beneficiary and Trustor and does not directly secure the obligation
<br />which is guarantied, Trustor agrees to waive any rights that may prevent Beneficiary from bringinc� any action or claim
<br />ac�ainst Trustor or any party indebted under the obligation including, 6ut not limited to, anti-deficienry or one-action
<br />laws.
<br />25. APPLICABLE LAW: SEVERABILITY; INTERF'RETATION. This Deed of Trust is governed by the laws of the jurisdiction
<br />in which Beneficiary is located, except to the extent otherwise required hy the laws of the jurisdiction where the
<br />Property is I<acated, This peed of Trust is complete and fully inteyrated. This Deed of Trust may not be amended or
<br />modified by oral agreement. Any section or clause in this Deed of Trust, attachrnents, or any r"3(�fP.P.IIlP.f11 related to the
<br />Secured Debt that conflicts with applicable law wi�l not be effective, unless that law expressly or ii7�pliedly permitis the
<br />variations 6y writt�;n �grEement. If any section or clause af this Deed of Trust r,annnt 6e eriforced according ta irs
<br />terms, that section or clause wil) t�e severed and will not affect ihe enforceability of the remainder nf this Deed of
<br />Trust. Whenever used, the sinc�i.�lar shall include the plural and the plural the sinyular. The captions and headinys of the
<br />sections of Zhis Deed of Trust are for convenience only and �re not to be used to interpret or define the terms of this
<br />L)eed of Trust. Time is of the essence in this Deed of Trust.
<br />26. SUCCE550R TRUSTEE. Beneficiary, at Beneficiary's optinn, rnay frnr7i time to time remove Trust.ee and appoint a
<br />successor trustee by an instrument recorded in the county in which this Deed nf Trust is recorded. The sur.cessor
<br />trustee, without conveyance of the Property, shall succeed to all the title, power �nd duties conferred upon the
<br />T(LISZPP, by this L]eed of Trust and applicable law.
<br />f �7
<br />(page 6 of 8)
<br />E'�r•r� (c� � gg3, zp01 E3a��kars Systerr�s, Inc., St. Claud, MN Form AGCO-RESI-NE 1/17r2003 � ,_� � � -
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