|
�o��u��o�
<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 of the date of this Deed of Trust.
<br />11. ENTITY WARRANTIES AND REPRESENTATIONS. If Trustor is an entity other than a natural person (such as a
<br />corporation or other organization), Trustor makes to Beneficiary the following 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 />organizationl. 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 />applicable, is qualified to do so in each state in which Trustor operates.
<br />B. The execution, delivery and perFormance of this D�ed 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 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 />other 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 CONDITION, ALTERATIONS AND INSPECTION. 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 loss or damage to the
<br />Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor will not initiate, join in or consent
<br />to any change in any private restrictive covenant, zoning ordinance or other pub{ic or 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 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 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 part of the Property 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 be 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 reasonable 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 to pertorm any of Trustor's duties under this Deed of Trust, or any other
<br />mortgage, deed of trust, security agreement or other lien document that has priority over this Deed of Trust,
<br />Beneficiary may, without notice, perform 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 performance. If any construction 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 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 Deed of Trust. Any
<br />amounts paid by Beneficiary for insuring, preserving or 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 to time according to the terms of the Evidence of Debt.
<br />14. ASSIGNMENT OF LEASES AND RENTS. Grantor irrevocably assigns, grants and conveys to Lender as additional
<br />security all the right, title and interest in the following (Property►.
<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 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 (Rentsj.
<br />In the event any item listed as Leases or Rents is determined 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 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 of Rents from the Property to 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 recording of this Assignment,
<br />, „ _ _ ��� (page 3 of 8)
<br />��" OO 1993, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO-RESI-NE 1/17/2003 �,�tV
<br />
|