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201103���
<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 REPRESENTATIpNS. If Trustor is an entity other than a natural person (such as a
<br />� ��orparation or other orgarnzation); Trustor makes to Beneficiary the' following warrant�es and �epresentatrons which
<br />�: shall b�.con�inuing, as Jqng asthe _Secur,ed Debt remains outstanding: : �'
<br />� �,� �'� or�anoZ��o�a�n Tntity wh�ch':is dul ' dly in the Trustor"s stat���of incorporation (or
<br />� , , y , organized _ anc� vali
<br />'" rus`tor 'is `in' good �standing in �all st�tes in which `�rustor trans�cts' business •Trustor � has the
<br />power and authority to own the Property'' and to carr-y on �its- b'us"ines§ 'es now 6ein'g' �ondueted �and, as
<br />applicable, is qualified to do so in each state in which Trustor operates.
<br />B.. The execution;''d`elivery``and:performance'of this f7eed�of TrUst by Trusfor �and the obligation' evidenced by �the
<br />� ` ' ' � ' �' � �videnc.e "of D'ebt 'are, within the pow�er 'df 'Trustor;'� have been duly authorized; have received aIF � necessary
<br />" governmental approval,, and will not violate'any proyision .of law; or order of `court or government�l 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 Be�eficiary'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 eive 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 public 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 o# al! demar�ds, praceedings, claims, ard actions against Tvustor 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 requiremenfis and restrictions, whether pub(ic or private, with respect to the. use of the Property. Trusior 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 wiff 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 rea'sonable time for the purpose of inspecting the
<br />Property. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor wiU in r�o way rely on
<br />Beoeficiary's inspectian: ' � '
<br />. . , - , , . . . , ,.. ._. . ._ _. �, . ,
<br />73.' AUTHEiRITY �TO� PERFORM:, If 'faifs to �perform any' of Trustor's 'duties under this De�d of Trust, or any other
<br />mortgage; deed' �of trust; security 'agreement� or other lien doCument tlhafi has pxiority dver this �:Deed of Trust,
<br />Beneficiary may, without notice, perform the duties or cause them to be performed; Trustor �appoinfis Beneficiary as
<br />attorney in fact to sign. Trustor's name or p.ay any amount necessary for performance. If any construction on the
<br />Property is discontinued or nofi carried on in a reasonable manner; Benefiiciary �ay 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 fihis Deed of Trust. Any
<br />amounts paid by Beneficiary for insuring, preserving or otherwise protecting the Property and Beneficiary's security
<br />interest wif( be due on demand and will bear mterest from the date of the payment until paid m 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 righ#, title and interest in the following (Property).
<br />A,. Existing n� future leases, subleases, licenses, gt�aranties and any other written or verbal agreements for the use
<br />and occupancy of the Property, including but not limited to, any extensinns; renewals, . modifications or
<br />replacements (Leasesl.
<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 cont�ibutions, liquidated damages followmg defautt, 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 (Rents).
<br />fn 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 agreemen#.
<br />, ::;
<br />' Grantor wilG promptly provide Lender with copies of the Leases and will certify these Leases are true and correct
<br />copies. The existing L'eases will be provided on execution of the Assignment; and aU future L�ases ; and any other
<br />infiormation 'with �espect to these Leases will be provided immediately �fter they are executed':. :Grantor may collect,
<br />� receiVe�;'enjoy and use the Rents sa long as Grantor-is not'in default. Gtarrtor' will not collecfi:in advance any Rents due
<br />r'•in�uture'lease periods,�unless-Grantot first obtains Lender's.writte� consent: Upon default��•Grantor,will receive any
<br />Rents in trust for Lender and Gra�nto� will-not commingle the �Rents with any other funds: When�Lendec.so; directs,
<br />Grantor will endorse and deliver any payments of Rents from the Properfiy to Lender. Amounts collected will be applied
<br />at Lender's discretion to the Secured Debts, the cbsts of managing; protecting and preserving the Property, and other
<br />necessary expenses. Granto� 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 />�"' OO 1893, 2001 Bankars Systams, Ina., St. Cloud, MN Form AGCO-RESI-NE 1/17/2003
<br />/',� /pag 3 of I
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