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�R�C��D�D
<br />�011078�6'� " 20�1032��2
<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: ENTITX WARRANTIES 'AND REPRESENTATIONS. lf Trustor is an entity other than a natural person (such as a
<br />�+corporation, or organization}; Trustor makes to Beneficiary the following warr.ant�es and �epresentatrons which
<br />;. .
<br />shall be contmuing, as Iqng as the ,Secur.ed Debt [emains outstanding: - ' "
<br />;" a o fuator is 'an enri , whicH ':is duly . organized' and validly 'existing in' the' Trustor`s 'state �'of incorporation (or
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<br />' g niz�ation). Trustor 'is rn' good standing m all''sta�tes in which Yrustor trans�cts"�business. •Trustor � has the
<br />power and authority to own the Property � and to car 'ry� on its b'usiness''as now' Ti'ein'g' �oriducted �and, as
<br />applicable, is qualified to do so in each state in which .T[ustor operates.
<br />, B. . The execw'tion,''d'elivery' and�. performance of this deed of Trust by Trustor and tfie � obli`gation' evidenced by the
<br />� �' � �vidence' of Debt 'are within the pow�er 'of Trusto�; have been duly authorized; have received all necessary
<br />" governmental approval,, and will not violate'any provision .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 fen 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, aoning 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- of all demands, proceedings, claims, ard actions against Tr,�stor or any �ther
<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 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 will in no way rely on
<br />Beneficiary's inspection: , , , . . :
<br />_ „ . . _ ., : ,, . : .
<br />13. AUTHC�RITY TO' �'ERFORM. �Ifi,�Trustor'faifs to �perform any' of'Trustor's 'duties under this De�d af�Trust, orany other
<br />mortgage; deed 'of trusf;' security agreemerst� or' other � lien do'cument tFiat' has prio�ity dver this "-Deed of Trust,
<br />Beneficiary may, without notice, perform the duties or cause them to be perforriied: 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 rnay do whatever is necessavy 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 o� future ieases, 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 (Rents).
<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 sa long as Grantor is not'in default. Grarrtor' will not collect;in advance any Rents due
<br />���. '� in �uture' le�se periods,� unless - Grantor first obtains Lender's writtec� consent: Upon default �Grantor �wilL receive any
<br />Rents in trust for Lendenand Gra�ntor 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 />/"� (pag 3 of 1
<br />���Y
<br />F�o�"' OO 1993, 2001 Bankers Systems, lnc., St. Cloud, MN Form AGCO-RESI-NE 1/17/2003
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