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<br /> . , `` onal property is ieplaced with other personal properry at least equa� in value to the . ' .
<br /> . or absolete.pravided that such P�s ` .
<br /> .. . r�laced personal pmperty. frec from aay title reteauon device. secvr:►Y agreernent or other encntt�brance. Sue4 . .`
<br /> replacement of personal pmpertg+will be dee�ned subject to the seauity interest created bv this Deecl of Tnut.Tnrstor shall
<br /> tinot partitioa or subdivide the Property without Bene&ciary's prior written conseat. Benefrciary or Beaeficiary's ageats
<br /> . .. . � may.at Beneficiary's option, euter the Property at any reasonable time for the ptupose of iaspecting thc Property;AnY .. ,
<br />� , inspection of the Property s4a11 be entirely for Beueftciary's benefit and Tzustor will in no way rely on BeneHc�ary's . ` .
<br /> ' 9 inspecaion. .. .
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<br /> ; Y3.AUTHOttITY TO PERFORM.If Trustor fails to perform anY of Tsustor's duties uader dris Deed of Tiust.or any other
<br />—= - - ` =�: mortgage,deed of riust. securitY agr�m�t or other lien docvment that has priority over this Deed of Ttust.Beneficiary �--_.----- "
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<br /> - . . may.withont notice.Perform the dudes or cause them w b�eo���co�mtcuaron o nthe Property istdis�continued or _
<br /> _ � , sign Trustor's name or pay any amount neoessary P , . �. ., �
<br /> Y'. -. not carried oa ia a reasonable manner,BenefrciarY maY do whatever is necessarY to protect Beneficiary's se�urity interest ,, •., , _:
<br /> , in the Property.lLis may include completing the sonstr�ction. . � � ; ;� 4
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<br /> ;r � •. �t � � Beneficiary's right w perform for Tmstor shaIl not create an obligation to perform,and BeneSciary's fail�ue to perfocm :. .
<br /> �`: � � � ` arill not preclude B�eficiazy from exercising aaY of B�efiaary's other rights uuder the taw or ttris Deed of Tn�st.Any
<br /> .� . ro�g �e pmperty aa�i Beneficiary's seauity � �� ::��
<br /> ' ' amouats paid by Beneficiary for insuring, Presemn8 or °therartse p •
<br /> �`- . interest will be due on demand and will bear interest from the date of the payment until paid in fiill ai the interesc rate in ; `�`, _
<br /> - = effect from time to time according w the terms of the Evidence of Debt. - �
<br /> ` ANp RENTS.Tmstor irrevocably grants, ooaveys and sells as additional security all the _ = �,-�.
<br /> ` ,�.'� 14.ASSI�NMENr dF I.EASES •' '
<br /> ' `� right,titte and interest in and to any and aU: T . . —
<br /> � A. Exitting or fudue teases,subleases,licenses,guaranries and any other written or verbal agreements for the use and -
<br />_ � � oceupancy of any portion of the PropertY• including�y extensions, renewais, modifications or subsdtutions of .'T.`.�-
<br /> �. �, '� such agreements(all referred w as"Leases"). �f—=-
<br /> �,� . �.-� B. Rents,issues aad pmfits(all refeired to as"Rents"),iactuding but not limited w secutity deposits,minimum reut. r_<_ y.=A-.-i
<br /> `' . pereeatage rent, additional reat, common azea maintenance charges, Parl�ng cdaaz8es• real escate taxes, other E y�._
<br /> '�L• ' . � contributions. liqnidated damag � �. �.—
<br /> _ aPPUcable taxes, msuraace Pretni�tta es following defanit, cancellarion premiums, "„_
<br /> �� ° . "loss of rents"insurance,reveaues,royaldes,Proceeds,bonuses,and all rights and claims whicb Tnutor may have :::`�:`_._
<br /> � � tbat in any way pertains to or is on acco�t of the use or oaupancy of the whole or any part of the Prope+ty. '���
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<br /> � � Tmstor will promptly provide Beneficiary with uve and correcxx coPies of all existing�d fuuue Lxases. Tiustor may • ,
<br /> � collec�receive,enjoy and nse the Reats so long as Tmstor is not in default Tn�stor wiA not wllect in advance any Rents ;. :,��
<br /> . due in future lease penods,unless Tsustor fi:st obtaias BeaeficiazY's wriueu consent- Upon default.Tn�stor w�l receive ' '.>:�_�
<br /> any Renu ia uust for HeneficiarY and Tivstor will not comminf,le the Rents with any other funds.Any amounts collected ; . , --_—
<br /> . . shaU be applied at Beneficiary's discretion m payments on the Secured Debt remiums, rePairs,�aad commissio�to�rgental �.
<br /> pcoperty,including,bnt not liraited to, all taaes. assessments• i�urance P _�
<br /> agents,and to any other necessarY related expenses including Beneficiary's attomeys'fees,Parategal fees and conrt costs. •:'•:�,,
<br /> , ? � • � � Trustor aclmowiedges that this assi8nment is perfected upon the recordin8 of this D e e d o f Tnut and that Beneficiary is . . `,Y�,
<br /> ' �` enuued w notifyr any of Trustor's tenants to make payment of rents due or to 6ecome due to Beneficiary However, ..{�.
<br /> � Beneficiary agrees that only on default will Beaeficiary notify Trustor and Trustor's teaants and make dcmand that aU . ,
<br /> .� . ' . future Rents be paid direcdy w Beneficiary. On receivinS the nouce of default. Trustor will eadorse and deliver to . _ �..��
<br /> . r� Beneficiary any payments of Rent in Tmstor s possession. ,>'' '3�;=
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<br /> � Trustor covenants that no default exists under the Leases or any applicable landlord law.Trustor also wvenants and agrees •. :•_��'-:
<br /> � . . to maintain. and to rcquire the tenants to comply with. the Leases aad any applicable law. Truswr will promptly notify . ;' '��
<br /> � �: ,: Beneficiary of any noncompliance.If Trustor negle�ts or refuses to eaforce compliaace with the tem�s of the Leases,then . _��
<br /> � Beaeficiary may. at Beaeficiary's option, enforce compliance. Trustor wiU obtaia Beneficiary's written authorization `..+�^.
<br /> before Tmstor consents to sublet, mod�fy,cancel,or otherwise alter the l,eases,to accept the surrender of the Property
<br /> . wvered by such Leases(nntess the Leasea so require), or to assign,compromise or encumber the Leases or aay future . �_ :�'•a,
<br /> Rents. Tmswr wi11 hold Benefrciary harmless and indemnify Beneficiary for any aad all Ilabiliry, loss or daznage that L ;
<br /> _ � � '. gznegciary may incur as a consequeace of the assignmeat under this section. - �
<br /> ' 15.CONDON�NIiJMS, PLANNED U1VIT DEVELOPMENT3. If the Property ir.cludes a unit in a condominium or a •
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<br /> _ . � planned unit development,Trustor will perform all of Trustor's duties under the wvenants.by-laws,or regulations of the . •
<br /> ".�,>,:� condominium or planned unit development. ' . .
<br /> � 16.DEFAULT.Trustor will be in default if any of the foltowing occur: � •• •
<br /> ' � ' p, pny party obllgated on the Secured Debt fails to make payment when due: . •
<br /> ',••� � � � B. A bre2ch of any term or covenaYSt in th9s Dced of Tiust,any prior morigage or any consuuction loan agreement. ._
<br /> .�' `� ' secvriry agreement or any other document evideacing, guarantYmB,sesuring or otherwise relating to the Secured . . :
<br /> Debt; •
<br />- �� C. 'Ihe making or fumishing of any verbal or written representation.statement or warranty to Beneficiary that is false
<br /> - or incorrect ia any material respect by Trustor or any person or entity obligated on the 5ecured Debt: .
<br /> • D. The death, dissolution, appointment of a mceiver for. or application of any debtor relief law to.Trustor or any .., �
<br /> � person or entity obligated on the Secnred Debt:
<br /> '� ..�_ � E. A good faith belief by Beneficiary a: any cime that Beneficiary is insecure with respect to any person or entity .
<br /> . . obligated on the Seeured Debt or that the prospeci of any payment is impaired or the Properiy Is impaired:
<br /> � • •'. F. A material adverse change in Trustor's business including ownership,management,and financial wnditions,which
<br /> � Beneficiary in its opinion believes impairs the value of the property or repayment of the Secured bebt:or :
<br /> . � • G. c�onv�ersion f wetlands t produce anagri ultural comm duty tas further explained inh7�Cil.F.R.Part 1940�Subp e .
<br />_• • � G, Exhibit M. . .
<br /> ! 17.REMEDI�S ON DEFAULT. In some instances. federal and state law will require Beneficiary to provide Trustor with ,
<br /> • ' notice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions.
<br /> " � '• Subject to these limitations. if any, Beneficiary may aceelerate the Secwed Debt and foreclose this Deed of Trust in a
<br /> � ,,� manner provided by law if this Trustor is in default.
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<br /> � � �nc.St Goutl.MN Il B00 397 43471 Form AGCO UT NE 10�0+97 '
<br /> � � � '� , o t 993 Bu+tero Svstoms.
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