|
i
<br /> �- 'ii , -._. ..-. . . . ° !+. ::.i ' _.i..�s � c�..�:c'.
<br /> '.._..., "- _ - _
<br /> . .- .. ' �-• — - -�— - . - _;—'
<br /> <_ _.,.
<br /> —�-�---�-7 . - - .. < . --- - .• .__,`- -- - ,-. - -
<br /> �-0' .F' � . ' � � . � � < Y h
<br /> . ' "r ` c 't_ . . .. . . _���( _ ' t_�_ �'�. _ �- . . ��E
<br /> � ` • � . ' � - � �r�• `` - �x _ _. _ . ,...���_� . c�
<br />. . ' . __.�. _�_..�__... �-,r....»��1. �-._....__.�,_�._.�.vr.�.__» _�...�..�_ _'_�'... ,.6 � �4�:
<br /> . � ' - -� . . � '
<br /> ` . � �. ' 9E- ����� � . :`;4 ��.:� .
<br /> .." � ,_� • or obsolete.provided that such personal pmperty is replarred arith other pecsonal pmpecry az least equal in vaIue to the `;:E�.='.;Y ` ,
<br /> ,' �,, `� . . �eplac�l peisonal pmperty, free fram any dde retamon device, security �t or other encumbrance. Such . . ` :;s'�.
<br /> ,' replacement o f peiso n a l p r o p e n y will be deemed subjed to the se�a�rity interest created by this Deed of Tmst.'fn�stor shall `
<br /> S s rior written consent. Beaeficiary or Ben e frciary's ag e n t s
<br /> . � not partition or subdivide the Property withont Beneficiary' P -- : �_- `, y.
<br /> `�� .. may. at BeaeficiaiY's option, enter the PropertY az anY�.sonable time for ttie purpose of inspecting the Propercy:Any '� .
<br /> • • inspe�tioa of the Property sha11 be enti�etY for Beneficiar�+'s benefit and Trustor will in ao waY rely on Eenefic�ary's : •
<br /> °• : inspection. �` .
<br />: S, � '� r,-:.!�: f
<br /> :.��-� 13.AUTHORTI'Y TO PERFORM.If Tnuw tf��1s the.Pr tiea da�c meat that�has p n'ty ove�r this D f Tn�st�Beneficiary ..
<br /> _ ,�,--�,,��-:=,- mnrtgage,deed of nvst,secvtiry agceemen as attorney in fact to :. ' '
<br /> : . .." may.without notice,Perform the duties or c�se them erform�ance.If any consuuc�pon onBth�e Pr�o�pertp is discontinued or ;."
<br /> . ''. �� sign Trastor's name or pay any amouat neoe.ssarY �P do whaiever is ner�.ssar�+w proiect Heneficiary's seciuity interest � , ..
<br /> � not�;arried on in a reasonable manner.B�eficiaTY Y ' -�..:
<br /> � in the Property.'f6is may include completing the construcaon ' . .'S�::•:
<br /> � � B�ciarq•s right to perform for Tmstor shall not create an obligation w perfomi. and BeneRclary's failure w perfoim
<br /> . - w�ll not preclude Bene�cisiy 5rom exercising any of BeneSiciarY's other righis under the 1aw or this Deed of Tmst.Any :•.
<br /> amonnts paid by Beneficiary for insuring, P�g or otheraise protecting the Pcoperty and Benefciary's securitY ` .• : '. :,:..:4..
<br /> interest will be due on demand and will bear interest from the date of the payment until paid in full at the interest rue in �'% �..` . ,, ._ts:`-�`,;�;,
<br /> - effect ftom time to time according to the terms of the Evidence of Debt. 'F _
<br /> � 14.ASSIGNMENT OF LEASES AND REN'�S.Ttustor ircevacably grants, conveys aad sells as additional security all the ,,�'`�;;,�.��,
<br /> ,( C��..
<br /> .' � ����':'.
<br /> ght,title and interesc in and to any and all:.
<br /> . . �:",:, ° n A. Existing or future leases,snbleases>l�censes,guaTanties and any other written or verbal agreements for the use and
<br /> ' . -'' ucc�ansy of any portion of the PropertY, including m►Y excensions, renea+als, madifications or substitutions of , • - -
<br /> . . such agreements(all teferred to as"Leases'�• ` -
<br /> . . - � - B. Rents,issues and Profits(all referted w as"Rents"),including but not limited to securiety d�s�'�e taxes. other .. ° =-
<br /> , ��, pe�►tage rent, additional rent, common area maintenance charges, Parl�nS charg - :�_=—"'
<br /> re , �,�;-
<br /> aPPlicable taxes, u�surdnce Premium contributians, liquidated damages following default, cancellation premiums.
<br /> . "loss of rents"insurance.revenues,myalties.Praceeds,bonuses.and a11 rights and claims which Tn�star taay have ,'.�_:y�-
<br /> � , ����y way pertains w or is on account of the use or occupancy of the whole or aay part of the Properry. ` .;y.;'. .:....,��
<br /> • .. • . Trustor will prompdy provide Beaeficiary with uue and correct capies of all existing and future I.eases. Tnistor may . v�: ,.
<br /> ' � wllect.receive,enjoy aud use the Rents so long as Tn�stor is not in default.Tmstor wiU not collect in advance aay Rents .. .��, ,.. s
<br /> �' dae in future lease periods.w�less Tnutor first obtains Beneficiary's aritten consent. Upon default,Tnuwr wt'11 receive . � +�
<br /> � ` ts in pust for Beneficiary and Trustor wiq not commingle the Rents with any other tt�uds.Any amount�collected ';���;si
<br /> any Ren ��
<br /> �� . . F'�� shaU 6e applied at Benef�ciary's.discretion w payments on the Secured Debt as therein provided.to costs of managang the . :�;.
<br /> • ' • ' pmperty. including,but not luaited to. all taxes, assessments, insvraace Piemiums, rePairs, and wmnnissions to ceutal � ,..:.
<br /> �.�-
<br />_ . . •° agents,and to any other necessacY related expenses including Beneficiary's attomeys'fees,Paralegal fees and court costs. "� �.� :; �__
<br /> ;:. � o:.,�:
<br /> . `':�;�
<br /> , ' Tmstor ackaowledges that this assigament is perf�upon the mcording of this Deed of Tntsc aad that Benefcciary is _
<br /> � ._:..._: , ". . entitted to notify any of Tmstor's teaaats to make payment of rents due or to become due to Beae&ciary. However. - ' �_r�`-
<br /> . Beneficiary agrees that only on default will Beneficiary noufy Tmstor and Tmstor's tenanu aad make demand that a11 •.•;'i�.`T-
<br /> . ' � future Renu be paid directly to Beneficiary. On receiving the notice of default, Trustor will endorse and deliver to ' __�n•-
<br /> "" ts of Rent in Tmstor's possessioa. i..�'�="�
<br /> . Beneficiary anY PaY� £:`
<br />` . � :��,�.-•- -
<br /> . Tnistor coveaaats Wat no default exiscs under the Leases or anY aPPUcable landlord law.Tnutor also covenants aad agrces ' ::.�►*,.�:
<br /> to maintain, and to rec}uire the tenants to comply with, tlie Leases and anY apPlicable law.Tn�stor will prompdy aotifY . '. �„�:
<br /> ; . �:-�-i
<br /> ,f : � Benefcciary of any noncompliance• If Trostor negler�s or refuses to enforce compliance with the terms of the Leases.then ;• , ___-- .
<br /> � . Beneficiary may, at Beaeficiary's option, enforce campliance. Trustor wiU obtain Beneficiary's wriuen authorization ,'.<<.• . �;�t;
<br /> '``,��;'�:_.-
<br /> � � before Trustor consents to subiet. mod�fy,cancel, or otherwise alter the Leases, w accept tlse sunender of the Property ��' �;
<br /> covered by sucb Leases(unless the Leases so mquire). or w assign.compromise or encumber the Leases or any future , -7�.__
<br /> ' � Rents. Tnistor will hold Beneficlary hamiless and indcmnifY Benefic�ary for any and all liability, toss or damage that . • ,
<br /> ' , Beneficiary may incvr as a consequence of the assignment under ttus secrion. . , .
<br /> . 15.CONDOMINNMS3 PLA�RVED �iIT DEVELOTMENTS. If the PropertY includes a unit in a co��o:ninium or a , :
<br /> . • plannefl unit development,Trustor will perform all of Tnutor's duties under the covenants,by-laws.or regu�lations of the
<br /> ','� . condominium or planned unit development. . ,
<br /> ."r�
<br /> ;��,, � - � � 16.DEFAULT.Trustor will be in default if any of the following occur: � .
<br /> • p, pny party obligated on the Secnred Debt fails to make payment no�mortgage or any construction Eoan agreement, �•
<br /> •, � B. A breach of any term or covenant in this Deed of Tmss,any p � .
<br /> .j � . . securiry agreement or any other document evidencing, guarantyinS.securing or otherwise relaiing to the Secured .
<br /> Debt: "
<br /> � C. 7'he making or furnishing of any verbal or written representation,statement or warranty to Beneficiary that is false . .
<br /> ' � � or incorrect in any material�P�t of a reccivernf p or application of an debtorerel efrlaw to t Trustor or any , ,
<br /> - � D. The death.dissolution. app �
<br /> � person or entity obligated on the Secured Debt: • .
<br /> E. A good faith belief by Bencficiary at any time ihat Beneftciary is insecure with respect to any person or entity ..
<br /> � obligated on the Secured Debt or that the prospect of any payment is impaired or the Property is impaired: ,
<br /> � � j F. A material adverse change in Trustor's business including ownership.management•and financial conditions,which
<br /> ' Beneficiary in its opinion believes impairs the value of the Property or repayment of the Secured Debt:or
<br /> � � G. Any loan praceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the . .
<br /> . . . � conversion of wetlands to produre an agricultural commoditY,as further eaplained in 7 C.A.R.Part 1940,Subpart ,
<br /> � � G,Exhibit M. � : �. . .
<br /> ` I 17.ItEMEDIES ON D�FAULT. in some instances. federal and state law will require Beneticiary to provide Trustor with .
<br /> � norice of the ri�ht to cvre. mediation notices or o:her notices and may establish time sehedules for foreclosnre actions.
<br /> ISubject to these limitations, if any, Beneficiary cnay accelerate the Secwed Uebt and foreelose this II�eed of Trust in a
<br /> • � manner provided by law if this Trustor is in default. ,
<br /> •_� � '
<br /> � . •
<br /> ",.t ' '! , •, .
<br /> . � , nn4o 3 0!6 _..
<br /> - - - - ,� ---- - -
<br /> , - � a 1993 9ankoro SvsteMV,1�.St Cioud.MN It 800 39TI3411 Fmm AG�CO D7 NE 10r3097 - •
<br /> ,�� .
<br /> .
<br /> , .
<br /> .: -_
<br /> . _ _
<br /> - .� .
<br /> . ... _ _.. .. �.. ..� �.- ..-.... a�i.�,N-� s-.._ '-i:r"'v-".�.:. .�.,1a....,:t��i�iuy�.�_ ��i�,w'F�a��� -
<br /> . _ . .. . . . . . . . .. .. . . .. .. . .. . . .. . . 3 . .. .. .}. ....... ..._. .�..._e..��.. ..
<br />
|