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<br />- . , . .` or obsolete. Provided sl�at such personal propatyr is cepiaced with other peisonal property ai leasc eqnal in value to the - <
<br />_ � ` : replaoe3 peisanal property. fre� Erom any titte retenaon device, secunry agreemeat or ather eucumbrance. 5uch �, ,� . . , . ..
<br />� replac�ent of personal PmP�Y will be deemed subject to the security interest created by tlus Deed of Tcust.Tn�stor shall �. . ..
<br /> `; . . • � . not partitioa or subdivide the propercy without Benefcciary's prior wriuen consent. Beneficiary or Beneficiary's ag�u � . �
<br /> w
<br /> � . . may. at Beneficiary's option. entet the Property at any reasonable time for the purpose of inspecting the Froperty:Any ��. ' _ ` �` `�
<br /> inspearoa of the Property shall be entirely for Beaefciary's benefit and Tnutor wiU in no way rely on Beaefcc�ary's , `
<br /> - . inspection. •:
<br /> _ , << ..
<br /> � ' 13.AUTHORITY'1 O PERFORl4i.If Trostor fails to perform any of Tnistoi s duties under this Deed of T�ust,or aay other
<br /> mortgage,deed of nvst, secvrity agreement or oiher lien docnment that has priority over this Deed of Tmst,Beneficiary .�`•;,.:,_. .
<br /> ° - may,without notice,perfoim the duties or cause them to be performed.Trustor appomts Beaeficiary as atcomey in fact to , _ _.
<br /> : �----� sign Tnutor's name or pay any amount necessary for perfocmance. If any consuuction oa the Froperty is dsscontiaued or - , ,
<br /> '2� � � not carried on in a reasnnable maaner.Beaefcciary may do whatever is necessary to protect Beneficiary's seaffity interest ,, ,
<br />'� ' ; in the Property.This may include compteting the consuuction. � ..
<br /> '�t:_ . �
<br /> ' � •:� Beaeficiary's right to perform for Tnutor shall not create an obligation w perform, and Beneficiary's failure to perform ,�._��ti, ,:
<br />_-�.�` . ' will not preclude Beneficiary from execcising aay of Beneficiary's other rights under the law or this Deed af s�ty .. . .. ,
<br /> `� '` amoants paid by BeneSciary for insuring, Pr�ving or oth�rwise protecting the Property aad Benefrciary'
<br /> i2:. : � � ,..'
<br /> r; • = interest w�l be due on demand and w�l bear interest finm the date of the paymeat until paid in fnll at the interest rate in ( `.� ��
<br /> effect from time tn time accordinS to the temis of the Evidence of Debt. . ' ��`�^`��• •
<br /> �i: � , _
<br /> .�: , ` . . ` .�� __
<br /> ' � �`a 14.ASSIGNIVVIENNT OF LEASES AND RENTS.Truswr irnvacably grants,wnveys and sells as additional secnritl+fill the ,-
<br /> NI .
<br /> ��) .. Y" - . � '� '
<br /> ., • ri g ht,titte and interest in and to any and all: .- _
<br />�e- ; A. Existing or fititure leases,s u b leases,l icenses,g u a r a n t i e s a n d an Y o t h e r w r i tt e n o r v e r b a l a g r e e m e n t s f o r the use and , : __
<br />.��TL� � ' . • � � Ol ortian of the Property, including any extensions, renewals, modifications or snbstitutions of r'�==
<br /> s, • . aauPancY anY P ::�:
<br />�;. such agreements(all cefezred to as"Lea.s�s")• . �,,. ._�.-
<br /> -.,. ._=.
<br /> ��_• . H. Rents,issues and profit5(all referred to as"Rents"),inclnding but not limited w security deposits,minimmn rent,
<br /> , . percentage rent, add'rtional rent, common a�ea mainterranfle cbarges, Part�ng c�arges, real eatate taxes, other -_- j,;�:�-''�_—
<br /> �' ' � applicable taxes. iusuraace premium coaln'butions, liquidated damages following default,cancellation piemimng, �_
<br /> �,t : • �.• � , .
<br /> ;; �. loss of rents"insurance,revennes,myalties.pmcceds.bonuses,and all rights and claims which Trustor may have •:.�__-
<br /> . � thai ia aay way pertains to or is on account of tlte use or occupanc}+of the whole or any part of the Property. •�:�:�;;;,;.
<br /> •���
<br /> " . ; � Tn�swr will prompdy provide Beue&ciar3+with true and correct copies of aU existmg and future Leases. Tn�stor may �:.��,,.;:�._":=_�
<br /> � � collect,receive,enjoy and use the Rents so long as Tsuswr is not in default.Tnuwr wAl not collert in advance aaY Rents - ; •.�'—''�
<br /> ,�t(t �':;'��'�: - --
<br /> � due in future tease periods, unless Tmswr firsc obtains Beneficiary's written wnsent.Upon default,Tmstor w�l receive . _.��,
<br /> ;:1:; ' .• any Reau in uvst for BeneBciar}r and Tnrstor will not coramingte the Renu with any other funds.Any amouats collected ' �.;.�
<br /> =` i . shali be applied at Beneficiary's discrecion w payments on the Secured Debt as therein pmvided,w wsts of managinS� :: s.•,�
<br /> ::.��._.
<br /> �;- • PcePertY, including, but not limited m, all taxes, assessments,insurance Premivaos, tePairs• and commissions to rental _ � ;�;_.
<br /> .'� as-zats,and to any other necessary related e�enses including Beneficiary's auomeys'fees,Paralegal fees and caurt costs. . . `:.�::.
<br /> ;.�`
<br /> Ttustor aclmowtedges that this assignment is perf�upoa the recording of this Dexd of Trust and that Beneficiary is . `:„�::z
<br /> �° '� entitled to norify any of Trnstor's tenasrts to ma2ce payment of rents due or to become due to Beneficiary. However, •>''�_
<br /> `-,'s - geneficiary a�rces that oniy on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all _ . -��
<br /> ._ :,� . � �,-: � • ,._
<br /> . fi.•ture Renu be paid directly to BeneSciary• On rec�iving the notice of default. Tnutor will endorse and deiiver m •:r�__
<br /> Beaeficiary any payments of Rent in Tnutor's possession. °,,-,:i?t-;
<br /> •,.
<br /> , ' , :
<br /> ' Tn�stor covenants that no default exists under the I.rases or any applicable landlord taw.Trustor aiso covenanu aud agrces ��
<br /> enaa licable law. Tmstor will ro fl nod
<br /> .,,.; . to maintain,and to reqnire the tenants to comgly with.the Leases aud any app' P mP Y fY �
<br /> ' ' Beneficiary of any noncompliance. If Tn�stor neglects or refusea to eaforce compliaace with the tenns of the Leases,then .:.:�
<br /> �;��` � B�enefclary may. at Beneficiary's opdon, enforce cc�liance. Truscor will obtain Beneficiary's written avthorizadon � :`�
<br /> �•=�. . ' • before Trustor consenu to sublet. mod�fy,cancel.or otherwise alter the Leases, to acccpt the surrender of the Property
<br /> �'" � • �• covemQ by such Leases(unless ttce l,cases so require),or to assign, wmpromise or encumber the Leases or any future `�_
<br /> `� �� Rents. Tn�stor will hold Bcmeficiary harn�less and indemnify Beneficiary for any and a11 liability. loss or damage that ...... ,,
<br />;�' .•��.. ' . Beneficiary may incur as a consequence of the assignment under ttus section. , ; '.-:;...
<br /> � I5.CONDOMi1VIiJMS; PI.ANNED iJNjT DEVELOPMENTS. If the Property inctudes a unit in a condo�nium or a � .. `' r;'..
<br /> '� • planned unit devetopment.Trustor wi11 perform all of 7'rustor's duties under the covenants,by-laws.or regulauons of the •� �•. �
<br /> : ''.� � condominium or planned unit development. '�. .
<br /> l6.DEFAIJI.T.Tnutor will be in default if any of the foAowing oavr: -
<br /> ' � � p, qny party ohligated on the Secured Debt fails to make payment when due: .
<br /> - B. A breach of any term or covenant in this Deed of Trus[.any prior mortgage or any construction loaa agreement, �
<br /> �� � securiry agreement or any other document evidencing,guarantyinB,securing or otherwise relatin�to the Secwed ,
<br /> , Debt: .
<br /> '.';',. � C. The making or fumishing of any verbal or written representation.statement or warranty to Beneficiary that is false
<br /> or inconect in any matedal respect by Trustor or any person or entity obligated on the Secured Debt:
<br /> D. The deat6. dissolntion. appointment of a receiver for.or application of any debtor relief law to.Trustor ot any _
<br /> � . person or entity obligated on the Sewred Debt;
<br /> � � E. A goad faith belief by Beneficiary at any time that Beneficiary is insecure with respect to aay person or entity . •
<br /> obligated on the Secured Debt or that the prospect of any payment is impaired or the Property is impaired:
<br /> ��.,'�: F. A materlal advetse change in?tustoi s business including ownerahip.managemeat.and fiaancial wnditions.which
<br /> ° Beneficiary in its opinion believes impairs thc value of the Property or repayment of thc Secured Debt:or �
<br />,'• �� � ; G. Any loan proceeds are used for a purpose that will contribute to exce�sive erosion of highly etadible land or to the . .
<br /> wnversion of wetlands to praduce an agricultural commodity,as further eaplained in 7 C.F.R.Part 1940,Subpart
<br />��.° . j G.Exhibit M. . .
<br /> = i _
<br /> � 17.REI�lEDIES ON DEFAIJLT. ln 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 /> .':� �:', ' � Snbject to thesr limitations. if any. Beneficiary may aa:elerate the 5ecured Debt and foreclose this Deed of Trust in a
<br /> • �- manner provided by law if this Trustor is in default.
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