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<br />9. DiTE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the
<br />Secured Debt to be immediately due and payable upon the creation of, transfer or sale of all or any part of the
<br />Properry. This right is subject fo the restrictions imposed by federal law (12 C.F.R. 591), as applica.ble. This
<br />covenant sha11 run with the Property and shall remain in effect until the Secured Debt is paid in full and this
<br />Securiry Instrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good
<br />condition and ma.ke all repairs that are reasona.bly necessary. Trustor shall not commit or allow any waste,
<br />impairment, or deterioration of the Property. Trustor will keep the Property free of noxious weeds and
<br />grasses. Trustor agrees that the nature of the occupancy and use will not substantially change without
<br />Beneficia.ry's prior written consent. Trustor will not permit any change in any license, restrictive covena.nt or
<br />easement without Beneficiary's prior written consent. Trustor will aotify Beneficiary of all. dema.nds,
<br />proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br />Beneficiary or Beneficiary's agents ma.y, at Beneficia.ry's option, enter the Property at any reasona.ble time for
<br />the purpose of inspecting the Properry. Beneficiary sha11 give Trustor notice at the time of or before an
<br />inspection specifying a reasonable purpose for We inspection. Any inspection of the Property shall be entirely
<br />for Beneficia.ry's benefit and Trustor will in°no way rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any dury or any of the covenants conta.ined in
<br />this Securiry Instrument, Beneficiary ma.y, without notice, perform or cause them to be performed. Trustor
<br />appoints Beneficia.ry as attomey in fact to sign Trustor's name or pay any amount necessary for performa.nce.
<br />Beneficiary's right to perform for Trustor shall not create an obligaxion to perform, and Beneficiary's failure
<br />to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or
<br />this Securiry Instrument. If any construction on the Property is discontinued or not carried on in a reasona.ble
<br />ma.nner, Beneficiary may take all steps necessary to protect Beneficiary's securiry interest in the Properry,
<br />including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to Trustee, in
<br />trust for the benefit of Beneficiary as additional securiry a11 the right, title and interest in the following (all
<br />referred to as PropeRy): existing or future leases, subleases, licenses, guaranties and any other writxen or
<br />verbal agreements for the use and occupancy of the Properry, including any extensions, renewals,
<br />modif'ications or replacements (a11 refened to as Leases); and rents, issues and profits (a11 refened to as
<br />Rents). In the event aay item listed as Leases or Rents is determined to be personal property, this Assig�ent
<br />will also be rega.rded as a securiry agreement. Trustor will prompfly ptovide Beneficiary with copies of the
<br />Leases and will ceRify these Leases are true and conect copies. The existing Lea.ses will be provided on
<br />execution of the Assigmnent, and all future Leases and any other information with respect to these Leases will
<br />be provided immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so
<br />long as Trustor is not in default.
<br />Upon default, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents with
<br />� any other funds. Truswr agrees that this Securiry Instrument ��s immediately effective between Tnistor aad
<br />Beneficiary and effective as to third parties on the recording of this Assignment. As long as this Assigmnent
<br />is in effect, Trustor warrants and represents that no default exists under the Leases, and the parties subject to
<br />the Leases ha.ve not violated any applicable la.w on leases, licenses and landlords and tenants.
<br />13. LEASEHOLDS; CONDON�NIIJMS; PLANNED iJNIT DEVELOPMENTS. Trustor agrees to comply
<br />with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in
<br />a condominium or a planned unit development, Trustor will perform all of Trustor's duties uader the
<br />covenants, by-laws, or regula.tions of the condominium or planned unit development.
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when
<br />due. Trustor will be in default if a breach occurs under the terms of this Securiry Instrument or any other
<br />document executed for the purpose of creating, securing or gua.rantying the Secured Debt. A good faith belief
<br />by Beneficiary that Beneficiary at any time is insecure with respect to any person or entiry obligated on the
<br />Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute
<br />an event of default.
<br />15. REMEDIES ON DEFAi1I.T. Ia some instances, federal and state law will require Beneficiary to provide
<br />Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure
<br />actions. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this
<br />Security Instrument in a ma.nner provided by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal
<br />shali become immediately due and payable, aftet giving notice if required by law, upoa' the occurrence of a
<br />default or anytime thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law,
<br />the terms of the Secured Debt, this Securiry Instrument and any related documents, including without
<br />limitation, the power to sell the Property.
<br />Security Instrumerrt-Consumer-NE RE-DT-NE 7/1/2011
<br />VMP� Bankers SystemeTM VMP-C166(NE) (1107).00
<br />Wolters Kluwer Financfal Services OO 1994, 2011 Page 3 of 6
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