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<br /> i or obsolete, provided that such pErsonal property is replaced with other peisonal property at teast equal in value to the _�=:~
<br /> � � replaced personal pzopercy. free from any dQe retention device. se�urity agreement or other encwnbrance. Such i � , • ;.,�
<br /> � replar,ement of personal property will be de�med subject to the security interest created by this Deed of Tnrst.Trustor shall • ,'
<br /> "f not partition or subdivide the Property without Beneficiary's prior wntten consent. Beneficiary or�eaeficiary's agents • _--
<br /> � way, at Beneficiary's aptioa, eater the Property at any reasonabte time for the purpose of inspecting the Property AnY , �� _
<br /> � inspectioa of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on 8eueficiary's : � �.
<br /> ' i inspection. •� ``
<br /> ��i "
<br /> � �� 13.AiJTHOtiITY'd'O PER�'O�3M. If Trustor fails to perform any of Tnutor's duties uader this Deed of Tnist,or any other ; _
<br /> .— -� mortgage,deed of tr�st,s�curity ageement or other lien doamient that has priority over this Deed of Trust,Beneficiary � ' . �. ;° _ _ _
<br /> m en
<br /> may,without noiice,perform the duties or cause[hem to be perfonned.Tnutor appoints Beneficiary as atcorney in fact to �
<br /> � sign Tnsstor's nazne or pay any amount necessary for perforsnance. Tf any construction on the Property is discoatinued or . . � .
<br /> not carried on in a reasonable manner.Beneficiary may do whatever is necessary to protext Benefrciary's security interest ,
<br /> in the Fmperiy.'I��is may inciude completing the cons�ruction. : .
<br /> Beneficiary's right to perform for Tnsswr 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 righu under the law or this Deed of Trust. Any .. . , -
<br /> amounts paid by Be�eficeary for insuring, preserving or o�herarise protecnng the Property and Beneflciary's security —.
<br /> . � intemst will be due on demand and will bear interest from the date of the payment until paid m fiill at the inter�t rate in • . • �
<br /> ' effect from time to time accotding to the terms of the Evidence of Debt. ` • - '
<br /> 1 .� . `"... :�.�.�:;.__:.
<br /> 14.ASSIGNMEN'P OF LEASES AND REIVTS.Tn�swr urevocably grants, conveys and sells as additional security all the . . `.-'�
<br /> right,atle and interest in and w any and all: .�
<br /> � A. Existing or future leases.subleases,licenses,guaranties and any aiher written ar verbal agree�neats for the use and . � '-_
<br /> oceupancy of any portion of the Property. including any extensions, r�:�:ewals, modi�cations or substitations of . . " � . �: ,� .
<br /> ������f�������,. I . . .. � Y _
<br /> B. Renis,issues and profits(all referred to as"Reuts"),including but not limited to security deposits,minimmm reat, ; , '� �-
<br /> � percentage rent, addidonal rent, common area maintenance charges, Parking c�.�es, real estate taxes, other � • ' • �,'�;_.`�
<br /> �` ` aPPlicable taxes, insurauce premium cantributions, liquidated damages following 2xfault, cancellation pre�iums, i , ' .. .�� �'•T
<br /> "loss of mnts"insurance, revenues,royalaes,proceeds,bom�ses,and all rights and ciaims which Tn�stor may have � ``'� _
<br /> ' thac in any aay pertaias w ar is oa account of the use or occupancy of the whole or any part of the Property. •'�� � .
<br /> `y����. , �..
<br /> TmstvT��.11 promptly provide Beneficiary with true and wrrect copies of all existing and future Y.eases. Trustor may ,�•
<br /> collec[,rtceive,enjoy and use the Rents so long as Tnistor is not in default.Trustor arill nat collect in advance any Rents . � �:�.
<br /> •. t '.
<br /> � due in future lease periods, uuless Tnutor fi r s t o btains Beneficiary's written consent. Up�n default,Trastor will receive .
<br /> '' { any Rents in trust for Benefi 'ciary and Tn�stor will not commingle the Rents a�ith any other funds.Aay autounts collccted • ,, .'� ' '.� �
<br /> . shall be applied at Beaeflciary s discretion to payments on the Serured Debt as therein provided,w costs of maaaging the . j �
<br /> � � Property, including, but not limited to, all taxes, assessmeats, insuraace premiums, repaiis, and commissioas to reatal •��� '
<br /> •����:`'. , .. -
<br /> agents,and w any other neoessary related expeases including Beneficiary's attorneys'fces,�aralegal fees and court wsts. . • ' "
<br /> :'Y: ..•..:1�
<br /> . _ . � : '
<br /> ' Tnutor a c F�ow l e dges t h at t h i s assignme n t is perfected u p on the recordin g of this Deed of Trust and that Beaeficiary is `-: � ' ����;}� �
<br /> : � entifled to notify any of Tmstor's tenants to make payment of ients due oz to become due to Beneficiary. However, ';;�z„',_� � 3,:�
<br /> BeneSciary agre�.s that only on default will Beneficiary notify Tn�stor and Tn�stor's tenants and make demand that all .. �.. �°
<br /> futtue Rents be pa�d direcily to Beneficiary. On receiving the notice of defaul� Trustor will endoise and deliver to .��,_v
<br /> Beneficiary any payments of Rent in Trustor's possession. ."��•-=�.. -
<br /> , } •����. � . '=�.,
<br /> Trnstor covenants that ao default exists under the Leases or any applicable landlord law.Trustor also covenants and agre� ..:,;�,� ,�..•� • :
<br /> w maintain,and w require the tenants to comply with, the L�eases and azry�plicable law. Tn�stor will pmmptly notify
<br /> �,;.; �..'--:�
<br /> . BeneSciary of any noncompliance.If Trustor neglects or refuses to enforce ca�pl:ance with the tetms of the Leases,then �w,,,;.: . :;�i.•.�,�
<br /> . .� Beneficiary may, at BeneSciary's option, eaforce compliaace. Tmstor will obtain Beneficiary's written suthosizaUion ,,�,,,�,�,,��-�
<br /> ;°.� before Tn�stor consents to sublet, uiodify.cancel.or otherwise alter the Leases, w accept We surtender of the Properiy "'';.,,��,;:y'� ^"�
<br /> coveretJ by such Leases (nnleas the Leases so require), or to assign,compmmise or enca�mber the Leases or any future •�•'::�r.� —
<br /> Renu. �Trustor will hold Beneficiary harmless and indemnify Beneficiary for any and all liahility, loss or damage that . :. �, ___
<br /> ''^�•_ ,'� _ _--
<br /> Benefcciazy may incur as a consequence of We assignment under this section. • �'.� _.._ _
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<br /> 1 5.C U I V I D 0 1 9 N l U 1 V f S; P L A N N E D U 1 V I T D E V E L O P ME N T S. I f t h e P r o p e rt y i n c l u d e s a u n i t i n a c o n d ominium or a .....,., .,
<br /> plauz�e�it developm�nt,Tsustor will perform all of Trustor's duties under the covenants.by-lawa,or reg�ilations of the _ . �� •
<br /> aa
<br /> . . �. condo�ium or planned uait development. . ••�y� . � - � �
<br /> . . '�
<br /> 16.DEFAULT.Trustor will be in default if any of tha following occur: '� . � •
<br /> � • A. Any party obligated on the Sectued Debt fails to make payment when c:ue: � � • `
<br /> B. A breach of any tcrm or covenant in this Dced of Trust, any prior mortgage or any wnsuuction loan agreement, ' � {�,�,,
<br /> security ageement or any other document evidencing,guaranrying,seruring or otherwise relating to the Se�vred � � : !���
<br /> Debt; '
<br /> � C. The making or fumisLing of any verbal or written representadon,statement or warranty to Benefrciary that is false � . . ..
<br /> ' or incorre�t in any material respect by Trustor or any person or entity obligated on the Secured Debt; • '
<br /> D. 'Ihe death, dissoludon, appointment of a receiver for, or applicatio�of any debtor relIef law to, Tn�stor or any �� ', __
<br /> person or enrity obligated on the Secured Debt;
<br /> E. A good faith belief by Be�sficiary at aay time that Besefcciary is insecure with respect to any person or eaeity • �
<br /> . obligated on the Secured Debt or that the prospect of any payment is impaired or the Property is impaired;
<br /> F. A material adverse change in Trustor's business including ownership,management.and financial conditions,which . �
<br /> � Beneficiary i�its opinion believes impairs the value of the Property or repayment of the Secured Debt:or , • •
<br /> : G. Any loan proceeds are used for a purpose Wat will contribute to excessive erosion of highly eradible land or to the
<br /> coaversion of wetlands to produce an agricultural commodity,as further eaplained in 7 C.F.R.Part 1940,Subpart :
<br /> � G.Exhibit M.
<br /> � . 17.R�1V�DICS ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with , . � e -
<br /> notice of the rsght to cure, mediation notices or other norices and may establish time schedules for foreclosure actions. � •
<br /> Subject to these limitations. if any, Beneficiary may accelerate the Secured Debt and foreclose this Deed of Trust in a r'�
<br /> . 1 manner provided by law if this Trnstor is in default. f �
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