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<br /> or obsolete. Provided that such personal pm�erty is replaced witb other pecsonal pmperty u teast equal ' ,
<br /> dde ret�uon d�vice. seamty agreemeut or other encumbrance. S�ch ` . ���
<br /> �p�d pe�so a a l p ro p e rt y, free fmm aIIy mterest created b t6is D e e d o f T r a s t.T n�s c a r s h a ll . . . _ .'" �
<br /> . , , replacement of peisonal propecty w�l be deeoaed subject to the security� Y , .
<br /> • , , not parti tiun or s u b d i v i d e t h e P r o p e rt y a v i t h o u t B e n e fr c i a ry's prior written consent. Beneficiary or Beneficiary's agents .�
<br /> may,at Beneficiary's opdon,enter the Prope�ty ai any reasonable time for the purpose of inspecting t Y ie P r ope r t 5+:A n Y ` �`,s'•-
<br /> � i n s p e c d o n o f t h e Pro p e rt Y shall be entuely for Benefic�ary's benefit and Trustar wili in no way rely on Senefic�arY's „ , ' .
<br /> ' • , . inspelxion. �k'.
<br /> • � .. 13.AiTTHORTTY TO PERFO�R.lf Trustor faiLs to perform�►y of Trustor's duties under this Deed of Tn�st,or any other ;..', ,,}e:`, , '_
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<br /> . � • - mortgage, d e e d o f aust,securi t Y a 8 r�°t or other lien document that has priority over this Deed of Tnut, Beneficiary
<br /> .. _ - may,without notice, Perform tbe duties or cause them w be perfotmed. Tnutor appoints Beneficiary�is disc�minued or - - . , .
<br /> . _ . _ . sign Trnstor's name or p a y any amoimt u�arY for perfomaanoe.If any constntction an the Propercy _ ' ,
<br /> ' � not cazried on in a reasonable manner,Beneficiary may do whatever is necessary tn pmte�t Beneficiary's security interrst -
<br /> • . in the Propeicy.'[1us may include completing the construcaoa. ; _
<br /> . Beneficiary's right to perfoim for Tctuwr shall not create an obligation to perform, and Beneficiary's fa�7ure w perform :.`�� � �� �..
<br /> - . will not prechcde BencBeiarY from esetcising any of Beneficiary's other rights uader the law o�Bene�fic�'ary's�s�uritY . �
<br /> anaounts paid by Benefcciary for insuring. preservmg or otherwise pmtecting the ProP�Y . . ,
<br /> � � interest will be dne on detnand and will bear int��m�e date of the payuunt witil paid in fuU at the interest rate in v;•;`.� ``��
<br /> � effect from time to time accordinS to the terms of the Evidence of Debt. .�
<br /> . - 14.ASSIGNIV�NT OF LEASES AND RENTS.Trustor irrevocably grants,conveys and sells as additional secarity all the `��'_;��-:'
<br /> • _ • riSht,tifle and interest in and to any and all: ues and any other written or verbal agreements for the use and ' ;: �T-
<br /> � A. Existing or fuAUe leases.subleases,licenses,guaran�
<br /> :• ' .. occupancy of any portion of the Property, including any extensions, reuewals. modifications or substitutions of : •o-.�
<br /> � � � • ' �uch$greements(a1T refeaed to as°Leases"). ,��.
<br /> � B. Rents,issues and profits(aU referred to as°Rents")�inc lu d i n g b u t n o t l i n a i t e d w s e c u r i ty d e p o s i t s,m i n i m�u n r�t, .:_ y;-' '�'_�_•
<br /> ;< � charges, real estate taxes, other �•�,�•: .� �-,`:+�-
<br /> - percentage rent, additional renk common ar�a mainteaance charges, FazkinS "'-`::..,�...�-_
<br /> •� . . aPPlicable taxes, insurance p=emium conmbutions.liquidated damages follawmg defa�ilt, caacellation premiums. ;r--`:-_ �—.
<br /> loss of reats"insurance,reveuues,royalties,Proceeds.bomues,and all rights and claims wlrich Trustor may have ,: -,__—
<br /> �. ; � �in any way pertains to or is on accoun t o f t h e u s e o r o c c u p a n c y of tbe whole or any part of the Prapetty. '. �_--= 9--
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<br /> . . . Y� Tmstor will pramptlY Provide Beneficiary arith true aad coaect copies of all existing and fature Leases. Tn�stor may _ _ _,
<br /> • ; c o ll e s t,r e c e i v e,e n jo y and use the Rents so loag as Truscor is not in defaalt.Tn�stor will not wllect in advance aaY Re�t� �
<br /> Trustor wiU teteive
<br /> � due in future lease penods,unless Tn�stor first o btains Bene fici a ry's w ri t t e n c o n s e n t. U p o n d e f a u l t, - _ __
<br /> • ' any Reats in m�st for Beneficiary aud Tnutor will not commiflgie the Rents with aay other funds.Any amounts colle�d . .. __ - --
<br /> : �� sha116e applie�l at Beneficiary's discmnt�ion to payments on the Secured Debt as therein provided,to costs of maaaging the ____
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<br /> . • • Property, includiag, bnt not limi relatefl expenses inel diag B ciary'�s at mey�s'fees�,paralegal �d urt costs� . , ---_
<br /> ': . agents.and w any other necessarY .--
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<br /> Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trnst and that BenH ciary i r.',
<br /> �'- entitled to notify anY of Tc�stor's tenants to make payment of rents due or to become due to Beneficiary.
<br /> � ' � Beneficiary agrees that onlY on default will Beneficiary notify Trastor and Trusto�s tenants and make demand that all ;"`s��°'.__-
<br /> . future Renta be paid direaly to Beneficiary. On receiviu�the notice of default,Trustor will endorse and deliver to •;T'._.
<br /> . ' Beneficiary any payments of Rent m Trustor's poasession. , ' 7�-
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<br /> Trostor covenants that no default exists under the Leases or any applicable laadloi�le law�Trustor will promptlY nohfy • ' � i�:
<br /> , . • ' to maintain,and to require the tenants to comply with, the Ixases and anY aPP� . . .: _4
<br /> '; Beneficiary of any noncompliance. If Trustor neglects ar refuses to enforce compliance v�rith the tem�s of the Leases,theu �.
<br /> � + Beneficiary may, at Beneficiary'$ option, enforce compliance. Trustor will obtain Beneficiary's written authori7ation . f� �'`�,_:
<br /> before Tnutor consents to sublet, mod�fy.cancel. or otherwise alter the Leases, to accept the surrender of the Property , � ;'•-.
<br /> cavered by such Leases <ualess the Leases so require). or to assiga,compromise or encumber the Ixases or any future ':� . : ,�::.•-
<br /> � ` " Renis. Tmstor will hold $eneficiary harniless and indemnify Beneficiary for any and all liability, loss or damage that '�;..
<br /> .. . ,;;j Bene fici a ry ma y lncur as a consequence of the assignment under this section. :;'r.,.::'
<br /> � 15.CONDOMII�iIUMB, PLANr1ED iINIT DEVELOPMENTS. lf the Property includes a unit in a condominium or a
<br /> • � planned unit development,Trustor will perform all of Trustor's duties under the covenants,by-laws,or regulations of the . . .
<br /> ' condominium or planned unit development. ,
<br /> � 16.DEFAUI.T.Trustor will be in default if any of the following occur: •
<br /> • � A. Any party obligated on the 5ecvred Uebt fails to make payment when due; - . �
<br /> � B. A breach of any term or covenant in this Deed of Trusi,any prlor mongage or any constiuction loan agreement.
<br /> ` security agreement os any other document evidencing, guaranryin�,securing or otherwise relatiag to the Secured • •
<br /> Debt; •'
<br /> � C. The making or fumishing of any vetbal or written representation, statement or warranty to BeneTiciary that is false , ,
<br /> • or incorcect�n any material :espect by Trustor or any person or entity obli�ated on the 5ecured Debt;
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<br /> D. The death. dissolntion,appointment of a receiver for, or application of any debtor relief law to. Ttivstor or any
<br /> �� petson or cntity obligated on the Sccured Debt: . " �
<br /> • � E. A good faith belief by $eneficiary at any time that Beneficiary is insecure with tespect to any petson or entity
<br /> �. obligated on the Secured Debt or that the prospect of any paytncnt is impaired or the Property is impa�:e�1:
<br /> F. A material adverse change in Trustor's business including ownership,management.and financial condltions,which
<br /> � ' Beneficiary in its opinion believes impairs thc value of the Property or repayment of tl:e 5ecured Debt;or
<br /> G. Any loan proceecls are used for a purpase that will wntribute to excessive erosion of highly erodible land or to the � .
<br /> � conversion of wetlands to produce an agticultural commadity,as further explained in 7 C.F.R.Part 1940,Subpari
<br /> �. • � ��i G.Ext►ibit M. •
<br /> �: ; 17.IiEMEDIE5 ON DEFAULT. in somc instances. fcderal and state law will require Beneficiary to ptovide Trustor with
<br /> • � notice of the right to cure, mediation notices or other notices and may establish time schecfules for foreclasute actions.
<br />- �.. 5ubjeti:t to these limitations, if any. Beneficiary may accelerate the Sccured Debt and foreclose this Dt:ed of Trust in a
<br /> , ; manner provided by law if this Trustor is in Qefault.
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