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<br /> ; � or obsolete. provided that such personal property is replaved with ot�er persanal property at leasc equai en value to the � . ' . : �
<br /> replaced personal property, free from any ade retention device, secunty agnement or other encvmbrance. Sucb ���
<br /> � � repiacement of personal pmperty wi11 be deemed subject to the security interest created by this Deed of Tnut. Grantor .
<br /> , � shall not partition or subdivide the Propc.rty without Lendes's prior written ronsent. Lender or Ixndei s agents may. at � ,
<br /> I Lender's option,enter the Property at any reasonable time for the purpose of inspecting the Property. Any inspection of
<br /> � the Property shall be enrirely for Lend�r's benefit and Grantor will in no way rely on Lcnder's inspection.
<br /> � � . ' <.
<br /> ' . � 13.AUTHORT�'Y TO PERFORNi.If Grantor fails to pedarm any of Grantor's duaies under this D�ed of Trust,or any other . , .
<br /> , { mortgage, deed of tnut, lien or other secvrity interest that has priority over this Dexd of Trust, ixndcr may. without
<br /> __ti , notice,perform the duties or cause them to be perf�rmed. Grantor appoints Leader as attorney in fact to sign Grantor's .
<br /> : name or pay any aznouat aecessary for perforn�ance. If any constructian on the Property is discontinuc�i or nnt carried on --� - - --
<br /> � in a rea5anabie manner, I.ender may do wtiatever is necessary to protect Lender's security interest in ttie Property. This . �,• �
<br /> I may inciude comgleting the construction. . '
<br /> 1
<br /> ) Lender's ri�h� to perfo�m for Grantor shall not create an obligation to perform, and i.ender's failure ta perform will not : • . �
<br /> . . � preclude Lxnder from exercising any of Lender's other rights under the law or this Dced of Tnist. Any amaunts paid by , _ -
<br /> . •�� I.ender for insuring,preserving or otherwise protecxing the Property and Leader's security interesc will be due on demand ,
<br /> and will bear interest from the date of the payment until paid in f i il l at [he interest r a te in e f f e c t from time to time
<br /> according to ttie terms of the Evideace of Debt. .. , '
<br /> �'
<br /> � 14.ASSIGNIV�NT OF LEAS�S AND RENTS.Grantor irrevacably grants,conveys and sells as additional securiry all the ''� - ' •. ..
<br /> right.dtle aad interest in and to any and all: � ',�"•` ` , ' °�
<br /> � � A. Existicg or future leases,subleases, licenses,guaranties and any other written or verbal agreements for the use and • • . �':�•
<br /> " occupancy of any portion of the Property, including any extensions, renew a ls, mo d i fica t ions or s u b s t itutions of ' �, � �
<br /> i sach agreennents(all referred to as"L.eases"). . � �
<br /> ; B. Rents, issues and pro5ts(ail refernd to as "Rents"), including but not limited to securiry deposits,minimum rent, ' --
<br /> percentage rent, addinonal rent, coaunon aiea maintenance charges. parldng charges, real estate taxes, other : . ' =- --
<br /> applicable taxes. incnrance ptemium Con[ributions, liquidated damages foUowing default, canceUation premiwns, . .�:�—_
<br /> � "loss af rents"insurance,revenues,royalties,pmceeds.bonuses,and all rights and claims which Grantor may have . '�'r. _ �
<br /> � that in aay way pertains to or is on account of the use or occupancy of the whole or any part of the Property. „ .'��.,. _
<br /> ��'� :
<br /> � Grantor will promptiy provide Lender wiih true and correct oopies of all e�tisting and futune Leases.Grantor may collect, : 3� _""
<br /> �".' receive,enjoy and use the Rents so long as Grantor is not in default.Granwr will not collect in advance any Rents due in G '"
<br /> , . future tease eriods,unless Gtaator first obtains Lender's written consent.Upon defaula,Granwr will receive aay Rents in � �,�, .='�°f'=
<br /> ' • � mist for I.ender and Grantor w71 not wmmingle the Rents with any other funds. Any a�ounts collectad shall be applied at �'" ��
<br /> = I.ender's discreaon to payments on the Secured Debt as therein provided,to costs of managing the Property, including, -� '•�, �'��
<br /> but not lirnited to.�taxes.assessments,inswance Premiums.repairs,and commissions to rental age�-^ts,and to any other
<br /> . necessary related expenses including Lender's attorneys'fees,paralegal fees and court costs. • .�'� ��'`.
<br /> . �
<br /> Grantor aclmowledges that this�ssignment is perF�upo�the recording of this Deed o�Trust and that Lender is emided '".� _" _
<br /> ` ��- .
<br />• � to noti an of G�rancor's tenants to make ayment of rents due or to become due to I���r.However,Lender agrees that
<br /> •i � y der noti Grantor a.*+.d Grantor's tenanis and make desnand that all funue R�ts be paid directly co �.�`�'�:
<br /> o n l y o n d e f a u l t v n U I.e u f y
<br /> � . Lender. On receiving the norice of default, C-zantor will endo�se and deliver to Lender any payments o f Rent i n G z a a tor's �
<br /> ,�,,
<br /> , 1 possession. � ., �°'
<br /> s',.. ts that no de��t exists under the I.eases or any applicable landlm:d 4aw. Granwr atso covenants aad .''..�: �''�' --
<br /> Crantor covenan ' �,_ ---
<br /> agrees to maintain. aud to tequire the tenants to comply with,the Leases and any appiicable law. Granror arill prompdy '-��;�;_. -=
<br /> ' notify Lender of aay noncompliaace. If Grantor n ects or refuses to enforce compliance with the terms of the Leases. ----
<br /> �� then Lender may. at Lender's option, enfoz:e co�mpliance. Graator will obiain I.ender's written authori7arioa before ' �'�-j-' __ _
<br /> Grantor consents to sublet,modiiy,cancel,or otherwrse alter the Ixases,to accept the surrender of ttte Property covered ��'��. �-_-__
<br /> � by such Leases(unless the Leases so require). or to assign, compromise or enaunber the Leases or any future Rents. ~;�,
<br /> Grantor wlll hold l.ender harml�ss and indemnify Lender for any and all liability,loss e*damage Wat Lender may i�cur as •_.,��.;,s� • • �
<br /> a consequence of the assignment under this section. � -'�`�`Tf'���-T--�
<br /> �3-.: �•r-�=. -
<br /> ` 15.CONDOMQVIiJMS; PLANNEIID ZJNIT DEVELOPMENTS. If the Property includes a unit in a condo�nium or a . _`�'
<br /> 4 planned unit development.Graa�r will perform all of Granwr's duties under the covenants.by-lawa,or regulations of the ��°�:.��:.
<br /> ' ` ! eondominium or planned unit d�elopment. �J ;
<br /> �� �a�,:,.. �_
<br /> 1f.DEFALJI.T.Grantor will be in default if any of the following occur: ��� � � -�Y����� � ;q;r�s
<br /> � A. Auy pa:ty obligated on the Secured Debt faila to make payment when due; ' ---
<br /> � - i B. A breach of any term or covenant in this Dee�of Tn�st, any prior mortgage or any conswctian loan agreement, : .. �`'�::
<br /> security ageement or any other docurtteat evidencing, guarantying, securing or otherwise relating to the Secured ' . �
<br /> ' Debt; . �.
<br /> C. The rnaking or furnishing of any verbal or written representation,statement or warranty to Lender that is false or . �
<br /> ' incorrect in any material respect by Grantor or any person or entity obligated on the Secured Aebt: � �-
<br /> D. 'Ihe death, dissolutlon. appointment of a teoeiver, insolveacy. or appllcauon of any debtor relief law to or of � —
<br /> Granwr or any person or enuty obligated on the Secured Debt: •��
<br /> • E. A good faith belief by Lender at any time that Ixnder is insecure with respect to any person or entity obligated on �
<br /> the Secured Debt or that the prospect of any payment is impaired or the Property is impaired: � '
<br /> F. A materia!adverse change in Grantor's business including ownsrship.management.and flnancial wnditions,which � .�'
<br /> Lender in its opinion believes impairs the value of the Properry or repayment of the Secured Debt:or �.
<br /> ' G. Any loan proceeds are used for a pulpose that will contribute to eacessive erosion of highly erodlble land or to the . • �.
<br /> . converslon of wetlands to produce an agricult�ral commodity.as further expluined in 7 C.F.R. Part 1940.Subpart
<br /> � C3.E�chibit M. •
<br /> 17.RE11�D�S ON D�FAULT.In some instances,federal and stute law wiU tequire Lender to provide Grantor with notice � � ' !�!P
<br /> . of the right to cure, mediatlon nouces or other notices and may establish time schedules for foreclosure actions.Subject tc � `�
<br /> these limitations,if any,Lender may aocelerate the Secured Debt and foreclose this Decd of Trust in a mamier provided by � __
<br /> law if this Grantor is in default. I . � . ���
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