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<br /> .; or obsolete,provided that such persoaal property is replaced with other personal property at least equal in value to the `i ' ` - . ��
<br /> `; replaced personal property, free from any tide retention device, securiry agreement or other encumbrance. Such t . . . °
<br /> replarem_.at of personal properiy will be dcemed subject to the security interest created by this Deed of Tmst. Grautor , � '�_-
<br /> shaU not partition or subdivide the Progerty without Lender's prior wtitten consent. Lender or i.ender's agents may. at � . � .
<br /> � Lender's opuon,enter the Prop�tty at any reasonable time for the purpose of inspeccing[he Property. Any inspection of . • �=�
<br /> the Property shall he entirely for I.euder's benefit and Grantor will in no way rely on L.ender's inspectioa. . �
<br /> 2
<br /> 13.AU'i'HORITY TO PERFORM.If Grantor fails w perform any of Grantor's duties under tlus Dced of Trust,or any other � . '�
<br /> mortgage, dced of trust, lien or other security interest that has priority over this I3eed of Trust. I.ender may. w[thout , - �.•-i� :
<br /> notice, perform the duties or cause them w be perform9d. Grantor appoints Lender as attorney in fact to sign Grantor's , -
<br /> name or pay any amount necessary for perfoimance.If any consavction on the Property is discontinued or not carried on . • • - __,
<br /> in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the Property.This � � ._ i• �
<br /> • may inctude completing the oonsnvcxion. �. . � ��
<br /> S ...
<br /> Lender's right w perform for Grantor shall not create an obligation to perform, and L.ender's failure to perform will not '' � ••`i
<br /> preclude Lender from exercising any of Lender's other righu under the law or this Dced of Tnut.Any amounts paid by . : �
<br /> � I.ender for insuring,preserving or otherwise protecting the Property and ixnder's securiry interest will be due on demand • �• `. ,,_. ���.�.::�.._
<br /> and will bear interest frora the date of the payment until paid in fiill at the interest rate in effect from time to time - --: -. �.... --
<br /> � according w the terms of the Evidence of Debt. � ,� . �:�
<br /> _E'.-
<br /> 14.ASSIGNMF.NT OF LEASES AND ItEN'PS.Granwr irrevocably granu,conveys and sells as additional security all the . , �� r�`
<br /> right,tifle and interest in and to any and all: t'
<br /> A. Existin or future leases,subleases,licenses,guaraaues aad any other wri*.ten or verbal agreements far the use and • , �.�`���; .
<br /> S
<br /> occupancy of any portion of the Property, including any extensions, renewals, modifisations or subsutuuons vf
<br /> � sucfl agreements(all refeired to as"Leases") :-�':� `'-'�'��
<br /> 'j B. Renu, issues and profits(all refeaed to as"Reats"),inclading but not limited to security deposiu,minimum rent, � .� .----�-- —_—
<br /> ; .�._�
<br /> percentage rent, additional rent, commoa area maintenance charges, Parking chazges, real estate taxes, other �s:_
<br /> applica7�le taxes, insurance premium contribudons, liquidated damages following default, canceUation premiums, � , �'�
<br /> "loss of rents°�n��*AnCC,revenues,royalaes,proceads,bonuses,and all rights and claims w}uch Grantor may have � i;;�:.� �
<br /> that in any way perrtains to or is on arconnt of the use or occupancy of the whole or any part of the Property. `'•'" � ' c :�
<br /> : �.. .. �.
<br /> Grantor will prompily provide Leader with true and correct oopies of all existing and fiuure Leases.Grantor may collect, ,��,' : _-=
<br /> receive, enjoy and use the Rents so long as Granwr is not in default. Grantor will not collect in advance any Rents due in •':: ` �
<br /> future lease periods,unless Grantor first obtains Ixnder's writteu consent.Upan default,Gmantor wiil receive aay Rents in a ? •�'� -
<br /> � _ tn�st for Lender and Grantor will not commingle the Rents with any other funds.Any amnunts colleaed shall be applied at � '-� '�- .�°` � �•
<br /> ,` �. � ' _�
<br /> : Lender's discretion to payments on the Secured Debt as therein provided,ta costs of rnanaging the Property, including,
<br /> °i but not limited to,all taaxeces,assessments,insurance premiums,regairs,and comm;��;ons to rental agents,and to any other ,��„','!;:• '��"'`'—
<br /> t s -
<br /> � necessary related expenses including Lender's attorneys'fees,paralegal fees and wurt wsts. � .r . `�;; E�.�_�
<br /> z , �".'.,.. •�i��.�•�.��
<br /> Grantor acknowledg�that this assignment is perfected upon the recording of this Deed of Tn�st and that Lender is entitled ,,��' i� .�:,
<br /> ,;� to notify any of Grantor's tenants to make payment of rents due or to become due to Lend�r.However,L.ender a�that - :„t::-�-� �'�: •
<br /> � o n ly on de f a u t t w i ll L e n d e r no t i f y G r a n t o r a n d G r a n t o r's t e n a n t s an d m a k e d e m an d t h a t a l l f u t u r e R e n u b e p a i d d i r e cd y w ;t!° {:_ --
<br /> Lender. On rc,xeiving the notice of default,Grantor will endorse and deliver to Lender any payments of Rent in Grantor's ,.:��:. ��
<br /> possession. ':�' �y�*�,,�.�.
<br /> Grantor covenanta that no default exists under the Leases or an ucable landlord law. Grantor also covenants and . . �1��. �:Y •"'-' _�
<br /> Y aPP� . '�'� '
<br /> �-
<br /> agees to m�ntsin, and to reqii'sre shs tensnts to wmpty with, the L�ases antl anY aPPUtable law. Grantor will pmmpfly _ . :3.=-�;:. __.
<br /> notify Lender of any noncompliance. If Grantor neglects or refuses to enforce wmpliance with the teims of the Leases, _:r;,. �•�" �:,,..�^°�
<br /> then L,ender may, at Lender's option, enforce armpliance. Grantor will obtaia Lender's written authori7auon before - ' '�
<br /> Grantor wnsents to sublet, modify,cancel.or otherwise alter the Leases.to accept the snzrender of the Property covered ' ""''•,� -- -
<br /> by such Leases (unless the Leases so require), or to assign, couipromise or encumber the Leases or any future Rents. �"�.�"�`` ' r_ � ''. .
<br /> Grantor will hold Lender harmless and indemnify Lender for any aad all liability,loss or damage that Lender may incur as -. ''��,�° �
<br /> a consequeace of the assignment under tlris section. _ _ � '
<br /> . ► •,�.�•;�'�'.
<br /> 15.CONDONIIZVIIJMS; PLANNED UNTd'DEVELOPMENTS. If the Property includes a unit in a condominium or a . . :,�''='�F�.
<br /> planned unit development,Grantor will perform all of Grantor's daties under the covenants,by-laws,or regulations of the � • �� . • �- .��•
<br /> condominium or planned unit development. ; '. . "�•
<br /> . �aL�
<br /> 16.DEFAULT.Grantor will be in default if any of the following occur: • � ' . . .
<br /> A. Any party obligated on the S�cured Debt fails to wske paymeat when due; ',, . .
<br /> B. A breach of any term or wvenant in Wis Deed of Trust, any prior mortgage or any construction loan agreement, , � �"
<br /> sec�uity agreement or any other document evidencing,guarantying,securing or otherwise relating to the Secured ' . --
<br /> Debt; � ' �
<br /> C. The making or fumishing of any verbal or written representation, statement or warranty to l.ender that is false or , � • �
<br /> incorrect in any material respect by Grantor or any person or entity obligated on the Secured Debt; �. !'
<br />. D. The deaW, dissolutloa, appointment of a receiver, insolveacy, or application of any debtor relief law to or of . . '
<br /> Crantor or any person or entity obli�ated on We Secured Debt; ': �=--
<br /> E. A good faith belief by Lender at any time that Lender 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 material adverse change in Grantor's business including ownership,management.and flnancial conditions,which
<br /> Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt;or ' � �
<br /> G. Any loan proceeds aze used for a purpose that will contribute to eacessive erosion of highly erodible land or to the � �-
<br /> � conversion of wetlands to pmduce an agricultural couunadiry,as further explained in 7 C.F.R.Part 1940. Subpart . , -
<br /> I G,Exhibit M. ' � _-.-
<br /> 17.REIV�DIE�ON DEFAULT. Ia some instances, federal and state law will require Lender to provide Grantor with notice f � � . ` '�
<br /> of the right to cure,mediation notices or other notices and may establish time schedules for foreclosure actions. Subject to � . - ' '"'
<br /> these lirnitatIons,if any.Lender may accelerate the Secured Debt and foreclose this Deed of Trust in a manner provided by I
<br /> � law if this Grantor is in default. . ' �"
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<br /> .� :0 7993 0ankor�Svstomo,inc..St C�wO,MN 17-800.397�23471 Fwm AG/CO DT�NE 415/93 � � . . .
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