|
20120238�
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or
<br />otherwise protecting the Property and its value and any other sums advanced and expenses
<br />incurred by Beneficiary under the terms of this Deed of Trust, plus interest at the highest rate in
<br />effect, from time to time, as provided in the Evidence of Debt.
<br />E. Trustor's pertormance under the terms of any instrument evidencing a debt by Trustor to
<br />Beneficiary and any Deed of Trust securing, guarantying, or otherwise relating to the debt.
<br />If more than one person signs this Deed of Trust as Trustor, each Trustor agrees that this Deed of Trust
<br />will secure all future advances and future obligations described above that are given to or incurred by
<br />any one or more Trustor, or any one or more Trustor and others. This Deed of Trust will not secure any
<br />other debt if Beneficiary fails, with respect to such other debt, to make any required disclosure about
<br />this Deed of Trust or if Beneficiary fails to give any required notice of the right of rescission.
<br />5. PAYMENTS. Trustor agrees to make all payments on the Secured Debt when due and in accordance
<br />with the terms of the Evidence of Debt or this Deed of Trust.
<br />8. WARRANTY OF TITLE. Trustor covenants that Trustor is lawfully seized of the estate conveyed by this
<br />Deed of Trust and has the right to irrevocably grant, convey and sell to Trustee, in trust, with power of
<br />sale, the Property and warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease paymants,
<br />ground rents, utilities, and other charges relating to the Property when due. Beneficiary may require
<br />Trustor to provide to Beneficiary copies of all notices that such amounts are due and the rece�pts
<br />evidencing Trustor's payment. Trustor will defend title to the Property against any claims that would
<br />impair the lien of this Deed of Trust. Trustor agrees to assign to Beneficiary, as requested by
<br />Beneficiary, any rights, claims or defenses which Trustor may have against parties who supply labor or
<br />materials to improve or maintain the Property.
<br />8. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or
<br />other lien document that created a prior security interest or encumbrance on the Property and that may
<br />have priority over this Deed of Trust, Trustor agrees:
<br />A. To make all payments when due and to pertorm or comply with all covenants.
<br />B. To promptly deliver to Beneficiary any notices that Trustor receives from the holder.
<br />C. Not to make or permit any modification or extension of, and not to request or accept any future
<br />advances under any note or agreement secured by, the other mortgage, deed of trust or security
<br />agreement unless Beneficiary consents in writing.
<br />9. DUE 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 any lien, encumbrance, transfer,
<br />or sale, or contract for any of these on the Property. However, if the Property includes Trustor's
<br />residence, this section shall be subject to the restrictions imposed by federal law (12 C.F.R. 591), as
<br />applicable. For the purposes of this section, the term "Property" also includes any interest to all or any
<br />part of the Property. This covenant shall run with the Property and shall remain in effect until the
<br />Secured Debt is paid in full and this Deed of Trust is released.
<br />10. TRANSFER OF AN INTEREST IN THE TRUSTOR. If Trustor is an entity other than a natural person (such
<br />as a corporation or other organization►, Beneficiary may demand immediate payment if (1) a beneficial
<br />interest in Trustor is sold or transferred; (2) there is a change in either the identity or number of
<br />members of a partnership; or (3) there is a change in ownership of more than 25 percent of the voting
<br />stock of a corporation. However, Beneficiary may not demand payment in the above situations if it is
<br />prohibited by law as of the date of this Deed of Trust.
<br />11. ENTITY WARRANTIES AND REPRESENTATIONS. If Trustor is an entity other than a natural person
<br />(such as a corporation or other organization►, Trustor makes to Beneficiary the following warranties and
<br />representations which shall be continuing as long as the Secured Debt remains outstanding:
<br />A. Trustor is an entity which is duly organized and validly existing in the Trustor's state of
<br />incorporation (or organization). Trustor is in good standing in all states in which Trustor transacts
<br />business. Trustor has the power and authority to own the Property and to carry on its business as
<br />now being conducted and, as applicable, is qualified to do so in each state in which Trustor
<br />operates.
<br />Security Instrument-Commercial/Agricultural-NE AGCO-RESI-NE 7/2/2071
<br />VMPOO BenkersSystemsTM VMP-C6961NE1 111071.00
<br />Wolters Kluwer Financial Services OO 1993, 2011 Page 3 of 11
<br />
|