|
, �� , � '
<br /> ..,..., _ ,
<br /> ..r,,,s�
<br /> «E
<br /> . . . • . _- - _ ...
<br /> .
<br /> • Yp�ISr,-,•. ,.v.,,,,6' ', �.� . ;�w:�-"�:..,,.,,,......-------- �..
<br /> ., , i'n� , .....w-rr.H�w�cwi.�+J�IIdIMqMK,A +i*�++n,... . ....r..��::...:
<br /> . � � :S��{+:Nt.�tr, p�� .�. . . _.. ...... .� ....�... --�..
<br />.__�.._—�: ,x '--
<br /> '
<br /> . . � �0�� �.-L—
<br />• H. All futurc udvunccs from l.�:ndcr t��Grnntor ur uthcr futurc ohligatiunti uf cir+int'�r��f�An��r�cxccutid�iftcrythry __,
<br /> M nutc, cuntrucl,guarnnty.��r othcr evidence ut debt�xccutcd hy Gr.�ntur ���f _
<br /> S�curity Instrument whcthcr or not this Sccurity (nstrumcnt is sExcifically r�fcrenccd• If murc than une�Crson �v
<br />" sign+this Sccuriry l�is�rumcm,cach Gruntor agrecs that thi:.Sccuriry In�trumcnt will sccurc aU tuturc advunas and
<br /> ftiturc abli�atiuns that are given to or incurred by 1ny une or mure Grant��r, or uny une c�r more Gr.+ntor und
<br /> othcn.All fulum udvanc�s and othcr tuture ublibutiun+arc ticcurcd hl•this Scctirity In.irumcnt cvcn thuu�eh aU or �*--
<br /> .�:.i:,"'�, part may not yet tx;ndvnnced.All iuture ndvances und other future obligutions ure secured as it'made on thc dutc
<br /> ��f this Security Instmmcnt. Nothing in this Sccuriry Instrumcnt shull constitutr �commitmcnt to mukc additianul
<br /> or fuwrc loans or aJvanccs in any amount.Any tiuch cummitmcnt must bc agrecd to in a scparatc writing. __
<br /> '_� C. All obligations Grantor awes to L,cndcr,which may later arisc,to thc extent not prohibitcd by law,including,but
<br /> not limited to,liubilities for overdrafts relating to any deposit account ngrecment betwecn Gran:or and Lcnder.
<br /> ' D. All udditional sums advnnced and cxpenses incuned hy l.c:ndcr for insuring,preserving or othenvise pr��tecting
<br />- �}' the Property and its value and any othcr sums advanced and cxpenscs incurred by Lc:ndcr under thc tcr�ns of
<br /> • this Security Instrument.
<br />_ . �, This Security lnstrument will not secure any other debt if Lender fails to givr any rcquired noticc of thc right of rescission. _
<br /> 5. PAYMENTS. Grantar agrces that all payments under thc Securcd Debt will be paid when due and in accordance
<br /> �: ".'`` with the terms of the Secured Debt and tlus Security Instrument.
<br />`s .
<br /> � ' . 6. WARRANTY OF T�TL&Grantor warrants that Grantant S�nvc`l and scll�the Pr�erty t CTruste2nin trust�,ywith
<br />• ' Security Instrument and has the right to irrevocxbly b' Y• �
<br />;�•:r;_'�•_;, .� . power of sale.Grantor also warrants that the Property is unencumbered,cxcept for encumbrances of record.
<br /> 7. PRIOR SECURITY INTERES'T3•With regard ta any other mortgagc,dced of trust,security agreement or other lien
<br /> _ :;:..�, document that created a priorsecurity interest or encumbrance on the Property,Grantor agrecs:
<br /> a��' � .�� A. To make all payments when due and to perform ar comply with all covenants.
<br /> - •��=�; B. To prompdy deliver to Lender any notices that Grantor receives from thc holder.
<br /> i 3Y?y�.�C-�
<br />=-'�;;'!�-<:. C. Not to allow any modification�r extension of,nor to requcst any futurc advances undcr any note or agreemen
<br /> ,-��•+�,� secured by the lien document without Lender's prior written consent.
<br />��`'%�'�"� 8. CLAIMS AGAINST TITLE,Grantor will pay all taxes,assessmcnts, liens,encumbrances,lease payments,ground
<br />��}�Y'.:.;:
<br /> rents,utilities,and other charges relating to the Property when due.Lcndcr may require Grantor to provide to Le.n er
<br />��;,,+,;�.,:• copies of all notices that such amounts are due and the recc:ipts evidencing Grantor's pAyment.Grantor will detend
<br /> •�-�? N titie to the Property o�uiest a��y�iaims ths:�ca3�imnair thc lien of this Security Instrument.Grantor a�rees to assign
<br /> -_,,-,,. `
<br />��� to L.ender.as requested by L.ender,any rights,claims or defenses Grantor may have against parties who sup�i7 itt f
<br />�,;R:.:,,� or materials to maintain or improve the Property.
<br /> �.�-.z.,,�.,.
<br /> ��,.,�a.i;:. 9. DUE ON SALE O�t ENCUMBRANCE.Lendcr may,at its option.dcclare the entirc balance of the Sccur.:d De t to
<br /> _�-- be immediately due und payable upon the creation of,or contract for the creation of,any lien,encumbrance,ti�ble.
<br /> -°��� or sale of the Property.This right is subject to the resuictions irnposed by federal law(l2 C.F.R.591).as app�
<br /> — This covcnant shal!run with!he Property and shall remain in ctfect unhl the Secured Debt is paid in full and this
<br /> — Security Instrument is releascd.
<br />= 10. °P.OPERTY CUNU�'itO�t, ALTEitA'TaORS+ND I;�:SPEC'!'EUN.Grant�r will keep the Property in good _
<br /> -� — condition and make all repairs that are reasonably necessary. Grantor shali nul commit or allow any waste,
<br /> impairment,or deterioration of the Property. Grantor will kecp the Property free of noxious weeds and grasses.
<br /> Grantor a�rees that the nature of the occupancy and use will not substantially change without Lender's prior written
<br /> consent.Grantor wiq not permit any change in any license,restrictive covenant or easement without Lender's prior
<br /> written consent.Grantor will notify Lender of all demands,proceedings,claims,and aclions against Grantor,and of
<br /> any loss or damage to the Property.
<br /> Ixnder or Lender's agcnts may,at l.ender's option,enter the Yroperty at any rcasonable time for the purpose of
<br /> inspecting the Property. Lender shall give Grantor notice at the time of or before an inspecti��n specifying a
<br /> reasonable purpose for the inspectian. Any inspectian of the Property shaU be entirely for I.ender's benefit and
<br /> --- Grantor will in no way mly on I.ender's inspection.
<br /> 11. AUTNORITY TO PERFORM. lf Grantor fails to perform any duty or any of the covenants containcd in this
<br /> Security Instrument,Lender may,without noticc,perform or cause them to bc perforn�ed.Grantor appoint�Lender
<br /> as attomey in[act to sign Grantor's name or pay any amuunt necessaiy for performance•L.ender's aght to perform for
<br /> Grantor shall not creatc an obligation to perform.and Lendcr's failure to perforn►�vill not preclude L.ender from
<br /> exercising any of L.ender's other rights under the law or this Security Instrument.If any construction on the Property is
<br /> - discontinued or not carried on in a reasonable manner,Lender may take ail steps necessary to protect Lender's
<br /> security interest in the Property,including completion of the construction.
<br /> -�--- 12. ASSIGNMENT OF fi.EASES AIVD RENTS.Grantor inevocably grants,conveys and sclls to Trustee,in tnut for the
<br /> � beneCt of Lender,as additional security all thc right,title and intcrest in and to any and all cxisting or future Icases,
<br /> � ��°�" sublcases,and any other written or verbal agrcements for the use and occupancy of any portion of thc Property.
<br /> --- --- inclu�ing any extensions,renewals,modiCcations or substitutions of such agrecments(all rclerred to as"Leases")and
<br /> �Y��y� rents. issues and profits(all referred to as"Rents"). Grantor will promptly provide L.c:nder with true and correct
<br /> _��,�";� copies of all existing and future Lcases.Gran.or may collect,receivc,cnjoy and use thc Rents so long as Grantor is not
<br /> _iii:;� in default under the terms af this Security Instrument.
<br /> - �: Gra�tor acknowlcdges that this assignment is perfected upon thc recording of this Decd ot T�ust and that Lender is
<br /> -_,�;��`��,�� entiticd to notify any of Grantor's tenxnts to make puyment of Rents due or to become duc to l.c:nder.However.
<br /> . ,s�`� Lender a�rees that only on default�vill Lcnder notify Grantor and Grantnr's tenants and makc demand that all future
<br /> •, �•____....� �....,,... n�, �N,.�.�.».,o nn�ice of dt�fault.Grantor will endorse and deliver to Lendcr any
<br /> — KCnts o�pn�u u��c�a��..,............ .... .___.._..o.
<br /> --�`"'�� payment of Rents in Grantor's posscuion and will rcccive any Rcnts in trust for Lcnder and wlt nat commin�ic inC
<br /> _'�ti. :,.� Rents with any other funds.Any amounts collected will be applied as provided in ttiis Security Instrument,Grantor
<br /> v+�':s���,..�, warrants that no default exists under the Leases or any applicable landlord/tcnant law.Grantor also agrees to maintain
<br /> 6:
<br />_ .:�,��ti� and require any tcnant to comply with the terms of the Lcases and applicable aw.
<br /> ,,: .. 13. LEA5EHOLDS;CONDOMIMUMS; PI.ANNED UNIT DEVELOPMENfS.Grantor agrecs to wmply with thc
<br /> � • ���x prnvisions of any lcase iF this Security Instrument is on a leasehold.If the Property includes a unit in u condominium
<br /> �'�;;,,.-�-.,•-���� or a planned un�t d�velopment. Grantor will perform all of Grantor's dutics under the covenants, by-laws,or
<br /> ""��' ' -•r���`�:': rcgulations of thc condominium or planned unit dcvclopmcnt.
<br /> =:.':'""' ''��'=�-+� 14. DEFAULI'.Grantor will be in defauit if any parcy oblig�ted on thc Sccurcd Debt fails to makc paymcnt when duc.
<br /> =' �'"�a+i°�/'4'�`�" Grantor will be in de(ault if a breach occurs under Ihe tcrms of this Sccurity Insttvment or any other document
<br /> �'�>_'' �� (Pa9e2of�)
<br /> -- c`w'1 `�l
<br /> ��,
<br /> ., 01994PankcRSYStM.».Inc.Si CWd.MN�1-80039I-23�1)FOrtnRE-0T•NE 8lN91
<br /> ' � �. - - . _ . _ _ _ .
<br />
|