|
�'�' . ' :,�
<br /> .•..—__.__ u�K"1W��A,ii! .
<br /> —_—
<br /> . twaLc........ ... .... , .. � •°�f^";�
<br /> " 'i9��`'
<br /> . � �•��r:
<br /> ��;�� �ios43 �- .� �:���►��
<br /> ,�.t:
<br /> . . .:,��.��:.
<br /> ,I B. All future ndvnnces from Beneficiary to Trustor or other future obli ations of Trustor to Beneficinry undr.r any . �
<br /> � ` promissory note, contract, Suaranty, or other evidence of debt execute�hy Trustor in favor of Beneficiary c:xecuted
<br /> I after thls Security lnstrument whether or not this Security lnstrument is spr.�cifically referenced. !f more than one
<br /> 1 person signs thie Security, Instrument, each Trustor agrees that this Security lnstrument will secure all future ` Y
<br /> advanccs and future obllgationa that ase glven to or incurred by any one or more Trustor,or any one or mor�Trustor �
<br /> and othere. All future edvances and other future obligltions ure secured by this 5ecurity Instrument even though all
<br /> Ior part may not yet be advanced. All future advances and other future abligations are secured as if made on the date , _
<br /> � of this Security Instrument. Nothing in this Secudty Instrument shall constitute a comm�iment to make additional or
<br /> � future loans or advances in any amount. Any sucli commitment must be agreed to in a separate writing. `'
<br /> ;� C.All obligations Trustor owes to Beneficiary,which may later arise, tu clie extent not prohibited by 11w, including,
<br /> ,:;.. , but not limited to, liabilities for overdrafts rclaUng to any deposit account agreement between Trustor und �.�: ,.
<br /> ., „ . Beneficiary. ., ?
<br /> D.All additional sums advanced and expenses incused by Beneficiary for insuring, preserving or otherwise protecting
<br /> the Property and its value and any other sums advancxd and expenses incurred by Beneficiary under the terms of this • ::.;�;.R.�
<br /> • ,• ;.-
<br /> Security Instrument. �;` '-.�`�
<br /> .. .�{f.
<br /> This Security Instnunept will not secure any other debt if Beneficiary fails to give any required notice of the dght of - . – r_�{
<br /> rescission. , �r==
<br /> °.`�•�•n_,-...
<br /> . 5' eArm�tt�e Secured Deb�trand this S�urity Ins rument�e�ured Debt will be paid when due and in accordance with the , _,-_
<br /> ��::.
<br /> 6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of ihe estate conveyed by this , ,_;;.�;::_
<br /> :,�.,��=.
<br /> sa�le�Tn�stor�warrant that the Property isuncncum e cd,ezcep f r�encu U a�ces nf rTeeord'in trust,with power of ,_
<br /> '.,i+.
<br /> deed of trust y � �'°
<br /> 7, pRIOR SECURITY IN'I`ERESTS. With regazd to any other mortgnge, , securit agreement or other lien ` ,'���,:.
<br /> document that created a prior secwity interest or encumbrance on the Property,TCUStoT 8$[ees: .,,�.i
<br /> A.To make all payments when due and to perform or comply with all covenants. "
<br /> . �. B.To promptly dellver to Beneficiary any notices thac Trustor receives from the holder. :,.
<br /> C.Not to allow any modificatlon or extension of, nor to request any future advances uader any note or agreement .}.�j;.:
<br /> secured by the liea document without Beneficiary's prior wntten consent.
<br /> ..,,..,
<br /> ��• 8. CLAIMS AGAINST 7'TI'LE.Trustor will pay all taxes,assessments, liens,encre uire Trustorto p ovide�toTBeneficiary' �
<br /> utilities. and other chazges relating to the Property when due. Beneficiary may � `�w,
<br /> �f r �
<br /> � the iPro�erty against han yS claim�s�that would�impair the lien f ithiscS�r tyt Instrpum ntn�Trus or agrees to ass;grle to � ��� �
<br /> n ,3�19„ --
<br /> Beneficiary,as requested by Baneficiary,any rights,claims or defenses Trustor may have against parties who supply labor "���Y_
<br /> _ or maten'als to maintain or improve the Property. t� ° Y�
<br /> 9. DUE ON SALE OR ENCUMBRANCE.Beneficiary may,at its option,declare the entire balance of the Secured vebt co -- =�___
<br /> be immediately due and payable upon the creation of, or contract ior tlie creation of, any lien, encumbrance, tranafer or `
<br /> �• sale of the Property. :Ihis nght is subject to the restrictions imposed by federal law(12 C.F.R. 591), as applicable. This ��`.
<br /> covenant sball run with the Property and shall remain in effect unttl the Secured Debt is paid in full and this Security ,,�._,
<br /> � Instnunent is released. �+�
<br /> 10. PROPERI'Y CONDITION, ALTERATIONS AND INSPEC'ITON. Trustor wiq keep the Property in,�ood wndition r„�„
<br /> 1' aad make all repairs that are reasonabiy necessary. Trustor shall not commit or allow any waste, unPairment, or ., ,
<br /> deterioration of the Propeny. Trustor wiil keep the Property free of noxious weeds and gresses. Trustor agrees that the
<br /> �• nature of the occupancy and use will not substantlally change without Beneficiary's prior written consent. Trustor will not �_ _
<br /> � permit any change in any license,res[rictive covenant or easement without Benef ciary s prior wrltten consent.Trustor will
<br /> t.---
<br /> notify Beneficiary of all demands, proceedings, claims, and actions against Trustor. and of any loss or damage to the �____
<br /> . Property.
<br /> Beneficiary or Beneficlary's agents may,at Beneficiary s option, enter the Property at any reasonable time for the purpose = a
<br /> of inspecting the Property. Beneficiary shall give Trusror notice at the time of or before an inspection speci�y ing a __ _ �^
<br /> � reasonable purpose for the ins tion. Any inspection of che I'IV�CI�y �i►dl be entircly far Benefciary's benefit and �u
<br /> Trustor wlll in no way rely on eneficiary's inspection.
<br /> �! 11. A1lJTHORITY TU PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Securlty --
<br /> Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor a�points Beneficiary as
<br /> attomey In fact to sign Trustor's name or pay any amount necessary for performance.Beneficiary s nght to perform far �',ti"���_�~—�—_
<br /> Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will aot preclude Benet"iciary from s�—_
<br /> � exercising any of Beneficiary's other rights under the law or this Security Instniment. If any constr�ction on the Property
<br /> is discontlnued or not carded on in a reasonable m�nner,Beneficiary may take all steps necessary to protect Beneficiary's , "•, , •�"'
<br /> security interest in the Property,including completion af the wnstruction. -' ,�,,..
<br /> �.•�'m.y(4r �,, 2
<br /> 12. ASSIUNA�NT OF LEASES AND RENTS. Trustor inevocably grants, conveys and sells to Trustee, in trust for the _.��r::; �:
<br /> benefit of Beneficiary, as additional securiry all the right, title and interest tn and to any and all existing or fumre leases, ,��;,
<br /> subleases,and any od�er weitten or verbal agreements tor the use and occupancy of any ponion of the Property,including , .,�•.�
<br /> any extensions, renewals,modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues „• ,M1
<br /> and profits (all refened to as "Rents"), Trustor will promptly prov�de Beneficiary with uue and conect copies of all
<br /> existing and future L.eases.Trustor may wllect,receive,en�oy and use the Rents so long as Trustor is not in default undcr
<br /> the terms of this Security Instrument.
<br /> � Trustor acknowledges that this assignment is perfected upon the recording of tltis Deed of Trust and that Beneflciary is
<br /> � entitled to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However,
<br /> Beneficiary agrees,thut only on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all
<br /> future Rents be paid directly to Beneficiary; On receiving notice of default.Trustot will endorse and deliver to Beneficiary
<br /> any payment of Rents in Trustor's possession and will receive any Rents in trust for Beneficiary and will not commingle
<br /> I� the Rents wuh any other funds, Any amounts collected wiU be appl�ed as provided in this Security Instrument. Trustor
<br /> � warrants that no default ex�sts under the Leases or any applicable landlord/tenant law.Trustor also agrces to maintain and ,
<br /> _..:__ __.....�.,.,.�..�mm�lv tvith t}tt+eermc of the L.cases and appltcable law.
<br /> � �cyuuc a.� ....................r-� ...__ . = - -
<br /> 13. LEASEHOLDS; CONDOMIIYItIMS; PLANNED UNIT DEVF,LOPMEN'TS. Trustor agrces to comply with the f
<br /> � provisions of any lease if this Security Instrument is on a leasehold. lf the Propeny includes a unit in a condominium or a �
<br /> planned unit devclopment, Trustor will perform all of Trustor's dutics under the covenants,�ylaws,or regulations of the
<br /> condommium or planned unit development.
<br /> rpogo 2 0/al �
<br /> 1��994 Bnnkcra5vstams.inc.St Cioud.MN i1�800�397�23a�1 Fmm HE DT•NE 12i2?�96
<br /> f
<br /> I
<br /> � I
<br /> • _.. _
<br /> . _____ ..� . _ . _ ...__ .____.... ..
<br />
|