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5. 6. 7. 8. 9. 10. I 11. 12. i I �I I13. I I 200003519 B aftepromissory eaur advances c Instrument Beneficiary wnty, oroothe t evidence of debt executed by specifically Trustor n favor of Be a more than Cede nperson signs this Security Instrument, each Trustor agrees that this Security Istrumen will secure all future advances) and future obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor and )others. All future advances and other future obligations are secured by this Security Instrument even though all or'` part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional of future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including but of limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. b. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protector he Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of thigs Security Instrument. This "Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of re cis$iion. P YMENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this] Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power o$ sane. Trustor also warrants that the Property is unencumbered, except for encumbrances of record. I I.IOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien o6unient that created a prior security interest or encumbrance on the Property, Trustor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Beneficiary any notices that Trustor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement AI�secured by the lien document without Beneficiary's prior written consent. VIS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Benefici copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to eficiary, as requested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor), or materials to maintain or improve the Property. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to eiimunediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sal of thql Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. IPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and �I repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the pancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any ge in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify ;ficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property. ;ficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpos� ipecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying al Friable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor, in no way rely on Beneficiary's inspection. 'IIORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security urnent, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as n y in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for tor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from ;i ing any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is > timed or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's' ri y interest in the Property, including completion of the construction. IONMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in trust for th fit of Beneficiary, as additional security all the right, title and interest in and to any and all existing or future leases,' ;apses, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues profits (all referred to as "Rents "). Trustor will promptly provide Beneficiary with true and correct copies of all ipg and future Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under'I -rms of this Security Instrument. t 'r acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is l to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However, ciary agrees that only on default will Beneficiary notify Trustor and Trustor's tenants and make demand that al� -e Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary) x yment of Rents in Trustor's possession and will receive any Rents in trust for Beneficiary and will not commingle the s with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Trustor warrants no default exists under the Leases or any applicable landlord/tenant law. Trustor also agrees to maintain and require} :epant to comply with the terms of the Leases and applicable law. ,BEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the i ions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a a unit development, Trustor will perform all of Trustor's duties under the covenants, by -laws, or regulations of the .ominium or planned unit development. 994 Bankers Systems, Inc., LB dE119$IlB)__ __— St. Cloud, MN (1 -800- 397 -2341) Form RE -DT -NE 10/27/97 wlw (pc9eY 2 of 41