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240003845
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<br />11 future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under an
<br />romissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary execute
<br />after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than on
<br />person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances
<br />and future obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor an
<br />others. All future advances and other future obligations are secured by this Security Instrument even though all or'
<br />art may not yet be advanced. All future advances and other future obligations are secured as if made on the date o
<br />his Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional o
<br />future loans or advances in any amount. Any such commitment must be agreed to in a separate writing.
<br />C. All obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but
<br />D. not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary.
<br />All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting
<br />the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this)
<br />Security Instrument.
<br />this Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of
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<br />ENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the
<br />the Secured Debt and this Security Instrument.
<br />ANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power o
<br />astor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other li
<br />at that created a prior security interest or encumbrance on the Property, Trustor agrees:
<br />make all payments when due and to perform or comply with all covenants.
<br />promptly deliver to Beneficiary any notices that Trustor receives from the holder.
<br />of to allow any modification or extension of, nor to request any future advances under any note or agreemen
<br />:cured by the lien document without Beneficiary's prior written consent. i
<br />,AIM[S AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,)
<br />lit* s, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Benefici
<br />)ie of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to
<br />P operty against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to
<br />nefciary, as requested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor
<br />materials to maintain or improve the Property.
<br />0 E ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be imynediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sal
<br />Hof the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This
<br />covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrurnent is released.
<br />PI�O ERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and
<br />make ill repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of
<br />the P operty. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the
<br />0c;upincy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any
<br />Ch g in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notif}
<br />Bene llciary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br />Beiefjciary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose
<br />of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying a
<br />,reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustorl
<br />wi l in no way rely on Beneficiary's inspection.
<br />AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as
<br />att rn y in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for
<br />Tr istor shall not create an obligation to perform, and Beneficiary s failure to perform will not preclude Beneficiary frorr
<br />exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is
<br />dico tinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's
<br />se�uri y interest in the Property, including completion of the construction.
<br />12. A SIGFNMIENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in trust for the
<br />benef of Beneficiary, as additional security all the right, title and interest in and to any and all existing or future leases, .
<br />ruble es, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including
<br />any a tensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues
<br />an p ofits (all referred to as "Rents "). Trustor will promptly provide Beneficiary with true and correct copies of all
<br />existing and future Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under)
<br />the toms of this Security Instrument.
<br />Tr astdr acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is
<br />entitled to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However,)
<br />eficiary agrees that only on default will Beneficiary notify Trustor and Trustor's tenants and make demand that al
<br />'future!: Rents be paid directly to Beneficiary. On receiving notice of default, Trustor 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 the
<br />R is with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Trustor warrants
<br />th t n default exists under the Leases or any applicable landlord/tenant law. Trustor also agrees to maintain and require
<br />an t ant to comply with the terms of the Leases and applicable law.
<br />113. gA EHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the
<br />provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condormnium or
<br />plann d unit development, Trustor will perform all of Trustor's duties under the covenants, by -laws, or regulations of the
<br />condominium or planned unit development.
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<br />�994IIIBankers Systems, Inc., St. Cloud, MN (1- 800 - 397 -2341) Form RE -DT -NE 10/27/97
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