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200004070
<br />B.
<br />1 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 executec
<br />ter this Security Instrument whether or not this Security Instrument is specifically referenced. If more than on
<br />rson signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances
<br />d future obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor an
<br />thers. 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 or
<br />future loans or advances in any amount. Any such commitment must be agreed to in a separate writing.
<br />C.
<br />1 obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, bu
<br />D.
<br />of limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary.
<br />11 additional sums advanced and expenses incurred by Beneficiary for insuring,
<br />preserving or otherwise protecting
<br />he Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this
<br />Security Instrument.
<br />is
<br />Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of
<br />rescission.
<br />5.
<br />PAYMENTS.
<br />Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the
<br />terms
<br />of the Secured Debt and this Security Instrument.
<br />6.
<br />NTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Security
<br />Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />O
<br />1Z SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
<br />o
<br />un
<br />ent that created a prior security interest or encumbrance on the Property, Trustor agrees:
<br />o make all payments when due and to perform or comply with all covenants.
<br />B.
<br />o 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 agreement
<br />cured by the lien document without Beneficiary's prior written consent.
<br />8.
<br />AI
<br />AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br />t'
<br />iti
<br />s, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiar
<br />co
<br />pie
<br />of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to
<br />tho
<br />operty against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to
<br />Bene
<br />ciary, as requested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor
<br />or
<br />ma
<br />erials to maintain or improve the Property.
<br />9.
<br />E
<br />ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be
<br />im
<br />nediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sal
<br />of
<br />the
<br />Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This
<br />o
<br />ien
<br />it shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security
<br />In!
<br />truinent
<br />is released.
<br />10.
<br />PROPERTY
<br />CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition an
<br />e
<br />ill repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of
<br />the
<br />Pi
<br />operty. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the
<br />occup
<br />cy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any
<br />charige
<br />in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify
<br />Be
<br />nef
<br />ciary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br />Benef
<br />ciary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose
<br />of
<br />impecting
<br />the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying
<br />e ,
<br />so r
<br />able purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trusto
<br />i
<br />1 in
<br />no way rely on Beneficiary's inspection.
<br />11.
<br />A]
<br />JTI
<br />IORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security
<br />In!
<br />tru
<br />nent, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as
<br />tt
<br />rn
<br />y in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for
<br />r
<br />x
<br />st
<br />rci
<br />r shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary fro
<br />ing any of Beneficiary's other rights the law this Security Instrument. If
<br />under or any construction on the Property iss
<br />i
<br />co
<br />tinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary'
<br />uri
<br />y interest in the Property, including completion of the construction.
<br />12.
<br />4,SSIC
<br />NMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in trust for the
<br />be
<br />efi
<br />of Beneficiary, as additional security all the right, title and interest in and to any and all existing or future leases,
<br />su)leases,
<br />and any other written or verbal agreements for the use and occupancy of any portion of the Property, including
<br />anit
<br />extensions,
<br />renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issue
<br />ani
<br />p
<br />ofits (all referred to as "Rents "). Trustor will promptly provide Beneficiary with true and correct copies of all
<br />x
<br />stir
<br />g and future Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under
<br />th
<br />terms
<br />of this Security Instrument.
<br />r
<br />st
<br />r acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is
<br />n
<br />itled
<br />to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However,
<br />Beneficiary
<br />agrees that only on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all
<br />fui
<br />ure
<br />Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary
<br />in
<br />i payment
<br />of Rents in Trustor's possession and will receive any Rents in trust for Beneficiary and will not commingle the
<br />le
<br />is
<br />with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Trustor warrant
<br />t no
<br />default exists under the Leases or any applicable landlord/tenant law. Trustor also agrees to maintain and require
<br />iny
<br />tenant
<br />to comply with the terms of the Leases and applicable law.
<br />13.
<br />A
<br />EHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the
<br />r
<br />1
<br />vi
<br />n
<br />ions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or
<br />unit development, Trustor will all of Trustor's duties under the covenants, by -laws,
<br />perform or regulations of the
<br />condominium
<br />or planned unit development.
<br />(page 2 of 4
<br />994
<br />Bankers Systems, Inc., St, Cloud, MN (1 -800- 397 -2341) Form RE -DT -NE 10/27197
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