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200402163 Application # 0122293195 B. All future advances from Beneficiary W Truster or other future obligations of Truster to Beneficiary under any promissory note, contract, guaranty, or other eviticnce of debt executed by Tmslur m favor of Beneficiary executed after this Security Instmmen[ whether or not this Swurity Instrument is specifically referenced. If more than one person signs this Security Bsimmen[, each Tmstor agrees that this Security Instrument will secure all future advances and future obligations that are given m in incurred by airy one or more Tmstor, or any one or more Truster 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 to advances said .the[ future obligahem are secured as if mad, on the date of this Security Instrument. Nothing in this Security Bstmment shall constlrets a commitment to make additional or forme loans or advances nt any amount. Any such cermN 'is must be agreed to In a separate writing. C. All obligations Tmstor owes e. Beneficiary, witch may later arise, m the extent not prohibited by law, including, but not limited iq liahilities for overdrafts relating w any may account agreement between TtvaNr and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the Property and is value and any other sums advanced and expenses incurred by Beneficiary under the terms of this Security Instrument. 'Phis Security Inattention will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Sechhred Debt and this Security Instrument. b. WARRANTY OF TITLE. Trustor warrants that Truster 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 [test, with power of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or Other lien document 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 Taster receives from the holder. C. Not w allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Beneficiary's prior written consent. 8. CLAIMS AGAINST TITLE. Truster will pay all taxes, assessments, liens, encumbrances, lease payments, gground rents, utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Rem iiciary copies of all notices that such amounts are due and the receipts evidencing 77ustor's payment. Trustor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Trustor agrees N assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Truster may have against parties who supply labor or materials to mountain or improve the Property. 9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. 'this right is subject N the restrictions imposed by federal law (12 C.F.R.591), as applicable. This covenant shall urn with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. 10. PROPERfY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and make all repairs that are reasonably necessary. Truster shall not commit or allow any waste, impairment, or deterioration of the Property. Trostor will keep the Property free of noxious weeds and grasses. Truster agrees that the mature of the occupancy and use Will not substantially change without Beneficiary's prior written cement. Truster will not permit any change to any license, restrictive covenant or easement without Beneficiary's prior written consent. Truster will notify Beneficiary of all demands, proceedings, claims, and actions against Truster, and of any loss or damage to the Property. Beneficiary or Beneficiary s agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Beneficiary shall give Truster notice at the thus of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's heneft and Truster will in no way rely on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. If Toaster fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary ray, without notice, perform or cause them to be performed. Truster appoints Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for Truster shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under die law or this Security Instrument. If any censnuction on the Property is discontinued or not carried on in a reasonable =met, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Truster irrevocably grants, conveys and sells to Trustee, in trust for the benefit of Beneficiary, as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substimtons of such agreements (all referred to as "[eases') and rents, issues and profits (all referred to as "Rents "). Trustor will Promptly provide Beneficiary with true and correct copies of all existing and future Leaacs. Truster may collect, receive, enjoy and use the Rems so long as Truster is not in default under the terms of this Security Inatmment. Trustor acknowledges that this assignment is Perfected upon the recording of this Deed of Treat and that Beneficiary is entitled to notify any of Trustor's tenants to make payment of Rents due or N become due to Beneficiary . However, Beneficiary agrees fist only on default will Beneficiary nottfy Trustor and Truster's tenams and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default, Toaster will endorse and deliver to Beneficiary any payment of Rents in Trusmr's possession and will receive any Rents in "at for Beneficiary and will not commingle the Rents with any other fonds. Any amounts collected will be applied as provided in this Security Instrument. Trustor warrants that no default exists under the Leases or any applicable landlord /tenant law. Trustor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If tie Property includes a unit in a condominium or a planned out development, ;truster will perform all of Toaster's duties under the covenants, by -laws, or regulations of the condomininm .r planned rout development. (pa9e2d4) Q 19'N...... ayeiems, Inc, 5, 0 MN -ac to W M.- C169(NE) (am)