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9 J i i 1 9�� Application # 0109204537
<br /> B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any
<br /> promissory note,contract,guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed after
<br /> this Security Instrument whether or not tlus Security Instrument is specifically referenced. If more than one person signs
<br /> this Security Instniment, each Trustor agrees that this Security Instrument will secure all future advances and future
<br /> obligations that aze given to or incurred by any one or more Trustor,or any one or more Trustor and others. All future
<br /> advances and other future obligations aze secured by this Security Instrument even though all or part may not yet be
<br /> advanced. All future advances and other future obligations are secured as if made on the date of this Securiry Instrument.
<br /> Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any
<br /> 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 not
<br /> limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary.
<br /> D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the
<br /> Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this
<br /> Secunty Instrument.
<br /> This Security Instivment will not secure any other debt if Beneficiary fails to give any required notice of the right of
<br /> rescission.
<br /> 5. PAY.MENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the
<br /> terms of the Secured Debt and this Security Instrument.
<br /> 6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Sectirity
<br /> Instrument and has the right to irrevocably grant,convey, and sell the Property to Trustee,in trust,with power of sale.Trustor
<br /> also warrants that the Property is unencumbered, except for encumbrances of record.
<br /> 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
<br /> document that created a prior security interest or encumbrance on the Property, Trustor agrees:
<br /> A. To make all payments when due and to perform or comply with all covenants.
<br /> B. To promptly deliver to Beneficiary any notices that Trustor receives from the holder.
<br /> C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured
<br /> by the lien document without Beneficiary's prior written consent.
<br /> 8. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br /> utilities,and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary copies
<br /> of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to the Property
<br /> against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to Beneficiary, as requested
<br /> by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor or materials to maintain or
<br /> improve the Property.
<br /> 9. DL1E ON SALE OR ENCIJMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be
<br /> immediately due and payable upon the creation of,or contract for the creation of,any lien,encumbrance, transfer or sale of the
<br /> Property.This right is subject to the restrictions imposed by federal law (12 C.F.R.591), as applicable. This covenant shall run
<br /> with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released.
<br /> 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and
<br /> make all repairs that are reasonaSiy necessary.Trustor shall not commit or aliow any waste,impairment,or deterioration of the
<br /> Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the occupancy
<br /> and use will not substantially change without Beneficiary's prior written consent. Trustor will not pernut any change in any
<br /> license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all
<br /> demands,proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br /> Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the pu�ose of
<br /> inspecting the Property. Beneficiary shali give Trustor notice at the time of or before an inspection specifying a reasonable
<br /> purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way
<br /> rely on Beneficiary's inspection.
<br /> 11. 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 attorney
<br /> in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall
<br /> not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br /> Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not
<br /> carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the
<br /> Property, including completion of the construction.
<br /> 12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants,conveys and sells to Trustee,in trust for the benefit
<br /> of Beneficiary, as additional securiry all the right,title and interest in and to any and all e�sting or future leases,subleases,and
<br /> any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions,
<br /> renewals, modifications or subsritutions of such agreements (all referred to as "Leases") and rents, issues and profits (all
<br /> referred to as "Rents"). Trustor will promptly provide Beneficiary with true and correct copies of all existing and future
<br /> Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under the terms of this
<br /> Security Instrument.
<br /> Trustor acknowledges that this assignment is perfected upon the recording of tlus Deed of Trust and that Beneficiary is entitled
<br /> to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. How�ever,Beneficiary agrees
<br /> ti:at oiily on default will Beneficiary noufy Trustor and Trustor's tenants and make demand that all future Rents be paid
<br /> directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Rents in
<br /> Trustor's possession and will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other
<br /> funds. Any amounts collected will be applied as provided in this Security Instrument. Trustor warrants that no default exists
<br /> under the Leases or any applicable landlord/tenant law. Trustor also agrees to maintain and require any tenant to comply with
<br /> the terms of the Leases and applicable law.
<br /> 23. LEA.SF:�OLDS; Cn*�TIlOMI1�TIU�iS; PLANNEI's L1�iIT DE�'E:.O�'i�7Ei�':'S. Trustor agr;;es to compty �it�'� the
<br /> provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a
<br /> planned 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.
<br /> .
<br /> (page 2 of 4)
<br /> � 1994 Bankers Systems,Inc.,St.Cloud,MN(i-800-397-2341) Form RE-DT-NE 10/27/97 �/`
<br /> ��C165(NE) �9sos) �
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