200300050 - Laserfiche WebLink

Browse

200300050 B. All future advances from Beneficiary to Trustor or other future oblignimps of Trustor to Beneficiary under any promissory note, contract, guaranty, at other evidence of debt executed byYrustor in favor of Beneficiary after this Security Instrument whether or not this Security Instrument is specifically referenced. 11 more than one person signs this Security Instrument, each Trustor agrees that this Security Instrument 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 Tmstor 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 or 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, on the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between 'Trustor and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for roaming, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this Security instrument. 'Phis Security instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Tmsmr 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, 6. WARRANTY OF TITLE. Truster warrants that Irustor is or will be lawfully seized of the estate conveyed by this Security Iustri went and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of sale. Tractor also warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. With regard many other mortgage, deed of trust, security agreement or other lien documem that created a prior security interest or encumbrance on the Property, Truslor agrees A. To crake all payments when due and to perform or comply with all covenants. B. To promptly deliver to Beneficiary any notices that Tmsmr receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien documem without Beneficiary's prior written consent. S. CLAIMS AGAINST TITLE. Trainor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary may require 'Tmstor to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Tmsmr's payment. Tmsmr will defend title to the Property against any claims that would impair the lien of this Security Instrument Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Truster may have against parties who supply labor or materials to maintain 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 to the restrictions imposed by federal law (12 C.P.R. 591), as applicable. This covenant shall tun with the Property and shall remain in effect until the Secured Debt k paid in full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. 'Irmtor will keep the Properly in good condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impartment, or deterioration of the Property. Trustor will keep the Properly free of noxious weeds and grasses. Truster agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Truslor will not permit any change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property. Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasomble time for the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Properly shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. if Trustor fails to perform any duty or any of the covenants contained in this Security Imarumem, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as attorney in fact to sign Tmstor s name or pay any amount necessary for performance. Beneficiary's right to perform lot Tractor 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 the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to prtcct Beneficiary's security interest in the Property, including completion of the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Truster irrevocably assigns, grams and conveys, to Trustee, in trust for the benefit of Beneficiary as additional security all the right, title and interest in the following (all referred to as Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Properly, including any extensions, renewals, modifications or mp[acemems (at[ referred to as Leases); and rents, issues and profits (all referred to as Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Trustor will promptly provide Beneficiary with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default. Upon default, Trustor wiB receive any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. 'Trustor agrees that this Security Instrumem is immediately effective between Trustor and Beneficiary and effective as to third parties on the recording of this Assignment. As long as this Assignment is in effect, Truster warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on [cases, licenses and landlords and tenants. 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 the Property includes a unit in a condominium or a planned unit development, Trustor will perform all of Truster's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. c�Gym (Page. �^F^— v ©1994 aanka�¢ 3y¢tam¢.Inw. St. ebu r.s Farm nE DT NE 1.30 /3003