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200301754
<br />B. All future advances from Beneficiary to 'fmstor or other future obligations of Tmstor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Tmstor in favor of Beneficiary after this
<br />Security lnstrunent whether or not this Security Instrument is specifically referenecd. If more than one person signs
<br />this Security Instrument, each Truster agrees that this Security Instrument will secure all future advances and future
<br />obligations that are given to or incurred by any one or More 'Irustor, or any one or more Truster and others. All
<br />future advances and other future obligations are secured by this Security Instrument even though all or pail may not
<br />yet be advanced. All future advances and other future obligations arc secured as if node on the date of this Security
<br />Instrument. Nothing in This Security instrument shall constitute a commitment to make additional or future loans or
<br />advances in any amount. Any such commitment must be agreed m in a separate writing.
<br />C. All obligations 'frustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including,
<br />but not limited to, liabilities for overdrafts relating to any deposit account agreement between Tmstor and
<br />Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting
<br />the Property and its value and any other scats advanced and expenses incurred by Beneficiary under the leans of this
<br />Security hlstrunlent.
<br />This Security Instrument will not secure any Other debt if Beneficiary fails to give any required notice of the right of
<br />rescission
<br />5. PAYMENTS. Tmstor agrees that all payments under The Secured Debt will be paid when due and in accordance with the
<br />terns of the Secured Debt and this Security Instruncnt.
<br />6. WARRANTY OF TITLE. Tmstor warrants that Toaster is or will be lawfully sexed of the estate conveyed by this
<br />Security Instrument and has the right to irrevocably gran[, convey, and sell the Property to Trustee, in trust, with power of
<br />sale. Tmstor also warrants that the Property is unencumbered, except for eneunbrances of record.
<br />7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or ether lien
<br />document that crusted a prior security interest or encumbrance on the Property, Tmstor agrees:
<br />A. To make all payments when due and In perfuml or comply with all covenants.
<br />B. To promptly deliver to Beneficiary any notices that Tmstor receives from the holder.
<br />C. Not to allow any modification or extension at, nor in request any future advances under any note or agreement
<br />secured by the lien document without Beneficiary's prior written consent.
<br />S. CLAIMS AGAINST TITLE. Tmstor 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 Truster to provide to Beneficiary
<br />copies of all notices that such amounts are due and tic receipts evidencing Trustoi s payment. 'fmstor will defend title to
<br />the Property against any claims Brat would impair the lien of this Security Instrument. Truster agrees to assign to
<br />Beneficiary, as requested by Beneficiary, any rights, claims or defemses Truster nnay have against parties who supply labor
<br />or materials to maintain or improve the Property.
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be umnWiatcly due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or
<br />sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.P.R. 591), as applicable. This
<br />covens shall run with the Prepoay and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Tmstor will keep the Property in grand condition
<br />and make all repairs that are reasonably necessary. 'ltusmr shall not commit or allow any WHAU, impairment, or
<br />detetiomtion of the Property. 'frustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the
<br />nature of the occupancy and use will not Suhstantially change without Beneficiary's prior written consent. Truster will not
<br />permit any change in any license, restrictive covenant or easement without Beneficiary's prior written conent. Tmstor will
<br />Utility Beneficiary of all demands, proceedings, claims, and actions against Truster, and of any loss or damage to the
<br />Property.
<br />Beneficiary 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 fmstor notice at the tine 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
<br />'frustor will in no way rely on Beneficiary's inspection.
<br />1t. AUTHORITY TO PERFORM. If'1'rsmr 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. foster appoints Beneficiary as
<br />attorney in fact in sign Trustor's fume or pay any amount necessary for performance. Beneficiary's right to perform for
<br />T..Mer shall not eteate an obligation to perform, and Beneficiary's failure to Perform will not preclude Beneficiary from
<br />exercising any of Beneficiary's other rights under tine law tar this Security Instrument. If any construction on the Property
<br />is discontinued ar not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's
<br />.security interest in the Property, including completion of the construction
<br />12. ASSIGNMENT OF LEASES AND RENTS. Tmstor irrevocably assigns, grants and conveys, to '1'rstee, in trust for The
<br />benefit of Beneficiary as additional security all the right, title and interest in the following (at[ referred in as Property):
<br />existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br />occupancy of the Property, including any extensions, renewals, modifications or replacements (all referred to as Leases);
<br />and teats, issues and profits (all referred to as Rents). In the event any item listed as Leases Or Rents is deccrnined to be
<br />personal property, this Assignment will also be regarded as a security agreement. Truster will promptly provide
<br />Beneficiary with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be
<br />provided on execution of the Assignment, and all future Leases and any other information with respect to these Leases will
<br />be provided immediately alter they are executed. Truster may collect, receive, enjoy and use the Rents So long as 'trustor
<br />is not in defauh.
<br />Upon default, Truster will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other
<br />funds. Tmstor agrees that this Security, lnstmment is immediaely effective between Tmstor and Beneficiary and effective
<br />as to third parties on the recording of this Assignment. As long as this Assignment is in effect, 'frustor warrants and
<br />represents that no default exists under the Leases, and the panics subject to the Leases have not violated any applicable law
<br />on leases, lieerees and landlords and tenants.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Tmstor agrees m comply with 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, Truster will perfurl all of Truster's duties under the covem'Itrts, by -laws, or regulations of the
<br />mmqdmininiann or planned unit development
<br />�ti� 0188E Baukeic Synlnmv,Lw_. 31 ClouE, MN Form HC -0TAC 1/308002 �I(
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