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200301821 Application a 0121570345 B. All future advances from Beneficiary to Truslor or other future obligations of Trustor to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all home advances and future obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor 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 seemed 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, to the extent not prohibited by law, including, but not limited m, liabilities for overdrafts relating to any deposit account agreement between Truster and Beneficiary. D. All additioral sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terns of this Security Instrument. This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Toaster 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. Trustor warrants that Trustor 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 in Trustee, in trust, with power of sale. Truster 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 nuke all payments when due and to perform or comply with all covenants. B. To promptly deliver to Beneficiary any notices that Trustor receives from the holder. C. Not to allow any modification or extension of, nor in request any future advances under any time or agreement secured by the lien document without Beneficiary's prior written consent. 8. CLAIMS AGAINST TITLE. Toaster will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary may require Truster to provide to Berate ground copies of all notices that such amuums are due and the receipts Evidencing Trustor's payment. Trustor will defend title in 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 Trustor may have against parties who supply labor or materials to imintain or improve the Properly. 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 run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in goad condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, imppairment, or deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees tat the mmre of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor 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 dmmge 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 Trustor nonce at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Toaster will in no way rely on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. If Trustor fats to perform any duty or any of the conventions contained in this Security Instrument, Beneficiary may, without notice, perform or cause them to be performed. Toaster appoints Beneficiary as attorney in fact to sign Trustor's mine or pay any amount necessary for performance. Beneficiary's right to perform for Trustor 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 (,r this Security Instrument. If any construction on the Property is discontinued or not carried un in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Properry, including completion of the construction. 12. ASSIGNMENT OF LEASES AND RENT'S. Trustor 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 nature 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 substitutions of such agreements (all referred to as "Leases ") 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 Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under the terms of this Security hsnument. Trustor acknowledges tut this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled IS notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees that only on default will Beneficiary notify Trustor and Trusmr's tenants 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 Trustor's possession and will receive any Rents in cast for Beneficiary and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Toaster warrants that no default exists under the Leases nr any applicable landlord /tenant law. Taster also agrees to tmimain and require any tenant to comply with the terns 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 the Property includes a unit in a condominium or a planned unit development, Trustor will perform all of Taster's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. Q I NK Bankers Systems , Inc . St OIw6 MN 80039723dn Porn RE -or NE IWV97 =- ClM(NE) rests) (Page 2 of O) 1