|
200301999
<br />B. All future advances from Beneficiary ill Trustor or other future obligations of 'Tmstor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary after this
<br />Security Instrument whether or not this Security Instrument is specifically referenced. if more than one person signs
<br />this Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances and future
<br />obligations that are given ro or incurred by any one Or more Truster, 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 part may not
<br />yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security
<br />instrument. Nothing in¢his Sceprity Instrument shall constitute a commitment to make additional or future loans or
<br />advances in any 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,
<br />but not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor 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 sums advanced and expenses incorrect by Beneficiary under the terms of this
<br />Security Instrument
<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. Trustor agrees that all payments under the Secured Debt will be paid when duc and in accordance with the
<br />terms of the Secured Debt and this Security Instrument.
<br />6. WARRANTY OF TITLE. Trustor warrants that Tmstor is or will be lawfully seized of the estate conveyed by this
<br />Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sale. Truster 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 />,],,content that created a prior security interest or encumbrance on the Property, Truster agrees:
<br />A. To make all payments when due and to perform or comply with all covenants.
<br />B. To promptly deliver m Beneficiary any notices that Truster receives Gum the holder.
<br />C. Not to allow any modification Or extension of, nor to 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. 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
<br />copies of all notices that such amounts are due and the receipts evidencing Tmstor s payment. Trustor will defend title to
<br />the Property against any claims that would impair the lien of this Security Instrument. Tmstor agrees to assign to
<br />Beneficiary, as requested by Beneficiary, any rights, claims or defenses Trustor may 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 immediately due and payable upon Die 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 />covenant shall run with the Property 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. Trustor will keep the Property in good condition
<br />and make all repairs that are reasonably necessary. Truster shall not commit or allow any waste, impairment, or
<br />deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Tmstor agrees that the
<br />nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not
<br />permit any change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will
<br />notify Beneficiary of all demands, proceedings, claims, and actions against Tmslor, and of any loss or,damage n1 the
<br />Property.
<br />Beneficiary ,,r Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose
<br />of inspecting the Properly. Beneficiary shall give Truster notice at the time 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 />Trustor will in no way rely on Beneficiary's inspection.
<br />11. AUTHORITY 'PO PERFORM. If Tmstor 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. fluster appoints Beneficiary as
<br />attorney in fact to sign 'frustors name or pay any amount necessary for performance- Beneficiary's right to perform for
<br />Truster shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from
<br />exercising any ,,f Beneficiary's other rights under the law or this Security Instrument If any construction on the Property
<br />is discontinued or not carried nn 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. Trustor irrevocably assigns, grants and conveys, to Trustee, in trust for the
<br />bcncfit of Beneficiary as additional security all the right, title and interest in the following (all referred to as Property):
<br />existing or future ]cases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br />occupancy (if the Property, including any extensions, renewals, modifications or replacements (all referred to as Leases);
<br />and rents, issues and profits (all referred to as Rents)- In the event any item listed as Leases Or Rents is determined to be
<br />personal property, this Assignment will also be regarded as a security agreement. Trustor 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 home Leases and any other informalion with respect to these Leases will
<br />be provided immediately after they are executed, Trustor may collect, mccivc, enjoy and use the Rents so long as Trustor
<br />11 not in default.
<br />Upon default, Tmslor will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other
<br />funds. Trustor agrees that ibis Security Instrument is immediately effective between Trustor and Beneficiary and effective
<br />as to third parties on the recording of this Assignment As long as this Assignment is in effect, Trustor warrants and
<br />represents that no default exists under the Leases, and the parties subject to the Leases have nor violated any applicable law
<br />on ]case, licenses and landlords and tenants.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor 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, Trustor will perform all of Toasters duties under the covenants, by -laws, or regulations of the
<br />condominiumor planned unirdevelopment.
<br />1pagc 2 of 4)
<br />f ,-L� 101094 annkna 5ysmm1, Inc., bL a lld,ttN r11mn6nT -NE 1200009
<br />
|