|
200303213
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any
<br />promissory note, comracl, 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 />(his Security Instrument, each Trustor agrees that this Security Intrumem will secure all future advances and future
<br />obligations that are given to of incurred by any one or more Truster, or any one or more Trustor 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 he advanced. All future advances and other future obligations are secured as if made 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 armour. Any such commitment must be agreed m 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 incurred 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 &e 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
<br />Security Instrutmem and has the right to irrevocably gram, convey, and sell the Property to Trustee, in must, with power of
<br />sale. Trustor 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 agreemem 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 front 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, assessmems, lien, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may require Truslor to provide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment Tmstor will defend title tm
<br />the Property against any claims that would impair the lien of this Security Instrument. Trusmr 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 innocdiately 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 m the restrictions imposed by federal law (12 C.P.R. 591), m applicable. This
<br />covenam 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 Cc Property in good condition
<br />and make all repairs that are reasonably necessary. Timor 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. Trustor 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 action against Trustor, and of any loss or damage to the
<br />Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter die Property m any reasonable time for the purpose
<br />of inspecting the Property. Beneficiary shall give Trustor notice al the time of or before an inspection specifying a
<br />reasonable purpose for the inspection. Any inspection of the Property shall he entirely for Beneficiary's benefit and
<br />Trustor will in no way rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Trusmr fads 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
<br />attorney in but to sign Trustor's name or pay any amount necessary for perfomhance. Beneficiary's right to perform for
<br />Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from
<br />exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property
<br />is discontinued or 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 coretruction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assign, grants and conveys, it, Trustee, in trust for the
<br />benefit of Beneficiary as additional security all the right, title and interest in the following (all referred to 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 extension, renewals, modification or replacements (all referred to as Leases);
<br />and rears, issues and profits (all referred to as Rents). In the event any items listed as Leases or Reno 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 Lenses are true and correct copies. The existing Leases will be
<br />provided on execution of the Assignmem, and all future Leases and any otter information with respect to these Leases will
<br />be provided immediately after they are executed. Truster may collect, mcet:c, enjoy and use :he Rents so long as Traitor
<br />is not in default
<br />Upon default, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other
<br />funds. Trustor agrees that this 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 panics subject to the Leases have not violated any applicable law
<br />on leases, licemes and landlords and tenants.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Truster agrees to 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 Truster's duties under the covenants, by -laws, or regulations of the
<br />condominium or planned unit development.
<br />! foage 2 of 4/
<br />W 1996 Benkeo S....— lne., S Ll,,d. MN Farm "c'.r P "ry.'2003
<br />
|