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200304028 B. All future advances from Beneficiary to Tractor 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 sernre all future advances and future obligations [hat are given to or incurred by any one or more Trustor, or any one or more Truster and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may not yef 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 fxture4mars 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 to, liabilities for overdrafts relating to an deposit au;ount agreement between Tnrstor and Beneficiary. D. All additional 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 terms of this Security Instrument. This Security Instrument will not secure my other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Truster agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Seemed Debt and this Security Instrument. 6. WARRANTY OF TITLE. Tractor warrants that 'Trustor is or will be lawfully seised of the is late conveyed by [his Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in Vast, with power of sale. Trustor 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 agrement or other lien document that created a prior security interest or encumbrance on the Property, Trustor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To pro fly deliver to Beneficiary my notices that Trustor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under my note or agreement secured by the lien document without Beneficiary's prior written consent. 8. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary copies of all notices that such amo=fs are due and the receipts evidencing Trustor's payment. Trustor will defend title to the Property against my claims that would impair the lien of this Security Instrument. Trustor agrees to all to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply ahoy 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, an lien, encumbrance, transfer or sale of the Pr erty. This right is subject to the restrictions impposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in etYect 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 good condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the name of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit my change in my 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 my loss or damage to the Property. Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at my reasonable 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 Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection. IL AUTHORITY TO PERFORM. if Trustor fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as attorney in fact to sign Truster's name or pay my summit 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 or this Security instrument If my construction on the Prooppeerrttyy is discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Reneficiary's security interest in the Property, including completion of the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Truster 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 future leases, subleases, and my other written or verbal agreements for the use and occupancy of my portion of the Property, including m my extensions, renewals, modifications or substitutions of such agreements (all refere to as "Leases") and rents, issues and profits (all referred to ac "Rents "). Trustor will promptly provide Beneficiary with true and correct coppies of all existing and future Leases. Trustor may collect, receive, enjoy and use the Rents sel long as Trustor is not in defsell order the turns of this Security Instrument. Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to notify my 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 Trustor's tenants and make demand that all future Rents be ppaid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Renrs in Trustor's possession and will res rive any Rents in must for Beneficiary and will not commingle the Rents with my other funds. Any amounts collected will be applied as provided in this Security Instrument. Trustor warrants that no default exists =der the Leases or my applicable landlord tenant law. Trustor also agrees to maintain and require my tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to coin ly with the provisions of my lease if this Security Instrument is on a leasehold. If the Property includes a unit in a or. cranium 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. Q 199A BmYers Syvlemb. Inc. 51. Cloud MN(180039]- 2341)1.- GE -el -Nt 1027 R7 ® ®C185(NEI (981e)02