|
200304744
<br />3. MAXIMUM OBLIGATION IAMI'1'. The Total principal nntount secured by this Security Instrument at any one time shall not
<br />exceed $40,000.00 This limitalion ofanivent does not include Interest and other fees and chnacs
<br />validly made pursuant to this Security Instrument Also, this limitalion does not apply to advances made under the bares of this
<br />Security Instrument to predict Benef cinry's security and to perform any of the covenants contained in this Security Instrument,
<br />4. SECURED DEBT AND F'U'TURE ADVANCES. The terns "Secured Debt" is defered as follows:
<br />A. Debt incurred Linder the terms trail promissory po[ets),contmet(s),guaranty(s) or other evidence o(debt desire bed
<br />below and all their extensions, renewals, modifications or wbuitations- (You uurxr spec fen /It 1deutJ the d,bd )
<br />.eenued ard,,u shouted inched, the Jinn[ nmrudty 11,11 cfmrnh d,bo(),)
<br />B. All future advances from Beneficiary to Truster or other future obligations of Trustor to Beneficiary safer any promissory
<br />- none, contact, guaranty, or other evidence ardent executed by Duster in favor of Beneficiary after this Secunty Instrument
<br />whether or nut this Security Instrument is specifically referenced. If more than one person signs'[ his Security Instrument,
<br />each I roster ngrccs that this Security Instrument will secure all future advances and Lane obligations that are green to or
<br />incurred by any one or more Trustor, or any one or more Tristan and others. All future advances and other future ohli,;otiune
<br />ore secured by this Seearity Instrument even though all or part may not yet he advanced. All future ud,mnces and other futile
<br />obligations are secured as fmade on the due, ofthls Security Instrument Nothing in this Security Instrument shall constitute
<br />u commitment to make addirional or future loans or udvances in any amount. Any such commitment must be agreed to in u
<br />separate writing.
<br />C'. All other obligutions Trustor owes to Beneficiary, which may later anse, to the extent not prohibited by law, includiuv, but not
<br />limbed to, liabilities for ovcaraRx relating to any deposit account agreement between Tniswr and Benef dory.
<br />D. All additional suns advanced and expenses incurred by Beneficlvey for insuring, preserving or nthe ... so protecting the
<br />Properly and its value and any other sums advanced and expenses incurred by Beneficiary Linda the terms or the Security
<br />Instrument.
<br />In the event that Benefciary fails to provide any necessary notice ofth, right of rescission with respad to any additional
<br />'sdeletcdness secured under paragraph B of this Scruon, Beneficiny waives any subsequent security that st in the Turner's
<br />principal dwelling that is created by this Security Instrument (but dues not waive the security interest I'or the debts horn eased is
<br />paragraph A of this section)_
<br />S. DEED OF'I'RUN f COVENANTS. Ti ustor agrees that the covenants in this section are material obligations endertheSccured
<br />Debt and this Security l nstrument. I f Trustor breaches any covenant in this section, Beneficiary may refuse to mukc uddilisad
<br />extensions of credit and reduce the credit limit. By not exercising either remedy on Trustor's breach 1leneficiary does nod waive
<br />Beneficiary's right to later consider the event a breach if it happens again.
<br />Payments. Tauter agrees that all payments under the Secured Debt will be paid when due and in accordance with the Lotus of the
<br />Secured Debt and this Security Instrument.
<br />Prior Savorily Interests. with regard to any other mortgage, decd of tmsl, security agreement or other lien document that created
<br />a poor security interest or encaub once on the Property, Trustor agrees to make all puynem, when due vad to perform or comply
<br />with all covenants. Trustor also agrees out to allow any modification or extension of, nor to rcqucfl any faun udvunees under any
<br />note or agreement secured by the lien document without Beneficiary's prior written approval.
<br />Claims Against Title. Trustor will pay all taxes (including any tax assessed to this Deed ofTrusf, assessments, liens
<br />cnawnbrances, lease payments, ground rents, milities, and other charges relating to the Property when due. Beneficiary rimy require
<br />I restor to provide to Beneficiary copies of all notices that such amounts are due and the recalpts evidencing I rustor's payncnt_
<br />'Trustor will defend title In the Property ogain st any claims that would inrpairthe lien ofthls Security lnshari,nl. Trustor ogre,, to
<br />assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Truslnr may have against partite, who supply labor
<br />or materials to maintain or improve the Property.
<br />Properly Condition, Alterations and Inspection. 'Trustor will keep the Property in good condition and make all repairs that are
<br />reasonably nccessury. Trustor shall not commit or allow any waste, impairment, ordenominutlun of the Property. Truistic ogreos shot
<br />the nature of the occupancy and use will not substantially change without Beneficiary's prior written convent. I rustor 1111 not
<br />permit any change in any license, restrictive covenant or easement without Beneficiary's prior wi-alcn consent. Truslun,,Il uotlfy
<br />Bencfciary ota11 demands, proceedings, claims, and actions against Trustor, and of any loss or dnmugcm Inc Properly.
<br />E,chclx' 001994 Bankers Systems, Inc., St- Cloud, MN Form USBOCP -DT -NE 9/52001
<br />(page 1 of 6)
<br />
|