|
260305651 Application # 0121750699
<br />B. All future advances from Beneficiary to Truster or other more obligations of Truster to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Truster in favor of Beneficiary executed after
<br />this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person sighs
<br />this Security Instrument, each Truster agrees that this Security instrument will secure all future advances and future
<br />obligations that are given in or incurred by any one or more Truster, or any one or more Trustor and others. All future
<br />advances and other future obligations are secured by this Security Instrument even though all or part may not yet be
<br />advanced. All future advances and other fume obligations are secured as if made on the date of this Security linuument.
<br />Nothing in this Security Instrument shall constitute a commitment to make additional or fume loans or advances in any
<br />amount. Any such commitment most 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, but not
<br />limited m, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary.
<br />D. All additional sums advanced mid expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the
<br />Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this
<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 due and in accordance with the
<br />terms of the Secured Debt and this Security Instrument.
<br />6. WARRANTY OF TITLE. Trustor warrants that Tmsmr is or will be lawfully seized of the estate conveyed by this Security
<br />Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of sale. Trustor
<br />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 />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 Tmsmr receives from the holder.
<br />C. Not o allow any modification or extension of, nor to request any future advances under any note or agreement secured
<br />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 Truster to provide to Beneficiary Copies
<br />of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to the Property
<br />against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign m Beneficiary, as requested
<br />by Beneficiary, any rights, claim or defenses Trustor may have against parties who supply labor or materials to maintain or
<br />improve the Property.
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be
<br />immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of the
<br />Property. This right is subject to the restrictions imposed by federal law (12 C.P.R.591), as applicable. This covenant shall run
<br />with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Truster will keep the Property in good coudition and
<br />make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of the
<br />Property. Truster will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the occupancy
<br />and use will out substantially change without Beneficiary's prior written consent. Trustor will out permit any change in any
<br />license, restrictive covenant or easement without Beneficiary's prior written consent Truster will notify Beneficiary of all
<br />demands, proceedings, claims, and actions against Truant, and of any loss or damage to the Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of
<br />inspecting the Property. Beneficiary shall give Trustor ounce at the time of or before an inspection specifying a reasonable
<br />purpose for the inspection. Any hspeetion of the Property shall be entirely for Beneficiary's beraf t and Trustor will in no way
<br />rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Trustor 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. Tmstor appoints Beneficiary as atmrney
<br />in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall
<br />not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's other rights under the law or this Security Instrument. If any construction on the Properly is discontinued or not
<br />carried on in a reasonable manner, Beneficiary may take all steps necessary in protect Beneficiary's security interest in the
<br />Property, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in trust for the benefit
<br />of Beneficiary, as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and
<br />any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions,
<br />renewals, modifications or substitutions of such agreements (all referred in as "Leases ") and rents, issues and profits (all
<br />referred to as "Rents "). Trustor will promptly provide Beneficiary with true and correct copies of all existing and future
<br />pr
<br />Leases. Trustor may collect, receive, enjoy and use the Rents so long as Truster is not m default under the terms of this
<br />Security Instrument.
<br />Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled
<br />to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees
<br />that only on default will Beneficiary notify Trustor and Trustor's wrill and make demand that all future Rents be paid
<br />directly m Beneficiary. On receiving notice of default, Trustor will endorse and deliver in Beneficiary any payment of Rents in
<br />Trusor's possession and will receive any Rents in trust for Beneficiary and will not Commingle the Rents with any other
<br />funds. Any amounts collected will be applied as provided in this Security Instrument. Trustor warrants that no default exists
<br />under the leases or any applicable landlord /tenant law. Trustor also agrees to maintain and require any tenant to comply with
<br />the terms of the L:ascs and applicable law.
<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, Truster will perform all of Trustor's duties under the covenants, by -laws, or regulations of the
<br />condominium or planned unit development.
<br />��/ (Pa9e2of 4)
<br />(]i 199<aMhB55y9�BmB, ln[. 51. Cloud, MN (l Efg39]d3C1) Foam BE nT -NE 1 W2],H] 'n/1,5�1 /�
<br />®® C165(NE) asaul
<br />
|