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,29945887 Application # 0121695977
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Tmstor in Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed after
<br />this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs
<br />this Security Instrument, each Truslor agrees that this Security Instrument will secure an future advances and future
<br />obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor and others. AB 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 future obligations are secured as if made on the date of this Security Instrument.
<br />Nothing in this Security Instrument shall constitute a commitment in make additional or future loans or advances in any
<br />amount. Any such com nitnent most be agreed to in a separate writing.
<br />C. All obligations Trustor owes to Beneficiary, which may later arise, in the extent not prohibited by law, including, but not
<br />limited to, liabilities for overdrafts relating to any deposit account agreement between Truster and Beneficiary.
<br />D. All additional sums advanced and 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 />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 due and in accordance with the
<br />temrs 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 Security
<br />Instrument and has the right to irrevocably grant, convey, and sell the Properly to Trustee, in [mat, 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 Properly, 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 from the holder.
<br />C. Not to allow any modification or extension of, nor w 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 runts,
<br />utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary copies
<br />of all notices that such amounts are due and the receipts evidencing Tmstor's payment. Trustor will defend title w the Property
<br />against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign in Beneficiary, as requested
<br />by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor or materials w mahitalln 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 mill the Secured Debt is paid in full and this Security Instrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Tmswr will keep the Property in good condition and
<br />make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of the
<br />Property. Tractor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the occupancy
<br />and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any change in any
<br />license, restrictive covenant or easement without Beneficiary's prior written content. Trustor will notify Beneficiary of all
<br />demands, proceedings, claims, and actions against Truman, and of any loss or damage m 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 notice at the time of or before an inspection specifying a reasonable
<br />purpose ffor the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way
<br />rely on Beneficiary's inspection.
<br />11. AUTHORITY TO 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. Trustor appoints Beneficiary as attorney
<br />in fact to sign Tmswr'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 Property is discontinued or not
<br />carried on in a reasonable manner, Beneficiary may lake all steps necessary to 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, tide acrd 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 to as "Leases ") and rents, issues and profits (all
<br />referred to as 'Rents'). Trustor will promptly provide Beneficiary with tine and correct copies of all existing and future
<br />Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in 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 Tmsmr s tenants to make payment of Rems due or w become due to Beneficiary. However, Beneficiary agrees
<br />that only on default will Beneficiary notify Trustor and Tmstor's tenants and make demand that all future Rents be paid
<br />directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Rents in
<br />Tremor'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. TrustoT also agrees to maintain and require any tenant to comply with
<br />the teens of the Leases and applicable law.
<br />13. LEASEIIOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Truster agrees to comply with ale
<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 Trustor's duties under the covenants, by -laws, or regulations of the
<br />condominium or planned unit development.
<br />© 1999 BBnkSM Sy:tema, Ire, St Erma, MN o BC0.397 Q3Gn FQIm RE DT-NE iMrin
<br />�® C165(NE) (seed
<br />11401 =I
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