200306090 - Laserfiche WebLink

Browse

200306090 3. MAXIMUM OBLIGATION LIMIT. The Total principal amount secured by this Security Instrument at any one time shall not exceed $ Zl, lwV eo This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Beneficiary's security and to perform any of the covenants contained in this Security Instrument 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contracts), guarumty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you should include the fuml maturity date of such debt(s).) B. All future advances from Beneficiary to Trustor or other future obligations of Truster to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Truster in favor of Beneficiary after this Security Instrument whether or not this Security Instrument is xpecifical ly referenced. If more than one peaon signs This Security Instrument, each Truster agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by any one or more Touter, or any one or more Trustor and others. All future advances and other future obligations arc secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations arc secured as if made an the date of this Smurlty Instrument Nothing in this Security Instrument shall constitute a commitment to make additional or harem loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All other obligations Truster owes to Beneficiary, which may later arise, to the eaten not prohibited by law, including, but not limited to, liabi lilies for overdrafts relating to any deposit account agreement between Trustor 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 the Security Instrument. In the event that Beneficiary fails to provide any necessary notice of the right of rescission with respect many additional indebtedness secured under paragraph B of this Section, Beneficiary waives any subsequent security interest in the resmr's principal dwelling that is created by this Securi ty Instrument (but does not waive the security interest for the debts referenced in paragraph A of this section). 5. DEED OF TRUST COVENANTS. Toaster agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If'I'mstor hreaches any covenant in this section, Beneficiary may refuse to make additional extensions of credit and reduce the credit limit By not exercising either remedy on'rmstor's breach Beneficiary does not waive Beneficiary's right to later consider the event a breach if it happens again. Payments. Truster agrees that all payments under the Secured Debt will he paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. Prior Security Interests. With regard many other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumhmnce on the Property, "frustor agrees to make all payments when due and to perform or comply with all covenants. Truster also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Beneficiary's prior written approval. Claims Against Title. Tmstor will pay all taxes (including any tax assessed to this Deed of Trust), assessments, liens encumbrances, lease payments, ground rests, utilities, and other charges relating to the Property when due. Beneficiary may require Truster to provide in Beneficiary copies of all notices that such amounts are due and the receipts evidencing Truster's payment. Tmstor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply lahm or materials to maintain or improve the Property. Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and make all repairs that arc reasonably necessary. Truster shall not commit or allow any waste, impairment, or deterioration of the Property. Tmstor agrees that the nature of the occupanry, and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trvsmr will notify Beneficiary of all demands, proceedings, claims, and actions against Truster, and of any loss or damage to the Property. Expeousa 01994 Bankers Systems, Inc., St, Cloud, MN Farm USBOCP -DT -NE 9/5/2001 (page 2 off)