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200307190 B. All future advances from Beneficiary to Truster or other future obligations of Truster to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Toetar 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 secure all future advances and future obligations that are given to or incurred by any one or more Trustor, or any one or more Tmstor and others. All future advances and other future obligations are secured by this Security Instrument even though all or pan may not yet 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 commitment to make additional or fiuture loans or advances in any amount. Any such commitment most be agreed to in a separate writing. C. All obligations Truster owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not limited N, liabilities for overdrafts relating to an deposit account agreement between Truster and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for insuring, reservmg 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 any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Security Instrument and has the right to irrevocably grant, convey, and sell the Property N Trustee, in trust, with power of sale. Truster 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 agreement 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 promptly deliver to Beneficiary any notices that Tmstor receives from the holder. C. 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 consent. S. 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 Truster to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Tritstor's payment. Trustor 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 labor 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, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.P.R. 591), as applicable. This covenant shall run with the Property and shall remain In effect until the Secured Debt is paid in full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Tmstor will keep the Property in good condition and make all repairs that are reasonably necessary. Tmstor shall not contrail 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 nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Truster will not permit any change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Truster will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property. Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Beneficiary shall give Truster notice at the time of or before an inspection snifymg a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Truster will in no way rely on Beneficiary's inspection. 11. 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 in be performed. Trustor appoints Beneficiary as attorney in fact to sign Tmstor's time or pay any amount necessary for performance. Beneficiary s right to perform for Tm an obligation shall not create obligation to perform, act 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 any construction on the Pro pea is discontinued or not carried on In a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of the constmetion. 12. ASSIGNMENT OF LEASES AND RENTS. Trustor 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 N any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substiluhons of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as "Rents "). Tmstor will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may collect, receive, enjoy act use the Rents so long as Trustor is not in default under the terms of this Security Instrument. Tmstor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to notify any of Tmsmr'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 paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Rents in Tmstor's possession and will receive any Rents in trust for Beneficiary mid will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security instrument. Truster warrants that no default exists under the Leases or any applicable landlord /tenant law. Truster also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a cnndominimn or a planned unit development, Trustor will perform all of Truster's duties under the covenants, by -laws, or regulations of the condominium or planted unit development. (na a 9) Q 1991 B+nFen SY+temy Inc, 5,, Clontl, AN I'e00 '397 $raM form 0.F. -0i NF 1n2]N] ®® C 165(4f )19soero2