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20020063,2 B. All future advances from Beneficiary to Truster or other future obligations of Trustor to Beneficiary under any promissory note, contract, guaranty , or other evidence of debt executed by Trustor in favor of Beneficiary executed after this Security IM(mmenL whether or net this Security Instrument is specifically referenced, If more than one person signs this Security Instmment, each ' Trustor agrees that this Security Imawmenl 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 Trustor all and others. All future advances and other future obligations are secured by this Security bstrument even though or part may not ycl he advanced. All future advances and other future oblipalions are secured as if made on the date of this Security Inswment. Nothing in this Security [nstm[nent shall constitute a commitment to stake additional or future loans it advances in any moonlit. Any such commitment must be agreed to in a separate writing. C. All obligations Tmstor owes to Beneficiary which may later arise, to the extent not prohibited by law, including but not I file to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. D. All additional aunts advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise proleclmg the Property and its value and any other sums advanced and expenses incurred by encficiary under the Icmhs of this Security Instrument. This Security Inslmment will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Tmstor agrees that all payments under the Secured Debt will he paid when due and in accordance with the tents of the Secured Debt and this Security Instrument. 6. WARRANTY OF TITTLE. 'f'rustor warrants that Tr,edof is or will be lawfully seized of the estate conveyed by this Security losinament and has the right in irrevocably grant, convey, and sell the Property to Trustee, in coal, with power of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of bust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Tmstor agrees: A. T'o make all payments when due and to perforin 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, norm 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 Items, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Trustur's payment Trustor will defend lisle [o the Property against any claims Nor would impair the Ben of this Security Instrument 'Tmstor agrees to assign In 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 stay, 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 more of the Property. This right is subject to the restrictions imposed by federal law (12 O.P.R. 591) as applicable. This covenant shall m, with the Property and shall remain in effect until the Secured Debt is paid in fill and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. 'Tra -tor will keep the Property in good condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impalement, or deterioration Of the Property. Trustor will keep the Property free of noxious weeds and grasses. Tmstor agrees that the nature of the occupancy and use will not substantially change without Beneficiary prior cosecs consent. Tmstur will not permit any change in any license, restrictive covenant or easement without Beneficiary's prior written consent 'Tmstor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or floorage to the Property. Beneficiary or Beneficiary's agents may, of Beneficiary's option, enter the Property at any reasonable the for the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection sporttytying a reasonable purpose for the Inspection. Any inspection of the Property shall be entirely for Beneficiary's huhein and Trustor 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 Nis Security Instrument, Beneficiary may, without notice, reform or cause Nam to be perforated. Tmstor appoints Beneficiary as attorney m fact to sign Toaster's scone or pay any amount necessary for performance. Beneficiary's right to perfomt for Tmstor shall not create an obligation to perform, and Beneficiary's failure N perform will not preclude Beneficiary front exercising any of Beneficiary's other rights under the Iaw or this Security Instrwnent. If any construction on the Property 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 construction. 12. ASSIGNMENT OF LEASES AND RENTS. Trusror irrevocably grams, conveys and sells to 'Trustee, in final for the benefit of Beneficiary , as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreemeum for the use and occupancy Of any portion of the Property, including any extensions, renewals, modificatinns of substitutions of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as Rents'), Tmstor will promptly provide Beneficiary with we and correct copies Of all existing and future Leases. Tmstor may coliccl, receive, enjoy and use the Rents so long as'1'rnstor is 1101 in default under the remis of this Security Instrument. 'Trusfor acknowledges that this assignment is perfected upon the recording of this L)cW of Trust and that Beneficiary is entitled to notify any of Torsion's tenants to make payment of Rents due or m become due in Beneficiary. IIowever, Beneficiary agrees that only on default will Beneficiary notify Tmstur and Truslor's tenants and make demand that all future Rents he paid directly to Beneficiary. On receiving notice Of default, Truster will endorse and deliver to Beneficiary any ppayment of Rents in Tmslor's possession and will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any ammunls collected will be applied as provided in this Security Instrument. Trusror warrants that no default exists under the Leases or any applicable landlord /tenant law. Trainor also agrees to maintain and require any tenant Bl comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisinos of any lease if this Serially lratrument is on a leasehold. If the Property includes a unit in a condominium or a planed unit development, Trustor wilt perform all of'Tin tni s duties under the covenants, by -laws, or regulations of the cundomtimmin or planned unit development. (page 2 of 4) 01 o4l oo- o —S1.—, nc, s' C'-' MN i.sa oa9)Ya1111, PE -0TNE 10IRJNJ - - --