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2002008" Application # 0120611120
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Trustor m 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 Trustor agrees that this Security Instrument will secure all 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. All floor
<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 filtme obligations are secured as if made on the date of this Security hrsttwnellL
<br />Notlting in this Security Instrument shall constitute a containment to make additional or future loans or advances in ally
<br />amount. Any such commitment must be agreed to in a separate writing.
<br />C. All obligations Tmstor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not
<br />limited to liabilities for overdrafts relating to any de osit account agreement between Trustor 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 soma 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 rite 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. Tmstor warrants that Truster is or will be lawfully seized of We 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. Will 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. 'In make all payments when due and to Perform or comply with all covenants.
<br />9. To promptly deliver to Beneficiary any notices that Tmstor receives from the holder.
<br />C. Not to a ow any modification or extension of, nor t0 request any future advances under any note or agreement secured
<br />by the Gen document without Beneficiary 's prior written consent.
<br />8. 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 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 to the Property
<br />against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to Beneficiary, as requested
<br />by Beneficiary, any rights, claims 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 he
<br />immediately due and payable upon We creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of the
<br />Property. Thus right is subject to the restrictions imposed by federal law (12 C.P.R 591), as applicable. This covenant shall rm
<br />with the Properly and shall remain in effect until the Secured Debt is paid in full and this Security hlsium tint is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor 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. Trustor will keep the Property tree of noxious weeds and grasses. Tmstor agrees that the nature of We 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 consent. Trustor will notify Beneficiary of all
<br />demands, proceedings, claims, and actions against 'I'maim, 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 />impactor the thePpe inspection. Any neyuinspection give
<br />f the Property shall bedentirely for Bembearryns inspection
<br />benefit ndFTmstor specifying tic wady
<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 Printer cause them to be performed. Tstor appoints Beneficiary as attorney
<br />in nam
<br />fact to sign Trustor's e or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall
<br />not cream an obligation r 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 manmer, Beneficiary may take 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 mid sells to 'Trustee, in trust for die benefit
<br />of Beneficiary, as additional security all the right, title and Interest in and to any and all existing Or forme 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 true and correct copies of all existung and future
<br />Leases. Tmstor 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 Tmstor's tenants to make payment of Rents due or to beware 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 he paid
<br />directly in Beneficiary. On receiving notice of default, Tmstor will endorse and deliver to Beneficiary any payment of Rents in
<br />Trustor's possession and will receive any Rents in trust for Beneficiary and will not comunurgle the Rents with any other
<br />funds. Any amounts collected will be applied as provided in dais Security Installient. Trustor warrants that no default exists
<br />under the leases or any applicable landlord /tenant law. Truster also agrees to maintain and require any tenant to comply with
<br />the terms of the Leases and applicable law.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with We
<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 Truster's duties under the covenants, by -laws, or regulations of the
<br />connotational or planned unit development.
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