|
200201102
<br />B. All funrre advances Bom Beneficiary •tu .Trustor or other future obligations of 7u slot N Beneficiary writer any
<br />promissory note, contract, guaranty, or other evidcvue of debt executed by Tmstor in favor oC Beneficiary executed
<br />aRer this Security Ivstument whether or not this Security Inatr ureni is specifically referenced_ If more their one
<br />person signs this Security tnstruir each'Immor agrees that this Security Instrument will secure all future advances
<br />and fuNra obligations that are i"our to of incurred by any one or more faster, or any one or more Trustor and
<br />others. All future advances and other future obligations are secured by this Security Irmtrunevt even though all or
<br />part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of
<br />this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or
<br />fumro loans or advances in any amount Any such la nmlitmenl 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
<br />not limilcd iq liabilities for overdrafts relating m 7 deposit account agreement between Trustor and Benefl,iary.
<br />D. All additional sums advanced and expenses incurred by Beneficia'y for insuring, preserving or otherwise protecting
<br />the Property and its value end any other sums advised aid expenses incurred by Bcncficiary under the terms of this
<br />Security instrument.
<br />this Security Instrument will net secure any other debt if Beneficiary fails to give any required notice of tilt 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 />ternw of the Secured Debt and this Security Instrument
<br />b. WARRANTY OF 'TITLE. Tmstor warrants that Tmstor is or will be lawfully seized of the estate conveyed by this
<br />Security Instrument and ha. the right to irrevocably grant, convey, mid sell the Property to Trustee, in bust, with power of
<br />sale. Trustor also warrants that the Property is uncneurubered, except for encnnbraices of record.
<br />7. PRIOR SECURITY INTERESTS. With iega'd to any other" mortgage, deed of trust, security agreement or other for
<br />document that created a prior security interest or encumbrance on the Property, Tmstor 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 reeeivea from the holder.
<br />C. Not to a lose any modification or extension of, nor to request any future advances order any note or agreement
<br />secured by the lien document without Beneficiary's prior written consent.
<br />g. CLAIMS AGAINST'' TITLE. Tiumor will pay all taxes, assessments, Bens, encumbrances, Lease payments, ground ems,
<br />utilities, and other charges relating to the Property when due. Beneficiary may requite Trustor to provide to Beneficiary
<br />'epics of all notices that such amount' are due and the receipts evidencing Tmstor s payment. Trustor will defend title to
<br />the Property against any claims that would impair the lien of this Security Instiunnent. Trustor agrees to assign to
<br />Bevcfciary, as requested by Bn
<br />eeficiary any rights, claims or defenses Trustor may have against parties who supply labor
<br />or materials to maintain or improve the Property .
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the enure balance of the Secured Debt to
<br />be immediately due and payable upon the creation of or contract for its creation of, any lien, encumbrance, transfer or sale to of
<br />covenant shall run This withn the Pmpertyt and the
<br />shalle comill tin imposed
<br />until lee eSecu Secured Debt is paid 5in full and i Security
<br />Instrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition mid
<br />make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deleriomtion of
<br />the Property. Iiustor will keep the Property free of noxious weeds and grasses. Truster agrccs that the nature of tine
<br />occupancy and use will not substantially change without Benefrcimy's prior written consent Tmstor will not permit any
<br />change in any license, restrictive covenant or easement without Beneficiary's prior written consent. 'Trustor will notify
<br />Beneficiary of all demands, proceedings, claims, and actions against Truster, and of any loss or damage to the Property.
<br />Beneficiary or Beneficiary' s agents may, or Beneficiary's option, enter the Properly at my reasonable time for the purpose
<br />of inspecting the Property . Beneficiary shall give Trustor notice at the time of or before an inspection specifying a
<br />reasonable purpose for the inspection Any inspectreu of the Properly shall be entirely for Beneficiary's benefit and "Trustor
<br />will in no way rely an Bencficiay's inspection.
<br />11. AUTHORITY TO PERFORM. If Tmstor tails to perform cry duty or any of the covenants contained in this Security
<br />Inshvmenl, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fact to sign Tmstor's name or pay any amount necessary for performance. Benenciary's right to perform for
<br />Truster shall not create an obligation to perform, mid BeneficiiI failure N perform will not preclude Beneficiary from
<br />exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is
<br />discontinued er not tarred on in a reasonable manner, Beneficiary may take all steps necessary, to protect Beneficiary's
<br />security interest in the Property, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Tractor irrevocably grants, conveys aid sells to Trustee, in trust for the
<br />benefit of Beneficiary , as additional security all the right, title and interest in and to any and all existing or future leases,
<br />subleases, and any other written or verbal agreements for the use mid occupancy of any portion of the Property, including
<br />any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") mid rents, issues
<br />and profit (all referred to as "Rents"). Tmstor will promptly provide Beneficiary with true and correct copies of all
<br />existing aid future Leases. Trustor may collect, receive, enjoy and use the Rents so long as floater is not in default under
<br />the terms of this Security Instrument.
<br />'fnistor acknowledges that this assigmnent is perfected upon the recording of this Deed of 'Trust mid that Beneficiary is
<br />entitled to notify any of Trusror's tenants to make payment of Rents due or to become due to Beneficiary. However,
<br />Beneficiary agrees that only oil default will Beneficiary, notify Trustor end Trusto's tenants and make demand that all
<br />future Rent be paid directly to Beneficiary - On receiving notice of default, Trustor will endorse mid deliver to Beneficiary
<br />any payment of Real, in Tiustoi's possession mid will receive any Rents in trust for Beneficiary and will not conuninghe the
<br />Rents with any other funds_ Any anon[ collected will be applied as provided in this Security hrstmment Truator warrants
<br />that no default exists under the Leases or any applicable Ierdlord/tenant law. Trustor also agrees to maintain and require
<br />My forgot N comply with the terms of the Leases mid applicable law.
<br />13, LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the
<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 will development, Trustor will perform all of Tmstor's duties un mini
<br />der the covenants, by -laws, or regulations of the
<br />condominium or pleated unit development
<br />(Page 2 of 4)
<br />p rs94 roars sysIems, Inc sr Cloud, MN (1 0".31, -1311) norm scrTNE rmnm] �-
<br />�� C165(NE) (901c, r1
<br />
|