200203156 - Laserfiche WebLink

Browse

Application S 01209'19442 20020315E B. All NNre advance.., from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Tmsmr 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 Truster agrees tat this Security Instrument will secure all future advances and found obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may riot yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing it this Security Instmment shall consulate a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to ht a separate writing. C. All obligations Truster owes to Beneticiary, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating in any deposit account agreement between Trustor and Beneficiary. D. All additional sines advanced and expenses incurred by Beneficiary for insuring preserving or otherwise prolocmig the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terns of this Security Tmtrunent. This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Toaster 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. Truster warrants tar Trustor is or will be lawfully seized of the estate conveyed by this Security Instrument and has the right to irrevocably good, convey, and sell the Property to Trustee, in toast, with power of sale. Traver 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, Tmstor 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 Trusur receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any now or agreement secured by the lien document without Beneficiary's prior written consent. S. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, lima, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Properly when due. Beneficiary may require Trustor in provide to Beneficiary copies of all notices teat such amounts are due and the receipts evidencing TrusWi s payment. Trustor will defend title to the Property against any claims that would impair the lien of dos Security Instrument Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses 'frustor 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.'I'hrs right is subject to the restrictions unposed by federal law (12 C.P.R.591), as applicable. This covenant shall run with tie Properly and shall remain in effect until the Secured Debt is paid to full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Truster will keep the Property hi good condition and make all repairs that are Teatmeably necessary. Toaster shall not commit or allow any waste, impairment, or deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Tnrsnr 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 soy licerue, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Treater, 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 Tmstor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Properly shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection. 11. AU'FRORI'fY TO PERFORM. If Towtor fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary nay, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as attorney in fact to sign Tmstor's name or pay any amount necessary for performance. Beneficiary's right to perform for Tmstor shall rim create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary Gam exercising any of Beneficiary's other rights under the law or this Security Instrument. If any corsnucton on the Property is discontinued or not carried ore iI a reasonable nhumer, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of construction. 12. ASSIGNMENT OF LEASES AND RENTS. Truslor irrevocably grata, conveys and sells to Trustee, in truer 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 agreements for die use and occupancy of any portion of the Property, including any examedure, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as "Rents "). Tmstot will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Truster may collect, receive, enjoy and use the Rents so long as Tmstor is not ur default under the terms of this Security Instrument. Truster acknowledges that this assignment is perfected upon the recording of (his Deed of Trust and door Beneficiary is entded to notify any of Trustor's tenants to make Payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees that only on default will Beneficiary notify Truster and Toaster's tenants and make demand that all future Rene be paid directly to Beneficiary. On receiving notice of default, Truster will endorse and deliver to Beneficiary any payment of Rents in Tmstor's possession and will receive any Rents in trust for Beneficiary and will out 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 / terant law. Tmstor 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. Truster agrees to comply with the provisions of any )case if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Trustor will perform all of Trustor's duties under the covcnazrts, by -laws, or regulations of the condemrinium or planned unit development. �4 (pas go 2 of 4) ©1994 BenNnin ayelnme,h¢:(at Clou3, MN e'eooaw's9am Form Ha mNE1WY /NY .�1In �tyy ®C165(NE) lseoah