200203478 - Laserfiche WebLink

Browse

20020347£ B. All future advances from Beneficiary to Traitor or other future obligations of Trustor to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by '!'meter 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 Trustur agrees that this Security instrument will .secure all future advances and future obligations that are given to or incurred by any one or more Trustee, or any one or more Truster and others. All future advances and other future obligations are secured by this Security Instrument even though all or part 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 a containment to make additional or future loans er advances in any amuuul. Any such currmritircrot must be agreed to in a separate writing C. All obligations Toaster owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts [elating to any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for calm on, ppreserving or otherwise protecting the Property and its value and any other surns advanced and expenses iwurred by Beneficiary under the terms of this Security lustraument. This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Trustur agrees that all payments under lire 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. Trustur w,onat, that Tmstor is or will be lawfully seized Of the estate conveyed by this Security Instrument and has the tight to irrevocably grant, convey, and sell the Property to 'Trustee, in trust, with power of sale. Trustor also warrants that the Properly is unencumbered, except for encwnbrances of record. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, decd 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 Trustor ¢ecives from the holder. C- Not to allow any modification or extension of, nor to request any future advances under any note or agreement secum-d by the lien document without Beneficiary's prior written consent. S. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, lions, 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 Tmslur's payment Trustor will defend title lO the Property against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to Beneficiary, as requested by Beueficiary, any rights, claims or defenses Trustor may have against parties who supply labor or materials to maintain or improve the Property. 9. 13UE ON SALE OR ENCUMBRANCE. Beneficiary may, at its opption, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, o[ contract For the creation of, any lien, eucmnbrance, 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 reasomably necessary . Trustor shall not commit or allow any waste, impairment, or deterioration of the Property. Truster wiR keep the Property free of noxious weeds and grasses. Trustor agrees that the reduce of the occupancy and use will not substantially change without Beneficiary's or written consent. Trustor will nor permit any change is any license, m, me ve covenant or casement without Benetmlary's prior written consent. Truster will notify Beneficiary If all demands, proceedings, claims, and actions against Truster, and of any lass or damage to the Property Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable tune for the purpose of inspecting the Property. Beneficiary shall give Truster notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. if Torino fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may, without notice, perform or cause them to be erfmared "Trustor appoints Beneficiary as i m mrney fact to sign Truster's name or pay any mount necessary for performance_ Beneficiary s right to Perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Bcncfmary from exercising any of Beneficiary's other rights under the law or this Security Instrument B 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 Properly, including completion or the construction. 12. ASSIGNMENT OF LEASES AND RENTS. 'Trustor irrevocably grants, conveys and sells to Trustee, in trust for the hcnefit of Beneficiary, as additional security all the right, title an interest in and to any and all existing or future leases, subleases, and any other wrimm or verbal agreements for the use and occupancy of any portion of the Property, including any extrusions, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as "Rents")- Trustor will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under the terms of this Security Instrument. Truster acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to witty any of Tmstnr'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 'Trustee's tenants and make demand that all future Rents be paid directly to Beneficiary: On receiving notice of default, Tmstor will endorse and deliver to Beneficiary any payment of Rents in Trenton's possession and will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any amounts collected will be " plied as provided In this Security Instrument. Tmstor warrants that no default exists under the Leases or any applicable landlord /tenant 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. Trustor agrees to comply with the provision of any lease if this Security. Instrument is on a leasehold. If the Property iwWdes a unit in a condominium or a planned unit development, Trustor will perform all of Tmstor's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. (paged of 4J QD1891 Bante,a5yeterm.Inc. St POUC.MN l- d0pJ9] -p611 rim1111Trr u)11117 f"