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20020553E B. All future advances 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 rustor in favor of Beneficiary executed alter this Security Instrument whether or not this Security Instrument is specifically referenced. If more [ham one person signs this Security Instrument, each 'Trustor agrees that this Security Instrument wilt 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 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 commitment to make additional or future loans or advances in any amount. Any such comnnilment must be agreed to in a separate writing. C. All obligations 'I rustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not limited lo, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the Properly and its value and ally other sums advanced and expenses incurred by Beneficiary under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of file Secured Debt and this Security Instrument. 6. WARRANTY OF TITLE. 'I rustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Security Instrument and has the right to irrevocably grant, convey, and sell the Properly to Trustce, in trust, 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 trust, security agreemeent or other lien document that created a prior security interest or encumbrance on tine Properly, 'Trustor agrees: A.'fo make all payments when due and to perform or comply with all covenants. B. 'I o promptly deliver to Beneficiary any notices that Trustor receives from the holder. C. No( to allow any modification or extension of, nor to request any future advances under any note or agrcencnl secured by the lien document without Belief iciary's prior written consent. S. CLAIMS AGAINST TITLE. 'I rustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Properly when due. Beneficiary may require 'I rustor to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing 'Irustor's payment. Trustor will defend title to the Property against any claims that wouldunpair the lien of this Security lustruntcut. Trustor agrees to assign to Beneficiary, as requested by Beneficial, any rights, claims or defenses Trustor may have against parties who supply labor th or materials to maintain or improve e 'roperty. 9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be hnmediately due and payable upon the creation of, or contract lot the creation ol, any lien, cucumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with to Property and shall -remain in effect until the Secured Debi is paid in full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. 'frustor will keep the Properly in good condition and make all repairs that are reasonably necessary. ' I rustor shall not commit or allow any waste, inhpairnhent, or deterioration of the Property. Trustor will keep the Properly free of noxious weeds and grasses. Trustor agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit ally change in any license, restrictive covenant or casement without Beneficiary's prior written consent. 'I rustor will notify Beneficiary of all demands, proccediuga, claims, and actions against Trusmr, and of any loss or damage to [lie Property. Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the propose of inspecting the Property. Beneficiary shall give Trustor 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 'frustor will In no way rely ou Beneficiary's inspection. 11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security Instrument, Beneticiary may, without notice, perform or cause them to be perfomtcd. 'I rustor appoints Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform rot Trustor shall not create an obligation to perfoml, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Properly 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. Trustor irrevocably grants, conveys and sells to Trustce, in trust for the benefit of Beneficiary, as additional security all the right, title and interest in and to any and all existing or future (Cases, subleases, and any other written or verbal agreements for file use and occupancy of any portion of tike Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and reins, issues and Profits (all referred to a� "Rents"). 'frustor will promptly provide Beneficiary with true and correct co ill of all existing and lumre Leases. Trustor play collect, receive, enjoy and use the Rents so'long as 'I is not in default under the terms of This Security Instrument. 'frustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to notify any of Trustor's tenants to make paymeul of Rents due or to become due to Beneficiary. Ilowever, Beneficiary agrees that only on default will Beneficiary uotify Trustor and Truster's tenants and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Rents in 'Irusmr's possession and will receive any Rents in trust lot Beneficiary and will not commingle Ile Rents with any otter funds. Any annouuts collected will be applied as provided in this Security Instrument. 'I ruslor warrants that no dcfauh exists under the Leases or any applicable landlord /tenant law. Trustor 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. I rester agrees to comply with the provisions of Huy lease if This Security Instrument is on a leasehold. h the Property includes a unit in a condominium or a planned unit developtncnl. Trustor will perform all of Trustor's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. (pvye 2 of 41 \31994 Bankers 5yslams, Inc., 51 . Cloud, MN f1- B00 -39] -23411 Form RE DT NE 10;27!97