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200205835 If All future advances from Beneficiary to Truslor or other future obligations of Tmstor to Beneficiary under any promissory time, contract, guaranty, or other evidence of debt executed by Trustor 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 Trustor agrees that Ibis Security Instrument will secure all future advances and future obligations that are given to or incurred by any one or more I'rustor, 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 pan 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 or advances in any amount. Any such commitment must be agreed to in a separate writingg. C. All obligations 'I ruster owes m Beneficiary, which may later arise, to the extent not prohibited by law, including but not limited m, liabilities for overdrafts relating to any deposit account agreement hdween Truslor and Beneficiary . D. All additional sums advanced and expanses incurred by Beneficiary for insuring, preserving or otherwise protecting the Properly and its value and any other sums advanced and expenses incuaed by fenefictary 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 reacission. 5. PAYMENTS. Trustor agrees that all payments under the Secured Debi will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. fi. WARRANTY OF TTTLE. Tmstor warrants that Toaster is or will he lawfully .seized of the estate conveyed by this Security Instrument and has the right to irrevocably grant, convey, and sell the Property to 'Trustee, in trust, with power of sale. Truslor 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, Trustor agrees: A. 'I o make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Beneficiary any notices that 'I moor receives from the holder. C. Net to allow any modification or extension of, am to request any future advances under any note or agreement secured by the lien document without Beneficiary's prior wrihcn consent. S. CLAIMS AGAINST TTPLE. Truslor will pay all mar.,, assessments, liens, encumbrances, lease payments, ground rents, utilities, And other charges relating to the Properly when due. Beneticiary may require Trmvmr to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Trusters payment Truster will defend title to the Property against any claims that would Impair the lien of this Security Instrument. Truslor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor or material, to maintain or Improve the Properly. 9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare We 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 We Properly. '['his right is subject to the restrictions imposed by federal law (12 C.P.R. 591), as applicable. 'Phis 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. to. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Truslor will keep the Property in good condition and make all repairs that ate reasonably necessary. Trustor shall not comma or allow any waste, impairment, or deterioration of the Property. Truster will keep the Property free of noxious weeds and grasses. 'I roster agrees that the nature of the oecupaucy and use will not substantially change without Beneficiary's prior written amscnt Trustor will not permit any change in any license, restrictive covenant or casement without Beneficiary's prior written consent. Toaster will notify Beneficiary of all demands, proceedings, claims, and actions against Truslor, and of any loss or damage to the Property_ Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Properly at any reasonable lime for the purpose of inspecting the property. Beneficiary shall give Truslor notice at the tune of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Properly shall he entirely Inn Beneficiary's benefit and 'Truster will to no way rely on Beneficiary's inspecting. 11. AUTHORITY TO PERFORM. If Trustot fails to perform any duty or any of the covenants contained in this Security fialmoeut, Beneficiary may, without notice, perform or cause them to be perfumed. Truslor appoints Beneficiary as attorney in far( to sign Trustor's moue if pay any amount necessary for performance. Beneficiary's right to perform for Tmstor shall not create an obligation to perform, and Beneficiary's failure m perfomt will not preclude Beneficiary from exercising any of Beneficiary's WILL rights under the law or this Security Instrument. It any construction on the Property is discontinued or not carried ma in a reasonable manner, Beneficiary may take all steps necessary m protect Beneficiary's security interest in the Property, including completion of the construction 12. ASSIGNMENT OF LEASES AND RENTS. Truster irrevocably grants, conveys and suits to Trustee, in trust for the benefit of Beneficiary , as additional security all the right, tide and interest in and to Any and all existing or future leases, .subleases, and any other written or verbal agreements for the use and occupancy of any portion of the property, including any extensions, renewals, modifications or suhatindions of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as "Rents "). Trustor will promptly provide Beneficiary with Ise and correct corks of all existing and future Leases. TTU,910T may collect, receive, enjoy and use the Rents so long as 'Truslor is not in default under the terms of this Security Instrument. I mstor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is ,.tilled to notify any of TmxLo,rs 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 Tmstor's tenants and make demand that all future Rents he paid directly to Beneficiary. On receiving notice of default, Tmsor will endorse and deliver to Beneficiary any payment of Rents in 'l'mstm's possession and will receive any Rents in truest for Beneficiary and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument Trustor warrants that no default exists under the Leases or any applicable landlord /tenant law. Trustor also agrees to maintain and require any tenant to comply with etc tests of the Leases and applicable law 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Truster agrees m comply with the provisions of any lease if this Security Instrumept is on a leasehold- If the Property includes a unit in a condominium or a planned unit development, Truster will perform all of 'Lmson's duties under the covenants, by -laws, or regulations of the condonimiuur or planned unit development (paye2uf 41 W1996 BOnkoo 9yaems. lira.. 51. C1 "uO MN Il- Y00.J9J -23611 ro,m aE -0T -NE 10/9/97 V /1`�