|
Application # 0121093157
<br />2002000G?
<br />B. All future advances from Beneficiary to Truslor or other future obligations of Truster to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Tmstor in favor of Beneficiary executed
<br />after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one
<br />person signs this Security Instrument, each Trusfnr agrees that this Security Instrument will secure all future
<br />advances and future obligations that are given to or incurred by any one or more Truster, or any one, or more
<br />Toaster and others. All home advances and other future obligations are secured by this Security Instrument even
<br />though all or part may not yet be advanced. All more advances and other future obligations are secured as if made
<br />on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make
<br />additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate
<br />writing.
<br />C. All other obligations Truster owes to Beneficiary, which may later arise, to the extent not prohibited by law,
<br />including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and
<br />Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting
<br />the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of
<br />this Security Instrument.
<br />In the event that Benefrciaryy mils to provide any necessary notice of the right of rescission with respect to any additional
<br />indebtedness secured under paragraph B of this Section, Beneficiary waives any subsequent security interest in the
<br />Truster's principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts
<br />referenced in paragraph A of this Section).
<br />5. DEED OF TRUST COVENANTS. Trustor agrees that the covenants in this section are material obligations under the
<br />Secured Debt and this Security Inswment. If Truster breaches any covenant in this section, Beneficiary rosy refuse to
<br />make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Truster's breach,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a breach if it happens again.
<br />Payments. Truster agrees that all payments under the Secured Debt will be paid when due and in accordance with the
<br />terms of the Secured Debt and this Security Instrument.
<br />Prior Security Interests. With regard to any other mortgage, decd of trust, security agreement or other lien document that
<br />created a prior security interest or encmnbrance on the Property, Toaster agrees to make all payments when due and to
<br />perform or comply with all covenants. Truster also agrees not to allow any modification or extension of, nor to request any
<br />future advances under any note or agreement secured by the lien document without Beneficiary's prior written approval.
<br />Claims Against Title. Tmstor will pay all nixes (including any nix assessed to this Deed of Trust), assessments, liens,
<br />encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary
<br />nay require Trustor to provide in Beneficiary copies of all notices that such amounts are due and the receipts evidencing
<br />Trstor's payment. Truster will defend title to the Property against any claims that would impair the lien of this Security
<br />Instrument. Truster agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Truster may
<br />have against parties who supply labor or materials to maintain or improve the Property.
<br />Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and make all repairs
<br />that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of the Property.
<br />Trustor agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written
<br />consent. Trustor will not permit any change in any license, restrictive covenant or easement without Beneficiary's prior
<br />written consentTrustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any
<br />loss or damage to the Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any 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 inspection of the Property shall be entirely for Beneficiary's benefit and Tmstor
<br />will in no way rely on Beneficiary's inspection.
<br />Authority to Perform. If Trustor fails to perform any duty or any of the covenants contained in this Security Instrument,
<br />Beneficiary may, without notice, Perform or cause them to be performed. Trustor appoints Beneficiary as attorney in fact to
<br />sign Trmlor's name or pay any amount necessary for performance. Beneficiary's tight to perform for Trustor shall not
<br />creme an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's other rights under the law or this Security Instrument.
<br />Leaseholds; Condominiums; Planned Unit Developments. Traylor agrees to comply with the provisions of any lease if
<br />this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development,
<br />Trustor will perform all of Trustor's duties under the covenants, by -laws, or regulations of the condominium or planned
<br />unit development.
<br />Condemnation. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Truster
<br />mo mrizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for damages connected with a condensation or other taking of all or any
<br />part of the Property. Such proceeds shall he considered payments and will be applied as provided in this Security
<br />Instrument. This assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />Insurance. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall he maintained in the amounts and for the
<br />periods that Beneficiary requires. The insurance canicr providing the insurance shall be chosen by Trustor subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described
<br />above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according
<br />to the terms of this Security Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Truster shall
<br />immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Truster shall give immediate
<br />notice to the insurance carrier and Beneficiary. Beneficiary [nay make proof of loss if not Wade immediately by Truster.
<br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to
<br />the Secured Debt, whether or not then due, at Beneficiary's option, Any application of proceeds to principal shall not
<br />extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid
<br />to the Trustor. If the Property is acquired by Beneficiary, Trusmr's right to any insurance policies and proceeds resulting
<br />from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately
<br />before the acquisition.
<br />(Mg. 2: <)
<br />01990 Bankers sy5eonc, LS., at. Cold. MN Form CLP- XEOT -NE 1tl Y99
<br />�-C465(NE) I99ort
<br />
|