200206726 - Laserfiche WebLink

Browse

200206726 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 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 this Security Instrument will 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 fad re obligations are secured by this Security Instrument even thou g�hhi all orpart may not yet be advanced. All future advances and other future obligations are secured as if made on 9 date of this Security Instrument. Nothing in this Secarrity Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any sack commitment must be agreed to in a separate writ ing. ther C. All o obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and expenses ncurred by Beneficiary for insuring, preserving or otherwise terms of this Seventy Irhandits value and any other sums advanced and expenses incurred by Beneficiary under the In the event that Beneficiary fails to provide any necessary notice of the right of rescission with respect to any additional indebtedness secured under paragraph B of this Sect ion, Beneficiary waives any subsequent security interest in the Trustoe a dwelling that a created by this Security Instrument (but does not waive the security interest for the debts referenced paragraph A of this Section). 5. DEED OF TRUST COVENANTS. Trustor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If Trustor breaches any covenant in this section, Beneficiary may refuse to make additional extensions of credit and reduce the credit limit. By notexercising either remedy on Trustor' a breach, Beneficiary does not waive Beneficiary's right to later consider the event a brew h if it happens again Payments. Trustor 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. Prior Security Interests. With regard to arty other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Trustor agrees to make all payments when due and to perform or comply with all covenants. Trustor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Beneficiary's prior written approval. Claims Against Title Trustor will pay all taxes (including any tax assessed to this Deed of Trust), assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary may remqquire Trustor to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Trustor s payment. Trustor will defend title to the Property against claims that would impair the lien of this Security Instrument. Trustor agrees to assign to Beneficiary, as refue aTy Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and Inspection Trustor will keep the Property in good condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, 'mpaz n'anent, or deterioration of the Properly. Trustor agrees flat the nature of rte occupancy and use will not substar�dally change without Beneficiary's prior written consent. Trustor will not permit arty change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of arty loss or damage to the Property. Beneficiary or Beneficiary's agents may, at Beneficiary's option, eider the Properly at azry reasonable time for the purpose of rig the Property. Beneficiary shall give Trustor notice at the time of or before an inspection V anrenca o do table purpose for the inspection Any inspection of the Property shall be entirely for Beneficiary b t and Trustor will in no way rely on Beneficiary's inspection Authority to Perform. If Trustor fails to perform arty duty or any of the covenants contained in this Security Iihstivment, Beneficiary may, without notice, perform or cause them to be ormed. Trus[or ants Beneficiary as ..attorney in fact to sign Trustof s name or pay a� amhount necessary for ornrance. Henoficiary s�right to perform for Trustor shall not create an obligation to perform, and Beneficn'ary's farlu+e to perform will not preclude �ncficiary fmm exercising any of Beneficiary' s other rights user the law or Uus Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Trustor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a plan eel unit development, Trustor will perform all of Trustor's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. Condemnation Trustor will give Beneficiary prompt notice of any mending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor authorizes Beneficiary to intervene in Trustof s name in any of the above described actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. Insurance. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location This insurance shall be maintained in the amounts and for the ppeerrinods that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination of the insurance. Benefi ' shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall immediately give to BeCM= all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor. Unless otherwise agreed in writing, all insurance p shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Benda proceeds option Arty application of proceeds to principal shall not extend or postpone the due date of the scheduled r change the amount of any payment. Any excess will be paid to the Trustor. If the Property is by Beneficiary, nociary, Trustor' s rigid to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition (F 01994 Emkm SyM ms, Inc., St. Cloud, MN Form OCP-aEDT -NE 1113199 ®4466(NE) (9902)