|
20020'7137
<br />P. All future advances from Beneficiary to Trhsmr or otter future obligations of 'fmstor to Beneficiary under any
<br />promissory note contract guaranty,' or other evidence of debt executed by "fmstor in favor of Beneficiary executed
<br />w rc
<br />After this Sunly Inslrunnt wheher or not this Security Instrument Is specifically referenced. If naive dad one
<br />person sighs this Security hnshumcm, each 'UmelOr agrees that this Security Instmmcnt will secure all future
<br />advances and future obligations that are given to or incurred by any one or more 'I'motor, or any one or more Tractor
<br />and otters. All future advances and other future obligations are secured by this Security histmmmn even though all
<br />or part may not yet he advanced nt All funds advances And other future Obligations are secured as if nude on the date
<br />of this Security Incl colrnl. Nothing in Ills Security Instmmcnt shall constitute a commitment to male additional or
<br />future learn or advances in any Ineoum. Any such commitment must be agreed to in a separate wthing.
<br />C All obligalimm Tmemr owes to Beneficiary which may leer AMC, m the extent act prohibited by IAw, including
<br />w
<br />but not IlnaitW to, liabilities for ovnrdrzHa relating many deficit account agreement hawan Tmxmr and
<br />Beneficiary .
<br />D. All additionsl sums value all([ and other Incurred ed and expenses for Insuring, frreserving or otherwise ms of this
<br />Security e &open and ifs value and any other some Advanced and cxponecs incurred by Pcncnciary under the tends of alas
<br />11mmeN.
<br />This Scantily Instrument will not secure any other debt If Beneficiary fails to give any n rmeord notice of the right of
<br />5. PAYMENTS. "reason agrees that all payments under the Secured Debt will be paid when due and in accordance with file
<br />mom of the Secure Debt and tea Security Instrument
<br />4 WARRANTY OF TITIF. fluster warrants ilia? 'fmso, ie or will be lawfully scivdl of the estate conveyed by this
<br />Security hmtrunsm and Ins the fight to irrevocably grant, Convey, and sell the Tragedy to 'I rus ve, in Cost, with power of
<br />sale. 'fmstor also warrants that the Property is unencumberel except for encumbrances of record.
<br />]. PRIOR SECURITY IN'1'ERES'1'S. With regard to any other mortgage-, Ace of Irdaf, scarily agreement or other lieu
<br />document that er and a prior security interest or encumbrance on the propeay,'Imstor agacs
<br />A. To make all payments when due and to perform or comply with all Covenants.
<br />B.'To promptly deliver to Beneficiary any notices that'fcastor receives from the holder.
<br />C Not to allow any modification or extension or, nor to request any future advances under any note or Agreement
<br />secured by the lien document without Hem iieury's prior written wmcnt.
<br />R CLAIMS AGAINST TITLE. Trustee will pay all taxes, assessmems, liens, encumbrances, lease payments, ground rents,
<br />utilities and other Charges closing to the. property when due. Beneficiary rimy require Trusmr to provide to Beneficiary
<br />topics of all ounces that such amounts are clue and the receipts cvidemdng Trusror's payment. Tmstor will defend title ro
<br />the Prnpcny against any claims that would impair the lieu of this Security hanument. Toaster agrees to assign to
<br />Beneficiary, as requested by Heneficiary, any rights, cleans or defenses 'I mslor may leave against panics who supply labor
<br />or materials ro maintain or hnpmve the property.
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />he immediately due and payable upon the creation of, or contract for the eremion of, any lien, encumbrance, transfer or
<br />sale of Ned Property. this right is subject (a the restrictions mifese by federal law (12 1 F,R, 591), as applicable. This
<br />coveam shall run with the property and shall amain to effeG until the Secured Debt is paid in full and this Security
<br />helmmcnl is released
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Tel will Acep file property in good condition
<br />and makc all repairs that are reasonably necessary. reactor shall not commit or allow any waste, Enrichment, or
<br />deterioration of net Properly. 'I'mnor will keep the Property free of noxious weeds and grasses. fmsror agrees that the
<br />record or the occupancy and use will not substantially cadge without IieneficiArryy s prior written Commit 'fmstor will not
<br />ponnit any change in muulicense, restrictive covela d or Cooled m wifhnm PsnGieiary's prior written consent. 'I'rustor will
<br />noify Beneficiary of e I demands, proceedings, claims, and actions against traitor, and of any loss or earnings to the
<br />Property
<br />femoficiary rr Bowficiary 's a cuts may, at Beneficiaryy's optical, enter the Property at any reasonable time for the purpose
<br />of irnpwlmg One Prnpcny. Acneficiary shall give Tmsor notice at the time of or before An inspection spaceryying a
<br />rm(diAdd intrude for the inspection Any 1 pection of the Property shall be mnimly f r BeneLcinry's berutftt all
<br />Trustor will in no way rely ova BencGci ify's hnpcclied.
<br />11. AUTHORITY TO PERFORM. If 'rummy fails to perform any duty or any of the covenants contained in des Security
<br />lostmmem, Devcheiary may, without Aetna, perform or cause then to m performed 'Itustor Appoints Beneficiary a
<br />attorney in fact m sige '1'mamr's areare or pay nary ut necessary Ion pcffOmance� IteaeRciary's right to circled 1'or
<br />mu
<br />Ted star shall nut ease ci o's "ride rid as under and law or this S curios to perform will nor preclude Ilonethe Pr from
<br />sing mry of not carried mbar nano under the law nr this Security inatmmrne if any sary to prof on the Property
<br />se unity interest or not Partied , i cl a including manner, Iconafinary may take all steps necessary to pnrtdxf Beneficiary's
<br />xuurilY intense in the Property, irrdudirrg eourplctiou of We construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Tmstor irrevocably grants, conveys and sells to 'remade, in trust for the
<br />benefit of Besficiary, as additional security all the right, title and interest in and to any and all existing or future louses,
<br />subbases, and any other written or verbal agreements for elm use uN occupancy of any portion of the Properly, including
<br />any extensions, renewals, modifications or aubeliftl ions of such agmenetis Qdl adore to as "Losses ") and reins, issues
<br />and profits ('II torten to as "Rents "). Tfusrnr well promptly provide Bcncficiary with true and correct pp' of all
<br />mstem and tatters Ixae��'1'mnor may Collect, receive, enjoy and use the heats se long as Truntor is ant in dc suit under
<br />the tams of this Security Instrument.
<br />Toreador acknowlydgcs that this assignment is perfected upon the recording of this Feel of '1'mst and that BeneBCary is
<br />entitled to notify any of Tmstor's tenants to make payment of Rents due or to became due to Beneficiary. However,
<br />Beneficiary agrees that only en default will Beneficiary nosily '1'mAtof and 'Praetor's assns and make dentuut hem all
<br />future Rents be paid directly to Beneficiary , On receiving native of default, Tmstor will oadorw amt deliver to Bcncficrzry
<br />any ppey lien[ of leans in Trustee a possession and will receive any Rents in tmet for Beneficiary, and will not emnmingle
<br />the Rees with any other funds. Any amounts collided will be applied as provided in this Security Instmmcnt- 'I inns
<br />warrans that no default exists under file Leases or any applicable landlord/temia law. 'I rustnr also agrees to maintain and
<br />require any beard to comply with the leans of the Leases are appliwblc law,
<br />13. LFASEHOLDSI CONDOMINIUMS, PLANNED UNIT DEVELOPMENTS. 'tractor agrees to comply with the
<br />provisions of any lease if this seventy hntrunicnt is a leasehold. If (lie Property includes a unit in a condominium or a
<br />planned unit development, 'I mstor wild perfume all of � reactor ra duties udder des covenants, by -laws, or regulations of elm
<br />condominium kit planned unit dcvclnpmcnl.
<br />frog, 2 so 61
<br />
|