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Application $ 0121281885 200209195 B. All future advances from Beneficiary in Trustor or other future obligations of Truster to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Trainor in favor of Beneficiary executed after this Security I smainent whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Truster agrees that this Security Instrument will secure all future advances and furore obligations that are given to or incurred by any one or more Truster, 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 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 commitment must be agreed to in a separate writing. C. All id ligation Truster 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 Truster and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the Property and its value and any other suns advanced and expenses incurred by Beneficiary under the terns of this Security Instrument. This Security Instmment will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Truster 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. 6. WARRANTY OF TITLE. 'Truster warrants that Truster 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 Property to Trustee, in trust, with power of sale. Truster also warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERES'T'S. 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. To make all payments when due and Io perform or comply with all covenants. B. To prom fly deliver to Beneficiary any ounces that Trustor receives from the holder. C. Not to allow, any modification or extension of, nor to request any furore advances under any now or agreement secured by the lien document without Beneficiary's prior written cement. S. CLAIMS AGAINST TITLE. Truster will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide in Beneficiary copies of all notices that such amounts are due and the receipts evidencing Torun's payment. Truster will defend title m the Property against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Truster may have against parties who supply labor or materials to maintain or improve the Property 9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the 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 the Property. This right is subject to the restrictions imposed by federal law (12 C.P.R.591), as applicable. This covenant shall not with the Properly and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Truster will keep the Property in good condition and make all repairs that are reasonably necessary. Truster shall not commit or allow any waste, impairment, or deterioration of the Property. Truster will keep the Property free of noxious weeds and grasses. Truster agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Truster will not permit any change in any license, restrictive covenant or easement without Beneficiary's prior written consent Truster will notify Beneficiary of all demands, proceedings, claims, and actions against Truster, and of any loss or damage to the Property. Beneficiary or Beneficiary's agents may, at Beneficiary's offer, enter the Property at any reasonable time for die purpose of inspecting the Property. Beneficiary shall give Truster notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Truster will in no way rely on Beneficiary's inspection. 11. AUTHORITY 'FO PERFORM. If Truster fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may, without notice, portion or cause them to be performed Truster appoints Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for Truster shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights tinder the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable restorer, Beneficiary may take all steps necessary to protect Beneficiary's security interest m die Property, including completion of the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Truster irrevocably grants, conveys and sells to Trustee, in trust for the benefit of Beneficiary, as additional security all the right, title and interest in and to any and all existing or home leases, subleases, and any other wrihco or verbal agreements for tie use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred ea as "Leases ") and resits, Issues and profits (all referred to as Rents"). Truster will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Truster may collect, receive, enjoy and us, the Rents; so long as Truster is not in default under the terms of this Security Instrument. Truster acknowledges drat this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to notify any of Trustoi s tenants to make payment of Rents due or to become due in Beneficiary. However, Beneficiary agrees that only on default will Beneficiary notify Truster and Truster's tenants and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default, Truster will endorse and deliver to Beneficiary any payment of Rents in Toaster's possession and will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Truster warrants that not default exists under the Leases or any applicable landlord /tenant law. Trustor also agrees to maintain and require any truant In comply with the [cries of the Leases and applicable law. 13. 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 planned unit development, Truster will perform all of Truster's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. I �9f (page 2014) © 199< RE, kn 6yau11 1s Inc ftl CUUJ MN (1d0197 2341) Fm FE -0TAE 1N]I9] (=�WC155(NE) (9808)