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200211146
<br />It All future advances from Beneficiary to Tmslor or other future ohligations of 'Trustor to Beneficiary under any
<br />ptmnissory none, contract, guaranty, or other evidence of debt executed by Truster in favor of Beneficiary after this
<br />Security Instrument whether or not this Security Instrument is specifically referenced. if more than one person signs
<br />this Security Instrument, each Truster agrees that this Security Instrument will secure all future advances and future
<br />obligations that are given to or incurred by any one or more Tntsm4 or any one or more Truster and others. All
<br />future advances and other future obligations are secured by this Security lustmmenl even though all or part may not
<br />yet be advanced. All future advances and other future obligations are secured as if made on the dale of this Security
<br />Instrument, Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or
<br />advances in any amount. Any such commitment must be agreed to in a separate writing.
<br />C. All obligations Tmstor owes in Beneficiary, which may later arise, to the extent not prohibited by law, including,
<br />but not limited to, liabilities for overdrafts relating to any deposit account agreement hetween Truster and
<br />Beueficiary.
<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 this
<br />Security Instrument.
<br />This Security Instrument will not secure any other debt if Beueficiary fails to give any required notice of the right of
<br />rescls5ma.
<br />5. PAYMENTS. Trustor 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 />h. WARRANTY OF TITLE. Tmsmr warrants but Tmslor is or will be lawfully seized of the estate conveyed by /his
<br />Security Instrument and has the right N irrevocably grant, convey, and sell the Property to 'trustee, in trust, with power of
<br />sale 'Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement ur other lieu
<br />document that created a prior security interest or encumbrance On the Properly, Trnxter agrees:
<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 Trustor receives from the holder
<br />C. Not to allow any moddicalion or extension )f, nor to request any future advances under any not: or agreement
<br />secured by the lien document without Beneficiary's prior written consent.
<br />8. CLAIMS AGAINST TITLE. r mstor will pay all taxes, assessments, liens, encumbrances, [case payments, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may require Tmstor to provide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Tmffior's payment Trustor will defend title to
<br />the Property against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to
<br />Beneficiary, as requested by Beneficiary, any rights, claims or defenses Truster may have against parties who supply labor
<br />or materials to maintain or improve the Property_
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be micaedlately due and payable upon the creation of, or contract for the creation Of, any lien, encumhrance, transfer or
<br />sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.P.R. 591), as applicable. This
<br />covenant shall mu with the Property Arid shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Truster will keep the Property in good condition
<br />and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, hmpaimnent., Or
<br />deterioration of the Property. Tmstor will keep the Property free of noxious weeds and gra.s. 'Trustor agrees that the
<br />nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not
<br />permit any change in any license, restrictive covenant or easement without Benefiedary's prior written consent Trustee will
<br />notify Beneficiary of all demands, proceedings, clain s, and actions against Trustor, and of any loss or damage to the
<br />Properly.
<br />Beneficiary or Beneficiary's agents nay, at Bencliciary's option, enter the Property at any reasonable time for the purpose
<br />of inspecting the Property. Beneficiary shall give 'Tmstor 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
<br />'Tmstor will in no way rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Truster fails to perform any duty or any of the covenants contained in this Security
<br />Instrument, Beneficiary may, without notice, pcdorn Or cause them to be perGmmcd_ Truster appoints Beneficiary as
<br />attorney in fact to sign 'Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for
<br />Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from
<br />exercising any of Beneficiary's )that rights under the law Or this Security Instrument. If any construction on the Property
<br />is discontinued or not carried On in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's
<br />security interest in the Property, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to Trustee, in trust for the
<br />benefit of Beneficiary as additional security all the right, title and interest in the following (at[ referred to as Property):
<br />existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br />occupancy Of the Properly, including any extensions, renewals, modifications or replacements (all referred to as Leases);
<br />and rents, issues and profits (all referred to as Rents). In the event any item listed as Leases or Rents is determined to be
<br />personal property, this Assignment will also be regarded as a security agreement. Truster will promptly provide
<br />Beneficiary with copies Of the Leases and will certify these Leases are into and correct copies. The existing Leases will be
<br />provided on execution of the Assignment, and all future leases and any other information with aspect to these Leases will
<br />he provided immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so lung as Trustor
<br />is not in default.
<br />Upon default, 'I roster will receive any Rents in trust for Beneficiary and will not conuningle tie Rents with any Oder
<br />funds. 'Trustor agrees that this Security Instrument is immediately effective between 'Truster and Beneficiary and effective
<br />as to third patties on the recording Of this Assignment. As long as this Assignment is in effect, Truster warrants and
<br />represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law
<br />nn leases, licenses and landlords and tenants.
<br />17. LEASEHOLDS CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Truster agrees to comply with the
<br />provisions Of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a
<br />planned unit development, Truster will peffomn all of Truslor's duties under the covenants, try -laws, Or regulations of the
<br />condominium or planned unit development.
<br />c�C (page 2 of 41
<br />�j� ®1 996 Banked 5ysteme. toes `h (]outl. MN Form HE c NE 1/302002
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