200211321 - Laserfiche WebLink

Browse

200211321 s, Application # 0121276018 2776 B. All future advances from Beneficiary in Trustor or other future obligations of Trustor to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed b Trustor in favor of Beneficiary executed after this Security Instrument whether or not this Security Insurer neu[ is specif .ally referenced. If more than one person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all nature advances and future obligations that are given to or incurred by any one or more Trustor, 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 loan.. Or advances in any amount. Any such commitment must be agreed to in a separate writing. C. Ah obligations Trustor owes to Beneficiary, which may later arise, w the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Tmstor and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preservhig or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. 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 spit this Security Instrument. 6. WARRANTY OF TITLE. Trusmr warrants that Truster is or will be lawfully seized of the estate conveyed by this Security Instrument and bas the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. 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 to perform or comply with all covenants. B. To promptly deliver m Beneficiary any notices that Trustor receives from the holder, C. 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 consent. S. CLAIMS AGAINST TITLE. Trustor 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 to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Truster's payment. Trustor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Traitor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Tmstor 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 in be immediately due and payabiu upon the creation of, or ccmtract 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.F.R.591), as applicable. This covenant shall run with the Property 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. Trustor will keep the Property in good condition and make all repairs that are reasonably necessary. Treater shall not commit or allow any waste, impairment, or deterioration of the Property . Tmsmr will keep the Property free of noxious weeds and grasses. Trustor 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 Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property, Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Properly at any reasonable time for the purpose of inspecting the Property. Beneficiary shall give Trustor nonce 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 Trustor will in no way rely on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. If Trustor fails in perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may, without notice, perform or cause them in be performed. Trustor appoints Beneficiary as attorney in fact to sign Trustor's name or pay my amount necessary for performance. Beneficiary's right to perform for Trustor 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 under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable =met, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in cost for the beneflt of Beneficiary, as additional security all the right, title and interest in and to my and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including my extensions, renewals, modifications or substitutions of such agreements (alf referred to as "Leases ") and rents, issues and profits (all referred to as "Rents"). Truster will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under the terms of this Security Instrument. Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees that only on default will Beneficiary notify Trustor and Trustor's imams and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary my payment of Rents in Trustor's possession and will receive my Rents in trust for Beneficiary and will m( commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Truster warrants that no default exists under the Leases or any applicable landlord /tenant law. Toaster also agrees w maintain and require any tenant to comply with the terms 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, Trustor will perform all of Trustor's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. ©199r Penken SySlems.lnc.. St 0000, MN Form PEn4NE 1Q'2]9] 11�z ®CIWNE) (eeae)