200212122 - Laserfiche WebLink

Browse

i2F- PECORDM oaeioa # 0121124515 200208070 20021''JJ B. All future advances from Beneficiary to Tmstor or other future obligations of Trustor to Beneficiary under any prows ;cry note, contract, guaranty, or other evidence of debt executed by Truster in favor of Beneficiary, executed after this Security Instmment whether or not this Security Instrument is specifically referenced If more than one person signs this Security Instrument, each Tmstor agrees that this Security Instrument will secure all prime advances and future obligations that are given to or incurred by any one or more Tmstor, or any one or mitre Trustor and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet he advanced. All future advances and other future obligations are secured as if made on the date of this Security Nstruirent. Nothing in this Security Indictment shell constitute a cormdtment to make additional or future loans or advances in any amount Any such commitment most be agreed to in a separate writing. C. All obligations Tmstor 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 Tmstor and Beneficiary. D. All additional suns advanced and expenses incurred by Beneficiary fur insuring, preserving or otherwise protecting the Property and its value mid any other aunts advanced and expenses incurred by Beneficiary under the terms of this Security Instrument. This Security hstmment will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Tmstor agrees that all payments wider the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Securov Instrument. 6. WARRANTY OF TITLE. Truster warrants that Tmstor is or will he 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 unem:mrnbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of tried, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Truster agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Beneficiary any notices mat 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. Truster will pay all taxes, assessments, liens, ence nirmcces, lease payments, ground rents, utilities, and other charges relating to die Property when due. Beneficiary may require Tmstor to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Tmamr's payment. Tmstor will defend title to the Property against any claims that would impair the lien of thus Security Instrument. Tmstor agrees m 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 to be immediately due and payable upon the creation of, or contract for the creation of, any lien, encumhowee, transfer or sale of the Properly. This right is subject m the restrictions imposed by federal law (12 C.P.R.591), as applicable. This covenant shall mar with the Property and shall remain in effect until die Secured Debt is paid in full and this Security Instrument, is released. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Tmstor will keep the Property th good condition and make all repairs that are reasonably necessary. Trustor shall oat commit or allow any waste, impairment, or deterioration of the Property . Tmstor will keep the Property free of noxious weeds and grasses. Tmstor agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written consent Tmstor will not permit any change or shy license, restrictive covenant or easement without Beneficiary's prior written consent. Truster will notify Beneficiary of all demands, proceedings, claims, and actions against Tmstor, and of any loss or damage to the Property. Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Beneficiary shall give Truster notice at the time of or before ten inspection specifying a reasonable purpose for the inspection. Any inspection of die Property shall be entirely for Beneficiary's benefit and Truster will in no way rely on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. If Tmstor fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may, without notice, perform or cause them in be performed. Tmsmr appoints Beneficiary as attorney in fact m sign Trustor s rume or pay any amount necessary for performance. Beneficiary's right 1� perform for Trustor shall not create an obligation to perform, and BcncGciary's faIlrre m perform will not preclude Beneficiary from exercising any of Beneficiary's other rights e'er the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable canner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of the eonsmnctiom 12. ASSIGNMENT OF LEASES AND RENTS. Tmstor 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 future leases, subleases, and any other written or verbal agreements for the use mid occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as ''Rents "). Tmstor will promptly provide Beneficiary with true and correct copies of all existing and future Leases, Tmstor may collect, receive, enjoy and use the Rents so long as Tmstor is not in default under the terms of this Security Instrument. Tmstor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled m notify any of Tmstor's tenants to make payment of Bens due or to become due to Beneficiary. However, Beneficiary agrees that only an default will Beneficiary notify Tmstor and Trustor's batteries and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Rents in 'Imstor's possession and will receive any Rents in trust for Beneficiary mid will not commingle the Rents with any other funds. Any amounts collected will be applied as provided or this Security Instrument. Tmsmr warrants that no default exists under the Leases or anv applicable landlord /tenant law. Tmstor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Truster agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit m a cundonnimum or a planned unit development, Trustor will perform all of Truster's duties under the covenants, by -laws, or regulations of the condonnhdum or planned unit development. // page2 0. ,99f aanFnnSy[Iwna. Inc.. SL CrauE.MN11990- t9] -]S61f FO,rrrnEO[NE 1W1)9] �e C165(NE) assist