200213533 - Laserfiche WebLink

Browse

200213533 Application # 0121405831 B. All future advances from Beneficiary to Truster or other future obligations of Truster to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Truster in favor of Beneficiary executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs Otis Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by any one or more Taster, or arty one or more Trustor and others. All future advances and other future obligations are secured by this Security Instrument even though all or pair 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 hutrament shall constitute a containment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All obligations 'Castor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating In any deposit account agreement between Truster and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecthig 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. 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 Otis Security Instrument. 6. WARRANTY OF TITLE. Tmstor warrants that Truster is or will be lawfully seized of the estate conveyed by this Security Instmm rot and has the right to irrevocably grant, convey, and sell the Property to Trustee, in mast, with power of sale. Truster alao warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. With regard to airy other mortgage, deed of mast, 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 to 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. Truster will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to die Properly when due. Beneficiary may require Tmstor to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Toaster's payment. Trustor will defend title to 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 Tractor may have against parties who supply labor or materials to mairmin 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.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. 'Pastor will keep the Property in good condition and trade, 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. Toaster 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 casement without &:neficiary's prior written consent Trustor 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 option, enter the Property at any reasonable time for the purpose of inspecting the Property. Beneficiary shall give Trustor 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 Taster will in no way rely on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. If Taster fails w perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may, without notice, perform or cause them to be performed. Truster appoints Beneficiary as attorney in fact to sign Taster's name or pay any amount neecssary for performance. Beneficiary's right to perform for Taster 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 mane,, 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. 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 written or verbal agreements for the use and 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 "). Trustor 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 Taster 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 Trustot's tenants to make payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees that only on default will Beneficiary notify Truster and Truster's tenants and make demand that all mare Rents be paid directly to Beneficiary. On receiving notice of default, Tractor will endorse and deliver h) Beneficiary any payment of Rents in Taster'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. Tastor warrants that no default exists order die Leases or any applicable laudlonVtetmnt law. Truster also agrees m maintain and require any remelt to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Truster agrees to comply with die 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, Taster will perform all of Tnistor's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. * f pf 1 ��//JJTTQ 199d Pcnkcrs Systems. Inc.. 51. Clgitl, MN (1 B00 -d9] 2.Wn Fonn PE -0T NE 1n2]/9] (Q ClM(NE) (.coa)