200510580 - Laserfiche WebLink

Browse

200510580 B. All f~ture advances from Beneficiary to Trustor or other future obligations of Trustor to Benetlciary under any prolIllssory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by anyone or more Trustor, or anyone or more Trustor 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 ~bl~gations T~s!~r owes to Benetlciary,. which may late~ arise, to the extent not prohibited by law, including, but not liml~~d to, liabIlitIes for overdrafts relatmg to any deposit account agreement between Trustor and Beneficiary. D. All addItIOnal sUJ?s advanced and expenses incurred by B.eneficiary for insuring, preserving 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. Thi~ S.ecurity Instrument will not secure any other debt if Benetlciary fails to give any required notice of the right of reSClSSlOn. 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 and this Secunty Instrument. 6. WARRANTY O}' TITLE. Trustor warrants that Trustor 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. Trustor also warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed o. f 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 to Benetlciary 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. 8. 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 Benetlciary copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to the Property against any claims !h.at would ~mpair t~e lien of this Security Instrument. .Trustor. agrees to assign to Benefictary, as requested by BenefIcIary, any nghts, claIms or defenses Trustor may have agamst partIes who supply labor or materials to mamtain or tmprove the Property. 9. DUE ON SALE OR ENCUMBRANCE. Benetlciary 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 nght is subject to the restrictions imposed by federal law (12 C.P.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. Trustor shall not commit or allow any waste, impainnent, or deterioration of the Property. Trustor 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 Benetlciary's prior written consent. Trustor 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 Property at any reasonable time for the purpose of inspecting the Property. Benetlciary shall give Trustor notice at the time of or before an inspection specifying a reasonable purpose for the insl?ection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Benetlclary's inspection. 11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor aRPoints Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary s right to perfonn for Trustor shall not create an obligation to perform, and Beneficiary's failure to perfonn will not preclude Benetlciary 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 manner, 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 trust for the benetlt of Benetlciary, 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 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 w~1I proJ?ptly provide BenefIciary with tr;ue and. corre~t copies of all exist10g and future Leases. Trustor may collect, receIVe, enJOY and use the Rents so long as lrustor IS not 10 default under the terms of this Security Instrument. Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and t~a~ 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 tenants and ma~e demand tha~ all future Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Be~eficlary any payment of Rents in Trustor's possesston and wil~ receive a!1y Rents i~ truS! for.Benefic}ary and will not comnnngle the Rents with any other funds. Any amounts collected ~Ill be apphed as provIded I!~ thIS Secunty Instrument; T~stor warr~ts that no default exists under the Leases or any apphcable landlord/tenant law. Irustor also agrees to mamtam and reqmre any tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. :rrustor agre~s. to comply. ~ith the provisions of any lease if this Security Instrument is on a leasehold. If the Property lllcludes a umt m a condoIIl!mum or a planned unit development, Trustor will perfonn all of Trustor's duties under the covenants, by-laws, or regulatIOns of the condominium or planned unit development. 'i, \ 1..:' I ;.:1 .'.",,3 ..1 R (page 2 of 4) ~ 0 1994 Bankers Systems. Inc., St. Cloud, MN Form RE-DT-NE 1/30/2002 .. -C165(NE) 103011 @ . .