|
200315930
<br />3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not
<br />exceed $.. . C.1-or ........................••••• This limitation of amount does not include interest and other fees and charges
<br />validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this
<br />Security Instrument to protect Beneficiary's security and to perform any of the covenants contained in this Security Instrument.
<br />4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows:
<br />A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all
<br />their extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include items
<br />such as borrowers' names, note amounts, interest rates, maturity dates, etc.)
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed after this Security
<br />Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument,
<br />each Trustor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by
<br />any one or more Trustor, or any one or more Trustor and others. All future advances and other future obligations are secured by this
<br />Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if
<br />made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or
<br />future loans or advances in any amount. Any such commitment must be agreed to in a separate writing.
<br />C. All obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law,
<br />including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor
<br />and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise
<br />protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the
<br />terms of this Security Instrument.
<br />This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission.
<br />5. PAYMENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms
<br />of the Secured Debt and this Security Instrument.
<br />6 WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Security Instrument
<br />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
<br />Property is unencumbered, except for encumbrances of record.
<br />7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document
<br />that created a prior security interest or encumbrance on the Property, Trustor 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 modification or extension of, nor to request any future advances under any note or agreement secured by the lien
<br />document without Beneficiary's prior written consent.
<br />8. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary copies of all
<br />notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to the Property against any
<br />claims that would impair the lien of this Security Instrument. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any
<br />rights, claims or defenses Trustor may have against parties who supply labor or materials to maintain or improve the Property.
<br />9. DUE ON SALE OR ENCUMBERANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be
<br />immediately due and payable upon the creation of, or contract for the creation of, or any lien, encumbrance, transfer or sale of
<br />the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run
<br />with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released.
<br />ExpereTM © 1994 Bankers Systems, Inc., St. Cloud, MN Form USB- REDT -NE 9/4/2001
<br />(page 2 of 6)
<br />
|