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<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
<br />after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one
<br />person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all t\1ture advances
<br />and future obligations that are given to or incurred by anyone or more Trustor, or anyone or more Trustor and
<br />others. All future advances and other future obligations are secured by this Security Instrument even though all or
<br />part may not yet be advanced. All future advances and other future obligations are secured as if made on the dale of
<br />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 Benef1ciary, which may later arise, to the extent not prohibited by law, including, but
<br />not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting
<br />the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this
<br />Security Instrument.
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<br />Thi~ S.ecurity Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of
<br />reSCISSIOn.
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<br />5. PAYMENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the
<br />terms of the Secured Debt and this Secunty Instrument.
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<br />6. WARRANTY OF Tl'l'LE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
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<br />7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
<br />document 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 a110w any modification or extension of, nor to request any future advances under any note or agreement
<br />secured by the lien document without Beneficiary's prior written consent.
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<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
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to
<br />the P~o'perty against any claims ~h.at would !mpair tJ~e lien of. this ~,ecurity Instrument. .Trustor. agrees to assign to
<br />BenefICiary, as reCjuested by Beneficiary, any rights, claims or defenses I rustor may have aga1l1st pmtles who supply labor
<br />or materials to mamtain or improve the Property.
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<br />9. DUE ON SAI,E OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale
<br />of the Property. This nght is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This
<br />covenant shall flm with the Property and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrument is released.
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<br />10. PROPERTY CONDITION, Al,TERATIONS ANI> INSPECTION. Tfllstor will keep the Property in good condition and
<br />make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of
<br />the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the
<br />occupan~y and ~se will not ~u,?stantially change without B~neficiary's pr,ior ~ritt~n con~enL Trustor will not pe,rmit a!1y
<br />change 111 any license, restnctIve covenant or easement wIthout BenefiCiary s pflor wntten consent. Trustor will notify
<br />Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
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<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose
<br />of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying a
<br />reasonable purpose for the inspection. Any inspection of the Properly shall be entirely for Beneficiary's benefit and Trustor
<br />will in no way rely on BenefiCiary's inspection.
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<br />11. AUrHORITY TO PERFORM. If Tfllstor fails to perform any duty or any of the covenants contained in this Security
<br />Instrument, Beneficiary may, without notice, perfonn or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for
<br />Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from
<br />exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Prop~rty is
<br />discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect BenefiCiary's
<br />security interest in the Property, including completion of the constfllction.
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<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in trust for the
<br />benefit of Benef1ciary, as additional security all the right, title and interest in and to any an~l all existing or futu:e leas7s,
<br />subleases, ~nd any other writte!l.or yerbal agreel~len!S for t!le llse and occupancy or anYJ)ortloll"of the :,roperty, lIlcl.udlll~
<br />any extenSIOns, renewals, mmhflcatlOns or substItutI.ons of such agree!tlCnls (all. I:cterre . to as Leases) and ren.ts, Issues
<br />and profits (all referred to as "Rents"). Trustor. w!ll prof!1ptly provide BenefiCiary With !l:ue and. corre~t copies of all
<br />existing and future Leases. Trustor may collect, receive, enJoy and use the Rents so long as I rustor IS not 111 default under
<br />the terms of this Security Instrument.
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<br />Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and t~a~ Beneficiary is
<br />entitled to noti fy any of TfllStor'S tenants to make payment of Rents due or to become due to Beneficiary. However,
<br />Beneficiary agrees that only on default will BenefiCiary notify Trustor and TfllStOr',S tenants and ma~e demand lI~a~ all
<br />future Rents he. paid d!rec!ly to Beneficiary. On rec~iving l)otice of defal!lt, Trustor will ~.n~orse and ~elIver to Bel)efiCIary
<br />any payment of Rents llllrustor's possessIOn and wIi! receive a!1Y Rents Il~ trus~ for.Be!lehc.Jary and will not, conumngle the
<br />Rents with any ot~er funds. Any amounts collected ~III be applied as provided I!l thiS Secunty Instrument: 1r~IStor warrat.lts
<br />that no default eXists under the Leases or any applicable landlord/tenant law. rrustor also agrees to ma111talll and reqUlre
<br />any tenant to comply with the terms of the Leases and applicable law.
<br />
<br />13. LEASEHOLDS' CONDOMINIUMS' PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the
<br />provisions of any lease if this Security 'Instrument is on a leasehold. If the Property includes a unit in a condom}nium or a
<br />planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulatIOns of the
<br />condominium or planned unit development.
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<br />Ex'j'5efTl: 0 1994 Banke" Systems. Inc.. St. Cloud, MN Fo,,,, RF.-IJT..NE 1130/2002
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<br />.. -C165(NE) (0301)
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