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200600659 B. All f~ture advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any prOllllssory 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 lllore 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 commitlnent must be agreed to in a separate writing. C. All ~bl~gations !n~s~~r owes to Beneficiary,. which may late~ arise, to the extent not prohibited by law, including, but not Iml1.t~d to, hablhtles for overdrafts relatmg to any depOSit account agreement between Trustor and Beneficiary. D. All addlllonal Slll!lS advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the P~operty and its value and any other sums advanced and expenses incurred by Beneficiary under the tenns of this Secunty Instrument. Thi~ S.ecurity Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of reSCISSiOn. 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 Security Instrument. 6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Security Instnnnent 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 of trust, security agreement or olher 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 nole 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 Beneficiary copies of all notices that such amounts are due and the receipts evidencing Tmstor'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 Trustor may have against parties who supply labor or materials to mamtain or nnprove the Property. 9. DUE ON SAI./E 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 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, impairment, or deterioration of the Property. Trnstor wiII keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Tmstor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property. Benefkiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Beneficiary shaIl give Tmstor notice at the time of or before an inspection specifying a reasonable purpose for the insI?ection. Any inspection of the Property shaIl be entirely for Beneficiary's benefit and Trustor wiIl in no way rely on BenefiCIary's inspection. 11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security InstmmeI.1t, Benefici.ary may, without notice, perform or cause them. to be performed. Trust~)r app(~ints Beneficiary as a!torney 1Il fact to SIgn Trusto~'s ~ame or pay any amount rye~ess~ry ~or performance. B.eneficlary s nght to I?e~fonn. for 1 mstor shall not create an obltgatlon to perform, and BenefICIary s faIlure to perform. WIll not preclyde Benel1clary fro~n exercising any of Beneficiary's other rights under the law or this Security Instrument. It any constructIon on the Prop~rty 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 OIi' LEASES AND RENTS. Trustor 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 an~ all existing or futu~e leas7s, subleases, and any other written or verbal agreements for the use and occupancy of any portIon of the Property, mcIudlllg any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, is~ues an~ profits (all referred to as "Rents"). Trustor w~ll prOlpptly provide Beneficiary with tme and. corre~t copies of all eXlstmg and future Leases. Trustor may coIlect, receIve, el\loy and use the Rents so long as Trustor IS not 111 default under the terms of this Security Instrument. Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and tI~a~ Beneficiary is entitl~d. to notify any of Trustor's tenant~ to make paymen~ of Rents due ~~ to b~come due to BenefICiary. Howev~r, BenefICiary agrees that only on default WIll BenefiCIary notify Trust~)r and I rustor.s tenants and ma~e demand tl~a~ ,ill future Rents be paid directly to Beneficiary. On receiving notice of default, Trustor WIll endorse and deliver to Bel!eltclary any payment of Rents in Trustor's possession and wil~ receive a!ly Rents i~ trus! for.Bcnefic.iary and will not conu11Ingle the Rents with any other funds. Any amounts collected wIIl be applied as proVided 111 tillS Secunty Instrument.. Tr~stor warrat!ts that no default exists under the Leases or allY applicable landlord/tenant law. Trustor also agrees to mallltalll and reqUIre any tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENfS. :rrustor agre~s. to comply. ",Vith the provisions ?f any lease if thi.s Security. Inst~ment ison a leas~hold..lf the Property mcludes a Ulllt m a condOn~lJllLlm or a plalmed umt development, 1 rustor WIll perform all of Trustor s duhes under the covenants, by-laws, or regulatIOns of the condominium or planned unit development. ~~0 1994 Bankers Svsten,^. Ino.. SI. Cloud, MN Form RE.DT.NE 113012002 G -C165(NE) (0301) @ A~ (page 2 of 4J ---tiJ1\-. . .