200600661 - Laserfiche WebLink

Browse

200600661 B. All f~lture advances from Beneficiary to Trustor or other future obligations of Trustor to. B. eneficiary under any prornIssory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed after this Sec.urity 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 incurredby 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 obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not limi.t~d to, I iabilities for overdrafts relatit.lg to any deposit '!;c<;:ount. ag~eem~nt between Trusto. I' and Bc::nefl.' ciary. . D. All addll10nal sums advanced and expenses mcurred by BenefICIary for Iflsunng, preservlOg or otherWIse protectmg 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 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 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 of 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 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. 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 Trustor's payment. Trustor will defend title to the Property against any elaims 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 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 nght 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 ANI> 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. 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 Beneficiary's prior written consent. TnIstor will not pertuit 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. 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 Trustor will in no way rely 00 Beneficiary'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 appoints Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform for Tmstor shall not create an obligation to perform, and Beneficiary's failure to perform will not precl.ude Beneficiary fro~n exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construcl1on 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. ASSIGNMENI' OF I~EASES ANn 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 leas~s, subleases, and any other written or verbal agreements for the use and occupancy of anYlortlOn of the Property, mcl.udmg any extensions, renewals, modit1cations or substituti.()\1s of such agree.ments (all. ~eferre . to as "Leases") and ren.ts, Issues an~ profits (~11I referred to as "Rents"). Trustor w~1I prOl;nptly proVide BenefICIary with ~rue and. corre~t copIes of all eXlstlllg and future Leases. Tmstor may collect, receIve, enjoy and use the Rents so long as rrustor IS not III default under the terms of this Security Instrument. Trustor acknowledges that this assignment is perfected upon th~ recording of this Deed of Trust and tha! 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 d\rectly to ~eneficiary. On recC?iviog l!otice of defal!lt, Trustor WIll ell<:lorse and ~ehver to Be~eficlary any payment of Rents m Trustor s possessIOn and wll~ receIve a~y Rents I~ trus~ for .Be!lefic.Jary and WIll not commll1gle the Rents with any other funds. Any amounts collected WIll be applIed as proVIded 111 thIS Secunty Instrument.. Tr~lstor warrm~ts that no default exists under the Leases or any applicable landlord/tenant law. Trustor also agrees to mamtall1 and reqUIre any tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS' CONDOMINIUMS' PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisions of any lease if this Security'Instrument is on a leasehold. If the Property includes a unit in a condom.inium or a planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulatIOns of the condominium or planned unit development. ~ (1) 1994 Bellkers Systems, Illc.. St. Cloud, MN Form RE-DT-NE 1/30/2002 . -C165(NE) (03011 @ C)v/ (page 2 of 4J . .