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200600980 B. All future advances from Beneficiary to Tmstor or other future obligations of Trustor to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Tmstor in favor of Beneficiary executed after this Security Instmment whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instmment, each Tmstor agrees that this Security Instrument wi\) secure all future advances and future obligations that are given to or incurred by anyone or more Tmstor, or anyone or more Tmstor and others. All future advances and other future obligations are secured by this Security Instmment 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 Instmment. 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 limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary 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 Instmment. Thi~ S.ecurity Instmment will not secure any other debt if Beneficiary fails to give any required notice of the right of reSClSSlOn. 5. PAYMENTS. Trustor agrees th~t all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and thls Secunty Instrument. 6. W ARRANry OF TITLK Tmstor warrants that Tmstor 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 Tmstee, 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, '1'rustor agrees: A. To make all pay'ments 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 arc due and the receipts evidencing Tmstor's payment. Trustor will defend title to the P~o'perty against any claims ~h;at would ~mpair tl~e lien of, this ~,ecurity Instnnl1cnt. ,Trustor, agrees to assign to Beneflclary, as requested by Beneflclary, any nghts, clanl1s or defenses I mstor may have agamst partles 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 Iicn, encumbrance, transfer or sale of the Property, This right is subject to the restrictions imposed by' fcderal law (12 C.F.R. 591), as applicable. This covenant shall mn with the Property and shall remain in effect untll the Secured Debt is paid in full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS ANI> INSPECTION. Trustor wi\) keep the Property in good condition and make all repairs that are reasonably necessary. Tmstor shall not commit or allow any waste, impairment, or deterioration of the Property. Tmstor will keep the Property free of noxious weeds and grasses. Tmstor 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. 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 insl?ection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will 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 Instmment, Beneficiary may, without notice, perform or cause them to be performed. Tmstor appoints Beneficiary as attorney in fact to sign Tmstor's name or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not prcclude Benef1ciary 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 Beneflciary's security interest in the Property, including completion of the construction. 12. ASSIGNMENT OF LEASES ANn RENTS. Tmstor 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 and all existing or future leases, subleases, and any otller written or verbal agreements for the use and occupancy of anYdJortion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referre to as "Leases") and rents, issues an~ profits (~II referred to as "Rents"). Tmstor w~1I prOl~1ptly provide Beneficiary with true and. corre~t copies of all eXlstlllg and future Leases. Trustor may collect, recelve, enJoy 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 tl~a~ Beneficiary is entitl<:d. to notify any of Trustor's tenants. to mak~ paymen~ ,of ~ents due or to b~come due to BenehclafY. However, BeneflCtary agrees that only on default wlll Benehclary notlfy '1 rustor and Trustor s tenants and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default, Trustor will endorse and deliver to Beneficiary any payment of Rents in Trustor's possession and will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument.. Tr~stor warrat;tts that no default exists under the Leases or any applicable landlord/tenant law. Trustor also agrees to mamtam and reqmre any tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS' CONDOMINIUMS; l'LANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisions of any lease if this Security Instmment is on a leasehold. If the Property includes a unit in a condo~inium or a planned unit development, Tmstor will perform all of Tmstor's duties under the covenants, by-laws, or regulatlOns of the condominium or planned unit development. EJ<(5erFl: 0 1994 Bankers Systems. Ino__ S'- Cloud, MN Form R.-OT NE 1/30/2002 G -C165(NE) (0301) @ g \J: (pa~ . .