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<br />200609648
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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 after this
<br />Security Instrument whether or not this Security Instrument is specifically referenced, [I' more Illdn one person signs
<br />this Security Instrument, cach Trustor agrces that this Security Instrument will sccure all future advallces and future
<br />obligations that arc givcn to or incurrcd by anyone or more Trustor,. or anyone or morc Trustor dnd others. All
<br />future advances and other future obligations are secured by this Security Instrument cvcn though all 01' part may not
<br />yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security
<br />Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or
<br />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 1<\ w, including,
<br />but not limited to, liabilities for overdrafts relating to any deposit account agreemcnt between Trustor and
<br />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.
<br />This Security Instrument will not secure any other debt if Beneficiary fails to give any required not ice of the right of
<br />rescission.
<br />5. PAYMENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the
<br />tenus 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 estatc 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 cncumbrances of record.
<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 allow any modifil:ation or extension of, nor to request any future advances under any note or agrcement
<br />secured by the lien document without Beneficiary's prior written consent.
<br />s. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and othcr charges relating to the Property when duc. Beneficiary may require Trustor tOli'lvidc \() Beneficiary
<br />wpies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to
<br />the Property against any claims that would impair the lien of this Security Instrument 'Trustor agrees to assign to
<br />Beneficiary, as requested by Be nefil:iary , any rights, claims or defenses Trustor may have against part ies wlw supply labor
<br />or materials to maintain or improve the Property.
<br />9. DUE ON SALE OR ENCUMBRANCE. Bene[il:iary may, at its option, declare the entire balance of the Sceured Debt to
<br />be immcdiately due and payable upon the creation of, or contract for the creation of, any lien, encumbrancc, transfer or
<br />sale of the Property. This right is subject to the restrictions imposed by [ederallaw (12 C.P.R. 591), as applicable. This
<br />covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrument is released.
<br />10. PROPERTY CO:NDITION-,'ALTERATIG:r''IlS A..~D INSPECTION. Trusto. will -keep the Property in good condithn
<br />and make all repairs that are reasonably necessary. Trustor shall not commit or allow any was:e, impairment, or
<br />deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor ilgrees that the
<br />nature of the occupancy and use will not substantially change without Bcneficiary's prior written consent. 'frustor will not
<br />permit any change in any liccnse, restrictive covenant or easement without Beneficiary's prior written ,-,onselll. Trustor will
<br />notify Beneficiary of aU demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the
<br />Property.
<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. Bencficiary shall give Trustor notice at lhe time of or before an inspection specifying a
<br />reasonable purpose for the inspection Any inspection of thc Property shall be entirely for Beneficiary's benefit and
<br />Trustor will in no way rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contaim:d in this Security
<br />Instrument, Beneficiary may, without lIoticc, perform or cause them 10 be performed. Trusl<r appoints 13eneficiary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right (0 perfonn for
<br />Trustor shall not create an obligation to perfoml, and Beneficiary's failure to perform will not preclude Bl:III:ficiary from
<br />exercising allY of Beneficiary's other rights under the law or this Sccurity Instrument. If any conslrUClIOll on the Property
<br />is 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 construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to Trustce, in trust for the
<br />benefit of Beneficiary as additional seeurity all the right, title and interest in the following (all referred to as Property):
<br />existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements flll' the use and
<br />occupancy of the Property, including any extensions, renewals, modifications or replacements (all rcl"erred lo as Leases);
<br />and rents, issues and profits (all referred to as Rents). In the cvent any item listed as Leases or Rents is determined to be
<br />personal property , this Assignment will also be regardcd as a security agreement. Trustor will promptly provide
<br />Beneficiary with c()pies o[ the Leases and will certify these Leases are true and correct copies. The existing Leases will be
<br />provided on execution of the Assignment, and all future Leases and any other information with respecl to these Leases will
<br />be provided immediately after they are executed. Trustor may collect, receive, enjoy and use thc Rents so long as Trustor
<br />is not in default.
<br />Upon default, Trustor will receive any Rents in trust [or Beneficiary and will not commingle the Rents with any other
<br />funds. Trustor agrees that this Security Instrument is immediately effective between Trustor and Beneficiary and effective
<br />as to third parties on the recording of this Assignment. As long as this Assignment is in effect, Tru~tor warrants and
<br />represents that no default exists under the Leases, and the parties subject to the Leases have not violclkd any applicable law
<br />on leases, licenses and landlords and tenants. '
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to cOJllply with the
<br />provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a conuominium or a
<br />planned unit development, Trustor will perfonn 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 />(page 2 of 4)
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<br />E4Je?El;' 1994 8ank.,. Systems, Ine.. St. Cloud, MN Form RE-DT-NE 1.130/2002
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