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<br />200702064
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<br />B. All future advances from Beneficiary to Tmst~r or other future obligations of T~stor to ~enefic~arY under a~y
<br />promissory note, contract, guaranty, or other eVidence of debt exe~u,ted by T.mstor ill favor of Beneficiary after ,thiS
<br />Security Instrument whether or not this Security Inst,rument ,is speclftcally re!erenced, If ~ore than one person .slgns
<br />this Security Instmment, each Tmstor agrees that thiS Secunty Instrument will secure all future advances and future
<br />obligations that are given to or incurred by anyone or more Tmstor, or anyone or more Tmstor and others. AU
<br />future advances and other future obligations are secured by this Security Instmment even though all or part may not
<br />yet be advanced, All future advances and other funlre oblIgations are secured as if made on the date of this Security
<br />Instrument. Nothing in this Security Ins~rument shall constitute ~ commitment t~, make additional or future loans or
<br />advances in any amount. Any such commltment,~ust be aweed to ill a separ~te wntmg, , ,
<br />C. All other obligations Tmstor owes to BenefICiary, which may later anse, to the extent not prohibIted by law,
<br />including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Tmstor and
<br />Beneficiary, " . .,. ' ' .
<br />D. All additional su~s advanced and expenses lllcurred by BenefICiary f\lr lllSunng, prese~v~g or otherwIse protectll18
<br />the Property and Its value and any other sums advanced and expenses mcurred by BenefiCiary under the terms of thiS
<br />Security Instrument.
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<br />In the event that Beneficiary fails to provide any required notice of the right of rescission, Beneficiary waives any
<br />subsequent security interest in the Tmstor's principal dwelling that is created by thiS Security Instmment.
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<br />5. DEED OF TRUST COVENANTS. Tmstor agrees that the covenants in this section are material obligations under the
<br />Secured I?<:bt and this .Security Ins~mment. If Tmstor brl;lac~e~ any covenant 4t .this ~ection, Beneficiary may, refuse to
<br />make additIOnal extensions of credit and reduce the credit \tmlt. By not exerclsmg either remedy on Tmstor s breach,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a breach if it happens again.
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<br />Payments. Tmstor 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 Security Instmment.
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<br />Prior Security Interests. With regard to any other mortgage. deed of tmst, security agreement or other lien document that
<br />created a prior security interest or encumbrance on the Property, Tmstor agrees to make all payments when due and to
<br />perform or comply with all covenants. Tmstor also agrees not to allow any modification or extension of, nor to request
<br />any future advances under any note or agreement secured by the lien document without Beneficiary's prior wntten
<br />approval.
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<br />Claims Against Title. Tmstor will pay all taxe~. (including any tax assessed ~o this Deed of Tmst), assessments, ~i~ns,
<br />encumbrances, lease payments, ground rents, uttIltles, and other charges relatlllg to the Property when due. BenefiCiary
<br />may re9uire Trustor to provide to Beneficiary copies of aU notices that such amounts are due and the receipts evidencing
<br />Tmstor s payment. Tmstor will defend title to the Property against any claims that would impair the lien of this Security
<br />Instmment. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Tmstor
<br />may have against parties who supply labor or materials to mallltain or Improve the Property,
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<br />Property Condition, Alterations and Insfection. Tmstor will keep the Property in good condition and make all repairs
<br />that are reasonably necessary. Tmstor shal not commit or allow any waste, Impairment, or deterioration of the Property.
<br />Trustor agrees that the nature of the occupancy and use wiU not substantially change without Beneficiary's ,Prior written
<br />consent. Tmstor will not permit any change in any license, restrictive covenant or easement without Beneftciary's prior
<br />written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of
<br />any loss or damage to the Property.
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<br />Berieficiaryor Bencficiiiry's agerits'inay, at Beneficiary's option, enter the Property at any reasonable time for the purpose
<br />of inspecting the Property. Beneficiary shall give Tmstor notice at the time of or before an inspection specifying a
<br />reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and
<br />Tmstor will in no way rely on Beneficiary's inspection.
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<br />Authority to Perform. If Tmstor fails to perform any duty or any of the covenants contained in this Security Instmment,
<br />Ben~fkiary may, without notice, perform or cause th~m to be performed. T~u~tor appoints Bene.ficiary as attorney in fact
<br />to sign Tmstor s name or pay any amount necessary for performance. Beneflctary's nght to perform for Trustor shall not
<br />create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's other rights under the law or this Security Instrument.
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<br />f;.
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<br />Leaseholds; Condominiums; Planned Unit Developments. Trustor agrees to comply with the provisions of any lease if
<br />this Security Instmment is on a leasehold. If the Property includes a unit in a condominium or a plaIUl'ed unit development,
<br />Trustor will perform all of Tmstor's duties under the covenants, by-laws, or regulations of the condominium or planned
<br />unit development.
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<br />CO!l~emnation. Tmstor will give Beneficiary prompt notice of any PC?n. ding f?r threaten~d action, by private or public
<br />entities to purchase or take any or all of the Property through condemnatIon, emment domam, or any other means. Trustor
<br />autho~iz:es Beneficiary to i~tervene in Tmsto~'s name in any of the above, described acti~ns or claims, T~ustor assigns to
<br />Beneh~lary the proceeds of any award or claim for ~amages connected With ~ condemna.tton or othe,r takl!1g o~ all or ap.y
<br />part of the Pr~perW. Such proceeds shftll bt; conSidered paYlI!ents a~d Will be apphed a~ proVided ~n thiS Secunty
<br />Instm~ent. ThiS assignment of proceeds IS subject to the terms of any pnor mortgage, deed of trust, secunty agreement or
<br />other hen document.
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<br />Insurance. Tmstor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts and far the
<br />periods that Beneficiary requires. What Beneficiary reguires pursuant to the preceding two sentences can change during the
<br />term of the Secured Debt. The insurance carrier providmg the insurance shall be chosen by Trustor subject to Beneficiary's
<br />approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary
<br />may, .at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this
<br />Secunty Instrument.
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<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and
<br />where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination of th~
<br />!nsura~ce. Be~eficiary shal! ~ve the rig~t to hold. the po~icles and renewals. If Beneficiary requires, Trustor shall
<br />Immediately give to Benehclary all receipts of paid premiums and renewal notIces. Upon loss, Trustor shall give
<br />immediate notice to the insurance carrier and Beneftciary. Beneficiary may make proof of loss if not made immediately by
<br />Trustor.
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<br />Unless otherwise agreed in writing, all insurance proce~~s s~all be. applied to the. re~to. ration or repair of ~e ~roperty or to
<br />the Secured Debt, whether or not then due, at BenefiCiary s optIon. Any applIcatIon of proceeds to pnnclpal shall not
<br />extend or postpone the due date. of the. scheduled pa~~ent nor cha~ge ~e amount ~f any paym~n~. Any excess will be p,aid
<br />to the Trustor. If the Property IS acqUIred by ~~neflCtary, Tmstor s n8~t to any lllSurance pohcles and procee.ds resl;lltmg
<br />from damage to the Property before the acqUISItIon shall pass to BenefiCiary to the extent of the Secured Debt Immediately
<br />before the acquisition. (page 2 of 41
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<br />~ @ 1994 Banko,s Systems, Inc., St. Cloud, MN Form OCP.REDT,NE 5/10/2005
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