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-' 200702984 B. All future advances from Beneficiary to Truslor or other future obligations of Trustor to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed after this Security Instrument whether or nOl Illis 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 inl'llrred by anyone or more Trustor, or anyone or more Trustor and others. All future advances and other future ohl igations are secured by this Security Instrument even though all or part may not yet be advanced. All future advanccs and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this SeclllilY Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any SUl'll 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 relatinp 10 any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and expenses illl'llrred 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 Instrument. This Security Instrument will not secure any other dl'bt if Beneficiary fails to give any required notice of the right of rescission. 5. PAYMENTS. Trustor agrees that all payments undn Ille Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instruml'lll. 6. WARRANTY OF TITLE. Trustor warrants that TrLlstor 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 encwnbrances 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 enclllllbrance 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 Illat Trustor receives from the holder. C. Not to allow any modification or extension or, nor to request any future advances under any note or agreement secured by the lien document without Benefici;lI-y's prior written consent. 8. CLAIMS AGAINST TITLE. Trustor will pay all I;\\es, 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 IlIl' receipts evidencing Trustor'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 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 or, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restriclions imposed by' federal law (12 C.P.R. 591), as applicable. This covenant shall run with the Property and shall remaill 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. Trustor will keep the Property free or noxious weeds and grasses. Trustor agrees that the nature of the occupancy and use will not substantially change wilhout Beneficiary's prior written consent. Trustor will not permit any change in any license, restrictive covenant or easelllcnt without Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and ;Il'tions 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?eetion. 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 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 alllount necessary for performance. Beneficiary's right to perform for Trustor shall not create an obligation to perform, alld Beneficiary's failure to perform will not preclude Beneficiary 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 manlier, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completioll 0 f the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Trll:.ll)1 irrevocably grants, conveys and sells to Trustee, in trust for the benefit of Beneficiary, as additional security all the I i,~'I1t, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreement s lor the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitullons of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Trustor will promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under the terms of this Security Instrument. Trustor acknowledges that this assignment is perfel'led upon the recording of this Deed of Trust and that 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 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 b_e applied as provided in this Security Instrument. Trustor warrants thar no deraiin- exists under the Leases or any applil.thle landlord/tenant law. Trustor also agrees to maintain and require any tenant to comply with the terms of the Leases and ;Ipplicable 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 condominium or a planned unit development, Trustor will perform all or Trustor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. EX:j5i2~ 0 1994 Bonkers Systems, Inc., SI. Cloud, MN Form RE-DT NI 1,::0/2002 . -C165(NE) 10301) ~ (page 2 of 4)