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<br />200710600
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<br />B. AIl 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 executed
<br />after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one
<br />person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances
<br />and future obligations that are given to or incurred by anyone or more Trustor, or anyone or more Trustor and
<br />others. All future advances and other future obligations are secured by this Security Instrument even though all or
<br />part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of
<br />this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or
<br />future loans or 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 law, including, but
<br />not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and 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.
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<br />This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of
<br />rescission.
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<br />5. PAYMENTS. Trustor agrees that all palments under the Secured Debt will be paid when due and in accordance with the
<br />terms of the Secured Debt and this Secunty Instrument.
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<br />6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate 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 encumbrances of record.
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<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 paxments 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 modification or extension of, nor to reguest any future advances under any note or agreement
<br />secured by the lien document without Beneficiary's prior wntten consent.
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<br />8. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary
<br />copies 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 Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor
<br />or materials to mamtain or improve the Property.
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<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be immediately due and payable upon the creation of, transfer or sale of all or any part of the Property. This right is subject
<br />to the restrictions imposed by federal law (12 C.P.R. 591), as applicable. This covenant shall run with the Property and
<br />shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released.
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<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and
<br />make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of
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<br />change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify
<br />Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
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<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. Beneficiary shaIl give Trustor 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 Trustor
<br />will in no way rely on Beneficiary's inspection.
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<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trust?r app~ints Benefi~iary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. BenefiCiary s nght to perform for
<br />Trustor shalI not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from
<br />exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Prop~rty is
<br />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.
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<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to Trustee, in trust for the
<br />benefit of Beneficiary as additional security 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 for the use and
<br />occupancy of the Property, including any extensions, renewals, modific?tions.or replacements (all ref~rred to a~ Leases);
<br />and rents, issues and profits (all referred to as Rents). In the eve~t any Item hsted as Lea~es or Rents IS de.termmed t<? be
<br />personal property, this Assignment will also be regarded as a secunty agreemen.t. Trustor ~Il! promptly p~ovlde Ben~ficlary
<br />with copies of the Leases and will certify these Leases are true an~ correct. COpl~S. The eXlstmg Leases Will ~e provlde~ on
<br />execution of the Assignment, and all future Leases and any other mfofl!latlon With respect to these Leases Will be provldl?d
<br />immediately after they are executed. Trustor may collect, receive, enJOY and use the Rents so long as Trustor IS not m
<br />default.
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<br />Upon default, Trustor will receive any Rents in trust for Beneficiary and will not commingle the R~nts with any.other
<br />funds. Trustor agrees that this Security Instrument is immediately effective between Trustor and BenefiCiary and effecttve as
<br />to third parties on the recording of this Assignment.. As lo~g as this Assignment is in effect, Trustor wa~rants and represents
<br />that no default exists under the Leases, and the parties subject to the Leases have not VIOlated any appltcable law on leases,
<br />licenses and landlords and tenants.
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<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. :rrustor agre~s. to comply. 'Yith the
<br />provisions of any lease if this Security. Instrument is on a leas~hold.. If the Property mcludes a umt m a condo~mlUm or a
<br />planned unit development, Trustor Will perform all of Trustor s duttes under the covenants, by-laws, or regulatIOns of the
<br />condominium or planned unit development.
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<br />01994 Wolters Kluwe' Financial Services - Bankers Systems,M Form RE-DT-NE 12/15/2006
<br />VMP @-C165(NE) 107081
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