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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 Instrwnent whether or not this Security Instrwnent is specifically referenced. If more than one person signs
<br />this Security Instrwnent, each Trustor agrees that this Security Instrument will secure all future advances and future
<br />obligations that are given to or incurred by anyone or more Trustor, or anyone or more Trustor and others. All
<br />future advances and other future obligations are secured by this Security Instrument even though all or 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 conmlitment 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,
<br />but not limited to, liabilities for overdrafts relating to any deposit account agreement between Truslor 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 tenns of this
<br />Security Instrwnent.
<br />This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice 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 />tenns of the Secured Debt and this Security Instrument.
<br />6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of Ihe estate conveyed by this
<br />Security Instrument and has the righl to irrevocably grant, convey, and sell the Property 10 Trustee, in trust, with power of
<br />sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
<br />docwnent 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 modification or extcnsion of, nor 10 request any future advances under any note or agreement
<br />secured by the lien docwnent without Beneficiary's prior written consent.
<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 10 Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend til1e 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 maintain or improve the Property.
<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, or contract for the creation of, any lien, encumbrance, transfer or
<br />sale of the Property. This right is subject 10 the restrictions imposed by federal law (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 CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition
<br />and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impainnent, or
<br />deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Truslor agrees that the
<br />nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not
<br />pennit any change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will
<br />notify Beneficiary of all 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. Beneficiary shall give Trustor notice at the time of or before an inspection specifying a
<br />reasonable purpose for the inspection. Any inspection of the Properly shall he 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 perf 0011 any duty or any of the covenants contained in this Security
<br />Instrument, Beneficiary may, without notice, perfoon or cause them to be perfonned. Trustor appoints Beneficiary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for perfomlance. Beneficiary's right to perform for
<br />Trustor shall not crcate an obligation to perform, and Bcncficiary's failure to perfonn will not preclude Bcneficiary from
<br />exercising any of Beneficiary's othcr rights under the law or this Security Instrument. If any construction on the Property
<br />is discontinucd or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's
<br />security intcrcst in the Property, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrcvocably assigns, grants and conveys, 10 Trustcc, 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 />cxisting or futurc leases, subleases, licenses, guarantics and any other writtcn or verbal agreements for the use and
<br />occupancy of the Property, including any extensions, renewals, modifications or replacements (all referred to as Leases);
<br />and rents, issucs and profits (all rcferred to as Rcnts). In the event any itcm listed as Leases or Rcnts is determined to bc
<br />personal property, this Assignment will also he regarded as a security agreement. Trustor will promptly provide
<br />Bcncficiary with copics of the Leases and will certify thcse Leases are true and correct copies. Thc existing Leases will bc
<br />provided on execution of the Assigmncnt, and all future Leases and any other infonl1ation with respect to these Leases will
<br />he provided immediately after they are executed. Trustor may collect, reccive, enjoy and use the Rcnts so long as Trustor
<br />is not in default.
<br />Upon dcfault, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other
<br />funds. Trustor agrees that this Security Instrwnent is immediately effective between Trustor and Beneficiary and effective
<br />as to third parties on the recording of this Assignment. As long as this Assigmncnt is in effect, Trustor warrants and
<br />represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law
<br />on leases, licenses and landlords and tenants.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the
<br />provisions of any lease if this Security Instrument is on a leasehold. If the Propcrty includes a unit in a condominiwn or a
<br />planned unit development, Trustor will perfonll all of Trustor's duties under the covenants, by-laws, or regulations of the
<br />condominium or planned unit development.
<br />
<br />~ @1994 Banka,. Sy.tom., Ino., St. Cloud, MN Form R~ DT-N~ 1130/2002
<br />
<br />~ (page 2 of 41
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