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<br />B. All future advances from Beneficiary to Truslor or other future obligations of Trustor to Bcncficiary undcr any
<br />promissory notc, contract, guaranty, or other cvidence of debt executed by Trustor in favor of Beneficiary after this
<br />Sccurity Instrumcnt whcthcr or not this Sccurity Instrumcnt is specifically referenced. If more than one person signs
<br />this Sccurity Instrumcnt, each Trustor agrecs 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 fulUre obligations are secured by this Security Inslrumenl even though all or part may not
<br />yet be advanced. All future advances and other futurc obligations are secured as if made on the dale of this Security
<br />Instrwnent. Nothing in this Security Instrwnent 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 prohibitcd by law, including,
<br />but not limited to, liabilities for overdrafts relating 10 any deposit account agrcement bctween Trustor and
<br />Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, prescrving or otherwise protecting
<br />the Property and its value and any other swns advanced and expenses incurred by Beneficiary under the terms of this
<br />Security Instrwnent.
<br />This Sccurity Instrumcnt will not secure any other debt if Beneficiary fails to give any rcquired notice of tile right of
<br />rescission.
<br />5. PAYMENTS. Trustor agrees that all payments under the Secured Debt will be paid whcn duc and in accordancc with thc
<br />terms of the Secured Debt and this Security Instrwnent.
<br />6. WARRANTY OF TITLE. Trustor warrants that Truslor is or will be lawfully seized of thc cstatc convcycd by this
<br />Security Instrwnent and has the right 10 irrevocably grant, convey, and sell the ProperlY to Trustce, in trust, with powcr 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 licn
<br />documcnt that crcatcd a prior security intcrcst or cncumbrancc on the Property, Trustor agrees:
<br />A. To make all payments when due and to perform or comply with al1 covenants.
<br />B. To prompLly deliver 10 Beneficiary any notices Ihal Trustor receives from the holdcr.
<br />C. Not to allow any modification or extension of, nor 10 request any future advanccs undcr any notc or agrcement
<br />secured by the lien docwnenl without Beneficiary's prior written consent.
<br />8. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbranccs, lease paymcnts, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may requirc Trustor to providc to Bcncficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's paymcnt. Trustor will defcnd title 10
<br />the Property against any claims that would impair the lien of this Security Instrumcnt. Trustor agrees to assign 10
<br />I3cncficiary, as rcqucstcd by I3eneficiary, any rights, claims or defenses Trustor may have against partics who supply labor
<br />or materials to maintain or improvc thc Propcrty.
<br />9. DUE ON SALE OR ENCUMBRANCE. Bcncficiary may, at its option, declare the entire balancc of thc Sccurcd Dcbt to
<br />be immediately due and payable upon the creation of, or contract [or thc crcation of, any lien, encumbrance, transfer or
<br />sale of the Property. This right is subject to the restrictions imposcd by fcdcrallaw (12 C.P.R. 591), as applicable. This
<br />covenant shall run with the Property and shall remain in effect until the Secured Dcbt is paid in full and this Security
<br />I nstrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will kcep the Property in good condition
<br />and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or
<br />deterioration of the Property. Trustor will keep the Property free of noxious wccds and grasses. Trustor agrees that the
<br />nalUre of the occupancy and use will not substantially change without I3encficiary'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 thc
<br />Property.
<br />Beneficiary or Beneficiary's agenls may, at Beneficiary's option, enter the Propcrty at any reasonable time for the purpose
<br />of inspecting the ProperlY. Beneficiary shall give Trustor notice at thc time of or before an inspection specifying a
<br />reasonable purpose for Ihe inspection. Any inspection of the Properly shal1 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 o[ thc covcnants contained in this Security
<br />Instrumcnt, Bcneficiary may, without notice, perform or cause them to be perfonned. Trustor appoints Beneficiary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary [or pcrfonnance. Beneficiary's right to perfonn [or
<br />Trustor shall not create an obligation to perfonn, and Bcncficiary's failurc 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 Property
<br />is discontinued or not carricd on in a reasonable manner, Beneficiary may take al1 steps ncccssary to protcct I3eneficiary's
<br />security interest in tbc Propcrty, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and convcys, to Trustee, in trust for the
<br />benefit of Beneficiary as additional security all the right, title and interest in the following (all rc[errcd to as Property):
<br />existing or fUlUre leases, subleascs, liccnscs, guarantics and any other wriuen or verbal agrccmcnts for thc use and
<br />occupancy of the Property, including any extensions, renewals, modifications or replacements (all referred to as Leases);
<br />and rents, issues and profits (all referred to as Rents). In the cvent any item listed as Leases or Rents is detennincd to bc
<br />personal property, this Assignment will also be regarded as a security agrcement. Trustor will promptly provide
<br />Bencficiary with copies of the Leases and will certify tbese Leases arc true and corrcct copies. The existing Leases will be
<br />provided 011 exccntion of thc Assignment, and all future Leases and any other infonnation with rcspcct to thcsc Lcases will
<br />be provided iuunediately after they are executed. Trustor may collect, rcccivc, cnjoy and use the Rents so long as Trustor
<br />is not in defanlt.
<br />Upon dcfault, Trustor will receive any Rents in trust for Beneficiary and will not commingle tbe Rents witb any other
<br />funds. Trustor agrees that this Sccurity Instrumcnt is lllllncdiately effective between Trustor and Bcncficiary and effective
<br />as to third parties on the rccording of this Assignmcnt. As long as this Assignment is in cffcct, Trustor warrants and
<br />represents that no default exists under the Leases, and the parties subjcct to the Lcases 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 thc
<br />provisions of any lease if this Security Instrument is on a leasehold. If the Propcrty includes a unit in a condominium or a
<br />planncd unit dcvelopment, Trustor will perform all of Trustor's duties under the covcnants, by-laws, or regulations of the
<br />condominium or planned unit development.
<br />
<br />E..<jJe~ @ 1994 Bankers Systems, Inc" St. Cloud, MN Form RE-DT-NE 1/30/2002
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<br />QA, (page 2 of 4)
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