200806291 - Laserfiche WebLink

Browse

200806291 B. All future advances from Beneficiary to Trustor 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 after this Security Instrument whether or not this 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 incurred by anyone or more Trustor, or anyone or more Trustor and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obhgations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All other obligations Trustor owes to Beneficiary. which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for insuring. preserving or otherwise protectin$ the Property and its value and any other sums advanced and expenses' incurred by Beneficiary under the terms of thiS Security Instrument. In the event that Beneficiary fails to provide any required notice of the right of rescission, Beneficiary waives any subsequent security interest in the Trustor's principal dwelling that is created by thts Security Instrument. 5. DEED OF TRUST COVENANTS. Trustor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If Trustor breaches any covenant in this section. Beneficiary may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Trustor's breach. Beneficiary does not waive Beneficiary's right to later consider the event a breach if it happens again. Payments. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 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 encumbrance on the Property. Trustor agrees to make all payments when due and to perform or comply with all covenants. Trustor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Beneficiary's prior wntten approval. Claims Against Title. Trustor will pay all taxes (including any tax assessed to this Deed of Trust). assessments, liens. encumbrances. lease payments, ground rents. utilities, and other charges relating to the Property when due. Beneficiary may re9uire Trustor to provide to Beneficiary copies of all notices that such amounts are due and the 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 tmprove the Property. 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 agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any change in any license. restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands, proceedings. claims, and actions against Trustor. and of any loss or damage to the Property. --'- - BenefieiaryorBenefiCiary'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 inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection. Authority to Perform. If Trustor fails to perform any duty or any of the covenants contained in this Security Instrument. Ben~ficiary mar, without notice. perform or cause th~m to be performed. TJ;U~tor aPl?oints Beneficiary as attorney in fact to sign Trustor s name or pay any amount necessary for performance. Beneflctary's nght to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Benetkiary from exercising any of Beneficiary's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Trustor a$rees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a Untt in a condominium or a planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. Condemnation. Trustor will give Beneficiary prompt notice of any pending or threatened action. by private or public entities to purchase or take any or all of the Property through condemnation. eminent domain, or any other means. Trustor authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. Insurance. Trustor shall keep Property insured against loss by fire, flood. tlteft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Beneficiary requires. What Beneficiary reg,uires pursuant to the preceding two sentences can change during the term of the Secured Debt. The insurance carrier providmg the insurance shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above. Beneficiary may, at Beneficiary's option. obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Trustor shall immediately notify Benetlciary of cancellation or termination of the insurance. Beneficiary shall have the right to hold the poliCies and renewals. If Beneficiary requires. Trustor shall immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss. Trustor shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor . Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Proferty or to the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principa shall not extend or postpone the due date of the scheduled payment nor change tlte amount of any payment. Any excess will be paid to the Trustor. If the Property is acquired by Beneficiary. Trustor's ri$ht to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition. Ail,) (P8~~~. ~ @ 1994 Bankors Systoms, Inc.. St: Cloud. MN Form OCP-REDT-NE 5/10/2005 ~ ~ e e