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'-~'~'~M_'.~__.~~'-------r-_~,__".,'U~~~'_',."~_~..............-.~",,,","~~_____._.___.,_",~."_,"_,.,,__~~~,~,~~------.........,.._,,.~__ 200806528 B. All f~ture advances from Beneficiary to Tl'lIstor or other future obligations of Trustor to BencfiCiary under any proml.ssorY,note, contract, guantnW, or other evidence of debt executed by Tl'lIstor in favor of Beneficiary after this Secunty Instrument whether or fiotthis Security Instl'llment'is specifically referenced. If more than one person signs this Security Instrument, each Trust.or agrees that this Security Instrument will secure all futun~ advances and future obligations 'that are given to or, incurred by anyone 01' more Trustor, or anyone or more 'frustor and others. All future advances and otherfutur~ obligation~ are secured. by this Security Instrument even though allor part may not yet be advanced. All future advances aild other,future obligations 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 obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited bylaw, 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 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 Instnunent will not secure any other debt if Beneficiary fails to give any required notice ofthe right of l'escissiori: .', ' , . 5, PA YMENTS, 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. 6, WARRANTY OF TITLE. Trustor warrants that Trustor 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 trllst, with power of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances 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 encumbrance 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 that Trustor receives from theholdeL C. Not to allow any modification or extension of, nor to request any future advances under any note or agreemel1l secured by the lien document without Beneficiary's prior written consent. 8, CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments,. liens, encumbrances, lease paymellts, 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 the receipts evidencing Tmstor'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 maintain 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 of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in erfed lIntil the Secured Debt is paid in full and this Sl:curity Instl'llment is released. " ", ',' ' " lO:'PROPER'T'Y CONDITtUN,'KCTERA't'IONSAND INSPECrION,'l'ruslorWUlkeep the Propettj iii g66Cltoildition 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 Propertyfr~eof noxious weeds and grasses. Trustoragrees 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. Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable timl: ti)r 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. 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 amount necessary for performance. Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform wi1lnot 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 manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of the construction. 12, ASSIGNMENT OF LEASES AND RENTS, Trustor irrevocably assigns, grants and conveys, to Trustee, in trust for the benefit of Beneficiary as additional security all the right, title and interest in the following (all referred to as Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals,.modificatiol1s or replacements (all referred to as Leases); and rents, issues and profits (allreferred to as Rents). In the eventany item listed as Leases or Rents is determined to be perSonal property, this Assignment will also be regarcfed as a security agreement. Trustor will promptly provide Beneficiary with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment,and all [llture Leases and any other information with respect to these Leases will be provided immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default. Upon default, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rcnts with any other funds. Trustor agrees that this Security Instrument is immediately effective between Trustor and Beneficiary and effective as to third parties on the recording of this Assignment. As long as, this Assignment is in effect, TflIstor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law cmleases ; licenses andlandlorMaml tenants. 13i"LEASEHOLDS~ CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS, Trustor agrees to comply with the provisions of any lease' if this Security Instrument is Dna' leasehold. If the Property includeS a unit in a condominium or a . planned ,unit development,iTrustorWi1l;perform all ofTrustol"sduties under' thecov.enants, by-laws,oN'egulations of the condominiulnor planned unit development. (page 2 of 4) ~ @1994 Bankors SY'I.m..lnc.. 51. Cloud, MN Form RE.DT.NE 1/30/2002