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<br />200900318
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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 otber evidence of debt executed by Trustor in favor of Beneficiary aftcr tbis
<br />, Security Instrument wbether' or not tbisSecurity Instrument is specifically referenced; If more than one person signs
<br />.tbis. Security lostrument,eacb Trustor'agrees. tbat . this' Security lnstrwnent Will .secure. all . future advances and future
<br />obligations tbat are given to br:incu:tfed by anyone or more Trustor ,orany one or more Trustor and'otbers. All
<br />future advances and otbcr future obligations are secured by tbis' Security Instrument even though all or part may not
<br />yet be advanced. ,All future-advances' and other Jutl1re obligations are secured as if made on the date of this Security
<br />Instrument Notbing in this SecuriWlnsttumentshallconstitute 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 prohibited by law, including,
<br />but not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor 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 expenscs incurred by Beneficiary under the terms of this
<br />Security Instrument.
<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 />terms of tbe Secured Debt and this SecuritY Instrument
<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 bas tbe right to irrevocably grant, convey, and sell tbe Property to 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 agreem.cnt or other lien
<br />document that created a prior security interest or encumbrance on the Property, Trustor agrees:
<br />A. To make all paymentswben 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. Nolto allow any modification or extension of, nor to request any future advances under any note or. agreement
<br />secured by theliendocUinentwithout Beneficiary's prior written consent.
<br />S; . CLAIMS AGAINST TITLE. TrustorwiU pay>all(~axes:;assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, arid 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 tbat 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 to 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 CONDITIONpALTERATIONS 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, impairment, or
<br />deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the
<br />nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not
<br />permit 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 sball give Trustor notice at the time of or before an inspection specifying a
<br />reasonable purpose for thc; inspection. Any. inspection of the Property shall be entirely for Beneficiary's benefit and
<br />Trustor w.iU in no way, rely' 0:1).' Beneficiary' ~ . inspection.
<br />11. AUTIlORITY TO PERFORM.. ,If Trustor fails to perform any Quty or any of the. covenants contained in this Sccurity
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fact to sign Tl1llltor's name or pay any amount necessary forperfonnancc. Beneficiary's right to perform for
<br />Trustor shall not create an obligation to perfonn, and Beneficiary's failure to perfonn will not preclude Beneficiary from
<br />exercising any of Beneficiary's other rights under tbe law or this Security Instrument If any construction on the Property
<br />is 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.
<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 tbe right, title and interest in the following (all referred to as Property):
<br />existing or future leases, subleases, Licenses, guaranties and any otber written 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, issues and profits (all referred to as Rents). In the event any item listed as Leases or Rents is detennined to be
<br />personal property, tbis Assignment will also_ be regarded as a security agreement. Trustor will promptly provide
<br />Beneficiary with copies of tbe Leases and will certify these Leases are true and correct copies. The existing Leases will be
<br />provided on execution of the Assignment, and all future Leases and any other information with respect to tbese Leases will
<br />be provided immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so long as Trustor
<br />is not in default
<br />Upon default, 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 Instrument is immediately effective between Trustor and Beneficiary and effective
<br />as to third parties on the recording of tbis Assignment As long as this Assignment is in effect, Trustor warrants and
<br />represents that no default exists under the Leases, and the parties subject to the Leases bave 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 tbe
<br />provisions of any. lease if this .' Security Jnstrument is on a leasehold...If the Property includes a unit in a condoDlinium or a
<br />planne.d.nniL develop1l1ent,. T:r:ustOT; wilL perfonn' aU of. Trustor~ s'. dutie~ under. tbe cQve,1J,8.nts, by-laws, pr regulations of the
<br />"condominium or planned unitdevelopnle,nt. . . .
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<br />~ @1994BankorsSystems.lnc..St. Cloud, MN Form RE-DT-NE 113012002
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<br />T) .ft (page 2 of 4)
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