|
<br />....-
<br />
<br />200902221
<br />
<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 executed
<br />after this Security Instmment whether or not this Security Instrument is specifically referenced. If more than one
<br />person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances
<br />and future obligations that are given to or incurred by anyone or more Trustor, or anyone or more Trustor and
<br />others. All future advances and other future obligations are secured by this Security Instmment even though all or
<br />part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of
<br />this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or
<br />future loans or advances in any amount. Any such commitment must be agreed to in a separate writing.
<br />C. All ~bl\gations T~s~~r owes to Beneficiary,. which may later arise, to the extent not prohibited by law, including, but
<br />not llIIuted to, hablhtles for overdrafts relatmg to any deposit account agreement between Tmstor and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting
<br />the P~operty and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this
<br />Secunty Instrument.
<br />
<br />Thi~ S.ecurity Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of
<br />reSCISSIOn.
<br />
<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 the Secured Debt and this Secunty Instrument.
<br />
<br />6. W A~ANTY OF TITLE. Tru~tor w~rrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Secunty Instmment and has the fight to Irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />
<br />7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
<br />document 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 Tmstor receives from the holder.
<br />C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement
<br />secured by the lien document without Beneficiary's prior written consent.
<br />
<br />8. CLAIMS AGAINST TITLE. Tmstor 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 Tmstor 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 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 />
<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, transfer or sale of all or any part of the Property. This right is subject
<br />to the restrictions imposed by federal law (12 C.P.R. 591), as applicable. This covenant shall run with the Property and
<br />shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released.
<br />
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good condition and
<br />make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of
<br />the Property. Tmstor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the
<br />occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will1'1Ot permit any
<br />change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify
<br />Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br />
<br />Beneficiary or Beneficiary's agents n~ay, at Beneficiary's option,. enter the P~operty at any reasona~le tim~ for the YU!pose
<br />of inspecting the Property. BenefiCiary shall gIve Trustor notice at the time of or before a~ 1OspectlOn speclfY10g a
<br />reasonable purpose for the inspection. Any inspection of the Property shall be entirely for BenefiCIary's benefit and Tmstor
<br />will in no way rely on Beneficiary's inspection.
<br />
<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contain.ed in this S~curity
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trust?r appo.mts BenefiCIary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. BenefiCIary s nght to pe~form for
<br />Trustor shall not create an obligation to perform, and Benefic!ary's f~ilure to perform will not precl.ude BenefiCIary fro~
<br />exercising any of Beneficiary's other rights under the law or thiS .Secunty Instrument. If any constmctlOn on the Prop~11Y !S
<br />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 />
<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 the right, title and interest i~ the following (all referred to as Property):
<br />existing or future leases, subleases, licenses, g.uaranties and any ~ther .wntten or verbal agreements for the use an~
<br />occupancy of the Property, including any extenSIOns, renewals, modlfic::lt1ons. or replacements (all ref~rred to a~ Leases),
<br />and rents, issues and profits (all refe~red to as Rents). In the eve~t any Item lIsted as Lea~es or Rents IS de.termmed y:~ be
<br />personal property, this Assignment WIll also be regarded as a secunty agreemen.t. Trustor ~Il! promptly p~ovlde Ben~flclary
<br />with copIes of the Leases and will certify these Leases are true an~ correct. COpI~S. The eXlst10g Leases WIll ~e provlde~ on
<br />execution of the Assignment. and all future Leases and any other mfonpatlOn with respect to these Leases WIll be provld~d
<br />immediately after they are executed. Trustor may collect, receIve, enJoy and use the Rents so long as Trustor IS not 10
<br />
<br />default.
<br />
<br />Upon default, Trustor will receive .any Rents in ~ru.st for ~eneficiary. and will not commingle the R~nts with any.other
<br />funds. Trustor agrees that this Secunty Instrument IS ImmedIately .effect!ve betw~e~ Trustor and BenefiCIary and effective as
<br />to third parties on the recording of this Assigmnent. As long as thIS ASSIgnment IS 111 effect, Trustor warrants and represents
<br />that no default exists under the Leases, and the parties subject to the Leases have not VIOlated any apphcable law on leases,
<br />
<br />licenses and landlords and tenants.
<br />
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. :Trustor agre~s. to comply. ~ith the
<br />provisions of any lease if this Security Instrument is on a leasehold.. If the Property mc\udes a umt m a cOndjm.mmm th a
<br />planned unit development, 'frustor will perform all of Trustor's duties under the covenants, by-laws, or regu atlOns 0 t e
<br />
<br />condominium or planned umt development.
<br />
<br />(page 2 of 4)
<br />
<br />01994 Wolters Kluwer Financial Servicas - Bankers Systems'M Form RE-OT-NE 1211512006
<br />VMP@-C165(NE) (070BI
<br />
|