|
200501'202
<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 Instrument 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
<br />advances and future obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor
<br />and others. All future advances and other future obligations are secured by this Security Instrument even though all
<br />or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date
<br />of 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 other obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law,
<br />including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between
<br />Trustor and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise
<br />protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under
<br />the terms of this Security Instrument.
<br />In the event that Beneficiary fails to provide any necessary notice of the right of rescission with respect to any
<br />additional indebtedness secured under paragraph B of this Section, Beneficiary waives any subsequent security
<br />interest in the Trustor's principal dwelling that is created by this Security Instrument (but does not waive the
<br />security interest for the debts referenced in paragraph A of this Section).
<br />5. DEED OF TRUST COVENANTS. Trustor agrees that the covenants in this section are material obligations under
<br />the Secured Debt and this Security Instrument. If Trustor breaches any covenant in this section, Beneficiary may
<br />refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Trustor's
<br />breach, Beneficiary does not waive Beneficiary's right to later consider the event a breach if it happens again.
<br />Payments. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with
<br />the terms of the Secured Debt and this Security Instrument.
<br />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 to make all
<br />payments when due and to perform or comply with all covenants. Trustor also agrees not to allow any modification
<br />or extension of, nor to request any future advances under any note or agreement secured by the lien document
<br />without Beneficiary's prior written approval.
<br />Claims Against Title. Trustor will pay all taxes (including any tax assessed to this Deed of Trust), assessments, liens,
<br />encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due.
<br />Beneficiary may require Trustor to provide to Beneficiary copies of all notices that such amounts are due and the
<br />receipts evidencing Trustor's payment. Trustor will defend title to the Property against any claims that would impair
<br />the lien of this Security Instrument. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights,
<br />claims or defenses Trustor may have against parties who supply labor or materials to maintain or improve the
<br />Property.
<br />Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and make all repairs
<br />that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of the
<br />Property. Trustor agrees that the nature of the occupancy and use will not substantially change without Beneficiary's
<br />prior written consent. Trustor will not permit any change in any license, restrictive covenant or easement without
<br />Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions
<br />against Trustor, and of any loss or damage to the Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the
<br />purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection
<br />specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's
<br />benefit and Trustor will in no way rely on Beneficiary's inspection.
<br />Authority to Perform. If Trustor fails to perform any duty or any of the covenants contained in this Security
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform
<br />for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary
<br />from exercising any of Beneficiary's other rights under the law or this Security Instrument.
<br />Leaseholds; Condominiums; Planned Unit Developments. Trustor agrees to comply with the provisions of any lease if
<br />this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit
<br />development, Trustor will perform all of Trustor's duties under the covenants, by -laws, or regulations of the
<br />condominium or planned unit development.
<br />Condemnation. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means.
<br />Trustor authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor
<br />assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking
<br />of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this
<br />Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security
<br />agreement or other lien document.
<br />Insurance. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the
<br />periods that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described
<br />above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property
<br />according to the terms of this Security Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause"
<br />and, where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination
<br />of the insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br />immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made
<br />immediately by Trustor.
<br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property
<br />or to the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principal
<br />shall not extedd or postpope the due date of the scheduled payment nor change the amount of any payment. Any
<br />excess will be paid to the Trustor. If the Property is acquired by Beneficiary, Trustor's right to any insurance policies
<br />and proceeds resulting from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the
<br />Secured Debt immediately before the acquisition.
<br />(pa of )
<br />0 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP- REDT -NE 1/13/99 OKI-
<br />
|