201002594 - Laserfiche WebLink

Browse

~ r' p f ~ • 1. ~i 27. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Deed of Trust, or to any other address designated in writing, Notice to one tustor will be deemed to be notice to all trustors. 28. U.C.C. PRQVISIONS. If checked, the following are applicable to, but do not limit, this peed of Trust: ^ Construction Laan. This Deed of Trust secures an obligation incurred for the construction of an improvement on the Property. I$I Fixture Filing. Trustor grants tv Beneficiary a security interest in all goods that Trustor owns now or in the future and that are or will become fixtures related to the Property. ^ Crops; Timbsr; Minerals; Rents, Issues and Profits. Trustor grants to Beneficiary a security interest in all crops, timber, and minerals Iccated on the Property as well as all rents, issues, and profits of them including, but not limited to, all Conservation Reserve Program (GRP) and Payment in Kind (PIK) payments and similar governmental programs (all of which shall also be included in the term "Property"1. ~ Personal Property. Trustor grants to Beneficiary a security interest in all personal property located on or connected with the Property, This security interest includes all farm products, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and all other items of personal property Trustor owns now or in the future and that are used or useful in the construction, ownership, operation, management, _.. _ _. --- - o~.maintenanca of..the Property. The term "personal property",.specifically excludes that property described as "household goods" secured in connection with a "consumer" loan as those terms are defined in applicable federal regulations governing unfair and deceptive credit practices. ^ Filing As Financing Statement. Trustor agrees and acknowledges that this Deed of Trust also suffices as a financing statement and as such, may be filed of record as a financing statement of purposes of Article 9 of the Uniform commercial Code. A carbon, photographic, image or other reproduction of this Deed of Trust is sufficient as a financing statement. 29. OTHER TERMS. If checked, the following are applicable to this Deed of Trust: ^ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this peed of Trust will remain in effect until released. ^ Agricultural Property. Trustor covenants, and warrants that the Property will be used principally for agricultural yr farming purposes and that Trustor is an individual or entity allowed to own agricultural land as specified by law. ^ Separate A6~i.ghrr~ent. The Trustor hasexecuted ar will execute a separate assignment of leases and rents. If the separate ''assignment of leases and rents is properly executed and recorded, then the separate assignment will supersede this Security Instrument's "Assignment of Leases and Rents" section. ^ Additional Terms. rnage r Ar s~ ~"" ©1993, 2001 6ankars Syst®ms, Inc., St. Cloud, MN Form AGCO-RE5I-NE 1/17/2003