|
<br />
<br />
<br />
<br />
<br /> 241005071
<br /> B. All future advances from Benefic' ry to "ru for r oth f re obligations of Trustor to Beneficiary under any
<br /> promissory note, contract, guarant o of er vid Jill' ce o b'' xecuted by Trustor in favor of Beneficiary after this
<br /> Security Instrument whether or not hi, Se uri I trumc n is ecifically 'referenced. If more than one person signs
<br /> this Security Instrument, each Trus r r s t at is Secu ity ustrument will secure all future advance's and future
<br /> obligations that are given to or in( rr h a or m re rustor, or any one or more Trustor and others,; All
<br /> future advances and other futureob igiar ssed by thiSecur'ity Instrument. even though all or part nrianot
<br /> yybe advanced. Allfuture advanc aher 1'ueDbl►g'tiare sectired as if made on the date of th;i`s Security
<br /> Instrument. Nothing in this Sect it In tren sl coast ute a commitment to make 'additional or future loans or
<br /> advances in any amount. Any such c m i In. ust be agre d 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 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 otCler sums advanced and expenses incurred by Beneficiary under the terms of this
<br /> Security Instrument.
<br /> In the event that Beneficiary Fails to provide any required notice of the right of rescission, Beneficiary waives any
<br /> subsequent security interest in the Trustor's principal dwelling that is created by this Security Instrument.
<br /> 5. DEED OF TRUST COVENANTS. Trustor agrees that the covenants in this section are material obligations under the
<br /> Secured Debt and this Security Instrument. If Trustor breaches any covenant in this section, Beneficiary may refuse to
<br /> make additional extensions of credit and reduce the credit limit. By not. exercising either remedy on Trustor's breach,
<br /> 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 the
<br /> 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 document that
<br /> created a prior security interest or eacutnbrance on the Property, Trustor agrees to make all payments when due and to
<br /> perform or comply with all covenants. Trustor also agrees not to allow any modification or extension of, nor to request
<br /> any future advances under any note or agreement secured by the lien document without Beneficiary's prior written
<br /> 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 Beneficiary
<br /> may require Trustor to provide to Beneficiary copies of all notices that such,amounts are due and.the receipts evidencing
<br /> Trustor s payment. Trustor will defend title to the Property against an claims that would irn.pair the lien of this Security
<br /> Instrument. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Trustor
<br /> may have against parties who supply labor or materials to maintain or unprove the 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 conunit or allow any waste, impairment, or deterioration of the Property.
<br /> Trustor a Trees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written
<br /> consent. rustor will not pennit any change in any license, restrictive covenant or easement without Beneficiary's prior
<br /> written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of
<br /> 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 purpose
<br /> of inspecting the Property. Beneficiary shall give Trustor notice at the tinre of or before an inspection specifying a
<br /> reasonable purpose for the inspection. Any inspection of the Properly shall be entirely for Beneficiary's benefit and
<br /> Trustor will ►n no way rely on Beneficiary's inspection.
<br /> Authority to Perform. If Truster fails to perform any duty or any of the covenants contained in this Security Instrument,
<br /> Beneficiary may, without notice, perform or cause them to be performed. Truster appoints Beneficiary as attorney in fact
<br /> to Sign Trustor s name or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall not
<br /> create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br /> Beneficiary's other rights under the law or this Security Instrument-
<br /> Leaseholds; Condominiums Planned Unit. Developments. Truster agrees:.to comply with the pprovisions of any lease if
<br /> this Security Instrument is on a leasehold. If the Property..iucludes a,.unit,m a condominium or aplanned.unit,development,
<br /> Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the condominium or planned
<br /> unit development.
<br /> Condemnation. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or ppublic
<br /> entities to purchase or take any or all of the Property through condemnation, eminent. domain, or any other means. Trustor
<br /> authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to
<br /> Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br /> part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security
<br /> Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br /> other lieu 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. What Beneficiary requires pursuant to the preceding two sentences can change during the
<br /> tern of the Secured Debt.. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's
<br /> approval, which shall not be unreasonably withheld, If Trustor fails to maintain the coverage described above, Beneficiary
<br /> may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this
<br /> Security Instrument,
<br /> All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and,
<br /> where applicable, "loss payee clause. " Trustor shall b mmediately notify Beneficiary of cancellation or termination of the
<br /> insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br /> inunediately 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 niumediately by
<br /> "Truslor.
<br /> Unless, otherwise agreed in writing', all insurance proceeds shall be'applied to the restoration or repair, of the Property or to
<br /> the Secured Debt, whether or not alien due; at Beneltcia y's option„ Any application of proceeds to principal shall not
<br /> extend or postpone the due date of the scheduled payment not, change the arliouut of any payment. Any excess will be paid
<br /> to the Trustor. If the Property is acquired by Beuefficiary,' Trusto'r's rrghl "to any insurance policies and ` proceeds resulting
<br /> from damage to the Property before the acquisition Shall pass to Beneficiary to the extent of the Secured Debt in niediately
<br /> before the acquisition. (page 2 of 4)
<br /> Je ® (0 1994 bankers Systems, Inc., St. Claud, MN Form OC.P-REDT-NE 5/10/2005
<br />
|