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2oioa7�4� <br />.. F � „ <br />,. �k, � ,,e(z <br />MAXIMUM OBLIGATION LIMIT. The total principal amount of the 5ecured pebt (hereafter defined) secured by ihis <br />beed of Trust at any one time shall not exceed $ 150,000,00 . This limitatian of amount <br />does not include interest, loan charges, commitment fees, brnkerage commissions, attorneys' fees and other charges <br />validly made pursuant to this Deed of Trust and does not apply to advances (or interest accrued on such advances) <br />made under the terms of this Deed of Trust to protect Beneficiary security and to perform any of the cnvenants <br />conteined in this Deed of 7rust, Future advances are contemplated and, along with other future obligations, are <br />secured 6y this Deed of Trust even though all or part may not yet be advanced. Nothing in this Deed of Trust, <br />hnwever, shall constitute a commitment to make additianal or future loans or advances in any amount. Any such <br />enmmitment would need to f�e agreed to in a separate writing. <br />4. SECUFtED DEBT �EFINED. The term "Secured Debt" includes, hut is not limited to, the following: <br />A. The promissory nnte�s►, contract(s►, guaranty(ies� or other evidence of debt described below and all extensions, <br />renewals, modifications or su6stitutions (Evidence of pebt►. (When referencinJ the debts below it is suggester� <br />that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc.J <br />Heritage Bank Loan/l 3300802 of Even �ate Herewith <br />B. All future advances from Beneficiary to Trustor or other future obligations nf Trustor to Beneficiary under any <br />promissory note, contract, guaranty, or other evidence of debt existing now or executed after this peed of Trust <br />whether or not this Deed of Trust is specifically referred to in the evidence of debt. <br />C. All obligations Trustor owes to Beneficiary, which now exist ar may later arise, to the extent not prohibited by <br />law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between <br />Trustar and Beneficiary, <br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or oth�rwise <br />protecting the Property and its value and any other sums advanced and expenses incurred hy Beneficiary under <br />the terms of this peed of Trust, plus interes# at the highest rate in effect, frnm time to time, as provided in the <br />�vidence of Debt. <br />E. Trustor's performance under the terms of any instrument evidencing a debt by Trustor to Beneficiary and any <br />�e�d of Trust securing, guarantying, or atherwise relating to the debt, <br />If more than one person signs this qeed af Trust as Trustor, each Trustor agrees that this Deed of Trust will secure all <br />future advances and future obligations described above that are given tn nr incurred by any one or more Trustor, or <br />any one or rnore Trustor and others. This peed caf Trust will not secure any ather debt if B�neficiary fails, with respert <br />to such other de6t, to make any required disclosure about this Deed of Trust or if Beneficiary fails to give any required <br />notice of the right of rescission. <br />5. PAYMENTS. Trustor agrees to make all payments on the Secured Debt when due and in ar,cordance with the terms of <br />the Evidence of Debt or this Deed of Trust. <br />6. WARRANTY OF TITLE. Trustor covenants that Trustor is lawfully seized of the estate conveyed by this Deed of Trust <br />and has the right to irrevocably grant, convey and sell to Trustee, in trust, with pow�r of sale, the Property and <br />warrants that the Property is unencumbered, except for encumbrances of record. <br />7. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease p�yments, ground rents, <br />utilities, and 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 rac�ipts evidencing Trustvr's payment. Trustor will defend title <br />to the Property against any claims that would impair the lien of this Deed of Trust. Trustor agrees ta assign to <br />Beneficiary, as requested by Beneficiary, any rights, claims or defenses which Trustor may have against parties who <br />supply la6or �r rnaterials tn improve or maintain the Property. <br />8. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien <br />docurnent that created a prior security interest or encumbrance on the Property and that may have priority over this <br />Deed of Trust, Trustor agrees: <br />A. To make all payments when due and to perfnrm or comply with ail covenanSs, <br />B. To promptly deliver to Beneficiary any notices that Trustor receives from the holder. <br />C. Not to make or permit any modification or extension oF, and not to request or accept any future advances under <br />any note or agreement secured 6y, the nther mortgage, deed of trust nr security agreement unless Beneficiary <br />consents in writiny. <br />9. dU� ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance nf the Secured Debt to <br />be immediately due and payable upon the creation vf any lien, encum6ranca, transfer, or sale, or contract for any of <br />these on the Property. However, if the Property innludes Trustor's residence, this ser,tion shall be subject to the <br />restrictions imposed by federal law (12 C,F,R, 591�, as applicable. Fnr the purposes of this section, the terrn <br />"Property" also includes any interest to all or any part of the Property. This covenant shall run with the Property and <br />shall remain in effect until the Secured Debt is paid in full and this Deed of Trust is released. <br />10. 7RpNSFER OF AN IN7EREST IN TWE GRANTOR, If Trustor is an entity ather than a natural person (such as a <br />corporation or other organizatian►, Beneficiary may demand immediate payment if (1) a beneficial interest in Trustor is <br />sold or transferred; (2) there is a change in either the identity or number of inembers a partnership; or (3) there is a <br />! � I �,� _ A l/�/� lpage Z of 8) <br />M %/�l/I// � � � <br />��� (�) 1993, 2001 8ankars Systems, Inc„ St. Cloud, MN Form AGCO-RE5I-NE 1/17/lOQ3 %/`J <br />