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<br />3. MAXIMUM QBLIGA7I�N LIMI7. The tatal principal amount of the Secured Debt (hereafter defined) secured by this
<br />Deed of Trust st any ane time shall not exceed 5 48 000.00 . This limitation af amount
<br />does not include interest, loan charges, commitment fees, brokerage commissions, attarneys' 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 covenants
<br />cantained in this Deed of Trust. Future advances are contemplated and, along with other future obligations, are
<br />secured by this Deed of Trust even though all or part may not yet be advanced. Nothing in this Deed of Trust,
<br />however, shall constitute a commitment to make additional or future laans or advances in any amount. Any such
<br />commitment would need to be agreed to in a separate writing.
<br />4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following:
<br />A. The promissory note�s�, contract(s►, guaranty�ies) or other evidence of debt described below and all extensions,
<br />renewals, modifications or substitutions (Evidence of Deht1. (When referencing the debts be%w it is suggested
<br />fhat you include items such as borrowers' names, note amounts, interest rates, maturity dates, etcJ
<br />Note in the amount of 546,000.00 executed 6y TNT Investments, LI.0 and executed 6y Terry L. Ba6cack and Tracy L. Babcock,
<br />Members
<br />B. All future advances from Beneficiary to Trustor or other future abligations of Trustor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Deed of Trust
<br />whether or nat this Deed of 7rust is specifically referred to in the evidence of debt.
<br />C. All obligations Trustor owes to Beneficiary, which now exist or may later arise, to the extent not prohibited by
<br />law, including, but not limited to, liabilities for overdrafts relating to any deposit account sgreement between
<br />Trustor and Beneficiary.
<br />b. All additional sums advanced and expenses incurred hy �eneficiary for insuring, preserving ar otherwise
<br />protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under
<br />the terms of this Deed of Trust, plus interest at the highest rate in effect, fram time to time, as provided in the
<br />Evidence of Debt.
<br />E. Trustor's performance under the terms of any instrument evidencing a debt by Trustor to Beneficiary and any
<br />peed of Trust securing, guarantying, or ntherwise relating to the debt.
<br />If more than one person signs this Deed of Trust as Trustor, each Trustor agrees that this Deed of Trust will secure all
<br />future advances and future obligatians described above that are given to or incurred by any one or more Trustor, or
<br />any one or more Trustor and others. This Deed of Trust will not secure any ather debt if Beneficiary fails, with respect
<br />to such ather debt, 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 paymants on the 5ecured Debt when due and in accordance with the terms of
<br />the Evidence of Debt or this Deed of Trust.
<br />6. WARRANTY OF 717LE. Trustor covenants that Trustor is lawfully seized nf the estate cnnveyed by this Deed af Trust
<br />and has the right to irrevocably grant, convay and sell to Trustee, in trust, with power of sale, the Property and
<br />warrants that the Property is unencumbered, except for encumbrances vf record.
<br />7. CLAIMS ACiAINST TITLE. Trustor 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 Trustor 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
<br />to the Property against any claims that would impair the lien nf this Deed of Trust. Trustor agrees ta assign to
<br />Beneficiary, as requested by Beneficiary, any rights, claims or defenses which 7rustor may have against parties who
<br />supply labor or materials to improve or maintain the Property.
<br />8. PRIOR SECURITY INTERESTS. With regard to any other mortgsge, deed af trust, security agreement or other lien
<br />document that created a prior security interest or encumbrance on the Property and that may have priority vver this
<br />beed of Trust, 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 Trustor raceives 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 by, the other mortgage, deed of trust or security agreement unless Beneficiary
<br />cansents in writing.
<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 any lien, encumbrance, transfer, or sale, or contract for any of
<br />these nn the Property. However, if the Property includes Trustor's residence, this section shall be subject to #he
<br />restrictions impased by federal law (12 C.F.R. 591), as applicable. For the purposes of this section, the term
<br />"Property" also includes any interest to all or any part of the Property. This covenant shall run with the Property and
<br />shall remsin in effect until the Secured Debt is paid m full and this Deed of Trust is released.
<br />10. TRANSFER OF AN INTERES7 IN THE GRAN70R. If Trustor is an entity other 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 inem6ers of a partnership; or (3) there is a
<br />(psge 2 of 8)
<br />�j-�"' � 1883, 2001 6ankers Syetams, Inc., 5t. Claud, MN Form AGCO-RESI-NE 1/77l2003 �
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