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�U1�O�G51
<br />B. All future advances from Beneficiary to Trustar or nther future abligatiops of Trustor to Beneficiary under any
<br />promissory nate, cantract, guaranty, nr other evidence of dnbt executed by Trustor in favor of Beneficiary after this
<br />Security Instrument whether or not this Security Instrutnent is specifically referenced. Tf more than one person signs
<br />this 5ecurity Instrument, each Trustor agrees that this Security Instrument will secure all future advances and future
<br />�' obligations that are given to or incurred by any one or more Trustor, or any one or more �'rustor and others. All
<br />future advances and other future obligations are secured by this Security Instrument even thaugh all or part may not
<br />'�-`�' yet be advanced. All future advances and ather future obligations are secured as if made on the date nf Chis Security
<br />�.
<br />"'°^ Instrument. Nothing in this Security Instrument shall constitute a cornmitment to rnake additional or future loans or
<br />,� � advances in any amount. Any such commitment must be agreed to in a separate writing.
<br />C. All obligatians 'I'rustor owes to Beneficiary, which rnay later arise, to the extent not prohibited by law, including,
<br />but not lirnited to, liahilities for overdrafts relating to any deposit accaunt agceement between "I'rustor and
<br />Beneficiary.
<br />D. All additional sums advanced and experises incurred by Beneficiary for insuring, presetving or otherwise protecting
<br />the Property and its value and any othear surns advanced and expenses incurred by Bene�ciary under the terms of this
<br />Security Instrument.
<br />This Security Instrument . will not secure any ather debt .if Beneficiary Pails to give any required notice of the right of
<br />rescission.
<br />5. 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 />6, WARRANTY OF TITLE. Trustor warrants that Trustor is ar will be lawfully seized of the estate conveyed by this
<br />5ecurity Instrument and has the right to irrevocably grant, copvey, and sell the Property to Trustee, in trust, with power of
<br />sale. Trustor also warrants that the Property is unencumbered, except for encumhrances of record.
<br />7. PRIOR SECURITY INTERESTS. With regard to any other mottgage, deed of Crust, security agreement or other lien
<br />document that created a prior security interest or encumbrance on the Property, Trustor agrees:
<br />A. To make all payments when due and to perform nr comply with all covenants.
<br />B. To prornptly deliver to Beneficiary any notices that Trustor receives from the holder.
<br />C. Not to allow any modification or extension of, nor to request any future advances under any notc or agreement
<br />secured by the lien document without $eneficiary's prior written consent.
<br />8. CLAIMS AGAINST 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 rnay require 'I'rustor to provide to Bene�ciary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title to
<br />the Property against any claims that would im�air the lien of this Security Instrument. Trustor agrees to assign to
<br />Beneficiary, as requested by Beneficiary, any rights, c(aims or defenses Trustor may have against parties who supply labor
<br />or materials to maintain or improve the Property.
<br />9. DUE ON SAT.E OR ENCUMI3RANCE. Beneficiary may, at its option, declare the entire balance af the Secured Debt to
<br />be unmediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer ar
<br />sale of the T'roperty. T'his right is suk�ject to the resCrictions imposed by federal law (12 C.F.R. 591), as applicable. This
<br />covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Tnstrument is released.
<br />10. FROPER'I'Y CONDTTIbN, ALTERATIUNS ANb YNSI'�C'I'IUN. Tarustor will keep the P'roperty' in gaod condition
<br />and make all repairs that are reasonably necessary. `I'rustor shall not comrnit or allaw any waste, irnpairment, or
<br />deteriaration of the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the
<br />nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not
<br />permit any change in any license, restrictiVe cavenant or �asement wichout Beneficiary's pri�r written consent. Trustar will
<br />notify Beneficiary af all demands, proceedings, claims, and actions against Trustor, and nf any loss or damage to the
<br />Property.
<br />Beneficiary or Beneficiary's agents may, at Bene�ciary's option, enter the Propetty at any reasonable tirne for the purpose
<br />of inspecting the Property. Beneficiary shall give Trustor notice at che tirne of or before an inspectian specifying a
<br />reasonable purpnse far the inspectian. Any inspectian of the Prnperty shall be encirely fax Beneficiary's bene�t and
<br />Trustor will in no way rely on Beneficiary's inspection.
<br />11. AUTH�RITY TO PERFORM. If Trustor fails to perForm any duCy or any of the covenants contained in this Security
<br />Instrument, $eneficiary may, without notice, perform or cause them ta be performed. T'rustor appoints Bene�ciary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's right to perform far
<br />Trustor shall not create an abligation to perfornn, and Beneficiary's failure to perform will not preclude Beneficiary from
<br />exercising any nf Beneficiary's other rights under the law ar this SecuriCy Instrument. If any construction on the Property
<br />is discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's
<br />security interest in the Property, including cqrnpletion of the canstruction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to Trustee; in trust for the
<br />benefit of Beneficiary as additional security all the right, title and interest in the following (all referred to as Property):
<br />existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br />occupancy of the Propercy, including any extensions, renewals, znodifications or replacements (a11 referred tn as Leases);
<br />and rents, issues and profits (all.referred to as Rents): In the evenC any item tisted as Leases or Rents is determined to be
<br />personal property, this Assignment wirl also be regarded as a security agreement. Trustor will pramptly provide
<br />Beneficiary with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be
<br />pravided an e�tecuti�n of the Assignment, and all future Leases and any other information with respect to these Leases will
<br />be provided immediately after they are executed. Trustor may collecC, receive, enjoy and use the RenCs so long as Trustor
<br />is not in default.
<br />Upon default, Trustor will receive any Rents in tirust fc�r Bene�ciary and will not c�mmingle the Rcnts with any other
<br />funds. Trustor agrees that this Security Instrument is irnmediately effective between Trustor and Beneficiary and effective
<br />as to third parties on the recording af this Assignment. As long as this Assignment is in efFect, Trustar warrants and
<br />represents that no default exists under the I,eases, and the parties subject to the Leases have not violated any applicable law
<br />on leases, licenses and landlords and tenants.
<br />13. LEASEHOLDS; COND011�INIUMS; PLANNED UNIT DEVEI.,O�'M�NTS. Trustor agrees to comply with rhe
<br />provisions of any lease if this Security Tnstrument is on a leasehold. If the Property includes a unit in a condominium or a
<br />planned unit development, Trustor will perfortn a1l of Ttustar's duties under the covenants, by-laws, or regulations of the
<br />condominium or planned unit development.
<br />rpeq 2 of 41
<br />E'j(�� � 1994 Bankers Systems, Inc., 5t. Clnud, MN Form RE-DT-NE 1/30/2002 �.��
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