|
�oioo�s�o
<br />�. MAXIMUM OBLI(3ATION �.IMIT. The total principal amount of the Secured Debt (hereafter defined) secured by this
<br />Deed of Trust at any one time shall not exceed 3 35,922.87 ` �. 1'his limitation nf 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 dnes not apply to advances (ar interest accrued on such advances)
<br />made under the terms of this Deed of Trust to protect Beneficiary security and tn perform any of the couenants
<br />containad in this Deed of Trust. Future advances are contemplated and, along with other future obligations, are
<br />secured hy this Deed of Trust even thaugh 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 loans or edvances in any amount. Any such
<br />commitment would need to be agreed to in a separate writing.
<br />4. SECURED DEBT DE�INED. The term "Secured Debt" includes, but is not limited to, the following:
<br />A. The prnmissory note�s►, contract(s►, guaranty�ies) or other evidence of debt described below and all extensions,
<br />renewals, modifications or substitutions (Evidence of Debt�. (When referencing the debis belaw it is suggested
<br />that you include items such as borrowers' names, nnte emaunts, rnterest rates, maturity dates, etc.l
<br />Loan in the amount of 535,922.61 executed by Nancy Fairbanks, Member of Fairbanks Rea) Estate, LLC.
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt existing now or axecuted after this Deed of 1"rust
<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 or may later arise, to the extent not prohibited by
<br />law, including, but not limited to, liabilities for averdrafts relating to any deposit accaunt agreement betwsen
<br />Trustar and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or atherwise
<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, from 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 />Deed of Trust securing, guarantying, or otherwise 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 obligatinns described abave that are given to or incurred by any one or more Trustor, or
<br />any one or more 7rustor and others. This Deed of Trust will not secure any other debt if Beneficiary fails, with respect
<br />to such other debt, ta make any required disclosure about this Deed of Trust or if Beneficiary fsils to give any required
<br />notice af the right of rescission.
<br />5. PAYMENTS. Trustor egrees ta make all payments on the Secured Debt when due and in accordance with the terms af
<br />the Evidence af Deht 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 tn Trustee, in trust, with power of sale, the Property and
<br />warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. CLAIMS AGAINST 717LE. Trustor will pay all taxes, assassments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Property when due, Beneficiary may require Trustor to provide to Beneficisry
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. 7rustor will defend title
<br />ta the Property against any claims that would impair the lien of this Deed of Trust. Trustor agrees to assign to
<br />Beneficiary, as requested by Beneficiary, any rights, claims or defenses which Trustor may have against parties who
<br />supply labor or materials to improve or maintain the Praperty.
<br />8. PRIOR SECURITY INT�RESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
<br />document that created a prior security interest or encumbrance on the Property and that may have priority over this
<br />peed of Trust, Trustor agrees:
<br />A. 7o make all payments when due and to perform or comply with all covenants.
<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 by, the other mortgage, deed of trust or security agreement unless Beneficiary
<br />consents in writing.
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured bebt to
<br />be immediately due and payable upon the oreation of any lien, encumbrance, transfer, or sale, or contract for any of
<br />these on the Property. However, if the Property includes Trustor's residence, this section shall 6e subject to the
<br />restrictions imposed by federal law (12 C.F.R. 5911, as applicable. Fnr 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 remain in effect until the Secured Debt is paid in full and this beed of Trust is released.
<br />70. TRANSFER OF AN INTEREST IN TWE 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 inembers of a partnership; or (3► there is a
<br />� r /paqe 2 of 81
<br />��^' � 1993, 2001 Bankare Syatema, Inc., St. Cloud, MN porm AGCO-flESI-NE V17l2003 �y
<br />
|