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<br />�. MAXIMUM OBI.IGATION LIMIT. 7he total principal amount of the Secured Debt (hereafter defined) secured by this
<br />Deed of Trust at any nne time shall not exceed S 266,000.00 . This limitation of amount
<br />does not include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges
<br />validly made pursuant to this Deed of Trust and does nat apply to advances (nr interest accrued on such advances)
<br />made under the terms of this Deed of Trust to pratect 8eneficiary security and to perform any af the covenants
<br />contained 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 nat yet be advanced. Nnthing in this Deed of Trust,
<br />hvwever, shall constitute a commitment to make additinnal or future loans 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 "5ecured Debt" includes, but is not limited to, the following:
<br />A. The promissory note(s), contract�s►, guarantylies) or other evidence of debt described below and all extensions,
<br />renewals, modifications or substitutions (Evidence of Debt). (When refe�encing the debts below it is suggested
<br />that you include items such as borrowers' names, note amaunts, interest rates, maturity dates, etc.)
<br />Loan q 93Z$1 7o Trustor Ro6ert M. Panowicz Laan Amount 210,000.00 Interest Rate of 5.95% Maturity �ate of Oecemher 31, 2015
<br />B, All future advances from Beneficiary to Trustor or other future obligations of 7rustor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt existing now or executed after ihis Deed of 7rust
<br />whether or not this Deed of Trust is specifically referred to in the evidence of debt.
<br />G. All obligations Trustor owes to Beneficiary, which now exist or may later arise, tn the extent not prahibited by
<br />law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between
<br />Trustor and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise
<br />protecting the Prnperty 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, nr 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 obligations described above that are given to or incurred by any one or more Trustor, or
<br />any one ar more Trustor and others. This Deed of Trust will not secure any other debt if Beneficiary fails, with respect
<br />to such nther debt, to make any required disclosure about this Deed of 7rust or if Beneficiary fails to give any required
<br />notice af the right of rescission.
<br />5. PAYMENTS. Trustor agrees to make all payments on the Secured Debt when due and in accordance with the terms of
<br />the Evidence of Debt or this Deed of Trust.
<br />6. WARRAN7Y bF 71TLE. Trustor covenants that Trustor is lawfully seized of the estate conveyed by this C]eed of Trust
<br />and has the right to irrevocably grant, canvey and sell to Trustee, in trust, with pnwer 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 payments, ground rents,
<br />utilities, and other charges relating to th� Property when due. 8eneficiary may require Trustor tn provide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustar'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 to assign to
<br />Beneficiary, as requested by Beneficiary, any rights, claims or defenses which 7rustar may have against parties wha
<br />supply labor or materials to improve or maintain the Property.
<br />8. PRIOFt 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 />Deed of Trust, Trustor agrees:
<br />A, To make all payments when due and tn perform or comply with all cnvenants.
<br />B. To promptly deliver to Beneficiary any natices 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, desd of trust or security agreement unless Beneficiary
<br />consents in writing.
<br />9. DUE ON SALE OR �NCUMBRANC�. 8eneficiary may, at its option, declare the entire balance of the Secured Debt tn
<br />be immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, nr contract for any af
<br />these on the Prnperty. However, if the Property includes Trustor's residence, this section shall be subject to the
<br />restrictians imposed 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 remain in effect until the Secured f]ebt is paid in full and this I]eed of Trust is released.
<br />10. TRANSFER OF AN IN7ER�ST IN THE GRAN70R. If Trustor is an entity other than a natural person Isuch as a
<br />carporation or other organizationl, Beneficiary may demand immediate payment if (1) a beneficial interest in Trustor is
<br />sold or transferred; (�) there is a change in either the identity or number of inembers of a partnership; or (3) there is a
<br />� /page 2 of 8/
<br />,Ej( -��- �"" 81993, 2001 Bankers Systems, �nc., St. Claud, MN Form AGCO-RESI-NE 1l17l2003
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