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�0100931�
<br />3• MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter defined) secured by this
<br />Deed of Trust at any one time shall not exceed $ 50,ODD.00 . This limitation of amount
<br />does not includa interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges
<br />validly made pursuant ta this beed of Trust and does npt 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 />cqntained in this Deed of Trust. Future advances are contemplated and, along with other future obligations, ar�
<br />secured by this Deed of Trust even though all or part may not yet be advanced. Nothing in this Deed of Trust,
<br />h4wever, shall constitute a commitment tn make additional or future loans or advances in any amount. Any such
<br />commitment would need tn be agreed to in a separate writing.
<br />4. SECURED DEBT DEFINED. The term "Secured pebt" 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, modificatinns or substitutions (Evidence of Debt). (When referencinq the debts below rt is suggested
<br />that you include items such as bo�rowers' names, note amounts, interest rates, maturity dates, etc.)
<br />Heritage Bank loan �` 33D0803 from Kathryn L. Panas, Successor Trustee af the Gayla Brandt Revocable Trust, uldlt April 27,1992
<br />_ . .. .._ �_T_- .�.---, __� ... _ _ . ... _. _ _ _... ._.__ ---. --.. _. .--- --
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustnr tn Benefiriary under �ny
<br />promissory nnte, 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 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 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 Property and its value and any other sums advanced and expenses incurred by Beneficiary under
<br />the terms of this Deed of 7rust, 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 7rustar to Beneficiary and ariy
<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 obligations described above that are given to or incurred by any one or more Trustor, nr
<br />any one or rnore Trustor and others. This Deed of Trust will not secure any other debt if Beneficiary fails, with respect
<br />to such other d�bt, to make any required disclosure abaut this beed of Trust nr if 8eneficiary Fails to qive any required
<br />notice of the right of rescission.
<br />5. PAYMEN7S. Trustor agrees to make all payments on the 5ecured bebt when due and in accordance 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 peed of Trust
<br />and has the right to irrevocably grant, convey and sell to Trustee, in trust, with power of sale, tha Property and
<br />warrants that the Property is unencumbered, except for encum6rances 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 the Property when due. Beneficiary may require Trustor to prnvide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend titlP
<br />to the Property against any claims that would impair the lien of this Deed of Trust. Trustor agrees to assign to
<br />- [3errefi as req��ested bYf3eneficiary, arry riyhts, ciaims or defenses whicY� Trustor rr�ny I�ave ayainst aarties who
<br />supply labor or materials to improve ot' maintain the Property.
<br />PRIOR SECURITY INTERE5T5. 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 prinrity over this
<br />Deed 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 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 nr security agreement unless i3eneficiary
<br />consents in writing.
<br />9, pUE ON SALE OR ENCUMBRlaNCE. 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 an the Proparty. However, if the Property includes Trustor's residence, this section shall be subj�ct to the
<br />restrictions imposed by federal law (12 C.F.R. 591�, as applica6le. For the purpnses 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 effec# until the Secured De6t is paid in full and this Deed of Trust is released.
<br />90. TRANSFER OF pN INTERESI' IN THE GRANTOR. If Trustor is an entity other than a netural person (such as a
<br />corporation or other organization►, Beneficiary may demand immediate payment if (1) a beneficial intarest 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 />� lvage 2 of 8)
<br />�r M Cc) �gg3, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCD��RESI��NE 1(17/2003
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