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20100955�
<br />3• MAXIMLIM OBI.IGATIOIY LIMIT. The tota) principal amount of the Secured Debt (hereafter defined) secured by this
<br />Deed of Trust at any one time shall not exceed S 3�,200.00 __ . 7his limitation of amount
<br />does not include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other char�es
<br />validly made pursuant to this Deed of Trust and dves not apply to advsncas (or interest accrued on such advances)
<br />made under the terms of this Deed of Trust to protect Beneficiary security and to perform any nf the covenants
<br />contained in this beed of Trust. Futura 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 canstitute a commitment to make additional or future loans or advances in any amount. Any such
<br />commitment would need to be agreed to in a separate writing.
<br />�. SECURED DEBT DEFINED. The term "5ecured Debt" includes, but is not limited to, the following:
<br />A. The promissory note�s�, contractls►, guaranty�ies) or other evidence of debt described below and all extensions,
<br />renewals, modifications or substitutions (Evidence of Debt►. (When referencing the debts be%w it is suggested
<br />that you include items such as borrowers' ngmes, note amaunts, interest rates, maturity dates, eic.)
<br />B. All future advances from Beneficiary to Trustor or other future obligations af Trustor ta 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 not this besd of Trust is specifically referred to in the evidence of debt.
<br />C. All obligatians 7rustor awes to Beneficiary, which now exist ar may later arise, to the extent not prohibited by
<br />law, including, but not limited to, liabilities for overdrafts relating to eny deposit account agreement between
<br />Trustor and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary 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 beed 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 Trustar to Bensficiary and any
<br />beed of Trust securing, guarantying, or otherwise relating to the debt.
<br />If more than one person signs this Deed of Trust as Trustor, each 1'rustor 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 or more Trust�r and others. This Deed of Trust will not secure any other debt if Beneficiary fails, with respect
<br />to such other debt, to make any required disclosure about this Qeed of Trust or if Beneficiary fails to give any required
<br />notice nf 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 besd of Trust.
<br />fi. WARRANTY OF TIl`LE. Trustor cnvenants 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 to 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 AOAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other chsrges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary
<br />-- - aopissbf all��ticcs that suoFi-ama.u�ts are due andxh�r�,�eip��.eviciencin .T[�,IStar.'s paymen�,.Trustor will._�efend title
<br />to the Property against any claims that would impair the lien of this �eed of 7rust. Trustor agrses 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 mamtain the Property.
<br />8. PRIOR SECURI7Y INTERES75. 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, Trustar agrees:
<br />A. To make all payments when due and to perform or comply with all covenants.
<br />B. 7o promptly deliver to Beneficiary any notices that Trustar receives from the holder.
<br />C. Not to make or permi# any modification or extension of, and not to request or sccept any future advances under
<br />any note or agreement secured by, the other martgage, deed of trust or security agreement unless Beneficiary
<br />cansents in writing.
<br />9. DUE ON 5ALE 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 ssle, or contract for any of
<br />these nn the Property. Hnwever, if the Property includes Trustor's residence, this sectian shall be subject to the
<br />restrictions imposed by federal law (12 C.F.R. 591►, as appliaable. For the purposes af 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 Desd of Trust is released.
<br />10. TRANSFER OF AN INTER�ST IN THE GRANTOR. If Trustor is an entity other than a natural person (such as a
<br />corporatian or other organization►, 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 />lpege o 8)
<br />F'j,�j� (�? 18g3, 2001 8ankars Systems, Inc., St. Claud, MN Form AGCO-pESI•NE 1/17/2003
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