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2oii0003i
<br />B. All fu[ure advances from Beneficiary to Trustor or other future obligations of Trustor co Beneficiary under any
<br />pramissory uote, contract, guaranty, or ather evideuce of debt executed by Trustor in favor of Ber�eficiary after t.his
<br />Security Instrument whetber or not this Security Instrument is specifically referenced. If more than one person signs
<br />this SecuriCy Tnstrutz►ent, each Trustor agrees that this Security, Tnstrument will secure all futur� advauces and future
<br />obligations that are given to or incurred by any, one or more Trustor, or any one or m�re Trustor and others. �.11
<br />future advances and other future obligations are secured by this Security Tnstrument eve❑ thougl� �11 or part may not
<br />yet 6e advanced, All future adyances and other future obligation.c are secured as if made on the date of this Security
<br />Instrument. Nothing in this Security Instrument shall constitute a coinmiunent to mak� additional or future loans or
<br />advauces in any amount. Any such coinmitment rnust be agreed to in a separate writing.
<br />C. All obligations Trusior awes to Beneficiary, which maty later arise, to the extent not prohibited by law, including,
<br />but not limited to, liabilities for overdrafts relating tn any deposit account agreement between Trustor and
<br />Beneficiary.
<br />D. All additioual sums advanced and expenses incurred by Beneficiary for insuriug, preserving ar otherwise protectin�
<br />the Property and its value and any.other sums advauced and expenses incurred by Beneficiary under the terms of this
<br />Security Instrument.
<br />This Security Iustrumeat will not secure any other debt if Bene�ciary fails to �ive any required uotice of tlae right of
<br />CESCISSIOd.
<br />5. PAYMENTS. 7'rustor agrees that a11 payments undex tk�e Secured Debt will b� paid wlien due ancl-in accord��cE witla the
<br />terne�s of Che Secured Dei�t and this Secur�ty lnstrumeut.
<br />6. WARRANTY OF TTTLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed hy this
<br />Security Instrument and has the right to irrevocably grant, coavey, and sell the Prope�ty to Trustee, in trusc, with power of
<br />sale. Trustor also warrants [hat the Property is unencumbered, except for encumbrances of record.
<br />7. �RXOR SECURITY INTERESTS. With r�gard to any other mortgage, deed of trust, security a�reement or other lien
<br />document that created a prior security interest or eucumbrance on the Property, Trustor agrees;
<br />A. To make all payrneuts when due and to perform or connply with all covenants.
<br />$. To promptly 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 advapces under any note or a�reement.
<br />secured by [he Lien document without Beneficiary's prior wriiten cUnsent.
<br />8. CLAlMS AGAINST TTTLE. Trustor will pay al1 taxes; assessments, liens; encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may requ'tre Trustor to provide to Beneficiary
<br />capies of all notices that such amounts are due and the receipts evideucing Trustor's payment. Trustor will defend title to
<br />the Property against any claims that would impair the lien of this Security Tnstrwnnent. Trustor a�rees to . assign to
<br />Beneficiary; as requested by Beneficiary, any rights, claims or defeases Trustor may have agaiust parties who supply labor
<br />or materials to xtlaintain or i�nprove the Property.
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary m�►y, at i[s option, declare tbe entire balance of che Secured Debt to
<br />be unrnediately due and payable upon the creation of, or contract for the creatiou nf, any lien, encumbrxnce, transfer or
<br />sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This
<br />covenant shall run with the Property a�nd sl�all remain in effect until the Secured Debt is paid in full and this Securiiy
<br />Instrument is released.
<br />10. PRO�ERTY CONDTTION, ALTERATIONS AND INSPECTION. Trustor will keep the Proper[y in goc�d condition
<br />and make all repairs that are reasonably necessary. Trustor shall not commit or allow auy waste, impairment, or
<br />deterioration of the Property. Trustor will keep the Property free af noxious weeds and grasses. Trustor agrees that the
<br />nature of the occupancy aud use wi11 not substantially change without Beueficiary's prior written cnnsent. Trustor wxll not
<br />permit any change �n any lie�ense,-�estriet�ve:�ove�u� Qr-easem�nt withcntt Beneficiary's prirrt written consent. `F�t�stoz tivill
<br />notify Beneficiary of all demands, proceediugs, claims, and actions against 'Trustor, x�ad i�f any loss or d�un�►ge to the
<br />Property.
<br />Beueficiary or Beneficiary's agencs may, at Beneficiary's option, enter the Property at aay reasouable tune for the purpose
<br />of inspecting the Prope�ty. Beneficiary shall give Trustor notice at the tiixie of or before an inspection specifying a
<br />reasonable purpose for the inspection. Any xuspection of the Property shall be entirely far Beneficiary's benefit and
<br />Trustor will in no way rely on Beneficiary's inspection.
<br />11. AUTHORTTY TO PERFORM. If Trustor fails to perform any duty or any of the covenants conCained in this Security
<br />Instrument, Benefici�ry may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fact to sign T.rustor's name or p�y auy at�nount necessary for performance. Beneficiary's right to perfarm for
<br />Trustor shaTl not create an obligation ta perfo�i, and Beneficiary's faiWre to perform will not preclude Beneficiary frona
<br />exercising any of Beneficiary's other rig4ts under the law or this Security Instrumeut. lf any construction an th� Property
<br />is discou,tinued or not carried on in a reasonable manner, Beneficiary mxy take all steps necessary to protect Beneficiary's
<br />security interest in the Propetty; including completion of the construction.
<br />12. ASSYGNMENT OF LEASES AND RENTS. Trustar irrevocably assigns, grancs and conveys, to Trustee, in trust for tl�e
<br />benefit af $eneficiary as additional security all the right, title aad interest iu the followiug (all re�'erred to as Property):
<br />existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br />occupaucy of the Property, including any extensions, renewals, modifications or replacements (all referred Co as Leases);
<br />and rents, issues and profits (all referred to as Rents). In the event any item listed as Leases or Rent� is detennined to be
<br />personal properCy, this Assignment will also be regarded as a security agreement. Trustor will promptly provide
<br />Bene�'iciary with copies of tkte Leases and will certify these Leases are true and correct copies. The existing Leases will be
<br />provided on execution of the AssignmenC, and all fuCUre Leases and any other informatiou with respecC to these Leases will
<br />be provided iaxunediately after they ace executed, Trustor may callect, re�eive, enjoy.aad tr5e the R�E�e--kvag�s Trustor
<br />is nc�t in defaulc.
<br />-. .
<br />Upon default, Trus[or will receive any Rents in trusr for Beneficiary and will not cornrningle the Rents with any other
<br />funds. Trustor agrees �hat tbis Security Instrument is unrnediately effective between Trustor aud Beneficiary and eFfective
<br />as to third parties ou the recarding of ttiis Assignment. As long as this Assignment is in effect, Trustor warrants and
<br />represents that no default exists under the Leases, and the parties subject to the Leases have not violated any appticahle law
<br />ou leases, licenses and landlords and tenants.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNTT DEVELOPMENTS. Trustc7r a�rees to comply with the
<br />provisions of any lease if this Security Instrurr�ent is on a leasehold. If the Property includes � unit in a condominiunn or a
<br />planned unit develapmeut, T'rustor wilt perform all of Trustor's duties under the cc�venauls, by-laws, or regulations of the
<br />condominiwn or planned unit development.
<br />f � (pa of 4J
<br />Ej(� � 1994 Bankers Syatams, Inc., St. Cloud, MN Form RE-DT-NE 1l30I2002 � T�' .
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