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<br />3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Deht (hereafter defined) secured by this
<br />Deed of Trust at any one time shall not exceed $ 45 ,000.00 . This limitation of amount
<br />does not include in#erest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges
<br />validly made pursuant to this Deed of Trust and does not apply to advances (or interest accrued on such advances)
<br />made under the terms of this Deed of Trust to protect Beneficiary security and ta perform any of 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 al� or part may not yst be advanced. No#hing in this Deed of Trust,
<br />however, shall constitute 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 />4. SECURED DEBT DEFINEI7. The term "Secured Debt" includes, but is not limited to, the following:
<br />A. The promissory note(s►, contract�s), guaranty�ies) or other evidence of debt described 6elow and all extensions,
<br />renewals, modifications or substitutions (�vidence of Debt►. (When referencing the de6ts be%w it is suggested
<br />that you include items such as bo�rnwers' names, not� amounts, interest rates, maturity dates, etc.l
<br />Note of equal data in the amount nf S45,OQ0 with scheduled maturity an 12-29•2013
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<br />B. All future advences from Beneficiary to Trustor or o
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<br />ther futu�e obiigations of Trustnr to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt existing now or executad after this Deed 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 ar 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 />7rustor 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 />�vidence of Debt.
<br />E. Trustor's performance under the terms of any instrument evidencing a debt by Trustor to Beneficiary and any
<br />peed of Trust securing, guarantying, or otherwise relating to the d'ebt.
<br />If more than one person signs this beed of Trust as 1"rustor, each Trustor agrees that this Deed of Trust will secure all
<br />future advances and future obligations described abave that are given to or incurred by any one or more Trustor, nr
<br />any one or more Trustor and others. This Deed of Trust will nat secure any ather 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 Deed af Trust.
<br />6. WARRANTY OF TITLE. Trustor covenants that Trustor is lawfully seized of the estate conveyed by this beed of Trust
<br />and has the right tn irrevoca6ly grant, convey and sell to Trustee, in trust, with pawer of sale, the Proper#y and
<br />warrants that the Property is unencumbered, except for encumbrar�ces of record.
<br />7. CLAIMS AGAIN5T TITL�. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating #o the Prnperty when due. Beneficiary may require Trustor to provide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title
<br />— -- ta `the $rOperty any cFairns that waule�impa�r the�ierre#--tkiis--0sed of ag�'e�s to assign to
<br />Beneficiary, as requested by Beneficiary, any rights, claims or dafenses which 7rustnr may have against parties who
<br />supply labor or materials to improve or maintain the Property.
<br />8. PRIOR SECURITY INtEFiESTS. 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 hsve priority 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. 7o pramptly deliver to Beneficiary any natices that Trustor receivas from the holder.
<br />C. Not ta make or permit any modification or extension af, 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 �R 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 sale, or cantract for any af
<br />these an the Property. However, if the Property includes Trustor's residence, this section shall be subjsct to the
<br />restrictions imposed by federal law (12 C.F,R. 591�, as applicable. Far the purposes of this section, the term
<br />"Praperty" also includes any interest ta all or any part of the Praperty. This covenant shall run with the Property and
<br />shall remain in effect until the Secured Debt is paid in full and this Deed of Trust is released.
<br />70. TRANSFER OF AN IN7EREST IN TWE GRAN7'OR. If Trustor is an entity other than a natural person (such as a
<br />corparation or other organization►, Beneficiary may demand immediate payment if (1 � a beneficiaf interest in Trustor is
<br />sold or transferred; (2) there is a change in either the identity or numb�embers of a partnership; or �3) there is a
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<br />�"' m 1993, 2001 Bankers 5 stema, Inc., St. Cloud, MN Form AGCO-RE5I-NE 1/17/2003 A I C� 14rr{�
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