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20110147G
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any
<br />promissory note, contract, guaranry, or other evidence of debt executed by Trustor in favor of Beneficiary after this
<br />Securiry Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs
<br />this Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances and future
<br />obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor aud athers. Ali
<br />future advances and other future obligations are secured by this Security Instrument even tl�ough all or part may not
<br />yet be advaaced. All future advances and other future obligations are secured as if made on the date of Chis Security
<br />Instrument. Nothing in this Securiry Instrument shall constitute a commitment to make additional or future loans or
<br />advances in any amount. Any such commitment must be agreed to in a separate writing.
<br />C. All obligations Trustor owes to Beneficiary, which may la[er arise, to the extent not prohibited by law, includiag,
<br />� but not _limited to, liab'►lities for� overdrafts relating to any deposit . account agreement between Trustor and
<br />Beneficiary. .
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otl�erwise protecting
<br />the Property and i�s value and any other sums advanced and expen�ves incurred by Beneficiary under the terms of this
<br />Securiry Instrument.
<br />This Security Instrument will not secure any other debt if $eneficiary fails to give any required notice of the right of
<br />rescission.
<br />5. PAYMENTS. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the
<br />terms of the Secured Debt and this Security Instrument.
<br />6. WARRANTY OF TTTLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br />Security Instrumeut and has the right Co irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, securiry agreement or other lien
<br />document that created a prior security interest or encumbrance on the Propeny, 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 allow any modification or extension of, nor to request any future advances under auy note or agreement
<br />secured by the lien document without Beneficiary's priar written consent. �� �
<br />8. 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 provide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend titte to
<br />the Property against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to
<br />Beneficiary, as requested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor
<br />or materials to maintain or improve the Property.
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire b�lance of the Secured Debt to
<br />be irnmediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or
<br />sale of the Properry. This right is subject to the restrictions imposed by federal� taw (12 C.F.R. 591), as applicable. This
<br />covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrument is released.
<br />10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor wiii keep the Property in good conciition
<br />and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or
<br />deterioration of the ProperCy. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the
<br />nature of the occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not
<br />permit any change in any license, restrictive covenant or easement without Beneficiary's prior writteu consent. Trustor will
<br />notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the
<br />Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonabie time for the purpose
<br />of inspecting the Property. Beneficiary shall give Trustor notice at the _time of or before an inspection specifying a
<br />reasonable purpose for tl�e inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and
<br />Trustor will in no way rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any dury or any of the covenants contained in this Security
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as
<br />attorney in fact to sign Trustor's name or pay any amount necessary for performance. Beneficiary's ri�ht to perform for
<br />Trustor shall not create an ob(igation to perform, and $eneficiary's faiture to perfornl wfll not preclude Beneficiary from
<br />exercising any of Beneficiary's other rights under the law ar this Security Instrument. If any coustruction on the Property
<br />is discontinued or not carrierl on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's
<br />securiry interest in the Property, induding completion of the construetion.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigas, grants and conveys, to Trustee, in trust for the
<br />benefit of Beneficiary as additional security all the right, title and interest in the following (al[ referred to as Property):
<br />existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
<br />occupancy of the_Property, includi_ng any extensions, renewals, inodifications, or replacemenLs.(�(1 referred to as Leases);
<br />and rents, issues and profits (all referred to as Rents). In the event any� item listed as Leases or Rents is determined to be
<br />personal propercy, this Assignment will also be regarded as a security agreement. Trustor will promptly provide
<br />Beneficiary with copies of the Leases and will certify these Leases are trae and �correct copies. �The existing Leases will be
<br />provided on execution of the Assignment, and all future Leases and any other information with respect to these Leases will
<br />be provided immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so long as Trustor
<br />is not in default.
<br />Upon defautt, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other
<br />funds. Trustor agrees that this Seeuriry Instrument is unmediately effective between Trustor and Beneficiary and effective
<br />as to third parties on tlie recording of this 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 applicable law
<br />on leases, licenses and landlords and tenants.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEYELOPMENTS. Trustor agrees to c�mpty with the
<br />provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a
<br />planned unit development, Trustor will perform akl of Trustor's duties under [he covenants, by-laws, or regulations of the
<br />condominium or planned unit development.
<br />� (pa e 2 41
<br />� OO 1994 Bankers Systems, Inc., St. Cloud, MN Form RE-DT-NE 1/30/2002 .
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