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201�0306� <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 $ 555,000.00 . This limitation of amount <br />does not include interest, 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 to 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 all or part may not yet be advanced. Nothing 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 DEFIIUED. 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 below and all extensions, <br />renewals, modifications or substitutions (Evidence of Debt). (When refe�encing the debts be%w it is suggested <br />that you inc/ude items such as borrowers' names, note amounts, interest �ates, maturity dates, etc.J <br />PROMISSORY NOTE TO ROBERT J. SCHULTZ AND KHISTIN L. SCHULTZ DATED 0411812011 fOR AN ORIGINAL PRINCIPAL AMOUNT OF 3315,000 <br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to 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 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 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 Trustor to Beneficiary and any <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 Trusf 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 Trustor 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 Deed of Trust or if Beneficiary fails to give any required <br />notice of 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 of Trust. <br />6. WARRANTY OF TITLE. Trustor covenants 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 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 title <br />to the Property against any claims that would impair the lien of this Deed of Trust. Trustor agrees 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 maintain the Property. <br />8. PRIOR SECURITY INTERESTS. 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, 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 or security agreement unless Beneficiary <br />consents in writing. <br />9. DUE ON SALE 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 sa1e, or contract for any of <br />these on the Property. However, if the Property includes Trustor's residence, this section shall be subject to the <br />restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purposes 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 effect until the Secured Debt is paid in full and this Deed of Trust is released. <br />10. TRANSFER OF AN INTEREST IN THE GRANTOR. If Trustor is an entity other than a natural person (such as a <br />corporation 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 />��j rPe9B z ot al <br />� OO 1993, 2001 Bankers Systems, Inc., St. Cla.td, MN Form AGCO-RESI-NE 1/17/2003 (��� ��� <br />