|
20110339�
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustar to �ne�ciary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed
<br />after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one
<br />person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances
<br />and future obligations that are given to or incurred by any one or more Trustor, or anp one or more Trustor and
<br />others. All future advances and other future obligations are secured by this Security Instrument even though all or
<br />part may not yet be advanced. All future advances and other future obligatians are secured as if made on the date of
<br />this Security Tnstrument. Nothing in this Security Instrurnent shall constrtute a commitment to make additional or
<br />future loans or advances in any amount. Any such commitment must be agreed to in a separate writing.
<br />C. All obligations Trustor owes ta Bene�ciary, which may later arise, to the extent not prohibited by law, including, but
<br />not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for msuring, preserving or otherwise protechng
<br />the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this
<br />Security Instrument.
<br />This Security Instrument will not secure any other debt if Bene�ciary fails to give any required notice of the right of
<br />rescission.
<br />5. PAYM�NTS. Trustor agrees that atl pa�+ments 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 TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate canveyed by this
<br />Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br />sale. Trustor alsa warrants that the Property is unencumbered, except for encurnbrances of record.
<br />7. PR.IOR 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, Trustor agrees:
<br />A. T� make all payments when due and to perform ar camply 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 any note or agreement
<br />secured by the lien document without Bene�ciary's prior wntten consent.
<br />8. CLAIMS AGAINST TITLE. Trustor wilt pay all ta7ces, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may reyuire Trustor to provide to Bene�iciary
<br />capies of all notices that such amounts are due and the receipts evidencing Trustpr s payment. Trastor will defend title to
<br />the Property against any claims that would impair the lien of this Security Instrument. Trustor agrees ta 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 unprove the Property.
<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, or contract for the creation of, any lien, encumbrance, transfer or sale
<br />of the Property. This nght is sub�ect to the restrictions irnposed by federal law (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 will keep the Property in good condition and
<br />make all repairs that are reasonably necessary. Trustor shall not cammit or allow any waste, impairment, or deterioration of
<br />the Property. Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the
<br />occupancy and use will not substantially change without Fieneficiary's rior written consent. Trustor will not permit any
<br />change in any license, restrictive covenant or easement without Bene�ciary's priQr written consent. Trustor will notify
<br />Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br />Bene�ctary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose
<br />of inspecting the Property, Bene�ciary shall give Trustor notice at the time of or before an inspection specifying a
<br />reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Bene�ciary's benefit and Trustor
<br />will in no way rely on Heneficiary's inspection.
<br />11. AUTHORI'CY TO PERFORM. If Trustor fails to perform any duty ar any of the covenants cantained in this Security
<br />Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor a�points Beneficiary as
<br />atYorney in fact to sign Trustor s narne or pay any amount necessary for performance. Beneficiary s r�ght to perform for
<br />Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from
<br />exercising any of Beneficiary's other rights under the law or this Security Instrwnent. If any canstruction on the Praperty is
<br />discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's
<br />security interest in the Property, including completion of the construction.
<br />12.
<br />13.
<br />ASSTGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, conveys and sells to Trustee, in trust for the
<br />benefit of Bene�ciary, as additional security all the right, title and interest in and to any and all existing or future leases,
<br />subleases, and any other written or verbal agreements for the use and accupancy of any portion of the Property, including
<br />any extensians, renewals, modi�cations or substitutions of such agreements (all referred to as "Leases") and rents, issues
<br />and �rofits (all referred ta as"Rents"). Trustor will promptly provide Bene�ciary with true and correct copies of all
<br />exishng and future Leases. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default under
<br />the terms of this Security Instrument.
<br />Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is
<br />entitled to notify any of Trustor's tenants to make payment of Rents due or to become due to Bene�ciary. However,
<br />Beneficiary agrees that only on default wilt $eneficrary notify Trustor and Trustor's tenants and make demand that all
<br />future Rents be paid directly to Beneficiary. On receiving natice of default, Trustor will endorse and deliver to �neficiary
<br />any payment of Rents in Trustor's possession and will receive any Rents in trust for Bene�ciary and will not commingle the
<br />Rents with any other funds. Any arnounts collected will be applied as provided in this Security Instrument. Trustor warrants
<br />that no default exists under the Leases or any applicable landlord/tenant law. Trustor also agrees to maintain and reyuire
<br />any tenant to comply with the terms of the Leases and applicable law.
<br />LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the
<br />provisions of any lease if this Securit�+ Instrument is on a leasehold. Tf the Property includes a unit in a condominium or a
<br />planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the
<br />condaminium or planned unit development.
<br />�� � 1894 Bankers Systems, Ina., St. Cioud, MN Form RE•DT-NE 1130J2002
<br />��� �
<br />�-C168(N� (oaot) Loan Number11-04-000208
<br />a
<br />S765EN NE {01/10)
<br />
|