|
201103fi
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Bene�ciary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary after this
<br />Security Instrument whether or not this Security Instrument is speci�cally referenced. If more than one person signs
<br />tbis 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 and others. All
<br />future advances and other future obligations aze secured by this Security Instrument even though all or part may not
<br />yet be advanced. All future advances and other future obligations are secured as if made on the date of this Securiry
<br />Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or
<br />advances in any annount. Any such commitment must be agreed to in a separate writing.
<br />C. All other obligations,Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law,
<br />including, but not limited to, liabilities 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, reserving or otherwise protecting
<br />the Property and its value and any otfier sums advanced and expenses incurred by �ene�ciary under the tertns of th�s
<br />Security Instrument.
<br />In the event that Beneficiary fails to provide any necessary notice of the right of rescission with respect to additional
<br />indebtedness secured under para�raph B of this Section, Bene�ciary waives any subsequent secunty mterest in the
<br />Trustor's principa1 dwelling that is created by this Security Instrument (but does not waive the security mterest for the
<br />debts referenced in paragraph A of this Section).
<br />5. DEED OF TRUST COVENANTS. Trustor agrees that the covenants in this section are material obligations under the
<br />Secured Debt and this Security Instrument. If Trustor breaches any covenant in this section, Beneficiary may refuse to
<br />make additionai extensions of credit and reduce the credit limit. By not exercisin�g either remedy on Trustor's breach,
<br />Beneficiary does not waive Bene�ciary's right to later consider the event a breach if it happens again.
<br />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 />Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement or other lien document that
<br />created a prior security interest or encumbrance on the Property, Trustor agrees to make all payments when due and to
<br />perform or comply with all covenants. Trustor also agrees not to a11ow any modification or extension of, nor to request
<br />any future advances under any note or agreement secured by the lien document without Beneficiary's prior written
<br />approval.
<br />Claims Against Title. Trustor will pay a11 taaces (including any tax assessed to this Deed of Trust), assessments, liens,
<br />encumbrances, lease payments, gXOUnd rents, utilities, and other charges relating to the Property when due. Beneficiary
<br />may rec�uire Trustor to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencmg
<br />Trustor s payment. Trustor will defend title to the Property against any claims that would impair the lien of this Security
<br />Instrument. Trustor a,grees to assign to Bene�ciary, as requested by Beneficiary, any rights, claims or defenses Trustor
<br />may have against parties who suppIy labor or matenals to maintain or improve the Property.
<br />Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and make all repairs
<br />that are reasonably necessary. Trustor shall not commit or allow any waste, �mpairment,, or deterioration of the Property.
<br />Trustor agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior written
<br />consent. 'I'rustor will not pernnit ,any change in any license, restrictive covenant or easement without Bene�ciary's prior
<br />written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of
<br />any loss or damage to the Property.
<br />Beneficiary or Beneficiary's agenCs may, at Beneficiary 's option, enter the Property at any reasonable time for the ,puzpose
<br />of inspectmg the Property. Bene�ciary shall give Trustor notice at the time of or before an inspection specify ing a
<br />reasonable purpose for the mspection. Any, mspection of the Property shall be entirely for Beneficiary's benefit and
<br />Trustor will in no way rely on Beneficiary's mspection.
<br />Authority to Perform. If Trustor fails to perform any duty or any of the covenants contained in this Security Instrument,
<br />Beneficiat�y ma�, without notice, perform or cause them to be performed. Trustor appoints Bene�iciary as attorney in fact
<br />to sign Trustor s name or pay any amount necessary for performance. Beneficiary's nght to perform for Trustor sha11 not
<br />create an obligation to perform, and Beneficiary 's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's other rights under the law or this Security Instrument.
<br />Leaseholds; Condominiums; Planned Unit Developments. Trustor a�rees to comply the provisions of any lease if
<br />this Security Instrument is on a leasehold. If the Property mcludes a uYUt in a condomimum or a planned unit development,
<br />Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the condominium or planned
<br />unit development.
<br />Condemnation. Trustor will give Bene�ciary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. 'IYustor
<br />authorizes Beneficiary to intervene in Trustor's name m any of the above described actions or claims. Trustor assigns to
<br />Beneficiary the proceeds of any award or claim for damages connected with a condemination or other taking of a11 or any
<br />part of the Property. Such proceeds shall be considered payments and will be applied as provided 'vn this Security
<br />Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or
<br />other lien document.
<br />Insurance. Trustor shall keep Property insured against loss by ,fire, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to its type and location. This msurance shall be maintained in the amounts and for the
<br />periods that Beneficiary requires. VJhat Beneficiary requires pursuant to the preceding two sentences can change during the
<br />term of the loan. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's
<br />approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiar�y
<br />may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this
<br />Security Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary shall include a standard "mortgage clause'" and,
<br />where applicable, "loss. payee clause. " Trustor shall immediately norify Bene�ciary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Bene�ciary requires, Trustor shall
<br />immediately �ive to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br />immediate notice to the insurance carrier and Bene�iciary. Beneficiary may make proof of loss if not made immediately by
<br />Trustor.
<br />Unless otherwise agreed in writing, a11 insurance proceeds shall be applied to the restoration or repair of the Property or to
<br />the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to prirncipal shall not
<br />extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid
<br />to the Trustor. If the Property is acquired by Beneficiary, Trustor's right to at�y insurance poltcies and pr�oceeds resulting
<br />from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt imnne ia ly
<br />before the acquisition. In e t�
<br />E'j(� 0 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP•RED7-NE 1/37/2003 � (
<br />
|