|
201103734
<br />B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any
<br />promissozy 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 specifically referenced. If more than ona person signs
<br />this Security Instrument, each Trustor agrees that this Securiry 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 are secured by this Security Instrument even though a11 or part may not
<br />yet be advanced. AII future advances and other future oblcgations are secured as if made on the date of this Security
<br />Instrument. Nothing in this Security 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. AI[ 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 />Beneficiaty.
<br />D. AII additional sutns advanced and expenses incurred by Bene�ciary for insuring, �reserving or otherwise protecting
<br />the Property and its value and any other sums advanced and expenses incuned by eneficiary under the terms of this
<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 paragraph B of this Section, Bene�ciary waives any subsequent security interest in the
<br />Trusror's principal 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 additional extensions of credit and reduce the credit limit. By not exercisi.ng either remedy on Trustor's breach,
<br />Bene�ciary does not waive Beneficiary's right to later consider the event a breach if rt happens again.
<br />Payments. Trustor agrees that aIl paymettts under the Secured Debt will be paid when due and in accordance with the
<br />terms of the Secured 17ebt 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 covenauts. Trustor also agrees not to allow any modification or extension of, nor to request
<br />any future advances under any note or agreement secured by the lien document without Benaficiary's prior written
<br />approval.
<br />Ciaims Against Txtle. Trustor will pay all ta�ces (including any ta�c assessed to this Deed of Trust), assessments, liens,
<br />encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Bene�ciary
<br />may rec�uire Trustor to provide to Beneficiary copies, of all notices that such amounts are due and the recei ts evidencing
<br />Trustor s payment. Trustor will defend title to the Property against any claims that would impair the lien o� this Sacurity
<br />Instrument. Trustor a�rees to assign to Beneficiary, 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 Pro�erty in good condition and make a11 repairs
<br />that ate reasonably necessary. Trustor shall not commit or allow any waste, impairment,, 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. '1'rustor will not perrnit . any chan_ge in any license, restrictive covenant or easement without Beneficiaty's prior
<br />written consent. Trustor will notify Beneficiary of all demands, proceedings, claitns, and actions against Trustor, and of
<br />any toss or damage to the Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option,.enter the Property at any reasonable time for the �urpose
<br />of inspectmg the Property. Sene�eiary shall give Trustor notice at the time of or before an inspection specify ing a
<br />reasonable purpose for the mspection. 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 />Authority to Perform. If Trustor fails to perform any duty or any of the covenants contained in this Security Instrument,
<br />Bez�e�ciary ma�, without notice, perform or cause them to be �erformed. Trustor appoints Beneficiary as attorney in fact
<br />to sign Trustor s name or pay any amount necessary for performance. Beneficiary's nght to erform for Trustor shall not
<br />create an obligation to perform, and Benef'tciazy 's faitlure to perform will not preclude Bene�ciary from exercising any of
<br />Bene�ciary's other rights under the law or this Securiry Instz�ment.
<br />Leaseholds; Condominiwtns; Planned Unit Developments. Trustor agrees to comply with the provisions of any lease if
<br />this Security Instrument is on a leasehold. If the Property includes a uttit in a condominium or a planned unit development,
<br />Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the condozninium or planned
<br />unit development.
<br />Condemnation. Trustor will give Beneficiary 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. Tzustor
<br />authorizes Beneficiary to intervene in Trustor's name in 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 condemnation or other taking of all or any
<br />part of the Property. Such proceeds shall be considered payments and will be applied as provided in 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 �re, flood, theft and other hazards and risks reasonably
<br />associated with the Property due to rts type and location. This insurance shall be maintained in the amounts and for the
<br />periods that Beneficiary requires. What Bene�siary 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, Bene�ciary
<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 Bene�ciary shall znclude a standard "mortgage clause" and,
<br />where applicable, "loss payee clause." Trustor shall imnnediately notify Beneficiary of cancellation or termination of the
<br />insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall
<br />immediately �ive to Bene�ciary all receipts of paid premiums and renewal notices. Upon loss, Trustor shall give
<br />immediate notice to the insurance carrier and Beneficiary. Bene�ciary may make proof of loss if not made immediately by
<br />Trustor.
<br />Unless otherwise agreed in writing, all 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 principal 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 ri� ght to any insurance policies and proceeds resulting
<br />from damage to the Property before the acquisition shall pass to Beneficiary to the extent ofthe 5ecured immediatel
<br />before the acquisition. �
<br />(pa 41
<br />��" OO 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT•NE 1(31 /2003
<br />
|