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201105��9
<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 bp 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 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 Securiry Instrument even though a11 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 Security
<br />Instrument. Nothing in this Securiry Instrument sha11 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 later arise, to the extent not prohibited by law, including,
<br />but not limited to, Iiabilities for overdrafts retating to any deposit account agreement between Trustor and
<br />Bene�ciary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting
<br />the Properly and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this
<br />Securiry Instrument.
<br />This Security Instrument will not secure any other debt if Betteficiary fails to give any required notice of the right of
<br />rescission. . . ,, _ . , . � ,. „ � . . , . . _ ,
<br />5. PAYMENTS. Trustor agrees that a11 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 TITLE. Trustor warrants that Trustor is or will be Iawfully seized of the estate conveyed 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 also warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. PRIOR 5ECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
<br />docuunent that created a prior securiry interest or encumbrance on the Properry, Trustor agrees:
<br />A. To make a11 payments when due and to perform or compty with alt 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 Beneficiary's grior wriuen coasent.
<br />S. CLAIM5 AGAIN5T TITLE. Trustor will pay a11 ta�ces, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Properly when due. Beneficiary may require Trustor to provide to Bene�ciary
<br />copies of a11 notices that such amounts are due anc3 the receipts evidencing Trustor's payment. Tr�stor will defend title to
<br />the Progerly 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 ENCiJMBRANCE. Bene�ciary may, at its option, declare the entire balauce 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
<br />sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This
<br />covenant shall run with the Pzoperty and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrument is released.
<br />10. PR(3PF.YtT3� COATDITIOliT, ALTEKATIOI�TS A1�TD INSPEC7CIf➢N. Trustor will keeg the Property in good eondition
<br />and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or
<br />deterioration of the Property. 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 wriuen consent. Trustor wilt
<br />notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the
<br />Properry.
<br />Bene�ciary 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 Properry shall be entirely for Beneficia.ry's bene�t and
<br />Trustor wilI in no way rely on Bene�ciary's inspection.
<br />11. AUTHORITY TO PERFORM. Tf Trustor fails to perform any duty or any of tlie covenants contained in this Securiry
<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 right to perform for
<br />Trustor sha11 not create an obligation to perForm, and Beneficiary's failure to perfocm will not preclude Beneficiary from
<br />exercising any of Bene�ciary's other righ:ts under the law or this Security Instrument. If any construction on the Property
<br />is discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's
<br />security interest in the Properly, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to Trustee, in trust for the
<br />bene�t of Bene�ciary as additional security ai1 the right, title and interest in the following (alt 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, including any extensions, renewals, modif'ications or replacements (all 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 property, this Assignment will also be regarded as a securiry agreement. Trustor will promptly provide
<br />Beneficiary with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be
<br />provided on execution of the Assignment, and al! fnture 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 default, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other
<br />funds. Trustor agrees that this Securiry Instrument is immediately effective between Trustor and Bene�ciary and effective
<br />as to third parties on the 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. LEA5EHOLD5; CONDOMINIiJMS; PLANNED iJNIT DEVELOPMENTS. Trustor agcees to comply with the
<br />provisions of any lease if this Securiry Instrument is on a leasehold. If 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 />condominiwn or planned unit development.
<br />� (p ge 2 of 4J
<br />� OO 1994 Bankers Systems, Inc., St. Cloud, MN Form RE-DT-NE 1l30/2002 � ��Q �
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