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�01106115
<br />B. Atl future advances from Bene�ciary to Trustor or other future obligations of Trustor to Beneficiary under any
<br />promissory noie, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary after this
<br />Security Instrument whether or not ihis 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 Trtistor and others. All
<br />future advances and oWer future obligations are 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 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. All obligations Trustor owes to Bene�ciary, which may later arise, to the extent not prohibited by law, including,
<br />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 Bene�ciary for insuring, preserving or otherwise protecting
<br />the Property and its value and any other sums advanced and expenses incuned by Beneficiary under the terms of this
<br />Security Instrument.
<br />This Securiry Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of
<br />rescission. �
<br />5. 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 />6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seizefl of the estate conveyed by this
<br />Secariry Instrument and has the right to irrevocably grant, convey, and sell the Properiy 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 SECiTRITY INTERESTS. With regard to any other moRgage, deed of trust, securiry agreement or other lien
<br />document that created a prior securiry interest or encwmbrance on the Property, Trustor agrees:
<br />A. To make ali 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 a11ow any modif'ication or extension of, nor to cequest any future advances under any note or agreement
<br />secured by the lien document without Beneficiary's prior wriuen consent.
<br />8. CLAIMS AGAINST TITLE. Trustor will pay aii taxes, assessments, liens, encumbrances, lease Payments, ground rents,
<br />utilities, and other charges retating to the Property when due. Bene�ciary may require Trustor to provide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Tcustor's payment. Trustor will defend title to
<br />the Property 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 ENCLIMBRANCE. Beneficiary may, at its optiou, declare the entire balance of We 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 Property and shall remain in effect until the Secured Debt is paid in full and this Security
<br />Instrument is released.
<br />10. PR�PEIdTY CONDITION, ALTER�.TIONS AND INSPEC�'ION. Trustor will keep t�e Property in good condition
<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 written consent: Trustor will
<br />notify Bene�ciary of a11 demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the
<br />Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Properry at any reasonable t'vne for the purpose
<br />of inspecting the Pcoperty. Beneficiary sha11 give Trustor notice at the time of. or before an inspection specifying a
<br />reasonable purpose for the iaspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and
<br />Trustor will in no way rety on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If �'rustor fails to perform any duty or any of the covenants contain�d in this Security
<br />Instrument, Bene�ciary may, without notice, perform or cause them to be performed. Trustor appoints Bene�ciary as
<br />attomey 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 perform will uot preclude Bene�ciary from
<br />exercising any of Beneficiary's other rights 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 a11 steps necessary to protect Beneficiary's
<br />securiry interest in the Property, including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irreva;ably assigns, grants and conveys, to Trustee, in trust for the
<br />benefit of Bene�ciary as additional security all the right, title and interest in the following (a11 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, morlif'ications or replacements (all referred to as L,eases);
<br />and rents, issues and proflts (all referred to as Rents). In the event any item listed as Leases or Rents is determined to be
<br />personal properiy, this Assignment wili also be regarded as a security agreement. Trustor will promptly provide
<br />Beneficiary with copies of the Leases and will certify these Leases are true and correct copies. The ex�sting Leases will be
<br />provided on execution of the Assignmeni, and all future L,eases 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 wilt uot 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 violaied any applicable law
<br />on leases, licenses and landlords and tenants.
<br />13. LEASEHOLDS; CONDOMINIiJM5; PLANNED UNIT DEVELOPMENTS. Trastor agrees 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 />condominium or planned unit development. ,
<br />lpage 2 of 4)
<br />�� � 1994 Bankers Systems, Inc., St. Cloud, MN Form RE-DT-NE 1 t30f2002
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