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<br /> � :� � , �t.. ' B.pll future advances from Be�eflciary to Tnutor ar other futtue obligations of Tnutor ta Beaeficiary uader any ��:< �
<br /> ' � � pmmissory note�.canuact.guaranty.or other evidence of debt eaecute�by Trustor in favor of Beneficiary executed • • .
<br /> . ` • , ; after this Security Inswment whether or not this 5ecurity Instmment is specifically referenced. Ii more than one � . • .
<br /> � • petson signs this Security InsuumPnt. each Trustor agrees that WEs Security Instrument wili secure all f�ture , , ,
<br /> so
<br /> ` � advances aad future obligauons that are given w or incutred by any one or more Tnutor,or any one or more Trostor . ,
<br /> . and othezs.All future adv�aces and other future obligations are secvred by this Security Instnunent even though all
<br /> a �
<br /> • � or part may not y�be advanced.All fi�ture adYances and otha future obl�gations are secuted as if made on the date � . � .� � �
<br /> � `, of this Security Instcumcnt.Nothing in tl�is Security Inst�ume�nt shall consutute a commitment to make additional or .
<br /> � . • � , fuwre loans or advaaces in any amount.Aay such commitmeac must be agreed to ia a setsarate writing. .. �� `'.,, .
<br /> -- C.All obligarions Tn�stor owes to Beaeficiary.which may later arise,co the e�stent not pmhibited by taw. iacluding. „ .
<br /> but aat limited to. liabilides for overdrafts relating to any d�osit account agrcement benveen Tn�stor and ..- . , .
<br /> - - - - = Beneficiary. °— =•-� �
<br /> � � D.All additional sums advanced andexpeases incurred by Beueficiary for insuring.preserving or otheiwise pmtecting � �}
<br /> ` • . ' . � the Property and its value and aay oWer sums advanced and expeases iucumed by Beneficiary under the temis of tWs 4 <.:..; '�.: , ' .
<br /> ' • � Security Insu'omeat. " � ' '
<br /> f '`
<br /> , 1 'll�is Saurity Insuument will not secure any othes debt if Beneficiazy fails w give aay required aodce of the right of , ` �
<br /> ` � ` rescission. . .
<br /> . :.:� 5. PAYMENTS.'�iustor agrees that all paymenu nader the Se�ured Debt will be paid when due and in accordance with the . ; °
<br /> tetms of the Secured Debt and Wis Secvnty Insut�mea� �;"�
<br /> '„:.
<br /> , � . , � : , ,•_�.s,;
<br /> 6. WARRANTY OF TITLE.Tcustor warrauts that Tnuwr is or will be lawfiilly seized of the estate conveyed by this � .:.�-�_�-__
<br /> , . ; Secnriiy ln�tniu�ent and has the right to irnevocably gtant,convey,and sell the Property to Tn�stee,in trust,wuh power of � - _ =
<br /> a
<br /> sale.Tn�stor also waaants that the Property is uneacuwbered,except for encnmbrancxs of record. _..y�
<br /> , � �. 7. PRIOR SEC[JRITY INTERESI'S. With cegard to any other mortgage.deed of trusc, securitY agreement or other lien �� " <�
<br /> . :� document that cceated a prior security interest or�btance on the Pmperty.Tcastor agree.s: �.. -�:
<br /> `. A.To n�ake all payments when due and to perform or camply with all covenants. < <`'•�;��'�°
<br /> ���.;; B.To pmmp tly deliver to Eeueficiary any norices that T:flsror receives from the flolder. : ' i�s�r.
<br /> - C.Not to ailow aay modifiation or extensian of, nor to request aay future advances ffider any aote or agreement _•_` .� �,a� -
<br /> • � . secured by the liea docaiment without Be�eficiary's prior vmuea consent. � . ��_.=
<br /> � ..�
<br /> • �`� :t'�.� 8. CI.AIIVL�AGAINST TITLE.liustar will pay all taxes,asse,s.sments. liens,enc�mbrances,lease payments,ground rents, :�.';��.F��
<br /> . �::.�,�` c
<br /> � `i ntilities,aud other chazges relating to the Property when due. Beneficiary may re.�uire Tn�stor to provide to Benef�c�ary • a c �: '**:�.`
<br /> .-- :�! copies of all notices that such amounts are due and the receipts evidenciag Trustor s payment.Tn�stor arill defead title to t.
<br /> " '`�� the Pro e�ty against any claira� that wontd �pair the liea o f t h i s Saauity In s t n+*�,P^t. T n�s t or a g r e e s t o a s s i g n t o .. ,�'
<br /> � ' ;� Benefi ,as�equested bx Beneficiary.any nghts,claims or defeases Trustor may have against parties who supply labor •
<br /> or n�a�s w mamtain or mve the Pro _._ �'=
<br /> . .;:i unP P�• .. :� i�...;;��
<br /> `i 9. DUE ON SALE OR ENCUMBRANCE.BeneSciary may,at its option,declare the entire balance of the Se�ued DeM to i;�:���
<br /> �� `' be++++����Ply due and paya6le upott the creation of,or conuact Por the creasion of any lien,encumbrance, uangfer or •� `'>-���'.�
<br /> . � . � sale of the Property.This nght is subject to the restrictians imposed by federal law(12 C.F.R.591),as applicable.74iis ����:
<br /> ',`f;:�;=-
<br /> . • wvenant shall run arith the Property and shall mmain in effect nntil the Secured Debt is paid in fiill aad this Security . ,, ;,1�,5�.
<br /> ' inctntmg^t 1S l2�CdSC(�. ., .. :;��
<br /> � 10. PROPIItTY WNDITION, AI.TERATIONS AND INSPE(.°�ION. TnuTOr will keep the Property in good condition ��.
<br /> . - and maice all airs that are re�sonab�iy neces.gary. Trustor shail not couunit or allow any waste. unpairment, or � � -.��
<br /> :::��-�.�,.
<br /> � � deteriorazioa of�Prop�y Trastor wiU keep the Properry free of noxious weeds and grasses. Trustor agrees that the �� ��; ;. ':.:�-�=
<br /> • nature of the occupancy and use will noi substantiaUy change arithout B�efic'�ary's prior amtten consent.Tnutor will not • •. ,:=� �;;�`'
<br /> . ' petmit auy change in any license,resuletive oovenant or easement wlthout Beaeficiary's prior arItten consent.Tntstor will ::�;+,'��'`:
<br /> aotify Benefiriary of all demands, proceedings,claims, and actions against Truswr, and of any Ioss or damage to the ��r°�=
<br /> ;�.',:.
<br /> . Property. ���
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<br /> ' � ' _ f Beaef ciary or Beneficiary's ageats may,at Benefic'�ay s o�tion.enter t6e Property at aay reasonable time for t���nrpose -: ` �-$;;.:.
<br /> �• ' of inspecqng the Property. Beneficiary shali,give Tn�stor notice at the time of or before an w' sp ecttonspeci{y�g a _. �,�
<br /> ` �� r e a s o n a b t epu�po s e f o s t h e ia�e c t i o n. A n y �n s p e c t i o n o f t h e P r o p e rt y sha11 be entirel y for Benefici a r y's beae$t aad �� • ,�,-�� .
<br /> � Trustor wil il n no way rety on Seneficiary's wspection. • •
<br /> il. AU'Y'HORITY TO PLRFORM- If TrQStor fails to pert'orru any dury or any of the covenants contained in this Security ,:� , .
<br /> U 'H
<br />-'�. Instrmnent, Beneficiary may. without notice. perform or cause them w be perfarmed. Tnutor a�points Beneflciary as
<br /> �� attomey in fact to sign Trustor's name or pay any amount necessary for p e r f om�anoe. Bene t�ciary s ri g h t top e r f o m�f o r • ... -
<br /> ' � Trustor shall not create an obligation to perform,and Beneficiary's failnre to perfom�wiU not preclude Beneficiary from • : .���
<br /> . exercising any of Beneficiary's other ri g hts under the 1aw or this Soauity I n s t n u n e nt.I f aay consuuc t Ion on t he P ro,p e r t�r • .�
<br /> " : . is discontinued or not carried on in a reasonabie mamner.Beaeficiary may take all steps necessary so protect Benefic�ary s • �: ,
<br /> securlty interest in the Property,including completion of the construction. , `. . .
<br /> 12. ASSIGN1ViENT OF LEASES AND RENTS. Tn�stor ira�uocablq gsants, conveys and sells to Tmstee, in�ast for the � : •.
<br /> � � benefit of Beneficiary, as addidonal security all the right, :itle and interest in and to aay and all existing or f�.*s leases, �
<br /> • subleases.and any other written or verbal agreements for the use and occupancy of any portlon of the Property.including . •
<br /> . ar►y extensions.renewals.modiScations or substitutions of such ageements (all refened to as"Leases")and rents.issues
<br /> • ' and profits (all referred to as "Renta"). Ttustor will promptly provide Beneflciary with true and correct coples of all
<br /> existing and future Leases.Trusto:may wllect.receive.enjoy and use the Rents so lon�as Trustor is not in defaWt under . . .
<br /> � � the terms of thu Securlty lnstmment. . •
<br /> Trustor acknowledges that th;s assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is � .. .
<br /> ' entitled to notify any of Trustor's tenanu to make payment of Rents due or to become due to Beneficiary. However.
<br /> . Beneficiary agrees that only on default a�ill Benefc�ary notify Tmstor and Tnutor's tenants and make demand that all ,
<br /> . • future Rents be paid d�rectly to Beneficiary.On receiving notice of default,Tnutor wi11 endorse and deliver to Beneficiary
<br /> ;• '� any payment of Rents in Trustor's possession and will receive any Rents in trust for Beneficiary and will noi commingle
<br /> the Renu aith any other funds. Any amounts collected will be applied as provided in this Security lnstrument. Trustor �
<br /> '� wamants that no default exists under the Leases or any applicable I�ndlord/tenant law.Trustor also agrees to maintain and
<br /> • � require any tenant to comyly with the terms of the Leases and appl�cable law. � . �
<br /> , l3. LEASEIiOLDS; CmNDOMINIiJMS; PLANNED UNDT DEVELOPMENTS. Trustor a�rees to comply wlth the
<br /> , provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit m a condom3nium or a
<br /> • , planned unit development,Trustor will perform all of Trustor's duties under the covenants,by-laws,or regulations of the
<br /> • � condommium or planned unit development. � •
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<br /> �� '-J 199d Bante�s Svstems.inc.S� C�ad.MN 11 606397 23A11 iorm RE OT NF /2�2396 .
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