|
,. , �i .
<br /> ,
<br /> .,,.,,...;.:t__ .
<br /> � �
<br /> .., .. . . .1.
<br /> ., . • J�- �.u1�.3� � � ,� �� .
<br /> �� I l;.All futurc ndvanccs from Bcncficinry tu Truaior ot othcr futurc obli .atians of Trustor to Bcneficia,ry under any -
<br /> �� prontissory note, contract, gunranty,or other evldence af debt execute�by'Prustor in favor of Beneficicuy e�ccuted �
<br /> after this Securlty Instrumcnt whether or not ihis Secttrity Instrument is specifically referenced. lf n�ore than one
<br /> � person Rigns this Sccutity Instrument, each Trustor ugrees thtit tUis Sccurity Instrument will secure all future
<br /> ndvnnces and futurc obUgutions thnt nrc gbven to or incunesl by tu�y onc ot m�re Ttvstor,or uny onc or moro Trustar
<br /> • and oth�rs. All future ndvnnces and oiher future obligutions nre secured by thts Security lnstrument even though all
<br /> or pan may not yel bc advattcxd. All fututc ndvanccs and other faturc ubligations are sccured as if made an the date
<br /> of thls Secudry Insttument. Nathing tn this Security Instrurnent shull constitute u commitment to make addt[lon�l or
<br /> future losu�s or ndvnnces in tuty amount. Any such commitment must be agreed ta in a separate writing.
<br /> C�b u no�t�limtted os�Ilab litiesp arnovcrdraf shrel�ting tote�yris�ePosithu cotunt agr emen[i�between 'Tru tord��tnd
<br /> I 9eneficiary. p p
<br /> D�che P oper q and its valucland any other swns�dvanced and ex�pc sn esincure d by Sen ficiary underethel ierms of thls �
<br /> Security Instrutnent. • . .: .
<br /> This Security Instrument will not secure su�y od�er debt if Beneficiary fails to give any required notice of the right of ,, ;,.,l ��
<br /> tCSC�BSIOA. „ ��%:.��r��-,
<br /> 5. PAYMENTS. Trustor agrees tt�at all payments under the Secured Debt will be paid when due and in accordance with che f zyr3 x�+«',,�
<br /> ' terms of the Secured Debt and this Securtry[nstrumenc. ` ,�`-,y
<br /> 6, {VypRRAN'i'Y OF TITLE. Trustor wanants that Tcustor is or will bc la�lfully seized of the estate wnveyal by this ., ,-__
<br /> � Security Insuumept and has the cight to icrevocably grant,convey,and sell the Property to Trustee,in trust,with power of ,y_�_�_
<br /> � � sale.Trustor also wanants that the Properry is unencumbered,except for cncumbrances of record. s�_
<br /> •''��',�_
<br /> ; 7. PRIOR SECiJItITY II�TERFSTS. With regard to any other mongage, deed of trust, security agreement or other lien .•y ,. .�
<br /> document that created a prior securiry intenst or encumbrance on the Property,Trustor agrees: ;: .
<br /> , � A.To make all payments when due and to pedorm or comply wlth all covenants. _
<br /> % B.To promptly deliver to Beneficiary any notices�hat Trustor receives from the hoider. �
<br /> C.Not to allow any modification or extension of, nor to request any fucure advances under any note or agreement };�,
<br /> � secum,ci by the lien document without Beneficiuy's prior wri[ten consenc.
<br /> und rents "
<br /> b. CLAII4IS AGAINST T1TLE•Trustor wiU pay all t�xes,assessments liens.encumbrances,lease paYments, Bm � �;
<br /> utilities, and oth�r charges relating ro the Prope�ty when due. Beneticiary may re4uire Trustor to provide to Beneficlary
<br /> copies of all notices that such amounts are duejenc��he�t�t�ta�ef�d�incln�g T�tyto�P�aYeQ�n�;�,��or agrlees to�ass�gn to
<br />-- __ -_-_- ctto Property against any ciaims iunt ��ut� �s�«: _
<br /> Benefici . as requested by Beneficiary,any rights,claims or defenses Trusror may havo against parties who suppiy iavui
<br /> or materi�s to matatain or impmve the Property
<br /> � :
<br /> 9. DUE ON SALE OR ENCUfu�RANCE.Beneficiary may, at its o tion,declare tbe entlre balancc of the Secured Debt to
<br /> � �; • be immediately due an,�dip tiab`eis subjeci tor thc resirictions imposed�by federal law (�12 C.FeR 591 mas�appll�befeT�is a�,
<br /> sale of the Property gh
<br /> �, covenant shall run with the Properry and shall remain in effect until the Secured Debt is paid in 11 and this Security
<br /> �+ [nstrument Is released.
<br /> �� 10. FROPERT`t CONDITION, ALTERAI'IONS AND INSPECTION. Trusror will keep the Propeny in good condition ''
<br /> �C� and make all repairs that are reasonabiy neccs.sary. Trusror shall not wmmit or allow any waste, impa�rn�ent� or
<br /> deterioration of the Ptoperty Trustor will keep the�Property free of noxious weals and grasses. Tcusror agree.g that the _
<br /> • nature of the oceupancy annd use will not subswntially cdange without Beaeficiary's prior writt�n consent.Trustor will not �_
<br />' permit any change In aay license,restrictive covenaat or easement without Bea ficiary's prior wriaen conseat.Trustor will �_�
<br />� ' . notify Beneficiary of aIl demands, procadings. claiins, and actlons against Trusror, and of any loss or damage to the
<br /> . _.,;�,,, � Properry'
<br /> � Beneficiary or&neficiary's ageau may,at Benef ciary s optlon,enter the Property at any reasonable time for the putpose
<br /> " of inspecting the Property. Beneficiary shall gzve Tmstor notice at the time of or before an ins tion speci Ing a
<br /> ' r:.:�anablc purpose for the insRection. Any, inspection of the Property shall be entirely for Bens ciary's beue�t and �__T
<br /> •� Tcustor wili in no way rely on Beneficiary's mspe,ction. _
<br /> 11. AUTHORITY TO PERFORM• If Trustor fails to perform any duty or any of tlae covenants contained In thas 5ecuriry
<br /> Instrument, Beneficiary may, without notice, pedorm or cause them to be perfo�ned. Trustor a�points Ben�eficiary as ^ _
<br /> " ' attorney in fact to sign Trustor's name or pay any arnount necessary for performance• Beneficiary s right to perform for �
<br /> -� • •• Trustor sha�l not create an obligation ro perform.and Beneficiary's failure to perform wUl not preclude Beneficiary from - -
<br /> . Kw�ava._=•�a-:
<br /> ' r exercis3ng any of Beneficiary s other rig�►ts under t�e law or this Sccurity Instrument. If any construction on the P%pe c t Y
<br /> �-'��•� �' is disconfinued or not cacried on in a reasonablc nwnner, Beaeficiary may take all steps necessary to protect Beneficiaty s . �,E,�—__—
<br />_ . '� � securlty interest in the Propercy,including completiora of the construction. ��ao��
<br /> . . 12. ASSIGNNIENT OF L�ASFS AND REN'TS. Trostor inevocably grants, conveys and s�d all ex stm'oslfut�ure l�eases. p'������`'
<br /> � ; benefit of Beneficiary, as additional secudty all the rip�t, title and interest in and to any S ��1�� •-a�i•Av `x
<br /> •"�.5.:��v,
<br /> � �� : subleases, a�d anY other wrltten or verbal ageemcats tor the use and occupancy of any portion of the ProperiY. �
<br /> � any extensions renewals, modificatlons or subsdtutions of such agreementa(nll referced to as "Leases')and rents, �ssu�s ,`�"���;:x; _:�
<br /> � and profits (al
<br /> �referred to as "Rents"). Trustor will promptly provide Benefici�uy with true and correct cv a�under �� i"'�'���.,'��',
<br /> - existing and fiuure I.eases•Trustor may collect, receive,enjoy and use the Rents so lon$as Trustor is not in de .:..r. ..
<br /> . -�:,. ,:
<br /> - the tcrms of this Security Instrument.
<br /> - ' Trustor acknowledges that this assignmenc is per(ected upon the recording of this Deed of Trust and chat Beneficiary is .
<br /> entitled to notify any of Trustor's tenants to rnake payment uf Ren[s duc or to become due to Beneficiary. However,
<br /> - Beneficiary agrees that only on default will Beneficiary nonfy Trustor and Trustor's tenants and make demand that all
<br /> future Rents be paid directly to Beneficiary; On receiving notice of default,Trustor will endorse and deliver to Beneficiary �
<br /> _ _ __ .,.,....o.,,,,p,,.„f RP�fc in Truscor's nossession and will recerve any Rents in trust for Beneficiary and will not commingle
<br /> _ _ _._._ ...y �..�_t _.------ -
<br /> .._ . �.,_.. ._ .L:_ o_,...«... t..er.�.�,w.ne Tn�atnr ----. - _-
<br /> � ....... • ---- � __ ___— --- _
<br /> l the �ents with any other funds. Any amounts collected wtll oe appuea as pcv��uw �« <,.�� .�.,.•.•.. ,
<br /> I warrants that no default eaists under tlie Leascs or any applicable landlordltenant law.Trustor also agrees to n�vntain and
<br /> require any tenant to comply with the tertns of the Leases and applicable law. I
<br /> 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNYT DEVELOPMENTS. Trustor agrees to comply with the
<br /> provisions of any lease if tUls Security Instrument is on a leasehold.If the Property includes a unit�n a condominium or a :
<br /> pianned unit development, Tivstor w�ll perform all of Trustor's duties under the covenants,by-laws,or regula4ions of die
<br /> - condominium�r planned unit development. ,
<br /> f08ge 2 0l 41
<br /> - cOtgga Oa�uore SY��K^s.��x.S� Goud.MN 1�800]97�734�1�on*NE•DTNE 9�13/96 „ .
<br /> [XYI'NG2.Rm t/Y1 .."
<br /> � ..,-... - . ..
<br /> $ .. .. _ . -_.n�.__ . .._� � .. _.
<br />
|