|
201�0�0��
<br />B. All future advances from Beneficiary to Trustor or other fitture obligations of Trustor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary executed
<br />after this Security Instrum.ent whether or not this Security Instrument is specifically referenced. If more than one
<br />person signs this Security Tnstrument, each Trustor agrees that this Security Instrument will secure all future advances
<br />and future obligations that are given to or incurred by any one or more Trustor, or any one or more Trustor and
<br />others. All future advances and other future obligations are secured by this Secunty Instrument even though all or
<br />part may not yet be advanced. All future advances and ather future obligations are secured as if made on the date of
<br />tlus Secunry Instrument. Nothing in this 5ecurity Instnunent shall constrtute a commitment to make additional or
<br />future loans or 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 proYubited by law, including, but
<br />not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary..
<br />D. All additional sums advanced and expenses incurred by Beneficiary for uisurmg, preserving or otherwise protectmg
<br />the Properiy and its value and any other sums advanced and expenses incurred 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 natice of the right of
<br />rescission.
<br />5. PAYMENTS. Trustor agzees 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 5ecunty Instrument.
<br />6. WARRANTY OF 7TTLE. Trustor warrants that Trustor is or will be lawfully 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 SECiJRITY INTERE5T5. With regard to any other mortgage, deed of trust, security agreement or other lien
<br />document that created a prior security interest or encumbrance on the Properiy, Trustor agrees:
<br />A. To make all 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 allow any modification or extensian of, nor to request any future advances under any note or agreement
<br />secured by the lien document without Bene�ciary's prior wntten consent.
<br />8. CLAIM5 AGAINST TITLE. Trustor will pay a11 taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other chazges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary
<br />copies of a11 notices that such amounts are due and the receipts evidencmg Trustor's payment. Trustor will defend title to
<br />the Pro�erty against any claims that would impair the lien of this Security Instrument. Trustor agrees to assign to
<br />Beneficrary, as rec�uested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply labor
<br />or matenals to mamtain or unprove the Property.
<br />9. DUE ON SALE OR ENCUMBItANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be immediately due and payable upon the creation of, transfer or sale of all or any part of the Property. This right is subject
<br />to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant sha11 run with the Property and
<br />sha11 remain in effect until the Secured Debt is paid in full and this Securiry Instrument is released.
<br />10. PROPERTY CONDII`ION, AT.TERATIONS AND INSPECTION. TrusCor will keep the Properiy in good condition and
<br />make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or deterioration of
<br />the Property. Trustor will keep the Property free of no�ous weeds and grasses. Trustor agrees that the nature of the
<br />occupancy and use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any
<br />change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify
<br />Beneficiary of a11 demands, proc,eedings, claims, and actions against Trustor, and of any loss or daznage to the Properiy.
<br />Beneficiary or Beneficiary's agents may, at Betteficiary's option, enter the Property at any reasonable time for the purpose
<br />of inspecting the Property. Beneficiary shall give Trustor norice at the time of ar before an inspection specifying a
<br />reasonable purpose for the ins�ectiott. Any inspecrion of the Property sha11 be entirely for Beneficiary's benefit and Trustor
<br />will in no way rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained in this Security
<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 nght to perform for
<br />Tntstor shall not create an obligation to perform, and Beneficiary 's failure to perform will not preclude Beneficiazy from
<br />exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is
<br />discontinued or not carried on in a reasonable manner, Bsneficiary may take all steps necessary to protect Beneficiary's
<br />securiry interest in the Property, including completion of tbe construchon.
<br />12. ASSIGNMENT OF LEASES AND RENT5. Trustor irrevocably assigns, grants and conveys, to Trustee, in trust for the
<br />benefit of Beneficiary as additional security all the right, title and interest m the following (all refened to as Property):
<br />existing or future leases, subleases, licenses, guaranries and any other written or vexbal agreements for the use and
<br />occupancy of the Property , including any extensions, renewals, modifications or replacements (a11 referred to as Leases);
<br />and rents, issues and pro�its (all referred to as Rents). In the event any item listed as Leases or Rents is determined to be
<br />personal �roperly, this Assignment will also be regarded as a security agreement. Trustor will promptly provide Beneficiary
<br />v�nth copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on
<br />execution of the Assignment, and a11 future Leases and any other inforniation wrth respect to these Leases will be �rovided
<br />immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not 'vn
<br />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 Security Instrument is immediately effective between Trustor and Beneficiary and effective as
<br />to third parties on the recording of this Assignment. As long as this Assigninent is in effect, Trustor warrants and represents
<br />that no default exists under Che Leases, and the parties subject to the Leases have not violated any applicable lavv on leases,
<br />licenses and landlords and tenants.
<br />13. LEASEHOLDS; CONDOMII�TIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the
<br />provisions of any lease if this Security Instrument is on a leasehold. If the Properiy includes a unit in a condommium or a
<br />planned unit development, Trustor vcnll perform all of Trustor's duties under the covenants, by-laws, or regulations of the
<br />condominium or planned unit development.
<br />fpage 2 of 41
<br />�s 1994 Wolters Kluwer Financial Services - Bankers SystemsT� Form RE-DT-NE 12/15/2006
<br />VMP �-C165(NE) co7osl
<br />
|