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� 98-�1ti3055
<br /> ' B. All future advances from Beneficiary to Trustor or other future 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 Instrument whether or not this Security Instrument is specifically referenced. If more than one
<br /> person signs this Security Instrument, each Trustor agrees that this Security Instrument will secure all future
<br /> advances and future obligations that are given to or incuned by any one or more Trustor, or any one or more :
<br /> Trustor and others. All future advances and other future obligations are secured by this Security Instrument even :
<br /> though all or part may not yet be advanced.All future advances and other future obligations are secured as if made
<br /> on the date of this Security Instrutnent.Nothing in this Security Instrument shall constitute a commitment to make
<br /> additional or 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 prohibited 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 insuring, preserving or otherwise :
<br /> protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under :
<br /> the terms of this Security Instrument. :
<br /> This Security 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
<br /> the terms of the Secured Debt and this Security Instrument. :
<br /> 6. WARRANTY OF TTTLE.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
<br /> power of sale.Trustor also wanants that the Property is unencumbered,except for encumbrances of record. :
<br /> 7. PRIOR SECURiTY IlVTERESTS.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 Property,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 extension of,nor to request any future advances under any note or agreement :
<br /> secured by the lien document without Beneficiary's prior written consent.
<br /> 8. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground :
<br /> rents, utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to :
<br /> Beneficiary copies of all notices that such amounts are due and the receipts evidencing Trustor's payment.Trustor will :
<br /> defend title to the Property against any claims that would impair the lien of this Security Instrument.Trustor agrees to :
<br /> assign to Beneficiary,as requested by Beneficiary,any rights,claims or defenses Trustor may have against parties who :
<br /> supply labor or materials to maintain or improve the Property. :
<br /> 9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured
<br /> Debt to be immediately due and payable upon the creation of,or contract for the creation of,any lien,encumbrance, :
<br /> transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as
<br /> applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full :
<br /> and this Security Instrument is released.
<br /> 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Trustor will keep the Property in good :
<br /> condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste,
<br /> impairment, or deterioration of the Property. Trustor will keep the Property free of noxious weeds and grasses.
<br /> Trustor agrees that the nature of the occupancy and use will not substantially change without Beneficiary's prior
<br /> written consent. Trustor will not permit any change in any license, restrictive covenant or easement without
<br /> Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions
<br /> against Trustor,and of any loss or damage to the Property. :
<br /> Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the
<br /> purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection
<br /> specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's
<br /> benefit and Trustor 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 right to perform �
<br /> for Trustor shall not create an obligation to perform,and Beneficiary's failure to perform will not preclude Beneficiary �I
<br /> from exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the i:
<br /> Property is discontinued or not carried on in a reasonable manner,Beneficiary may take all steps necessary to protect
<br /> Beneficiary's security interest in the Property,including completion of the construction.
<br /> 12. ASSIGNMENT OF LEASES AND RENTS.Trustor irrevocably grants,conveys and sells to Trustee,in trust for the
<br /> bene�it of Bene�ciary, as additional security all the right, title and interest in and to any and all existing or future
<br /> leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the
<br /> Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as
<br /> "Leases")and rents,issues and profits(all referred to as"Rents").Trustor will promptly provide Beneficiary with true
<br /> and correct copies of all e�cisting and future Leases. Trustor may collect, receive, enjoy and use the Rents so long as
<br /> Trustor is not in default under the terms of this Security Instrument.
<br /> Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is
<br /> entitled to notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However,
<br /> Beneficiary agrees that only on default will Beneficiary notify 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
<br /> Beneficiary any payment of Rents in Trustor's possession and will receive any Rents in trust for Beneficiary and will
<br /> not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security
<br /> Instrument.Trustor warrants that no default exists under the Leases or any applicable landlord/tenant law.Trustor also
<br /> agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law.
<br /> 13. LEASEHOLDS; CONDOIVIIIVIUMS; PLANNED UNIT' DEVELOPMENTS. Trustor agrees to comply with the
<br /> provisions of any lease if this Security Instrument is on a leasefiold. If the Property includes a unit in a condominium
<br /> or a planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or
<br /> regulations of the condominium or planned unit development.
<br /> (page )
<br /> �1994 Bankers Systems,Inc.,St.Cloud,MN (1-800-397-2341) Form RE-DT-NE 12/2356
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