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<br /> l COVG,MdtNTB 9�•� �, •: •��.;.:='
<br /> 1. Paymmt�. Borrower eprooe to make nll paymentn on tho eecurRtl dobt whon duo, Unlaes Bo�rower end Lender ngOreeA�e, enY �� "
<br /> poymsnto Loncior r�celvoa Irom Borrower or fo►Borrowor o benefit v�Ul bo eppllnd firot t� any amount�Borrowor o�vos on the eocurad debt
<br /> not�reduco or�oxcu o eny�ocheduled peyment until the�6ecurod Cebt li peld In kitl�l prnpoymnnt of tha aacurod dob4 occure for nny renson, It wlll
<br /> 2.CIMm�AQa�nat Titl�.Bortowu wlll p�y all taxos,na�e��mente,and othor chnrpnn otfributeble to the property when due end wlll de}end tltie ,.
<br /> defeneaa whlct��Bor owoi mey hevo epelnat pnt I a who suppty libo�►u�mnterlelo tii irn{iro�vo orymalntelntherp opeityeeetpn eny rlphte,clalm�or
<br /> 8.Imur�tw�. Barrawar wfll ke�p the property Intured under termn ur,ceptabla to lendar st Bo�rowar'�exp�nse end for Lendor'� benofit.All
<br /> Imurance polir.lei ahell Inciude 9 standar�mort�apa clouao In favor of londer.Lanclar v��ll ba namod es loe�peyee or ee the Ineured on eny euch
<br /> ar t the secu ed debtl if Lende�iequlr i mortpege Pniurance�t Borrovrorraflre�ee�ta in�iirit�tfn�auc�Ireurence for oa long�ee Londererequuee roperty ��
<br /> - 4.Prop�rty.Borrower will keep the propeny In pood conditlon end mako ell repelrn mo:�nnnbiy noceseary. '
<br /> '+ 6.Exp�ns�r.Borrower apreea to pay all Lender's oxpensee,fnCludinp reaeonablm ottnrnny6'fees, I(Borrower braeke any covenente In thls doad
<br /> • of trust or In eny obligetlon eecured by thla Qeed of truet.Borrowor wlll pay thflee emnuntu ta Lendur ae p�ovlAed In Covenant 9 of thls deed of ,
<br /> truat.
<br /> 8. Priw S�curltY Inteuta.Unleas Borrowar firet obtalno Londer's writtan con¢ent. Barcowar wiil not meke or permlt any changos to any prior .t�
<br /> including Borro°wer'e covenents t pm�ke peymante�wheneAuoobllflattnnr� undor any prinr mortgngo, daed o1' trust or other securlty agreement. . ,�ti_�r�
<br /> �''� ��-�ti•
<br /> ` S.M1:r:.
<br /> 7.Af�iynm�nt o}R�nU u�d ProflN.Borrower acalgne to Londe►tho renta end proHtu uf tho property. Unlose Borrower end Lender have agreed ° •�.�,*�:-
<br /> � otherwise In writing,Borrower may colleCt end rataln the renta aA lonp as Burro�vs,r io not in do}ault,I} Barrowe► dofaults, Lender, Lender's
<br /> agent,or a court appol�ted receiver may teke pae8easlan and mnnnpe tha propnrt�i and Collact the rente. Any rente Lender collects shall be �J
<br /> appl(ad flrst to the costs ot manaping tho proporty. includlnf� court coeto and attnrnoyu' teea, commissinns to rentel agents, and any other •• ,,
<br /> nocessary related expen&va•The rnmatning amaunt of rente wlll then opply to payrnnnm on the eocurod debt ae prov�ded in Covenant 1, ':ti_,�,;__
<br /> ,;,.;_..
<br /> $.Lus�hddr Condaniolums:Pl��d Unit Dw�lopm�nt�.Borrovror aproea ta compl�i wlth tho proviSiona of eny Iease if thls daed of truat is on ���_
<br /> a laaaeleald.I{thl� dQ,;d of truet le on a unit tn e condominlum r,r e planned unft dauelopment, Bonower wlll periorm e:l of Borrower'a dutiea ,<;;T._ _
<br /> undsr ttr covenente,by.lawa,or reaulation�of tho condominium nr planned unit dawiinpmnnt. �,,;�.:_
<br /> �„s,_:.
<br /> 9. Aathodty of L�nd�r to P«iorm ia Bor►ow�r. If 8orrower falin to pe►form any of Borrov�er'e dutlea under thla doed of trust, Lender mey -.
<br /> perform the duties or cRUSe them to be per(ormod. Leoder mny slpn eorro�vor's nmm�or pay eny emount if neceasary tor pertormance. I}any �F_:—F;,
<br /> consuuction on the property Is discontlnuod or not carriod on in n ronsonablo mnnnflr,Lendor moy do whetever is necassary to proteat Londer's ;:;
<br /> # security interest in the property.Thfa may inctude completinp the constructlon. � .�:_ -_
<br /> � Lender's failuro to perfarm r�ill not procludo Landor from exerclelnp nny of itn athnr ri�hte under the law or thie deed of trust. ��,.°'��:F�
<br /> . r
<br /> - ��w.
<br /> � AnV emounte pald by Lender to protect Lendor'e security intoreot wlll 6e secumd b�thte deed o}trust.Such emounta wfll be due on demand �s�
<br /> and wiil bear interest hom the date ot the peyment until pald in 1vt11 ot the Intorost rnm In offect on the sewred debt. .���;.�
<br /> � � 1 0. O�f�u i t a�d A c c A s a y o n. I f B o r ro w o r f n i i s to make an y poymont when dut, nr breaake eny covenante undor this dead of truht or eny '�.--"�
<br /> � de�mend immediate Payment and m+y Invoke the power ot eele end nny other romodtidpermrtted by epplica5te lew���o f t h�secure d de b t an d :=��
<br /> 11,q�qu�st for Notlw of D fwk.It is hereby requoated that copioe of tho noticeu of dafeult and sele be aent to each pereon who is a party . , ___
<br /> ��--�=—= i�oi82'vr��+a�����a�LCC��tfCh��ta.,�,Qc ant forth hernin. _ .
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<br /> 1Z. Pawer of 6Y�.If the Lendar invokea tho power of eeto,tho Trustos shail flrat recard In tAe office of tl»reelstdr oi deads of each ceunty
<br /> "' rt wherein the uust pruperiy or aome part ar parcei thoreof ia situutad a notice of dotuult contalni��9 tha Informetion requlred by faw.The Trustee `
<br /> F ahali etso mei� copios of the natice of defauit to tha 8orrower, to each peroon who ia a party hereto,end to othor persons as preacribed by �--
<br /> epplicsble law. Nat losa than ona month eher tho Trustee reaords the notiae of dafault or two months if tt�e trust proporty ls not in any
<br /> incorporeted c(ty ar viliapo and is uaud in farming operationo curriod on by tho truertrr,tho fruatee shall giva pubtic notice of at11e to the poraona __
<br /> and In the manner proscribed bY�eppp��ccbla law.Yrustee,withau4 domand on Ba►rower,shall sell the property at public et�ctlon to the hiphost
<br /> bidder.If roeulred by the Farm Homostead Protaotlon Act,Truuteo shull oHm tho property In two separate seles es requirod by opplicable Isw. _-
<br /> Trustee may postpone sale of all or any percel of the property by publla ennouncantent at tM t�:ne end place of eny previously acheduiod sale.
<br /> . l.ander or ita deaipnae may purchaae the property et any eete.
<br /> Upon receipt of paym ent of the price bid,Truatee shall deliver to tho purchesar Trutitee'e dned conveyinp the property.The recitials contalned in
<br /> Trustee'e deed�hatl be prime fecte evidtence of tho truth of thn utatemonta contafnod thorein,T►ustee shall appty tha procaeds of tho eale In the
<br /> reinstetemeM 4ees��lb1 to lell sums secu ed by thl��doEd o}i t u8t uRnd(c)I het belBnCe eif e y,tIO t e persons legilly eYitled�to receive�L,tees and
<br /> �� 13.�oreclown.At Lender's optlon,this deed of trust mny bo foreclosed In tho mnnnor provido Dy appllcable lew for foreclosure of mortgages =--
<br />";,, , on real property.
<br /> � �• � • ' 14.Msp�otlon.Len�er may enter the proporty to inapoct it(f Londor pives Borro�ver notice beforehand.The notico must otete the reaconeblo
<br /> �. ,,, � j�}; cause for Lender'a inapectlon. _
<br /> 16.Cond�rnn�tlan.Borrowe►assi ans to Lendor tho procoode of any award or cteiim for dnmapes connected wrth a condemnation or other taking =-_
<br /> - .''1: ' of all or eny part of tho properry.Such proeeode wlll bo opplied as provicled in CaWnant 1.Thic esaignment u subject to the tarma ot eny prior
<br />_%,-;,�P � secudty apreement. =-�—
<br /> x,.'. �'`
<br /> �t 16,Wrwr.8y exercising eny remedy avallabte to Lender, Londar doea not pivo up eny righta to leter use an�I other remedy.By not exercfsing
<br /> <<��'� eny romedy upon Borrower'e default,Lander doas not wa(va any rfpht to lator cansider the event a default If it happens ayain. ° -
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<br /> 17.Jaint�nd S�wial LI�y Caalyr�n: 8ucc���w� �nd A9siQns Bouncl. Afi dutlos under thls dced of trust ere Jolnt and several. Any .___-
<br />— �r�"� - Borrower who co-sipns mis dead of truat but doe� nat co•aipn tito undert}�tnfl dobt instrumantlsp doos ao oniy to grent and convey that
<br /> �`�� `''�" Bo�rowar's Intereat In the propeny to the Truotoe under tho termu of thla deed ot Yruet.In eddttion,such s Rorrower�grees that the Lender and •,__-
<br />—����"fi � any other Borrower u n der t h ie doo d o}tru4 t mey extend,modify or make eny atrio►chengo�in the terms ot thie deod of trust or the eecured ;;��•
<br />{��•, ,y�';} debt wlthout thet Borrower'e consent ond without raleasing thut Borrowsr from tho to�me of thjs daed ot truat �t''--
<br /> �n��;�-
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<br /> � The duties and benetits of this deed of trust shall bind end 6onotie tho auccossard nnd ass(gns of Lender end 8onower. r,�
<br /> ' 18.Notke Unieaa Othetwise required by lew,eny notico to 8nrrower shail bo flicsn by deiivedng it or 6y mafNng it by certified mall eddressed to ',:�.±�_=;
<br /> - [iorrowet at the propnrtY addreaa or eny othor eddross thot Bortower hea piven to Lander.8orrower will give any natice tu Lender by certified ' r,:�==---=
<br /> ��--�_—.
<br /> mail to Lender'e eddreee on pnge 1 of this doed of trust,or to uny othur eddress which Len4er has dealgnated. Any othar notice to Lender ehall ��,..��-y__
<br /> �� bo aent to Lender's addreae as etAtod on pa0o 1 of thls doed of truat. -f�%i,�;;-��=
<br /> � . Y ;�i.;"^-�Ti`�:''
<br /> Any notice ehail be deemed to have been pivan to Borrower or Lundor when givon in the mannor steted ebove. ._. .. •,-:_
<br /> ., �.�;.:i�..--.
<br /> �! 18.Ttan�f�r af ttN C�a�rty w�B�n+fld�i�nt�r�at fn ffi�Aonvw�r.If nll or any part ot the propertv or a�y interest In It is sold or uensterred `
<br /> � ��i without Lender'e �orior written consent, lender mc�y dmm�nd Immodloto peymani ot tho SeGUred debt. Lon9ar may olso demand immediate -
<br /> �r� demBndtpisymeM in the abavo situ�tions�lf itp s prohib�ed by fedoral law es of the dato of t is clacdlof vus e�fa•rred. Howevor, Lender may not , .
<br /> � 20.Raannveyanc�.When the obliyatlon secutad by this daod of trust has been peld and Lender haa no funher obligetfon to muke ndvancee ' ' �
<br /> rj�;'-
<br /> ' urafer the(nstrumenta or cgreements socurod by thls dood of truat, the Trustue shalf upon written roquest by the Lender,roconvey the trust ,�,p
<br /> ' �� property.The Lbnder sheil delivor to the Uorrowor,or to Borrower's successor In intoreat,tho trust deed and tho note or other evidence of the
<br /> - obiigation so setlsfied.Borrowor cNell pay eny recordotion coata.
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<br /> 21.Succ�stw Truriw. Lendor, at Lendor'a option, moy removu 7rustuo nna appa�nt a succossor ttustee oy iirat, maiiing a copy oT ma - ---- -
<br /> cubstitution of trustee as roquired by applicable law,and than,bV filinp tho suGntitutfon of trustoo for rocord in the office of the redister of dneds
<br />— of each county In which the trust proporty,or�omo pnrt thoroof,Is aftuatod.Tho successar truateo, without convoyance of tNo propeny,shall
<br /> succeed to all tha power,dutfes,authority end titlo of tho Trustoo numad In tho deed of truut end of any successor trustoe.
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<br /> s IPage 2 oI?1
<br /> - � BANKERS SYSTEMS.INC�.6T.CLOUD.MN BE301 11•t00•307•IJNI FORM OCV�MTO-NC 8/18i97 -
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