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<br /> COVENANTB ��" �� ����*'� .
<br /> 9
<br /> 1, p�yrtNnt�. Borrowe► apraea to muke all peymente on tho secwed dobt whon duo. Unlesa Borrowar ond Londar oproo othorwise, any 1���' ' .
<br /> paymonte Londor rocolvae Irom Borrower or far Borrowor'e bonoflt will ba epplind firet to eny amounts Borrowor owos on the secured debt
<br /> qxclualvu oi Intoront or printlpal,aocond to Intoroet, end thsn to princlpal. Ii partiel prepaymont of tho securod debt occure tor eny roason,it will
<br /> not reduco or un��se any 6ch�dul�d p4yment v��tll th�e socurod dobt la paid In full.
<br /> 2.CINmt Ayainst . BatpWM�'��M+P�+Sr 4���texe4a�a�samento,end other charpae ettributabte to the proporty when duo and will do}ond titlo
<br /> to the propertv ag� � em c1aim� 1� �w�uW I p,a�r e ilen of thle deed of Iruat.Lender mey require Borrowor to esdgn eny riphte,cleime ar
<br /> defensea v�hlch Bo�t[;�1E1(he+�1p �n�j par�l�ij���l supp�Y labor or materlala to Improvo or melnteln the prcperty.
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<br /> 3.In�uranc�.Borrowen"'vr91 keeD'�D�oPertY����� �nder terms ecceptehle to Lender at Borrower's e xp e n s e e n d f o r L e n d e r's b e n n f i t. A l l
<br /> Insurence pollcles ehall include e etandard mortgape Cleuse In favor o?Lender,Lender wlll be nnmed as losa psyoe or ae the Insured on eny such �
<br /> Inauronr.e policy.Any Inaurence procee de mey hn epp l ie�,w l t h in L e n d er'e dlacrotion, to elther the restoration or repair ot the demeged praperty ,
<br /> or to tha secured dabt.If lender requlrea mortgaya incur�nCO,Borroticr ngroc9 to mnint6ln euch Insurance fo�es lonp es Londar requvos. j
<br /> �',;�� 4.PtopHty.Borrower will keep tho property in good xonditlon and make oll repatre reasonebly neceneery. �
<br /> � � , ..�n 6.Exp�nt�r.Borrower agiees to pay ell Londer's expanses includinp roasonaUle attorneys'fees,If Borrower breake eny covonants in thla deed
<br /> � ' of trust or in eny obligstlan oocured by thls deed of truat.�orrower will pay theae amounts to Lendar as arovided In Covenant 9 ot this deed of ,
<br /> trust.
<br /> 6.Pria&�cudty Int�restl,Unleas Borro�ver firBt obtelns Lender's written consent,Borrower will nat make or permit eny changas to any p►ior
<br /> ncludingiBorrowor's covenente�lt meke paymen e�wh nedueohligetions under any prior mortgege, deed of trust or other security egreement, :
<br /> ?.;`._-.
<br /> 7,puip�nm�nt of R�nts�nd Proflts.Borrowee aealgns to lender the rents and profits of the property.Unleas Borrower and Lender have agresd ,••,¢�d'"
<br /> otharwise in writiny, Bono�ver may colleat end reteln the rente ea lonq as Borrower Is not in defauft. If Borrower dafaults, Lender. Lender'e ;r.�:;_�,r
<br /> '" nflent, or e court appo�ntetl Ioceiver may take possessinn end manage the property end collect the rente.Any rents Londer colleate shelt be ,,'�..
<br /> • applied first to the costs of managiny the property,includin court costs end attorneya' fees, commlvslons ta rental epents, and eny other f•��•'W:
<br /> g r,atqu,;,,
<br /> ' �" necaseary related oaparesos,The remaining emount of ronte will then appiy to peyments on the aecur��dabt as provfddd In Covonant 1. �., :�_:
<br /> .,.',;,,
<br /> ��,;�:Y'_
<br /> g,��n�holdr Condo�n;duma;Pl�n�d Unk D�vNaprtNnt�.Borrower sgrees to compty with the prevlsfana of anv lease tf thia deed of trust is on �,�.,,a..
<br /> a leasehold.1�this deod oi truat is on e uNt In a condominium or e plenned unft development,Borrower wll1 uertorm ell of Borrower'd dutiev ,,,-.-r,,
<br /> - u�ider the covenents,tsylaws,or rapulctlons at the cond�minlum ar planned unit development. ��'."`'.�''��'
<br />_ , r �;�A �
<br /> 9.Authsxity of L�rda to P�rform tor Bnrrowo►.If Borrower faila to pe►torm eny of Bor�ower's duYles undor this dead ot trust, Lender mo�� ,4�m,s_.
<br /> pertorm the dutie�or aauoe them to 6e per(ormed. Lender mey eign 8orrower's name or pay eny amount It necessary for peHormsncs.If anY f:,��-•-
<br /> � constn�ction on the praperty le discontinuad or not carriad on in a reasonable manner,Lender may do whatever is rtecesaary to protect Lender'ri ,..�.;:
<br /> ' � securily intereat In the property.Thfa may include completing the consVUCtfon. ' ��±:f•-•
<br /> �.;:^.
<br /> Londer's 4aliure to pertorm wfll not prectude Lender from exercising nny of ite othar righte under thn law o►this deed nf trust. �
<br /> Any amounts pald by LeMo�to protect Lender's secuNty interest wlll ba secured by this deed of uust. Such amounts viill be dua on dtmw�d Y:=�
<br /> end wAI bear intareat from the deto of the payment until peld tn full at the intereEt rata in efleCt on tfie aecived debt. �.�;;�__
<br /> •�' � .:rr.iu..
<br /> 10. D�fadt�nd AceMu�tlan.If Bonowor fatte to make any peymant when due or breaks any covanmts under thls dead of uust or nny L�
<br /> oblipation secured by thi�deed oi trust ar any pnor mortpage or deed oi vust,Lender mey aecelerate the meturfty of the secwfld debt on.l �:�`___
<br /> 1,y damand immedlate payrrynt and may Invoka tha power of sete and any ott�er remediesa permttted by appifaabta law. _ ,;.:..�
<br /> �E si._--
<br /> � 11.Requ�at tor Notic��i D�fwk.It la hereby requeated thet copies of the notices of dotault end asle be sent to each peraon who is a patlr
<br /> �C hereto,at the eddress of e�ch such percon,es aet fonh herein. '_
<br /> ,r,<.; �' 12.Powtt ot SM�.Ii ihe Lende►tnwkes the power of seie,tho Trustee sh�ll Hrst recard In the offtce uf the replster of deeds of each courrty --__
<br /> ,s;.��.. wherein the trust proporry o►eome par3 ar parcel thereof ta sftusted a notico oi default conteininB the Infarmstlon requlred by law.ihe Truiton :_ _
<br /> �;•� �' shsll dsa mell coplea of Ihe nottce of dofauit to the Borrawar,to each pereon who Is e party horoto, and to other persom aa preccridsci by —_
<br /> applicabie law. Not lesethan o�e month aftor the Truatee records tho notice of default or two montha if the trust property is mt•In.em� _
<br /> • incorporated ctty or villapa end le ueed In ferminp operations carrled on by tha tructor,thn fruatee ahall give publia notica of eale tu tM p�rr.ant
<br /> " end in the msnner preacribed by�eppplicable law.Trustea,without dema�d on Borrower, shell sell the property et public auction to tia ti�JhNt
<br /> " bldder.If requlred by tfie Farm Homesteed Proteation Act,Trustee shall oNer tho property in two separate salea ea required by app:icab'�y�I�w.
<br /> � Lender ur�fts deilg�iiee miy purchase the properry et e y I�e�by public announcement at the ttme and pl�ce of any Dravlously schadL�utd�r5i. _
<br /> �`� Upon recelpt of paymentof the prfce bid,Truetee sfitll deliver to the purehuer Trustee'e deed convoyin8 ths prope►ty.Tt»recltl�ls aoMain�d in
<br /> ' � Trustse's dned shall be qima f�cfe svldiance of the uuth o}the etsteme�t�contylned iherein.Trustae�heY spply tha proceeda of thb aela fn lhe
<br /> � relnst�et�inent feei��lb) to ell sm sssecured by ihis�deed oi�t�ust uand(c)the�balanca�ii any t�o t e p�eisom le0ally entiU d to roa�ei�ti,fess and
<br /> 13.Fonclou:r�.At LeMer's option,thia deed of trust may be forec[osed in the mannor provide by applicablo lew for foreclosure of mnrtB�ees -
<br /> ,' �. „�.,,• � on real property.
<br /> - 'h' 14.M�p�ctlon.Lender may enter the propeny to tnspect tt if Lander givea Barrower notice beforehand.The notfce must stata tta tetsantb�e
<br /> r! � � c�use Tor Lender'e Inspaaion.
<br /> � f i�i 16.Cond�rtKUtlan.Rorrower easi(�ns to Lender:heproseeds of eny ewerd or claim for dameg ee connected with e condemnation or o2hs►tflSrnB
<br />�'- "'� of atl or any part of the properry.Such proceeda will be epplled es provided in Covenant t.7his asaignment ia cubJect to the terms of ahy priw --
<br />»• , secv►Ity agreement. _
<br />� any temed�upon BoR I er sYdetaultd Lende�r doee�ot weive eny right to lat r�coneide tho evtent a defa It it it happena pa ny�gY not exucickr� °'�
<br /> ':r .� Y _._
<br /> �;� -�:,Q' 17. JdM �nd S�w►d LI�b�t�r CasiprMn; Suecaaan�nd Asdpm Bound. All duties under this doed of trust ere �olrzt end severel. Any _
<br /> '�".',�>����.if Borrower who co•tiprn this deed of trust but doe� �ot co-sign the uoderlytnp debt inatrument(s) doea so only to tirent end convey th�t
<br />�'��3M: �_" Borrower's interost in tM properc}r to the Trustee under the terms ot this deed of truet.In eddition,such�Borrower egrees thet tM Lendar arui _ _
<br /> ��-" � ' any other Borrower under Yhb deed of tru�t may extend,modiiy or make eny other chen�es In the term�of thls deed of truat or th0 secura� __
<br /> ��'r"''� debt without thet Borrower'e conaent end without releesinp 4het Borrower from the terms of thia deed of Vust. ;_--
<br />_,� :,.•'�� The dutie�end baneftti of this Ceed of trust sh�il bind end benefit the euccetsore and escipne oi Lender and 6ocrowor. -
<br /> [i"---
<br /> � 18.Notk�.Unleat otherwlse roquire�7 by law,eny notice to Borrower ehall be gtven by d�livering it or by meiling it by certified maC addressed to �';;�
<br /> Bonower at tfie prope»Y addresa or enY other eddreas thet Borrower has piven to Usnder.Bonower wi;l pive eny notice to Lender by cortifhct �-�;.-
<br /> � meil to Lender'e adtlreae on pige 1 of thie deed of truct,or to any other eddres�whieh Lender haa desipnated.Any other notieo to Londer shtJ�'.
<br /> be sent to Lender't addross ae ntated on pape 1 of this deed ot truet, _
<br /> �.. ;
<br /> �.. Any notice ehatl be deemed to have been give�to Borrower or Lendor when pivon In tho manner statmd ehove. ;4�,
<br /> ,{., .,.
<br /> `- 18.Tran�?�r af tfu P�op�rty a�BN»4iclal Int�nst In tA�Borrowyr.If ell or eny part of the propertv or any interest in it Is sold or trensferrod ��;, : •
<br />" � without Londor's D►�o►written consent, Lender may demand Immediate Deyment of the secured debt.Lender may atso demend immediato .,,;.
<br /> ���, payment It the Borrower is not e natural person ond a beneficinl interost In the Borrower is sold or transtorred. Howover, Londar mty not
<br /> demand paymerrc in tP�e above situations If It is proY�ibitod by faderel law as of the claio ot this deed of truat. � �.
<br /> '"�"�' 20.R�conv�yanc�.1When the obligetion securod by thia deed of tru�t haa been paid,and Londer has no funMr�bilgation to meke edvancea •' '�•�
<br /> � �:: �� under the Inatruments a agreementa secured by thia deed of trust,the Trustee shall, upon written requoat by the Lender, reconvey tho tru8t
<br /> . prop^rty.Tho lender shell delive�to the Borrower,or 4o Borrower's successor In Interest,the trust deed and the note or other evidence of tho
<br /> ,:
<br /> ��,. ,, ;.
<br /> �° obligation so aetisfied.Borrower shall pay eny recordattan costs.
<br /> -_- -- �, _---,. .. ...._____—._.�� �_...+.. .. ��..a..�a ,,..rt.,�, mnv r�mnvn rr..=ra.and anuolnt a auccessor vustee bv flrst. meitino o coav of thb ��_��
<br /> _ __ --- � �.. �..,....,.... ..w.�.�.�_�. _. _.�-� - -
<br /> suhstitutfon of trustoe ee roquired by eppliceble(aw,and t6en,bq filing the substituLion of trustee for rocord in the office of the reflister ot den�19 �
<br /> o}each county in wh+ch tha Vust property,or aomo part thoreof,Is situated. The successor trustee,without conveyence of tho property, shetl
<br /> succeed to ell the power,dutlos,uutharity and titla of tho Trustos namad in tho daod of bust ond of any cuccessor trusteo.
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<br /> ' (PSge 2 of 2l
<br />- BAt1KENS 6V6TEM5.INC..ST.CLOUD,MN 68307 Il•800•397•23�11 FOtiM OCP•MTG�IE E/19N1 ��
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