|
...J. . . � . . . ..
<br /> _..{, . . . Y'�-�-
<br /> .T..,�ti �, , � a"
<br /> ��� , ' .,
<br /> . ,y��4�+�... . . . .. . - .5= ..�.,R .�✓iy�4J.`M� �
<br /> __ ;y�,� ... . ._ .. , ' ^ . ..�� . � .:.+.-�'s.
<br /> . � , . �;y':�u,,��-'��`'
<br /> __ . . I .�C�fVENANTB , �7�� 1031�� ` , - „��.a.
<br /> � 1. P�ym�nt�. Borrowar u{�see9 to make eil peyment� nn�the cecurod�dabt when due, Unioae Borrower end Londer egree [�thnrwlse, eny " � �
<br /> �� � paymente Lender racelvee iram Borrnwer or lor Borrower'�,binefit will be epnited Ilret to nny amounte Borrowar owoe on the eeaurad dobt �
<br /> oxclualvo ot Intorout or prinaip�l, aacond to Intoroot,ant!thon•o pr!nclpnl.If pnrtinl pro�eoymoi�t af tho eocurod dobt occurn lor nny roeson,it wlll
<br /> -� not�oduce or eacuse any echeduled payment untll the secuted debt le pnld In lull. _
<br /> o h�e property�i eTnst enyrcl m�v�hich w uld ImFafr the I en�o!thla deed o}t uate le dror�mayr equtre Borrower roheac�pn any ritihti�c%Ims��oi � �
<br /> defensea whlch�orrower�nay hava e8alnet parUee who euppiy labor or meterlals to Improve or malntnin�ho propartY. �.
<br /> �' 3. M�ur�na. 6orrowsr wtll keep the propsrty intured under term� acceptable to I.ender et Borrowe�'e expense end}or LenAer'o benefit. All �
<br /> �:�:' � ► Insurence poltalee shall include e etendard mortgape cta��ae In}evor o}Lertder,lender wiil be nemad es lote payea or ae the inaured on eny nuch -
<br /> In�urpnca poliey.Any insur-�nce proceede mey be epplled,within Lender'a dlecretlon,to either tho reetorntlon or rapelr of the dannappd property ,
<br /> ' nr to the eecu�ed debt.II Liander requiree mortpepe Inwrence,Borrower egroee to maintain such ineurence f*�r ea IonO es Lendar ceauves. -
<br /> ii� . .
<br /> b.Propurty.Borrower will keep tha property In good conditlon end make all repeirs ressonauly nocaseary, ,
<br /> .b.• J 6.F�cp�m�t.Borrower eprae�to pay ail Lendsr's expensee inc�udlnp reesonebte ettorneye'feae, ff Borrower breakc eny covensnt4 In thls deed • _
<br /> of trust or in any obligaUon secured by this deed of trust.�orrower will pay theaa emounte to Lender ea provided In Covenant 9 0l Ihis de�d of '.,�vr
<br /> • � truat. . ;. •
<br /> .`�==._
<br /> � 8. PAo►S�cu►ity Int�run. lJnie�e Borrowe�flrst obtaina Lender'a written coneent,Borrower wUl not meka or permit my changee to any prior ,�^.._,,�,�,,,;,�-
<br /> eacuri:y Intareste, Borrawar will porform all ot Borrowor'e obUpetlons under any prlor mortgage,deed of tmst or other sec�ritY o9reomant, ,:;xr�.�__
<br /> �-.—
<br /> � Inctudinp Bonower'e eovenanro to meke paymente when due. � �.---
<br /> � . :� .�''�}�--
<br /> 7.Assip�ment of R�nU�n<i Roflt�.Borrower asaipns to Lender the rents end profits of tho property. Untoss Borrower and Lene!er have sgreed
<br /> ;• .,� otherw si e In writing, Borrowar may collect and roteln the ronte es long ea Borrower is not In dofault.It 6orrower defaulia,L.:,ndsr, londor's "-'r'�4-
<br /> egent, or a court eppointed receiver may take posseasion end mennge the property and collect the rents. Any renta Lender collectc ehall be °
<br /> " �� epplied fUst to the coate of managin the property, Includin court costa sr.d aLtcr.^.ays' faea: commis�lons to rentel agents. end any other ,;�_ �
<br /> necersary retated expensos.The remeQning emount of rents wRl then ppply to payments on the secured dobL as providod in Cove�ent 7. _
<br /> � .......
<br /> ,.�-
<br /> � H.L�as�holds; Condomirlumr,Plann�d Udt DavNopm�nt�.Borrower a9rees to comply with the provisions of eny lease tf thia dec�d of trust ie on =-�:-.---
<br /> ,:�� a toasehoid.If this deed of uust ia on a unit in e cundomin(um or s planned unit development, Borrowai wlll perform�II ot Harrower'�dutles ., +;_
<br /> under the covemnts, byI�we,or repulafions o1 the amxlor�ilnlu�ti�or ptannad unit davalcpmcnt.
<br /> ^ y 9. Authorihl o!l�r to PNtom+for BoROw�r.If 6orrower fafla tope rfom a�y oS 8orrower'c dutiee u�der this deed of ttust,lendsr may �.,t •� _,._�._
<br /> � perform the duties or eause them to be pe►formed.Lender may slpn Borrower'e nama or pay eny emouM rt neeessery ior periormsnce.if any �,Y,,,�..
<br /> construction on tha prope�Ey is discontinued or not carried on fn e reasonable manner, Lender may do whatever is necessary ta�+rotect lendor's
<br /> -�' ,� � security interest In the propetty.This may inciude comp1e41ng the consuuction. _.�;;,e�r,s:_m ,�-�
<br /> Lender's faiiuro to pe►(orm will not precludo Lender from exercising any of ita other righte under the law or thit deod of trust. ;a°,�3::
<br /> • � Any emounts pald by Lender to protect Lender's aecurity Intereat wiil be securod bY tliia deed ot vust.Such emounts wlll be �i.m on demmd > ��
<br /> and will bear interost from the date of the payment unttt ueld in full et the interost rato i�eNect on the securad debt. � �°�==�--�`
<br /> ��� 70. Dat�uFt�nd Ace�lK�tlan. If Borrower fefis to make any payment when due o� breake any covenante unde► this deed oi truat or any •� .� '
<br /> � obli�atlon secured by this deed of t►ust ot eny prior mortflage or deed of trust, Lender may accelerate tho maturity of the sacured debt end
<br /> ' � ' � domand Immsdi�te payment and mey invake the power of sele end any other remedies permitted by applicebie law. :_
<br /> � 11.R�qust ta NoBc�of D�twtt.It is hereby requested that copies of the noticea of defsult and sele be sent to each perso� ��� la a party `
<br /> hereto.ut the address of ench such person,as set forth herofn.
<br /> ,�.= _ - -
<br /> 12.PowK ot SY�.If the O.ander Invokea the power of nete,the Trusten shall first record In tha oHlee of the regiu2pr ot dceds of each counttr
<br /> �. � where(n t1�e trutt property ar tane part or p�rcel thereof la tituated e notice of defauSt contalning the information i�o,ulred by law.The T►ustec+ �
<br /> shnll ateo mail copies of t?�e notice of default to the Borrower,to ench persor. who ia e parry hereto,and to ot�nr persons asprescrlbed Dy
<br /> � �, epplicebie 1aw.Not leaa Yhan one morrtfi after the Trustee records 1M notice of default or two month&If the trust proparty l� not in eny
<br /> ' '�r.;,,, Incorporated chy or villepe aod ta uaad in farming operatlons carried on by the trustor,the�ruatee shatl pive public notice of Fale to the pereona
<br /> >�'�:;;;,,.��,� and(n,the maroror preauibed by�ppppcebte lew.Trustee,without domnnd on Borrower,shail sell thn property at public suctto�n ta the hipheat
<br />--_ ':':�;, bidder. If requind by the Farm Homestead Protection Act,Trustee shall ofTer the propetty fn tvJO roparete eeb�es roq�11�!�b; rplirsbl+±le._.
<br /> •J'`�'•":��'.� Trustee m�y pottponn�ela �f eil or any psrcei of the prqperty by public snnouncement at the time and plsce of any p�eviously ssnar3ulad�ak►. ,_
<br /> • ' � Lender or Ite deelpnee ma��purcheoe the property at eny bele.
<br /> ;-
<br /> U on receipt of payment of the rice bid,Trustoe shell deliver to the purcheser Truatea's deed conveylrp the property.The reCftiala contaf�ad in
<br /> Truatee'e deed ehntl be prtme fecle evldience of the mrth ot the statemente eontalned thereln.Truatee ahell apply tho proceeds of the aale i�the _
<br /> ° following �rder Ial t�etl erpen�ea oi t�e sale, includinp, but not Iimfted to, ressonable Truatee'�fee�, re�son�bia attarnty's feea and _
<br /> rein�tatement te�s;(b)to all wmi socured by this deed of trust,and lc)the 6atanca,if any,to the peraona lepalty entitled to receive it.
<br /> 73.Fnndosun.At Lender'a option,thic deed of nust mey be forectosed In the mennor provlde by oppucable law for forecia�u►e of mortyapes �,;�
<br />_ _ • . on roal property.
<br />� :,,.,..._ ,., 14.In�p�cdon.Lender may ent!�r the property to fnspect tt if Lendar givea 9arrower �ottce beforehand,The notice muat ntate tM reasoneble
<br />_ `>: . . .,
<br /> cauae for 4ender'e inspection.
<br />-_ • . �.�. 16.Coad�fatlon.Borrower nssiQns to Lender the proceede of any award or clatm for damages cannected with a condemrtaUv�ar otfier tekinp �,
<br /> af all or sny put of tha property.Suah praceeds wlll be epplied as provided in Covenant 1. Thfs aas{ynment ie subJact to the riw�me ai eny prlor
<br /> • � security�Qreement.
<br /> ' 1e.WNwr. By exercSsinp any romedy aveilable to Lender,Lender doea not�ive up eny ttghta to later use eny oth�r romedy.f3y not exercising __
<br /> � ��� eny remedy upon Borrowa7'a det�ult.Lender does not walve sny right to la.er considar tho event e dbfault ff It heppona a9sin• �--
<br /> '�� 77. Jok�t�nd S�vsrd U�b�fty: Co-alDnsra; Succ�ua� �fd Assi�u Bound. All dutie� under this deed of truat ere joint t�-d sowrel. Any
<br /> ' �:;;:':..� Borrowsr wi�o co•�ipnt this daed o4 truat but doea not co-s►pn t�e underlyin9 debt Instrument(s) does so only to prsnt;nrad cnn�ey thet � _
<br /> t±�•' --•� Boyrcower's tntxest in the prope►ty to Uio Truatee under the term�04 thie deed of trust.ln eddition,such e 8orrowar epreas th�the Lender and ---�
<br />�a-`�-� ••°��� de6t without t at Borrowe,s�consent and without r eastng hat�orrowe�ferom the tersns oft hls deedYOfmtruet this t�eEd of 1ruW�•ar tha secured �,;__-
<br /> .��"`" � The dutie��nd benefite of thb deed ot trust shall 6irx!and benefit the succasaors and assipns of Lender end Borrnwor. -
<br /> - 1t.Notk�.Unbas otherwise re u(red by lew,eny notiCa to Borrower shall 6e piven by delivering it or bymafling it by cartified:Tauaddrossed to t'Y��
<br /> 4 �:��------•�_
<br /> Borrower et tM properry addres�or any other eddreaa that Borrowar has glven to Lender. Borrower vnll give any notica to Lp^der by certtfied
<br /> • � matl to lendar'e addreta on paga 1 of this deed of wst,or to ony oth�t eddross which Lendar haa dotipneted. Any other not,cm to Lender sheU �'��_�
<br /> Z ��-s-° �,.
<br />- • r be sent tu Lender's bddrose ee steted on pape 1 of thts deed of trusc. F�_--_��--�--y`=
<br /> - .�,u�.-
<br /> " Any not(ce shell be deem�d to have baen piven to Borrov�er or Lender when piven in th�menner stated ebove. •'?'=�°�'
<br /> } -����' • i�
<br /> � 19.Tranihr o}tM PropKty or�8�mt(ctr IMeat Fe th�BorrawM.Ii atl or eny pert ot the propertv or any tntor�;Z in ft !a snld or trensterred ° ° T ,'�,�w,��.i;.-
<br /> �.0_.�,.�__=_-- -
<br />_. w(thout Lender'e prior written consent, Lender may demenct Immediate paymont of the �ecurad doDt. londor may a�so dom�nd Immodiato . ..;r..�.•a T..c�::-
<br /> " E paymertt If the Borrower is not e naturat penon and a 6eneficiat intereat In the Borrower Is soid or transterred. Howevar, t�nder may not `,� :.wr!°
<br /> - , demartd payment in tM above sttuations il it Is prohibited by federal ln:v es ot the date of thia deed of trust. '��'���:,��?s-;q.. �'�
<br /> . ..{�'c
<br /> _., Ztl.R�eonv�ymc�. YVhe� the oblipatlon socured bY this deed of trust has beon Deld,end iender has no turthnr oblipution to mako edvances ' "';�:.'�;"•
<br /> ' . wi�er the InaWmente or apreemente aecured by ffiis deed of trust,the Trustee shali,upon written �equost by tho londar,recanvey the trust - -• . •
<br /> , _ - � property.The Lender shall doliver to the Borrower,er 4o Borrower's successor tn(nterast,the cruat deed ond thn note or other evidenco of the ..� . ., _ _.
<br /> •- " oblipition co a�6sfied.Bonower shail pay eny recordation coste. .
<br /> - .. ,
<br /> __. ._ . __–__._ __ _ _ _ . . . . . _... __.. ____.._ �_._�_ __J �_��t�a � �..���.��w.��u �... f:.M .wrl:ww ��.ww w��M� _ _-____ —" _
<br /> -.-�.. .---..._..-. Z7. CfUCC��1IX IliiilM. LQ�GT�Ei LOnvot e V twtb �oa romv�o nuoaw a..v ap�.van o o....wov.n voo.w ..r e��rr
<br /> substitution ot Vustee en reQutred Ny eppflcable�aw,and t�ien,by tilin�tha substitution of trustee for rocord in the oiticn of ihe regfstor of deeds �
<br /> af eaCh ceurtty In which the trust property.or some pErt thereof,ts s tuated.The auccessor trustee, wfthout canvnyanca ot tho proaorty.shail
<br /> " eucceed ta nll the power, duties,euthority end title of thn Trustee named in the deed of trust end of eny auccessor trustoa. ,
<br /> ., /pip�20/21
<br /> � BANKERS 6V6TEMS,IH:..6l.CtOUD,MN 66301 It•E00.397•I3�11 FORM OCP•allT6d�[0/19/91
<br /> i
<br />— I
<br />
|