|
:;� .,T
<br /> •'wa�
<br /> ..�w� ' ,.. � . ....y,;M,wf�j'� "�`..
<br /> ��r�a��
<br /> -- - y. .� . .,,�:.•.- "�as,• -
<br /> COVEHANTB , f/�_ •�K;����_�:�
<br /> ias�8 '� �`�,::� ..
<br /> , � �. �.�=
<br /> �..;.;�. <.:,._
<br /> 1, p�y111N1t�. Borfowsr �yrns t0 mak� all psymentt on the secured detrt when due. Unlese Borrower and lendur uproe otherwiae, any f.�j;, � •,�„,
<br /> p�yments L�nd�r reCelves from Borrower or ior Borrower's benelit will bo appl�od fi►st to any omounte Barrowor owes on the eecured debt �
<br /> excluefve of Intereat or princlpal,necond to Intereet,and then tp pdnaipal. I}partfel prepaymont of the secured debt occura tor any reaeon,It will
<br /> not rsduce or excuts�ny�chedul�d p�yMSnt untll ths�ecur�d debt I�pifd in full.
<br /> 2.CIMtn�ApNn�t Titl�.8orrqw�r wlll pay ali taxes,�ttasrrNnts,1nd othar cherpe�attributebie to the property when due and wili defend tftle
<br /> ta the proparty ay�Inst nny clatm�whlch would Impalt tM INn of this desd of trust.Lende► mey require Bortower to aseign any rights,cieims or
<br /> dsfsn�ae which Borrowsr m�y hrve apNnst partlea who eupply labor or maten�ls to improve or maintain the property. , _
<br /> 3. Nuw�ne�. Borrow�r will ke�p th�property Intund undsr te�me �ccept�bfe to tender et Borrower'e expenae and for Lender's banefit. All �,,
<br /> iniurince p�ollcV�Anyliniuranc�pr c ads m�y be ipplied�within Lende�idd scretionr to�either the�reatontionao�repalr of the�dameped property !•o• ��•
<br /> or to tM secured debt.It Lsnder requiros mortpaye msurmco,Bonower ayreac to malntain�uch InsuranCO tar ns lonp es I.ender requirea.
<br /> �� '� 4.PropKty.Barrower w1i1 keep ths p►opsrty In pood condition end make sll repsirs reasan�bly neceuary. ;. � '",�_
<br /> � �� ,,,� � 6,Exp�ns��.F3orrowsr�yn�s to pay dl Lsnd�r's expanses,includiny reason�ble sttorrnys' fe�s, it Borrower breiks any covenantc in this de�d '' • � ,
<br /> o}trutt or in�ny obtipation�scured by thla deed of truat. Borrowe will pay theQS�mountc to Lender es provided in Covenant 9 of this deed of �:'��� �• • �j�''`�. `
<br /> trust. .�{-.�. ��•.
<br /> i , ''�t,r � ,r;•� :,-.
<br /> � 6.Prkn S�Int�t��b.Unleas Borrower firet obtains Lender'e written con�ent,Borrower will not make or permit any changea to eny prior • +. '{�.� �
<br /> ' ��.'�...,._.�Y�ivv
<br /> aecuriry Interen e. Borrower will perform all of Borrowsr's ablfyiNona under eny prior mortgage, daed of truat or other eecurity agreement� , VK�ti-_au—.._a..r�..Y
<br /> 'I includinp Borrow�r's cown�nts to make paymenta wMn dus. ,•.,__J'�•."
<br /> 7,AstlorKn�nt of N�r�d Prolfts.Borrower a�aipns to Lender the rents and profit� of the prnperty.Unlese Borrower and Lender have egreed .��y„°
<br /> otherwfse in writinp, Borrower mey coilect end roteln the ronts as lonp aa Borrower i:not in default. If Borrower defauits, Lender,Lender's • = T
<br /> ' � apent, or a co�rt appolnted recelver may take posseaclon and manage the property and collect the rente. Any rente Lender coliects shell 6e .
<br /> t' apptied first to the coote of managing the property, Includin aourt coate and attornays' feas, commissions to rental ugents, and any other �`�1,;:,�
<br /> �•�.:
<br /> s necen�ry rslated expense�.The rem�Ininp emount o}ronts w I then apply to peyments on the cecured debt as provided in Covenant 1. Z;,_:r:-=_
<br /> ��4,r--_..
<br /> 8.Ln��hoidr Condomtdums:Pl�nn�d Udt Dw�lo�m�nb.Borrower agrees to comply with the provisions of any loase if this deed of trust is on __._-._ -
<br /> e leasehold.1�thta deed of trust is on a unit in a condomfNum or a plenned unit devatopment, Barrower will perform all of Borrower's duUe� ��;
<br /> ' under the covanantc,bylaws,or repulatfom of the condom►nium a p�anned unit development. '�"
<br /> 9.Authority of LK�d�r to P�►fam fa Bortow�r. It Borrower faib to�pertorm any of Borrower's dutis�under thb deed of trutt, Lender m�y 'rv r•''"r��;'_.,-
<br /> peAorm ths dutie�or oaute th�m to b�pertormed.Lender m�y dyn Borrower'c n�me ap�y any amount if necessary tor perform�nu.if any ,�!'rT:�,;
<br /> construction on the property is discontinued or not carried on in a reaeonable manner, lender m�y do whetever ie necessery to protect Lender's ;;..,•,�`���
<br /> � aecurlty intereat In the property.Thia m�y Include completfnq the constructlon. ''��_ •°
<br /> '� Lender'�fafluro to perform will not proclude Lender from exerclsinp any of fts othbt Nghtt under the law or thia deed of truat. � �
<br /> .1=�_,•_.-
<br /> Any amounts pdd by Lender to protsct L�ndsr'�security intereit will be�ecured by thia deed of truat.Such emounts wl!I be due on demand ,':';"`-`--
<br />_ �. anU will bau intvsst from the d�te of the peyment until paid in f►�A et the interost nte in effect on the secured debt. •v��,_= ^
<br /> i�•.,_.;_-
<br /> 10. D�hult w1d AceNK�tloa• If Bortower faili to meks any payment when due o�breek� eny covenantc under thia deed of trutt or any :.
<br /> ,�� obiipatton�ecured by thfs deed of trust or any prlor mo►ty�pe or deed ot trust, Lender may ecceierate ths muurity of the sacured de6t and �'.`� t�
<br /> dam�nd Imm�diat�paym�nt and may Invok�the power of t�N�nd any oti»r remedNS pnmittsd by�pplica6le law.
<br /> �,� 11.R�qwtt fa Notic�of D�fwit.It I�heteby raquestsd th�t copfes of the notice� of default and sale be sent to eech pereon who is e party �. —
<br />_ , heroto,at ths addroaa of each euch person,as aet forth herein. -
<br /> �a� 12.Pow�r ut Sal�. It the Lendnr tnvokes ths power of�ele,ths Trwtse�hdl fUet rocad in the of(ice of the reqieter of desds of sach county ;_
<br /> j whsroin th�tru�t prop�rty or soma put ur parcel thareof is�Ituat�d a notice ot def�ult contdnin the inform�tion required by I�w.Th�Tru�tes _
<br /> ;�'1� �h�ll at�o mall copls�of ths notice of dsfauit to the Borrow�r,to each psnon who b� P+rtY R�nto,and to other persons as prescril�ad by -
<br /> ;:��:;i �pplicable law. Not Isss than ons month atter the Trustee recads the notice of defwtt or two months if the trust property is not in any � �
<br /> ,�,:,,,y. incaponted city or vfll�pe end la used In farminp o�pentlona csrried on by the truator,ihe fruatee�hall pive publlc�otice of sale to tM persons
<br /> , �.; and In the manner pnsCribed by�apppllcable Iaw.Truetes,without demand on Borrower, shill sell the property�t public auction to tAe higheat
<br /> � `.'.',�•:�� bidder.if requfred by th�F�rm Homsttsad Protection Act, Truatee sh�ll oNer the properry fn two ceparate aelst as requind by appticable law.
<br /> ��.�;. Trustee m�y postpon��ale of�II or any parcel ot the property by public�nnouncemsnt st the tfm�end pl�ce of eny prevfousty scheduted eale.
<br />'`••�;' " .,,,,, , lendsr or It�desipn��may purchass the property at any sale. -_
<br /> ::•:�. .
<br />;:<:i: . _ ,,..f{ _-
<br /> Upon rscelpt of payment of the price bid,Trustee�hdl deliver to iho purchseer trustee'a de�d conveyfrq ths proparty.The rociti�la contamed in - ----- --
<br /> Tru�tee's deed nhsll be prima facle evidience of the truth of the st�tements contained therein.Trustes thall apply the proceedc of the sale fn the "; _
<br /> ' . rsinitato ent fe se,16j tolall sumi iecured by this�deed of�tru�tuind(c)�the balance, ifii y.blo the pereona/egally entitled'to recelve it,fees �nd r_
<br />- 19.Fa�cloNx�.At Lender'e option,thls dned of tru�t may be forecloaed In ths m�nrwr pravide by appi�cable lew for foreclosure of mortpapeo
<br /> ' on nal property.
<br />' . ' • 14,Insp�otlon Lsnder mey enter the property to fnspect it'rf lender pivss Borrower notice heforehand. The notice must stete the rea:on�ble
<br /> _ . + c�u��for Lander's in�pectfon.
<br />"M � �=l• � 16.Cond�rtw�tlon. Borrowsr auigns to Lender the p►ocsed�of�ny award or claim for damtaes connect�d with s condemnation or other tskinp
<br />=i, ��� • ot all or any part of the property.Such proceeda will be applied ea provided in Covenant 7.This essiprunent Is subject to the terms of any pAor
<br /> security�preement.
<br />-..'� ; 16.WdvM.By sxercisiny my remedY evaflabte to Lender,Lender doee not give up eny rightc to later use any other remady. 8y not excrcfeing =
<br />_ . any remedy upon Borrower'a defeult.Lender daee not weive any right to later cornider ths event a default If it happene syeln.
<br /> � . 17. Jok�t�nd S�wrr LI�bNiri; Co•�ipn�rs; Suac�s�as �nd A��i�u Bound. AII duties under thls dsed of trust ere joint end ceveral. Any
<br />�� -^� � Borrower who co•siyns this deed of trust but does not co•slpn the underlyinq debt inatrumentls) does Qo on{y to grent end convey that
<br /> ?'' ';.:�-� Bottowsr'�Interost In the property ta the Trustee under the te►me of thia deed of truat.In additfon,sueh a Borrower agroea that the Lender and _
<br /> any ott►er Borrower under thia desd of nust may extend, modih or mske any other chanye�In the terms of this deed of trust or tha secursd
<br /> , _ , dabt without th�t Borrower's consent and wlthout relesainy that$orrower irom the terms of thie daed of truat. ---
<br /> • The dutiea and benefit�of thia deed of truat shell bind and benefa ths succe�nors end�ssiqnt of Lender and Borrower. --
<br /> 18.Notle�.Unlesa othorwias required by law,any nottce to Borrower shall be given by delivering It or by malling�t by certifbd mail addresaed to -__-_----
<br /> ;�:,� Borrower at t�e praparty eddreae or eny oihe►eddreas that Borrower has givon to Lender.Borrower w�ll give eny ratice to Lender by certifled m-- -��
<br /> • m�il to Lender's addresc on p�ge 1 of t6is daed of truat, ar to any other eddreas which lender h�s designated.Any other rwtice to Lender shall ����.,_=•-
<br /> � ,�'+�. be sent to Lender'a�ddrosa ee eteted on page t ot thie deed of tmst. '"' '� ����
<br /> ,i'<� �y ., - -
<br /> . t Any notice shall be duamed to have been piven to Borrower or Lender when qiven In tM manner st�ted�bove. ;�!^������ �'�
<br /> -.`3nt,-. "�Z'
<br /> 18.Tnnst�r of th�P�opHty or�Bx�ticid Int�n�t In th�Ao�row�r.if all or any pan of the propeny or any Intere�t In it la sold or tranaferrad .F.r>• �'..
<br /> • without Lender'e p►br written con:nnt, Lender may demrnd immediate payment af the secured debt. Lender mty eiso demend immedlite :, ;����:.
<br /> p�ym�nt It the Borrower ia not a naturel pereon end o t�eneficlal Intereat in the Barower Is sold or tronsfortod.However, Lender mey not ,-�' ��r'��;`
<br /> ' demand payment in the above�ituatlona if it is prahibitsd Dy lederuf Iaw as oi the date of thle dead of trust. � n.:?•'"tix''�''.r �w�
<br /> 20.R�conv�yMC�.When tha oblipation secured by thi3 deod ot trust has been peid,and Lender has no further obligatfon to myke advancea .~�j�
<br /> . +��'+��.
<br /> under the Instrumentb or apreoments eecured by thfa deed of trust,the Trustea shall,upon writton roquest by thn Lunder, reconvey the trust . . '�-;•�r.:
<br /> property.The Lender ehall deliver to the Borrower, or to Barower's suecessor in interest,the trust dfled end thn noto or other ovidonce of the
<br /> . oblipetfon so setiafled.Borrower shall pay eny recordatlon costs.
<br /> ` __... __ .. -. �� Cuwwow T�u�fa� �.nn.r wt InndAr'e nnefon. mav romove Truntee and appoint a succeasor trustoe by ffrst, mailing a copy.of the
<br /> �� eubatitutfon of truatee ae requfred by epplicsblo law,end thon, bq fU(ng the suDStitutlon oT trustee for rocora�n tno omce of tno register or deeds r , -
<br /> 1 ot each county In whtch the truat property,or some part thereof, is eltuated.The successor truatee,without convoY�nca of tho propeny, eheli 1
<br /> Isucceed to ell the powor,dutlos,authorlty end tltle of the Trustee nemed in the deed of truat end of any succeseor trustoe. �
<br /> l � .
<br /> ,
<br /> ;
<br /> fpepe 2 0l 21 �
<br />. � BANKERS 6Y6TlM5.INC..ST CLOUD.MN 6E30t 11 0p0��97�29�11 FORM OCP M16�NEe�1991 _ _ _ I -
<br /> I �
<br />
|