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<br /> COVENANT& ��- lU6►�81 ` "'-"�--
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<br /> 1. PnymertfR• fltarrower rprn� ta mak� ail �aymmts on the t�cur�A debt whm dus. Unl��� 8orrow�i �nd UnAe► �pru otl►ewl��, �ny , ,,
<br /> pRy�YiAlitti �.tinclf�r r�ceivei trom Borrower ar or Borrow�Yi benalit wiil 6e �pplisd fint to �ny�mountr Borrowu ow�s on tM ��cund d�bt
<br /> i r,xeiunive of fntoro�t or principal, ucond to intu�st,�nd then to prinaip�l.II partlel prnpeymeM of thn�ecured dnM occure lor any raa4on,It will „
<br /> nGt r�dur.e or excu�e any�chedut�d p�ymeM untll th�qeur�d debt is pwfd in full. .
<br /> 2.Cl�kna Ay11n�t Tltt�.Borrow�r wilt pay sll t�x��,u�aimsnu,�nd other chvpet ettributebl�t�theproputy when due�nd wll defend titln
<br /> to lh�piopartY pp��n�t my clelms whlch would Imp�ir the lien of this deed of truct.I.encfnr mey requfrs Horrower ro n�ipn�ny nphu,cl�ims or
<br /> deftntte�which Honow�r may h�w ayelnet p�rtlns who�upplY I�Ao�or meterlatf to Improve or melnt�ln the propeny.
<br /> 3. Intunnc�.Horrower wfil k�ep th� propetty inaursd under t�rms �ccapt�hl�to Lendnr �t Borrowlr'��xpau��nd fot lendu'�h�n�fit. All '•',�'.
<br /> inaurnnr.n policiee ehell include a etendard matqw{�n c1�uRe in frvor of Lender.Lender will be��med u loss payee ot�s the uis�ured an eny cuch
<br /> , � insurance poGay.Any iniurancs proc��d�may be�pptlad,w�thm Lnnder'�discnt�an.to enher the n�fonuun ur repwu ol die dam�ycd�ropnrty _ _
<br /> or to the secur�d debt.If Lend�r nqulra�mortp�pe Insur�nce,8orrowsr aprou to m+lntein wch insur�nce f�r u lanp as Lei�der roquues. t
<br /> wW 4.Prop�rty.Borrowe►wN ka�p th�propety fn pood�ondition and msks ell repdn re�son�bly necestny. _
<br /> � T...r I 6.fap«n��.Borrowor�pract to p�y all le�der'�expenses,includinp reatonabl��ttornsy�'}se�,if Borrowe�brs�ke any covemnts in thi�dead �:.�A
<br /> of trust or in�ny obliyatbn iecured by thi� d�ed ot truat.Bo�rower wiii p�y thes��mounu to Lender��pro�ded in Caven�nt 9 of this deed o1
<br /> �..�;,
<br /> truat. _
<br /> 6. Prlor S�CUrity Intai�iU. Unloss Bo�rowor lirat obteine Lende►'e written coneent,Borrower will not m�ke or permit eny chpnyes to any p►ior �',
<br /> • �scurity Interest�. Borro!vor will perform all of Borrowsr'c Obliyatlons under any prior mortgape, deed of trust or other�acunty�preement, �•_;
<br /> ,: I includinp Borrower'a covenante to maka pnyment�when dua. .`,°4 w-_
<br /> _S,
<br /> � 7.A s s ip�m�t o f R��t�w�d P r o l i b.B o r ro w e r a s s i p n s t o L e n d e t t h a r e n t s a n d p ro f t s o i t h o p ro p e r t y. U nl e a s Botrower end Lender hava a preed ,;;�-
<br /> � ,k otherwrss In writinp, Botrawer may Collect �nd rotain the rsnte aa long�c Borrower �a not in de}�ult.If Barrower defaulro, lender, Lender's �;,_�..,.=
<br /> , � apent, or e court sppomtsd rer.eiver may take poatession end manage the propeny and coilect the rento. Any rents Lender collects shall be '.;�;
<br /> applied fuAt to ths costa of manngin�the property, inciuding court coste and attorneye' feet, commissions to rental eqente,a�d a�y other !i,,
<br /> ' � noGassary releted expenses.The reme�ninp amount of rents will then epply to payments on the secured debt�f provided in Covensnt 1. �-
<br /> a.LNS�holdr, Ca�domlNumr,PlannM!UniL DwNoMr�rNa.Borrowsr�►MS to compty with th�provisiant of�ny N1�s�if thi�dad of tru:t is on
<br /> ' a leasehold.If Yhie deed of trunt i�pn�unit In a Condomintum or a plannod unft development, 8nrro4ver will perform all of 8orrawer's dutis� ��'
<br /> * � under the covenante, byIsw�,o►repulationa of the condomfnium or pbnnad uMt development. -
<br /> 9.Autho�ity oT Und+�to PMorm for bROww. If Borrower fsil� tope rform my ot 8orrow�r'� dutin undn tMs dnd of trott, L��d�r may r`._.'�'���
<br /> � perform the dutiea or cause them to be periwmed.Lender may siyn 8orrower's nime or p�y�ny amount it neceu�ry for peAormincs.I}any
<br /> - con4truction on the property is discontinued a not car�ied on in a roasomble manner, Lender may do whatsver is necessary to protect Lender'a . _
<br /> • ;�� � secwity int�rest in the proparty.Thls may ir�clude comptetiny the consVuctbn. ■*,�.��-
<br /> •� ' Lender'e failure to perform will�ot prechxMn Lender irom exarcising any of its other rights under ths I�w or thie deed ot truat.
<br /> ''„'', i Any amounts pe�d by Lender to protect Le�der's secu►ity interost wilt be s�e:.ured by this deed of trust.Such amounta will be due on demsnd �3�"-'
<br /> ;�. end wfll bear int�rsst from the date of the paYment until paid in full aY t+he i�terest�ate in eNect on the eecured debt. �:�;`!-_
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<br /> 10. D�fidt and AccNalKion. If Borrower f�ils to make eny payment when dus nr breaks any covenanta under this desd of trust or any ...-
<br /> obllpatlon secund by tNs dead oi truYt o► any prfor mortgage or deed ot truet, Lender may acceUr�t�tM maturity of ths ucund d�bt and
<br /> + damand Immedi�te payme�t and may invake the power ot sale and eny other romedies permitted hy applicabl�law. -
<br /> �r i 11.R��s1 far Nodc�of Wfault.It is hv�eby requested that copiea ot the nottcea of default�nd ale be tent to each person who is�pa►ty
<br /> -- -- �' � • - � hereto,�t tna aaaeas ot each sucn person, as soi foriii Lnrnin.
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<br /> ,y�-;t;��,�� 12.Pow�r ot 9Y�.If the Lender Invokea the power of aele,the Trustee�hall tirst record In ths offlce of the rapfatx ot de�dt of uch county
<br /> ,;..��i�<, whereln the trust property or some part or pucel thereof is eitueted a notice of deisult contafnfnp ths information required by I�w.The TrustN
<br /> �,�•,;;;;.;;;,;,�r:..=���.r. ahsll also meil copiss of the notfce of default to the Borrower,to each person who is a p�rty hsroto,and to othw p:r.sons u prescribed by
<br /> . t• epplicabl� law. Not lesi than one month aher the Trustee records the notice of default or two months If the trust properry is�ot in any
<br /> `�'�; '`� �� ��� Incorporated city or vill�ye end is uced In farming operatlons carried on by the trustor,the fruatee shall pive public notv�e of sale to the percons
<br /> �„.�;;�:.;: ��t� end In the menner preacribed by�ppplloable law.Trustee,without demend on Borrower,shall sell the Wopetty at public auction to the hlghest
<br /> bldder.If required by the Farm Homeatead Protaction Act,Trustee shalt offer the property in two sepxate aalea�s�equired by applicable law.
<br /> � .. Truatee may postpone nle of all or any parcel of the property by pu6lic�nnauncement at the tlme and ptaa ot eny prwvausly acl�tuled sal�.
<br />_ � Lsnd�r or It�deslpne�m�y purchas th�property et eny aNs.
<br />• Upon ncelpt of payment of the prlce bld,Tructee ahall dellver ta the purchaser Truatee's deed cortveying the property.Thv roci�als contalned in
<br /> Trustse's de�d�hall be pim�fucl�svldl�nce of the truth of the ttatemento cantained thereln.Trustee sh�Il apply the proceeds of tM sate In tM
<br /> � followinp prder: (a) to dl �xpenoea of the�ete. Includlny, but not Ilmlted to, reesoneble Truatee'e feet, re�sonible attaney'� feea and
<br /> rslntt�temont fe�:;(bl to all�um�cecured by this deed of trust,and(c)the balance,If any,to the persons lepelly entitled to realvs it.
<br /> . . � 13.Fu�elown.At Lender'�optfon,thls deed of trust may be foroclosed in the mtnner provlde by applicable law for foroclosure of mortqaga
<br /> on real property.
<br /> • 14.Imp�otlo� Lender may enter the property to Inepect it if Lender gives Borrower notice beforeh�M.The notice must etate t►H reaton�ble
<br />� .. c�ut�for Lmder's insp�ction.
<br /> i.� ;�, • 16.C�tbn.Borrower asslpn�a to Lender Yfie proceeds of eny award or clafm}or demages connected with a condemnation or ot?Yer tskirp
<br /> of all or eny pan of the property.such procoeds will be epplled es provlded in Covenant 1.Thts asslgnment is subject to the terms ot any pria
<br /> _ security egreoment.
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<br />�+.'- • 18.W�tv�r.By exerciaing eny remedy availeble to Lender, Lender does not glve up eny rlghts to leter uae eny oth%r rernedy. By not exorcieing
<br />- • �!� any remedy upon Borrawer's defeult,Lender doee not weive any right to later considor the event e defeult if It happer�s again.
<br />-�-� 17. Jotnt �nd S�v�r�l llabWty Co•slyn�►s;Suceason �nd Auipm 8ound. All duties under thls deed of trust aro jolnt and teverol. Any
<br />�; . ,, 8orrownr who co•sipnt thlt deed of trust but does not co-slgn the underlylng debt Instrument(s) doee ao only to yrent md convey that
<br /> � Borrower's Intereat in the proDerty to the Trustee under the terma of thia deed of trust.In edditfon,euch e Bortower agreea that the Lender end
<br /> •r� any other Borrowsr under thls deed ot truet may eMend,modlfy or make a�y other changea In the terma of thia deed of trust or the necured
<br /> �� debt wlthout thet Borrower't concent and wNhout roleasing that Borrower irom the terme ot thle desd of trun. --
<br />, • The dutlet end beneffte of thle deed of trust�hall bind and benetit the suceeseore and aseigna of Lender end Borcowor. --
<br /> .� 18.Notic�.Unlets otherwlae requlred by lew,any notice to Borrower shall be ylven by dolivering It or by malling it by certified mail eddreased to ��
<br /> � Borrower at the prop erty addroaa or any other addrose that Borrower haa piven to Lender. Borrower w�ll glve any notice to Lender by certiiled = __-__
<br /> - i mail to Lender'�eddreta on pege 1 of this deed of truct,or to any other addreas whleh Lender has de3ignated. Any ather notfce to Lender shell =___-___
<br /> . t` be�ent to Lender'�addrese�s stated on page 1 of thla deed of trust. --
<br />- � Any notice thall bo deomed to have been given to Borrower or Lendor whon given In the manner stated above. ���='�=`°��
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<br /> 18.Tr�nsf�r of th�Prop�rty or�B�nMcfwl In:�r�st In the Borrower.If all or an art of the ro erty or en interest in ft Is sold or transferred ' '-'��•"""""�
<br /> Y P P P Y �. ,r,�.,��..e�
<br /> • � witl�out Lender'e prfor wrltten consent, Lender may demnnd immediate payment of the secured debt. Lender may also demand immediate w,1;;.����••_•-
<br /> payment if the Borrawer is not a naturol pereon end a beneflcfal intorost In the Borrower Is sald or trensferred. However,Lender may not , . iS tz_
<br /> damand payment In the ebove situatfom if it ia prohibited by federal law es of the date of thls deed of trust. ;����:�' �
<br /> i ..r�::�ii'5;�.'s?;
<br /> ' '�fltl..',.y ���,
<br /> � Z0.R�conwyana. When the oblfpatlon secured by thls deed of trust has been pefd, and Lender has no further obllgatlon ta make advances • �•;�,�-
<br /> under the Instruments or agreamente BeCUred by thls deed of trust, tho Trustee shall, upon written request by the Lender, reconvey the truet `�"�'����'
<br /> property. The Lender ahall deliver to the Borrower,or to Borrower's successor In intorest,the truet doed end the note or other evldence of the `_'`"�'
<br />- obligetion eo saUsfied.Borrower shall pey any recordatlon coate. �
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<br /> _ � 21. Suca�stor TntsiN, Lender, at LondeYs optlon, may remove Trustee and eppoint a sucCessor truatee by first, mailing a copy of the
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<br /> subatitution of trustee es required by applfcable law,and then,by filfnQ the substitution of trustee for record In the office of the register of deed�
<br /> - � af each county In which the trust propeKy,or some part thereof,is situated.The succeasar trustao, wlthuut convoyance of the proporty, shall
<br /> - � eucceed to aIt the power, dutles,euthorfty and title of the Truatee named in tho deed of trust and of any succassor trustee.
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<br /> BANRERS SVSTFMS.iNC..ST.ClOUO.MN 68301 It�SpO�97�2��11 FOpM OCP�MTO NE E�19191 �f
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