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<br /> , ' COVENANTS 'Y'`=�,
<br /> , r t•t.�;::�_:..
<br /> 1. P�ym�nti. Borrowa aprees to meke all pryment� on the aecured debt when due. Unleee 8orrower and I.endor agren otherwl�e, eny _
<br /> ' pnymentn Lendet recelves irom Borrower or for Borrower'e henefit wiil be epplled firet to any emount�Borrower owes on the eecured debt �' �,�,,
<br /> exctuelve of Interett or principsl,tecond to interest,end the to princlpel.If pertlel prepeyment of the 3ecured debt occura for nny raeaon, It wlil
<br /> not rsduca or sxcwa any scheduled payment untH•tM Ndir�d de6t b pald in full. L__
<br /> 1+� �lli-i � � �+rv:
<br /> �.CINm�Apsinot Tid�.Borrower will p�y��I t.xA�,,�nust�ents,end other charges ettributebla to the property when due end wiil defend titie ., y;_
<br /> to ths prop�rty apUnst�ny clNmrwhtch�WO0l�ilnpelr ths Ilnn af thle daed of truet.Lendsr mey requlre Borrower to sselgn any riphte,clelms or ,•A
<br /> de}eniu whlch Borrowsr m�y h�W�KQNitIlt p'artin�who�uyply labor or materi�l�to Improve or maintsin the property. ,. -"
<br /> ,..h-.
<br /> 3. In�w�ne�. Borrow�r wlil kesp th4 property Insund under term� eccnptable to Lnnder at Borrower'�expenae and for Lender'a benafft.All �:c:��s"'
<br /> Inwr�nc�palicl�s thall Include a�tsndsrd mortpage clouse In fevor of Lendsr.Lend�r wlll be nemed�e lo�c payee or ns the inswed on any euch �`s.�-•--
<br /> Inaurance polloy.Any Insurance proceeda moy be epFl►ed,withln Lender'a dl�cretlon,to elther the reatoretion or repalr of the dnmafled property
<br /> � or to tho ascurod dobt.I(Lender require�mortpape incurance,Dorrowar ayrsec to malntain such inaurance for ac long ac Lender requirea.
<br /> .. t• --_.
<br /> ��� 4.p�ap�rty.Borrower wlll keep the property In pood conditlon end meks sll repain rea�onably neaee�ery. �_
<br /> ,;�.,,�„µ� 6.Expues�s.Borrower epree�to pay all Lender's expense�, Including ree�onable attorneys'teee, if Borrower brenke any covenente In this deed ��_��_
<br /> of t�uat or Iri sny obllgation�ecured by thia deed of truat.Borrower will pey the�e emountn to Lender ae provided In Covenant 9 of thle deed of --
<br /> tfU6t. -�--
<br /> 8. Prla S�curity Int�ntu.Unlese Borrower flrat obtelns I.ender's writtan canaant, Borrower wiil not make or permit any chanpee to any pdor .,�-�-
<br /> tecurity interests.Borrower wlli psrform all of Borrower's obilpatlona under eny prlor mortgege, doed of trust or other aecurlty agreement, `
<br /> • . Includinp Borrower'�covenants to make paymonts when due. -- '
<br /> � 7.A�ri�nm�nt of R�nt��nd Proflt�.Borrower a�siyns to Lender the rente end profits of the property. Unleoe Borrower and Londer have ayreed -�
<br /> � otherwise in writinp, Borrower msy colloct end retaln the►ents aa long es Borrower ie not In defeult. If Borrowar defauite, Lender, Lender's __'j-__
<br /> . .. �`� eflent,or e court eppointed rocelver mey teke poaseastan end manege the property and collect the renta. Any renta Lender coliects ahaii be �"�"'-
<br /> =r apptied tirst to the caete of maneging the property, Includin court costs and ettorneys' feoa, commiealons to rentai agente, and any other ���-�
<br /> neceasery related expensea.The remafntng emount af rentn wRl then npply to payments on tha secured debt as provided in Covenant t. �''=
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<br /> 8.L��uholda;Gondbminiums;Pl�nn�d Unit D�v�lopm�nt�.Borrower aprees to comply with th�provision�of any leaae i}this deed of truat fa on — _
<br /> a leaaehold.If thl�deed of trust is on s unit In a condominlum or� planned unit dsvelopment, Borrnwer will pe►form all of Borrower'o dutiss -""
<br /> under the covenente,bylawa,or reflulatlone of the condominlum ar pianned unit development. _
<br /> 9. Authority of L�nd�r to P�rform tor Borrow�r. If Borrower falls to�perform any of Borrower's dutfes under this deed of truat, Lender mey � =_
<br /> perform the dutiet or cauae them to bs performed.Lender may algn F�orrower'e neme or pay any emount If necesaary for performance. If eny t:'.-
<br /> a. conatruction on the property Is diacontfnued or not carried on in a reeaonable menner,Lender may d� ,nneteve•is neceaeary to protect Lender's
<br /> security interest In tfie property.This may Inciude compteting the constructlon. _
<br /> =�• Lender'o failura to parform will not prer,lude Lender irom exercising eny of ite other rights under the lew or thfs deed of truat. "
<br /> Any amount4 paid by Lender to protect Lender'a security Interest will be aecurod by thia deed of truat.Such amountc wiil be due on demend ;_ '
<br /> nnd will beer Interost from the date of the peymant until paid in full at the Interest rate in effect on the secured debt. ��;,:
<br /> �� 10. D�tault�nd Aocd�ratlon. If Borcower faiis to make any peyment when due or breake eny covenente under thie deed of truat or any
<br /> obligatlon secured by thia deed of truct or any prtor mortgape or deed of truat, 6ender mey eccelerete tho maturity of the secured debt and �
<br /> � demand immedlete peyment end mey invoke the power of eale and any other remedles permitted by appliceble law. R-
<br /> 11. R�qu�st for Nodc�of D�fwit. It Is hereby requested that coples of the notices of default and sele be sent to each person who le a party
<br /> hereto,et the addresa of each auch person,aa set forth horein.
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<br /> � 12. Pow�r of Sd�.If tha Lender Invoke�the power of sale,the Trustes shell firet record in the office of the repister of deeda of each county -
<br /> whereln the trust property or some part or parcel thereof Is sftuatad e notice of default containlng the Informatlon required by law.The Truatee ��
<br /> � shetl alao mail copiea of the notice of default to the Borrower, to each pernon v�ho is s party hereto, and to other pereons ae prescrlbed by _
<br /> epplicable law. Not lesa than one month efter the Truatee records the notice of �efeult or two months if the truat proparty ie not In any _
<br /> Incorporated city or vlliage and Is used In ferming oDeretions carried on by thn trustor,the fruatee ehall pive public notice of sale to the persons -
<br /> end In the manner prescribed by apppilceble law. Truatee,without demand an Borrower,shall cell the property at public auction to the higheat =
<br /> bidder.If requlred by the Farm Homestead Protectian Act,Truatoe shali ofter the property in two separate sales ae requlred by epplicable law. -
<br /> Truatae may postpone eale of all or any parcel of the property 6y publ(c announce�nent at the time and pleco of any previously scheduled sala. �
<br /> Lender or ita desipnee may purchaae the property at any saie. -
<br /> Upon recelpt of payment of the price bid,Trustee shall deliver to the purcheeer Trustee's deed conveytng the property.The recitlals contalned in —
<br /> Trustee's deed Rhall be pr(ma facie evidtence oi the truth of the sttatemente contained therefn.Trustee shall apply tho proceeds of the sale in the
<br /> followinp ordor: (a) t� ali expensea of the salo, including, but not Iirnited to, reasoneble Trusteo's fees, reasonabie artorney'a taea and
<br /> relnstatement fees;lb)to all suma secured by this doed of trust,end(c)the belance,if any,to the persons legally entitlod to recolvo ft.
<br /> _" 13.Fonclo�un. At Lender's option,this deed of trust mey be foreclosed In the menner provide by applicable law for foreclosure of mortgapes
<br /> on►eal property.
<br /> • 14. Intp�eUon. Lendar mey enter the property to Inapect it if Lender gives Borrower notice boforehand.The notice muat stete the reaeonable
<br /> cause for Lender's inspection.
<br /> 16.Cond�mnatlon.Borrowar assigns to Lender the proceeds of any award or clalm for damegea connected with a condemnation or other teking —
<br /> of ell or eny pert of the property.Such procaeds will ba applied ea provided in Covenant 1. This eaeipnment le subJect to tNe terms of eny prlor ==
<br /> seaurity egreement.
<br /> 18.WQwr.By exercieing eny remedy evafleble to Lo�der,Lender doea not give up any flghte to later use any other remedy. By not oxercising =
<br /> • any remedy upo�Barrower's de4ault,Lender does not waive eny ri4ht to later consider the event e default if ft happena ogein. �-=--
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<br /> . � 17. Jdnt �nd S�vtr�I Li�bility; Co•slyn�rs: Suco�uors and A�siym Bound. All duties under thla deed of trust are Jolnt end several. Any �;f/•
<br /> Borrower who co•aigns this deed of trust but does not co•sign the underiying debt Instrumentltl doea so oniy to grant end convey that ['_:_'..
<br /> Borrower's Interett In the property to the Trustee under the terma ot thlo deed of trust.In edditlon,such e Borrower agrees that tho Lender and �.;;;;_
<br />— eny other Barrower under thle deed of trust may extend,modi�or make any other changea In the terms of this deed oP trust or the secured
<br /> � ' debt without that Borrower's consent and without releasing that orrower from the terma of this deed of truat. �
<br /> � , The dutles end benefits of this dood of trust ehali bind end benefit tho succossors and easfgns of Lender end Borrower.
<br /> 18.Notlat.Unlesa otherwiso requfrad by law,any notice to Burrower ahall be given by delivering It or by malling It by certified meii eddroesed to ---
<br /> Borrower at the roport address or any other eddreas that Borrower hae given to Lendor. Borrower will give eny notice to Lender by cortiffed --
<br /> � mafl to Lender's addrese on page 1 of this deed of trust,or to any other oddrosa which Lender has dosignatod.Any othor notico to Londer shall
<br /> be sent to Lander's oddross ae stated on pege 1 of this deed of trust. =
<br /> Any notico ahall ho deemod to have baen given to Borrowor ar Londor whon givan in the manner steted a6ove.
<br /> . 19.Tnn�tar of th�Prop�rty or�Ban�Bcid Int�nit In th�Borrow�r. If ell or any part of the propart•or eny interest in It ie sold or transferrod
<br /> wfthnut Lendar'es prior writton conaent, Lender may demand immodfate payment of th� secured�ebt. Lender may aiso demand Immediete
<br /> � puyment If tho Borrower is not a naturei person end a beneficial Interost in the Borrower fs eold or trensferred. However, Lendor may not
<br /> domand peyment in the obove situations if it Is prohibitnd by tedoral Iaw ns ot the dato of this daod ol trust.
<br /> 7.0. Raconveyenc�.Whon the obligotfon securod by this doed af trust hns been pnid, and Lendor has no further obligation to mako ndvonces
<br /> ! undor tho fnstrumonts or agroomonts socurod by this deed of trust, the Trustee ehall, upon written request by the Lender, roconvoy tho trust
<br /> - proporty.Tho Londor shnll dolivor to tho Borrowor, or to Borrowar's succossor in intorest, tho trust deed and the note or oth�r ovidonce of the
<br /> ' obiigation so satiafiod.Borrowor ahall pay any recordation oosts.
<br /> i 21. Succaaaor Truete�. Lender, nt Londer's ontfon. mnv removo Truatao nnd nnnn�nr a cuer.aacnr rr���raa n., n.a• ...vu:..., e . ..� .�e
<br /> ......, -- `'
<br /> 1 substitution ot trustoo as ruquirad by appliceblo law,nnd thon,by filfnp tho substitution of trustoo for rocord in the affice of the�epister of daads
<br /> ' of nach cow�ty in which the trust propnrty, or somo part thoroof, is situatod.Thu succossor trustaa,without convoyanco of thu proporty, shull
<br /> isuccooJ to oll tho powe�,dutioc,outhority and title of tho Truatoo nomud In tho daod of trust and of ony succossor ttusteo.
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<br /> � BANKERS SYSTEMS.INC.ST CLOUD.MN 60701 11 800 397 23411 FOHM OCV MT6 NL'0/17/91 i
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