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<br /> � COVEHANTB ��"' �10�41 =
<br /> , � . 1. P�yrmnt�. Borrower ayrea� to make dl p�yment� on the mcured debt when due. Unlen Borrower end Lender eqree otherwiae, eny _.
<br /> t psymonte Lender recelvas lrom Borrower or 1or Borrower'� bnnefit wlll be epplled firet to any emount� Borrower owes on the�eour�d debt �_
<br /> exclualve of interest a princlpol,�eCOnd to Inten�t, and then to princf�nl,if p�rtlal prcpayment of the secured debt occurc for any reason,it wlll
<br /> s ��ot redur.e or axcwe�qy tCheduUd paymint wtil}he tecured debt fa pald In fulL �
<br /> 2.CINm�Ap�in�t TttM. Botrow�r 4vill p�y�II t�x��. ��te��ment�,end other charpes ettributeble to the property when due and will defend titlo ��
<br /> � � to th�property ry aintt snY clalm�whlch vyqyl�Impdr th�Il�n of thls doad of trwt.Lender msy requlro 9orrower to esdqn any riphts,clalm�or �
<br /> dsfen�s�which 8orrower msy h�v��pNMt p�Itl��who�upply labor or m�terlals to Improve or malntaln the property. _
<br /> 3. In�unna�. Borrowu wlll kap th�prop�rty inwnd under tsrm• scceptable to Lender et Borrower's expense end for Lender'� benefit. All �`
<br /> , �- Intunncs policle�shdl includ���tand�rd mortp�p�cl�use In(rvar of Unr7er.Lender wlll be named�t losi payee or as the Inaured on any tuch -
<br /> Insurence poltcy.Any Insunno�procaeds m�y be•pplled,wlthin Lender'�dl�oretlon,to etther the reetorstion or repalr of the dameped property [
<br /> or to tho cacurod dobt.It Londor roqulrns mortpnpo Ineurnnca,Borrowor epmee to mnlnteln euch Inaurence 1or ae lon{�ea Lendor requirea. �
<br /> � "��~�� 4.PtopKty.Borrower wiil ksep the propsny In pood conditlon end make�II�epain reasonebiy necetssry.
<br /> ••�""��� 6.Exp�mn. Borrower spne�to pey all Lender'�expm�et includl�g reesoneble ettorneys'feee, it Barrower breako any covenente In thla d�ed _
<br /> , �:��'�� of trutt or In �ny o611petlon secured by thl�deed oi tru=t.�orrower wlll pey thase amounts to Lender aa provided In Covenant 9 of thia deed of _
<br /> truat,
<br /> 8.Pdor 9�cu�fty IntKnt�.Unle�t Borrower firot obtelna LendeYs written consont, Borrower will not make ar permit any chenges to any prior —
<br />� ' � security Inte►a�te. Borrower will perform�II of Borrower'e oblipatfone under eny prior mortgege, deed of truat or other eecuriry agreement, —
<br /> �' inctudinq Borrower's covemnt�to m�ke p�ymente when due. -
<br /> � � 7.A�tIpnm�nt of R�nb �nd Pro}k�. Borrower�uipne to Lender ihe renu and profits of the property,Unleat Borrower and Lender heve epreed
<br /> �� f otherwlse In writinp,Borrowsr may collect and retrin tha rents�� lonp as Borrower I�not in defauit. If Borrower defaulte, Lender, Lender's
<br /> �pant, or a caert appolnted recelver msy take poaes�elon and menage the property and coiiect the rente. Any rents Lender collects ehall bo
<br /> a� epplled firtt to the coste of m�nepinp the proparty, Inciudfnp court corts and attorneys' fees, commissions to rentel agents, and any other
<br /> , neceesary related expenaes.The remafnlnp emount of rente wlll then apply to payments on tho secured debt as provlded In Covenant 1.
<br /> ' 8.L��s�holds•Condomtniums;PIeRn�d Unit DavWopmentn.Borroa•er aprocs to ocmply wlth the pruvirionc of eny leacs If 4his desd ot trust Is on
<br /> `� �lea�ehold. If thi� d�ed of trutt li on a unit In�aondominiurn ar a plmnad unit development, Borrower will perform sll of Borrower's dutles
<br />_ �" �- under ths covenenta,by-I�ws,or rsguiatiar,t of the condominlum or plaruied unft developmant. _
<br />_ , fl.Authorlty of L�nd�r to P�tiorm for DarowK. If 8orrower falla to pedorm eny of 8orrower's duties under thle deed of truat, Lendor mey
<br /> perform ths dutles or cau�e them to bs p�rformed. Lender m�y dgn 8orrower's neme or pay sny amount If necessuy for performance. If any
<br /> constructlon on theproperty le dbcontlnued or not carried on In a reasorubie manner, Lender may do whatsvsr i�nececsery ta proteot Lender'�
<br /> aecurity intere�t in the p►operty.This may Include completing the construction, -
<br /> Lender's fellure to perform will not preclude Lender from exerclaing eny of Its other righte under the law or thia dead of trust.
<br />• AnV emounts p�id by Lender to protect Lender'�security Intere�t will be secured by thie deed oi trust. Such amounts wiil be due on demand
<br /> , ,�I and will 6ear interest from the date of the psyment untll pafd In full at the Interest rate In effect on the secured debt.
<br /> 10. D�fwlt �nd Aee�l�ntlon. If Borrower fall�to make any payment vihen due or breaka any eovenanta under thls daed of trust or eny
<br /> � obliyation secured by thia deed of trust or any prior mortpaye or deed of trust, Lender mey accelerate the maturlty of the secured debt end
<br /> " demand Immedlete peyment and mey Invake the power of sele and any other remedles permitted by applicable law.
<br /> 11. R�qw�t for Not(e� of D�fauft. It i� hereby requoated that copiea of the noticeo of dafault end saie be sent to each person who la s psrty
<br /> , ". hereto,at the eddrea�of each auch pereon,ss�et forth herein.
<br />-- � 12.Pow�r of SN�.if the Lender invokes the power of sele,the Trustee ahall first record in the ottice of tne rey�ater of aeeCS af each counry
<br />- wherein the truet property or eome part or psrcel thereof is situated a notice of default contalning the Information required by law.The Trustee
<br /> shell also mall copfe�of the notice of def�utt to the Barrower,to eech person who Is a party hereto, end to other periont ai prescribed by
<br />- • epplicable law.Not�ets than ons month aftcr the Trustee records the notice of defeu�t, or two montha if the truat property Ia not In sny
<br /> ' , Incorporeted city or villaye end I�uaed in fermirp operatlone carriad on by the truetor,the Truttee shdi yive public notice of�ale to ths peroons
<br /> snd In the manner prescribed bY eppplicable law.Trustee,without demend on Borrower,ehall sell the property et public auctlon to the hiphe�t
<br />- . bldder. If requlred by the Farm Homeeteed Protection Act.Tru:teo shall offer the property in two separate eates ee required by applicable law.
<br /> Trustee mey poatpane eale of ail or any parcei of the property by public announcemont at the time and ptace of any proviously echeduled aale.
<br /> Lender or its dealenee may purchaae th�property at any salo.
<br /> f.— Upon recelpt of payment of the price bid,Trustee shall deNver ta the purcheser Truetee's deed conveylnq the propercy.Ths recitlala contained In
<br /> ,,� •'. . Truatee's deed shall be prims facle evidience of the truth ot the etatements contalned therein.Trustee ehail apply the proceeds of the cale in the
<br /> _ foilowinp order: (a) to all expensea of the sele, including, but not Iimfted to, reasoneble Trustee's feea, reeaonable attorney'a feea and
<br /> � rainetatement fees;lbl to ali sums encured by thle deod of truet,and(e)the balance,if any,to the pereons lepally entitled to receive it.
<br />� 13.Fw�elosun.At Lender's optlon,thla deed of truat mey be forectosed In the menner provide by epplir,able lew for torecio�ure of mortq�yes
<br /> - • on reel proparty.
<br />-- _ � 14.Insp�ctlon.Lender may enter the property to inepect it if Lender gives Bo►rower notice beforehand. The notice muat etete the reasonable
<br /> _ t . �a. cause tor Lender's Inspectlon.
<br /> ' • 16.ConMmrnBon.Bor►awer aeelgne to Lender the�roceede of eny award or claim for damegea connected with a condemrtation or other taklnp
<br /> _ of all or eny pert of the property.Such proceeds will ba applied as provided In Covenant 1.Thla assipnment la eubject to the terma of eny prior
<br /> aecurity epreement.
<br /> —° 18.W�IvM. By exercisfng any remedY avelleble to Lender, Lender does not give u any rlflhte to later use enV other remedy.By not exerclsiny
<br /> - — any remedy upon Borrq�aor's dofoutt.Londar dooe not wafva any right to lator conePder the event a default if it happens apeln, _
<br />_.,,, 17. Joint�nd Ssv�rY LI�Wlity Co•slp�xi; Succ�ston �nd Anipns Bound. All dutiea under this deed of trust are Jolnt end eeverel. Any
<br /> Borrower who co-signs thls deed ot truat but does nut co•sign the underlying debt Instrumenticl does co only to grent and convey that
<br /> � •� • Barrower't interest In the property to the Truetee under the terma of thia deed of truat.In odditlon,such a Borrower aprees that the Lender md
<br /> ` � any other Borrower under thia deed of trust may extend, modffv or meke any other cha�ges In the termc ot thle deed of truat or the eeeursd
<br /> • a debt wlthout thet Borrower's consent and wfthout releasfng that Borrower from the terms ot this deed of truat.
<br /> � The dutiea and benefits of this deed of trust shell bind and benofit the successo►s end ecsigns ot Lender end Borrower.
<br />— � 18.NoUc�.Unloaa otherwiae required by lew,eny notice to Borrower shell be given by deliverinp it or by mailing it by certified mall eddressed to
<br /> �S Borrower at the praperty eddress or any other eddreen thet Borrower h�s glven to Lender. Borrower will givo any natice to Lender by certifted
<br /> meil to Lender'e eddress on pego 1 0}this deed of truat,or to any other eddress which Lender hea designated.Any other notfce to Lender shoil
<br /> . be sont ta Lender's eddresc as etetod on pege 1 of thle deed of trust.
<br /> Any notica shall be deemed to heve been glven to Borrower or Lender when given In the manner stetod above. _.
<br /> 18.7rMif�r of th�Prop�rty or�B�n�flcl�l Intu�st In th�Barow�r. If all or any part of the propertv or any interest in It Is sold or tranaterred
<br /> without Lender's prlor written consent, Lentler may demand Immodiate payment of the secured debt. �ender may also demand immedieto -
<br /> • ' demendtp�eymonBinrtheeabove eftuationsr if ipes prohlbted by federal lew es of the dateroi this deed lot trust nsferred. However, Lender may not
<br /> 20. R�conv�yanc�.When tho obligatfon secured by this doed of trust has beon peid,end Lender has no further obligation to meke advanCes
<br /> under the fnstrumente or agroemente securod by thia deed of truat, tho Truetoe shall,upon written requeat by the Lander,reconvey the truat -
<br /> property.The Lender shall deliver to the Borrower, or to Borrower's successor in interest, tho tn�st deed end the note or other ovidence of the
<br /> i obHgetion so satisfiod.Borrower shall pay eny recordation costs.
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<br /> _ 21. Suca�sor Tru�ta. Lender, et Lender's option, may remove_.Trusteo and appoint a succeasor trustee by first, mafling a,copy of the
<br /> �-�'--'�-'��{ subatltution ot trustee as requiretl oy eppiican�e iaw,en0 tt7en,Dy Tittn$tno suostitution oi truatoe ior recurd in[ne viiica oi ine regisier or uonua �
<br /> I of eech county in which tho trust proporty,or somo part thoroof,is n�tuoted.The successor trustee,without canveyence uf the property,shaU
<br /> ! succeed to all the power,duties,authority and title of tho Trustee nnmod in tho doed of trust and of any ctucr.ossor trustee.
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<br /> . . , DANKENS SYSTEMS.INC.ST CLOUD.MN GG301 It 800 397 73411 fORM OCP MTO NE 8�19•91
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