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<br /> +� COVENANTS iia�2 E�.�--- �
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<br /> 1. Paym�nU. Borrower aeroe� to meke all payments on the cecured dabt when due. Unleee Borcc+wer and Lender agree otherwise, nny �.:��'
<br /> payments Lender receives from 8orrower or Tor Borro�ye�,}beneiit wlll be applled flret to any emounts Borro�ver owoe on the secured debt , .
<br /> exciusivo of Interest or principel,eecond to int�re�t,end then to prlr�aipd.If partial prepayment of the secured debt occurs for any reason, it wfll ,
<br /> not reduce or excuee any scheduted paymont ntll thp a4cyre�dobt Is pald In full. �
<br /> 2.CINm�Apalnst Tid�.Borrower wlll pay ell��,es�ea�ment�,and other oherpes ettributable to the Bproperty whon due and will defand titlo "
<br /> deferleee�whlcl�aBoriowe�maylheve agelnat pertieapwho oupply labor or meteriale to improv o�r mrninterin therpw�pr�(`yeseiAn eny nghta,claims or .
<br /> .4 3.Insur�nc�. Borrower will keep the ptoperty In�ured undor tetms acceptable to Le�der at Borrower's expense and for Lender'c benefit. All
<br /> Inaurance policies ihall Include e etanderd mort ape olauee in fevor of Lender.Lender will be nemed ae loss peyee or as the insured on eny such �
<br /> orsto tl a eecur d debt�If Lo dor oqulroaamortpa��P s�u�an o�t Borrowee egre�es to�melnte�ntsuchhnsueence for as longlns Lendera oquirea roperty ';:
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<br /> w���, 4.Prop�rty.Borrower will keep the property in good conditlon and make aIl repalrs reasonably necessary. �_:--
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<br /> .•.�� 6.Exp�na��.Borruwer egreea to pay eli Lender's expenaea,Includfng reasonable attorneys'fees,if Borrower breeks eny covenants in this deed i:�,°-_
<br /> � ot trust or in eny o611gatlon eecured by thle deed of tn�at. Borrower wlil pay theae amounts to Lender as provided in Covenant 9 of thia deod of {,y��,
<br /> truat. �;*^�
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<br /> 8.Prior S�cudty Int�ruts. Unlese Borrower first obtalns Lender's written consont, Borrower wfli not meke or permit any chanpes to any prior __
<br /> security intereate.Borrower wlit perform ell of Borrower's obligetiona under any prlor martgege, deed of tn�st or other eecurity egreement, -
<br /> includinp Borrower'e covenento to make peymente when due. ___
<br /> 7.Astipnm�nt of R�nt��nd Proflb.Borrower aseigns to Lendor the rents end protits of the property. Unleas Borrower end Lender heve agreed ;;-
<br /> o t h e r w f s e I n w r i t i n p, B o r rower me y collect and retain the renta as ionp es Borrowar is not in default. If Borrower defaulta, Lender,LendeYs �_r,--
<br /> agent, or a court appolnted receiver may take possession and menage tho property end collect the rents. Any ronts Len der co i te c t s s h e l l h e �,,,y-
<br /> applfed flrst to the costs of maneging the property, including court costs and attorneys' fees, commissions to rentel aflents,end eny other �_
<br /> necesse�y�eiatod expensos.The remaininy amount of rents will then apply to payments on the secured debt as provided in Covenant i. ��
<br /> ' . 8.Lnuholdr Condadnlumt:Pl��n�d Unh DwNopm�mta.Borrower eCrees to comply wtth the proviafone of eny leaee If thla deed oftruat le on ___
<br /> `� under the�covennnte bY•�evvsr or regulations�of the condom n'lum or plenned unit development nt, Borrower wlll pertorm ell of Borrower's dutien
<br /> �� 8. Authority af L�nd�r to P�rto►m tor Borrow�r. If 9orrower falis to perform eny of Borrowor's dutiee under this deed of truat, Lender may
<br /> T perform the dutfei or cause them to be performed. Lander may sign Borrower's name or pay any amount if neceasery for pe►formence. If any ,_
<br /> construction on the property le diecontinued or not aarried an in a reaaonable manner,Lender may do whetever ie neceasary to protea Lender's i,'T_-
<br /> � security fnterest in the property.Thia may include completing the construction. -____°
<br /> Lender's fellure to perform wlll not preclude Lender from exercieing any of ite other rights under the law or thls deed of trust.
<br /> �''!�, and wf I beer Ints�reetyfromt he date of tha peyment until peld In full et�ltheelnterest�rete in ieff ect on the secu ed d bt unte will be due on demand `
<br /> '" 10. D�fauit�nd Acc�l�ration. If Borrower faiie to make eny payment whan due or breaks any covenante under this deed of trust or any �,,�
<br /> oblfgation secured by this deod of trust or any prior mortgege or deed of trust, Lendor may eccelerate tho maturity of the secured debt and [
<br /> " � demand immedlate payment end mey Invoke the power of sele end any other remediea permitted by eppllcable law. l��
<br /> . 11. Requ�it tor_Noda�of D�fwlt.It is hereby requested that copies of the notices at default end eele be annt to eech qerson who is a party
<br /> ' hereto,at the atldress of each such person,as eet torth hereln.
<br /> ' �` 12. Pow�r of SN�.If the Lender Invokea the pownr of sale,tha Trustee ehell tlret recortl�n the office of ii�e rediaiur ui deo�s of each sannty
<br /> wheroln the trusi properCy or eome part or parcel thereof ia situated e notice of defauit contafning the informetlon required by law. The Trustee
<br /> � shall also mall coplea of the notice of defeuit to the Borrower,to each person who Is a perty hereto,and to othor persona ae presc�i6ed by
<br /> g appliceble law. Not less then onn month after tha Trustee rocorda the notice of defeult or two montha If the truet property ia not In any
<br /> � incorporated c(ty or viilege end ia used In farminp operetiom carried on by the trustor,the frustee ehall pive public notice of sale to the persona -- -
<br /> end In the menner prescribed by appplicable law.Trustee,without demand on Barrower,ehall seil the property at pu611c auctfon to the hiqhest
<br /> biddo�.If required�•;:ho Farm Homestead Protectlon Act,Trustee shall offer the property In two separate seles as required by app�cable law.
<br /> Truatee mey poatpone sale of all or any percel of the property by public erniouncement at the time end place of any previously scheduled esle.
<br /> Lender or its desipnea may purchese tha property at any sale.
<br /> Upon recelpt of peyment of the prlce bid,Trustee ehail deliver to the purchaser Truatee's deed conveying the property.The recitiels contalned in
<br /> Trustee'a deed ehali be prima fecie evidfence of the truth of the statements containod therein.Trustee shail appiy the proceed�of the selo In the
<br /> reinsWateme t teee��lb)to�eli iPmaesecu ed by this�deed ofitrust and lc)I hetbalance,e�'so�Y blo the persons legslly entitled to ecelve It,feea and
<br /> - 13.Ra�clo�un.At I.ender'e option,thls deod of trust may be foreclosed in the menner provide by applicable law for foreclosure of mortgapea
<br /> • . on real property.
<br /> � 14.Insy�cUon. Lender may onter the property to inspect it if Lender gives Borrower notice beforehand.The notice must state the reasonsble �
<br /> , _ ceuae for Lender's Inapection.
<br /> � o6ail�or any partof Bhe p operty�S�uch proceedahwilirbe appllod es pr vlded in C venantamaghis as�fgmm�t iat eubject o the terme of any prlor _.
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<br /> security aproement.
<br /> eny remedy Bpon Borroweree de(auka Lende�rdoos ot waive anye Ight to lat r�aonsider the evtent a defaulteflt happens egalny� By not exarcisinp Y-�
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<br />- 17. Jotnt�nd Sw�rQ Ll�bllitv: Co-sipners; Sucas�sors �nd Assipns Bound. All duties under this deed of trust are Jolnt and several. Any �=--
<br /> T� Borrower who co•sipns thie deed of truat but does not co-elgn the underlVing debt Instrumentle) does so oniy to greni end convey thet -`,
<br /> � Borrower's Intereat in the property to the Trustee under the tenns oi thla deed of trust.In edditlon,such a Borrower agrees thet the Lender end E•�:
<br /> debt ithout thet Borrowerte�consent enduwithout re easinp that Borr wee efrom the terms of thia deadtof t►usL this deed of truet or the secured F �
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<br /> 1 The dutles end benefita of this deed of trust shall bind und benefit tho successors and aesigns of Lender and 8orrower.
<br /> 18.Notic�.Unless otherwise requfred by law,any nutice to Borrower shall be given by deliverfng it or by mailing it by certified mail addrese�d to 'ro"___
<br /> Borrower et the property address or any othor eddress that Borrower hes given to Lender. Borrower will give any notice to Lender by certlfled �
<br /> maii to Lender's address on page 1 ot this deod of tnist,or to eny othnr addross which Lender has deslgnated. Any other notice to lender shall ___
<br /> be sent to Lender's eddress as etated on page 1 of this deed of trust. �1
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<br /> Any notfce shall bo doemad to hevo been given to Borrower or Londer when given In the manner stated ebove. '� ..:'�
<br /> 19.Tnnsf�r of the Prop�rty or�Ben�flcl�l Inttrest in th�Borrower. If all or eny pert of the property or any interest in it is sald or transferred
<br /> without Lendor'e pri�r writto� consent, Londer may dAmund fmmediete payment of the secured debt. Lender may also dempnd immodiete
<br /> payment if the Borrower fs not a naturoi porson nnd a boneficial interest m the Borrowor is eold o� transferred. I�owovor. Lendor may not
<br /> domand paymont(n the above situations if it is prohfbitod by federel Inw ac of the dnte oi this dood of trust.
<br /> 20.Rsconv�yena. When tho obligatlon secured by this deed of trust has been pald, end Lendor has no further obligation to make advancas
<br /> ' under the instruments or egrooments socured by this deed of trust, thn Trustee shail, upon wrftton requeat by the Lender, roconvey the trust
<br /> propnrty.The Lender shall doliver to tho Borrower, or to Borrowor's succeasor in interest,the irust daod and tho note or other evidence of the
<br /> 1 obligation eo satisfied.Borrower shall pay any recordation costs.
<br /> �� leunnwaanr Trust��. Londe�, at Lander's option, rnay remove Trustoo and appoint a successor trustee by first, mai�ting_a copy��f t�� f
<br /> subsUtution of trustoe as requirod by applicublo low,unef tnon,oy niing cne subscicuimn vi ir�aiee,�v� �a��::,�a:�a;,4:�s�..�. ......,,.••-• -•-- -
<br /> of ench county in which the truct property, or somo pnrt thoroof, is situated.The succossor trusteo, without convoyanco of the property, shell �
<br /> succoed to nll thn power,dudos,autho�ity end title of the Trustoo nomod in the deed of tnist and of uny succossor trustee. {
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<br /> Ipege 2 0/21 '
<br /> BANKERS SYSTEMS.MC.ST.ClOUD.MN G6301 11 BOOJ97]3411 FORM OCP MT6 NE 6119/91 _ I
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