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201404218
<br /> COVENANTS
<br /> 1. Payments. Borrow�er agrees to mahe alI payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any
<br /> payments Lender receives from Bonower or for Borro�ver's benefit will be applied first to any amounts Borrower owes on the secured debt
<br /> exclusive of interest or principal,second to interest,and then to principal. If partial prepayment of the secured debt occurs for any relson,it will
<br /> not reduce or excuse any scheduled payment until the secured debt is paid in full.
<br /> 2. Ciaims Agai�st Title. Borrower will pay all taxes,assessments, and other charges attributable to the property when due and will defend
<br /> titie to the property against any claims which would impair the lien of chis deed of trust. Lender m1y require Borrower to assign any rights,
<br /> daims or defenses which Borrower may have against parties who supply labor or materials to improve or maintain the property.
<br /> 3. Insuranee. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit. All
<br /> Insurance policies shall indude a standard mort�age clause in favor of Lender. Lender will be named as loss payee or as the insured on any such
<br /> insurance policy. Any insurance proceeds may be applied,within Lender's discretion,to either the restoration or repair of the dama�ed property
<br /> or to the secured debt. If Lender requires mortgage insurance,Borrower agrees to maintain such insurance for as lon�as Lender requires.
<br /> 4. Property. Sorrower will keep the property in good condifion and make all repairs reasonably necessary.
<br /> 5. Expenses. Borrower aarees to pay all Lender's expenses, includina reasonable attomeys' fees, if Barrower breaks any covenants in this
<br /> deed of trust or in any obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed
<br /> of trust.
<br /> (,. Prior Security Interests. Unless Borrower first obtains I.,ender's written contest, Borrower will not make or permit any changes to any
<br /> prior security interests.Borrower will perform all of F3orcower's obligations under any prior mortgage,deed of trust or other security agreement,
<br /> including Borrower's covenants to make payments�vhen due.
<br /> 7. Assignment of Rents and Profits. Borrower assi�ns to Lender the rents and profits of the property. Uniess Borrower and Lender have
<br /> agreed otherwise in writing, Borrower may collect and retain the rents as long as Borro�ver is not in default. If Borrower defaults, Lender,
<br /> Lender's agent,or a court appointed receiver may take possession and mana�e the property and collect the rents. Any rents Lender collects shall
<br /> be applied first to the costs of managing the property, including court costs and attorneys' fees, commissions to rental agents, and any other
<br /> necessary related expenses. The remainin�amount of rents will then apply to payments on the secured debt as provided in Covenant I.
<br /> 8. Leaseholds; Condominiums; Planned UniY Developments. Borrower a�rees to comply with the provisions of any lease iPthis deed of
<br /> trust is on leasehold if this deed of trust is on a unit in a condominium or a planned unit development,Borrower will perform all of Borro�r�er's
<br /> duties imder the covenants,by laws,or re;ulations of t8e condominium or planned unit developmenY.
<br /> 9. Authority of Lender to Perform for 13orrower. If Borrower fails to perfonn,any of Borrower's duties under this deed of trust,Lender
<br /> may perform the duties or cause them to be performed. Lender may sign Borrowers name or pay any amount iP necessary for performance. If
<br /> any constn�ction on the property is discontinued or not carried on in a reasonable manner, Lender may do whatever is necessary to protect
<br /> Lender's security interest in tlle property. "Chis may include completing the construction.
<br /> Lenders failure to perform will not preclude Lender from exercising any of its other rights under tl�e law or this deed of trust.
<br /> Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust. Such amounts will be due on demand and
<br /> will bear interest from the date of the payment until paid in full at the interest rate in effect on the secured debt.
<br /> 1�. Default and Accelcration. If Borrower fails to make a��y payment when due or breaks any covenants under this deed of trust or any
<br /> obligation secured by this deed of trust or any prior mortgabe or deed of trust,Lender may accelerate the maturity of the secured debt and demand
<br /> immediate payment and may invoke the power of sale and any other remedies permitted by�pplicable law.
<br /> l l. Request for Notice of DefaulY. It is hereby requested that copies of the notices of dePault�and sale be sent to each person who is a part�y
<br /> hereto,at the address of each such person,as set forth herein.
<br /> 12. Power of Sale. If the Lender invokes the power of sale,tl�e Trustee shall first record in the oftice of the re�ister oP deeds of each county
<br /> wherein the trust property or some part or parcel thereof is situated a notice of default containing the informaYion required by law. The Trustee
<br /> shall also mail copies of the notice of default to the Borrower, to each person who is a party hereto, and to other persons as prescribed by
<br /> applicable law. Not less tlian one month after the Trustee records the notice of default, or two months if the trust property is not in any
<br /> incorporated city or village and is used in farming operations carried on by the trustor,the Trustee shall�ive public notice of sale to the persons
<br /> and in the manner prescribed by applicable law. Trustee,without demand on Borrower,shall sell the property at public auction to the highest
<br /> biddec If required by the Farm Homestead Protection Act,Trustce shall oPfer the property in two separate sales as required by applicable law.
<br /> Tn�stee may postpone sale of all or any parcel of the property by public announcement at the time and place of any previously scheduled sale.
<br /> Lender or its designee may purchase the property at any sale.
<br /> Upon receipt of payment of the price bid,Trustee shall deliver to the purohaser Trustee's deed conveying the property. The recitials contained in
<br /> Trustee's deed shall be prim�facie evidience of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the
<br /> following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and
<br /> reinstatement fees;(b)to all sums secured by this deed of trust,and(c)the balance,if any,to the persons legally entitled to receive it.
<br /> 13. Poreclosure. At Lender's option, this deed of trust may be Foreclosed in the manner provided by applicable law for foreclosure of
<br /> mortgages on real property.
<br /> 14. Inspection. Lender may enter the properCy Yo inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable
<br /> cause for Lender's inspection.
<br /> 15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other
<br /> taking of all or any part of the properry. Such proceeds will be applied as provided in Covenant 1. This assi�nment is suhject to tlie ferms of any
<br /> prior security agreement. �
<br /> 1C,. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use any other remedy. By not
<br /> exercisin�any remedy upon Borrowers default,Lender does�iot waive any right to later consider the event a default if it happens again.
<br /> 17. Joint and Several Liability;Co-signers;Successors and Assigns 13oimd. All duties under this deed of trust are joint and several. Any
<br /> Borrower who co-si�ns this deed of trust but does not co-sign the underlying debt instruments(s) does so only to grant and convey that
<br /> Borrower's interest in fhe property to the Trustee under the terms of this deed of trust. In addition,such a Borrower a�recs that the Lender and
<br /> any other Borrower under this deed of trust may extend,modit'y or make any other changes in the terms of this deed of trust or the secured debt
<br /> without that Borrowers consent and wiYhout rcleasing that Borrower from the terms of this deed of trust.
<br /> The duties and benefits of this deed of trust sliall bind and benefit the successors and assigns of Lender and Borrower.
<br /> 18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail
<br /> addressed to Borrower at the property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender
<br /> by certified mail to Lenders address on page 1 of this deed of trust,or to any other address,which Lender has desi�nated. Any other notice to
<br /> Lender shall be sent to Lender's address as stated on page 1 of this deed of trust.
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