|
201502941
<br /> COVCNANTS
<br /> 1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree other��ise, any
<br /> payments Lender receives from Borrower ar for Borrower's benefit will be applied first to any amounts Sorrower owes on the secured debt
<br /> exclusive c�f interest or principal,second to interest,and then Yo principal. If partial prepayment of the secured debY occurs fc�r any reason,it�will
<br /> not reduce or excuse any schcduled payment until the secured debt is paid in full.
<br /> 2. Ciaims Against TiNe. Borrower will pay all taxes,assessments, and other charges attributabfe ro the property when due and will defend
<br /> title to the property against any claims which would impair the lien of this deed oi'trust. Lender may require Borrower to assign any ri�hts,
<br /> daims or defenses which Borrower may have against parties who supply labor or matcrials to improve or maintain the property.
<br /> 3. I�surancc. 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 include a standard mortgage 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 damaged property
<br /> or to the secured debt If Lender requires mortgage insurance,Sorrower agrees to maintain such insur�nce for as long as Lender requires.
<br /> 4. Property. Borrower will keep the property in good condition and make all repairs re�sonably necessary.
<br /> 5. Expenses. Sorrower agrees to pay all Lender's expenses, including reasonable attomeys' fees, if Borrower breaks any covenants in this
<br /> deed of trust or in any obligation secured by this deed of trusY. Borrower will pay these amounts to Lender as provided in Covanant 9 of this deed
<br /> of trust.
<br /> 6. Prior Security Interests. Unless Borrower first obtains Lender°s writtcn contest, Borrower will not make or permit any changes to any
<br /> prior security interests. Sormwer will perform all of Borrower's obli<�a�ions under any prior mortgage,deed of trust or otner security agreement,
<br /> including Borrower's covenants to make paymenYs when due.
<br /> 7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Llnless Borrower and Lender hlve
<br /> aereed otherwise in writing, Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Lender,
<br /> Lender's agent,or a court appointed receiver may take possession and manage the property and collect the rents. Any rents Lender collects shall
<br /> be applied first to the costs of mana�in�the property, including court costs and attomeys' fees, commissions to rental aQents, and any other
<br /> necessary rclated expenses. The remainin�amount of rents will tlien apply to payments on the secured debt as provided in Covenant I.
<br /> 8. Leaseholds; Condominiums; Planned l;nit Developments. Borro�ver agrees to comply with the provisions of any lease if this 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 Borrower's
<br /> duties under the covenants,by laws,or regulations of the condominium or planned unit development.
<br /> 9. Authority of Leoder to Perform for 13orrower. If Borrower fails to�erform,any of Borrower's duties under tl�is deed of trLisY,Lender
<br /> may perform the duties or cause them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If
<br /> any construction 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 the property. This may include completing the construction.
<br /> Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or tl�is decd 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 af the interest rate in effect on the secured debt.
<br /> 1�. Default and Acceleration. If Borrower fails to make any payment when dua or breaks any covenants under this deed of trust or any
<br /> obli;ation secured by this deed of Yrust or any prior mortgage 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 applicable law.
<br /> ll. Request for Notice of Default It is hereby requested tl�at copies of the notices of default�ai�d sale be sent to each�erson who is a party
<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,the Trustee shall first record in tl�e office of the register of deeds of each county
<br /> wherein the trust property or some part or parcel thereof is situated a notice of default containing the information required by law. The"I'rustee
<br /> shall also mail copies of the notice of default to tlre Borrower, to each person who is a party hereto, and to otl�er persons as prescribed by
<br /> applicable law. Not less thln 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 tl�e trustor,the Trustee shall give public notice of sale to the persons
<br /> and in the manner prescribed by applicable law. Trustee,without demind on Borrower,shall sell tlie property at public auction to thc highest
<br /> bidder. If required by the Farm Homestead Protection Act,Trustee shall offer the property in two sepazate sales as required by applicab(e law.
<br /> Trustee may postpone sale oPall ar any parcel of the property by public announceinent 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 purchaser Trustee's deed conveying the property. The recitials contained in
<br /> Trustee's decd shall be prima facie evidicnce of the trutll of tl�e statements conYained therein. Trustee shall apply the proceeds of tlle sale in the
<br /> followin� order. (a) to all expenses of the sale, inc(uding but not limited to, reasonable Trustee's fees, reasonable atYorneys fees and
<br /> reinstatement fees,(b)to all sums secured by this deed of trust,and(c)the balance,if any,to the persons Ic�afly cntit�led to receive it.
<br /> 13. Foreclosure. At Lenders option, this deed of trust may be foredosed in the manner provided by applicable law fbr foreclosure of
<br /> mort�a�es on real property.
<br /> 14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the re�sonable
<br /> cause for Lender's inspecYion.
<br /> 1.5. Condemnation. Borrower assi�ns 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 property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terms 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 /> exercising any remedy upon Borro�ver's def�ult,Lender does noY 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 Bound. nll duties under this deed of trust are joint and several. Any
<br /> Bonower w0o co-signs 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 the property to the Trustee under the terms of this deed of trust. In addition,such a Borrower a�rees that the Lender and
<br /> any other Borrowe�under this deed of trust may extend,modify or make any other changes in the terms of this deed of trust or the secured debt
<br /> without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust.
<br /> The duties and benefits of this deed of'trust sliall bind�nd benef Y the successors and assi�ns of Lender and Borro�ver.
<br /> 18. Notice. Unless othcrwise required by law, any notice to Borrower shall be �iven by delivering it or by mailing iC by certified mail
<br /> addressed to Borrower at the property address or any other address that Borrower has aiven to Lender. Borro���er will�ive any notice to Lender
<br /> by certified mail to Lender's address on page 1 of this deed of trust,or to any other address,which Lender has designated. Any other notice to
<br /> Lender shall be sent to Lender's address as stated on page 1 of this deed of trust.
<br />
|