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201504453
<br /> COVENANTS
<br /> 1. Payments. Borrower agrees to rnake a11 payments on Yhe secured debt when due. Unless Borrower and Lender a�rec otherwisc, any
<br /> payments Lender receives from Borrower or for 13onower's benetit will be applied Yirst 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 fhe secured debt occurs for any reason,it wili
<br /> not reduce or excuse any scheduled payment until the secured debt is paid in full.
<br /> 2. Claims Against Title. Borcower will pay 111 taxes,assessments, and other charges attributable to the property when due and wiil defend
<br /> title to the property against any claims which would impair the lien of this deed of trust Lender m�y require Borro�ver to assign any rights,
<br /> claims or defenses which Borrower may have against parties who supply labor or materials to improve or maintain the property.
<br /> 3. Insurance. Borrower will kcep thc property insured under tcrms ncceptable to Lender at[3orrower's expense and for Lender's benefit. All
<br /> ]nsurance policies shall inciude a standard mortgage clause in favor of Lendec Lender will be named as loss payee or as the insured on any such
<br /> insurance policy. Any insurance proceeds may be appiied,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,Borrower agrees to maintain such insurance for as long as Lender requires.
<br /> 4. Property. 8orrower will keep thc propeRy in good condition and make ail repairs reasonably necessary.
<br /> 5. Expenses. Borro�ver agrees to pay ali Lender's expenses,including reasonable attorneys' fees,if Bottower breahs any covenants in this
<br /> deed of trust or in any obligation secured by this deed of crust. Borrower wili pay these amounts to Lender as provided in Covenant 9 of this deed
<br /> of trust.
<br /> 6. Prior Security Interests. Unless Borrower first obtains Lenders written contest,Borrower will not make or permit any chanees to any
<br /> prior security interests.Borrower will perform all of Borrower's obligations under any prior mortgage,deed of trust or other security agreement,
<br /> including Borrower's covcnants to make paymcnts when duc.
<br /> 7. Assignment of Rents and Profits. Borrower assigns 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 Borrower is not in default. If Borrower defaults, Lender,
<br /> Lender's aaent,or a court appointed receiver may take possession and manage the property and co(lect the rents. �ny rents Lender collects shall
<br /> be applied first to the costs of managing the properiy, including court costs and attomeys' fees, commissions to rental aRents, and any other
<br /> necessary related expenses. Tlte remainin�amount of rents will then apply to payments on the secured debt as provided in Covenant 1.
<br /> 8. Leaseholds;Condominiums;Pianned tlnit Developments. Borrower 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 wili perform all of Borrower's
<br /> dutics under the covenants,by laws,or regulations c�f the condominium or planned unit development.
<br /> 9. Authority of Lender to Perform for 6orrower. ff I3orrowcr fails to perform,any of Borrowcr's dutics undcr this dced of trust,Lendcr
<br /> may perform the duties or cause them to be performed. Lender may sign IIorrowers 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 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 plyment until paid in full at the interest rate in effect on the secured debt.
<br /> lA. Default and Aceeleration. If Borrower fails to make any payment when due or breaks any covenants under tl�is deed of trust or any
<br /> obligation secured by this deed of trust or any prior mortgage or deed of trust,Lender may accelerate the maturity of the secured debt and tlemand
<br /> immediate payment and may invoke the power of sale and any other remcdics permitted by applicable law.
<br /> 11. Request for Notice of Default. It is I�ereby requested Yhat copies of the nofices of default and sale be sent to each person who is a pariy
<br /> hereto,at the address of each such person,as set forth I�erein.
<br /> 12. Power of Sale. [f the Lender invokes the power of sale,the Trustee shall first record in tlte 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 defaulY containing the information required by law. 1'he Trustce
<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 Chan one month a8er The Trustee records the notice of default, or two months if the trusC property is not in any
<br /> incorporated city or village and is used in farming operations carried on by the trustor,tl�e Trustee shall give public notice of sale to the persons
<br /> and in the manner prescribed by applicable:law. Truste;e,without demand on Borrower,shall sell the property at public auction to the highest
<br /> bidder. If required by the Farm Homestead Protection Act,Trustee sl�all offer the property in two separate sales as required by applicable law.
<br /> Trustee 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 /> Lcndcr or its dcsigncc may purchasc thc property at any salc.
<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 deed shall be prima facie evidience of the truth of the sCatements contained therein. Trusfee 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 tnist,and(c)the balance,if any,to the persons legally entitled to receive it.
<br /> 13. Foreclosure. At Lenders option, this deed of trust may be foredosed in the manner provided by applicable law for foreclosure of
<br /> mortgages 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 reasonable
<br /> cause for Lender's inspection.
<br /> 15. Condemnation. Borrowcr assigns to Lcndcr thc procecds of any award or claim for damagcs connected with a condemnation or other
<br /> Yaking oFall or any parC of Che property. Such proceeds will be applied as provided in Covenant 1. This assignmenY is subject to the terms of any
<br /> prior security agreement.
<br /> 16. Waiver. By exercising any remedy available to Lender, Lender does not Qive up any rights to later use any other remedy. By not
<br /> exercisin�any remedy upon Borrower's default,Lender does not waive any ri�ht to later consider the event a default if it happens again.
<br /> 1Z Joint and Several Liability;Cn-signers;Successors and Assigns Iiound. All duties under this deed of trust are joint and several. Any
<br /> Borrower who 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 7rustee under the terms of this deed of trust In addition,such a Borro�ver agrees that the Lender and
<br /> any other Borrower under this deed oCtrust may extend,modify or makc any other changes in the terms of this deed oftrust or the secured debt
<br /> without that Borrower's consent a�ld without releasing that Borrower from the terms of this deed of trust.
<br /> Thc dutics and bcncfits of this decd of trust shall bind and bcnefit thc succcssors and assigns of Lender and Borrowcr.
<br /> 18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by deliverin� it or by mailing it by certified mail
<br /> addressed to Borcower at the property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender
<br /> by certified mai]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 paae I of this deed oY trust.
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