|
2� 15�7�87
<br /> �� ��� �� � �
<br /> �a�E�ANTs
<br /> �. Payments. Borrower agrees to make a�t payments on the secured debt when due. L7nless B�rrawer and Lender agree atherwise, any
<br /> paymen�s Lender re�eives from Ba�-�-ower flr far Sorr�wer's benefi�vvill be applied f rst tfl any amounts Borrower owes an the secured debt
<br /> exclusi�e of�nterest or principal,secand�a in�e�rest,and then to principal. �f partial prepayment af the secured debt occu�s for any reason,it wil�
<br /> not reduce or excuse any scheduled paymen�unt�I the secured debr rs pa�d in full.
<br /> 2. Cla�ms Aga�nst Title. Borrower wiIl pay a�I taxes,assessmen�s,and o�her charges attribu�able ta the properiy when due and will defend
<br /> ti�Ie to the property against any claims which would impa�r the lien of�his deed of�z-u.s�. Lender may require Borro�er to assign any rights,
<br /> c�aims flr defenses whi�h Borrower may have against pa�ies wha supply Iabor ar mate�-�als to impro�e or maintain the property.
<br /> 3. �n�uranc�. Bo�-rower w�Ii keep#he p�roperty insured under terms acceptable to Lender a�B�rrawer's expense and for Lender's benef t. AI1
<br /> Insurance polic�es sha�l�nclude a standar�d mortgage c�ause in fa�or of Lender. Lender w��l be named as loss payee or as the insured an any such
<br /> insuran�e policy. Any insurance proceeds may be appl�ed,within Lender's discret�on,�o ei�her�he rest�ra�ion or repair of the damaged praperty
<br /> ar�o the secured debt. �f Lender requ�res m�rtgage insurance,Borravver agrees to maintain such insuranGe fo�-as�ong as Lendex�-equires.
<br /> 4. Property. Borrower witi keep�he property in good canditian and make alI repairs reasonabIy necessary.
<br /> S. Expenses. Sorrowe�r agrees to pa�a�I Lendez's expensus, �nG�uding reasona'ble attorneys' fees,if S�rrower breaks any cavenants in�h��
<br /> deed of trust ar�n any ob�igation secured by this deed of�rus�. Bor��wer will pay these amounts to Lend�r as pravided in Cavenan�9 of this deed
<br /> of trus�.
<br /> 6. Prio�-Security�nterests. Un�ess Ba�rowez-f r�t obtains Lende�r's w�ritten contest, Bonrower wilI not�make�r permit any changes ta any
<br /> prio�-secu�-ity�nterests.Bozrower w�11 pe�-form all of Baxrow�r's obligat�ons unde�-any p�riar mortgage,deed of trust or o�her se�uri�y agreernent,
<br /> includzng Bozxaw�r's covenants�o make paymen�s when due.
<br /> 7. Assignment af Rents and Profts. Borrawer assigns ta Lender the ren�s and prafts of the property. t]rnless Borrower and Lender have
<br /> agreed atherwise in writing, Borrflwer may collect and retain�he ren�s as Iong as Borrower is not in default. If Borrowe�-defautts, Lendex,
<br /> Lender's agent,or a court appointed�recei�er may take possess�o�and manage the praper�and collect�he rents. Any rents Lender col�ects shall
<br /> be app�ied f rst to the costs of managing the properiy, inc�uding�aurt casts and attarneys' fees, camm�ssians to rental agents, and any ather
<br /> necessary related expenses. The remaining amount of rents will�hen apply�o paymen�s on the secured debt as prov�ded in Covenant 1.
<br /> S. Leasehalds; �ondvminiums;Planned Unit De�e�opments. Bax-z-owe�-agrees ta cvmply with the pro�isians of any Iease if th�s deed of
<br /> �rust�s an Ieasehold. If th�s deed of�rust is on a uni�in a candominium or a p�anned un�t de�elvpment,Baz-x-ower�ill perfoz-m atI af Ba�-�-ower's
<br /> duties under the covenan�s,by�aws,or regulat�ans of the candomin�um or planried uni�de�elopment.
<br /> 9. Authority of Lender to Perform for S�rrower. �f Sorrower faiIs to perform,any of Barrower's duties under this deed of�rust,Lende�r
<br /> may perFoar�m the duties or cause them to�e performed. Lender may sign Barrower's name ar pay any amount if nec�ssary for performance. If
<br /> an� construction on fihe praperry is discantinued flr not canied vn in a reasonable manner, Lender may do wha�e�er is necessary�o protec�
<br /> Lendez-'s security inter�st�n the property. This may include completing the canst�-uct�on.
<br /> Lender's failure ta perform will not preclude Lender fz-om exe�-c�sing any of its ather rights under the law or�his deed of trus�.
<br /> Any amounts paid by Lender#o protec�Lender's�e�urit�interest wi�l be secured by this deed af t�-ust. Such amounts will be due on demand and
<br /> w��l beax intez-es�from the date of�he paymen�until paid�n fu11 a�the interest rate in effect on�he secured debt.
<br /> �.�. Default and Acceleration. If Bonrowez fails to make any payment when due or bzeaks any cavenants under this deed of trust�r any
<br /> obligati�n secured by�his deed of t�rust or any prior mor�gage or deed of trust,Lender may accelerate the maturi�y of the secured debt and demand
<br /> immediate paymen#and may in�oke the power of saie and any oth�z zemed�es permitted by applicable law.
<br /> �1. Request for Nntiee of Default. �t�s hexeby requested that capies af the notzces of defaul�and sa�e he sent ta each person who is a party
<br /> hereto,at the address of each such person,a�set f�rth herein.
<br /> I2. Power of 5a�e. �f the Lender in�okes the povver of sale,the T�us#ee shal�frst record�n the affice of t�ae register of deeds af each�aun�y
<br /> whe�ein the trust property o�-same part or parcel�hereof is situated a notice of defaul�can�a�ning the info�-�ma�ion required by Iaw. The Trustee
<br /> shall also mail copies of�he notice of defaul�to the Barrower, ta each persan who is a party here�o, and to o�her persans as prescribed by
<br /> app�icable la�v. Not �ess than one mon�h af�er the Trustee recnrds �he r�a�ice of d�fault, a�r two months if the trust property is not in any
<br /> incorporated city or�illage and is used in farming opez-ations carried on by the trus�or,the Trustee shatl gi�e public natice of sa�e to�he pez-sons
<br /> and in�he manner prescribed by applicable la�v. Trustee,withaut demand an Sa�ro�ver,shall sell the property at public auc�ion to the highest
<br /> bidder. �f requir�d�y th�Farm Homestead Prfltection Act,Trustee shall offer the property in tw�sepa�-a�e sales as requ�red by appti�able law.
<br /> Trustee may pos�pone sale of aIl oz an�parcel of the property by pubZ�c announcement at the time and p�ace�f any previously scheduled saIe.
<br /> Lender or its designee may purchase the property at any sa�e.
<br /> Upon receip�of payment of the price bid,Trustee sha�l deliver to the purchaser Tz ustee's deed con�eying the property. The recitials conYained�n
<br /> Trustee's deed shal�he prima fac�e e�idience af the truth flf the sta�ements contained therein. Trustee sha11 apply the pro�eeds of the sale in the
<br /> following arder: (a} to all expenses of the saie, incIuding, but not limited �o, zeasonable Trustee's fees, reasonab�� attorney's fees and
<br /> reinstatemen�fees;�b}to all sums secured by this deed of trust,and�c}the balance,if any,�o�he persons legally entitled to recei�e it.
<br /> I3. F�reclosure. At Lender's opt�an, this deed af trust may be foreclosed in �he manner provided by applicable Iau� far forec�osure of
<br /> mort�age�on�eal pr�perty.
<br /> �4. �nspectivn. Lender may enter�he prflperty t�inspect i��f Lender g�ves Borrower notice befarehand. The notice must state the reasonable
<br /> cause for Lender's inspec�ion.
<br /> 15. �ondemnation. Borrower assigns �o Lender�he pro�eeds of ariy awaxd or claim for damages cannected w�th a condemna�ion ar�ther
<br /> takinb of a��or any part of the prope�. Such praceeds will be applied as pra�ided in Covenan�1. This assignmen�is subject to�he tez-ms of any
<br /> prior secu�-it;�agre�m�r.�.
<br /> 1G. �a���r. By exercising any remedy a�ai�abie to Lender, Lender daes na� gi�� up any rights �a later use any other remedy. By not
<br /> exercising any remedy up�n Bo�-ravver's default,Lende�daes no�wai�e any right ta Ia�er cons�der�he event a default if it happens aga�n.
<br /> 17. Joint and Se�eral Liabi��ty;Cv-signers;Successors and Assigns Bound. All duties under this deed af trust ar�joint and se�eral. Any
<br /> Barr�wer whfl co-s�gns this deed of trust but daes not �o-sign �he underlying deht instrumen�s�s} daes so only to grant and �on�ey tha�
<br /> Borrower's in�erest in�he property to the Trustee under the�erms of this deed of trust. In addi�ian,such a Borrawer agrees that�he Lender and
<br /> any o�her Banrower under this deed of trust may extend,mod�fy or make any o�her changes in the terms of this deed of t�-ust or the secur�d deb�
<br /> v►rithaut tha�Borrawer's c�nsent and w�th�ut releasing that Borrower frflm the terms of this deed of t�-ust.
<br /> The dut��s and benefits of�his deed of trust sha��bind and henefx�the successors and assi�ns of Lender and Box-�-ower.
<br /> IS. Natice. Unless otherwise required by law, any no�ice to Borrower sha�l be given by deli�ering it or by mailing �t by certifed mail
<br /> addressed to Borrawer at the property address or any other address that Borzower has given to Lender. Borrower wil�gi�e any notice ta Lendez
<br /> by certified ma���o Lender's address on page 1 of this deed of�rust,�r ta any other address,which Lender has designated. A�y other no�ice to
<br /> Lender shall be s�nt to Lender's addzess as stated an page 1 of this deed of trust.
<br />
|