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200010929 COVENA.MS 1. P•iyments. Borrower agrees to m:3ce all payments on the secured debt when due. Unless Borrower and Utrider agree otherwise, any payments Lender receives from Borrower or for Borrower's benefit will be applied first w any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to principal. If I artial prepayment of the secured debt occurs for any reason, it will not reduce or r_xcuse any scheduled payment until the secured debt is paid in full. Claims Against "Title. Borrower will pay all taxes, aasesstncuts, and other charges attributable to the property when due and will defend title to the property against aay claims which would impair the lien of this decd of trust Lender may require Borrower w assign tiny rights, claims or defenses which Borrower may have against parties who supply labor or materials to improve er maintain the properly. 3. Insur ka-, Bonower will keep the property insured under tenets acceptable to Lender at Borrower's expense an•1 for Lr-der's benefit All Insurance policies shall inclucit a st milard mortgage clause in favor of Lendcr. Lender will ix named as loss payee or as the insured on any such insw ,+olicy. Any insurance proceeds may be npplica, within Lendcr's discretion, to either the restoration or repair of the damaged property or to the secured debt if Lender requires mortgage insurance, Borrower agrees to maintain such insurance for as long as Lender requires. a, Prop:rty. Borrower will keep the property in good condition and make all repairs reasonably necessary- 5. Expenses. Bor:o•ax:r agrees to pay all bender's expenses. including reasonable attomeys' I;xs, if Borrower breaks any covenants in this deed of trust or in any obligation secured by this d:td of ;rust. Borrower will pay these amounts to lender as provided in Covenant 9 of this deed of trust. 6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Bortowcr will not make or permit any changes to any prior security interests. Borrower will perform all of Borrower's obligations under any prior mortgage, decd of trust or other security agreement, including Borrow'er's covenants to make payments whet: due. 7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise to writing. Borrower may colicct and retain the rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may take possession and manage the property and collect the rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and attorneys' fees, commissions to rental agents, and any other necessary' related expenses. The remaining amount of rents will then apply to payments on the secured debt as provided in Covenant 1. S. I-easeholdst Cordouiiniums; Planned Unit Developments: Borrower agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this deed of gust is on a unit in a condominium or a pianned unit development, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of tlic condominium or planned unit development. 9. Authority of Lender to Perform for Borrower, If Borrower fails to perform, eery of Borrower's duties under this deed of trust. Lender may perform the duties or cause them to 6c performed. Lender may sign Borrower's name or pay any amount if necessary for performance. if any construction on the property is discontinued or not carried on in a reasonable mama,, Lender may, do whatever is necessary to protect Lender's security interest in the property. This may include completing the construction. Lender's failure to pcrforat will not preclude Lender from exercising any of it; other rights under the law or this deed of trust. Any amounts paid by Lender to protect L.ettder's security interest will be secured by this decd of trust. Such amounts will be due on demand and % ill bear interest from the ,late of the payment until paid in full at the interest rate in effect on the secured debt- 10. Default and Acceleration. if Borrower fails to make any payment when due or breaks any covenants under this deed of trust or any 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 demand immediate payment and may invoke the power of sale and any other remedies permitted by applicable law. 11. Request for Notice of Lycra,:lt. It is hereby requested that copies ofthc notices of dcfault and sale be sent to each person who is a party hereto, at the address of cach such person, as set forth herein 12. Power of Sale. !*the Lcn..tr invokes the power of sale, the Tenneco shalt first record in the office of the rrgisw of deeds of each county Aherein the trust property or ,ems pan or parcel thcreof is situated a notice of default containing the information required by law, The Trustee 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 applicable law. Not less than one month after the Trustee records the notice of default, or two months if the trust property is not in any incorporated city or village and is used in farming operations carried on by the Lnrstor, the Trustee shall give public notice of sale to the persons and in the manner prtscriled by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If required by the Farm Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any parcel of the property by public announcement at the time and place of any previously scheduled srJe, bender or its designee may purchase the property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's - ed conveying the property. The recitials contained in Trustee's deed shall be prima fecie evidience of the truth of the statements contained therein. Trustee shall apply the proceed: of the sale in the tbllowing order: (u) to all expenses of the sale, including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed of crust, and (c) the balance, it' any, to '.lie persons legally entitled to receive it. 13. Foreclosure. At Lender's option, this decd of trust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property. 14. Inspection. Lerder may enter the properly to inspect it if L.cndcr gives Borrower notice beforehand. The not;ce must state the reasonable cause for Lender's inspection. 15. Condernrimion. LSorrowcr assigns to Lander the proceeds of any award or claim for damages connected with a condemnation or other 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 prior security agreement. 16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use any other remedy. By not exercising any remedy upon Borrower's default, Lcnder des not waive any right to later consider the event a default if it happens again. 17. Joint and Several Liability. Co-signers; Successors and Assigns Bound. All duties under this deed of trust are joint and several. Any Borrower who co-signs this deed of trust but does not co-sign the underlying debt inaruments(s) does w only to grant and convey that Borrower's interest in the property to the Tntsice under Elie terms of this deed of trust In addition, such a Borrower agrees that tite Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in the terns of this deed of trust or the secured debt without that Borrower's consent and without relcasin.e that Borrower from the terms of this deed of trust. The duties and heneli:s of his died oftrust shall bind and benefit the successors and assigns of Lcnder and Borrower. 18. Notice. Unless otherwise required by !avv, ary nctioc to Borrower shall be given by delivering it or by mailing it by certified mail addressed to Borrower at the property address or any other address that Borrower has given to Lender. Borrower will give any notice tee Lender by certified mail to Lender's address on page I of this deed of trust, or to :uiy other address, which bender has designated. Any other notice to Lender shall lit sent to Lender's address as stated on page I of this deed of trust. Any notice shall he deemed to have been given to Borrower or Lender wh+n given in rile manner stated above. 19. '1 ransfer of the Pruperty or a Bencficiat Interest in the Borrower. if all or any pall of the property or any interest in it is sold or tran5terrcd without the Lender's prior written consent, Lcnder may demand immediate payment of the secured debt. bender may also demand immediate payment ifthe Borrower is not a natural person and a bcnciloal interest in the Horn,wer is sold or transtcrred. However, lender may not demand payment in the above situations if iris prohibited by federal law as of the date of this decd of trust 20. ReconycyAnte. When the obligation secured by this deed of trust has been paid, and Lender has no further obligation, to make advances under the instruments or agreenlcnti secured by this decd of trust, the Trustee shall, upon written request by the Lender, reconvey the trust property. The Lender shall deliver to the Borrower, or to Borrower's successor in interest, the trust deed and the note or other evidence of 4hc obligation so satisfied. Borrower shall pay any recordaton costs. 21. Successor -1rituee. Lender, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the substitution of trustee as required by applicable law, and then, by filing the substitution of trustee for hecord in the office of the register of deeds of each county in which the trust property, or some part thereof, is situated. The sue. essor trustee. v%ithbut conveyance of the property, shall succeed to all the power, duties, authority and title of the Trustet , amcd in the deed of trust and Of arm sueccSSOr trustee.