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e COVEINAINTS 2 9 0 1 1 1 8 1S 1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from Borrower or for Borrower's benefit will be applied first to any amottnLe Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to principal. if partial prepayrrtcnt of the secured debt occurs for any reason, ii will not reduce or excuse any scheduled payment until the secured debt is paid in frill. 2- Claims Against Title_ Borrower w!li pay all taxes, asscssmentc, and other darges attributable to the property when due and will defend title to the property nainst any claims which weuld impair the lien of this deed of tout. Lender may require Borrower to assihra n ny rights, claints or defenses which Botm-wcr may have against parties who supply labor or materials to improve or maintain the property. 3. insurance. Borrower will keep the, property insured under tcrms acceptable to Lender at Borrower's expense and for Lender's benefit All 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 insurance policy. Any insurane, proceeds may be applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured dent If lender requires mortgage insurance. Borrower agrees to maintain such insurance for as long as Lender requires. 4. Property. Borrower will keep the property in goad condition and make all repairs reasonably necessary. 5. Expenses. Bom;wer agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covcnan_ 9 of this deed of cost. G, Prior Security interests, unless Borrower first obtains Lender's written contest, Borrower wilt not make or permit any changes to any prior security interests. Borrower will perform all of Borrower's obligations under any prior mortgage, deed of test or other security agreement, including Borrower's covenants to make payments when due. 7. Assignment of Rents and Profits. Borrower assigns to tender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing. Borrower may collect and retain the rents as long as Borrower is not in defzult. If Borrower defaults, Lender, Lone,:r'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. R. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any !ease if this deed of cost 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 duties under the covenants, by laws, or regulations of the condominium or planned unit development. 9. Authority of Lender to Perform for Borrower. If Borrower fails to perform. any of Borrower's duties under this deed of test, Lender 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 any construction on the property is discontinued or not carried on in a reasonable manner, 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 perform will not preclude Lender from exercising any of its other rights under the law or this deed of trust. 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 will bear interest from the date of the payment until paid in fitll 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 tha maturity of the secured debt and demand immediate paymcnt and may invoke the power of sale and any other remedies permitted by applicable law. II. Request for Notice of Default. It is hereby requested that copies of the notices of default and sale be sent to each person who it. a party hereto, at the ad-iress of each such person, as set forth herein. 12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall first record in the office of the register of deeds of each county wherein the trust property or some part or parcel thereof 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 =for, the Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Truster, without demand on Borrower. Shall sell the property a, ptiw!ic auction to the highest bidder. If required by the Farm I lornestead Protection. Act, Trustee shall offer the property in two separate sales as required by applicabit, la v. 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. Lender or its designee may purchase the property at any sale. Upon rccclpt of payment of the price bid, Trustee shall deliver to the pure; tier Trustee's deed conveying the property, The mcitials contained in Trustee's deed shall be prima facie evidience of the truth of the statements contained therein. Truster shall apply the proceeds of the sate in the following order: (a) to all expenses of the sale, including, but not 1;,mited tc, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed of trust, and (c) the balance, if nay, to the persons legally entitled to receive it. 13, Foreclosure. At Lender's option, this t i of t-ast may be forecloscu in the manner provided by applicable law for foreclosure of mortgages on real property. 14, inspection. Lender may enter the property to ins, ;act it if ir.nder gives Borrower notice beforehand. The notice must state the reasonable cause for Lender's inspection. 15. Condemnation: Borrower assigns to Lender the proceeds of aRny :,ward 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. TT:"- assignment is subject to the terms of any prior security agreement. 3G. 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. Larder does 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. Ail duties under this deed of trust are joint and several. Any Balrower 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 Borrower's interest in the property to the Trustee under the terms of this decd of tryst. In addition, such a Ponowcr agrtts that the Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in the terms of this decd of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust. The duties and benefits of this decd of trust shall hind and benefit the successors and assigns of (,.ender and Borrower. 18. Notice. Unlcss othcrwisc required bylaw, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addtt-ed to Borrower at ".hc property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's address on page I of this decd of tout, or to any crih:r address, which Lender has designated. Any other notice to Larder shall be sent to Lendet's address as stated on page 1 of this steed ortrust. Any notice sha!i be deemed to have been given to Borrower or I.cnder %hcn given in the manner stated above. 19. Trynyrt r of the Property or a Beneficial Interest in the Borrow cr. 1f all or any part of the property or any interest in it is sold or transferred without the Lender's r,rior written consent, l,.endcr may dcmt uid immediate payment. of the secured debt Lender may also demand immediate payment if the Borrower is not a natural person and a bcncftcial interest in the Borrower is sold or transferred. Ilowever. Lender may not demand payment in the above Okiations if it is prohibited by federal law as of the date of this deed of trust ZQ. Reconveyance. 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 ag,,resments secured by this deed of trust, the Trustee shall, upon written •equest by the Lender. reconvcy the trust property. The Lender shall deliver to the Bonower, or to Borrower's successor in interest, the trust decd and the note or otter evidence ofthe obligation so satisfied. Borrower shall pay any recordation costs. 21. Successor Trustce. Lender, at 1.•endcr's option, may remove Trustee end appoint a successor trustee by first, mailing a copy of the suhstimLon of trustee ai rcquircd by applicable law, and then, by filing the substitution of trustee for record in ;he office of the register of deeds ofcach county in which the trust property, or some part thereof, i5 situelcd. The successor trustee, without conveyance of the property, shall succeed to all the power, duties, authority and title of the Trustee named in the deed of trust and of any successor tlustce.