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00112782
<br />COVENANTS
<br />I. Payments Borrower agrees to make all payments on the secured debt when due. Unlc:s Burrower and Lender agree otherwise, any payments lender receives from
<br />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on Lhc ec::'ed debt exclusive of interest or principal, second to interest, and then to
<br />principal. If partial prcpaym,nt of the secured debt occurs for any reason, it will not reduc:: a any scheduled payment until the secured debt is paid in full.
<br />2. Claims Against Title. Borrower will pay all laces, assessments, and other charges ,.'c c to the praperty when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of trust Lender may require Borrows: r.- assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maniL-in the p- o-,-eny.
<br />3. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit All Insurance policies shall
<br />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 insurance proceeds may be
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured debt. if Lender requires mortgage insurance, Borrower
<br />agrees ro maintain such insurance for as long as Lender requires.
<br />3. Property. Bonrower will keep the property in good cond'tion and make all repairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation se -cured by this deed of trust Borrower will pay these amounts to Lender as provided in Covenant 9 of this deell of trust.
<br />G. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, deed of trust or other security agreement, including Borrower's covenants !o make payments
<br />when due.
<br />Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />flortower may collect 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
<br />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
<br />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
<br />provided in Covenant 1.
<br />S. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this
<br />deed of trust is or, 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
<br />the condominium or planned unit development.
<br />9. authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of trust. Lender may perform the duties or
<br />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
<br />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.
<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 will bear interest from the
<br />d,ite of the payment until paid in full at the interest rate in effect on the secured debt.
<br />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
<br />trust or any prior mortgage or deed of truss, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any ether remedies permitted by applicable law.
<br />11. Request for notice of Default. It is hereby requested that copies of the notices of default and sale be sent to each person who is a party hereto, at the address of each
<br />such person, as set forth herein
<br />12. Power of Salc. If !hc 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
<br />some part or pa -col 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
<br />Borr. ,%cr. to each person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month alter the Trustee records the notice of default,
<br />cr two months if time trust property is not in any incorporated city or village and is used in farming operations carried on by the trustor, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Irustce, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm liomestcad Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />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.
<br />Upon receipt of paymcnt of the price bid, Trustec shall deliver to the purchaser Trustee's deed conveying the property. The recitials contained in Trustee's deed shall be
<br />prima facie evidicnce of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order- (a) to all expenses of the sale,
<br />includinz. but rot limited to, reasonable Trustees fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed of trust, and (c) the balance, i(
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At Lender's option, this deed of trust may he foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property.
<br />LI. Inspecti „n. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable cause for Lender's
<br />inspection
<br />15. Condemnation Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the
<br />property such proceeds will be applied as provided in Covenant i This assignment is subject to the terms of any prior security agreement.
<br />16. Waivtr. By exercising any rc;ncdy available to Lender, Lcndcr does not give up any rights to later use any other remedy By not exercising any remed} upon
<br />Borrower's default, Lender does not 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. All duties under this deed of trust are joint and several Any Borrower who co -signs this
<br />decd 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
<br />of this decd oftrust. In addition, such a Borrower agrees that ttre Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in
<br />,hc terms of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of lntst.
<br />I he duties and bcnefiis of this deed of trust shalt bind and benefit the successors and assigns of Lcndcr and Borrower.
<br />IS. Notice. Unicss othcrwisc required by law, any notice to Borrower shall be given by delivering it or by mailing it oy certified mail addressed to Borrower at the
<br />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
<br />Jccd of ;ors:, or to any ,thcr address, which bender has designated Any other notice to Lcndcr shall be sent to Lender's address as stated on page I ol'tliis deed of trust
<br />Arty n.)Gce shall be deemed to have been given ut Borrower or I. ender when given in the manner stated above
<br />19. 'transfer of the Property or a Beneficial Interest in the Borrower. If all or any part of the property or any interest in it is sold or transferred without the Lender's
<br />prior rmen con•:ent, Lender may demand immediate payment of the secured debt. Lcndcr may also demand immediate payment if the Borrower is not a natural person and
<br />bcncfiJ.11 interest ill the Borrower is sold or transferred. I lowever, Lcndcr may not demand payment in the above situations it' it is prohibited by federal law as of the date
<br />„! this (iced of trust
<br />20, Reconveyance, When the obligation secured by this deed of trust has been paid, and lender has no further obligation to snake advances under the instruments or
<br />�zrce ,once -.-,cured by this deed of trust, the 'I rustce .hall, upon written request by the Lender, reconvey the trust property. The Lcndcr shall deliver to the Borrower, or to
<br />Barr•• ^wcr' -. sucxs,nr in interest, the trust deed and the note or other evidence of the obligation so satisfied. Borrower shall pay any recordation costs.
<br />21, tiu( ccssor'I rustce. Lender, at Lender's option, may remove Trustec and appoint a successor trustee by first, mailing a copy of the substitution of trustee as required
<br />by applicable law, and then, by filing the substitution of trustee for record in the office of the register ofdecds ofeach county in which the trust property, or sonic part
<br />8fereof, is situated The successor trustee, without conveyance of the property, shall succeed to all tilt power, duties, autlwrity and title of the Trustee named in the deed of
<br />trust and of any SW:C`S5Or trustee.
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