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99 106678
<br /> COVENANTS
<br /> 1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any
<br /> payments Lender receives from Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt
<br /> exclusive of interest or principal, second to intereS,t,���td hen to pnYt�i�YaP: lf partial prepayment of the secured debt occurs for any reason, it will
<br /> not reduce or excuse any scheduled paymer�t�}�tit`���bd''d'eH+t�'a pAiH 5ti'����
<br /> �" �� oth [ &,ar es attributable to the property when due and will defend title
<br /> 2. Claims Against Title. Borrower will pay�I ta'#st s��S��Ip.�f1� �y[�� �0,.,, h� 9
<br /> to the property against any claims which w ��1'npair t R�ri�9.�'1�is�eed'of.'trust. Lender may require Borrower to assign any rights, claims or
<br /> defenses which Borrower may have against parties who supply labor or materials to improve or maintain the property.
<br /> 3. Insur encoli Besrshallri c�lude a standardPmort g�agerc au ea n favor of Lender�.ILenderew II betnamed asrloss payee orn s the insured oneany such
<br /> insuranc p lied, within Lender's discretion, to either the restoration or repair of the damaged property
<br /> insurance policy. Any insurance proceeds may be app�
<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. Borrower will keep the property in good condition 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
<br /> of trust or in any obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of
<br /> trust.
<br /> 6. Prior Security Interests. Unless Borrower first obtains Lender's written consent, Borrower will not make or permit any changes to any prior
<br /> security interests. Borrower will perform all of Borrower's obligations under any prior mortgage, deed of trust or other secunty agreement,
<br /> including Borrower's covenants to make payments when due.
<br /> 7.Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed
<br /> otherwise in writing, Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's
<br /> agent, or a court appointed receiver may take possession and manage the property and collect the rents. Any rents Lender collects shall be
<br /> applied first to the costs of managin� the property, including court costs and attorneys' fees, commissions to rental agents, and any other
<br /> necessary related expenses.The remaining amount of rents will then apply to payments on the secured debt as provided in Covenant 1.
<br /> 8.Leaseholds;Condominiums;Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust is on
<br /> a 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
<br /> under the covenants, by-laws, or regulations of the condominium or planned unit development.
<br /> 9. Authority of Lender to Perform fobe �erformedf Bende`r may�sign�Borrower'snnameBorrpay any amount ifnecessary o�performanceelf any
<br /> ies or cause them to p whatever is necessary to protect Lender's
<br /> cerform the dut nable manner, Lender may do
<br /> onstruction on the property is discontinued or not carried on in a reaso
<br /> 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 wi�l be secured by this deed of trust. Such amounts will be due on demand
<br /> and will bear interest from the date 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
<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
<br /> demand immediate payment and may invoke the power of sale and any other remedies permitted by applicable law.
<br /> hereRo,at the address of e o h sulch Ipersonr as se Qforth hereln,copies of the notices of default and sale be sent to each person who is a party
<br /> 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
<br /> shallr a�lsohmailUCOp es of the noti e oftdefault to therBorrower,at deach peesondwho I sca party heretonand to��theQ per ons las p escr b dtby
<br /> applicable law. Not less t han one month after the Trustee records the notice of default, or two months if the trust property is not in any
<br /> incorporated city or village and is used in farming operations carried on by the trustor,the Trustee s ha l l give pu b lic notice of sale to the persons
<br /> bdder.tlferequ'vedrby the�Far�m HomesteadlPro ection Act, Trus�ee shall of erntherpropertyhn'twolsepapate sales as requi edtby ppl cable awt
<br /> Lende ror'rts des gnee may purchase the p opelrty at anyr salety by public announcement at the time and place of any previously scheduled sale.
<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 statements contained therein. Trustee 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 trust, and (c)the balance, if any,to the persons legally entitled to receive it.
<br /> 13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in the manner provide by applicable law for foreclosure of mortgages
<br /> on real property.
<br /> 74. 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. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking
<br /> 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
<br /> security agreement.
<br /> 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
<br /> any remedy upon Borrower's default, Lender does not waive any right to later consider the event a default if it happens again.
<br /> 17rrower who SoVSgnsLthis�tdeed�of9�ust butcdoes�not co-sgn9he Bnder�lying debt Snst ument�(slddoes�so ronly to grant andsconvey tihat
<br /> Bo
<br /> Borrower's interest in the property to the Trustee under the terms of this deed of trust. In addition, such a Borrower agrees that the Lender an
<br /> any other Borrower under this deed of trust may extend, modify or make any other changes in the terms of this deed of trust or the secured
<br /> debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust.
<br /> The duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Lender and Borrower.
<br /> 18.Notice. Unless otherwise required by law, any notice to Borrower shal�be given by delivering it or by mailing it by certified mail addressed to
<br /> Borrower at the property address or any other address that Borrower has given to Lender. Borrower will grve any notice to Lender by certified
<br /> mail 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 Lender shall
<br /> be sent to Lender's address as stated on page 1 of this deed of trust.
<br /> Any notice shall be deemed to have been given to Borrower or Lender when given in the manner stated above.
<br /> 19. Transfer of the Prope�ty or a Beneficial Interest in the Borrower. If all or any part of the property or any interest in it is sold or transferred
<br /> without Lender's prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand immediate
<br /> payment if the Borrower is not a natural person and a beneficial interest in the Borrower is sold or transferred. However, Lender may not
<br /> demand payment in the above situations if it is prohibited by federa�Iaw as of the date of this deed of trust.
<br /> 20. Reconveyance. When the obligation secured by this deed of trust has been paid, and Lender has no further obligation to make advances
<br /> under the instruments or agreements secured by this deed of trust, the Trustee shall, upon written request by the Lender, reconvey the trust
<br /> 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 the
<br /> obligation so satisfied. Borrower shall pay any recordation costs.
<br /> 21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the
<br /> substitution of trustee as required by applicable law, and then, by filing the substitution of trustee for record in the office of the register of deeds
<br /> of each county in which the trust property, or some part thereof, is situated. The successor trustee, without conveyance of the property, shall
<br /> succeed to all the power, duties, authonty and title of the Trustee named in the deed of trust and of any successor trustee.
<br /> IPage 2 of 21
<br /> BANKERS SYSTEMS,INC.,ST.CLOUD,MN 56301 (1-800397-2341)FORM OCP-MTG-NE 6/19/91
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