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<br /> CUVEf,1APJY� ,�1,(�n7;��:� i
<br /> • �• 1. P�ym�nt�. Bnrrowor nproos to mnko nll pnyinonto an tho aocurod dobt whon duo. Unloan Borrowar nnd Lor�dor oproo othorwiso, ony „ -,;. ,
<br /> poymanto Londor racalvoo Iram Bo�rowor or tor Borrowor'o banofit will bo oppllod firot to ony nmounto Donowor a�v�o an�hq cocurod dobt ,,;�
<br /> Oxr,luelve of intoraet or princlpol,eocond to Intarost,nnd thon tu principal.If partinl propoymant of tho oocurod dnbt oacure}ar Ony ropsan, It will 'f__
<br /> not raduce or oxcuae any echedulecj pnym0�t unl�l tho securod dobt lo poid in full. r-
<br /> � • ' . .. ��A.
<br /> 1.Ci�1m�Ape!n�t Tltlo.B�rrowor will piy atl tnxos,nss000monco, nnd othor cliarp�o nttributnblo to tho proporty whon dua ond will do}ond tltla �
<br /> to the propertV eg aln�t eny clfllml.which would Impalr the Ilan o}thlo doad of truat. Londor moy roqulro Oorrowor to oeolpn any rlphte,clalm�or (�'�:
<br /> , defensee whlch Borrowor fnqy hevp opelpet qertion who oupply labor ar meto►lele to lmprova or mnintaln tho propo�ty. qr-a�
<br /> 9. Intunno�. Barrowar will koop tho proporty Insurod undcr termt eccaptahle to Londor ot Uorrowor'o axponeo nnd for londo�'e honolrt. All �:
<br /> , Inturence policlea ehtfll Inciude a etandard mort epa clnu�a In favor o}Lende►.Lendot wili bo namod as looa peyoe o�a�the Imured on any suoh .. ,. I
<br /> Inturenco policy. Any Insuranco proceode mey ge appllod,wlthln Lendar'�dltcreiion,to aithor tho roeto►etlon or ropafr o}tho demnpod proporty ,�.
<br /> . ar to the eecurod dabt,If Londer requlroe mortpapo Inauranco,Borrowor apr000 to malntain cuch Insu•nnca for ae long ao Londer requiros.
<br /> �.Praputy.8orrower will koop 4he property in 400d condition end mako all repaln reesonably nocoseary. ��_
<br /> 6.Expmtto.8or►ower eprooe to pay all Londer'e oxpanaoo,includfnfl roeeonable attarnnys'fnes, If Borrawor broako any cavonente In thlo doed �,��
<br /> of truet ar in eny obligatlon eocurod by this dead at truet.Borrowor will poy thnao nmounta to Londor ae providod in Covonent B ot thie deod of
<br /> trust.
<br /> E.Prlo�i�outity (�t�r�tts.Unless Borrownr first obtaina Lender'o writton concent, Borrowor will not mako or pormit any chanpoe to any priar
<br /> socurity Intereete. 9orrower will perform all af Borrowor'a obligatlone undor qny prior mortgage, dood of trust ar other aocurtty nproomont,
<br /> ' Includinp Borrower's covonnnte to make pnyments when due.
<br /> 7.A��Ignm�nt ot R�nU end Protlb. Borrowcr osolgns ta Londer tho ronta and profits of tho propeny.Unloce Borrowor nnd Landor have aprnod
<br /> otherwfae In writinp, Dorrowor mey colluct nnd retoin tho ronte ne long aa 9orrowor fa not In default. If Borrowor dotaults,Lendor, Londer's
<br /> agont, or a court appointed roceive► may take posseealon and manage tho property and collect the rente.Any renta Londar collocts ehall be �
<br /> applied firuY to the coats of managing the property, in�ludinp aourt coote and att�rnoys' fonR, commieaiona to rentai ego�nte, and any other
<br /> noceseary reletod oxpenaea.Tho rumalning amount of rente will thon apply to peymenta on the secured debt aa prnvided in Covenant 1.
<br /> 8.Lt�uholdr Condominiuma;Plmned Unit Davelopm�nti.Uorrower agrens to compIy with tho provislane of uny leaso If thls daod of truet is on � , �•_
<br /> a Ieasehoid. Ir this dnod of trust la on e unit in a condominium ot a plannod unit devolopmont, Borrower will porform all of Borrowor's duties � .
<br /> undor tho covonante, bylews,or regulatiane of the condaminfum ar planned unit development. „ '<�"
<br /> . 0.Authori9y of Lendo�to Pertorm for Borrower. If Bo►rowor faila ta pertorm any of Borrower's dutios undnr this dond of tmat, Lendor mny � � - ,��=
<br /> parform the dutioa or causo thom tn ba pertormed. Lendor may sipn Borrower'c namo or poy any amount if nocoseary for padormance. If any �.. . '�,=_
<br /> CunatruCtlon on tha property ie qiaeontinued or not carried an In e rensonablo mannar,Lender may tlo whataver Is noceaeary to protect Londer'e I �
<br /> '� aecurity Intoro0t In iha property. Thla may includo comploting the construction. '
<br /> Londar's failuro ta porform will not proclude Londor irom oxorclsing any of its othor righte under the low or thie doed of truet. " ��,.�!!
<br /> Any omounte pald by Lender to protact Lender's security intereat will be aecured by this doed oi trust. Such nmounte wlll bu duo on domend • ' �"�-"��
<br /> and will bour intereet from the dato of the peyrnent untli pald in full at the interest rate in effect on the secured debt. ,r n -
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<br /> 10. D�f�ult tnd Aca�l�nt�an. If Borrower faile to mnka ony payment when due or hreaks any covanants undor thla dood of truet or any ' �—
<br /> oblipetion socurod by this deed of truet or any prior mortgapo or doed of trust, Lender may eccolerato the maturity of ths eecurod debt and :'.:,�`
<br /> domend fmmodlata paymont and may invoko the power oi salo ond any other remedive permitted by epplicable law. „� _._
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<br /> „ 11.R�quqt for NoUcs of D�t�ult.It(s horeby roquoatnd thet copine of tho noticoe of dofault end ocfio be eont to oach porson wha le a perty f
<br /> heroto,nt tho nddross of each such porson,oc eot forth horoin. I
<br /> 12. Powtr af 8d�.If tho Londo►Invokoe thn power of salo, tho Trustao ahnll Hret racord In the offico of tho repiator of daoda of uach caunty
<br /> whnroln the t►u8t property or aomo port or parcol thorno}Is situetod o notico of dofault containinp tha Infarmotion roqul�od by lew.Tho Truetoe I
<br /> shell alto matl coploB ot tho notico of dotault to tha Borrowar, to oach poraon who ia o party horoto, nnd to other parsone et prescrfbad by
<br /> epplicable law, Not loae then ono month oftor tho Truatoe recorde tho notico of dofault, or two months it the truet property io not In any '
<br /> Incorporeted city or villupe ond is usod in fa�mfnp oporntlone ce►rted on by the trustor,the Trustoo ehnll pive public notice of eate to the poreone �
<br /> end In tho mennor proecri6od by oppplicoblo low.Truetoo,without domnnd on Borrowor, shell sell tho proporty at publla euction to the highoet
<br /> Eldder. If required by tho Furm Homostoed P►atoction Act,Truttoe ahall offor the proporty in two sepnrato selos at requlred by appltcabte lew. "
<br /> 7ruetee mey postpono enlo of all or nny parcal of tho proporty by public onnouncomont nt tho tima end place ot ony proviously schodulod ealo. ! 1� i
<br /> Lender or it�dealpnoo moy purchaao tha proparty et any eeio. ' ,.���'!;
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<br /> Upon receipt of pnyment of tho prico bid,Truetoo ehall delivor to tho purchasar Truetoe'a dond convoying the property.Tho recitinls contninod in � •
<br /> Truetao'e doed shall bo primo tacfo evidionco of tho truth of tho stetementa contained thoroin.Truatee ehall npply tha proceods of the salo In tho
<br /> followin� ordor: (el to ell oxpeneos of tho solo, including, but not limitod to, rensonabio 7ruatno's foea, roaeonebio ottornoy's fons and �
<br /> rolnatotomont foos;Ib)to all suma aocurod by thie doed of truat,and lcl the balancn, if any,to tho porsone legelly ontitlod to rncolvo it. i ' ��.;,�
<br /> • 13.For�closun.At Lvndor'e option, this dood ol trust mey bo foroclosed in the manner provide by applicablo law for faroclosure of mortpagoa � • ��
<br /> . an real proporry. �
<br /> 14.Insp�ctlon,Londor may enter the property to inspoct it ii Lander gives Borrower notice boforehand.Tho notico rnuet etoto the ronsonublo `
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<br /> causo tar Lender's Inspoction. �+
<br /> 16.Condemnetlon.Borrower assigns to Lendor tho procoeds of any aword or claim(or domagas connectod with o condomnation or o?her taking '' .%'
<br /> oi nll or any part of tho proporty.Such proceeds wfll he applied as prov�ded in Covenant 1.This assignmant ia subjoct to the te�ms oi any prior �
<br /> socurity ogroomont.
<br /> 18.Welv�r. By exercising eny remedy availablo to Lender, Londor doos not givo up any rights to lator uso any othor romody. By not uxorciainp �
<br /> any romody upon Barrowor's dofault,Lender does not waivo any right to lator considar ihe ovont a dofault if it happons again. ��� r•'
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<br /> 17. Joint and 3�vnel Llability; Co-sipners; Succeaaore end A��Ipns Bound. All dutios under this deed ot trust are joint and sevaral. Any '
<br /> Barrowor who co-signs thie dead of trust but doas not co•sipn the underlying dnbt instrumentls) dons so only ta grant and convay that
<br /> Borrowar's intorost in tho praperty to tho Trusteo undar tho torms of this deed of trust.In nddition,such o Borrower agreos thnt tlio Lnnder nnd
<br /> any othor Borrowor undor this deed of trust mey extand, modifY nr maka nny othor changos in tha torms of this doed of truat or the sncurod
<br /> dobt without that Borrowor's consent and without relonsing thot Borrowor irom tho torms of th�s dood of tnist.
<br /> Tho dutlos ond bonoHts of thic dood of truat shall bind und benofit the succocsors ond assigns of Lendor and Borrower.
<br /> 98.NoUce.Unlons othorwiso requirod by law, any natico to 9orrower shall bo given by dolivoring it or by mailing it by cortiffud mail addrussod to
<br /> Borrowor at tho p�oporty nddrass or any othor addrass that Borrower has givon to Lender. Borrowor will give ony notico to Londor by certiiled
<br /> mall to Londor's addrese on pago 1 of this deed of truat,or to any othor addraes which Lender hes dosignotnd.Any othor notico to Londer shell
<br /> tro sont to Londor's addruss os statod on pngo 1 of this daad of trust.
<br /> Any notico eholl bo deflmed to havo boon pivon to Borrowor or Londor whon piven m tho manner stotod abovo.
<br /> 19.Trenater of the Property or a Boneflciel Intereet In the Borrower. If all or nny pnrt of tho proporty or uny intorost in it is sold ur tronsforrod
<br /> w�thout Londor's prior writton consont,Landar may damond immodiato puyment of tho sacurod dobt. Londnr may also damand immodiato
<br /> poymont if tho Borrowor is not a naturnl pqrson and a banoficlal intorost in tho Borrowar Is sold or transforrod. Howovor, Londor may not
<br /> domnnd pnymont in the abovo eituationa if it fs prohibitod by fddorol Inw ns oi tho dota of this dood of truet.
<br /> Z0.Re¢onveyance.Whon tho oblipntfon socurad by this doad of truat hoc boon pafd,ond Londer has no furthur obligatfon to mako advancos �.
<br /> undor tho inst�wnonts or aqroaments sacurad by thia doad of truet, tho Truatoo shnll,upon writtun roquost�y tho Londor, reconvay tho trust
<br /> -- '- -_ - • propariy.ino i.ondor onaii aeiive►[o cne dorrowar, or to BorrowoYS succossor In mtorost, tho trust daod and thn noto or other nvidnnco of tho
<br /> oblipation ao sotiefiod. Borrowor shuli pay any rocordotion coets.
<br /> 21. Successor TruoMS, Londor, nt Landnr's option, muy romovo Tructoo and oppoint a succnssor truston by first, moilfng a copy of tho
<br /> ' , substitutlon of trustoo as ruquirod by applicablo law,and then,by filin�tho substitution of trusteo for rocord In tho officn of tho ragistor of doude
<br /> of ench caunty in which tho trust proporty,or samu part thoroof, is aituated. Tho succossor trustoo, witho�t convoyanco ot tho proparty, shall
<br /> succood to aII tho powor,dutias, authority and titlo of the Trustoa namod in the doed of trust end of any succoasor trustoo. �
<br /> lpago?oJ?1
<br /> � ' DANKERS SYSTEM6,INC.,ST.ClOUD,MN 68901 I1�800�J97�t7411�ORM OCP�MT6�NC 6/19l91
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