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COVENANTS 200300282
<br />L Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments lender receives boom
<br />Bremner or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest and then to
<br />principal, hpartly prepayment of the secured debt occurs for any reason, it will not reduce ore none any scheduled payment until the secured debt is paid in full.
<br />2. Claims Against Title. Burrower will pay all taxes, assessments, and other charges implacable to the property when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of must. Lender may require Bormwer to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the property.
<br />3. Insonme. Borrower will keep the property insured under terms acceptable to Lender at Borrower's crzpcnse end for Leader's benefit. All Insurance policies shall
<br />include a standard mortgage clause a favor of lender. Lender will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds maybe
<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 increase, Borrower
<br />agrees to maintain such insurance for as long as Leader requires.
<br />4. Property. Borrower will kep the property in good condition and make all rpairs reuuaably 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 test or in any
<br />obligation secured by this deed oftnst. Bonowerwillpaytheseamomtst o Lnderasprovidedin Covenant9ofthisdewiofw .
<br />6. Prior Security Interests. Unless Borrower first obtains Lmder's written soonest, Borrower will not make or permit any changes to any prior security interests.
<br />Burrower will perform all of Borrower's obligations under any prior mortgage, deed of oust or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits ofthe property, Unless Bonower and Lender have agreed otherwise in writing,
<br />Remover may collect and retain the rents as long as Borrower is not a default If Borrower defaults, Leader, Lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rend. Any rents Lender collects shall be applied first to the costs of managing the property, including writ costs and
<br />anomeys' fees, commissions to renal agents, and any other necessary related exprmes. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant I.
<br />g. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if Ws deed of trust is on leasehold. 11 this
<br />deed of must is on a unit in a condominium or a planned unit development, Borrower will pedoren all of Borrower's duties under due reversers, by laws, or regulations of
<br />the condominium or planed unit development.
<br />9. Authority, of Lender to Perform for Borrower. If Borrower fails to perform, any of Berms cos duties under this deed of trust, Lender may perform the duties or
<br />arse 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 />earned on in a mountable manner, Under may do whatever is necessary to protect Lender's security interest in the property. This may include completing the corstrrchar,
<br />Lender's failure to perform will not preclude Lender firm 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 />date ofthe payment until paid in full at the Interest mein effect on the secured debt.
<br />10. Default and Accele ration. If Burrower fails to make any paymmt when due or breaks any covenants uaderthis deed afford or any obligation secured by this deed of
<br />test or any prior mortgage or deed of test, Lender may accelerate the memory of the seeuted debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies pertained by applicable law.
<br />11. Request for Notice of Default It is hereby requested that copies ofthe notices atdef felt and sale be sent to each person who is a patty hereto, at the address of each
<br />such person, as set forth herein.
<br />12. Power of Sala If the Lender invokes the power of sale, the Trustee shall first record in the office of the register of dads of each county wherein fee test properly or
<br />some part or parcel thereof is chanted a nonce of default containing the information r ccuirN by law. The Trustee shall also mail copies of the notice of default m the
<br />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,
<br />or two months if the trust property is not in any incorporated cry or village and is used in farming operations carried on by the trader, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trashes, without demand on Borrow, shall sell the property at public auction to the highest bidder. If
<br />remained by the Farm Homateed Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or say
<br />panel of the properly by public announcement at the time and place ofany previously scheduled sale Tenderer its designee may purchase the property at any 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 Trustee's deed shall be
<br />prima facie evidim,c of the truth of the andereemt i career therein. Trustee shall apply the proceeds of the sale in the following order: (a) in all expenses of the sale.
<br />including, but not limited to, reasonable furnace's fees, reasonable air..,', fees and reinstatement feu; (b) to all sums secured by this deed of must, suit (c) the balance, if
<br />any, to the persons legally entitled to receive it
<br />13. Foreclosure. At Lender's option, this deed of tined may be foreclosed or the mannerproveded by applicable law for foreclosure of mortgages m real propmy.
<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice most state the reasonable cause for Lender's
<br />inspection
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for dmnages connected with a condemnation or other taking of all or any pan of the
<br />pmpmy. Such proceeds will be applied as provided in Covenant 1. This assignment is submit to the terms cf any prior security agreement.
<br />16. Waiver. By exeaising any remedy available to Lender, Lender does not give up any rights to later use any other remedy. By not exarising any remedy 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 imst srejoind and several. Any Borrower who co -signs this
<br />deed of tmA but doe, not cosign the underlying debt iutmmeads) does so only to grant and convey that Borrower's interest in due property to the Trustee under the terms
<br />of this deed oftwt. In addition, such a Borrower agrees that the Lender and any other fe rower under this deed affairs may extend, modify or make any other changes in
<br />the turns of this deed oftiust or the secured debt without that Borrower's consent and without releasing that Borrower from the trams of this deed of post
<br />The duties and benefits of this deed of wa shall bind and benefit the sacrosanct; and assigns of Lender and Borrower.
<br />18. Notice. Unless otherwise required bylaw, any make to Bonower shall be given by defivering it or by mailing it by cerified 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 Lenders address on page I of this
<br />deed of must, or to any other address, which Lender her designated. Any other nonce to lender shall be sent to Lender's address as stated on page 1 of this deed of must.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the mmmu stated above.
<br />19. Transfer of the Property or a Beneficial Interest In the Borrower. If all or any pan of the property or any interest in it is sold or transferred without the fender's
<br />prior written consent, Lender may demand immediate payment of the secured debt Lender may also demand immediate payment ifthe Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold or tausfmM. However, lender may not demand payment in the above situations if it is prohibited by federal law as of the dale
<br />of this deed otlrest.
<br />20. Reconv,mrs. When the obligation secured by this deed of must her been paid, and Leader has an further obligation to make advances under the instruments or
<br />agreements secured by this deed of test, the Trustee shall, upon written request by the Leader, reconvey the must property. The lender shall deliver to the Bomom or to
<br />Bormwer's successor in interest, the last deed and the note or other evidence of the obligation so satisfied. Borrower shall pay aay recaidatim costs.
<br />21. Successor Trustee. Under,at UnderPSaptioq may removeTmstee andappoint a suwessormustee by fired, mailing acopy ofthe substitution ofmusieeas required
<br />by applicable law, and then, by filing the substitution of tersom for record in the office ofthe register of deeds ofeacts county in which the trust propmy, or some part
<br />thereof, is situated. The successor trustee, without conveyance ofthe propmy, shall succeed to all the power, duties, authority and title ofice Trustee named in the deed of
<br />tart and of any successor trustee.
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