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COVENANTS 200300808
<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 from
<br />Borro 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 Wpartial prepayment offfe secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in Nll.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other changes attributable to the property when due and will defend tide to the property against
<br />any claims which would impair Me lien of this deed of trust Lender may require Borrower 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. 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 offender. Under 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, W either the restoration or repair of the damaged property or to Me secured debt If Lender requires mortgage insurance, Bormwer
<br />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 />S. Expenses Borrower agrees to pay all Lender's expenses, including reasonable allomeys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this dad oftrust. Borrower will pay these amounts to Under as provided in Covenant 9 ofthis deed oftrust.
<br />6. Prior Security Interests. Unless Borrower for credits 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 proceeds, W make payments
<br />when due.
<br />9. Assignment of Rents and Profits. Borrower assigns W Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing
<br />Borrower may collect and retain the rents as long as Borrower is not in default If Borrower defaults, Lender. Under's agent, or a court appointed receiver may lake
<br />posse and manage the property and collect the rents. Any rents Under collects shall he applied first to the costs of managing Me property, including court costs and
<br />artorneysnfees, commissions to rental agents, and any other necessary relaed expenses. The remaining amount of rents will Men apply to payments on the secured debt as
<br />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 must is on leasehold. If this
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform al of Borrower's duties under the covenants, by laws, or regulations of
<br />Me condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails W perform, any of Borrower's duties under this deed of trust. Lender may perform Me duties of
<br />cause from to he performed. Lender may sign Borrower's time or pay any amount if necessary for performance. Harry enstmction on Me 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 Me property. This may include completing the construction.
<br />Lender's failure to perform will not preclude Leader from exercising any of its other rights under Me law or this deed of trust.
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed oftrust. Such amounts wilt be due on demand and will bear interest from me
<br />date of Me payment until paid in full at the interest rate in effect on the secured debt.
<br />10. Default and Accelerat ion. If Borrower fails to make any payment when due or breaks any covenants under this deed oftrust or any obligation secured by this decd of
<br />trust or any prior mortgage or deed of trust, Under may accelerate Me maturity ofthe secured debt and demand immediate payment and may invoke Me power of sale and
<br />any other mmedies permitted by applicable law.
<br />11. Request for Nnfire of Default It is hereby requested that copies of the notices of default and sale resonates each person who is same, hereto, attire address of each
<br />such person, as set forth herein.
<br />12. Power of Sale. If the Lender invokes Me power of solo, the Trustee shall first record in Me office of the register of deeds of each county wherein Me must property or
<br />some part or parcel thereof is situated a notice of default containing Me information required by law. The Trustee shall also mail copies of Me notice of default to 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 city or village and is used in gaming operations carried on by the trustee, Me Trustee shall give public notice of
<br />sale to the persons and in Me rummer prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property a public auction to the highest bidder. If
<br />required by Me Pam Homestead 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 ofthe property by public announcement at Me time and place of any previously scheduled sale. Lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment of Me price bid, Trustee shall deliver to Me purchaser Trustee's deed conveying Me property . The recounts contained in Trustee's deed shall be
<br />prima facie evideence of Me truth of Me statements contained therein. Trustee shall apply Me proceeds of Me sale In the following order. (a) to all expenses of the sale,
<br />including, but not limited W, reasonable Trustee's fees, reasonable attomey's fees and reinstatement fees; (b) to all sums seemed by this deed of trust, and (c) the balance, if
<br />any, to the persons legally entitled W receive it.
<br />13. Foreclosure. At Lower's option, this deed of trust any be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property.
<br />14. Inspection. Lender may enter Me property to inspect it if Lender gives Borrower notice beforehand. The notice mat state Me reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender Me proceeds of any award or claim for damages connected with a condemnation or other faking of all or any part of the
<br />property_ Suchproceedswillbeappliedasprovidedim Covenantl. This assignment is subject to Me terms efany prior security agreement.
<br />16. Waiver. By exercising any remedy available to Under, Lender does not give up any rights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's default Lender does not waive any right W later consider Me event a default Hit happens again.
<br />V. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed attract we joint and several. Any Bmmwer who co -signs Mis
<br />deed of trust but does not co -sago Me underlying debt Instrumeats(s) does so only to grant and convry, that Borrower's interest in Me property to Me Trustee under the terms
<br />of this deed bitted In addition, such a Borrower agrees Ma Me Lender and any offer Borrower under this deed uproot may extend, modify or make any other changes in
<br />the terms of Nis deed of trust or Me secured debt without Mat Borrower's consent and without releasing Mat Borrower from Me terms offfe, deed of trust.
<br />'Me duties and benefits ofthis deed effort shall hind and benefit the successors and assigns of Lender and Borrower
<br />18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified anal addressed to Borrower at Me
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certifed mail to Lender's address on page I of Mrs
<br />deed of trust, or to any other address, which Lender has designated Any offer notice to Lender shall be sent to Lender's address as; stated on page I of this deed oftrust
<br />Any notice shall bas deemed to have been given to Borrower or Lender when given in the manner 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 Under's
<br />prior written consent, Lender may demand immediate payment ofthe secured debt. Lender may aso demand immediate payment ifffe Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold or transferred. However, Lender may not demand payment in the above situations Hit is prohibited by federal law as ofthe time
<br />ofthis deed offered.
<br />20. Reconveyance. When Me obligation secured by this deed of cost has been paid, and Lender has no further obligation to make advances under the instruments or
<br />agreements secured by this deed offense, the Trustee shall, upon written request by Me Lender, reconvey Me trust property. The Lender shall deliver to Me Borrower, or to
<br />Borrower's successor in interest, Me trust deed and Me note or offer evidence ofthe obligation so satisfied. Borrower shall pay any recordation costs.
<br />21. Successor Trustee. Under at Lender'septlon, may remove'fmstee and appoint a successor trustee by first, mailing a copy ofthe substitution ofteustee as requried
<br />by applicable law, and then, by filing Me substitution of trustee Mr record in die once ofthe register ofdeeds ofeach county in which Me trust property, or some pan
<br />thereof, is situated. The successor trustee, without conveyance ofthe property, shall succeed to al Me power, duties, authority and title of the Trustee named in Me deed of
<br />dust and of any successor trustee.
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