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COVENANTS 200301459
<br />1. Payments. Be., agrees to make all payments on the secured debt when due. Unless Borrower and lender agree otherwise, my payments Lender receives from
<br />Borrower 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. If partial prepayment ofthe secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until the secured debt Is paid in full.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attributable to the property when due and will defend title to the property against
<br />any claims which would impair lie 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 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 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 of must or in my
<br />obligation secured bythis deed oftrust Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust
<br />6. Prior Security Interests. Unless Borrower first obtains Under'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 oftmst 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 of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the mats as long as Borrower is not in default If Borrower defaults, Lender, Lender's agent, or a occur appointed receiver may take
<br />possession and menage the property and collect the rents Any rents Lender collects shall be applied first to the casts of managing the property, including court costs and
<br />almmeys' 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 I.
<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with lie provisions of any lease if Nis deed of trust is on leasehold. If this
<br />deed of trust is on 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 />me 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 vest, 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 my contraction 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 the property _ This may include completing the construction
<br />Lender's failure m perform will not preclude Lender from exercising any of its other rights under the law or this deed oftmst.
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed oftrust Such amounts will be due on demand and will bear Interest from the
<br />date of the payment until paid in PoII 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 deed of
<br />trust or any prior mortgage or deed of bust, lender may accelerate the maturity of the secured 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 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, re set form herein.
<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 trench county wherein the trust property or
<br />some pan or parcel thereof is shouted a notice of default containing the information required by law. The Trustee shall also mail copies of the notice of default to me
<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 mounts Brie most property is not in any incorporated city or village and is used in firming operations carried on by the uustoq the Trustee shall give public notice of
<br />sale to the persons and In the manner prescribed by applicable law. Trusted, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm 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 the time and place of any previously scheduled Sala Lender or its designee may purchase the property any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser' I'msbe's deed conveying the property, The recitials combined in Trustee's deed shall be
<br />prima facie evidience of the truth of the statements combined therein. Tmndee shall apply the proceeds of the sale in me following order. (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Trusters fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed of ost and (c) the balanced, If
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At Lender's option, this deed oftruslmay be foreclosed in the mannerprovided by applicable law for foreclosure ofmortgages on real property.
<br />Id. Inspection. 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 chain for damages connected with a condemnation or other from, of all or any pan 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. Waiver. By exercising any remedy available to Lender, 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 to later consider the event a default if it happens again.
<br />V. Joint and Several Liability; Co-signers; Successors and Assigns Bound. All duties under this deed oftrust are joint and several. Any Borrower who co -signs this
<br />deed blood but does not co -sign the underlying debt instruments(s) does so only to grant and convey mat Borrower's interest in the property to the Trustee under the terms
<br />of this deed oftrust. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed oftrust may extend, modify or make any other changes in
<br />the terms of this deed oftrust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed oftrust.
<br />the duties and benefits of this deed oftrust shall bind and benefit fire successors and assigns offender 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 mail addressed to Borrower at the
<br />property address or any offer 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 />deed oftrust, or to any offer address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stated on page 1 ofthis deed oftrust.
<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 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 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 transferred. However, Under may not demand payment in the above situations if it is prohibited by federal law a, of the date
<br />of this deed oftrust.
<br />20. Reconveyance. When the obligation secured by this deed of trust has been paid, and Lender has no further obligation to make advances under the instruments or
<br />agreements secured by this deed oftrust, the Trustee shall, upon written request by the Lender, recomvey the must property, The Lender shall deliver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and the note or Omer evidence of the obligation so satisfied. Burrower shall pay any recordation costs.
<br />21. Successor Trustee. Lendep a Lender's option, may remove Trustee and appoint a successortrustne by first, mailing acogy ofthe substitution oftrustee as required
<br />by applicable law, and then, by tiling the substitution of trustee for record in fie office ofthe register ofdeeds of each county in which the must property, or some pan
<br />thereof, k situated. The mceesor trasteq without conveyance of the property, shall succeed to all the power, duties, authority and title of the Trustee named in the deed of
<br />trust and of any successor owee.
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