|
COVENANTS 200301638
<br />1. Payments. Borrow,, agcy, to make all payments on the secarad debt when due. Unless Borrower and Lender agree ctherwrsc any p,carm, Londe rev,..... ,loin
<br />Bonower or for Borrower's benefit will be applied first to any amounts Bonower owes on the secured debt exclusive of iounal to ,normal, secondd to interest and deer to
<br />,.actin]. IfpmrtmI prepayment of ine e mural debt oce r, for any rraroq it will not redure or excuse any mhMuled payment until the secured debt is paid in lull.
<br />2. Claims Against Title. Bonower will pay all taxes, assessments, and other charges attributable to the property when due and will defend tit, to the propertY against
<br />any claim, which would impair the lien of this deed of trust, Lender may require Borrower to assiot any rights, claims or defarse, which Borrower may have against
<br />parties who supply labor or routinely to improve or maintain the property.
<br />3. Insurance. Borrower will keep the property ivmred and,, tern, acceptable to Lender at Borrower's expense and for Lender's benefit All lnsmance policies shall
<br />include a standard mortgage clause in favor of Leader. LMlder will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds any be
<br />applied, within Lender's disemfion, to either the restoration or repair of the damaged property or to the secured debt If Londe ,,quires human, recou ance, Bonower
<br />agree, to maintain such insurance for as long as Lender ner mot,,
<br />4. Property. Borrower will keep the property in good condition and make Al .,.Its reasonably necessary .
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable adomgc' fires, if Burrower brooks any covenants in this deed of oust or In any
<br />obligation scoured by this led of [rose Borrower will pay these amounts to Lender as provided in Covenant 9 ofthis deed chimer.
<br />6. Prior Security Interests. Unless Borrower first obwim tunda's written contest, Borrower will nor make s permit any changes ,, any pro, —ugly imcnst,.
<br />Bonower will perform all of Bonowe's obligations under any into, mortgage, deed attract mother security agreement, ioduding Borrower's cosensors m make paymem,
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the propary_ Unlus B. rt wr, and Lends have agreed nth r,o, is writing.
<br />Bonower may collect and retain the irn6 as long as Borrower is not in default If Bmmwr default,, London, Larder, agent, or a wart appointer receiver lady lake
<br />possession and manage the property and collect the rents Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and
<br />saomrys' fees, commissions to rental agent,, and any ether neeessary ,dared expenses The rariumng amount or will than apply to payments oa the secured debt as
<br />provided in Covenant I.
<br />8. Leaseholds; Condominiums; Planned Unit Develapmeuts. Borrower agrees to comply with the previsions of any lease if this del ofaust i, on leasehold. If this
<br />deed of mm,, is on a unit in a eondmdnimo or a plaid unit development, Bonower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />fie condomioimn or planned urdt development.
<br />9. Authority of Lender to Perform for Borrower. If Borrow,, fails I. perform, any of Borrower's duties under this deed of troy, Lady may puf ran Inc dud,, or
<br />cause them to be pedonnd. Under may ,,, Borrower's ..a or pay any amount if necessary for perforutance _ If any construction on the property is diwontinurd or not
<br />umad en in a reasonable manoer5 Lender mvy do whatever is necessary to ported Lerndeds smmnty interst in fie pmpmy This may include completing the construction.
<br />fende's Iodine to perform will not preclude Lender from exorcising any of other rights under the law or this deed chimed
<br />Any amounts paid by Lender to prutest Lenders security interest will be second by this deed of must Such amounts will be due on demand and will bear interest from the
<br />dare of the payment until paid in full at the interest rate in effect on the secured debt.
<br />Id. Default a ad Asseleratioo, If Borrower fails to nocke any payment when dueorbreao; any covenants underthis dead ofaust in any obligation secured by this dead of
<br />dust or any prior reengage m dew] effort, Under may accelerate the mammy of the seemed debt and demand immediate payment and any invoke the power of sale and
<br />any oche, remadies p ndi idad 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 cacti ponson who is it party harem, at the address of cacti
<br />such person, as se, forth herein.
<br />12. Power of Sale. If the Lender invokes the power of salt, the Trustee shall first record in the office of the register of dead, of each county wherein the cost popery or
<br />ce part or parrd thereof is c mile,[ a notice of default... win, the information na cird by law_ The Trustee shall also mail copies of the notice of Moult to the
<br />Botmwer, to each p ,,son who is a party herero, and ro other persons as pre, fad by applicable law_ Nor less than one month after the payee rewords the notice nil default,
<br />or two months if theaust property is not in any incorpemted city or village and is used in fanning operation carved on by the tm pia. the l'mstce shall give public uoure of
<br />sale to the person, and in the manner prescribd by applicable law. Trustee. without demand on Bnnowet shall sell the property at pool. auction no the Index bilder. If
<br />required by the Farm Homestead Protection Act Troops, shall offer the property in two score sale, as requited by applicable law_ Tests may postpone sale ofill or any
<br />parcel of the property by public announecmant at the time and place of any previously scheduled sale Lender or its designs may purchase the property at any sale.
<br />Upon receipt of payment of the price bid, Trusmc shall deliver to the Towboat, Trustee's dad conveying the property. The recinals contained in Trustee s dead shall he
<br />prima facie evidiarc , of the truth of the statements contained therein Trustee shall apply the proceeds .1 he sure in the following order'. (a) to all expanse, of Inc sal,
<br />including, but not limited to, reasonable Trustee's fees, reasomble edam,', fee, and re ender rent fees; (h) to all sums secured by this deed of tray, and ( c ) We holanc, it
<br />any, to the persons legally entitled to receive it
<br />13. Foreclosure. At Under s option, this doW of past may be foreclosed in the manner provided by applicable law for formlonurc of onful,a on meal pm,ar,
<br />14. Inspection. Lender may enter the propety to impel it if Under gives Borrower notice beforehand. The notice must state the reasonabe cause for Leaders
<br />inspection
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connentd with a confirmation or other taking of all or any pmt c I the
<br />property_ Such proceeds will be applied as provided in Covenant I. This assi®hment is andar, to the terns of any prior security agiceram
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use any other rnnndy. By not exc.niag any reedy upon
<br />Borrower's default Lander does not waive any right to later consider the event a default if it happen again
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed of cost arejoint and several Any Borrower who co-signs this
<br />deed of test but divas hat co -sign theund ,,lying debt insmumeards) does se only to grant and convey that Borow ,,'s interest in Me property to the T.s ee underthe terms
<br />ofthis deed cf test. In addition, each a Bonower agrees that the Lender and any other Borrower under this deed of must may extend, modify or make coacher changes in
<br />the terns of fits deed of dart or the second debt without that Bmrrowe's consent and without releasing that Bonower from the a+mms of this deed of oust
<br />The dudes and benefits of this dead of oust shall bind and benefit file suwasom real assign of Lander end Borrower.
<br />18. Native. Unless otherwise required by law, any notiec to Burrower shall be gvon by deliver, it or by media, it by ecnifld mail addressed m Borrow,, at the
<br />property address m any other address that Borrower has given to Lender. Bonower will give any notice ne Lend,, by emifird mail to Lender's address oa page I of th3
<br />ded of tmsq or to any other address, which Lender ha, designated. Any other notice m lender shall be sent to Lender's address as acted on page I of Mir d d oft.,,.
<br />Any notice shall bedeernad to have been given to Borowcr or Lender when given in the manner stated above.
<br />19. Transfer of the Property or a Beneficial lnlerestin the Borrower, Bull or interest in it is sold oraansfererd withouub .lenders
<br />prior written consent Lender may demand immediate payment of the secured debt. Lender may also demand immediate payment Tribe Bon owe is not a natural person and
<br />a beneficial rooted in the Bonower is sold ortmhlvabol However, Lender may not demand payment in the above situations ifit is prohibited by federal law as ofthe date
<br />ofthis dead ofaust.
<br />20. Reconveyaace. When the obligation secured by this deed of poet has been paid, and Lender has no furherr obligation to make advance, under the urtmusems or
<br />agreements accurad by this deed almost, the Trustee shall, upon written request by the Linder, uxonvey the cost property_ The Lender shall deliver to the Bonower or m
<br />Borrower's successor in interest the trust deed and the note or other evidence ofthe obligation an satisfied . Bonowea shall pay any recordation cesn.
<br />21. Successor Trusme.lender,atLeader',option,.nay remove Trustee and appoint a successor trusts by first, mailing a copy of the substitution of poster as iequirad
<br />by applicable law, and then, by filing the subsimtion of trustee for accrued in the office of the registy of deeds of each county in which the must property, or some pan
<br />fiereof,issitoatad. The successor tostee without conveyance of the property, shall steeped to all the pewin, duties , omhonty and title of the Tests named in the deed of
<br />trust and of any successor fast..
<br />
|