|
COVEN'AN'TS 200301802
<br />1. 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 />Burrower or for Borrower's benefit will be applied first to any amounts Borrower awes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal ifpaaial prepayment of the secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until the seamed 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 the lien of this deed of must. Lender may require Borrower to assign any rights, claims or defenses which Burrower 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 terns 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 insumnee policy. Any insurance proceeds may be
<br />applied, within Lender's disereioq to either the restoration or repair of the damaged property or to the secured debt. If Lender inquires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long a, Lender require_
<br />4. Property. Borrower will keep the property in god condition and make all repairs reasonably necessary
<br />5. Expenses. Borrower agrees to pay all Undei s expenses, including maxo able attorneys' fees, if Borrower break any covenants in this deed of trust or in any
<br />obligation secured by this deed oftmel, Borrower will pay these amounts to Lender as provided in Covenant 9 of Ws deed oftmst
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make or permit my changes to any prior security interests.
<br />Borrower will perform all of Borrower's obligatiore under any prior mortgage, dead of tryst or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />7. Assignment of Rents and ProfBS. Borrower assigns to Lender the rents and profits of the property. Unless Shams, er and Lender have agreed otherwise in writing,
<br />Borrows, may collet and retain the rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may take
<br />possession and mango the properly and miles, the rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expense. The remaining amount of rents will then 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 trust is on leasehold. If this
<br />deed of trust is on a unit in a condominium or a plarmed unit development, Borrower will perfcnm all of Borrower's duties under the covenants, by laws, or regulations of
<br />the 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 trust, 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 any coratmetion on the properly is discontinued or not
<br />camel on in a reasonable manna, Lender may do whatever n necessary to protect Lender's security interest in the property. This may include completing the construction,
<br />Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed utmost,
<br />Any amounts paid by lender to pmtwt Unde'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 rate in efeat on the secured debt.
<br />10. Deffichimd Acceleration. If Borrower fails to make any payment when due or breaks any covenants under this deed oftrust or any obligation secured by this dad of
<br />trust or any prior mortgage or deed of trust 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 prrmind by applicable law.
<br />11. Request for Notice of Default. It is hereby requested that copies ofthe notices of default and sale be sent to each person who is a party hereto, at the address of each
<br />such person, as ex foM 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 of each county wherein the cost property or
<br />coo port or parcel thervef is situated a notice of default common, the information required by law. The Thrum shall also mail copies of the notice of default to the
<br />Borrower, toeachperson who is apanyherao, aadmotherpersons aspmArjydbyapphmble law. Not lose than one month afler the Trustee remNs the notice of de fault,
<br />or two months if the wstpmpeny is not in any incorporated city or village and is used in farming operations earned on by the tmsmr, the Trustee shall pivc public notice of
<br />sale to the persons and in the coaxer prescribed] by applicable law. Ttusme, 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 n 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 sale. Lender, o, itsdesignmcoaypumhaselhepropmyatanysalc
<br />Upon racript of payment ofthe price bid, Trustee shall deliver to the purchaser Trustee's decd conveying the property. The recitals contained in Trustee's deed shall be
<br />puma facie evidimce of the wN of the statements eontaind therein Trustee shall apply the p.ceWs of the sale to the followtug order. fa) to all expense of the sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable mmmey's fees and reinstatement fees; (b) in all sums secured by this deed of cost and le) the balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foredoxore. Allender's Option this deed.[wsn may be foreclosed in the manner provided by apPlivable law forforedeameo fmortgageschoadpropmy.
<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 />nspection
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking 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 teams affinity prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lender, Lender don not give up any rights to later use any other remedy. By not exercising any remedy 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 vad Assigns Bound. All duties under this deed of most are joint and several. Any Borrower who co -signs this
<br />deed of cost but does not m -sign the underlying debt matmmonads) does so only to grant and convey that Borrower's interest in the property to the Trustee under the terns
<br />of this dad often. In addition, such a Borrower agrees that she Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in
<br />the leans of this deed of trust or the secured debt without that Borrower's consent and without reloading that Burrower from the tams of Nis deed of truer.
<br />The duties and benefits of this dead oftmm shall bind and benefit the suaessors and assigns of Lander and Bmrowa_
<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 />propmy address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by cmified mail to Lender's address on page I of this
<br />deed of had, or to any other address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stand on page 1 ofthis deed of trust
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manner smtd above.
<br />19. Transfer of the Properly or a Beneficial Interest in the Borrower. [fall or any pan ofthe property or any interest in it is sold or tmnfered without the Lender's
<br />prior wntten consent, Lender may demand immediate payment of the secured debt Lender may also demand immediate payment if the Borrower is not a natural person and
<br />a beneficial innocent in the Borrower is sold or Transferred. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />of this deed of lent.
<br />20. Reconveyance. When the obligation secured by this deed of cost has been paid, and Leader has no funher obligation to make advances under the instruments or
<br />agreements scoured by this deed of trust, due Trustee shall, upon written request by the Lender, reco m,, the trust property. The Lender shall deliver m the Borrower, or to
<br />Bower's success.. in interest, the nor deed and the note or other evidence ofthe obligation so satisfied. Bonmwer shall pay any recordation cost.
<br />21. Successor Trustee. Lender, at Under's option, may remove Trustee and appoint a successor trustee by first, mailing a copy ofthe substitution ofthastee as required
<br />by applicable law, and then, by filing the substitution of trustee for record in the office of the register of deeds of each county in which the Wet property, or some pan
<br />therenf, is situated. The successor emstee, without conveyance of the propmy, shall succeed to all the power, duties, authority add title of the Trustee named in the deed of
<br />trust and Of., stimm o. trustee.
<br />
|