|
COVENANTS 200301872
<br />1. Payments. 3mmwer agrees to make all payments on the secured debt when due. Unless Borrower sad Leader agree otb.isq any 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. Ifpamal prepayment ofthe soured debt occurs botany reason, it will trot reduce or excuse any scheduled payment until the secured debt is paid in full.
<br />2. Claims Against This. Borrower will pay all taxes, assessments, and other charges attributable to the properly who due and will defend title to the property, against
<br />any claims which would impair the two of this deed of tort. Lender may require Burrower to resign any rights, chums or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the property.
<br />3. Imuranca Borrower will keep the property insured under terms acceptable to Lander at Borrower's expense and for Lender's benefit All Insurance policies said
<br />include a standard mortgage clause in favor of Leader. Leader will be named as loss payee or as the insured on any such immune policy. Any insurance proceeds may he
<br />applied, within Leader's discretion, to either the maturation or repair of the damaged property or to the secured debt. B' Leader requires mortgage insurance, Borrower
<br />agrees he nommain such insurance foray long as Leader requires.
<br />4. Property. Bowwa will keep the property in goad condition and make all repairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable anomeys' fees, if Borrower breaks any covenants in this dead of most or in any
<br />obligationsermadbyfiisdeedofimst Borrower will pay these mounts to Lends m provided in Covenant 9 ofthis deed obis[.
<br />6. Prior Security Interests. Unless Borrower first obtains Landds women contest, Borrower will not make or permit any changes to soy prior security interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, dead offend or other security agramrnt, including Borrower's covenants to make payments
<br />when due.
<br />7. Assilpunent of Rents and Profits. Borower assigns m bender the rents and profits of the property. Unless Borowa and Lender have agreed otherwise or writing,
<br />Borrower may collect and main the rents as Tod as Hourrover is not in default if Bmmwer defaults, Lender, Lands s agent, or a oust aMearead receive may coke
<br />possession and manage the property and collat the rents. Any cents Wady collets shall be applied first to the costs of managing the property, including coat costs and
<br />atromeys' 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 1.
<br />8. Leaseholds, Condom arsons; Planned Unit Developments. Borrower agrees to comply with the provisions of any lose if this dead armed is on leawbold. If this
<br />dead of torn is on a unit in a condominium or a planned unit development, Borower will perform 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 perfic w, any of Borrower's duties under this deed of most, Lander may perform the duties or
<br />use them m be performed. Lender may sign Borrower's name or pay any amount if naasary for performance. Barry, construction On the propery is discontinued or not
<br />carried on in a reasonable manna, Leader may do whatever is necessary to proect Under''s security interest in the property. Thus may include completing the construction,
<br />Lender's failure to perform will not preclude Leader from exercising any of its other rights under the law or this deed of mt.
<br />Any amd.ms paid by Leader to protect Leader's security interest will be secured by this deed crown. 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 effect on the secured debt
<br />10. Default and Acceleration. If Borrower fails to make any payment when due or breaks any covenants under this deed dram, or any obligation secured by this deed of
<br />war or any prior mortgage or dead of trust, Izda may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Request for Notice of Default. It is hereby requested that copies ofthe notices of default and sale 1w world each person who is a party hemp, at the address Of each
<br />such person, as set forth herein
<br />12. Power of Sale. Ifthe Lender invokes the power of sale, the Trustee shall first record in the office of the register of deeds of each county wherein the trust progeny or
<br />me part or parcel therof is showed a notice of default containing the information required by law. The Tommy shall also mail copies of the notice of default to the
<br />Borrows, m each person who is a party hereto, and to other porous as prescribed by applicable law. Not less than one manth after the Trono records the notice ofdefault,
<br />or two months ifthe trust property, is not in any immetwmad city or village and is used or farming operations carried on by the warm, the Trance shall give public notice of
<br />sale w We'ea d s and in the Comm prescribed by alryliceble law. Tro me, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Hampstead 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 of the property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the property many sale.
<br />Upon ra ipt of payment of the price bid, Trustee shall deliver to the purchaser Trosto's deed conveying the property. The mortals contained in Trustee's deed shall be
<br />prima facie evidiande of the two of the satemarts contained therein. Trustee shall apply the proceeds of the sale in the following order : (a) to all exposes of the sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable stromey's fees and reinstatement fan; (b) to all soma secured by this deed of =at, and (a) the balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At Larder's option, this deed of torn may be foreclosed in the marmer provided by applicable law for foreclosure of mortgages on real property.
<br />14. Inspection. Lender may ester the property to mupat it if Leader gives Borrower votive beforehmM. The nofice must state the reasonable oousa for Lender's
<br />inspection.
<br />15. Condonation. Borrower assign to Leader the proceeds infamy award or claim for damages connected with a condemnation or Offer taking of all or any part ofthe
<br />property. Suchproceedswillbeappliedasprovidedin Covemnll. ThisassignmmtissubjmttOthetovsofanypriorsaurityag emot.
<br />16. Waiver. By exercising any remedy available to bender, Wader does not give up any rights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Leader does not waive any right to later consider the event a default if it happens again.
<br />17. Joint end Several Liability; Ca- signers; Successors and Assigns Bound. All duties under this dead diffract arejoina and several. Any Boroma who co -signs Ws
<br />deed of wn but does not co -sign the underlying debt insWmwtia, does wordy to giant said convoy that Borrower's interest in the property to the Trosta under the terns
<br />of this deed of lmn. In addition, such a BOwwer agrees that the Irnder and any other Borrower under Nis deed crowd may extend, modify aromatic any other changes in
<br />the terns of this dead oftmst or the secured debt without that Borrower's commit and without releasing that Borrower from the terms of this dead of trust.
<br />The duties and benefits ofthis dead ofwst shall bid and benefit the successors and madam offender and Borrower.
<br />18. Notice. Unless otherwise required by law, arty notice to Borrower shall be given by delivering it may mailing it by certified mail addressed to Renower i t the
<br />_ - -- proddress -or any other address that Barrpwer has given to Lower Borrower will girt nrry notice to Laura by certifiad mail to Lender's address on page I of this
<br />deed of wet, or to any other address, which lender has designated. Any other notice to Lode shall he seat to Lender's address as stated on page 1 of this deed of [rant.
<br />Any notice shall be deemed to have been given to Borrower or Lodes when given in the manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. Ball or any part ofthe property army, interest in it w sold unnumbered without the Leader's
<br />prior written consent, Leader may demand immediate payment of the secured debt Lendermayalso derandimmdiate payment ifthe Borrowerhs not anamml person and
<br />a beneficial interest in the Borrower is sold or wnsfered. However, lender may not demand payment in the above situations if it is prohibited by federal law as ofthe date
<br />ofthis dead armed.
<br />20. Reconveyanee. When the obligation secured by this deed of trust has been paid, and Leader ben no further obligation to make advances ender the instruments or
<br />agreements secured by this deed of most, the Trustee shall, upon writer res,da by the Lender, raonvey the wet property. The Leader shall deliver to the Borrower, ar to
<br />Borrower's successor in interest, the trust dead and the vote or ther evidence aftheobligirtiorix.am,fid. Borrower a hall pay any recordation costs.
<br />21. Suemasor Trustee. Leader, at Lender's option may remove Trustee and appoint a successor tmnee by first, mailing a copy of the substitution of trustee as occurred
<br />by applicable law, and than, by filing the substitution oftnstee for record in the office ofthe register of deeds ofemb county in which the trust property, or some part
<br />thermf,issituated. The successortmneq withoutconveyanceofthepropaty, shall succeed to all tbepower, duties, autheriryand fitleofahe Trustommed inthe deed of
<br />trust and Of any successor trustee.
<br />
|