|
COVENANTS 2003020813
<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 />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes oo the secured debt exclusive of interest or principal, second to interest, and thus to
<br />principal. If partial prepayment of fle 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 Bnrrnwer will pay all trace, 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 bolt, lender may remove 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 terrns acceptable to Lender at Borrower's expense and for Lender's bereft, 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 />S. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable avomeys' fees, if Borrower breaks any covenants in this deed of tent or in any
<br />obligation secured by this deed affair Borrower will pay these amounts to Lender as provided in Covenant a oftW, deed of trust
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests.
<br />Burro will perform all of Borrower's obligations under any prior mortgage, deed officinal or other security agreement, including Borrower's covenants to make payments
<br />when aye.
<br />]. Assignment of Rents and Profits. Borowa assigns m Lender the rents and profits of the pmpeny. Unless Borrower snit Lender have ogre d ot1m,, we in writing,
<br />Borrower may collect and retain the reran 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 manage the properly, and collect 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 My 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 the provisions of any lease if this deed of tryst is on leasehold. If this
<br />deed of most is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrowers 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 dealt of fast, Lender may perform the duties or
<br />cause them to be performed. Lender may sign Borrower's name or pay any am wt if necessary for performance. If any construction on the property is discontinued or not
<br />carrid on in a reasonable mamoeq Lender may do whatever is necessary to protect Under's security interest in the propeor, This may include completing the construction
<br />Lenders failure to perform will not preclude Lender fiam exercising any of its other rights under the law or this deed of trust.
<br />Any amounts paid by Louder to protest Lender's security interest will be secured by this deed of tmst 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 Aterboation. If Barower fails to make any payment when due or breaks any covenants under this deed android or any obligation secured by this deed 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 permitted by applicable law.
<br />11. Request for Nofies of Default It is hereby w mestd that copies of the notices of default and sale be sour to each person who is a party bonito, at the addres s of each
<br />such person, a set faith herein.
<br />12. Power of Sale. Ifthe Lender invokes the power i f sale, the Trustee shall first record in the office of the register of deeds of each county wherein the trust property or
<br />me pan or formal thereof is rimmed a notice of default conniving the information required by law. The Trustee shall also mail copies of the notice of default to the
<br />Borrower, to each person who is study hello, and to otherpersons as prescribed by applicable law. Not less than one month after the Trustee records the notice of dcfaulp
<br />or two months if the must property is not in any incorporatd city or village and is used in farming operations carried on by the tumor, the Trustee shall give public notice of
<br />sale to the persons and in the mrrmer presedbed by applicable law_ Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Homestead Protraction 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 at any sale.
<br />Upon receipt of payment of the price bid, Tmnee shall deliver to the purchaser Trustee's dead conveying the property. The men als remained in Trustee's deal shall be
<br />puma facie evidienee of the both of the statements contained therein Trustee shall apply the proceed of the sale in the following order (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Tmsme's fees, reasonable attemey's fees and reinstatement fees; (b) to all sums secured by this deed of trust, and (c) the balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At Lenders opt ion, this deal oflust maybe foreclosed in the manner provided by applicable law for forvelosum ofmongnges on real pmpeny_
<br />14. Inspection. lender an, enter the property to Inspect it if Lender gives Borrower notice befnreh nit. The notice must sate the reasonable cause for Lenders
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages ca mooted 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 tells crony prior seamy agreement.
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use any other comedy. By mat exercising any randy upon
<br />Borrower's default, lender does not waive any right to later consider the event a default if it happens again.
<br />V. daint and Several Liabillly; Co- sigverr Succesmn antl Asslgm Bound. All duties under this dead of trust sempird and several. Any Borrower who m -signs this
<br />deed i f fast but does not cosign the underlying debt insfaments(s) does so only to govt and convey that Borrower's interest in the property to the Trustee under the terms
<br />of this deed i f fast In addition, such a Borrower agrees that the Lender and any other Borrower undo this deed adman may extend, modify or make any other changes in
<br />the terns of this deed of mom or the secured debt without that Borrower's consent and without releasing that Borrower boom the terms of this deed of test.
<br />The duties and benefits of this deed offal shall bind and benefit the successors sold insige, of Lender and Borrower
<br />18. Notice. Unless otherwise mluird by law, any nmice m Borrower shall Manner by delivering it ur by mailing it by certified mail addh000ad to Boro.ver at the
<br />property offices or any other address Nat Borrower has given to lender. Borrower will give any notice to Lender by emified mail to Lender's address on page 1 of this
<br />deed of trust, or to any other address, which Lender has designated . Any other notice to Lender shall be sent to Imdea's address as stated on page I of this deed of trust.
<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 pan of the properly, or any footrest in it is sold or transferred without the Lender's
<br />prior written consent, Lender may demand immediate payment afthe secured debt, Lender may also demand immediate payment ifthe Borrower is not a natural parson and
<br />a beneficial interest in the Borrower Is sold or transformed, However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />of this dead oftmst.
<br />20. Reeonveyance. When the obligation eeenrd by this deed of ton has been paid, and Lender has no fuller obligation to make advances under the instruments or
<br />agreements secured by this dead of most, the Tmstce shall, upon written request by the fender, reconvey the must property. The Lender shall deliver to the Borrower, or to
<br />Borrower's successor in interest, the tort deaf and the onto or other evidence of the obligation so satisfid. Borowershall pay any recordation costs.
<br />21. Sueeesmr. Trusler. Lender, at Lender's option, may remove Trustee and appoint a successor uuslee by first, mailing a copy of the substitution of trustee as ,mm,1
<br />by applicable law, and then, by filing the substitution optimum for record in the office tribe mgimerofdads crouch county in which the most property, or some part
<br />thereof, is situated. The suceesom tmstce, without conveyance of the pmpeny, shall succeed to all the power, duties, authority and title of the Trustee named in the deed of
<br />trust and of any successor tNRee.
<br />
|