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COVENANTS 200302123
<br />1. Paymedn. Borroweragreesto crake all payments on the secured debt whendue. Unless Borrower and tender agree Otherwise, any payments Lender receives front
<br />Borrower or for Borrower's benefit will be applied first to shy frommes Bommwer owes ..the seemed debt exclusive of interest er principal, second to interest and then to
<br />principal. If partial prepayment of the smmud debt a., for any roan., it will not reduce or excuse any scheduled payment until the secured debt is paid in full.
<br />2. Claims Against Title Boerower will pay all taxes, asseameh¢, add othe charges attributable to the property when due and will defend title m the property against
<br />any claims which would impain the her of this deed of test Lender may revenue Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or nmtenals 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 Under benefit All Insurance policies shall
<br />icalude a smndePo mortgage dace Po favor of Leader.
<br />London will be named as loss payee or as the insured on any such insurance policy Any inaumnce proceeda imy be
<br />applied, within Lender's dsvretiou, to either the restoration or repair of rho damaged property or to the seemed debt. If Lender requires mortgage rommi ea Borrower
<br />agrees to maintain such ttmance for as long as Lender requires_
<br />4. Property. Borrower will keep the property in good condition said make all repairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable tttomgs' fees, if Borrower breaks any covenants in this deed of cos nr in any
<br />obligations arimabythisdeedoftmst Borrower will pay these amounts to Leader as provided in Covenant 9 of this deed of test.
<br />6. Prior Security Interests. Unless Borrower first obtain lender's written contest, Borrower will not make or permit any changes to any prior security interns
<br />Bmmwer will perform all of Bomosm, s obligations under any prior mortgage, deed of trust m other seeunty 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 Unlrus Borrower and Under have agreed other .. uc in voting,
<br />Borrower may collet and retain the Tema as long as Borrower is not in default If Borrower default,, Lender, Lender's agent, or a court appointed receiver ties take
<br />possession and manage the property and collect the rent. Any rents Leader collects shall be applied first to the core of managing the imports, including court costs and
<br />after,,, fees, commissions m rental agent,, read any other necessary related expense_ The remaining amount of maps will then apply to payments on the secured debt as
<br />provided or Covecadt L
<br />8. Lmseholds; Condominiums; Planned UNt Developments. Borrower agrees to comply with the previsions of any lease if this deed oftrust is on leasehold_ II this
<br />deed of treat is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrowe's duties undo he....masts by L—, nr or,detions of
<br />the condomldimn or planned edit development
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to permon, any of Borrower's duties under this deed oftrust. Lender may perform the duties or
<br />cause them to Impersonated Undercut sign Borrower's came or pay any amount Tnevassnry 0m perfancence If any construction on the property is discontinued or not
<br />tarried on id a rensomble manner, lender may do whatever is necessary m protect Lender's securry interest in the property This may include completing the construction.
<br />Lender's failure to perform will hat preclude Lender firm exercising any of its other eight, and, the law or this deed of teat.
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of cost Such amounts will be due on demand and will bear interest from the
<br />date of the payment until paid in Poll 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 aoy covenant, under this deed of cost oraay obligation secured by this deal of
<br />but or any prior mortgage or deed of trust, Lander may accelerate the maturity of the seemed 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 or Default. It is hereby requested that copies of the notices of default and sale be sent to mch person who is a party henho, at the address of each
<br />such person, as set Earth herein.
<br />12. Power of Safe . If the Lender invokes the powarofs ale, the Trustee shall first nemdintire office of the register of deeds of each county wherein the test property or
<br />some part or panel thereof is situated a notice of default containing the information required by law. The Trustee shall also nail copies of the notice of default to the
<br />Borrower, to each person who is a party hereto, and to otherporsons a presented by applicable law. Not less than one month after the Tmstec records the notice of mahalt
<br />move months if theamtpropeny is not in any incorporated city or village add is used is fanning operations earned on by the wsion the Trustee shall give public notice of
<br />sale to the persons and in the muter prescribed 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 Homcatea d Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sele of all or any
<br />moralofthc property by public announcement at the nine and place ofany previously scheduled sale Lenderor its designee may purchase the property at any sale
<br />Upon receipt of payment of the pace bid, Trustee aball deliver to the purohaser Trustee's deed conveying the property. The menials contained in Trustee's decd shall be
<br />puma facie evidierce of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order. (a) to all expenses of the sale,
<br />including, but not limited to, reasomble Trustee's fees, reasonable attorney's lees and reinstatement fres. (b) to all sums secured by this deed of host and (c) the balance if
<br />any, to fire puts cars legally entitled to receive it
<br />13. Foreclosure. At Under's option, this deed ofhusuney be foreclose! in the manner provided by applicable law for foreclo sureofacal ages on real property.
<br />14. Inspection. Lender may enter the property to impart it if Lender gives Turnover notice beforehand The notice must sate the reasonable cuuxe Ibr Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Under the proceeds ofany award or claim(ordarmges connected with a condemnation or o,he, taking of all or any part of the
<br />property . Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terns ofany prior summit agmeement.
<br />16. Waiver. By exercising any remedy available to Lender, Leader 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 />17. Joint and Several Liability; Cosigners; Successors and Assigns Bound. All duties udder this deed of test arejoict and several. Any Borrower who ro-sign this
<br />deed of has but does not cosign the underlying debt instruments(s) does so only to grant and convey that Borrower's interest in the properry to the Trustee under the tams
<br />offal, deed of WsL In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of test may defnd, modify or make any other change, in
<br />the tams ofthis deed offhand or secured debt without chat Bomnwm's consent and without releasing that Borrower from the terms of this deed of dust
<br />The duties and benefits of this deed oft 1 shall bind and bernefitthe shccessors and assigns of Lender 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 emitted mail addressed m Borrower at the
<br />property address or any other address that Borrower has given to lender. Borrower will give any notice to Lender by retuned mail to Lender's address on page I of this
<br />deed of bust, onto any other address, which Leader has devignmed. Any other notice to Lender shall be seat to Lender s address as stated on page I of this deed of oust
<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 property., any interest in it is sold or transferred without the Under`s
<br />prior written consent, Tender my demand immediate payment of the secured debt. Lender may also demand immediate payment iftim Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold or transferred. However, Leader rimy not demand payment in the above situations if it is prohibited by federal law as of the dare
<br />of this deed crunch
<br />20. R ....... ee. %pit the obligation secured by this deed of most has been paid, and Lender has no toter obligation to make advances under the instrument, or
<br />agreements secured by this deed of trust, the Trustee shall, upon written request by the Lender, reaoavey the treat property. The Lender shall deliver to the Bomtwer, or to
<br />Borrower's successor in interest, the cost deed and the note or other evidence of fie obligation so satisfied. Burrower shall pay any renowhomn cost,.
<br />21. Successor Trustee, Lender,atLender's option, may removetmeme and eppoiut a ticare,mbusid, by first, totaling a copy of the substitution oftesmas required
<br />by applicable law, and then, by filing the substitution ofhuate, for record in the office of the register of deeds of each county is which the trust property....... pan
<br />thereat, is situated. The successor trustee, without conveyance ofee property, shall succeed to all the Fewer, duties, industry and title of the Trustee named in the deed of
<br />tryst and ofany successor argues.
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