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COVENANTS 200302208
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise,iany 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. If partial prepayment of the secured debt mcrus 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. Borower will pay all toxes, assessments, aed other chmges attributable to the properly when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of trust, lender may real Borrower to assign any rights, claims or defenses which Borrower may have against
<br />genies who supply labor or materials 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 Lender's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor, of Lender fender will be named as loss payer m as the insured on any such insurance policy. Any insurance proceeds maybe
<br />applied, within Lender's discretion, to tither the resorption or repair of the damaged property or to the secured debt. If lender mquires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />d. Property. Borrower will keep the properly in good condition and make all repairs reasonably accessary.
<br />5. Expenses. Be.., agrees to pay all Lender's expenses, including metastable attorneys' fees, if Borrower breaks any covenants in this deed of tent or in any
<br />obligation soured by this deed rfmust. Borrower will pay these amounts to lender as provided in Covenant 9 of this deed offend,
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make or permit any charges to any Dnor Security interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, deed official or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />0. Assignment of Rents and Profits. Borower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the ants as long as Borrower is not in default, If Bormwer defaults, Lender, lender's agent, or a court appointed receiver may take
<br />possession and manage the properly and collie[ the rents. Any rents Lender collects shall be applied firs to the costs of managing the property, including court costs and
<br />anrmeys' fees, commissions to rental agents, and any other necessary related expenses The remaining amount cravats will then apply to payments on the secured debt as
<br />Fascicled! in Covenant 1.
<br />8. Leaseholds; Condominiums; Planned Unit Developments Borrower agrees to comply with the pmvisiom of any lease if this deed of must is on leasehold. If this
<br />deed of trust is on a unit in a condominium or a planned unit development, Burrower will perform all of borrowers duties under the covenants, by laws, or regulations of
<br />the condominium or planned it development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to portion, any of Borrowers duties under this deed of must, lender may perform the duties or
<br />cause them to be peobrmed . Under may sign Borrower's name or pay any amount if necessary for performance, If any cmastmaion on the progeny is discontinued or not
<br />carried on in a reasonable mameq Lender may do whatever is necessary to protect Lender's security interest in the pmpeny. 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 oftmat.
<br />Any amounts paid by Under to protect fender's security interest will be secured by this deed of must. 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 Borower fails to make any payment when due or breaks any covenants under this deed intrust or any obligation secured by this deed of
<br />must 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 rennedies permitted 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 each person who is a party hereto, at the address of each
<br />such person, as set forth herein.
<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall fired record in the office of the register of deeds of each county wherein the must property or
<br />some pan or primal thereof is simated a notice of default containing the information rayuired by law. The Trustee shall also mail copies of the notice of default to the
<br />Borrower, to each person who is study hereto, and to otherpersons as ppscnbed by applicable law. Not less than one month after the Tmatee records the notice of default
<br />or two months if the treat properly is not in any incorporated city or village and is used in becoming opemoona carried on by the dpsdoq the Trostss shall give public notice of
<br />sale to the persous and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the pmpeny at public auction to the highest bidder. If
<br />remained by the Farm Homestead Protection Act Trustee shall offer the property in two separate sales as required by applicable law. Trustee may pospecu sale of all or any
<br />parcel of the property by public announcement at the time and place ofany previously scheduled sale Lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment of the Drina bid, Trustee shall deliver to the purchaser Trustee's dead conveying the property. The raltials contained in Trustee's deed shall be
<br />prima facie evidience of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following older, (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Tmetee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this dad of must, and let the balance, if
<br />any, to the persona Icgally entitled to receive it.
<br />13. Foreclosure. At lender's option, this deed of trust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property.
<br />14. Inspection. Lender may enter the pmpeny, to ingot it if Lender gives Borrower notice beforehand. The notice must state the reasonable cause for Lender's
<br />inspection.
<br />15. Confirmation . Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the
<br />property. Such proceeds will beapplied ac provided in Covenant 1. This assignment is subject to the terms of any prior security agreement
<br />16. Waiver. By execising any remedy available to Lender, Lender does not give an any rights to later use any other remedy. By not execising 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; Co- signers; Successors and Assigns Bound. All duties under this deed of trust are joint and several. Any Borrower who co -signs Nis
<br />deed crime but does not co -sign the underlying debt instmmwts(s) does to only to grant and convey that Borrower's interest in the property to the Trustee under the term
<br />of this decd of tart. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in
<br />the terms of this deed oftmat or the warned debt without that Borrower's consent and without releasing that Bonower From the trams ofthis deed of trust.
<br />The duties and benefits of this deed of trot shall bind and benefit the successors and assigns of tender and Discover
<br />18. Notice. Unless otherwise required by law, any .mice to Borrower shall be given by delivering it or by mailing it by certified mail addressed to Borrower at the
<br />property address or any other address that Bonower has given to Ucnder. Borrower will give any notice to Lender by certified mail to Under address on page 1 of this
<br />dad of must, or to any other address, which Lender has designated. Any other notice to Lenda shall be sent to lender's address as stated on page I of this deed of must
<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 BenNicial Interest in the Borrower. If all or any pan of the property or any interest in it is sold or tpnsf eyed without the tender's
<br />poor written consent, Under 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 interest in the Borrower is sold or [ansferred. However, Lender may not demand payment in the above situations if it is prohibited by f deal law as of the date
<br />of this deed oftwt.
<br />20. Reconveyance. Whom the obligation secured by this deed official has been paid, and lender has no further obligation to make advances under the instruments or
<br />agreements assured by this deed of trust, the Trustee shall, upon written n own by the Lender, rebates, the most property. The Undershot] deliver to the Borrower, or m
<br />Borrower's successor in interest, the must deed and the note or offer evidence ofthc obligation so satisfied. Borrower shall pay any recordation costs.
<br />21. Successor Trustee. Lender, at Lender's option, my remove Trustee and among a successor muster by first, mailing a copy of the substitution oftrusree as required
<br />by applicable law, and then, by filing the substitution of tmstre for record in the office ofthe register ofdeeds of each county in which the trot property, or some pan
<br />lhereuf, is situated. The successor truame, without conveyance of the property, shall succeed to all the power, duties, authority and title ofthe Trustee named in the deed of
<br />trust sad of any successor trustee.
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