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COVENANTS 200302889
<br />1. Payments. Burrower agrees to make all payments on the seemed debt when due, Unless Borrower and Lender agree otherwise, ahy payments Lender receives from
<br />Borrower or for Borrowe's benefit will he applied that to any amounts Borrower owes on the scoured debt exclusive of interest or principal, second to interest, and then to
<br />principal If partial prepayment of the 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. Borrower will pay all nixes, 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 lian of this deal of lad Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />partite who supply labor in more rials to improve in maintain Nc property.
<br />3. Insurance. Borrower will keep the property insured under tams acceptable to Lender at Borrower's expense and for Lender's benefit. All Insurance pubuies slmll
<br />include a standard mortgage clause in favor of Lendec
<br />Under will be named as loss payer or as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, within Lender's disemdon, to either the recreation or repair of the damaged property or to the secured debt If Lender requires menage insurance. Borrower
<br />agrees to maintain such imumme for as long as Lender mims.
<br />4. Property. Borrower will keep the property in good condition and make all repairs wasenahly necessary.
<br />S. E,me,vs. Borrower agrees in pay all Lender's expemea, including reasonable anomeys' fees, if Empower breaks any covenants in this deed of trust or in any
<br />obligation soured by this deed of tryst. Borrower will pay these amounts to Leader as provided in Covenant 9 nfthis deed of ,rue,.
<br />6. Prior Sewrvity Interests. Unless Borrower first obtains Lender's written contest, Rnmhwer will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Bmrowa's obligations under any prior mortgage, deed of Last or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />9. Assignment of Rents and Profits. Borrower assigns to lender the rents and profits of the property. Unless Burrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the rents as long in Borrower is not in default. If Borrower defaults, Linder, Lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rents. Any rents Lender collects shall be applied find to (lie costs of managing the property, including court costs and
<br />mmrueys' facer, enmmissions to rental agents, and coy other necessary named expmeac The mmaining amount ofrcnis will then apply to payments on the scoured debt ns
<br />provided in Cosmonaut 1.
<br />8. Lcmebolrs; Condominiums; Planned Unl[ Developments. Boruwe agrees to comply with the pmvisinnd of any lease if this dad of iron is on Iwsehold. Bros
<br />deed of most is on a unit in u condominium or a planned unit development, Borrower will perform all of Borrower's duties under the coveoanta, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Leader to Perform for Borrvwer. If Bmrowcr fails to perform, any of Bonowsm's duties under this deed of tryst Imder may perform the dudes or
<br />use them to he performed. Lender may sign Borrower's name or pay any amount if necessary for performance. Barry construction on the proper, is discontinued or not
<br />tamed on in o remmmble ro nnea lender may do whatever is necessary to pocket Lwder's security interest in the property. This may include completing the construction.
<br />Leader's failure to perform will not preclude Under from exercising any of its other rights trader the law or this deed ofmust.
<br />Any amnuns paid by Lender to protest Lender'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 />dam of the payment omit paid in PoII at the imast rate in effect on [he. secured debt.
<br />10. Default and Acceleration. If Rnrower fails to make any payment when due or bre'akeany covenants under this deed armor or any obligation secured by this decd of
<br />trust or any prior mortgage or deal of task, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />eery other remedlm pertained by applicable law.
<br />11. Request for Notice of Default 11 is hereby mquested that copies of [he notices of default asd sale be smt to each pawn whu is a party hereto, at the address of each
<br />such person as set forth herein.
<br />13. Power of Sale. [fine Lender invokes the power of sale, the Trustee shall for record in the atria of the register of dads of each county wherein the trust progeny or
<br />me pan or parcel tremor is situated a notice of default containing the information mluired by law_ The Trusme shall also mail copies of the notice of default to the
<br />Bonowep to each pee,un who is a party beet, and to other persons as proscribed by applicable law. Not less tivn one month after the Trustee records the notice of default,
<br />or two months if the trust property is not in any incorporated city or village and is used in burning operations colossi on by the bustor, the Trustee shall give public notice of
<br />sole to the pentane and in the manner pracriM1ed by applicable law, 'trustee, without dawnd on Borrower, shall sell the pmpMy at public auction st Ne highest bidder, y
<br />required by the Forty Homestead immurement Act Trusteeshall offer thepropertyin two srydale sales es required by applicable law. Truster. may postpone sale of all nr any
<br />par eel of the pmpeny, by public announcement at the time and place of any pmvionsly scheduled sale. Lender or its designee may purchase the properly at any sole.
<br />Upon receipt of payment of the price bid,'Iostm shall deliver to the purchaser Trustee's deed conveying the p.pcn,. The recifiols trammed in Trustee's deed shall be
<br />prima facie evidlenee of the truth of the stmanents 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 lo, rasun'able Trustee's fees, reasonable anomey's fees and reinstatement fm; (b) to all sums secured by this deed of trust, and (c) the balance, If
<br />eery, to the persons legally entitled to reserve it.
<br />13. Foreclosure. Af lender's oplion,[M1is deed ofmust may h<fnrminsed in the mannerprovided by applicable lawf rforwlwure efurargages im real property.
<br />IC Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand_ The notice nmst slate the — ,enable cause for Lender's
<br />inspection.
<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 C'ovenanl I. This assignment is subject to the terms of any prior security agreement.
<br />16. Waiver. By exercising any ranedy ... table to Lender, Lender does not give W any rights to later use any other remedy. By not exercising any remedy upon
<br />Borower's default lender does not waive any right to later consider the event a default if it happens again.
<br />17. .lotn( and Several Llabllity; Ca- signers; Successors and Assigns Bound. All duties under this deed of treat are joint and several. Any Borrower who co -signs this
<br />deed of past but dos not ensign the underlying debt instraments(s) does so only to grant amt convey that Borrower's interest in the property to the Trustee under she tams
<br />nfthis deed created, 1n addition, such u Borrower ogres that the lender and any other Bortowtt under Nis aced of [rust may extend, modify or make any other changes in
<br />the terns of this deed ofwrt or the seared debt without Net Borrower's consent and without releasi rig that Borrower linen the terms of this deed oftmst.
<br />The dudes and benefits of this decd of trust shall bind and benefit the successors and assigns of Lender and Borrower
<br />18. Native. Unless otherwise requital by law, any notice to Borrower shall be given by delivering it or by mailing it by maned mail addressed to Borrower at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Leader by cenitied mail to Lender's address on page I of this
<br />deed of tm,t, or to any other address, which Lender bas designated. Any other notice to Under slmll be sari to Lender's address as sister on page I of this deed of tryst.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in tire manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in We Borrower. If all or any part of the pmpeny or any interest in it is sold or irensfrnxd without the Lender's
<br />prior written consent, Imder may demand immediate payment of the secured debt Leader may also demand innnediate payment if the Borrower is not a natural person and
<br />u beneficial interest is the Bonnwer is sold c r tansferred_ I lowever, Lender may not demand paymcnr in the above situations far is prohibited by federal law as of the date
<br />nfthis deed of trust.
<br />30. Reconveyance. When the obligation secured by this deed of mast has been paid, and Lender has no fanner obligation to make advances under lire instruments or
<br />agreements secured by this deed of truth the Take, shall, upon somm. merriest by the Lender, reconvey the tart property_ The Lender shall deliver to the Borrower, or to
<br />Borrower's suwessor in uttered, the trust deed and the no¢ m other evidence of the obligation so amisfied. Burrower shall Puy any recordation costs.
<br />21. Soasmr Trustee Lender, err Lender's option, may remove Trustee and appoim u suecessunm lve by first, mailing a copy ofThe substitution of tmsrec as remirN
<br />by applicable low, and then, by filing the substiution of tastes for record in the office ofthe register of dads of each county in which the trust property, or some. an
<br />them£, is simatW. The successor trustee, without conveyance of the pmpeny, shall succeed to all the power dubs, authority and title of the Trustee named in the decd of
<br />medt trod ocmry snaeesin trustee.
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