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COVENANTS 200303036
<br />1. Payments. Burower agrees to make all paymrnrs on the secured debt when due. Unless Bonnwer and Icnder agree otherwisq any payments Lender receives from
<br />Barmwer or for Bonowcr's benefit will be applied first in any amounts Borrower owes on the secured debt exclusive of interest or principal, saond to interest and then to
<br />pnnciWk ifpartial prepayment ofthe secured debt occurs for any rmson, it will not reduce or excuse any scheduled payment until the secured debt is founder full.
<br />2. Claims Against Title. Borrows, will pay all taxes, usaeasmetus, 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 limit. Lender may require 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 insural under terms accepuble to Lender at Borrower's expcn,e and for Lender's benefit All Insurance policies shall
<br />include a saround mortgage clause in favor of Lender. Lender will be named as lass payee or as the insured on any such romance policy. Any insurance prrecoll maybe
<br />applied, within Lender', discretion, to either the restoration or repair of the damaged property or to the secured debt If lender minimal mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Leader requires.
<br />4. Prop,m,. Bonnwer will keep the properly in good condition and make all repairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable dome,,, fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obiiga tionsecuredbythisdccdofttust Borrower will pay these amount, to Lender as provided in Covenant 9ofthi, deed ufuust.
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, 8orinve, will not make or permit any changes to any poor security in,.,.
<br />Borower will perform all of Borrower's obligations under troy prior mortgage, deal of east or other saudty, agreement, including Borrower's covenants to cook, payments
<br />when clue.
<br />7. Assignment of Rents end Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed othcrwis, in writing,
<br />Borrows, may collcct and damn the rears as long as Rnrmwer is not in default If Bermwcr defaults, Lender, lender's agent, or a court appointed receiver may take
<br />possession and marriage the properly and collect the ten,. Any was Lender collects shall he applied first to the costs of managing the property, including on costs mrd
<br />.arm,,' fen, commissions to rental agents, and any other necessary related cxpcmes. The repining summit of rents will then apply to payments on the secured debt as
<br />provided in Covenant 1.
<br />8. Leaseholds; Condominiums; Planned that Developments. Borrower agrees to comply with the provisicns of any lease if this deaf of trust is on leasehold. If this
<br />deal of must is em a unit N a condominium or a planned unit development, Rurrnwer will perform all of Bonower's duties under Ne dmvenanlr, by laws, or regulations of
<br />the condominium or planned mot development.
<br />9. Authority of Lender to Perform for Borrower. If Burrower fail, to perform any of Borrower's duties under this deed of must Under may perform the duties or
<br />cause them m be performed. Under nay sign Bnrrower's time or pay any amount if i ccasary for perfomwnce. if any conswdion on the pmpmy is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to putmm lender's security Interest in the property. This may indwleeompleting the cormmetion.
<br />Lender's failure to perform will not pmlude Lender from exercising any of its other rights under the law or this deed of tmst.
<br />Any amounts paid by Leader to protect Lender's security interest will be secured by this deed almost, Such amounts will be due on demand and will hear 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 Burrower fails to make any payment when due or breaks any covenants under this deed of teal or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of trust, Lender may accelerate the annuity of the secured debt and demand immediate payment and may invoke the power of sole and
<br />any other mu Win permitted by applicable law.
<br />11. Request for Notice of Default/ It is hencby requested that copies of the notices of default and sale Fe sent m each person who is a patty hereto, at the address of each
<br />such person, as act forth herein.
<br />12. Power of Sole. Ifthe Under invokes the power ofere, the I'mosse shall first mend in the office ofthe register of deWa of each come, wherein the trust property or
<br />me an or pared Namf is ocatel a noore of default containing the information oriented by law. five Prospect shall also mail copies of the notice of default to the
<br />BmTOwer, m each person who is sporty hem., and to other pecans as praeribW by applicable law. Not less than one month after the Trustee recoils the notice of default,
<br />m two months if the east property is not in any incorporated city or village and is used in fuming operations carried on by the trite, the Trustee shall give public notice of
<br />sale to the persons and in the purer presenbed by applicable law_ Truster, without demand on Borrower, shall sell the property at public motion to the highnl bidder - If
<br />reminded by the Farm Homestead Protection Act, Tmslec shall efier the property in two aepamte sale, as terminal by applicable law_ Trustee may postpone sale of all or any
<br />parcel of property by public announceman at the time and place of any previously scheduled sale. Lender or its designee may pumbase the property at any sale.
<br />Upon receipt of payment ofthe price hid, Tni me shall deliver to the purchaser I mstci s deed conveying the property reeitials contained in Tuatse's deed shall be
<br />prima fiscal, c,upence of the both of the statements contained tiremin_ 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, reasonable Trustee's fees, loss onable attorney's fns nod reinstatemart kn; (h) 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 />lt, Foreclosure. Am lender's option, IN, deed ofimst may be foreclosed in the mariner provided by applicable law for foreclosure ofmnnga5a on real property.
<br />14. Inspection. Lender may enter the property m inspect it if tender gives Rorrnwer nmice beforehand. The notice most sate the reasonable cause for Lender's
<br />mpadimn.
<br />15. Condemnation. Borrower assigns to Lender the proceed, of any award or claim for damages connate with a condemnation or other taking of all or any pan ofthe
<br />property. Such proceeds will be applied as provided in Covens. 1. This assignment is subject to the tams of any prior security ugteement.
<br />16. Waiver. By ewrcising any remedy available to Lender, Under does not give W any rights to later use any other remedy. By not exemising any remedy upon
<br />Borrower's default, Lender don not waive any right to later consider the event a default if it happens again
<br />17. Joint and Several Liability; Co- signers; Succamrs end Assigns Bound. All duties under thia deal of Wsl urejuim and several. Any Benower who co -signs this
<br />deed of trust but does not co -sign the underlying debt in tnumans(s) does so only to grant and convoy that Borrower's interest in the property to the Trustee under the memos
<br />of this deed of tun. 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 r f Nis deed of east or the secmW debt wirheuuhut Borrowers consent and without releasing that Borrower firm thetemu of this deed of east.
<br />The denier and benefits of rhls deed of trust shall bind and benefit Nc eucecssors and usaignr of Lender and Bonnwer_
<br />IA. Notice. Unless othmvis, required by law, any ounce 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 Borrower has given to Lender. Borrower will give any notice to Lender by certifial mail to Lenders address on page 1 of Nis
<br />deed of trust, or m any ether address, which Lender has designate. Any other entice to fender shall be senile Lender's address as stated on page I of this decd of trust.
<br />Any notice shall be deemed to have been given to Borrower nr Iander when given in the manner stated above.
<br />19. Transfer of the Properly, er n Beneficial Interest in the Borrower. if at I or any part of the property or any interest in it is sold to transferred without the Lender's
<br />prior semen consent, Lender may demand immediate payment riffle secured debt. Lender may also demand immediate paymentlfOC Borrower is not a normal person mod
<br />a beneficial interest in the Borrower is sold or tmnsfared. However Lender may net danand payment in the aM,e situatlone if it is prohibited Fy federal law as of the date
<br />of thin deed of east
<br />20. Re parseyanes, When the obligation secured by this decd of east has been paid, and Under has no further obligation to make advances under the instruments or
<br />agreements securW by this deal of hest the Tmstee shall, upon wdtl n request by the Lender, money the east,ro,M . 'I'hc Lcoder shall deliver to the Borrower, er m
<br />Borrower's successor is interest factored decd and the rademotherevidenccoftleobligation se satisfied. Borrower shall pay anyrcenrdation costs.
<br />21. Successor Trustee. Lender, at Ltualm'scption, may remove Trustee and appoint a successor trustee by first, mailing a copy ofthe substitution oftrestcc as required
<br />by applicable law, and then, by filing the substitution oftmate, for weeN in the office of the register of deeds of Brach county In which the trust pmped , er same an
<br />thenoC is situated. The sucoesmr, toot" without conveyance ofthe property, shall succeed to all the power, duties, authority and title of the Trustee named in the deed of
<br />trust and i f any successor tmstec.
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