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COVENANTS 200303037
<br />1. ' rayments. Borrows ogre, to music all payments on the accord debt wham due. Unless Burrower and Lender agree otherwise, any payments Lender receives from
<br />Romwor at for Bomowor's benafrt will be upplid first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal. If punial pmpaymend of the taured debt occurs for any rewon, it will nut reduce ur comae any whaluld payment until tormented debt is paid in full.
<br />2. Claims Against Tide Borrower will pay all taxes, assessm ids, and other charges attributable to the property, when due and will defend title to the property uguimt
<br />any claims which would impair the lien of this deed of cost. Lender may require Borrower to assign any rigbts, claims or defenses which Borrower may have against
<br />parties who amply labor or materials to improve or arommor the propert,
<br />3. Insurance. Borrower will keep the property insured under terms aeeelnable to Lender at Borrower's expense and for Lenders bereft_ All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender hander will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may he
<br />applied, wom. Leader's de,c000n, to either the remomtinn or repair of the damaged property, or or the secured debt If Larder requires mortgage insurance, Borrower
<br />agrees to maintain such insumncc for as long as Lender requires
<br />4. Property. Borrower will keep the property In Rood condition and make all repairs norms ly necessary.
<br />S. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable Wad i fees, if Borrower br,b any covenants in this deed of oust or in any
<br />ohligationsecumdbythisdedoftecst Borrower will pay these amounts to lender a a provided in Covenant 9 of this deed of past.
<br />6. Prior Security Interests. Unless Burrowa first obtains Lender's women contest, Borrower will not make or permit nay changes to any prior smunty interests.
<br />Borrower will perform all of Borrower's obligations under any poor mortgage, deed of tmR or other memory agreement, including Borrower's covenants to make payments
<br />when duc.
<br />]. Assignment of Rents and Profits. Borrower assigns to 4 der the tents and pmfits of the pmperry. Hales, Borrower and Lender have agred otherwise in writing,
<br />Borrower may colds and or the cans as long as Borrower Is not in default If Borrower defaults, Lcndm, Lender's agent, or a court appointed receiver vary take
<br />possession and manage the property and collar the rents. Any rents Larder collects shall be applied first In the tests of managing the property, including court cwts and
<br />atlomcys' fen, commissions to rental agents, and any other necessary related expenses, 'rho crommmir amawl of tans will then apply to payments on the secured debt as
<br />provided in Covenant I.
<br />S. Leasehold,, Condominiums; Pleanoil Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of coal is on I,sehold, if this
<br />deed of oust is on a unit in a cn dcano rte or a planned unit devenpmml, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit devO.Imicit
<br />9. Authority of Lender to Perform for Borrower. If Botmw, fails to perform, any of Bu i o scra duties under this deal of trust, Icnder may perform the duties or
<br />fie them to be performed. Lender may sign Borrower's name er pay any amount if necessary for pertorrmance. If any construction on the property is discontinued or not
<br />carried oa in a maaotable manner, Lender may do whatever is necessary to protect t.urder's security interest in the property. This may include completing the construction.
<br />Lender's failure to perform will not preclude Lender from execising any of its ether rights under the law or this deed of trust.
<br />Any amounts paid by Lender to protect Leader's simony interest will be secured by this dcd of oust. Such amounts will be due on demand and will beer interest from the
<br />darn of the payment until paid in full at the interest role in effect on We secured debt.
<br />10. Default and Aaele ration. ICBormwer fails to make any payment when due or break any covenants under Ws deed of wsi or any obligation ssrurnl by this deed u(
<br />trust or any poor mortgage or deed riffled, Lrndcr may accelerate (be mutenty of the seemed debt and demand immediate payment and may invoke the power of sale and
<br />any other torothes permitted by applicable law.
<br />11. Request for Notice of Default. h is hereby ttquested that topics of the notices of default and sale be sent to eeob person who is a pairs hereto, at the address of each
<br />such person, as set forth herein.
<br />12. Power of Sale. If the tender invokes the power of add, the Trustee shall first raced in the coffee of the register of dads cf ouch county wharam the trust pmpeny or
<br />,.me part or parcel thereof is situmal a notice of default containing the information reputed by law. The Truster shall also mail copies of the noticc of default to the
<br />or Boamover,
<br />months to each person echoer a pang hereto, and to chaperon., r it a e and by d applicable
<br />Amon law. Not less than one by therider the Truaee eecnrde the notice of default, month
<br />or two months if the trust property is not in any Inwrpnrzted airy m village and is used in farming emor operations cased ou by the Thor, the c mla shall give public notice If
<br />sale to the persons and in the manner p tion fad by applicable law_ Trustee, without demand an Bamrwer shall sell the property at public auction st the highest bidder. B
<br />taluid o by pr loon Homestead nnumne on Act Trustee shall placr the property in hero separate soles uI required by applicable Ina. Thee may postpone sale of ail or any
<br />parcel of the properly by public annaunoemmt m the time and place nfany previously scheduled sale Lender or its designer, may purchase the property at any sale.
<br />Upon prompt of payment of the price bid, Trustee shall deliver to the purchaser Tms[ce s decd convoying the property. The teciliuls conWind in Tmslee's deed shall be
<br />,data facie evidlence of the truth of the scomments c merinW therein. Tmom shall apply the pmeeals of the sale in the following order: (a) to all expanses of the sale,
<br />including, but not Ilmhed m, meemable Truatee's fees, nabo nable anomey's fees and reiromparmt fees; (b) to all suers wrowJ by this deed of trust, and (c) the balance, if
<br />any, to Nc persons legally entitled to receive it
<br />13. banned osure. At Lender's option, this deed oftmst may be foreclosed in the manner provided by applicable law for furcelosure of mortgages tar real property.
<br />14. Inspection. Lend, may enter the property to inspcet it if Lender gives Burrower notice beforehand. The notice most state the matnnal cause for Lender's
<br />"part n.
<br />15. Cmdanoatem Borrower assigns m Lender the proceeds of any awanl ov claim for damages comratd with a candenmation or other taking of all or any part of the
<br />property. Such pocswis will be upplid aspmvided in Covenant i. This assignment is suFiatmthe terms of any poor security agreement.
<br />16. Naive,. By exercising any remedy available to Lender Lender does not give up any rights to later use any other remedy. By rim exercising any remedy upon
<br />Borrower's default, Leader does not vmve cry right to Ira, consider the event a default if it happens again.
<br />17. dolor cad several Liability; Ca- signers; Sneeemorb and Assigns Bound. All duties under this deed of trust arc joint and scvaul. Any Borrower who co-signs this
<br />dad effort but does not cosign file underlying debt instmmentel) does so only to grant and convey that Borrower's interest in the property to the Trustee under the terms
<br />of this deal of trust In addition, such A Borrower agrees that the Louder and any other Borrower under this data of oust may extend, modify or make any other clang, in
<br />the tams of this dad of must or the secured debt without Bat Borrower's consent and without releasing that Borrower from the terms of this deal oftri
<br />The duties and benefits of thus deed of trust shall hind and benefit the mer eavers cad assigns of Lender and Borrower
<br />18. Nonce. Unless otherwise required by law, any none to Borrower shall be given by delivering it or by nailing it by cotified mail addressed in Bor ever at the
<br />pmperty address or any other address that Borrower has given in lender. Borrower will give any notice to Lender by edified mail to Lender's address on page 1 of this
<br />deed ofourt, or to any other address, which Lender has designated. Nor most notice to Lender shall he seauo lender's address as sorted on page I of this deal of trust.
<br />Any notice shall be dcaned to have bear given to Borrower or Lender when given in the manner traded above.
<br />19. Transfer of (lie Property or a Beneficial Interest in the Borrower. If all or any pan of the property or any interest in it is sold or lmnsf and without the Ixnda's
<br />priorwnion consent, Tantrums, demand immdiatepayrnent tithe secured debt Lender oay also demand immediate payment if the Borrower is not a natural person and
<br />a beneficial Inmrest in the Onrrow, is sold or lmnsferrcd. However Lender may not demand payment in We above siwmiors if it u prohibited by federal low as of the date
<br />ofthis dad of trust.
<br />20. Reeonveyance.. When the obligation secured by this deed of trust has faced paid, and Lender has no further obligation to make advances under the instruments or
<br />Agreements secured by this deed of trust live Tome shall, upon written request by the Tender, exonvey the trust property. The Lcnda shall deliver to the Borrower, or to
<br />Bormwer'.s.mcvcsmria interest, the trust deed and thenotc orather evidence ofth, obligation so satisfd. Bermwershall pay any recordation costs.
<br />21. Suceetsor Trustee. Lender, at Lander's option, may remove Trustee and appoint a succsor vusra by fiat mailing a copy of the. substitution of trustee as required
<br />by applicable law, and then, by filing the substitution of turame for raced in the office of the register of deeds of each county in which the must property, or some part
<br />thcraf. is situated. The successor iuslee, without wnveyence of the property, shall suececd to all the power, duties, authority and title of the Ttusta Armed in the deed of
<br />most and nfnny fii rPo6ser tmsiee.
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