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COVENANTS 200303237
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due Unless Borrower and Under it,ow othnwisc, any payments tender receives from
<br />Borrower or for Borrower's benefit will he applied first to any amounts Borrower owes on the sauced debt exclusive of interest or principal, second to interest, and then to
<br />principal, If partial prepayment afthe secured debt occurs for any prison, it will not reduce or excuse any scheduled payment until the securN debt is paid in full.
<br />2. Claims Against Title. Bonower will pay all taxes, assexamems,, and other charges machinable to (he property, when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of trust, Leader 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 insured under terns acceptable to Lend, at Borrower's capeme and for Under', benefit All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be monad as Ines payee or as the insured on any such inmmnce, policy, Any insurance proceeds may he
<br />applied, within Lender's do ccrood, to either the restoration or repair of the damaged poison, or to the secured! debt. If Loader re cores mortgage fnsumore, Burial
<br />agrees no maintain such imumnce for as Inn, as Lender requires.
<br />0. Property. Burrower will keep the property in gaud condition and make all repairs reassembly necessary .
<br />5. Expenses. Borower agrees to pay all LrnJer's expenses, including reasonable Alumeys' fees, if Borrower books any covenants in this deed of test or in any
<br />obligation secured by this deed oftoot. Borrower will pay these anmums o tender as providd in Covenant 9 of phis deal of test.
<br />6. Prior Security Interests. unless Borrower first obtains Lender's written contest, Bonower will nor make or permit any changes to any prior security interests.
<br />Borrower will perform all of Bmmwer's obligations under any prior mortgage, deed of trust mother security agreement including Borrower's ceveranb' to make payments
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns to Lender the units and peofits of the pmpcny. Unless Borrower and Lender have agreed otherwise in writing,
<br />Bonower may collect and retain the rents as long us Burrower is not in default. If Bmauwet defaults, fender, lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rents. My terms, Leader collect, shall be applied first In the costs of managing the property, including court cans and
<br />attorneys' fees, counnisslons to rental agents, and any other necessary related expenses. The remaining amount of rents will thus apply to payments on the secured debt us
<br />provided in Covenant I.
<br />A. Leaseholds; Constantino Planned Unit Developmens. Ronower agrees to comply with tile provisions of any lose if this deed of least is on leasehold. If this
<br />deed of trust is on a unit in a communimum or a planned unit development, Borrower will perform all of Borrower's duties under the covemms, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Bermwa fails to perform, any of Borrower's duties under this ded of trust, finder may perfosm the duties or
<br />use them o be pedonned . lender may sign Borrower's name or pay any amount if neeessm, for performance. If any construction on the property is discontinued or not
<br />carded on in a reasonable manse fonder 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 Leader boom exercising any of its other rights under the law or this deed oftust.
<br />Any amounts paid by tender to protect Lender's security imerest will be secured by This deed of mast. Such amounts will be due on demand and will bear interest from the
<br />dal of [he payment until paid in full .,he interest note in effort ono the secured debt.
<br />10. Default and Acceleration. If Donower fails to make any payment when due or books any covenants under this deed oftnud or any obligation secured by this deal of
<br />trust or any prior mongagc or deed of cost lender may accdcnote the mawrity of the seared deb[ and demand inunstiale payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Regoest for shi ire of Defnalt. It is hereby untoward that copies of the notices of default and sale be sent to countersuit who is a party hereto, at the address of tech
<br />such person, as sal forth hernia
<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall first recuM it, the o1Bee of the mgistu of dads of orb entnty wherein the tea[ pmpe ,y or
<br />more pan or parcel thereof is situated a notice of default counted, the information required by Inw. The Testa shall also mail copies of the olive of default m the
<br />Bomownq to each person who is a puny heron, and to other persons as presmubd by applicable low. Not less thud one earth after the Tmatee records the notce a[ Jefult
<br />or two monlla if the anon Property is not ins nay inco,vorted city or village and is used in fanning linamions camel on by the lmstoe, the Trustee shall give public notice of
<br />sale o the persons and in the manner prescribed by applicable law. Tooree, without demand on Borrower, Shull sell the property at public auction to the highest bidder if
<br />requiri by the Parer Homestead pmlwtion Act, Trustee shall offer the property in two separate sales as required by applicable law. Tease may postpone sale of all or any
<br />parcel of the property by public announcement at the lime and place nfamy previously scheduled sale Lender nr its designee may purchnselhe popery at any sale_
<br />Upon receipt of payment of the prate bid, Trustee shall deliver to the purchnsu Monrovia dead conveying the property. The recitials contained in Trustee's deed shall be
<br />prima facie evidence of the truth of the statement contained therein. Trustee shall apply the pmceds of the sale in the following order. (a) to all mpemv, of the sale,
<br />including, but not limited to, reasonable Trustee's fees, reaaombie attorney's fees and reinstatement fees; (b) to all sums Insured by this deed of trust, and (c) the balance, If
<br />any, to the pcnons legally entitled to receive It
<br />13. Foredesurs. At Lender's option, this dice ofim# may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property.
<br />Id. Inspection. Lender may uder the property to Inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender the prweals 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 he applied as provided in Covenant 1. This assignment is subject to the (core of any prior security agreement.
<br />16. Waiver. By exercising any, remedy available to lender, Lender dots not give up any rights to later use any other remedy. By not exemising 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 dead of trait are joint and several. Any Burrower who co -signs this
<br />decd of trust but does not clam, the underlying debt marmancred,) does so only to gant and convey that Bonower', interest in the property o the Trustee under the tome
<br />of this deed of cost In addition, such u Bonower agrees that the Lender and any other Burrower under this deed of trust may extend, modify or make any other changes in
<br />the oma of this Jest of train or the secured debt without that Bomwer's consent and without releasing that Burrower from the terms ofthis deed ofirust.
<br />The duties and benefits ofthis deed i f ngat shall hard and benefiuhe metessors and assigns of fonder and Burrower
<br />18. Notice. Unless otherwise orotund by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed o Bmower at the
<br />pmpeny address or any other address Nat Bermwer has given to Lender . Borrower will give any notice to lender by mulied all to Lender's- address on page I of this
<br />deed eternal, or to any other address, which Lender has designated. Any other notice to Lender shall be sett to lender's address as sated on page I of this ded of tool.
<br />Any notice shall be deemed to have barn given to Borrower or Lender when given in the manner Acted above
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. [fall or any part of the property or any interest in it is sold or lronsfemd without the Umber's
<br />,morwritten consent, fender craydemand lmmdiatepaymen( after secured debt Lender may also demand immediate payment if the Borrower is not a normal person and
<br />a beneficial interest in the forever is sold or tansfcned. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />of this deed of test.
<br />20. Rectim e,mes. When the obligation secured by this deal claims has been paid, and fonder has no further obligation to make advances under the inauumcros or
<br />agreements secured by this deed of test the Trustee shall, upon written request by the Lender, rcconvey the best property. The Lender shall deliver to the Bmrower, or to
<br />Romwer's successor in interest, the oust d d and the note or other evidence of the obligation so mdsfial. Borrower shall pay any recordation costs.
<br />21. Successor Tr tars, fonder, at Lender's option, may rcmeve Trustee and appoint a successor uustet by fine nailing a copy of the substitution climactic its required
<br />by applicable law, and then, by filing the substitution ofltustee for rcco d in the office ofthe register mdeeds of each county in which the cost property or some pan
<br />thercef, is situated- The euecessor tmIt., without conveyance of the property, shall succeed to all the power, duties, authority and title ofthc'fmsleenumed is Ole deed of
<br />must and ofany me essor meree,
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