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COVENANTS 200303367
<br />I. Payments. Borrower agrees to make all payments on the secured debt when due. llnless Borrower and lender agree otherwise, any payments I order receives front
<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 W interest, and then to
<br />principal. If partial prepayment of the secured debt occurs for any reason, it will not reduce m excuse any scheduled payment until the secured debt is paid in full.
<br />2. Claims Against Title . Borrower will pay all taxes, assessntuns, and one, 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 and 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 flit 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 Lender will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, within Lender's discretion, to either the resolution or repair of the damaged property or to due secured debt, If Lender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep me property in good condition and make all repairs reasonably necessary.
<br />5. Expenses. Borrower ugrea In pay all Lenders expeo -e4 including wesumble atth.c,,' fees, if Borrower breaks any covenants is NIS deed of trust or in any
<br />obligation secured by this decd ofmis[. Borrower will pay these amounts to Under as provided in Covenants) ofmis deed ofmst.
<br />b. Prior Security Interests. Unless Burrower first obtains Lender's written contest, Burrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, decd ofmmt or other security agreement, including Borrower's covenants to make payments
<br />when duc
<br />p. Assignment of Reob and Profits. Borrower assigns to Lender the rents and profits ofine property_ llnless Borrower and Lender have agreed otherwise is writing,
<br />Borrower nary collect and retain the rents as long as Borrower is not in default If Borrower defaults, Le der, Lender's agent, or is coon appointed recoils, may take
<br />possession and mmage me property and collect the rents. Any cents Lender collects shall be applied first to the costs ofmanaging the property, Including cam casts and
<br />saorneys' fee, commissions to rental agents, and any other necessary related expenses_ The remaining amount often, will then apply to payments ma the second debt as
<br />pros Wed in Coverlet 1.
<br />A. lessened, Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this
<br />deed of lost is ern a tout in a condominium or a planned unit development Burrower will perform all of Borrower's duties under me covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower folk to perform, my of Borrower's duties under this decd of [rust Lender may perform the duties or
<br />cause them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any cl a boution on the progeny is discontinued or not
<br />carried on in a reasourMe manner, I ender may do whatever is necessary to protect Lender's se t rhy interest in the property. This may include completing the construction.
<br />lender's failure to perform w111 not preclude Iender from exercising any of its other rights trader the law or this deed of trust.
<br />Any amounts paid by Under to protect Lender's security Intcre, t will be secured by this deed oftmst Such amounts will he due on demand and will beat interest from me
<br />date of the payment until paid in full at the interest rate in effect on the secured debt.
<br />10. Default and Acceleration. If Borrower f ails to make any payment when due or breaks any covenants under this deed of it t or any obligation secured by this decd of
<br />ton or any prior mortgage or deed oftmst, Lender may accelerate the morality ofthe secured debt lend demand immediate payment and may invoke the power ofsale and
<br />any other remedies permitted by applicable Iuw.
<br />11. Request for Notice of Default. It is hereby requested that copies offer notices of default and wle be sent to each person who isa party hcrc[o, at the address ofcaoe
<br />such person, as se[ forth herein.
<br />12. Power of Side. [fine Leader invokes the power ofsale, the Trustee shall lost awed in the once ufthe register ofdccds of cash county wherein the trust property or
<br />some part or parcel thereof is situated a notice of default containing the information required by law. The Trustee shall also mail copies of the notice of default to me
<br />Borrower, to each person who is a party hereto, and to other persons as prescribed by applicable law. No, less than one maim afta the Trustee records the notice of default.
<br />or two ammhs if the trust property is not in any incorporated city of village mad is used ingaining operations carried on by the herder, Me'IBil c shall givepuhl is notice of
<br />sale to the persons and in the manner prescribed by applicable law. I mice, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the 1'mm I lorroopad Protection Act Trustee shall offer the or rd, In two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />protect of tire property by public lenouncmnenr at the rime led place of eery previously scheduled sale. Under or its designee may purchase the property at my sale
<br />Upon receipt of payment of the print hid, Trustee shall deliver to the purchaser Ti stee's deed conveying 0le property. The recitals contained in radia's deed shall he
<br />prima facie evldience of the truth of the statements contained therein. Tashc shall apply the proceeds of the sale in the following order r (a) in oil expenses of the sale,
<br />Including, but not limited to, reasonable Trustee's fees, reasonahle ahoroey's fees and rcinsmmmeef fees (b) to all rums secured by this deed of must, and (c) me balance, if
<br />eery_ to me prisons legally entitled to receive it
<br />13. Fofeeln,. re. A, Under's opfior, this deed oftrusf may he foreclosed is the manner provided by applicable low for foreclosure efmorigaga on real property.
<br />14. Inspection. Lender may enter the property to Inspect it if Lender gives Borrower notice beforehand. The notice must slate he reasonable cause for Lenders
<br />inspection
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages rumored with a condemnation or other hiking of all or any pan of the
<br />,,,Pon(, Sucrpareedv will bn apPLW mpaviJW in Covenant1.'this assignment is subjectto the terms reform, prior security agreement.
<br />16. Waiver. By exercising any remedy avallahle of Under, lender does not give up may rights to Inter use my other remedy. By not exercising my remedy upon
<br />Borrower; defult Lender due, nut waive my right w 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 misdeed of trust mcjoin[ and several. Any Borrower who co -signs this
<br />deed of trust but does not co-sign me underlying debt instruments(s) does so only to grant and convey that Borrower's interest in the progeny to the Trustee under the [cams
<br />of this deed oftmst In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of Iru,l may extend, modify or make my other changes in
<br />the terms ofmis deed of tart or We scrolled debt without dal Borrower', consent and common releasing that Borrower from the terms of this deed oftmst.
<br />The dudes and benefit, ofmis deed of rasa shop Had and bereft the srcressors land assgns of LmWef and Borrower.
<br />18. Notice. Unless otherwise required by law, any notice to Borrower shall he given by delivering it or by nailing it by certified mail addressed to Borrower at the
<br />property address or any other address that Borrower has given to Londe_ Borrower will give my ..flee to Leader by soothed mall m Lender's address on page I of his
<br />deed art st rrro any offer add,,,, which Lender has designated. Any other notice to Under shall be sent to lender's address as stated on page l oRbis deed oftmst
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in me manner stated above.
<br />19. Transfer of the Property or a Renefical Interest in the Borrower. If all or any pmt ofthe property or my interest in It is sold or hmsferred withouuhe Lender's
<br />prior written consent Lender may derumW Innnediatc payment of me secured debt. Lender may also demand immediate payment ifthe Borrower is heel a natural person and
<br />a beneficial interest In the Borrower is sold or transferred. I lowelm Lender may not demand payment in the above situations if It is prohibited by federal law as ofine daft
<br />of his da,d of lost.
<br />20. Reconveyance. When the obligation secured by this deed of ,not has been paid, and Lender has no father obligation to make advances under he instruments or
<br />agreements secured by this deed of oust file Tmstw shall, upon wanton request by the Lender, reeonvey the trust property. The Lender shall deliver to the Borrower, ono
<br />Borrowers successor in interest, me trust deed and the note or offer evidence of the obi igation so satisfied. Borrower shall pay my recordation costs.
<br />21. Suceestall police. Lender, at Under's opt ion, may remove trustee and appoint a successor it uslee by First rolling a copy of the substitution of trustee as required
<br />by applicable law, and then, by fling the substitution of trustee for record in he office of the register of deeds of each county in which the trust property, of some pan
<br />thaw,, Is siNated. 'I he successor door , without conveyance of the property, shall sncoeed to all the power, duds, authority and title ofthc'frustee named in the deed of
<br />lust and of my successor mine,.
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