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COVENANTS , 200303524
<br />1. Payments. Borrower agrees to make all payments on the soccon l debt when due. Unless Bormwer and Lender agree otherwise, any payments Lender receives from
<br />Burower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interem or principal, second to interest, and then to
<br />principal. It 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 taxes, assessments, and other charges attributable to the property when due and will defend title In the property against
<br />any claims which would impair the lien of this dad of wsl. leader may "ears, Borrower to assign any rights, claims or defenses which Dorewer may have against
<br />parties he apply labor or materials to improve or maintain the property.
<br />3. Incurrence. Borrower will keep the pmperty, insured under terms acceptable to Lender at Bormwe's expense and for Lender's benefit All Insurance policies shall
<br />include a standard mortgage clause in favor of Under, Under will be named as loss payee at as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, within Lender's divoon n, m drake the restoation or repair of the damaged property or to the secured debt- If Lender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender mluires.
<br />4. Property. Burrower will keep the property in good condition and make all repairs reasonably necessary.
<br />5. Expenses, Borrower agrees in pay all Lender's expenses, including reasonable anomrys' foes, if Bunuwer breaks any covenants in this deed of trust of in any
<br />obligation secured by Nis deed of mot Borrower will pay these amounts to Lender as provided in Covenant!) of this decd of trust,
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Borower's obligations under any prior mortgage, deed of must or .,he, security agreement, including Borrower's covenants to make payments
<br />whom duo
<br />7. Assignment of Rents and Profits. Borrower assigns to Under the rents and profits of the emperry. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower oruv collect real retain the cons, as long as Borrower is not in default. If Borrower dcfaulta, leader, Lender's agent, or u wart appr reed sweiver may lake
<br />possession and mawge the propmy unJ collmf the rents. Any rents Under-collects shall be applied first to the costs of meraging the property, including coan costs and
<br />.teas' fees, commissions to rental agents, and any other necessary retinal expeaes. The remaining amount of rents will then apply in payments on the secured debt as
<br />provided in Covenant I.
<br />9. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the previsions of any lease if this deed of trasf is on leasehold. Ifthis
<br />deed of irost is on a unit in a corWominiunr or a planed unit development, Bornwer will ponlo mu all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Burrower fails to perform, any of Borrower's duties under this deed of must, Leader may perform the duties or
<br />cause tbem m be perforod. Iznder may sign Borrower's name or pay any amount if necessary foe perfomuamce. If aoy eoustrvalion on the property is diwmrtinud onmd
<br />camed on in a rrvawble ounces, Leader may do whatever is necessary to present Lender's security, interest in the property. This may include completing the construction.
<br />Lender's failure In perform will not preclude lender from exercising any of its other rights under the law or this decd of trust.
<br />Any amounts paid by Under to protect Lender's security interest will be secured by this deed of trust. Such amounts will be due on demand and will bear interest hear the
<br />date oftaepaymenm until paid in full at die interest rate in effect on the secured debt.
<br />10. Ddauh and Arceleration. If Borrower fails to make any payment when due or breaks any covenants under this deed of tryst or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of towL Under may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Removal for Notce of Default. It is hereby recluesid that copies of foe notices of deLult and sale be sent to each person who is a party herein, at address of each
<br />such person, as sea forth herein.
<br />12. Power of Sale. If the lender invokes the power of sale, the Trustee shall first word in the office of the rrvgisto, of deeds of each county wherein the trust property or
<br />some pan or parcel thereof is sllumed a notice of default containing the information enquired by law. The Trustee shall also mail copies of the drove of default to the
<br />Brrower, to each person who is nearly hereto, and to otherprourr s as pry,e ibal by applicable law. Not less than one month oiler the Trustee rounds the notice of default,
<br />or two months if the trust pmperty is not in any incorporated city or village and is used in farming operations caned con by the tormar, the Tmstee shall give public notice of
<br />sale to the persons and in the manner proscribe] by applicable law. Trustee, without demand on Hamewer, shall sell the pmperty, at public auction to the highest bidder. If
<br />centrist by the Farm I Irmeaend Protection Act, Twolec shall offer the property in two separate sales as resquired by applicable law. Tmstee mov pustpone sale of all or m,
<br />purcel of We property by public announcement at the time and place ofany previously scheduled sale. Lender cars designee may purchase lhepamerty at any ale.
<br />Upon receipt of payment of the price bid, Trustee shall dcllvcr to the purchaser Trades's deed surveying the property- The rxitials comeind in Tiustce's deal shall be
<br />prima fade evictom a of the truth of the statements conmined therein. Twome shall apply the proceeds of the sale in the following coder: (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable allomey's fees and reinstatement fees; (b) to all sums seamed by this deed of limit, end (e) the balance, if
<br />any, to the persons legally entitled to reverse it
<br />13. Foreclosure At Lender's option, this decd ofirvst may m foreclosed in the counter presvidd by applicable law for foreclosure of mortgages on real property
<br />14. Inspection. Lender may enter the property to inspect it if Under gives Sorower notice beforehand The notice most state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Under the prwceds of arty award or claim for damages connected with a condemnation or other taking of all or any part of the
<br />property. Such proceeds will he applied as provided in Covknarn 1. This assignment is subject to the terms of any prior security agreement.
<br />16. Waiver. By exercising any remedy available m l.cndq lender does col give up any eights to later use any other rnoedy By not ivery sing ray nowdy upon
<br />Borrower's default, Under does not waive any right to later consider the event a default if it happens again.
<br />17. .faint and Several Liability;Co-sipnen; Scientists and Amlims Bound. All dutiesunderthisdeed iftrustroommtandseveral. Any Borrower who co -sign this
<br />deed of lost but does net cosign the underlying debt immormems(s) does so only to grant and comery twat Borrower's interest in the property to the Trustee under the terms
<br />of this deed oftrust. In addition, such a Borrower agrees that the lender and any other Bonower under this deed of wet may extend, modify or make any other clamges in
<br />daemon, ofthis deed of tract .,the soured debt without that Borrower's consent and without releasing that Borrower from the terms of Nis decd of must.
<br />The duties and benefits of this deed of tm a shall bind and bcmcfit the s icecssors and assigns of Lender and Borrower
<br />18. Notice. Urban otherwise respond by law, any active to Burrower shall be giver by delivering it an 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 m Lender by ccnifd mail to Lender's mercies on page 1 of this
<br />dad of burl, ur m may other address, which Iendo M1as designated Any other native to Lender shall be seat to U ndei s address as stated on page I i f this deed of tenet
<br />Any notice shall be devoted in have been given to Borrower or Lender when given in the manner stated above.
<br />19. Transfer of the Property or a Beneficitl interest in the Darrower. [fall or my pan of the properly or nay blend in it is sold or transience without the Leader's
<br />print written consent, Lender nay demand Irnmedlam payment of the secured debt Lender may also demand immediate payment if the Borrower is not a natural proton and
<br />a beneficial interest in Ne Borrower is wld or I � fared . However, Under may not demand payment in the shrive situations if it is pmhihimd by federal law as of the date
<br />ofthis deed nitmtt.
<br />20. Reconvey race. Warn the obligation securd by this dad of west hau bear paid, and Lerrder less no finther obligation m ruake advnnces under the iwtruments or
<br />agreements secured by this deed almost, the Trustee shall, upon written request by the Lender, reconvcy the [raid property. the Lender shall deliver m the Borower, or to
<br />Borrower's successor in inlera4 the wed dam mod the rum or other evidwce of iM1e obligation m sedsfed. Bmmwer shall pay any rcnordarma costs.
<br />21. Sur. or Trmlee. Under, at Lads,', option, may monve Trustee and appoint a successor trustee by first, mailing a copy of the subsnmtion of trustee as required
<br />by applicable law, and then, by filing the substitution of trustee for recruit in the rMe, of the register of deeds of each county in which the trust property, or some pan
<br />thereof, is situatel. The m v e ,r, trustee, without conveyance of the property, shall succeed to all fire power, duties, authority and title of the farce named in the decd of
<br />trust and of any meeeswn made,.
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