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COVENANTS 200303764
<br />1. Payn ents. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments lender receives from
<br />Borrower or for Borrower's benefit will he applied first to any amounts Borrower owes oa the secured debt exclusive of interest or Philip s, second to interest, and then to
<br />principal. If partial prepayment of me secured debt occurs for any mama it will not reduce or excuse any scheduled payment until the secured debt is paid in toll.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and Other charges attributable m the property when due and will defend title W me property against
<br />ary claims which would impair me lien of this deed of trust l ender may require Borrower to msign wry 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 me property insom l under arms acceptable to Leader at Borrower', expense and for l ender's benefit. All Insurance politics shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or a, the insured on any such insurance policy. Any insurance prated, maybe
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured debt. If Lender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance form long an Lender requires.
<br />d. Property. Borrower will keep me property in good condition and make all reports reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covcnmts in this deed Of rest or in my
<br />obligation secured by this dcctl aims[. Burrower will pay these amounts to Lender as provided in Covenant 9 of this deed oftmst.
<br />6. Prior Security Interests. Unless Borrower first obtains lender's written contest, Burrower will not make or pemrit any changes many prior security interests.
<br />Burrower will perform all of Borrower's obligations under any prior mortgage, deed of vast or other security agreement, including Borrower's covenann W make payments
<br />when due.
<br />]. Assignment of Rents and Profits. Borrower cesium W Lender the rents and profits of the property. Unless Burrower and Lender have agreed otherwise in writing.
<br />Ronnwe, may cellos[ and rclain the rent, as long as Borrower is not in default If Burrower defaults, I ender, 1 ender's agent, or a court appointed receiver may take
<br />possession and manage me property and cancel the rents. Any rents lender collects shall be applied first to the costs of managing the progeny, including court costs and
<br />aturr ' fees, commissions on rental agents, and my other necessary related expenses. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant 1.
<br />g. Lcaschulds; Condominiums; Planned Unit Developments. Borrower agrees to comply with me provisions of any lase if this deed Oftrual is on leasehold. If this
<br />deed of [net is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the oendomininm or pinned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of cost, Lender may fictional me duties or
<br />cause them to be performed. Lender may sign Borrower's name or pay any amount ifnecwma, forpertonnance. Ifmy construction on me property is dismntlmued orrnt
<br />varied on in a emonable mount, lender may do whatever urosemary to protect Lender's security interest in the property. This may Include completing the construction_
<br />Lender's failure to perfomr will not preclude Lender from exercising any Of its other rights order the law, or this decd of trust
<br />Any amounts paid by Tender to protect Lender's security interest will he secured by this decd of trust Such amounts will be due on demand and will bear Interest from the
<br />bete, at the payment until paid In full at me interest rate In ctlect on me secured debt
<br />10. Default and Acceleration. If Bonowa fails to make my payment when due or breaks my covenants under this deed of trust or my obligation secured by this deed of
<br />tryst to any poor mortgage or deed of nmat, laude may accelerate me maturity of the secured debt and demand immediate payment and may Invoke me power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Request fur Nolire of Default. It is hereby requested that copies of me Outlets of Jelault and sale be sent to each person who is a party hcrcto, at One address of each
<br />such person, as set fnM herein.
<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall first record in me office of the register of deeds of each county wherein me trust property or
<br />some pan or panel thereof is situated a notice of default containing me information required by law. The Trustee shall also mail copies of the active of default to the
<br />Borrower, to each person who is a party hereto, and to Omer persons as prescribed by applicable law. Not less than one month ader me I note, records the notice offeraulh
<br />or two months if Me trust property is not in any Incorporated city or village and is used in fuming operations carried on by the motor, me Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable Inw_ Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Homestead Protectim Act, Trustee shall otter me property in two separate sale, as required by applicable law. Trustee may postpone auto of all or any
<br />parcel of the property by public announcement at the time and place of any previously scheduled sale. Lender or Its designs may purchase the property at my sale.
<br />Upon scarp[ of payment of the price bid, Trustee shall deliver to me purchaser 'f ruslee's dad conveying the property. The retinal, contained in Trustee's decd shall be
<br />prima facie evidienec of me tram Of me slaWmmts contained themla Trustee shall apply the proceeds of me safe in me following order: (a) to all expenses of the sale,
<br />Including but not limited m, reasonable Tmstec's few, reasonable mameys fees and ahoduca eat fees; do to all sums secured by this decd of trust, and (0) the balance, if
<br />any, to me persons legally entitled to receive it
<br />13. Foreclosure. At Lender's option, this deed oftrust may be foreclosed in me nfmner provided by applicable law for foreclosure ofmongagea on real property.
<br />14. Inspection. lender may enter the property W inspect it if Lender gives Borrower notice beforehand. The nonce must state the reeeonable cwre f r Loafer's
<br />Inspection.
<br />15. Condemnation. Borrower assigns to Lender the proceeds of my award or claim for damages connected with a condemnation or other taking still or any part ofthe
<br />property. Such proceeds will be applied as provided In Covenant 1. Thle aesignmenl is subject W Welerms ofany prior security agreement
<br />16. Waiver. By ex reising any remedy available to Lender, Lender does udt give up any rights to later use any other remedy. By not exercising any remedy upon
<br />ROnoweds default, Under does not waive any right to later consider me event is default if It happens again.
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed of trust are joint and several. Any Borrower who m -signs this
<br />deed of trust but does not co -sign me underlying debt ilist n.nfents(s) doe, so only to grant and convey that Borrower's interest in me property to me Trustee under Ore Wants
<br />of this deed of nest In Addition, such a financier agrees that me Lender and any other Ban lower under this deed oftmst may extend, modify or make any other change, in
<br />the terms of this decd of trust Or the secured debt without that ROrrower's consent and without releasing mud Borrower from the hours offal, deed of trust.
<br />9Tt duties and benefits of Cris deed of mat shall hind and benefit the successors and assigns of Under slid Borrower
<br />18. Notice. Unless otherwise required by law, any notice W Borrower shall be given by delivering it or by mailing it by ce¢itied mail addressed to Borrower at me
<br />property address Or my offer address that Borrower has given to Lender. Borrower will give any notice W Lender by certified mail to Lender's address on page I of this
<br />deed of host, or to any other address, which lender has designated- Any other notice to Lender shall be sent to Lender's address as stale) on page 1 of this deed of trust.
<br />Any notice shall be deemed to have been given to Rnrroca r or Iender when given in me manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If uI I or any part of the property or any interest In It is ,old or transferred without me Lender's
<br />prior switter consent Lender may danand immediate papicat ofthe secured debt. Lender may also demand immediate payment ifine Borrower is not a natural person and
<br />a beneficial interest in me Borrower is sold or trans&raJ. However Lender may not demand payment in the above situations if it is prohibited by federal law as ofthe date
<br />of this deed of trust.
<br />20. Reronveyance. When me obligation secured by this deed Of trust Ins been paid, and Lender has no (umber obligation to make advances under me instruments or
<br />agreements secured by this deed of trust me Trustee shall, upon written request by the Lender, recomey me treat property. The Lender shall deliver to the Borrower, or to
<br />Borrower's successor in interest, me trust decd and me note or omerevtrestle of the obligation so satisfied. Borrower shall pay my recordation costs.
<br />21. Successor Trustee. Under, at Under's option, mayranove Trustee and appoint a successor tnotee by first, mailing amp, ofine substitution oftruace as required
<br />by applicable law, and then, by filing me substitution of mslcc for record in the office of the register of deeds of each county in which the trust property, or some pan
<br />thereof, is situated. 'Me successor haste, without conveyance of the property, shall succeed to all me power, dudes, aumorlty and alit of Me I ruatte named in me decd of
<br />trust and Of ary mccessur was.
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