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COVENANTS 200304048
<br />L Payments. Borrower agrees m make all payments on me secured debt when due. Unless Boro ur and Lender agree otherwise, any payments Tender receives from
<br />Borrower m for Borrower's bene@ will be applied flrst m any amount Borrower owes on the secured debt exclusive of interest or principal, second to Interest, and then to
<br />principal e'panlal prepayment of the secured debt occurs for wry reason, it will not reduce or excuse any scheduled payment until the secured debt is paid In full.
<br />2. Claims Against Title. Bonowm will pay all taxes, assessments and other charges attributable to me property when due snit will defend tide W the property against
<br />any claims which would impair the lien of this deed of trust, Lender airy 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. hem a ll, Borrower will keep the pmpetry insured under terms acceptable W Lender of Borrower's expense and for I enter's heneflt. All lnsuranm policies shall
<br />include a standard mortgage clause in favor offender ender. Lender will be named as loss payee or as the insured on any such intimate policy. Any nemor ce proceeds may be
<br />applied, within Lender's discretion, to either the resolution 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 requires.
<br />J. Property. Rnrrnwer will keep the property in gaud condition and make all repairs reasonably necessary .
<br />5. Expenses. B..., agrees to pay WI Lender's expenses, including reasonable abomeyd fees if Borrower breaks any covenants in this decd of trust or in any
<br />obligation secured by this deed of must. Borrower will pay these amount W Under as provided in Covenant 9 of this deed of Mist.
<br />6. Prior Security Interesta. Unless Borrower Bost obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests.
<br />Boost— will perform all of Rornvoters obligations under any prior mortgage, deed of trust or omer security agreement, including Rormwer', covenants to make payments
<br />when duc.
<br />9. Assignment of Rents and Profits. Borrower assigns to Lender the rents mid profits of the property. Unless Borrower and lender have Intend otherwise in writing
<br />Borrower may collect and retain the rents as long as Borrower is not in default, If Borrower det8ults, Lender, Lender's agent, or a court appointed receiver may lake
<br />possession and manage the property and colleol the rents_ Airy rent Lender collect, shall he ap,]led first to the costs of managing the property, Including court costs and
<br />attorneys' fees, commissions to rental agents, and any other n reli,mry related expenses. The remaining amount of rents will then apply to payment on the secured debt as
<br />provided in Covenant 1.
<br />S. Leaseholds; Condominiums; Planned halt Developments. Borrower agrees to Comply with the pm ;,ions of any lease if true deed off rnst is on leasehold. If this
<br />deed of [rut[ is on a unit in a cunJominium or a planned
<br />it develoPme'n, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condomininm or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this decd of tin, Lender may perform the duties or
<br />se Them to be perfommd lender may sign Borrower's name or pay any amount if necessary for performance. If any construction on the property is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the property. This may include completing We construction.
<br />Lender's failure to perform will mot preclude I ender from exercising any of its other rights under We law or this deed of had.
<br />Any claimants gold by I code, a protect Lender's sccunty interest will be secured by this deed of trust Such amounts will he due on demand and wil l bear interest Rom the
<br />date of the payment until paid in full at the interest me in effect na the secured debt.
<br />10. Default and Acceleration. If Borrower falls to make any payment when due or breaks my cove ants under this deed of trust or any obligation secured by this deed of
<br />trust or my prior mortgage or deed of trust, I ender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other romantics permitted by applicable law.
<br />11. Request for Notice of Default. It is hereby regoesmd that copies of the nmices of default and sale be sent to each person who is a party hereto, at One address of each
<br />such person, as set form herein.
<br />13. Powerof SVle. if the Lender invokes We power of sale, the Tn�stee,Fall first mound in the office of the register of deeds of each county wherein me must progeny or
<br />some part or parcel thereof is situated a notice of default ...taming the iaforrm arm retained by In.v_ The Trustee shall also mail copies of the notice of default to the
<br />Be.., w sear petoa who is u pan, here[., and to other persons as prescribed by applicable law. Not Ices than one month after the I'msmc records the notice of default,
<br />or two months if me test property is not in aq incorporated city or village and is used in fanning operations carried on by the arrant,, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law, '(..stet, without demand on Borrower, .hall sell the property at public auction to the highest bidder. If
<br />required by the Fmn Honmstead Protection Act, Trustee shall offer, the pmper, in two separare sales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel affair property by public mnoancement at he time and place ofary previously scheduled sale. Lender or its designee may purchase the property at any sale.
<br />Upon rceeipt of payment of the price bid, Tnistee shall deliver to the purchaser Twist's deed conveying the property. The recitials contained in TmsMe's deed shall he
<br />prima facie evidtmee of the tam of the statements contained IWWW. Trustee shall apply tire proceeds of the sale in the following order: (a) to all expenses of the sales
<br />including, but not limited to reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this decd oftrnst, and (c) the balance, if
<br />any, to the persons legally entitled to receive it
<br />13. Forei.snre.. At lender's option, this decd of trust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property.
<br />ld. Inspection. lender may enter the property to Inspect it If Lender gives Borrower notice beforehand. the voice must state me ones ... ble muse for Under's
<br />inspection.
<br />15. Condemnation. Rormwer assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other [eking of all or any part of the
<br />property. Such proceeds will be applied as provided in Covenant 1. This assignment Is subject to the terns of any prior security agreement
<br />16. Waives By ex sing any o medy available to lender, Lender does not give up any rights W later use any other remedy. By not exercising any remedy upon
<br />Borrower', defauh, Ler der does not waive any nght W later consider the event a default if it happua again.
<br />17. Joint and Several Liability; Co- signers; Successors and Metal, Round. All duties under this deed of trust arc joint and several. Any Borrower who co -signs this
<br />deed of oust but does not co -sign the underlying debt instruments(s) does so only to grant and convey mat Borrower's interest in the property to the ruatee under the terms
<br />of this deed of trust. In addition, such a Borrower agrees that the lender and any other Borrower under this deed office[ may extend, modify or make any other changes in
<br />the trams arms deed of bast or the secured debt without mat Borrower's consent and without releasing that Dormwu from me terms ofthis deed of must
<br />'The Julie, wit benefits of this died of trust shall bind and benefit the successors and assigns of lender and Rnrrnwea
<br />18. Notice.. Unless otherwise required by law, my notice W Borrower shall be given by delivering it or by mailing it by ccnificd mail addressed to Borrower an the
<br />property art.,, or any other address that Borrower has given to Lender Borrower will give any notice to Lender by terrified mail to Under', address on page 1 of this
<br />deed of trust, or to any other address, which Lender has designated. Any omen notice to Lender shall be sent w Lender's address as stated on page 1 ofthis decd of trust.
<br />Any notice shall be deemed W have been given to Borrowed or Lender wham given in We manna crated above
<br />19. Transfer of the Property or n Beneficial Interest in the Borrower. If al I or any pan of the property or any interest in it is sold or transferred without the Lender's
<br />prior written consent, Lender may demand immediate payment of the secured debt. Lender may else demand immediate payment if the Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold or transferred however, lender may not demand payment in me above situations if it is pmhihited by federal law aw ofthhe date
<br />of this decd oftrnst.
<br />20. Remnveynnee. When the obligation secured by this deed of unrest has been paid, and Lender has no father obligation to make advances under the instruments or
<br />agreements secured by this decd of [rust the I rite, shall, upon written request by the Lender, reconvey me trust property. 'I he Lender shall deliver to the Borrower, or to
<br />Borrower's successor in inmrea, the vast deed and the nn¢ nr other evidence of the ohligadnn sn xatisfed. Borrower shall may any recordation cast.
<br />21. Successor Trustee. Lender, at Lender's option, may remove trustee and appoint a successor must. by first, nmling a copy ifhe substitution oftms.e a, required
<br />by applicable law, and men, by filing the substitution of wstee for record in the off to of the register cf deeds oreach tonnty in which the trust pmpml,, or son. pat
<br />thereof, is situated. 'ITC successor trustee, without conveyance of[hc property, shall succeed Wall the power, duties, authority and title of the Trustee named in the deed of
<br />I ... I and of any successor trustee.
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