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COVENANTS 200304155
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrvwa and Lender agree otherwise, any payments Lender reserves from
<br />Burrower or for Barrower's bacfit will be applied first he any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal. B'p anal prepayment of the scoured debt occun for any reasov, it will not reduce or excuse any scheduled payment until the soured debt is paid In full.
<br />2. Claims Against Title. Banower, will pay all taxes, aaaenormis, and other charges andbmahie to the property when due and will defend title to the property against
<br />any claims which would nation the lien of this dad of trust. fender nay require Borrows to assign any rights, claims or defenses which Harrower may have against
<br />parties who supply labor or materials to improve or maintain the property.
<br />3. Insure... Borrower will keep the property insured under terms m:ceplable to Lender at Borrower's expeae and for Lender's benefit. All bummer policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee man the insured many such insurance policy. Any insurance preacds maybe
<br />applied, within Lender's desecrates, to either the restoration or repair of the dan egd perfectly or to the secured debt. If Lender repumes mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long in lender rapares.
<br />4. Property. Borrower will keep the prvpens in good condition and make all Main reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all lender's expenses, union ing reasonable anomeys' foes, if Borrower becks any covewnts in this deed of most or in any
<br />obligation secured by this deed of trust. Borrower will pay these amounts m Lender us provided in Covenant Y ofthis deed u(W st.
<br />6. Prior Security Intl retla. Unless Burrower first obtains Lender's religion comsat, Borrower, will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Rorrower's obligations order any prior mortgage, dad of turd or other security agreement, including Borrower's covenants to make payments
<br />what due
<br />7. Anignment of Rents and Profits. Borrower maigm to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and main the rags as long as Bonowa is not in default If Bnrtawa defaults, Lender, Lender's agent, or a court appointed recener may take
<br />possession and nasage the property and colleen the urns. Any is Lender collects shall be applied fiat to the costs of managing the property, including corm costs and
<br />anome,, fees, cones asfam to rental agents, and any other necessary refined expenaea. The remaining amount of rents will then apply to payments on the sound debt as
<br />provided in Covenant I.
<br />8. Leaseholds; CoedoMnlum; Planned knit Developments. Borrower agrees to comply with the panniers of any lease if this deed affront is on leasehold. If this
<br />deed offing is on a unit in a condomnium or a planned unit development, Borrower will perform all of Borrower's duties under the covenannss, by laws, or regulations of
<br />tire condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Bormwa fails to perform, any of Borrower's duties under Ms decd officinal, Lender may perform the duties or
<br />suss them to he performed. Lender may sign Borrower's name or pay any amount if necessary for performance. Bony construction on the property is discontinued or not
<br />camel m in a r sonable manna, Indu may do wlmtever is necessary to protect Lender's.,,nty Interest in the property. This maY ivclnde completing the consauaion.
<br />Lender's failure to perform will not preclude Lender farm exorcising any of its other rights under the law or this deed of lwt.
<br />Any amonote Paid by Lender m protect Lender's amuuty interest will be seared by this deed of trust. Such auuunis will be due on demand and will beer interest from the
<br />date ofthepaymnn until paid in full at the interest rune in effect on the secmxd debt.
<br />10. Def hilt r nd Arreleradon. if Borrower fails to make any payment when due or breaks any covenants under This deed of tug, or any obligation secured by this deed of
<br />Trust or any prior mortgage or deed of trust, Lender may accelerate the maturity of the secured debt and demand immedimc payment and may invoke the power of sale and
<br />any other remedies pennind by applicable law.
<br />11. Request for Nonce. of Default It is hereby repuealed That copies of the notices of default Tied sale be sent to each person who is a pTiry berem,.it the address of each
<br />such person, as set Ponh herein.
<br />12. Powerof Sale. Ifthe Lender invokes the power oflde, the Trustee shall first record in the office of the register efdeds ofeach county wbervia the trust pupenym
<br />some part or pamel th serf u situated a notice of default enntaining the info mullion termired bylaw. The Tm w shall also mail copies of the nwtice of default m the
<br />Borrower, to each person who is a party harem, and To other persons as prescribed by applicable law. Not less than one month after the Trustee records the notice of default,
<br />or two months if the trust property is not in any incorporated city or vJlage and k cod in farming operations carried on by the orator, Be Trusice shall give public mile, of
<br />sale m the persons and in the rummer prescribd by applicable law. Trustee, without demand on Borrower, shall sell the popery m public action to the highest bidder. If
<br />reported by the From Homestead Protection Act, Trustee shall offer the property in two separate sales as restudied by applicable law. 11ustee may postpone sale of all or any
<br />parcel of the pmPerty by publicumouaemem at thetime and place of any previously scheduled sale. Lcnda or its designee may Purchase the property story sole.
<br />Upon receipt of payment of the price hid, Trustec shill deliver m the purchaser Troacce s decd conveying the property. The mitals enntaind in Trustee's dmf shall be
<br />prima faoie ceidlence of the tram of the 'moment, contained therein. Trustee siml apply the proceeds of the sale in the following order: (a) to all expenses of the sale,
<br />including, but not limmd to Tenantable Trustee's fees, reasonable anomey's fees and reiata[emont fees, (b) to all sums secured by this dad of aunt, and (c) the balance, if
<br />nay, to the pecans legally entitled to receive it
<br />❑. Foreclosure. At Larder's option, this deed offal may be foreclosed in the manna proviehd by applicable law for foreclosure of mongagw on real property.
<br />14. Inspection. Lender may enter the property to respect it if fender gives Borrower notice beforehand. The notice must sate the reasonable costa fur Lender's
<br />inspection.
<br />15. Conticmation. Borrower assigns to lender the proceeds of any award m claim for damages connected with a condemnation or other taking of all or any pan of the
<br />property. Such proceeds will be applied as provided in Coverage 1. This assignment is subject m the terns of any prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lends, Lender does rim give up any rights to Inner use any other remedy. By not exercising Tiny ready upon
<br />Borrower's default, finder does not waive any night to later consider the event a default if it happens again.
<br />17. .loin, and Several Liability; Cosigners; Successors and Assigns Bound. All duties under Nis dad of most anoint and several. Any Borrower who eta -signs this
<br />dad of most but does nat co -sigh the underlying debt innmat the a does n only to er B and wound that deed of a ed me esthe property [o the Tmatee under the terms
<br />orthia deed offing. is des In e oraitioa, such a seemed data agrees that the lades and invader Borrows undo this deed w trutt may extend, modify a mute any orbs changes in
<br />Ilomnng of this dad of [met or the nmu� debt without that Borrower's consent and without relcasieg that Borrower from the Inns of this dad of wsc
<br />The duties and benefits of this deed oftm a shall bind and benefit the wwessors and assigns of Under and Imrrawer.
<br />18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it err by mailing it by certified moil addressed to Borrower sidle
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's address on page I of This
<br />deed of trust, orm any other address, which Lender has designated. Any other notice to Lander shall be sent to Lender's address as stand on page I of this deed of trust.
<br />My notice shall be deemed to have been given to Borrower or Lender when given in the manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Burrower. If all or any pan of the property or any interest in it is sold or transferred without Be fender's
<br />prior written consent, Lender may demand nomadism payment of the secured debt. Lender may also demand immdiam payment if the Borrower is not a natural person and
<br />a beneficial interest in the Bnnower is sold or transferred. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />offlik deed afters[.
<br />20. Reconveyancc. Wlnan the obligation secured by this deed of trust has been paid, and Leader has no further obligation to make advances order the instruments or
<br />agreements smurd by this deed of trust, the Trustee shall, upon written calmest by the Lender, nconvey the trust property. The Lender shall deliver to the Borrower, tar to
<br />Borrower's successvr in interest, the trust deed and the note or other evidence ofthc obligation as satisfied. Borrower shall pay any rceordidam cons.
<br />21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoint a successor nustm by first, mailing a copy of the substitution oftrunce as required
<br />by applicable law, and that, by filing the substitution of trustee far record in the office of the register of deeds of each county In which the most property, or smile pan
<br />thereof, is sivated. The successor trustee, without conveyance of the property, shall succeed to all the power, duties, authority and title of the Trustee named in the deed of
<br />trust and of ony seocessorwloce
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