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COVENANTS 200304156
<br />1. Payments. Bomnww agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives fmm
<br />Borrower or for Borrower's benefit will he applied first to any amounts Bonuwer owes nn the securd debt exclusive of interest or principal, swoon to imemt, amt then to
<br />principal. If partial prepayment of the secured debt occurs for any resso , it will not reduce or excuse any scheduled payment until the secured debt is paid in full.
<br />3. Claims Against Title. Borrower will pay all its assessments, and other churgca attributable to the property when due and will defend tide to the property against
<br />any claims which would impair the lien of this dad of trust. 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 the property.
<br />3. Insurance. Borrower will keep the property insured under terms accolaudde in Lender at Bonower's expense and for Lender's benefit. All Insurance policies shall
<br />include a sproduct 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 realnmtioa or repair of the damaged Oroperty, or to the sccurM debt. If Lender requires nartgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lenacr nations,
<br />q. Property. Borrower will keep the property in good condition and make all repairs eresnvbly necessary.
<br />5. F.:penses. Burrower agrees to pay ail I endsaa expenses, including reasonable attorneys' fees, if Borrower brwks any covenor6 in this deed of last or in any
<br />obligation secured by this deed oftrust. Borrower will pay Ihew amounts to Lender as pmvidd in Covenant 9 of this deed ofnurt.
<br />6. Prior Security Interests. Unless Borrower first obtairs Lender's written contest, Bomnwer will not make or instant any changes to any prior security interests.
<br />Borrower will pew or all of Borrower's obligations order any prior="gap, decal of boat or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns m Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the rents as long us Burrower is not in default. If Borrower defaults, Lender, l mbu a agent or u court uppermost reswiver may take
<br />possession aria manage the pmpeny and collect the rents. Any rents Lender cohorts shall be applied first to the costs of managing the property, including court costs aria
<br />anomeya' tees, commissions to rrnhit agents, and any other necessary related estuaries. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant 1.
<br />A. Leasehold,, Condominiums; Planned Unit Developments. Bonnwer agrees to comply with the provisions ofany Iwae if this deed of Iron is on leasehold. If tbis
<br />dad of trust is on a unit in a condominium or a plainest not development, Burrower will perform all of Borrower's duties order the covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. ff fkmmwa fails to perform, any of Borrower's duties under this clod of trust, Lender may perform the duties or
<br />causetheractobspeffornmed. Lender my sign Borrower's name or pay any amount if neceasary for performance. If any coml ,,ion ran ale properly is discontinued or snit
<br />amid on in a reasonable manna, Lender may do whatever is nmcsury to protest Lenders sorority Interest in the property. Thus may include completing the vie tom.
<br />Lardci s failure to perform will not preclude Lender from witticism, mry of its other rights weer the law or this deed of trust.
<br />Any amounts paid by Lender to protect Lender's security interest will be scoured by this deed of last Such amounts will be due on demand and will bear interval from the
<br />date of the payment until paid in full at the interest atcun effect on the secured debt.
<br />lo. Default and Acceleration. If Borrower fails to make any payment when due orbreal any covenants order this deed oftiusf ar any obligation secured by this deed of
<br />trust or airy prior mortgage nr deed of trust, lender may accdcrate the mnwnly of the secured debt and demand immediate payment and may invoke the power of salt and
<br />any other remedies permitted by applicable law.
<br />11. Request far Notice of Default. his hereby requested that copies of the notices of default unit sale be sent o each persons who is a party hersty, at the address of each
<br />such person, as set foM herein.
<br />12. Power of Sdc. If the lender invokes the power of sale, the Trustee shall first record in the office of the register of dads of such county wherein the trust property or
<br />some pan or paad thereof is si ettcd a nonce of default containing the information required by law. The Trustee shall also mail topics of the notice of default to the
<br />Borrower, to each person who is sporty heretq and to other persons as prescribed by applicable law. Not less than one month after the Trustee records the notice of default,
<br />ortwo months if the trust property is not in any incmpoatd city or village and is used in Ntming operations carried on by the turner, the Trustee shall give public names of
<br />sale m the persons and in the moors prescnled by applicable low. Trustee, whhaut demand on Bomnweq shall sell the property, at public auction to the highest bidder. If
<br />required by the Farm Homestead Pmtmrion Act, Trunee shall oftir the property in two se,earute sales as restatM by applicable law. Tmsme may postpone sale of all m any
<br />parcel ofthc property by public mommcennn at the time and place ofany previously schMuled sale. Lenacror its designee maypurelons lheprapetty army site
<br />Upon receipt of payment offer price bid, Trosla shall deliver to the purchaser finale's dcd conveying the property. The rmitials contained in Trustee's dad shall be
<br />prima facie evidience of the truth of the statements contained therein. Trostee shall apply the proceeds of fire sale in the following order. (a) to all expenses of the sale,
<br />including, but not limited m, reasonable Trustee's fees, reasonable atmmey's fees and relrrstplenrent fees; (b) to all sums sauced by this deed of treat, nerd (c) the balance, if
<br />any, to the persons legally entitled to receive it
<br />13. Farceloaure. At Lender's option, this dad ofhnat may be fineclosedun the rummer provided by uWlicable law for foreclosure oftempges on net pmpeny_
<br />Id. Inspection. Leader may enter the property to inspect it if tench gives Borrower notice beforehand. The notice most atom the nersomeble cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages emmectd with a condemnation or other raking of all or any part of the
<br />property. Such inversely will be applied as pmvidd in Covenant I This assignment is subject to the tears of any prior security agreement.
<br />16. Waiver. By execism, any ready available to Lender, lxnaer does not give up any rights W later use any other rensdy. By not exercising any o needy upon
<br />Domawer's netball, Lena «does not waive any right m alter coraider the event a defauh iris happens agpio.
<br />17. Join[ and Several Liability; Co-signer; Sueeemora and Assigns Bound. All duties under Nis decd of huff ms,r rat and several. Any lkwar cr who co -signs lids
<br />ded of trust but does not cosign the underlying debt instmm racds) does so only to grant and convey that Borrower's interest in the property to the Trustee arthritic terms
<br />of Nis dad of curt. In addition, such a Borrower agrees that the Lender aria any other Borrower under this dad of trust may extend, modify or snake any other changes in
<br />the terms of this decd of trust or the scoured debt without that Borrower's consent and without releasing that Borrower fmm the terms of this deW of trust.
<br />the dunes and benefits of this dad of trust shall bind and benefit the successors and assigns of Lends and Borrower
<br />18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed to Bmrearr at the
<br />property address or my other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mull to I.enda'a address on page I of this
<br />deed of trust, or to any other address, which Lender has designate. Any other notice or Lender shall be scut to Lender's address as stated on Page 1 of this deed of trust.
<br />Any nonce shall be dccmd 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 Borrower. If all or any part of the property or any interest in it is sold ortmnsferrd without the Lenders
<br />prior written consent; Lender may d and immediate payment of the sward deln. Lender may also demand immediate payment if the Borrower is not a nearal person and
<br />a bendcial interest in the Borrower is sold or mansfcrrd. Howeveq Under may mat demand payment in the above situations if it is prohibited by fdeal law as of the date
<br />of this dcd afford.
<br />io. Recrove,mmor. When the obligation secured by this deed of trust has him paid, and Lender has no further obligation to make advances under the notmments or
<br />agreements secured by this dad of tort the Trustee shall, upon written return by the Lender, recom ey the tort property. The LcMer shell ddiver to the Borrower, or w
<br />Borrowers successor in interest, thetan deed and Nc ooh or other evidenw of ale obligation so svtisBd. Borrower shall pay any recordation ests.
<br />31. Successor Trustee. Lcndcr, at Lender's when, may remove Trustee and appoint a successor traaa by first, mailing a copy ofthe substitution of amerce as rex mead
<br />by applicable law, and then, by filing the substitution offruelec for wearers the office of the register of deeds of each county in which the trust property, or some pan
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall succeed to all the power, duties, authority snit title of the Trustee named in the dad of
<br />tan and of my successor lance.
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