|
COVENANTS 200304225
<br />1. Payments. 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 Bmrowu's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of Interest or principal, second to interest, and then to
<br />principal. Wpartial prepayment of the second debt occurs for any rearm, it will nut 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 mdbutable or the property when due and will defend title to the property against
<br />any claims which would impair the don of this deed of trust. Under may require Burrower W match any rights, claims or defenses which Burrower may have against
<br />partied who supply labor or materials to improve or maintain the property.
<br />3. Insurance. Borrower will keep the property insured under terms acueptuble to Under at Borrower's expense and for Under's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. I ender will he named as Inns payee or as the insured on my such insurance policy. Any insurance proceeds may be
<br />applied, within Under's discretion, W either the perforation or repair of the damaged property, or to the secured debt If Lender requires nmrtgage iaurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Property. Bomowa will keep NC property in good condition and make all repairs reasonably necessmy.
<br />5. Expenses. Borrower agrees 10 pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or In my
<br />obligation secured by Nis decd ofjmst. Borrower will pay these amounts to Under as provided in Covenant) of this deed oftrust.
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest Borrower will not nook, or permit any charges to any prior security interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, deed of host or other security agreement, including Borrower's covenantal to make payments
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns to Under the rents and Parma of the property. Unless Borrower and Under have agreed oNcrwisc in writing,
<br />Borrower may collect and retain the rents as long as Borrower is not In default If Borrower default, Lender, I cr der's agent or a court appointed receiver may take
<br />possession and manage the property and collect the mob. Any mob Crude, reflects shall be applied first to the costa of managing the amp ply, including court costs and
<br />attorneys' fees, commissions or rental agents, and any other necessary, related expenses. 'Me remaining amount of rents will then apply to payments on the secured debt as
<br />provided In Covenant 1,
<br />8. Leaaeholda; Condominiums; Planned Knit Dmelnpmmts. Borrower agrees W comply with the provisions of any lease if thie deed of nuts is mi leasehold. Rthis
<br />deed of trust is on a unit in a condominium or a planned unit revolutionist, Burrow,+ will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium nr planned and development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails W perform, any of Borrower's duties under this deed of [mat, Under may perform the duties or
<br />coast them to be performed lender may sign Rnrrovi is name or pay any amount if necessary for performance. If any construction an the property is discontinued or not
<br />carried on in a repairable manner, Under may do whatever is necessary to protect Lender's security interest in the property. This pray include comple5ng the construction.
<br />Under's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed aghast
<br />Any amounts paid by Lender to project Under's security interest will be secured by this deed of host. Such amounts will be due on demand and will bear interest from the
<br />date of the payment until paid in hdl at the Interest rate In effect on the secured debt-
<br />10. Default and Acceleration. If Borrower fails to make any payment when due or breaks any covenants under this decd of trust or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of trust Under may accelerate the maturity office secured debt and demand immediate payment and may invoke the power of sale and
<br />any offer remedies permitted by applicable law.
<br />11. Request for Notice of Del mdt. It is hereby requested that copies ofthe maces nfdefault and sale be sent to each person who is a party Beirut, at me address of each
<br />such person, as act foM herein.
<br />13, Power of Sale. Ifthe Lender invokes One power of safe, the Trustee shall first potent in the office ofthe register of deeds ii county wherein the trust property or
<br />some part or parcel thereof is situated a notice of default containing the information required by law. The Trustee shall also mail copies of the notice of default to Ne
<br />Borrower, to end, person who is a any hereto, and to other persons as meserlheri by applicahle law- Not less than one month after the Trustee re lone the nonce ofdefaull,
<br />or two month, if the curl property is not in any incorporated city or village and is used in jamming operations curried on by Be hoar, the matee shall give public notice of
<br />sole to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall cel l the property at public auction to the highest bidder- If
<br />requited by the Tom, Honnsteod Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale ofali or any
<br />parcel fthe property by public wnuuneementu[the time and place ofany previously scheduled sale, Under or its designee may purchase the property study sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purelmuer Trustee's deed conveying the property. The rceitiab contained in trustee s decd shall be
<br />prima facie cvidience of the truth of the statements confined therein. TmsRC shall apply the proceeds of the sale in to following order: (a) to all expenses of the safe,
<br />including, but oat limited m, reasonable Trustee's fees, reasonable adomey's fees and reinstatement fees; (b) to all sums secured by this deed of trust and (c) the balance, If
<br />any, to the person, legally entitled to receive it
<br />13. Foreclosure. At Under's opt ion, this deed oftrust may he foreclosed in the manner provided by applicable law for foreclosure efmmtgageu an real properly.
<br />14. Inspection. Under may enter the property to inspect it if Under gives Borrower notice beforehand. The notice must state the reamnahfe cause for Lender's
<br />dispersion.
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condermhation or other taking of all or any purl of the
<br />properly- Such proceeds will be applied as provided in Covenant I- This assignment is subject to the term of cry prior security agreement.
<br />16. Waiver. By exercising any remedy available to lender, Under doe., not We up any, rights to later use any other comedy. By 1101 exercising my remedy upon
<br />Borowera default Lender does not waive shy right W later consider the event a default if it happens again.
<br />17. Joint and Several Liability; Co- signers; Sneceaom end Assigns Bound. All duties under this deed of dust arc joint and several. Any Bortowcr who cosigns this
<br />decd of trust but does not cc -sign da, underlying debt instruments(s) does so only to grant and convey that Borrower's inmrcn in the property to the Trustee under the terms
<br />ofthis deed of duo. In addition, such a Bnrtower agrees that the Under and any other Borrower under Nis deed of trust may extend, modify or make any other changes in
<br />die rums of this deed of trust or the secured debt without Nat Borrower's consent and without releasing that Borrower from the terns of this deed of oust.
<br />The denies and bmefib of this deed of trust shall bind and benefit the suocessoa end asigrb of Lender 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 real addressed W Borrower at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice W Under by certified mail W Lender's address on page I of this
<br />deed of frost or to any other address, which Under his designated. Any other Bruce to Under shall be sent to Under's address as stated no page 1 of this deed of trend.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manna stated above.
<br />19. Transfer of the Property or a Renefhcial Interest in the Borrower. If all or any part of the property or any interest in it is sold or transferred without the I ender's
<br />prior written consent, Under may demand immediate payment of the secured debt Under may also demand immediate payment ifthe Borrower is not a natural person and
<br />a beneficial interest In to Borrower Is sold or transferred . I lowever, I ender may not denwnd payment in the abase situations if it is prohibited by federal law as of the daze
<br />of this deed affirm
<br />20. Base ... tyrant. When to obligation secured by this deed of mat has been paid, and Linder ha no further obligation to make advances under the instruments or
<br />agmammis secured by this deed of bust, the Trustee thall, upon written request by the Lender, reconvey the trust papery. The bender shall deliver to the Borrower, or W
<br />Borrower's successor in interest, fie dust deed and me note or other evidence of the obligation so satisfied. Bodurershullpnyonvrewrda tionosets.
<br />21. Successor 'I' rather. Lcndcr, at Lender's option, may remove Trustee and appoint a successor trustee by first, moiling a cup, of the subsmmion of Banta as required
<br />by applicable law, and men, by filing the miditimOon of trustee for record in the office of (tie register of deeds of each county In which the dust property, or some part
<br />thereof, is situated. The ,ucce,eor Bustee, without conveyance of the property, shall succeed to all the power, duties, authority and title of One Trustee named in the decd of
<br />trust and of any successor omstee.
<br />
|