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COVENANTS 200304312
<br />1, Payments. Borrower agrees m make all payments on Had secured debt when doe Unless Borrower and Under agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit will he applied first many amount Burrower owes on fie secured debt exclusive of interest or principal, second to interest, and then m
<br />principal If partial prepayment of me secured debt occurs for any reason, it will not 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 aunbst table to the property when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of trust. Lender may require Borrower to assign any rights, claims or defenses which Burrower may huve ...fast
<br />parties ehe supply labor r materials to Improve or maintain me property.
<br />3. Insurance Borrower will keep me property insured under terms acceptable to Lender at Borrower's expense and for Under's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lcndcr. Lender will be named as loss payee or as the insured oa any fish insurance policy. Any insurance proceeds maybe
<br />applied, within Leader', discretimc to either the restoration or repair of the damaged property arm the secured debt. If Lender requires mortgage i sotmtce. Borrower
<br />,agrees to maintain such insurance for as long as Lender requires.
<br />d. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all Icards's expenses, including reasonable atomey,' fees, if Borrower breaks my co .ears in this deed of trust or in my
<br />obl Igation .secured by Nis decd of trust. Borrower will pay these amounts m 1 ender as provided in Covenant 9 of this decd of trust. v
<br />6. Prior Security Interests. Unless Borrower first ohmins lender's written contest, Borrower will not make or pencil any chwtges to mry prior security interests.
<br />Borrower will perform all of Borrower's obligation, under any prior mmdgVe,, deed of tmst mother security agreement, including Borrower's covenants W make payments
<br />when due.
<br />9. Assignment of Rent and Profits. Borrower assigns to Lender the rents and pmOt of the property. Unless Borrower and Under have agreed otherwise in writing,
<br />Borrower may collect and retain the rent as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, or osm appointed receiver may take
<br />possession and manage the properly and collect the rent. Any rents Lender collects shall be applied first to the costs of managing me pmperty, including court costs and
<br />attorneys' fees, commissions to rental agents, and coy other necessary related expenses. The remaining amount of rent will ten apply to payment on the secured debt m
<br />provided in Covenant 1.
<br />8. Leaseholds Condominiums; Planned Unit Developments. Borruwer agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this
<br />decd ofirost is on a unit in a condominium or a planned unit development, Borrower will pertman all of Borrower', deltas under Had covenants, by law;,., regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under Has deed of trust Lender may perform the duties or
<br />cause them to be performed. Lender may sign Borrowers time or pay any amount if necessary for performance. If any construction on to property Is discontinued or not
<br />carried on in. reasonable manner, Lender may de whatever Is necessaryto protect Under 'a security interest in Hie properly- This may include completing the construction
<br />Lender's failure to perform will nut preclude Lender Dom exercising any of its other rights under the low or this deed of tmst.
<br />Any amount paid by Under to protect Lender's stand, interest will be see med by this deed etcost Such amounts will be due on demand and will bear Interest from the
<br />data of the payment until paid In Poll at the interest rate In effect on the secured debt.
<br />10. Default and Acceleration. It Borrower fits W make any poyment when due or breaks any covenant, under his deed of tarn or any ohiigatlon secured by this deed of
<br />trust or any prior mortgage or decd of trust Lender may accelerate the maturity of me secured debt and dearmnd fnunediate payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Request for Notice of Default. It Is hereby requested that topics of Hie notices ofdefaull and sale be suit( to each person who is a pang hereto, at the address of each
<br />such person, as set form herein.
<br />12. Power of Sale. Ifthe Lander invokes the power ofsale,the Trustee shell first record in the ootce ofinercluster ofdred, ofeaeh. aunty wherein the trust property or
<br />me part or parcel Ncrcof is situated a notice of default containing the information required by law. The Trustee shall also mail copies of to notice of default to the
<br />Burrower, to each person who Is a party hereto, and to other parsons m p... gibed by up,lieable law- Not less than one month afertire Trustee ®trod, the notice of default,
<br />or two months If the tom pmperty is not in any Incorporated city or village and is used in farming operations carried on by lye drostor, he Trustee shall give public notice of
<br />sale in the persons and In the manner prescribed by applicable law- Trustee, without demand on Borrower, shall sal I the property at public auction to the highest bidder. If
<br />required by the Farm Homestead Pronection Act, Trustee shall after the property in Iwo separate sales as required by applicable law- Trustee may postpone sale of all or mry
<br />parcel of the property by pad is announcement at the time and place of any previously scheduled sale. Lender or it designee may purchase the property at any sale.
<br />Upon receipt of payment of the price hid. Trusree shall deliver to the purchaser Trustee's decd conveying the property. 'f he recidials contained in Trustee's deed shall be
<br />prima facie cvldicnee of the truth of the slmuneots contained therein. Trustee shall apply the proceeds of the sale in the following order; (a) to all expenses of the sale,
<br />including, hot Out Iimlted m, reasonable Trustees fees, consomme atmmey's fees cod nonatmement fees; (b) to all sums secured by this deed oftmsp and (c) the balance, if
<br />any, to the persons legally entitled to receive it
<br />13. PoreelosnOr. Atiender' sop tin o ,misdcadoftrustmaybcforcclowdin themannerpmvidedbyappisablelaw for foreclosure ofniortgage; on real pmperty
<br />Id. inspection. Lender may enter the property W inspect it if Lender given Borrower notice beforehand. The notice in fit rate the reasonable cans. for Iznder',
<br />ospection,
<br />15. Condemnation. Borrower assigns in Lender the proceeds of my award or claim fur damages toted with a condenmmioa or other taking ofall or any port of be
<br />property. Such proeed, will be applied as convicted in Covenant 1. This ssignment is subject to due eterms cloudy prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights W later use coy other remedy. By not exercising coy remedy upon
<br />Borrower s default, Under does not wrove any right to later consider the event a default If It happens again.
<br />17. Joint and Several Liability; C. signers; Successors and Assigns Bound. All duties under this decd of [mat arc joint and several. Any Borrower who co -signs this
<br />deed of must but does not co -sign me underlying debt 'mstru ueot(s) does so only to grant and convey that Borrower's Interest in the property to the Trustee 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 of must may extend, modify or As any usher changes in
<br />the terms of this deed of trust or the secured debt without that Bormwer's consent and without releasing tat Borrower from the terms of this deed of cost.
<br />Tim duties and benefit of this deed of trust shall bind and benefit Nc successors and assigns of Under and Borrower
<br />18. Notice Unless ofcrwlsc required by law, coy notice W Borrower Shull be given by delivering it or by moiling it by certified mail addressed to Borrower at the
<br />properly address or any other address that Borrower has given to Lender. Borrower will give any notice W Lender by certified mail W Lender's address on page 1 of this
<br />deed at trust, or to my other address, which Lender has designated- Airy other notice to Lender shall be sent to l onder's address as stated on page l of this deed of frost.
<br />Any notice shall be devoted to have been given to Borrower or sander when given In the manner stated above
<br />19. Transfer of the Properly or a Beneficial Interest in the Borrower. If all or any pan oft, property or any interest in if is sold or transferred without the Lender's
<br />prior written patient, Under may demand immediate payment ofthesecured debt - lender may also demand immediate payment if the Borrower is not a natural person and
<br />a henefcial interest in the Borrow. I, sold or tra etcrrcd. However, Under may not demand payment in me above situations iff is prohibited by federal law m ofthc data
<br />of Nis deed of mmt.
<br />20. Re ninveyame. When the obligation secured by this deed of tmst has been paid, and Lender has no fuller obligation to make advances under the instruments or
<br />agreements secured by this decd offhand, me Trustee shall, upon vaiden request by the Lender, reoonvey the trust property- Tha Larder shall deliver to lha Borrower, err m
<br />Borrower's successor in int erest, me trust deed and to note or office evidence oftc obligation so satisfied. Borrower shall pay any recordation cost,
<br />21. Successor Trustee Lender, at Under option, may amovc'I rustec and appoint a successor trustee by first, mailing a copy ofthe substitution of trmica as required
<br />by applicable law, and then, by filing the substitution of trustee for record in the office of the register of deeds of each county in which the tarn properly, or some pan
<br />thereof, Is situated. The sucecssor tronec, without conveyance of meporporty, shall succeed to ell had power, duties, authority and title ofthe Trustee named in the deed of
<br />trust and stony suceesanr trustee.
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