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COVENANTS 200304609
<br />1. Payments. Borrower agrees to make all payments on the secured deb[ when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower of for Borrower's benefit will be applied firs[ to any amounts Borrower owes on the soured debt exclusive of interest or principal, sormal to interest, and then to
<br />principal. If partial prepayment of the secured debt cocurs for any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in full.
<br />3. Claims Against TIRe Borrower will pay all taxes, assessments, all other charges andbmable to the property when due and will defend title to the property ugninet
<br />any claims which would impair the lien of this deed of most. Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />Famous. who supply labor or materials to improve or maintain the pmpedy.
<br />3. Insurance. Dnrrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lende's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Leader will be named as loss payee or as the insured on any such insurance policy. Any iruumnce prcco ds maybe
<br />applied, within Lender's disertion, to either the restoration or repair of the damagd property, or to the secured debt. If fender quires monpge imumnce, Bomwcr
<br />agrees to maintain such insurance for as long as !.ender reyuim.
<br />4. Property. Borrower will keep the property in good coMition and make all repairs reasonably necessary.
<br />S. Expenses. Borrower agrees to Pay all Looder's expenses, including reasonably anomeys' fen, if Borrower brinks any caymans, in this decd of most or in any
<br />oblip Lion sauted by Nis deed oftmss. Borrower will pay these smoants to Lmdm as provided in Covenant 9 offends deed along,
<br />6. Prior Security Interests. Unless Borrower first obtains dander's written contest, Borrower will not make or permit any changes to any print security intense,
<br />Borrower will perform all of Rnwwer's obligations under any prior mongage, deed of most or other socum, agreement, including Borrower's covenants in make payments
<br />When due.
<br />'I. Assignment of Rents end Profits. Burrower assigns to Leader the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and main the real, as long as Borrower is not in default. If Borower defaults; Lords, trader's agent, or a court appointed receiver may take
<br />possession sad manage the pmperty, and collect the rents. Any rents tender collects shall he applied first to the costs of managing the property, including court costs and
<br />anomeys' tees, commissions in rental agents, and any other necessary related expenses. The remaining amount of rents will thm apply to payments on the secured debt as
<br />provided in Covenant I.
<br />S. Leaseholds Condominiums; Planned Unit Revelopments. Borrower agrees to comply with the provisions of any lease if this dead of most is on leasehold. If this
<br />deed of most is on a unit in a condominium or a planned unit development, Borrower will perform all of Borower s duties under the covenants, by laws, or n gulaboru of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform far Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of tmst, Lender may perform the duties or
<br />causitheratobsciscifirmined, lender may sign Borrower's name or pay any amount if necessary for performance. 1f any construction on the property is discontinued or not
<br />Carried on in a rmsorable manner, Leader may do whatmer is necessary to protect Lender's security interest in the property. This may include completing the constriction.
<br />I ender's failure in perform will not prelude Lender from exerasing any of its other rights under the law or this dad of most.
<br />Any amounts paid by lender to protect Lender's saurity interest will be secured by this deed offing, Such amoums will be due on demand and will bear interest from the
<br />date of the payment until paid in full at the interest rate in effort on the secured debt.
<br />10. Default and Acceleration. If Borrower fail, to make any payment when due or breaks any revenues, under this decal of frost or any obligation secured by this deed of
<br />[mss or eery prior mortgage nr deed of most, Lender may accelemm the maturity of the saurd deed and dmand immediate paymms and may invoke the power of sole and
<br />any other remedies pcmtinal by applicable law.
<br />11. Request for Notice of Default It i, hereby quend [hat copies of the notices of default ad sale be sent to each person who is a party hereto, at the address of ewls
<br />such person, as set forth herein.
<br />12. Power of Side. If the Lender invokes the power of,ale, the Trustee shall first record in the office arrive register of deeds of each cnunry wherein the must property or
<br />some pan of paroel thereof is situmcd a notice of default containing the information going by law. The Trust. shall also mail copies of the notice of default to the
<br />Borrower, to each person who is a parry here and to other persons as prescribed by applicable law. Not less than one month after the Trustee records the money of default,
<br />nr two mouths if the trust pmpmy is not in any incorporated city nr viruste and is used er framing orroweru haled on a pthe unstop the Trusty shalt give public notice If
<br />are m the (fie Fa and in the manner prescribed Trustee applicable law.
<br />Trustee, pro,c without demand te Borrower, shall sell the property et public audios st the highest bidder. H
<br />guild tl the err HomedaA Protection
<br />nounc on Act, the shall offer the property in two scheduled soft.as raaired by applicable law. Tmstee may postpone salt of or any
<br />parcel ofthe property by public aunouroemmtat[he time and place of any previously schduld salt. Lender or its designs may purhase the pmpmy many Sale.
<br />Upon reecipt of payment of die price bid, Trustee shall deliver to the pumhascr Tmshc's deed conveying the property. The recitials contained in Trunee's deck shall be
<br />puma fete evidimce of the wed of the statemrnb wnlaived therein. Trustee shall apply the proceeds of the sale in rise following order (a) to all marines of die sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable anomey's fm and remstatetnent fees; do to all gums Secured by Nis dead men,[, and (c) the balance, if
<br />any, to the persons ]'ally entitled to crecise it
<br />13. Foreclosure. At Trade's option, this deed official may be broselosed in the manna pmvidel by applicable law for fralosun of mortgages on real property.
<br />14. Inspection. Lender may enter the property to inspmt it if L des gives Borower notice beforehand. The notice must state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation . Borrower assign, to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any pan of the
<br />property. Such proccWs will be applied as provided in Covenant I. This a„ignment is subjat [o the cams of any prior secunty ugnement.
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up my rights to later use may other comedy. By nm exercising any remedy upon
<br />Bnwwcr's default, Lender dots not waive any right to later consider the event a default if it happens spin.
<br />❑. Jainism] Several Liability; Cosigners; Succaeors and Assigns Bound. All duties under Nis dad of tent ure joint and several, Aay Borower who co -signs this
<br />deal of mutt but does not co-sign rise underlying debt instmmcoN,) does go only to grant and convey that Botanical interest in file property to the Tms[cc under the tames
<br />of this deed of bust in addition, such a Rnwwer agrees that file Lender and any other Bumswer under this deed cloned nay extend, modify car make any other changes in
<br />the terms ofthis deed of trust or the sound debt without Nee Bowwer's ennsmt and withom releasing the[ Borower from the ,cross of this deed of lest.
<br />Thematic, and benefits of this dead of most shall hand and bmyfit Ne successors and assigns of Lender and Burrower.
<br />19. Notice. Unless otherwise quire bylaw, any notice to Borrower shall be given by delivering it or by mailing it by cmeified mail addressed to Borrower at the
<br />property address or any other address that Borrower has givm on Lender. Borower, will give any notice to Leader by certified nail to Lenders address on page I of this
<br />deed crime, onto any other address, which Lmdm has designated Any ether notice to lender shall be sent to Lender's address as stated ca page 1 of this deed of lest.
<br />AnY notice shell be damd to have been Bivm to Howver or fender when givm in Ne manner stated about.
<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 or wnsfrrd without he lender's
<br />prior written consent, Lender may demand immediate paymen ofthe secured deed. lender may also demand immediate payment if NC Borower is not a natural person and
<br />a beneficial interest in the Borower is sold or tmnsterrW. However, Lender may not demand payment in the shrive situations if it is prohibited by federal law as of Ne date
<br />of this dad of test.
<br />20. Reconvevance. When the obligation secured by this deal offhand has been paid, and Lender has no further obligation to make advances under the instmments or
<br />agreements secured by this deed altruist, the Trustee shall, upon written quest by the Lender, raoavey the tmsl property. Thy lender shall deliver to the Borrower, or to
<br />Borrower's sucemsor in interest, Newnded and Nc note or oNer evidenoe o[the obligntiovsosatisfied. Ronowershall payanyrecordatiovcosts.
<br />21. Successor Trustee. Lender, at Lender's option, may remove Tmstre and appoint a successorwirer by first, mailinga copyofthe rebounded oftWA. as¢quird
<br />by applicable law, andthe., by filing the subs[imtion ofsmsta for mmnl in the office of the register ofde is ofeach county in which the most property, or some pan
<br />thereakel,austd. Thesuhoesaor trustee, without conveyance of the property, shall monad mall the power, duties, authority and title of the Trustee named in the deed of
<br />con and of any successor trustee.
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