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COVENANTS 200304653
<br />I. Payments. Borrower agrees to make all payments on the secured debt when doe. I ho ss Borrower and Lender agree otherwise, any payments 1 ender receives from
<br />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on the second debt exclusive of interest or principal, second W interest, and then to
<br />principal. If partial prepayment of the secured debt occurs for any reason, it will not reduce or excuse my scheduled payment until the secured debt is paid in foil.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and ether charges attributable to the property when due and will defend title to ore property against
<br />any claims which would impair the lien of this dad of trust tender may require Borrower to assign my rights, claims of 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 acceptable to Under at Borrower's expense and for tender's benefit. All Insurance policies shall
<br />incited, a standard mortgage clause in favor of I ender lender will be named m loss payee or as the Insured on any such insurance policy. Any Insurance pmcceds Toy be
<br />applied, wiWin Lender's discretion, to either the restoration or repair of the command property or W are secured debt. If Icnder requires mortgage insurance, Burrower
<br />agrees W maintain such Insurmme for as long as Lender requires.
<br />4. Property. Borrow& will keep the property In good Quotation and make all repairs reasonably necessary.
<br />5. Expenses Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks my covenants in this deed of must or in any
<br />obligation secmadbythis deed Offset. Borrower willpay these amounts to lender as provided in C.,..t9 of this deed aftall
<br />6. Prior Security Interests. Unless Borrower first obtains lender's written contest, Borrower will not make or permit my changes to any prior security mimesis.
<br />Borrower will perform all of Borrower's obligations under my prior mortgage, deed optical scatter security agreement, including Borrower's covenants to make payments
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and leader have agreed otherwise in writing,
<br />Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Lender, I caller's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rents. Any cents Lender collects shall he applied first to the costs of managing the property, including court costs and
<br />annmeys' fees, commissions to rental agents, and my other necessary related expenses. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided In Covenant I.
<br />S. Leaseholds, Condemnor ems; Planned Unit Developments. Borrower agrees . comply with the provisions of any lease if this dcetl of trust is on leasehold. If this
<br />decd of must is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's duties Trade, the covenams, by law.q or 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 this dced of trust Lender may perform Be duties or
<br />cause them W be performed Lender may sign Unrower's time or pay any amount if necessary for performance. If any construction on the property is discontinued or not
<br />carried on in a reasonable mbln, Lender may do whatever Is necessary to protect Lender's security interest in We property. This may include completing the construction.
<br />Lender's failure. perform will not preclude Lender from exercising any of its other rights under the law or this decd of wet.
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of must Such amounts will be due on demand and will bear interest from the
<br />date ofthe payment until paid in full of the interest rate in effect on the secured debt.
<br />16. Default and Acceleration. if Borrower fails to make my payment when due or breaks any covenants under this deed oftwt Or my obligation secured by this deed of
<br />trust or any prior mongagc or deed of tool. Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />my other ronowns permitted by applicable law.
<br />11. Request for Nofice of Default at, hereby requested that copies of the notices of default and sale be sent to each person who is a party here., at the address of each
<br />such person, as it forth herein.
<br />12. Power of Sole. Pan, Under invokes the power misfit, the Trustee shall first record In the office of the register of deals of each tonnty wherein the must property or
<br />me pan 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 W the
<br />Borrower, to each peon who is a party hereto, and to other persons as prescribed by applicable law, Not less than one Tooth after the Trustee records Be notice of default,
<br />or two months if One vast property is not in any incorporated city or village mid is used in farming operations carried on by the mustuq the Trustee shall give public notice of
<br />sale to the persons and In the manner press, bed by applicable law. Truster, without demand on Burrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Homestead Protection Act, trustee shall offs the property in rsea separate sales as required by applicable law. Trustee may pompnne sale of all ter any
<br />parccl of the property by public announcement at the time and place of my previously scheduled sale lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment office prier bid, trustee shall deliver to the purchaser Trustee's deed conveying the property. 'Ihe re aulds contained in Trustee's deed shall be
<br />prima facie evidience of the truth of the statement, eonmined therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all brionses of the sale,
<br />oduding bar not limited to reasonable Trurlee's fees, reasonable annmeys fees and binstruccout fees; pa to dl sums seared by this deed mfvast and (c) the halibut, If
<br />any, to the persons legally entitled. omwe it.
<br />13. Foreclosure. At Leader's option, Nis dced mftrust may be foreclosed in the manner provided by applicable law for foreclosure ofmmagago, on real property.
<br />14. Inspection. Lcndcr may enter Ole property to inspect It If under gives Borrower notice beforehand. The notice must state the reasonable cause for Lender's
<br />inspection
<br />15. Condemnation. Borrower assigns to Lender the proceeds of my award or claim for damages connected with a cundenmatian or other taking of all ter my pan of the
<br />property. Such proceeds will be applied be provided in Covenant L This assignment is subject in the arms of any prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use my other remedy. By not exercising any remedy upon
<br />Borrower's defoult Lender does not waive my dght to later consider the event a default if it happens again
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this dttd oft-knot arejoinl and several. Any Borrower who co -signs this
<br />deed rancid but does not co -sign die underlying debt instmme rBoa does so only m gruel and convey that Borrower's Interest in the property to are r ustce under the terms
<br />of this deed caws[ In addition, such o Bmnuwef agrees that the I ender and any other Borrower under this deed of first may extend, modify of make any other changes in
<br />The terms of this deed of trust or the secured debt without than Borrower's consent and without releasing That Borrower from the terms of this deed of toot.
<br />The duties mid benefits of this deed rallied shall bind and tourist the successors and assigns of lender and Borrower.
<br />18. Notice. Unless otherwise required by law, any notice to Borrower shall he given by delivering it or by mailing it by certified mail addressed to Borrower at the
<br />property address or mry other address Than Borrower has given to Lender. Burrower will give any notice in I ender by certified mail W Lcndcr's address on page 1 of this
<br />dad oftrust or to my other address, which lender has designated. Any Other notice to Lender shall be sent to Under's address as stated on page 1 of this deed of Trust.
<br />Any notice shall be deemed to have bees given to Borrower or Lender when given In Be mmner saved above.
<br />19. 1'ransftr of the Property or a Beneficial Interest in the Borrower. If all or may pan of the property or my interest in it is sold or obligated without the Lender's
<br />prior written conical, Under may demand immediate payment of the secured debt Lender may also demand immedime payment if the Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold or trmsforred However, Lender mry not demand payment in the above situations fill is prohibited by federal low, in oRht date
<br />of this deed of trust.
<br />20. Remnveyance. When the obligation secured by this deed of trust has been paid, and Lender has no further obligation in make advances under the instruments or
<br />agreements secured by this deed of trust, Use Trustee shall, upon written request by the Lender, recunvey the trust property. The Lender shall deliver to The Borrower, or to
<br />Borrowers successor in in¢resl, the must deed Told We note or other evidence of the obligation so satisfied. Borrower shall pay any recordation costs.
<br />21. Successor Trustee. Lender, al Lender's option,rn,,cn,o,a Trustee and appoint asucessime lmslec by first, mailing acupy ofthe substitution citruses, as required
<br />by applicable law, and then, by filing, the substitution of trustee for record in We office of the register of deeds of each county in which The oust property, or some part
<br />thereof, o situated. 'Ihe successor muster, wheat conveyance of the property, shall succeed W all the power, duties, authority and title ofthe Trustee named in the deed of
<br />oust and of mry successor tmsree.
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