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COVENANTS 200304821
<br />1. Payments Rnnower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree uOmlwoe, any payments Lender receives from
<br />Borrower or for Borrower's benefit will he applied heir to any umounLS Borrower owes on the secured debt exclusive of interest or principal, second to interest, and Den io
<br />principal. If panial prepayment of We secured debt occurs for any reason, it will not reduce or excuse mry scheduled payment until the scoured debt is paid in full.
<br />2. Claims Against Title. Bonower will pay all [axes, assessments, and other charges attributable of the property when due and will defend title he the property ugmmt
<br />any claims which would impair the lien of flits deed of most Lender may require Borrower to cosign any 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 firms acceptable m Lender m Borrower's expense aid for Lender's benefit All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or as the insured on any such insurance policy. Any imurme, proceeds may be
<br />applied, within Lender's discretion, to either the resmomme or repair of the damaged property or m the secured deb. If Lender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long or Lender requires
<br />4. Property. Borrower will keep We plagiary in good condition and make WI repairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable allunleys' fees, if Borrower breaks any co enants in this deed of [rust or in any
<br />ohligationsecuredbyttin JeedeRrusf. Borrower will pay Wese amounts m Lender as provided in Covernal 9 of Wis deed oftmst. v
<br />fi. Prior Security Interests. Unless Borrower first ohnin, Lender's written contest, Borrower will not make or permit any changes in any prior security interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, deed of firs[ or other 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 pmfts of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect old mom the rents as long in Borrower is not in default If Borrower defaults, Lender, Lender's agent, or a won appointed reserver may take
<br />possession and manage the property and collect the rents. Any rents Lender collects shell be applied first to the costs of managing the property, including court costs and
<br />attorneys' fees, commissions to rental Verb, it any other necessary related expenses. The remaining mnorm of pens, will then apply W payments on the secured debt as
<br />povfiled in Covenant I.
<br />S. Leasehold.q Cnndominlums; Planned Unit Developments. Borrower agrees in comply with the provisions of any lase if this deed oftwt is on lemehold. If this
<br />decd of oust is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's duties under file covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to platform, any of Borrower's duties under this deed of tmsp Lender may perform the duties or
<br />cause them to he performed. Lender may sign Borrower's name or pay any inbound if necessary for performance. If any construction on the property is discontinued or nut
<br />carried on in a reasonable manner, Lender may do whatever is necessary m protect Lender's security interest in the property. This may include completing the construction.
<br />Lender's FeiWre to perform will not preclude Lender from exercising coy of its other rights under the law car this deed of trust.
<br />Any amounts paid by Under to protect Lender's security interest will he secured by this deed of[rust Such amounts will be due on demand and will bear interest from the
<br />dale of0ne payment until paid in full at We Interest 'ale in effect on the secured debt.
<br />10. Default and Aceeleradim, If Borrower fails to make my payment when due nr breaks any covenants under this died of trust or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of trust Leader may accelerate the maturity of the secured debt and demand immcdiam payment and may invoke the power of sale and
<br />any other remedies ploodard by applicable law.
<br />11. Bernell for Notice of Default It is hcmby requested that copies of We notices of default and sale be sent in each person who is a party hereto, at the address of cash
<br />such person, in set forlu herein.
<br />IZ Power of Sale. Ifdfi Lender Invokes the power of salt, thc'I metes shall first record in the office offer register of deeds of each county wherein the must property or
<br />some pan or parcel thereof is situated a notice of default containing the information required by law. The Trustee shall also mail copies of the active of default m the
<br />Borrower, to each person who is a parry hereto, and to other persons as prescribed by applicable law. Not less than one month after the Trustee records the notice of defauh,
<br />or two munWs if the trust property is not in any incorporated city or village and is used in farming operations carried on by the trustoq the Towns, shall give public notice of
<br />sale in the persons and in Ole manner prescribed by applicable law. Tmereq without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Bomesmad Protection Act, 'I rums shut offer the property in two separate sales as required by applicable law- Trustee may postpone sale of all or any
<br />parcel effort property by public mnouncement at time and place ofmy previously whcdudd sue. Lender or its designee may purchase the property at any sale
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the parchrom Trustee's deed conveying the property . The recitlals contained in Trustee's deed shall be
<br />prima facie ceidience of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order, (a) to WI valorous, of Ow vWe,
<br />including, but not limited m, r,.enable'I mater's fees, reasonable mmmey's Gus and minstatement flies; (h) in all sums secured by this deed ofcost, and (c) the buanee, It
<br />any, to the pars., legally entitled to receive h.
<br />13. Foreclosure. At lender's option, this decd cranial may be foreclosed In the Warmer provided by applicable law for foreclosure of mortgages on real promoty.
<br />14. Inspection. Lender may enter the properly to inspect it if Lender gives Rorrnwer notice beforehand. The notice must state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender the proceed, of my award or claim for damages connected with a condemnation or other eking of all or any part of the
<br />property. Such proceeds will be applied as provided in Covenant I This assignment is subject to fire terms of any prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lcndcr. Lender does not give up any rights m later use my other remedy- By not exercising my remedy upon
<br />Borrower's defnulq Lender dues not waive any right 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 deed of (cast thejund it several . Any Borrower who w -,iglu this
<br />deed of trust but does not co -sign the underlying debt insmtmenb(s) does so only to grant and convey that Borrower's interest in We property, in the Trustee under the terns
<br />of this deed oftntst. In addition, such a Borrower agrees that the Lender and my other Borrower under Wis deed of trust may extend, modify of make any offer changes in
<br />the terms of this deed of trust or the secured deb without that Rormwer'.s consent and without rdeasing that Borrower from We terms of this deed of trust.
<br />Tim duties and benefits mild, deed nfb.lt shell bind and banal[ the successors and assigns of Lender and Burrower
<br />18. Notice. Unless otherwise required by law, my notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed to Borrower a the
<br />properly address or any other address that Borrower has given to Lender. Borrower will give my notice to Lender by orli iml moil m Lender's address on page I of Wis
<br />decd of cost or to my other address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stated on page 1 ofthis decd oftrms.
<br />Any notice shall be deemed to have been given to Herrnwer or Lender when given in the manner stated above.
<br />19. Transfer of flit Property or a Beneficial Interest in the Borrower. If all or any part of the property or my interest in it is sold or transferred without the Lenders
<br />prior written consent, Lender may demand miniscule payment ofthe secured deb. I under may Aso demand immediate payment ifthe Borrower is not a natural person and
<br />a beneflem! interest in the Borrower is sold ortrmsfcrred. Havener, Lender may nut demand payment in the above situations if it is prohibited by federal law as of the date
<br />ofthis deal of lm,i.
<br />20. Recooveyaoce. When the obigation secured by this deed of trust has been paid, and Lender has no fuller obligation of make advmces wrier the inArumens, or
<br />agreements secured by this deed of trod, the Trustee shall, upon written request by the Lender, reoonvey the trust property - The lender shall deliver m the Borrower, or to
<br />Borrower's successor in interest, We trust deed and the note or older evidence of the ohiquion so satisfied. Borrower hill[ pay any rewNalimr costa.
<br />31. Successor Trustee. Lender, at Lenders option, may remove 'Irusme and uppoint a mcces,or trustee by boa, Wmfing a copy of thesAxthatien off msten as required
<br />by applicable low.. and then, by filing the substitution of trustee for record in the office of the register of deeds of each county in which the good property, or some part
<br />tweeof,issitualtd The sueas,rr tat, lee, without wnveymnce of the property, shall succeedm all the VOwaq dotes authority and due of fie TWSme named In We deed of
<br />to ,l and of any successor bustee.
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