|
COVENANTS , 200305083
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower unit lender agree otherwise, any payments Lender receives from
<br />Burrower or fur Botrower's benefit will be applid fast W any amoma, Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal. If partial prepayment of the secured debt occurs forma, reason, it will nat reduce or excuse any scheduled payment until the secured debt is paid in full.
<br />2. Claims Against Title. Borower will pay all taxes, assssmcam, and other charges attributable 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 tmm I ender may raluim Bonowa to assign any rights, claims or defenses which Borrows may have against
<br />points who supply labor or materialsan improve or maintain the property.
<br />3. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Iromder's benefit All Insurance, Policies shall
<br />include a standard monguge clause in favor of Lender. I.enda will be named as loss payee err as the insured on any such insurance policy. Any it surmsee pmcmis maybe
<br />applied, within fender's discretion, m either to rstomtion or repair of the damaged property or to the sects debt If lender requires mortgage inswance, Borrower
<br />agrees no maintain such insurance for as long as Lender requires.
<br />a. Property. Bnrnwer will keep one property in good condition and make all maim reasonably necessary.
<br />5. Expenses. Burrower ogres to Pay all Lvaidni'v expenses, including reasonable anomcys' fees, if Borrower breaks arty covenants in this deed of trust or in any
<br />obligation secured by this deed oftum. Borrows will pay these amounts to Lender as pmvided in Covenant 9 of Ws deed of tmst v
<br />6. Prior Security loteretls. Unless Borrower fnrsl obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests.
<br />Burrower will perform all of Rnrower's obligations under any prior mortgage, dead of trust m usher security agreement, metalling Borrower's covenants to make payments
<br />when due.
<br />7. Assignment of Renh and Profits. Bran yver assigns to Lender the rents mid profits of the property. Unless Borrower and Lando have agreed otherwise in wnling,
<br />Borrower may coilwt and reason to norm as long as Bommver is not in default. If Borrower defaults, leader, Lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the comb. Any rents fender collects shall be applied fiat to the costs of managing the property, imduding court costs and
<br />attorneys fees, commissions to rental agents, and any ntheir necessary related e c c s s. The nomainlng amommt of rents will then apply to payments on to secured debt as
<br />provided In Covenant 1.
<br />S. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this dead of trust is on leasehold. If this
<br />ded of trust is nn a unit in a condominium or a planned met development, Borrower will perform all of Bnnower s duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender m Perform for Borrower. If Bomeau fails to perform, troy of Borrower's duties under this dad official, Lando may paetm tc duties or
<br />nse them m be performed. Lender may sign eorro 's name or pay any amount if necessary for perfarnance. if ony cerstrvdion nn the pmpaty is discnntinud or rat
<br />carried on in a reasonable manner, Lender may do whatever is necessary to present Lender's meant, interest in the property. This may include completing to mornammon.
<br />Lender's failure to perform will not preclude lender from exercising any of its other rights under the law or this dad of trust.
<br />Any amounts paid by lender to protect Lender's saudry interest will be secured by this deed affirm. Such amounts will be due on demand and will hear interest from to
<br />dam of the payment until paid in NII at the interest mle in effect on the secured debt.
<br />10. Default end Acceleration. If Burrower fails to make any payment when due arbreaks any wvwanb miler this deed of bust or any obligation secured by this deed of
<br />trust or any prior mmtgage or deed edtrust, Leader mmy accelcrare the maturity of the seemed debt and demand immediate payment and may invoke the Power of sole and
<br />any other remedies pennind by applicable law.
<br />11. Request for Notice of Default It is hereby rcquatcd that copies attic notices of default and safeties sent to each person who is a Parry hcrcto, at the address of each
<br />such Person, as set forth herein.
<br />12. Power of Seale If she Lender invokes the pwm of sale, to Truatcc shall foram word in (be office of she register of dads of each county wherein the trust property or
<br />me part or parcel thereof is mounted a ounce of default containing the information required by law. The Trusts shall also mail copies of the notice of default to the
<br />Borrower, to each person wbo is a pry hereto, and m other persons ns prescribed by applicable law. Not less than one month afltt the Trustee recoils tic notice of defaW[,
<br />or two months if the oust property is urn in any incnruomted city or village and is used in forming upeations coedit on by to trusmq the Tmnoo shall give public notice of
<br />sale to the persons and in me matter prescribed by applicable law- Tmmee without demand ov Borrower, shall sill tic property ut public uudiun In the highest biddy. If
<br />required by the Farm Homestead Protection Act, Thusmc shall offs the property in two sepamte sales as required by applicable hw. Trustee may postpone sale of all or any
<br />precl of the property by public announcement at the time and place of any previously scheduled sale. Irnda or its dsignoo may purchase the propeiry at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's dead mrreying the property- The recitials cmtaied in Trustee's deed shall be
<br />puma facie cvidirnce of the truth of the statements conalnd therein. Trustee shall apply the proccds of to sale in the following order bd to all expenses of the sale,
<br />including, but not limited to, reasonable Trustees fns, reasonable atnnrey's fees and relnnatement ices; (b) to all sums secured by this diced of trust, and (c) the behnce, if
<br />any, to the persons legally entitled to receive It
<br />13. Foreclosure. A,1,arder's eminn, this deed oftrum may be foreclosed in the nommer provided by applicable law for foreclosure ofmangages on real property.
<br />14. Inspection. Lender may enter the property W inspect it if Lender gives Borrower notice beforehand. The notice most sate the reasonable cause for Lcndcr's
<br />inspection.
<br />15. Commission. Borrower assigns 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 prooeds will be applied as provided in C venom 1. This assignment is subjat to th o rs of m prior sawty agno rot.
<br />16. Waiver. By exercising any remedy available to I.rnda, Lender does not give up any rights to later use wry other remedy. Ry not exercising any remedy upn
<br />Borrower's default, Laser doe not waive any right to Inter consider the event a default if it happens again.
<br />17. Joint end Several Liability; Cn- signers; Suaeason avd Anignv Bountl. All duties ands this dad of trust are join and several Any Borrower who er -signs this
<br />dad of trust but does not co-sup the underlying debt instmmenm(s) does m only an grant and convey that Borrower's moment in the property to Uc Trustee under the tams
<br />of this deal of trust . In addition, such a Borrower agrees that the Lender and any other Borrower under ties dead affronted may extend, modify or make any other changes in
<br />the terms of Ws deed of tool or to secured debt without that Romweer's consent and without releasing that Borrower from the terns of this dad of trust.
<br />The duties and bees fits of this dad of trustshalI bind and benefit the successors and assigns of Lender and Burrower
<br />18. Notice. Unless oherwis, required by law, any notice m Borower shall be given by delivering it or by mailing it by certified mail addressed to Borrower at the
<br />property address or soy other address that Borrower has given to Lender. Borrower will give any notice to I slm by verified anal to Lender's adtlrss oa page 1 of this
<br />tlad often, .,to say other address, which Loader has designate. Any other notice to Lender shall be sent to Lender's address as stated w page 1 of this dad affront,
<br />Any notice shall be doomed to have barn given to Burrower or Lender when given in to manner stated above.
<br />19. Transfer of the Property or a Bemfichl Interest In the Borrower. ff all or any pea of the property ear airy interest in it is sold or tmnsfend without the lender's
<br />prior written cormem, Lender may demand immediate payment of the secured debt Lender may also demand immediate payment ifthe Borrows is not u nutiond person and
<br />a beneficial interest in tc Borrower is sold or lmnsfend. However, Lender may not demand payment in the above situations if it is prohibited by federal hen as of the date
<br />of this used of trust
<br />20. Res nveyana. When the obligation rested by this dad of tryst bus been paid, and Lender has vn further obligation to make advances under [he innrumems ear
<br />agreements secured by this ded of tan, the Trustee shall, upon w utra cesium by the Under, recomecy the treat property. The lender shall deliver to the Burrows, or to
<br />Borrower'sswccssorin into t,ihcw &d mdthcmteorolherevidaae oftheobligationsosatisfld. Bmrnwar shallpayanynemelatinnwns.
<br />21, Succesmr. Truster. Ixmda, at Lender's optima, may remove Trustee and appoint a successor trustee by first, mailing a copy of flc substitution oftmma as raptured
<br />by applicable law, and then, by filing the substitution oftrostee fur record in to office of the regi in of deals of each county in which the trust papery, or some pan
<br />da.f, is sutural. The aceressor tmntee without eonvayawe of the property, shall succeed to all the power, duties, maturity and title of the Trustee named in the ded of
<br />trust and of any successor trustee.
<br />
|