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COVENANTS 200305084
<br />L Payments. Borrows agrees b make all payments on the secured debt when due. Unless Bnnowm and Lender agree otherwise, any payments Lender receives from
<br />Bonower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of firmest or principal, second to interest, and then m
<br />principal. If partial prepayment of the secured debt occurs for any reasoe, it will not reduce or excuse any schuWled payment until the secured debt is paid in full.
<br />2. Claims Against Title. Borrower will pay all taxes, rescssmcnts, and other clumps attribulable to the property when due and will defend title to the property against
<br />any claims which would impair me lien of this deed of [rust lender may require Bnrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply Immr or materials to improve or maintain the property.
<br />3. Insurance. Borrower will keep the properly insured under terms acceptable m lender at Borrower's expense and 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 srmh insurance policy. Any insurance proceeds may he
<br />applied, within Lender's discretiou to either the restoration or repair of the damaged property or to The secured debt. If Lender inquires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long Its Lender requires.
<br />4. Property. Honewer will keep the property in good condition and make all repairs reasonably necessary .
<br />S. Expenses. Borrower agrees in pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by Ihis deed of trust Borrower will pay these amount to Lender as provided in Covcnmt 9 of Nis deed of cost.
<br />6. Prior Security Interests. Unless Borrower first obtains Under 's written contest, Burrower will not make or permit any changes to any prior security interest.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, deed of trust mother security agrccmcvq including Borrower's covenants To make payment
<br />when due.
<br />7. Assignment of Bents and Profits. Borrower assigns to Under the rent and profits ofthe property. Unless Borrower and Under have agreed otherwise in writing,
<br />Borrower may collect and retain the rents as long as Borrower is nod in default. If Borrower defaults, Lender. Lender's agent, or a corm appointed receiver may take
<br />possession and manage the property and collect the rent. Any rents Lender collects shall be applied first to the costs of managing the property, including court cost and
<br />attorneys' fees, commissions to pound agent, and my other necessary related expenses. The remaining amount of rents will then apply in payment on the secured debt as
<br />provi&d in COVmmt 1.
<br />g. Lmsebolds; Condominiums; Planned Unit Developments. Bonower agrees to comply with the provisions of any lease if this deed oftmst is on leasehold. If this
<br />decd money is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's duties under the covenant, by laws, or regulations of
<br />the condominium or planned unit development,
<br />9. Authority of Lender to Perform for Borrower. If Bnarower fails to perform, my of Borrower's duties under this decd of trust Lender may perform fire duties or
<br />cause them m be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. history construction na the property is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is ncccssary in protect Lender's security interest in the property. This pray include completing the construction .
<br />I antler's failure to perform will not preclude Lender from exercising my of its offer rights under the law or this deed of tuft
<br />Any amount paid by Lender to protect Lender's security interest will he secured by this deed of must. Such amounts will be due on demand and will beta interest from the
<br />date of the payment until paid in full at the interest rate in effect on the scoured debt
<br />10. Default and Acceleration. If Bonower fails to make any payment when due or breaks any covenant under This deed ofmst or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of first Lender may accelerate me maturity of the secured debt and demand immediate payment said may invoke the power of sale and
<br />any ether remedies permitted by applicable law_
<br />11. Request for Notice of Default It is hereby requested That copies of The notices of default and safe be sent to each person who is a party hereto, at The address of each
<br />such person, as set Ndh herein.
<br />12. Power of Sxle. Ifthe lender invokes the power of sale, the Trustee shall first record in The office of the register of deeds of each county wherein the trust property or
<br />some pan or parecl thereof is shouted u notice of default wnmining the information required by law. The Trustee shall also mail copies of the notice of default in The
<br />Bonower, to each person who is a party hereto, and to offorporean, m prescribed by applicable law. Nol less man one ntonTh after the Trustee records the notice of default,
<br />or two months if The trust property Is not In any incorporated city or village and Is used In fanning operations carried on by the truster, the 'I'muse shell give public nohcc of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm I Inmestead Protection Ac[, Tmstec shall offer the property in two sepmnte sales az reyuireJ by applicable Ina. Trustee may postpone safe of till err my
<br />,meal of the property by public announcement at the time and place of any previously scheduled sale. Under at its designee may purchase The property army sale.
<br />Upon receipt of payment of Ne price bid, Trustee shall deliver to the purchaser Trustee's decd conveying The property. Ile recurals contained in' trustee's decd shall be
<br />prima facie c,ohence of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order (a) m all expenses of the sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable attomey's f and reinstatement fees, (b) In all sums secured by this deed of list, and (c) the balance if
<br />any, to the persons legally entitled to receive it
<br />13. Foredosare. At tender's option, this deed oftmst may be foreclosed in me impact provided'oy applicable law, for foreclosure, ofmortgages on real property.
<br />14. Inspection. Lender may enter the property to inspect it it Lender gives Borrower notice beforehand 'Ile notice must slate me reasonable cause for Under's
<br />nspechom
<br />15. Condemnation. Bonower assigns to Lender the proceeds of any mud or claim for damages connected with a condemnation or other taking of all or my part of the
<br />property. Such proceeds will be applied as provided in Covenant I. This assignment is subject to the terms of my prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up my rights in later use my other remedy. By not exercising my remedy upon
<br />Borrower's default, 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 oftmst arejoint and several. Any Bonower who co -signs this
<br />deed oftmst but does not co-sign me underlying debt urefrument(d does so only to grant and convey that Borrower's interest in me property to the Trustee under the terns
<br />of this deed of truce. In addition, such a Borrower agrees that the Lender and my other Borrower order this deed of trust may extend, modify or make my other changes in
<br />the lemma of this deed of trust or The secured debt without that Borrower's consent and without releasing that Borrower from the terns of this deed oftmst.
<br />The duties and ussa fits of this deed of trust shall bind and benefit The successors and assigns of lender and Borrower
<br />19. Notice. Unless otherwise required by law, my netiee to depressor shall be given by delivering it or by mailing it by certified mail addressed to Borrower at the
<br />property address or arty other address that Borrower has givm to Lender. Borrower will give any notice to Lender by certified mail to Lender's address on page I of this
<br />deed of trust, or to my other atldresa which Lender has designated. Any other price to Lender shell be sent to Lender's address as stated on page I ofthis deed afford.
<br />Any notice shell be deemed to have been givat to Burrower or Under when given in the manner stated above.
<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 transferred without the Lender's
<br />prior warren consent Lender may demand immediate payment of the secured deb, Lender may also demand immediate payment if the Bonower is not a natural person and
<br />a beneficial interest in The Borrower is sold or [ransfcrrcd. However, Under may not demand payment in the above summers if it is prohibited by federal law as of the daze
<br />of this deed of trust.
<br />20. Reconveymce. When The obligation secured by this deed of trust has been paid, and Lender has no fuller obligation to make advances under the instrument or
<br />agreetn ots secured by this deed of trust die Trustee shall, upon written request by the Lender, reconvey the trust property. The Lender shaft deliver m the Burrower, or to
<br />Boar w air's successor in interest, thc trust deed and Nc note m other cvidcnec of the obligation so satisfied. Borrower shall pay my recordation costs.
<br />21. Successor Trustee. Lender, at lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the substitution of trustee 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 trust property, or some part
<br />thereoL is sal nled. The successor trustee, without conveyance of the property, shall succeed to all the power, duties, authority and title ofthe Imstea named in The deed of
<br />Lust and of any successor trustee.
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