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COVENANTS 200305085 1. Payments. Borrower agrees m make all payments on the secured debt when due. Unless Borrower and Lenda agree otherwise, any payments Lender receives boom Burrower or for Dr.. Or'. benefit will be applied for to any amounts Bonowa owes on the secured debt exclusive of interest or principal, second to interest, and then to principal. Winona] prepayment of the secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in full. 2. Claims Against Title. Borrower will pay all lanes, assessment, and other charges impbutable W the property when due and will defend fide to the pmpmy against any claims which would input, the lien of this deed of turn. Leader may require Borrower to assign any rights, claims or defenses which Bonn— may have against parties who supply labor or materials W improve Or matmain the property. 3. Insurance, Borrower will keep the property insured under terms acceptable Ira Lends, at Bomnwer's expense and for Lender's benefit. All Laurance policies shall include a standard mortgage clause in favor of Lender. Leader will b, named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may be applied, within Leader's discretion, in either the restoration or repair of the damaged property or to the secured debt If Lender replica mortgage insumaee, Borrower agrees to maintain such insurance for as lung as lender regaires. 4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary_ 5. Expenses. Borrower agrees to pay all lender's expenses, including ...able an..,,' fees, if Borrower breaks any covenants in this deed Of trust or in any obligatonn secured by this dad of frost. Borrower will pay these amounts to Leader as provided in Covenant 9 ofthis deed of trust. 6. Prior Security Interests. Unless Borrower fimn obtains Lenders written conical, Borrower, will not make or permit any changes to any prior second, interests. Borrower will perform all of Borrower's obligations under any poor mmgWc, deed ofrmsl or other security agreement, including Borrower's covenanm to make payments when due. 7. Asaignmem of Rents end ProOb. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise th writing, Bonewa may collect aml retain the rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may take possession and manage the property and culled the rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and an..,, fees, commissions to rental agents, and any other meesaary related expenses. The remaining amount of renla will than apply to payments on the .secured debt as provided in Covenant 1. 8. Leaseholds; Condominiums; Planned knit Developments. Borrower agrees to comply with the provisions ofany lase ifthis deed of last is on leaselmld. Ifthis deed of uua is on a unit in a condominium or a planned unit development, Borrower will perfom all of Borrower's duties under the covewner, bylaws, or regulations of the condominium or planned unit development. 9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of cast, Iznder may perform the duties Or cause them to be pertormed. Larder may sign Bmm�wer's came or pay any amount if necessary for pethmance. If any coreWCtion on the property is diswnWuW or not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the property. This may include completing the comwetion. Lender's failure to perform will not preclude lender form exercising any of its other fights under the law or this deed of trust. Any amounts paid by lcaader to protect lender's security interest will be secured by this deed of trot. Such amounts will be due on demand and will bear imerest from the dam ofthe payment until paid in full al the interest mm in eRmt on the secured debt. 10. Default and Acceleration. If Bnmowerfailstomakemypa mtwhmdueorbreaksanycovenantsmda WsdeedoftmAoranyobligatimn mur bytwsdce of trust or my prior.Ongage indeed of trust, Leader may accelerate the.amnty ofthe secured debt and demand mmediasepayment and may invoke the power of sale and any other remedies permined M1y applicable law. 11. Request for NOdee of Default It is hereby requested that copies ofthe notices of default and sale be sal to eacb person who Is a parry herdq at the address of each such person, as set forth herein 12. Power ref Sale. If the Lender invokes the power of sale, the Tmstm shall first record in the otfce Of the regalia of Jena of each county wherein the turn property or some Not or parcel thereof is situated a notice of default containing the infommtum rmluired by law. The Trustee shall also mail copies of the notice of default to the BmmvAI,, to each person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month after the Trustee records the notice of default, or Iwo months if the trust property is not in any Incoryuated city or village and is used in farming operations coon on by the prior, the Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Tim ucc, without demand on Bmmwer, shall .sell the property, at public auction to the highest bidder. B calcined by the Farm Homestead protection Ad, Trostce shall mfr the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any parcel of the property by public announcement at the U. and place of any previously scheduled sale. Lender or its designee may purchase the pmpe y at any sale. Upon ueipt of payment of the price bid. Trustee shall deliver to the pumhaser Trustee's deed conveying the pmpmy. The rmitiah contained in Trustee's decd shall be prime facie evidience of the uulh of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's foes, reasonable anomey's fees and reinstatement fee; (b) to all sums secured by this deed of most, and (c) the balance, if any, to the persons legally entitled no receive it. 13. Foreclosure. At Leaders option, this decd of trust rimy be foreclosed in the mannerprovided by applicable law for foreclosure of mortgages on real property. 14. Inspection. Leader may rnlm the property m Inspect in if Lender gives Bormwer notice berorchaad The notice most state Wa reasonable cause for Lender's irupeGion. 15. Condemnation. Borrower assigns to Lender the proceeds of any award or chi. for damages c..tW with a condemnation Or other taking Of.]] or any pan of the property. Such proceeds will be applied as provided in Covenant L This usaigmmen is subject. the tams.fart, prior security agrccmmt. 16. Waiver. By exercising any remedy available to Lemder, Lender does not give up any rights to later use any other remedy. By not exercising any remedy upon Borrower's default, leader does not waive any fight to later cowider the event a default if it happens again_ 17. Joint and Several Liability; Co- signers; Successors cad Assigns Bo it. All duties under this deed of trust arc joint and scvcml. Any Borrower who co -sigm Nis deed of wet but duet nut cosign the undedying debt instruments(s) does so only to grant and convey that Borrower's interest in the pommy no the Trustee under the terms of this deal of trust In addition, such a Burrower agrees that the Lender and any other Borrower under this deed of most may extend, modify or make any other changes in the terms ofd,,, deed of trust or the amused debt without that Borrower's courant am without releasing that Borrower from the term of this decd oftmn. The duties and benefits of Ws deed oftmn shall bird and benefit the successors and assigns of Lender and Bo coven 18. Notice. Unless otherwise required by law, any mice m Borrower shall be given by delivering it ur by mailing it by cmified mail addressed ro Borrower m the property address or any other address that Borrower has given to Lmdm. Borrower will give any notice to Lender by certified mail to Lender's address on page 1 of Wis dad of trust or to any otheraddncas, which Lender has designated. Any other notice to Lender stroll he sort to fender's address as smnW m page 1 of this deed of trust. Any notice shall be deemed to have been given to Burrower or Londe whim given in the manner most above. 19. Transfer. of the Property or a Beneficial Interest in the Borrower. If all or any pan of the property or any interest in it is sold or lmnsfemW without the Lender's pro, written consaa, Under may demand immediate payment of the secured debt Lender may also demand immediate payment ifthe Borrower is not a mound person and a bwefcial interest in the Burrower is sold or tmnsfenW. However, Lender may not demand payment is the above situations if it is pmhil hed by federal law as of the date oftluedeW oftma_ 20. Recam eyance. When the obligation secured by this deed of cruet has been paid, and Lender has no fuller obligation to make advances under the instrument or agrennenb scoured by this deed of trust, the Trustee shall, upon written mluest by the Under, meonve, the turn pmpmy. The Leader shall deliver to the Burrower, or to Borrower's successor is interest, the thrsl deed and the note Or rnher evidence of the obligation so satisfied. Bmruwer shall pay mry recordation cost_ 21, Successor Trustee. Under, at Lenders Option, may remove Trustee and appoint a suocessmr mrstee by first, mail ing a cnm of the substitution of trustee as required by applicable law, and then, by filing the substitution of tmstm for record in the office of the register ofdoeds of each county in which the tart pI p,,, or some pan Werwf, is situated. The wereesnr trustee, without conveyance ofthe property, shall smveed to all the pnwer, duties, authority and title of We Tmstcc named in the dd of must and Of any successor halm.