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COVENANTS 200305302
<br />1. Payments. Borrower agrees to make all payments on We secufd debt when due. Unless Rorrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal second to interest, and then to
<br />principal. Ifp ordal Prepayment of the secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until Me secured debt is Paid in MIL
<br />2. Claim Against Title. Borrower will pay all texas, assessments, and other charges attributable W the property when due mid will defend title W the property against
<br />any claims which would impair the lien of this deed of trust. Lender may require Rnrrewm W assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials m improve or maintain the property.
<br />3. Insurance. Borrower will keep the property 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 such insurance policy. Any insurance proceeds may be
<br />applied, within Lender's discretion, to either the essmratimn or repair of the damaged property or to the secured debt. If Lender requires mortgage insurance, Borrower
<br />agrees to maintain such Insurance for m long as Lender requires.
<br />4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary.
<br />5. Expenses. Borrower agrees W pay all lender's expenses, including reasonable attomeys' fees, if Borrower times coy cuv au vnts in this deed of must or in any
<br />obligation secured by this deed of must. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of Must
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest Buttoner will not make or permit any changes to my prior security interests,
<br />Borrower will perlorn all of Borrower's obligations order any prior mortgage, deed of most or other security agreement including Borrower's covenants to make payments
<br />when due
<br />7. Assignment of Rents and Probes. Burrower assigns W Lender the rents add profits of the property Unle, Rnrrnwer and Lender have agreed otherwise in writing,
<br />Borrower new collect and retain the rents as long as Borrower is not in default. If Borrower defmlts, Lender, Lender's agent or a court appointed medley may lake
<br />possession and among, the property and tolled the may, Any rents Lender collects shall he applied fast to the costs of managing me property, including court costs and
<br />Summers' fees, commissions to rental agents, and any other necessary related expenses. The remaining amount of more will then apply to payments on the secured debt as
<br />provided in Covenant 1.
<br />8. Lnsehnlds; Condominiums; Planned Unit Developments. Borrower agrees W comply with the provisions of my lease if this deed of trust is on leasehold. If this
<br />deed of must is on a unit in a condominium or a planned unit development, Borrower will Perform all of Borrower's duties under Me covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Rorrower. If Borrower fails to perform, my of Borrower's duties under this decd of trust, Lender may perform the duties or
<br />carve them W he performed. Lender may sign Borrower's time or pay my mount if necessary for performance. If any construction on the property, is discontinued or not
<br />carried on in a reasonable manner, lender may de whatever is necessary to protect Lender's security interest in the property. 'Ibis may include completing the construction,
<br />Lender's failure W perform will not preclude Lender from exercising my of its other rights under the low or this deed effort
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust Such amounts will be due on demand and will bear interest from the
<br />date of the payment until paid in full at the interest rate in effect on the secured debt.
<br />10. Default and Ayedarvtien. If Borrower fails 10 make any payment when due or breaks any covenants under this deed of mist or my abligatiam secured by this deed of
<br />toot or any prior ou ngage or deed of cost, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of side and
<br />my other remedies pvanotted by applicable law_
<br />It. Request for Notice of Default. It is hereby requested that copies ofthe notices ofdefmlt and sale be sent W Coach pI.. who is u pmt, hem W, at the mhtress ofc.h
<br />such person, as set (IM herein
<br />12. Power of Sale. If the lender invokes the power of sal, the Trustee shall first record in the office of the register of deeds of each county wherein the trot property or
<br />sums, part or parcel thereof is situated a notice of default containing the information required by law. The Trowee shall also mail copies of the notice of default to the
<br />Romweq m each person who is a party herero, and to other Persons as prescribed by applicable Jr. _ Not less than one month ape, the Trustee records the notice of default,
<br />or two months ifthe trust property is not in my incorporated city or village and is used in forcing operations carried on by it¢ wstoq Me I mice shall give Public notice 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 mention to the highest bidder. If
<br />required by the Fenn I annestead Protection Act, Trustee shall otter the property in two separate sales as required by applicable law. 'fruslee may postpone sale of al I or any
<br />parcel of the Properly by public announcement at the time and place of any previously scheduled Sale lender or its designee may purchase the property army Sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver m Me Purchaser t'russe's decd conveying Me property. The ncittals contained in Tmstce's decd shall be
<br />prima f arm cdMedu of the truth of the statements remained therein. Trustee shall apply the proceeds of the sale in the following order (a) to all expenses of the sale,
<br />Including, but not limited to, reasonable I o ace's fees, reasonable emomey's fees and reinstatement fees, (b) W ail sums secured by this deed of cost, and (c) the balance, if
<br />any, W the persons legally emitted to receive it
<br />13. Foreclosure. At Lender's option, this deed of tract may be foreclosed in the manner provided by applicable law for foreclosure ofmortgages on real property,
<br />14. Diminution. Lender may enter the properly W impact it if Lander gives Borrower notice beforehand_ The notice must state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Bonower ussigos to Lmdu the proceeds u[ mry awmd or claim for dmnages connected Muted a condenmalion or other faking of all ur my putt o[ the
<br />property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the taws of any prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give W my rights W later use my other remedy. By not exercising my remedy upon
<br />Borrower's defrult Lender does not waive any right W later consider the event a default if it happens again.
<br />17. .Joint and Several Liability; Cosigners; Successors and Assigns Bound. All duties under this deed of most we joint and savers], Any Borrower who cosigns this
<br />Dead of trust but Jces not co-sign the underlying debt inrouments(s) does So only to grant and convey that Borrower's interest in the property to the Trustee under the terms
<br />of this deed of cost. In addition, such a Borrower agrees that the Lender and my other Borrower under this deed of cost may extend, modify or make my oNCr changes in
<br />the terms ofthls deed cftnrst or the secured debt without that Borrower's consent and without releasing that Bonower from the terms ofthis deed of wet .
<br />the duties and benefits of this decd ofmmt shall bind and benefit the succeswrs and assigns of Under and Borrower
<br />18. Notice. Unless otherwise required by law, my notice to Burrower shall be given by delivering it or by mailing it by overfed mail addressed to Borrower at the
<br />property address or my other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail W Lender's address on page I of ibis
<br />deed clung, or to my other address, which lender has designated. Any other notice to Lender shall be sett to Lender's address as stated on page l of this deed crucial,
<br />Any notice shall be deemed to have been given in Borrower or Lender when given in the manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. It all or my Pan of the property or my interest in it is sold or transferred without the lender's
<br />prior written consent, Lender may demand immediate payment ofthe secured debt Lender may also demand immediate payment if the Borrower is not a natural person and
<br />a benetiuiW inteml in the Bonower is sold ur trmskneJ. However, Lender may not demand payment in the above situations Lit is prohibited by federal law as ofthe date
<br />of this decd of cost
<br />20. Reconveyance. When Be obligation secured by this deed of trust has been Paid, and Lender has no litMCr obligation to make advances under the instruments or
<br />agreements secured by this deed of test, the Trustee shall, upon written request by the Lender, femnvey the trust property_ The Lander shall deliver W the Burrower, or to
<br />Borrower's successor in infereck the trust deed and the note or other evidence ofthe obligation so satisfied, Borroweralmi Pay my recordation costs.
<br />21. StoodimrTruslee. Lentlu at Lwtdersoption, may removeToslu and appoimlasuccessor mrtec by fiml moilingueopy of thesubstitutionofinetecm required
<br />by applicable law, and then, by filing the substitution of ttustcc for record in the office ofthc register of deeds of each county in which the trust pmpeny, or some part
<br />thereof, is situated. The successor trustee, without conveyance ofthe property, shall succeed to all the power, duties, authority said title of the Trustee rammed in the deed of
<br />must and of any successor matte.
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