|
COVENANTS 200305460
<br />1. Payments. Borrower agoras to make all payments on theswumd debt when due, Unless Borrower and Lender agree otherwise, any payments Lender re.eives from
<br />Borrower m far Borrower's benefit will be applied Gat m any amomns Borrower owes nn the secured debt exclusive of interest or principal, sword to lotus.!, and then to
<br />principal. Ifpuniul prepayment ofthe secured debt occurs for any reason, it will not reduce or excuse any scheduled! synodic until the secured debt is paid in full.
<br />2. Claims Against Title. Borrower will pay ell license, assessments, and other charges amihuuhle to the property when due and will defend title to the propcny theorist
<br />any claims wluuh would impair the lien of this deed of trust Lender may require Borrower m ..sign any rights, claims or defenses which Borrower may have against
<br />patties who supply labor or mulenuls to inwlnve or maintain the property.
<br />3. 1.sunmew Borrower will ked, the property insured under terms acceptable to Lerdwat B ... oar 's ,span, and to Iender', benefit All Insuanas policies shall
<br />include a standard mortgage clause in bvar of Leader. Lender will be named as loss payee or as the insured on any such insurance policy. Any medicine, proceed, tray he
<br />soft red whan Leader's do lemon, to either the realomlion to repair of Wed damaged in .,,say or m the s rrcd debt. If Lender requires mortgage insurance. Borrower
<br />Larry, to maintain such Insurance fr as long as Lender tequira.
<br />4. Property. Borrower will keep the property in good coadlGon and Hike all repairs reasonably nwzssary_
<br />S. Expense,, Borrower agrees m pay all Lender', expenses, indoding reasonable anmme,, fees, if Bmmwer hands any covenants in this deed of east or in any
<br />obligation secured by this decd ofrmst. Borrower will pay throe amounts t. Under arm —ideal in Co.enant9ofthlsdeelnftmct.
<br />6. Prior Security Internet, Unless Borrower first nbrain, lender', won- cnntect Borrower will not make or permit any changes many prior security interests.
<br />Borrower will perform all of Sorrow er'a obligations under any pnoa a otgage, deal cinder or other sacda by agrewnenn, including Borrower's a ..rant, m make payments
<br />when due.
<br />7, Assignment of Rents and Profits. Bull row or cosigns to Lender the rents and profits of the property Unless Rum. we and lender have agreed otherwise in writing,
<br />Borrower ay collect and main the rents as long as Borrower is not in default. If Borrower defaults, Lender, Larder's agent, o our appointed « v take
<br />possess eon and manage the property and aolled, the rots. Any rents Lender collects shall be applied first to the costs of managing the property, including scour costs and
<br />Ater"" fees, wnrnissima m renal L"on, and any other necessary related exposes The remaining ammmt of rents will then apply to plynnents oil the sneered debt as
<br />provider) in Covenant I.
<br />I. Lau,sholds; Condom ms; Plot tad Unit Devel.pmads, Borrow .gores m —rid, with the pub of any lease if this deed of rmsr is oil leasdmld. If this
<br />deed of toast is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrow er'a duties debut the nvcnan¢, by laws, or regulations of
<br />the condominium .. planned roil development.
<br />9. Authortty of Lender to Perform for Borrower. It Hammes, tails to parmor, any of Bonowcr's duties under this dead of oust Land.' may par 'I.. the duties or
<br />come than an be perforated Urchamey,igr Bermwer'a name re pay any ao urt if necac,ary for pdrldniance. If any construction or the propcny is dlccarti royal or oar
<br />carried an it a nelyroard, ru Lender .,cry do fisse— I, naocastsuy to protect Led ri's seULII try interest it We proper ty_ This Include e mpleone the construction.
<br />Lender's failure to perform will not preclude Lender from exercising any of in other rights under the law err this deal of must
<br />Any amounts paid by Lender to protect Lender's security interest will be second by this decd of test Such amounts will be due on demand and will hear interca from the
<br />time of the payment until paid in full at the interest rate in effect on the secured deb_
<br />16. Default aad Acceleration. If Borrower hilt, no make any payment when due or breaks any covenants under this deed of trust or any obligation secured by this deed of
<br />nun many rho ear deal of oust, I under may accelerate the naahniry of the saran elf debt and denwnJ innmxliale payment and may invoke the power of sale and
<br />any other rem,dica canonical by applicable law.
<br />11. Requessfor NnRfe of Defant It is hereby requested forensics ofthe notices of Jefaultund wlebe rent in each person who is a party went. anhc address or each
<br />such person, as set foM herein.
<br />12. Power of Sale. If the Larder invoked the power of sole, tire Trustee drull first rwvN in the office of the register of effects of each county wherein the east pmpeny or
<br />oar pan at p.met thereof is situated a notice of default containing the information assured by law. The Trustee shall also mail copies of the notice of default ru ore.
<br />Borrower, m each peon who is a parry hereto, and to other frowns as prescribed by applicable law. Nmins,liannne month aflenhe Trdalee n,wnls rte cornea o[Jehult
<br />anwo months ifthe test property is not in any inensperamd city or village and is used in fannisrg operations carrlal din by the mulpe the ltusue shall give public notice of
<br />sale to the persons and in tire nanmer procnbed by applicable law. "trustee, without demand on Borrower, shall sell the property at public auction to the highest holder. If
<br />unsecured by the From Homestead Protection Act, Trustee shall offer the property in two summit, Islas as regnhai by a,,] ... held. T]rstwonaypo,tim ,cleof.1loram
<br />pamel nfthepmperryhypnbliamorauncemot at the time and place fmay previcesly scheduled sale. Lender or its designee may purchase the property at anysale.
<br />Upon receipt of payment, of the price bid, Trustee shall deli... m the processor Trustee's deed onveying the pmpaty. The milial, conmined in I moo, s decd shall be
<br />prima facie esidioo of the nuth of Boa sm down, paIdamed therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all exposes of the sale,
<br />including, but not limited to, reasonable Tmsteds fees, rcasonablc anomey's fees and rearmament fees; (h) to all sums seemed by th, deal of tI and Ic) doe balance, if
<br />my, to the persons legally entitled to receive it
<br />13. Foreclosure. At Under 'a option. this deed of trust may be foreclosed in the manner provided by applicable law in, it" 111.1arc ofinungages din real pmpaty.
<br />14. Inspection. Lander any enter the pmpeny to inspwt it if Under gives Borrower notice beforehand. The notice must state the reasonable -nose for Lnder s
<br />inspection.
<br />15. Co ldsomomiur Burrow. io,alna, to Linder the proceeds of any award or claim for damages connected with a condemnation or other taki ng of..ill ear any pan of doe
<br />property. Such proceeds will be applied as provided in C.vnam I_ This.,, pament is sobject to the means of nary p on r cwify agreement
<br />16. waive. By exere aing any remedy available to !.mitt. Lender does net give up any fights a lath' use any other comely. By not ......sing Lure remedy upon
<br />Borrower's default Lender does no[ waive any right to later consider the event a deficit if it IranPau again_
<br />17. Joint and Several Liability; Cosigners; Suesettors and Assigns Bound. All duties under this decd of oust nI trial and several. Any Banower who cosigns this
<br />deed of test boa does net owign the underlying debt Insnumads(s) does so only I. grant and convey that Burrower s interest in the property to the Trustee under the is.,
<br />of this deal of test In addition, such a Burrower agues that the tender and any other Borrower under this deed of an,, ma, exrnd, modify ear make any other clauoge, in
<br />the terms of this dead of test or the secured debt without that Borrower's consent and without releasing that Ron ewer 6nuo the remr, of this deed of east.
<br />The duties and benefits of this deed of oust hull bind and benefit the succcssm aad assigns of Lender and Botrowin
<br />18. Notice. Unless otherwise Learned by law, any notice to Ron cwt sh,H be given by ild, som, it or by mailing it by cent Fred mail addressed to Borrower at the
<br />property address or city other address that Borrow. has given to Under, Borrower will give any notice to lender by aerated mail to Under 'a millose din page I of this
<br />deed .form. ore my other address, which Lender has designated_ Any alternative to lender shall be sent 11) Leader's uddrus as stated on page l.! This deed of tenet.
<br />Any notice dial be dwmtal to have been g,vcn to Borrower or Lender when given in the crucial stated abase
<br />19. Transfer of the Property or a Bnedeial Interco in the Borrower. If all or any pan of the property or any interest in it is sold or transfer d without the Lender y
<br />prior written c..slot, Lnder may demand immediate payment of the secured debt Lnder may also dema rid Irmtwtare payment if the Borrower is not a natural person and
<br />a beneficial in c ear in the Borrower is sold or transferred. I Ioweveq I and,. may not demand payraeru in the above occur on it it is prohibited by federal law as of tire date
<br />of this dead of test.
<br />20. Reconveyanee. When the obligation soured by this deed of torn Ion been paid. and Leader has no rather obligation to make advances under the im-uunerrts or
<br />statements ,ec.md by this deal of trust the firmly, shall, upon wnticn request by the Leader, reconvey the true pmpeny. The Leader shall deliver to the Borrower, .1 m
<br />Borrower's successor is nuclear, the tram decd and the note or other evidnoe of the art iwa..c so satisfied Borrower shall pay any recordation costs.
<br />21. Snecessto Tr'nstee. Underm Undar's option, may rI., Tmstcc and motor a successor trustee by B rs[ maili rte a copy of We substitution of inslx ae required
<br />by applicable law, Lad the., by filing the subsnmtion of trustee for record in the office of the Iegiateaof Jeeds of ... a county in which the trust property, or some pan
<br />thereof, is situated. The suneesnr trustee, without ron.eyance of the propny, shall succeed to all the power, duties, aathnnry and title ,fill, Trustee named in the deed of
<br />tea and of any successor trustee
<br />
|