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COVENANTS 200305654
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and lender agree otherwise, any payment Lender receives from
<br />Borrower or for Burrower's benefit will be applied first many amomKs Borrower owes on Ne secured debt exclusive of inorest or principal, scrod to interest, and than to
<br />principal. Neutral prepayment ofhc saurd debt occurs for any scson, it will not reduce or excuse any scheduled pa dr cut until the secured debt is paid or full.
<br />2. Claims A,ha t Tine. Boeower will pay all axes, assessments, and other charges attributable m the property when due and will defend title to the property against
<br />any claims which would impair the lien of this dad of oust. Lender duty require Borrower to assign any rights, claims or defenses which Borm au may have against
<br />parties who supply labor or nutetials to improve or=main the property.
<br />3. Insurance. Borrower will keep the property insured under terms acceptable to Leader at Borrower's expense and for Lender's benefit All WMMC policies shall
<br />include a standard mortgage theme in favor of Lender. Lender will be name as ].as payee or as the insured on any such in,udnce policy. Any insurance proceeds may be
<br />applied, within Lender's discretion, to either thc restoation or repair of the damagd property or in the secured debt. If Lender requires mortgage mans nce, Burrower
<br />agrees m common such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep the progeny In goad wndiumi and make all repairs reasonably fiscal.,
<br />S. Expenses. Roomwer agrees to pay all Leader's expenses, including reasonable adodeys' fees, if Bomnwer freak any covenants in this dead of trust or in any
<br />obligation secured by this dead oftmst. Borrower will pay these amounts to Leader as provided in Covenant 9 of this deed of bast.
<br />6. Prior Security Interests. Unless Bdrmwer first .bums Leader's wooden contest, Burrower will amt make or permit any changes to any prim security interests.
<br />Borrower will perfomr all of Borrower's obligations under any prior mortgage, dead oftmst or other saurity agreement, including Burrower's covenants to make, payments
<br />when due.
<br />7. Assignment of Renh and Prelli . Bmrowa assign, to Leader the rents and profits of the property. Unless Borrower and Lentlar have agreed coullefiche in writwg,
<br />Remover may collect and main the rents as long as Borrower is not in default If Bmmwer defaults, lender, Lender's agent, or a court appointed receiver may take
<br />possession and damage the property and collect the rents. Any rents Lander collects shall be applied first to the costs of managing the property, including roan costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenses. The remdning amount officials will then apply to payments on the secured debt as
<br />provided in Coverant 1.
<br />I. Leaseholds; Condominiums; Planned Unit Developments. Bommver agrees to comply with the provisions of any lasse if this dad oftmst ism leesehuld. If this
<br />dead of oust ism a unit in a condominium or a plamtd unit development, Burrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower faila to perform, any of Borrower's duties under this dead of trust, lender may perform the duties or
<br />use them to be performed. Lender may sign Bornwer's name or pay any amount if necessary f performance. If any construction on the property is discontinued or not
<br />careidoninareasonablemmneg Lendermaydowbatcva isnaessarytopmtct L.em ter 'ssecarityinterestinthepmperry. This may include completing the cnnatmcdnn.
<br />Lender's failure to perform will not preclude Lender from exercising my of its offer rights under the law or this deed oftmst.
<br />Any amounts paid by Lender to protect Leader's secunty interest will be secured by this dead dtoust Such amounts will be due on demand and will bear interest tram the
<br />date ofthe payment until paid in full at the interest ate in effect on the aecural debt.
<br />10. Default and Acceleration. If Bonuwcr fails to make any payment when due or brinks any covenants under this deed df oust or any obligation smurd by this dead of
<br />trust or any prior mortgage or deed of sent, Lender may accelerate the maturity of the scum) debt and demand fmndime payment and may invoke the power of sale and
<br />any that rcmdmi permitted by applicable law.
<br />11. Request for Notice of Default. 1t is hemhy reyucded Oat copies of the notices ofdefaul[ ad sale be sent to em;h peron who is a party M1emo, at the address of each
<br />such person, as set forth herein.
<br />12. Power of Bde. If the Lender invokes life power of sale, the Trustee shall first recmd in the office of the register of dads of each county wherein Ne trust property or
<br />rte pan at parcel thereof is situated a notice of default containing the mfommtion expired by law. The Trustee shall also mail copies of the notice of default to the
<br />Bomower, to woh person who is a Party herotq are to other persons m prescribed by appllcablc law. Not has than one month after the Trustee records the notice .[default,
<br />ortwo month; Tribe last property is art in any incorporated city or village and is used in fanning operations carried on by the dustoq the Trustee shall give public notice of
<br />"direct by t:mdmmHomeamemprtsenbd Tmstp RBll mw.he prm,widntwo se,d mrale, as ,airedhyaMliympmry et Trusieevcnoemione igbofall aer.,
<br />rryvil o the the Parrs Homestead Proration Act, Trvsta shall pRc the property in two separate sales as required by applicaMe law. Trustee may postpone sale of all nr any
<br />parcel of the property by public announcement at the time and place of any prcviovsly scheduled sale Lender or its du- �igoee may pumMse Ore pmparty at airy sole
<br />Upon receipt of payment of the price bid,'1'msta shrill deliver ro the purchaser Tms[ee'e deed conveying the Property. The rccitlals contained in Tmatae's dad shell be
<br />pmmn facia evidience of the troth of the statement, amendd therein. Trustee shall apply the pmccal of the sale in she following order, (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Trustee's &es, reasonable mmney's fees and minstatament &es; (b) to all auras secured by this dead of tmsq sad (c) the balance, If
<br />a,, to the persons legally entitled to receive it.
<br />13. Foreclosure. At Lender's option, Nis dad of least may be foreclosed in the manner provided M1y applicaMe law for Pmeclaaure of mnrcgagcs nn real property.
<br />14. Inspection. Lerelc may enter the property to inspect it if leader gives Borowa notice beforehand. The notice must aerate the reasonable cause for Lender's
<br />inspection,
<br />15. Condemnation. Borrower assigns to lender the pmcads of any swam or claim for damages connected with a condemnation or other taking of all or any pan of the
<br />property. Such proceeds will be applied as provided in Covenant 1. TMs assignment is subject to the tams of any prior seemly agreement.
<br />16. Waiver. By exercising any randy available m lender, Lender duw out give up any rights to later use any other comely. By not exercising any mmdy upon
<br />Borrower's default, Lender does rim waive any right to later consider the event a default if it happens again.
<br />17. .taint and Serversl Liability; Co- rlgnea; Successors end Aasigm Bound. All duties umler this dad of trust arejoiat and seveual. Nry Borrower wino co -signs Ws
<br />deal oftmst but does not co-sign the underlying debt msou uccomm) does sd only to grant and convey that Borrower's interest in the propeny to the Trustee under the terns
<br />of Nis deed oftmst. N addition, such a Borrower agrees that the Lender and any other Borrower under this deed of oust may extend, modify or make any other changes in
<br />the terms of this deed of [east or the secured debt without that Borrower's consent and without releasing that Borrows farm the tams of this decd of man.
<br />The duties and benefits of this ded oftmst shall bind and hcncfit the succeoua anal assigns of leader and Burrower
<br />18. Notice. Unless otherwise raxuird by Ina, any notice to Borrower shall be given by delivering it or by mailing it by certifd mail aAdrcssed to Borrower at the
<br />property address or any other address that Borrower has given to Leader. Borrower will give any notice m Lender by cartifid it to Lender's uddms on page I of this
<br />dead oftmst or to any other address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stated on page 1 ofthis dead oftmst.
<br />Any notice shall he deemed to have been given to Borrower or Leader when given in the manna sated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any pan ofthe property or any interest in it is sold or tmasferred without the Lender's
<br />prior written cansem, Lender may demand immediate payment ofthe secured debt. Leader may also demand immediate payment ifthc Borrower is not a datum person anti
<br />a beneficial interest iv the Borrower is sold or tan,ferral. However, lender may net demand payment in the above situations if it is pmhibitcd by federal law as ofthe date
<br />of this deed ofimA.
<br />20. Reconveyance. When the obligation secured by this deed of oust has ban paid, and Lender has no farther obligation to make advances under the ina ndmin, or
<br />agreement secured by this deed of oust, the Tmrtee shall, upon written rcsimat by the L.cnda, reconvey theories property. '1 he Lends shell dcliva m the Boomweg or m
<br />Borrower's successor in interest, the idea dead and the note or other evidence ofthe obligation sill satisfied. Bmmwer shall pay any raordati oncost.
<br />21. Sur sor Trustee. Lander, at Lender's option may remove Trustee and appoint a successor costa by first, mailing a copy ofthe substitution ofwnes as required
<br />by n,phrnble law, and than, by filing the aubsthation of baste, for record in the office ofthe register of dads of each county in which the trust property, or some part
<br />thermf,issidel The successor trustee, without conveyance ofthe property, shall suceced to all the power, duties, authority and Nle ofthe Tmstecnamadinthedadof
<br />trust and of any successor trustee.
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