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COVENANTS 200306078
<br />1. Payments. Borrower agrees to make all payments an the saurN debt when due. Unless Borrower oral lender ugw, otherwise, any payments lender receives from
<br />Borrower r for Rarower's benefit will be applied far to any amounts Borrower owes on the secured debt exclusive of interest or powerful, sword to interest, and then to
<br />principal. If partial prepayment of the sauna! debt mcurs for any ..,it will not rMme or exaae any scheduled payment until the sauced debt is paid in full.
<br />2. Chime /k,mat Title. Borowa will pay all taxes, asaessmems, and other charges attributable to the property when due and will defend title to the property against
<br />any claims which would impair the lien ofthis deed of tmst. Lender may squire Borrower m assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the property.
<br />3. Insurance. Borrower will keep lire property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit All bsumnce policies shall
<br />include a standard mortgage clause in favor of [.ender. Lender will be named as loss payee m as the insured on any such insurance policy. Any insurance proccads may be
<br />applied, within Lender's disere ion, to either the restoration at repair of the damaged property or to the secured debt. If Lender rnlunea mortgage insurance, Bhrrowm
<br />agrees to maintain such insurance for as long set Lender re,uim.
<br />4. Property. Burower will keep the property in goad Codition and make all repairs reasonably necessary.
<br />S. Expense. Borrower agrees to pay all Lender's expenses, including reasonable attomeys' fees, if Borrower breaks any eoveruants in this deed of tryst or in any
<br />obligationsecurcdbythisdcalofuust. Borrower will pay thCeamomasto Underas providedin Creature 9ofWS deed oftned.
<br />6. Prior Security Interests. Unless Borrower first .baits Lender's written contest, Burrower will not make or gamut ' any chunga to any prior security interests.
<br />Bmmwer will perform all of Aorower's obligations undo any prior mortgage, deed of u eat or other sauriry agreement, including Borrower's covenants to make payments
<br />when due.
<br />]. Asetgnment of Red, end Profits. Romswm assigns to Lender the rents and pmftN of the property. Unless Borrower and Ienda have agreed otherwise in writing,
<br />Bnrmwer may collect and Main the rams as lung ie Borrower is not in default If Burrower defaults, Lender, Lender's agent, or a crud upWinlal receiver may lake
<br />posaeadon and manage the property and collar the rents. Any rears Lender culla6 shall be applied first to the costs of managing the property, including court costs and
<br />anomeys' fees, commissions to rcntul agents, and any other necessary related experees. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in C: vanant I.
<br />A. LeaseM1olds; Condominiums; Planned Unsl Developments. Bonnwer agrees to comply with the provision of my lease if ihs deed of lwst is on leasehold. If this
<br />deal of trust is on a unit in a condominium or a planned unit development, Borrower will perfomo all of Rntrower's duties order the covenants, by lours, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Barmwer. R Borrowea fails to perform, any of Borrower's duties under this dead of trust, finder may perform the duties or
<br />are them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any construction on the property is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's sauriry interest in the property. This may include completing the constmcfion.
<br />Lender's failure to perfomr will not preclude Lender from exercising any of its other rights under the law or this deed of trust.
<br />Any amounts paid by Lender to pmtal Lender's security interest will be saurad by this deed of trust. Such amounts will be due on demand and will bear interest from the
<br />date of the payment and paid in full at the interest rate in effort on the secured debt.
<br />10. Default nd Acceleration. If Bmrowcrfaihtomakeanypaynrentwhmdueorhrak. amycnvenantsundttthisdttdoftmstormyobligatimsau bythisde of
<br />must or any prior mortgage or dad of tmeq Lender may ae,elcmtc the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other rem ai cs perennial by applicable law.
<br />11. Request for Notice of Default. It is hereby requested that copies of the notices of default and sale be sea to roch person who is a party hermq at the address of each
<br />such person, as set forth herein.
<br />12. Power of Bale. If the Lender invokes the power of sale, the Trustee shall first record in the office of the register of deeds of each comity wherein the tors[ property or
<br />rte part or pamel thereof is sinmtad a notice of ddoWt containing the i anmtion requital by law. The Tnanx shall also mail copies of the notice of default to the
<br />Borower, to each person who is a party harem, and er other persons as prescnbcd by applicable law. Nut less than sere month after the Trustee record the notice of default,
<br />ortwo months if the trust property is not in any inempomted city or village and is used in fanning apartment capped on by the trvston the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trvslee, without demand nn Anrtnwa, shall sell the property at public auction ro the highest bidder. If
<br />palmed by the Fur n Homestead Protection Act, Trustee shall other the property in two separate sales as refined by applicable how. Torata may postpone sale of all or any
<br />panel of the property by public announcement at the time and place of any previously scheduled sale. Lender or ifs designs may purchase the pmpedy at any sine.
<br />Upon r,capt of payment of the price bid, Trusty shall deliver in the purchaser Trustee's decd conveying the property. The recitials contained in Trustee's deed shall be
<br />prima facie evidience of the troth of thc statements remained therein Trustee shall apply the proceeds of the sale In the following order: (a) wall expema of the sale,
<br />including, but not limited to, reasonable Trrutee's fees, reasonable ammcy's fcea and rearimtanent fees; (b) to all sums sand by this dead oftma, and (e) the halunce, if
<br />any, to the persons legally entitled to receive it
<br />13. Foreclosure. At Lender's option, this deed oft n may be foreclosed in the manner provided by applicable law for foreclosure ofmmrtgages on real property.
<br />14. Inspection. Lender may comer the property to inspect it if lender gives Borrower notice beforehand, The notice moat state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to fender the proceeds of any award or claim for damages a ted with ...domestic. or other taking of all or any pad of the
<br />pmpmty. Such proceeds will be applied as provide! in Covenant 1. This assignment ie svhjaun the terms of any poor sauriry agreemea[.
<br />16. Waiver. By exercising any remedy available to Ienda, Lender does not give up any rights to later use any other remedy. By not exercising any ranedy upon
<br />Borrower's default, Lender does not waive any right to later consider the event a default if it happens again
<br />17. Joint and Several Liability; Co- signers; Successor and Assigns Bound. All duties under this deed of trust are lost and sevcml. Any Borrower who co -signs this
<br />deed of trust but does amt cn -sign the underlying debt matmmcrnts(s) does an only to gmat and convey that Borrower's interest in the property m the Tmsrce under the tams
<br />of this deed oftmst. In addition, such a Borrower agrees that the lender and any other Borrower under Ws decd official may extend, modify or make any other changes in
<br />the arms ofthis deed of trost or the secured debt without that Borrower's consent and without releasing that Burrower from the teas ofthis deed of trust.
<br />The duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Ienda and Borrower
<br />18. None,. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by moiling it by certified rail addressed to Borrower at the
<br />property address or any other address thnt Burrower has given to lender. Borrower will give any notice to Lender by cenifiad mail to Under's whips, on page 1 of thia
<br />deed of trust, arm any mber address, which Leader has designated. Any other notice to Lender shill be sent to Lender's address as stared on page I ofthis deed of test.
<br />Any notice shall be deemed to have been given to Borrower or I coder when given in the manner voted above.
<br />19. Transfer of me Property or a Bcnefrchl Interest in the Borrower. [fall or any pan of the property or any iatereat in it is said or transferred without the Lender's
<br />prior written consent, Lender may demand immediate payment ofthe secured debt. Larder may also demand immedute payment ifthe Bo mover is not structural person and
<br />n beneficial iulawt iv the Borrower is sold omm�xfemd. however, Lender may no[ demand payment iv the above simufiors i(il is prohibited by [edam! Ww ns of the date
<br />ofthis deed ofennia.
<br />2U. Reconveyance. When the obligation saumal by this deed oftrust has been paid, and Lender has no thinner obligation to make advances under the inslmmenla or
<br />agreement soured by this deed of treat the Tmsea shall, upon wdden rcyuad by the Lends, meonvey the tmtt property. The Lender shall ddiver to the Borrower, or ro
<br />Borrower's successor iv interest the tmtt dead and the note or other evidence of the obligation so satisfied. Bumswer shall pay any raorriation costs.
<br />21. Successor Trustee. Lender, at Lender's option, may remove trusice and appoints suceessur trustee by first, mailing a copy ofthe substitution oRrusnee as required
<br />th applicable law, and then, es filing the , wittioui Cooften to for record eithe halite of the to all the plods df cosh county in which the trust pmpe nor or some part
<br />therm P, is situated. fine suaessor[msta,without conveywoe of the properly, shell succeed mall the power, dada, authority and tint of the Trustee named In the dad of
<br />lrs t amt s[any successor trustee.
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