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COVENANTS 200306310
<br />L Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's hweflt will be applied first to any amounts Be., owes on the secured debt exclusive of interest of principal, second m interest, and Nan m
<br />principal. Ifpartial prepayment of the secured debt croons for any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in fill].
<br />2. Claim, Against Title. Borrower will pay all taxes, assessments, and other charges attributable m the property when due and will defend title to the property against
<br />any claims which would impair life lien of this deed of trust. Lender may require Borrower In assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain rte properly.
<br />3. Insurance. Borrower will keep the property insured under terms awcptablc m Lender at Borrower's expense and for Under's benefit. All Insurmrce policies shall
<br />include a standard mortgage clause in favor of Lender Lender will be named as loss payee or in the insured on any such announce policy. Any insurance proceeds may he
<br />applied, within Under's discretion, ro either fhe reslomtion or repair of the damaged property or m the secured debt. If Lender requires mortgage insurance, Domover
<br />agrees to maintain such insurance for as 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 m pay all lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of "at or in any
<br />obligation secured by this dced of bust. Borrower will pay these amounts to Lender as provided in Co amor 9 cfthls deed of mot.
<br />6. Prior Security Interests. Unless Borrower first obtains Under's written contest, Borrower will not make or permit any changes to any prior security interests,
<br />Borrower will perform all of Pnrtower's obligations under any prior mortgage, deed of must mother security agreement, including Bcrtower's covenants to make payments
<br />when due.
<br />7. Assignment of Rent. end Profits. Bonower assigns m Lender the rents and pmfits of the pmpeny. Unless Borrower and Lender have agreed oNcnvisr in writing
<br />Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Leader, Lender's agent, or ourt appointed receiver may lake
<br />possession and manage tee property and wllec5 the rents. Any rents Lender collects shall be applied first an the costs of managing due property, including won vests and
<br />attorneys' fees, commissions in rental agents, and any other necessary related expenses. The remaining amount affects will then apply m payments on the secured debt as
<br />provided in Covenant 1.
<br />8. Learcholda; Condominiums; Planned llait Developments. Borrower agrees N comply with the provisions crony lease if this deed of trust is on leasehold. If this
<br />deed of cost is one unit in it condominium or a planned unit development, Bonower 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 fails en perform, any of Borrower's duties under this deed of tryst, Lender may perform the duties or
<br />cause them to he performed. Lender may sign Borrower's time or pay any amount if necessary for performance. Barry construction on file property is diswntiaued cr not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to pound Lender's security interest in the property. This may include completing the conswetion.
<br />Lender's fail um to perform will not preclude Lender from exercising any of its other rights under the law m this deed of cost.
<br />Any amounts paid by Lender m protect Lender's security interest will be secured by this decd of tour. Such amounts will be due on demand and will bear interest from the
<br />date ofthe payment until paid In Nll at the interest rate in effect on the secured debt.
<br />10. Default and Aaeleration. If Borrower fails to make any payment when due or breaks any covenants under this deed oftrust army obligation secured by this dad of
<br />cost or any pdn mortgage or deed of must, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Regaeet far Nwbra df Default 1[ is hereby requested thW copies of the notices of default and sale he seta m each person who is a parry heretq at the address of each
<br />such person, as set fords herein.
<br />12. Power of Sale If the Under invokes Nc power of sale, Ne Trustee shall first record in for affix of the regisar of deeds of each county wherein the con property or
<br />some pen or parcel thereof is situared a notice of default containing the information required by law. the Trustee shall also mail copies of the notice of default or the
<br />Banaweq to each person who is a party herto, mN to other persons s prescribed by applicable law. Not Les than one month after the Tmsae records the notice of default,
<br />or two months if the con property is not in any incorporated city or village and is used in farming operations carried on by the truster, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Tmsae, without demand em Borrower, shall sell the properly m public acefioa m the highest bidder. If
<br />required by the ,arm homestead Protection Act, Trustee shall offer rte property in two separate sales as acquired by applicable law. Trustee may postpone safe of all or any
<br />parcel offal property by public announcement at the time and place litany previously scheduled sale. Lender or its designee may purchase the property of terry sale.
<br />Upon moeipt of,ayment of the price bid ,'frusae shall deliver to the purchaser Trustee's deed conveying the property. The mobia]s contained in Trustee's deed shall he
<br />prima facie evidience of the troth of the statements contained therein Trounce shall apply the proceeds of the sale in the following order. (a) m all expenses of the sale,
<br />including, but not limited a, reasonable Trustee's fees, reasonable atmmey's fees and reinstatement fees; (b) to all sums secured by this deed of tat, and (c) the balance, if
<br />any, to the persons legally entitled an receive it.
<br />13. Foreclosure. At Lender's option, this deed oftrust may be foreclosed in life manner provided by applicable law for foreclosure ofmooages on real property.
<br />14. Inspection. Lender may enter the property an Inspect it If Lender gives Borrower notice bctbrchand. The notice must state the reasonable cause for Lender's
<br />nspectimn.
<br />15. Condensation, Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any pert of the
<br />property, Such proceeds will be applied as provided in Covenant I. This assignment is subject to the arms of any prior security agreement.
<br />16. Waiver. By exercising any remedy available m Lender, Lender does not give up any rights in later use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right N later consider the event a default if it happens again.
<br />17. Joint and Several Liability; Co-signors; Sueeesron and Assigns Bound. All duties under this deed of trust arejoint and several. Any Borrower who co-signs this
<br />deed afford but does not co-sign the underlying debt inswmcon(s) does so only m grant and convey Nat Borrower's interest in the property to the f rustic wdcr Ne terms
<br />the deed oftrust. Io addilioq such a Bonower agrees that the Lender and eery anew without f ruder this deed of cost may extend, modify or make any other changes in
<br />rte terms of this deed of frost or the secured deb[ without drat Borrower's consent and widaout rcicasing that Borrower from the terms of this deed of must.
<br />The duties and benefits of dais deed oftrust shall bind and benefit the successors and assigns of Lender and Borrower.
<br />18. Notice. Unless otherwise required by few, any notice to Borrower shall be given by delivering it of by mailing it by certified mail addressed to Borrower at rte
<br />properry address or any other address that Borrower has given m Lender. Borrower will give any notice m Lender by certified mail to Lender's address an page I of this
<br />deed oftrust, or to any other address, which Lender has designated. Any other notice an Lender shall be sent in Lender's address in stated on page 1 ofthis deed ofnmt.
<br />Any notice shall be deemed in have been given an Borrower or Lender when given in the mannet stated above
<br />19. Transfer of the Property or a Beneficial Interest in the Burrower. IFWI or any part of the property or any interest in it is sold or transferred without the Lender's
<br />prior written consent, lancer may demand immediate payment of the secured debt. Lender may also demand immediate payment ifte Borrower is not a natural person and
<br />is beneficial ialmost in the Borrower is sold or transferred. However, lender may not demand payment in the above situations if it is prohibited by federal law as nftha data
<br />of this decd of trust.
<br />20. Recunve,mor. When rte obligation secured by this deed of trust has been paid, and Lender has no further obligation to make advances under the instruments or
<br />Agreements secured by this deed official, the Trustee shall, upon written request by the Lender, rewnvey the trust property. The Lender shall deliver a rte Borrower, or to
<br />Borrower's successor in interest, the tma deed and are note or offer evidence of rte obligation so satisfied. Borrower shall pay any recordation costs.
<br />21. Snttesor Trustee. Tender, 9 Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the substitution oftrustee as required
<br />by applicable ]us, and then, by filing rte substitution of trustee for record in the office oftbr register ofdrad, ofeach county in which the.. property, of some pan
<br />thereof, is situated. The successor trustee, without conveyance of the prop city, shall succeed m all the power, duties, authority and title ofthe T msece named in the decd of
<br />trust and of any successor hustle
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