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COVENANTS 200306422
<br />1. Payments. Borrower stings to make all payments on the secured debt when due. Unless Borrower and Lauder agree otherwise, any payments Lender receives from
<br />Brouwer or for Borrower's benefit will he applied first to any common Borrower owes on the secured debt exelnive of im,,eg or principal, smod to interest, and then to
<br />principal. Ifparlial prepayment of the secured debt occurs for any naught, it will not reduce or excuse any scheduled payment anal the second debt is paid in PoII.
<br />2. Claims Against Title. Borrower will pay all mixes, assessments, and other charges attributable to the pmpeny, when due and will defend title to the property against
<br />any claims which would organic the lien of this deed of trust Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain life property.
<br />3. Insurance. Borrower will keep the pmpety insured under terms acceptable to Lender at Borrower's experre and for Leader's bwefht. All Insurance pubraw, shall
<br />include a Against mortgage clause in favor of Lender. Larder will be mmd ua loss payee or as the insured m any such insurance policy. Any insurance proceeds may be
<br />applied, within Leader's distinction, to either the restoration or repair of the damaged property or to the secured debt If Lender requires mortgage insurance, Borrower
<br />agrees to huaiutaf such insurance for as long as Leader re ,rims.
<br />4. Property. Burrower will keep the property in gad tradition and make all apairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable attomeys' fees, if Borrower brads any covenants m this dead of trust or in any
<br />obligation secured by this dad ofttug. Borowa will pay more amounts to lender as provided in Covenant 9 ofthis dead oftmst.
<br />6. Prior Security Interests. Unless Borrower first obtains Lcmder's written contest, Burrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all or Borrower's obligations under any prior mortgagq deed of trust or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />0. Assignment of Rents and Profits. Be.., assigns to Lerida the is and profits of the primary, Unless Borrower and 1<nder have spread otherwise in writing,
<br />Borrower may collect and retain the rents as long as Borrower is not in default, If Borrower defaults, Lauder, Lender's agent or a crud appointed receiver may take
<br />possnsion amt manage the property and collect the is Any rents Lender collects shall be applied first to the costa of managing the property, including court costs and
<br />aunmeys' fees, commissions to rental agents, and any other necessary related expenses. The remaining amount of rents will then apply to Payments an the secured debt as
<br />provided in Covenant I.
<br />8. Leaseholds; Condnmivlums; Planned Unit Developments. Bovowa agrees m comply with the provisions of any lease if Ws deed of trust is on Iwsehold. If this
<br />decd of must is oo a unit in a condominium or a planned unit development, Borrower will perform all of Borrowers 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 Borrow,, fails to perform, any of Borrower's duties mater this dent of cruet, Leader may perform the duties or
<br />causethuo to Ira performed. Leader may sign Borrower's name or pay any amount if nanxsary for performance. If any co stuction on the property is discontinued or nat
<br />canid on in a rcnonable manner, lender may do whatever is accessary, to lumber fender's security interest in the property. This may include completing the construction.
<br />Lender's failure to perform will not preface Lender from exercising any of its other rights under the law or this dad oftmst.
<br />Any amounts paid by Lender m proud Lender's security interest will be sauced by this dad of trust Such amounts will be due ear demand and will bear interest firm the
<br />datcof the puymatt until grid in full at the interest mte in cffmt on thesmmd debt
<br />10. Default and Accelerat ion. IffbrroW,, fails an make any payment when due or breaks any covenants order the dead ofbun or any obligation secured by this deed of
<br />dust or any prim mortgage m dell of tea, Lender may acceleretc the maenty of the smuad debt and demand immediam psyment and may invoke the power of salt and
<br />any other remdin permitted by applicable law.
<br />11. Request for Nefiee of Default. It is hereby rev tad that eMin of the notices ofddault amt sale be sent to well person who is a panty beano, at the address of each
<br />such person, as sec forth heroin.
<br />12. Power of Sale If the Lender invokes the power of sale, the Truna shall first record in the office of the register of dells of each county wbersin the trust property or
<br />some part or panel thereof is situated a m ace of default containing the infomwtion required bylaw The Trace shall also mail copies of the notice of default to the
<br />Bonowa, to each person who is u party hereto, and to other persons as prescribed by applicable law. Not Ins Ihan one month after the Tuna records the notice of default,
<br />or two months ifthe trust property is not is any incorporated city m village and is used in burning operations carried an by the trader, the Tuslm shall give public notice of
<br />sale to the perwru and in the manner po scabd by applicable law, l "mstee without demand on Borrower, shall sell the property, at public auction to the highest bidder. If
<br />nquird by the Part Homestead Protection Act, Turner shall oRa the pmpeny, in two scpamu sales as reyuad by applicable law. Trustee may postpone sale of all or any
<br />panel of the property by public annouwanent at the time and plate ofivy previoad, scheduled rule lender or lu designee may pvrehasethepmperty al any saln.
<br />Upon receipt of payment of the price bid, Touam shall deliver to the punchiest Turing's dead conveying the pupa y. The omitials cmWind in Tmstee's dad shall be
<br />,time facie evidleoee of the truth of the statements contained 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, mrstmble Target's fees, reasonable anomey's feat and rarstaternent fen; (b) W all sours secured by this deed of over, and (c) the balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure At Lender's opfiun, this dell oftmst may bt fnrminsed in the manner provided by applicable law for f retlosure of mortgages on real pmpeny.
<br />14. laspecthm. Lend,, may enter the pmpeny m inspect it if Lender gives Bormwcr notice befomh W, The notice must state the reasonable cause for Lender's
<br />impaction.
<br />15. Condemnation. Borrower assigns to Larder the proceeds of any award or claim for damages coanmtd with a condemnation or other taking of all nor any pan of the
<br />property. Such proceds will he applied as providdin Covenant 1. Thisassignmhent issnbject to the terms ofany point security agreement.
<br />16. Waiver. By exercising any remedy available to L aide, Lender does not give up any rights to later use any other randy. By root exercising any randy upon
<br />Borawer's default, Lender does not waive any fight to laden cowider the event a default if it happens again.
<br />17. Joint and Several LiabBity; Co- slgnen; Successors and Assigns Bound. All duties under this deed of tmat are joint and scvaai. Any Borrower who co -signs this
<br />dad of trust but does not co -sign the unddylng debt iostmmmts(s) does so may to giant and convey that Borrow is interest in the Property to the Toaster under the terms
<br />of this deed infernal. to addition, such a Barmwn agrees that the Lender and any tithe Borrower under this deed offing may extend, modify or make any other changes in
<br />the temps of dos deed often or the secured debt without that Borrower's consent and without releasing that Borrower farm the tams ofthis dad oftmst.
<br />The duties and benefis ofthis dell oftmst shall bind end benefit the successor and assigns of lender and Bi newer
<br />18. Native. Unless otherwise requiml by law, any make a Borrower shall be given by delivcnng it or by mailing it by certified rail addressed to Bonnwer at the
<br />property address or any nth,, address that Borrower has given to fender. Borrower will give any foice to Lender by cetifid mail to Lenin's address on page I of this
<br />dad t(lmsl, or m any othmaddrnt witch Lender has desigm[ad. Any other notice to Lmdm stroll be sect a Lender's address as seared on page 1 ofthis dad of [mat.
<br />Any notice shall be deemed to have been given to Borrower or Lend,, when given in the uuore stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any pare of the pmpeny or any interest in it is sold or tmnsferrd without the LendePs
<br />pour wrtten cohuern, (under may demand immadime WYmend of the smwd debt Lender may also demand immediate payment if the Borrower is not a natural person and
<br />a beneficial inWrest in the Borrower is sold or transferred. Howe c ,Lauder may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />ofthis dad citing.
<br />10. Reeonveyance. When the obligation scoured by this dad offing has been paid, and Lender has no froth,, obligation to make advances under the ins mments or
<br />agreements secured by this deed oftmst, the Trugee shall, upon warren request by the tender, reconvey the torn pmpeny. The Lender shall deliver m the Borrower, or e
<br />Borrower's successor in imleast, the trust dead and the ram or other evidence ofthe obligation so satisfrd. Borrower shall pay any recordation cons.
<br />21. Suererwr Trustee. Ienda,.t der'soptiogmayremove TmAwmdappoinlasuccnwrtmsteabyfint, milingacopynfthesubstimti onoftmsimasrequired
<br />by applicable law, and then, by filing the substitution oftmga for record in the office of the rcgigcr of dells of each county in which toe first property, or same pan
<br />[hereof, is situated. The sugasortmsta, without conveyance of the property, dull succeed to all the power, duties, suthomy and title othhe Traffic, connector the deed of
<br />trust end of any waessor trugm.
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