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COVENANTS 200306425
<br />1. Payments. Borrower agrees W make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, my paymenca Lender rcwivcs from
<br />Borrower or for Borrower's benefit will be applied first to my amounts Borrower owes on the secured debt exclusive of interest a principal, second W interest, and then W
<br />principal. BPartial prepayment ofthe second debt occurs for my reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in full.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges auribumble W the property, when due and will defend title W the Oroperry against
<br />my claims which would impair the lien of this deed of trust Lender may require Borrower to assign my rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials W improve or maintim the property.
<br />3. Insurance. Borrower will keep Ne property insured under terms acceptable W Lender at Borrower's expense and for Lender's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or as Me insured on my such insurance policy. Any insurance proceeds may he
<br />applied, within Lender's discretion, W either the restoration or repair of the damaged property or to the secured debt. If Lender requires mortgage insurance, Borrower
<br />agrees W mutation such insurance for as long so Lender requires.
<br />4. Property. Borrower will keep the Property in good condition and make all repairs reasonably necessary .
<br />5. Expenses. Borrower agrcea W pay all Ixnder's expenses, including byrod stile atromeyi fees, if Borrower breaks my covenants th this deed of Wet or in my
<br />obligation secured by this dead ofms,. Borrower will pay these amounh W Lender as provided in Covenant 9 ofthis deed oftnrst.
<br />6. Prior Security Interests. Unless Borrower fast obtains Lender's carmen contest. Domineer will not make or permit my changes W my prior security interests.
<br />Borrower will perform all of Borrower's obligations under my prior mortgage, deed of most or other security agreement, including Borrower's covenants W make payments
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns W Leader the rents and pmfils of the property . Unless Bormwer and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Under, Lender's agent, or a weal appointed receiver may take
<br />possession and manage the property and collect the rents. Any rents Lender collects shall be applied first W Me costs of managing the property, including court at and
<br />attorneys' Ores, commissions W renal agents, and my other necessary related expenses. The remaining amount of rants will then apply W payments m the secured debt as
<br />provided in Covenant 1.
<br />Is, Utaehelda; Condominiums; Planned Unit Developments. Borrower agrees W comply with the provisions of any lease if this deed oftrust is on leasehold. If this
<br />deed oftmsl is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's duties under the wvenmb, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lander to Perform for Borrower. If Borrower fails W perform, my of Retriever's duties under this deed of trust, Lender may perform the duties or
<br />cause them in he performed. Lender may sign Borrower's name or pay any amount if necessary for performance. Harry construction an the property is discontinued or not
<br />carried on in a reasonable meaner, lender may do whatever is necessary W puled Lender's security interest in the propedy. This may include completing the construction.
<br />Lender's failure m perform will not preclude Lender tram exercising any of its other rights under the law of this deed of trust.
<br />Any amounts paid by Lender to protect Lender's security interest will he secured by this deed oftrust. Such amounts will be due on demand and will bear interest from the
<br />Mme ofthe payment until paid In fall at the interest rate in effect on the secured debt.
<br />10. Default and Asecleri fon. If Borrower fails to make my payment when due or breaks my covenants under this decd of Wsl or my obligation secured by this deed of
<br />test or any prior mortgage or deed of mat, Under may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale add
<br />any other remedies permitted by applicable law.
<br />11. Request for Notice of Default It is hereby requested that copies ofthe notices of default and sale he norm each person who is a parry here W, at the address of each
<br />such person, as set forth herein.
<br />12. Power of Sale. If the Lcndcr invokes the power of sale, Me Trustee shall first record in the office of the register of deeds of each county wherein the true property or
<br />some pad or parcel thereof is situaed a mtim of default containing the information required by law. The Trustee shall also mvl copies of the notice of default W the
<br />Borrower, W each person who is a party herein, and rp other persons as agesand is used applicable law. Not less Nan one month after the Trustee records the notice of default,
<br />or two months ons a d in property a not in my incorporated city or village and is used in forcing operations carried on a pine wsmq the Trustee shall give public notice If
<br />sale ir the persons and in the manner prescribed Tr applicable law. Trustee, without demand on Borrower, shall sell the property , public ruction t the highest bidder. y
<br />required th pr Finn Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Truss, may postpone sale of ill nr any
<br />parcel of the property by public announcomcnt a[ Ne lime and place of any previously scheduled sale. Lender or its designee may purchau the property m any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the property . The menials umcained in Tmstee's deed shall be
<br />prima facie evidience of Ne truth ofthe statements contained therein. I mstee shall apply the proceeds of the sale in the following order: Is) Wall expenses of the sale,
<br />including, but not limited to, reasonable Trustee's Res, reasonable anomry's fees and reinstatement fees, fb) W all sums secured by this dead of Wrt, and (c) the balance, if
<br />any, m the Persons Icga11Y entifed W receive it.
<br />13. F aixelosurs. At Lender's opt.., this deed fmat maybe foreclosed in the manner provided by applicable haw for foreclosure ofmougages on real property.
<br />14. Inspeelion. Under may, enter the lamasery to i ispem it if lender gives Borrower notice beforehand. The notice most scale the reasonable curse for Leader's
<br />inspection.
<br />15. Condemnation. Borrower assigns W Under the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any pan ofthe
<br />property. Such proceeds will be applied as Provided in Covenant 1. 'Ibis assignment is subjem W the terms of my prior security agreement.
<br />16. Waiver. By exercising my remedy available W Lender, Lender does act give up my rights to later use my other remedy. By not exercising any remedy upon
<br />Borrower's defanit lender does not waive my right W later consider the event a default Hit happens again.
<br />17. Joint and Several Liability; Co-signers; Successor sad Assign Bound. All duties under Misdeed oftrust me joint and several. Any Borrower who w -signs Nis
<br />deed oftrust but does not co-sip the underlying debt inntrumena(s) does so only W grant and convey Net Borrower's interest in the property W the Trustee under the terns
<br />of Nis Moat oftrust. In addition, such a Burrower agrees that the Under and may other Borrower under this deed oftrust may extend, modify or make my other changes in
<br />the arms of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of hush.
<br />The duties and benefits of this deed of hurt shall bind and benefit the successors said assigns of Under and Borrower.
<br />19. Notice. Unless otherwise required by law, my notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed W Borrower m Me
<br />property address or my other address that Borrower has given to Lender. Borrower will give my notice W Under by certified mail to Lender's address on page 1 of this
<br />deed afmst, or to my other address, which Lender has designated. Any other notice W Under shall be sent W Lender's address as slated on page 1 ofthis decd oftmsl.
<br />Any notice shall be deemed W have been given W Burrower or Lender when given in the meaner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. Had or any part ofthe property or my interest in it is sold or tansferred without the Under's
<br />prior written consent, Under may demand immediate Payment ofNc secured debt Lender may also demand immediate payment ifthc Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold dr transfetred. However, lender may not demand payment in the above situations if it is prnhibiad by federal law as tithe date
<br />of Nis died oftrust.
<br />20. Reconveyance. When the obligation secured by this deed of trust has been paid, and Under has no further obligation to make advances under the instruments or
<br />agreements secured by this deed arms,, the Trustee shall, upon written request by the Under, reconvey Me coast parquetry. The Lender shall deliver W the Borrower, or to
<br />Borrower i successor in interest, the trust deed and the note mother evidence of0ne obligation so satisfied. Borrower shall pay wry recordation costs.
<br />21. Successor Trustee. Lender, at Under's option, may remove Trustee end appoint n sncwssor mnstee by first, mailing a copy ofthe substitution of trustee as required
<br />by applicable law, and Men, by filing the substitution of trustee for record in the office ofthe register ofdeeds ofewh county in which the trust property, or some pan
<br />thereof, is situated. The successor trustee, without waseyance ofthe properry, shall succeed Wall the power, duties, authority and title ofthe Trustee named in the deed of
<br />east and of my successor mslee.
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