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COVENANTS 200306920
<br />I. Payments. Borrower agrees W make all payments on the secured debt when due. Ilnless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Rormwer's benefit will he applied fist to tiny amounts Borrower owes on the seamed debt exclusive of interest or principal, second to interest, and then to
<br />principal. If partial prepayment ofthe secured debt occurs for any 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 tuxes, asessments, and offer charges attributable to the property when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of trust Lender may require Borrower to assign any rights, victims 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 the property insured under terms acceptable W Lender a Borrower's expense and for Lender's benefit All Insurance policies shall
<br />include a standard mortgage clause in hour of Lender. Lender will be named as Ines payee or as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, within Lender's discretion, to either to restoration or repair of the damaged properly or to the secured debt. If Lender requires mortgage insurance, Roxower
<br />agrees to mtlotwn such insurance for as long A I ender requires.
<br />4. Property. Borrower will keep the property in good condition and make all repairs mumntbly necessary .
<br />5. Expenses Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of mist or in any
<br />obligation secured by flits deed oftmst Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust.
<br />6. Prior Security Interests. Ilnless Borrower first obtains Lender's written contest, Borrower will not make or permit any changes to Sony prior security interests.
<br />Borrower will perform WI of Borrower's obligations under any prior mortgage, deed of trust or other security agreement, including Borrower's covcnmts W make payments
<br />when due.
<br />]. Assignment of Rents and Profits. Borrower assigns to Tender the rem¢ and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the rents as long as Borrower is not in default, If Borower defaults, Lender, Lender's agent, or a court appointed receiver may take
<br />possession and mange the property and collect the rent. Any rents Lender collects shall be applied first to me costs of managing the property, including court costs and
<br />anomcys' fees, commissions to rental agents, and any other necessary related expenses The remaining amount of rents will then apply W payments on me secured debt as
<br />povided in Covenant 1.
<br />g. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provWinn, of any lease if this deed of most is on leasehold. If this
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform WI of Borrower's duties under me 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 to perform, any of Borrower's duties under Nis deed of trust Lender may pe, urm the duties or
<br />cause them W 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 security interest in the property . This may include completing the construction.
<br />Lender's failure W perform will nut preclude Lender from exemising my of its other rights ,title, the law or this deed of mist
<br />Any amounts paid by Lender to protect Lender's semmry interest will he secured by this deed of cost. Such amounts will be due on demand and will boar interest firm me
<br />time ofthe payment until paid in full at me inleresl rule in effect on Be secured debt
<br />10. Default and Accele ration. If Borrower fails to make any payment when due or breaks any covenants under this deed oftmst or any obligation secured by this dad of
<br />cost or any prior mortgage or deed of mast, Lender may uocelcome 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 />U. Request[nr Necker(Matill. IHe hereby rcqucsfid mat espies of Ne noliues of Jef It and rctle be sentWwch person who isaparty hereto, at me address of each
<br />such person, as set foNn herein.
<br />12. Power of Sale. Ifthe Lender invokes to power of sale, me Trustce shall first record in me office of one register of deeds of etch county wherein the cost properly or
<br />some pat or parcel thereof is situated a notice of default containing the information required by law. The Trustee shall ale mail copies of the notice of default W the
<br />Bnro wee, W each person who is a party hereto, and Women persons so prescribed by applicable low. Net less Nm one monN after the Trustee records the notice of defmlt
<br />or two months if the tmR property is not in any incorporated city or village and is used in tanning operations carried on by me notion, me'I room shall give public notice of
<br />sale W me persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by me Parm homestead Protection Act, Trustee shall offer the property in two separate sales us required by applicable low. Trustee may postpone sale of WI or coy
<br />parcel of me property by public announcement a the time and place friary previously scheduled sale. Lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment of me price bid, Trustee shall deliver to Be purchaser Trustee's decd conveying the property. 'Ile reciliWs contained in lruslee's deed shall he
<br />prima facie evideene, of the troth of the statements committed therein. Trustee shall apply the proceeds of me sale in the following order! (a) to all expenses of me .sale,
<br />including, but not limited to, reasonable 'I oustce'e tees, wasumble attorney's fees and reinstatement fees; (b) to all sums secured by this deed of trust and let the balance, if
<br />any, to the persons legally entitled to receive It.
<br />13. Foreclosure. At Lender's option, this deed of trust may be furedosed in fine roamer provided by applicable Iaw for foreelomre of mortgages on real property_
<br />14. Inspection. Lender may enter, tine property to Inspect it if lender gives Ron., notice beforehand. The notice mute ,tae the manonahle cause for Lender's
<br />inspection.
<br />15. Condemnation. Bomwer assigns to Lender the proceeds of wry award or claim for damages connected with a condenmation or other taking of all or any pat of the
<br />property. Such proceeds will be applied as provided in Covenant 1, This assignment is subject to the firms of tiny prior security agreement
<br />16. Waiver. By exercising any remedy available W Lender, Lender does not give up coy rights to later use my other remedy. By nut exercising any remedy upon
<br />Brouster's default Lender does not waive any right to later consider the event a dcmult if it happens again
<br />17. Joint and Several liability; Co-signers; Successors and Assigns Bound. All duties under this deed oftrust srejoint and several. Any Borrower who co -signs this
<br />decd of trust but does not cu -sign me underlying debt mamuments(s) does so only to grad and convey that Borrower's interest in the property W the Trustee under the terms
<br />of this decd of moat. In addition, such a Borrower agrees that the Lender and any other Borrowcr under this decd oftmst may extend, modify or make any offer changes in
<br />the limo 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 most
<br />The duties and bereft, of this deed nf.st shall bind and mall ft Ne successors and assigns of lender and Borrower.
<br />18. Notice. Unless omcrwisc required bylaw, any notice to Borrower shall be given by delivering it ur by mailing u by certified mail addressed to Borrowcr a the
<br />property address or any ether adArea mat Rnrrnwer has given to Lender. Borrower will give my notice to lender by certified mail to lender's address no page I of this
<br />deed of trust, or W coy other wldress, which Lender has designated_ Any other notice W Lender shall be sent to Lender's address as stated on page 1 of this dead of trot.
<br />Any notice shall be deemed to have hecn given m Borrower or Lender when given in me manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. It all or any part of the property or any interest in it is sold or transferred without me lender's
<br />prior written consent, Lender may demand immediate payment of the secured debt I ender may also demand immediaW payment ifthe Ronower is not a mural person wad
<br />a beneficial interest in the Burrower is sold or harshened. However, Under may not demand payment in the above situations if it is prohibited by federal mw as of the rule
<br />of tans deed oftmst.
<br />20. Reconveyanee. When the obligation secured by this deed of test has been paid, and Lender has no further obligation W make advances under me instruments or
<br />agreements secured by this deed oftmst the Towme shall, open written request by the I code,, reconvey the trust property. The lender shall deliver to the Burrower, or to
<br />Borrowers successor in Interest,metrustdeed and the note or other evidence of the obligation so Soothed. Borrower shall pay any recordation costs.
<br />21. Successor'I'rustee. Under, at Lcndcr's option, may remove I m ace, and appoint a successor frusta by first, mailing a copy of me substitution oftrustee 0 required
<br />by applicable Iaw, and then, by fling Be substitution of trustee for record in the office of me register of deeds ofcach county in which the trust property, of some pan
<br />Ncicof, is situated. The successor moafie, without wrocywa of the property, shall wureeJ to dl Be power, dutles, authority am title of the I hus ce named in to deed of
<br />trust and of any successor move,.
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