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COVENANTS 200307056
<br />I. Payments. Borrower agrees to make all raym ons an the secured debt when due. Unless Borrower and Imder agree otherwise, any payments tender receives from
<br />Borrower or for Borrower's benefit will be a,I.W first to avy amours Bonwer owes on the seeurW debt exclusive of interest or principal, second to interest, and then to
<br />principal. Ifp s-ral prepayment of the secured debt occurs for any reason, it will me reduce at excuse any scheduled payment nntil the secured debt is paid in full.
<br />2. Claims Against Title. Rmrower will pay all taxes, ussessmtees, and Other chances anributablc to the properly water due and will defend title to the property against
<br />any claims which would impair the Gen of this dead of these Crnda may repair, Borrower to 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 />J. Insurance. Borrower will keep the property insured under genet acceptable as Lender at Borrower's expaae and for Lender's benefit. All Insumm a policies shall
<br />include a swmlard mortgage clause in favor of Cruder. Lender will be named as loss payee or as the insured on any snch imumme policy. Any insurance proceeds maybe
<br />appliad, within Lender's discrems, to either the minimum. or repair of the damaged property or to the seaurad debt. If Lender raptures mortgage imumnce, Borrower
<br />agrees to maintain such insuame for as long as Lender raluires.
<br />4. Property. Borrower will keep the Manny in good condition and make all repairs reassembly necessary _
<br />S. Expenses. Borrower agree, to pay all Lender's expenses, including rwaomble attorneys' fees, if Borower hreaks any covenants in this dced of tot or in any
<br />obligation scoured by this dead ofmust. Borrower will pay these amounts to lender as provided in Covenant 9 of" deal oftmst.
<br />6. Prior Security Interests. Unless Bonvwer first obtains lender's wrinen contcaq Borrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Bonmwer'a obligations under any prior mortgage, dad of test or other security agrament, including Bonewer's covemms to make payments
<br />when due.
<br />7. Assignment of Rams and Profits. Bonowm assigns w Lender the rents and profits of the property. UNeea eormwer and Lender hove agreed otherwise in writing,
<br />Borrower may collect and retain the mnrs as long as Bnnower is not in default, If Borrower defaults, Lender, lender's agent, or a court appointed receiver may sake
<br />possession and manage the property and collect the relies. Any rears Lender collects shall be applied first as the caters of mamging the property, including court costs and
<br />anomcys' few, commissions m rental agent, and any other nasssary related expenses. The remaining amount of rents win tarn apply to payments on the secured debt as
<br />pmvidal in Cnvenant 1.
<br />S. Leaseholds; Condommiumr Planned Unit Developments. Bonower agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this
<br />dead of trust is era a unit in a condominium Or a planned unit development, Bnnower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium or pointed unit development.
<br />9. Authority of Lender to Perform for Borrower. if Borrower fails to perfourn, any of Borrower's duties under Ws dad of rant, Lender may perform the duties rr
<br />,use them to be pertmsued. Leader may sign Borrower's name or pay any amount ifnccarary for perfomance. If any construction on the property is diwordinucd or not
<br />conial on in a rcasomble manner, Leader may do whatever is mereamry to forest lender's security interest in the property. This may include completing the construction.
<br />Lender's failure to perform will not pmcondc Lender tram exercising any of IN other rights under the law or this deal of trust.
<br />Any amounts paid by Lender w Protect Larder's security interest will be secured by this deal of trust. Such amounts will he dm on demand and will bear interest ham the
<br />date of the payment until paid In full at the organist rate in eff et on the smural debt.
<br />10. Default and Aaelettion. EBonowa GiEtomakeanypaymeatwhmdueorbrcaksmycevemnlsmderthisdce oftmttormyobligatimsmc bythisdcdof
<br />trust or any prior mortgage or dead of tmak Lender may accelerate the maturity of the secured debt and dcmussud immediate payment and rimy invoke the power of sale and
<br />any other remedies pennmed by applicable law.
<br />11. Request for Nofa of Default. It Is hereby requested that copies of the entices of default and sale be sent to wen person who is is party Inerew, at the address of each
<br />such pnnoq as sec forth herein.
<br />12. Pone, of Sale If lire Leader invokes the power of sale, the Trustee shall find record in the office of the register of deeds of each county wherein the tot properly or
<br />me pan err pareel thereof is marked a notice of default containing the information required by haw. The Trustee shall also mail copies of the notice of default to the
<br />Borrower, to each person who is a party hereto, std in other persons m preac Tao by applicable law. Not has than rave month after the France mounts the rwtice ofdefcult,
<br />or two months if the trust property is not in any incorporated city or village and is good ht farming operations mried on by the tmnor, the Testa shall give public entice of
<br />sale to the persons and in the summer posambed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />requiral by the Fame Homestead Protection Act, Trustee shall other the properly in two separate sales as repaired by applicable law. Tmatee may pmtpune side of all orm,,
<br />protect ofthe property by public announcement at the time and place ofany previously scheduled role, tenderer its designee merypurchasethepropeny, at mysale.
<br />Upon receipt of payment of the price hid, Testa shall deliver to the purchaser Tmstee's deed conveying the property. The recitials contain" in Tmstee's deed shall be
<br />prima facie evidimce of the troth of the statements conmined tberein. Trustee shall apply the proeeaks of the sale in flue following order (a) to all expenses of the sale,
<br />including, but not limhad e, aasomble Ttnstcc s fees, ..able attorney's fees and monstra ment fees; (b) to all sums secured by this deal of trust, and (c) the balance, if
<br />any, to the persons legally entitled to nweive A.
<br />13. Porcelains.. At Lender's option, this deed ofimst may be foreclused in the mamuer provided by applicable law for foreclosure of suonguges on red property.
<br />14, Luspertion, lender may enter the property to impect it mf Lender gives Borrower notice beforehand. The noficc must rime the mmonuble cause for Lmder's
<br />inspe0on.
<br />15. Condemnation. Borrower assigns to Lender the proceeds of asp award or claim for damages connected with a condemnation another asking of all or any part of the
<br />property. Such procccds will beapplied asprovided inCoveuant I. Thisassi@ mtissubjectwthetermsofanypriorssurityageem ent.
<br />16. tardives, By ex sing any remedy available to Lender, Lender dues not give up any rights to later use any other remedy. By not exercising any ¢mcdy upon
<br />Bonower'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; Cosigners; Successors and Milan; Bound. All defies under this deed of trust aajobst and several. Any Berowcr who co -sigm this
<br />deed of i n but des not cosign the underlying debt irewmenrs(s) does so only to front and convey that Borrowers interest in the property to the Trustee under the tenors
<br />of this deed of Trost. th addition, such a Burrower agrees that the Lender and coy other Borrower ummder this deed oftmst may extend, modify or make any other changes in
<br />the terms Offish decal oftmat or the secured debt without that Borrower's consent and without Messing that Borrower from the terms ofthis deed oftmsg.
<br />The duties and boefits of this deed almost shall bind and benefit the successors and assigns of Coder and Borrower.
<br />18. Notice. UNess otherwise rryuirad by law, any twtice w Borrower shall be given by delivering it or by mailing it by cmifiM mail addressed w Borrower at the
<br />property address or any other address that Borrower has given m lender. Borrower will give any notice to Lender by u,rifred mail to Lender's address no page I of this
<br />deed of ten, orto anyotheraddress , which Lerderhas designated. Anyothernmlcemlemdcrshallbesentto LandesWdressasswWonpugeloftksdedoftmst.
<br />Any notice shall be decmcd on have been given to Borrower or lender when given in the manna stated above.
<br />19. Transfer of the Property or a Beneficial Intern, in the Borrower. if all or any pmt of the paupers or any interest in it is sold or transferred without the Lender's
<br />print written consent, Lender may demand immediate payment of the securai deed. lender may also demand immediate payment ifthe aerates is mot a mwml person and
<br />u beneecial iveemest in the Bnrmwer is sold or [mmfrncd. However, Lender may not demand payment in the above situations if It Is pmhTited by federal law as of fecWle
<br />of this deed oformal.
<br />20. Reooaveyame. When the obligation secured by this deed of train has been paid, and Lender has no further obligation to make advances under the instmmcnrs or
<br />ag me secured by tads decd of trust, the Tmsdee shrill, upon written request by the Lender, mmvey the tmn property. The Larder Shull deliver m the Borower, ov to
<br />Borrower's successor in interest, the most dead and NC note orother evidence ufde obligation so satisfied. Bonnwer shall pay any recordation costs.
<br />21. Saceeseer Trustee. Leeds, at Lrndc 's opt ion, mny remove Trustee and appnimasmcessnrt mots by Flrse suainng,copy of[hc substitution uflwlee us mluircd
<br />by applicuble law, and then, by filing thembatiwtion of trustee for record in the office of the roamer of deeds of each county in which the nun property, or some part
<br />thermf, is situated. The, successor tests, without conveymmce of the pmpeny, shall succeed to an Ne power authority and title of the Trustee mmad in the dad of
<br />trust and of any sms.wor musters.
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