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COVENANTS 200200801 1. Payments. Borrower agrees to make all payments On the Secured debt when due. Unless Borrower and Lender agree otherwise any payments Lender receives from Borrower or tar Borrower's benefit will he applied first to any amounts Borrower owes on me secured debt exclusive of interest or principal, second to inprep, and then to principal. If partial prepayment of me seen red debt occurs for any rental, it will of induce nr could any scheduled payment until the located debt is paid in full. 2. Claims Against I lie. Borrower will pay all taxes, assessments.. and other charges artribumble to he property when due and coil l defend title to me property -gains[ any claims which would impair the lien of this deed of treat. Lender play require Borrower to assign any rights, claims or defenses which Barmwer may have against parties who supply labor Or materials to improve or maintain the property. 3. Insurance. Burrower will keep lire property Insured under terms acceptable to Lender at Borrower's expense, and for Lender's benefit All Insurance policies shell include a standard mortgage clause in favor of Lender. lender will be named as loss payee Or as the insured on any such romance policy. Any insmmnce pmacds may be applied, within Iun cr raider's discretion, in either the restoration or repair of the damaged property or to the secured debt. if Lender requires mortgage insurance, Patrower agrees to maintain such insurance for as long as Lender unions, 4. Property. Borrower will keep the property in good condition and make all remains reasonable necessary. 5. Expenses. Borrower agrees to pay all lenders expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of cost or in any obligati.,. secured by this deed ofwrt. Borrower will pay these amounts m l ender as provided in Covenant 9 of this deed of ton. d. Prior swo:rity Interests. Unless Barrower frst obtains Lender's writer mutest, Borrower will trot make or permit mry changes to any prior security iconorts. Borrower will perform all of Bormwer's obligations under any prior mortgage. dead of trust or other security agreement Including Borrower's covenants W make payments .ben due. ]. Assignment of Rents and Profits. Borrower assigns to Lender the rents and proms of lire pmperry. Unless Burrower and Lander have Wood o olow le in writing, Borrower may coital and retain the rents as long as Borrower is not in default If Borrower defallts, Lender. Lender's agent, or a curt appointed reaiect may take possession and manage the properly and collect the Penns. Any rents 1 ender collects shall he applied first to tlm cons of managing the property, including court w9s and porticyd fees, commissions to rental agents, and any other necessary related expenses- The remaining sommal Of rwns will then apply to payment, on the secured debt as provided in Covenant I- S. Leaschulds; Cnndominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease ifmis deed of vast is on leruehold iflhis deed of cost is on it unit in a condominium or a planned unit de.veiopment Borrower will perform all of Borrower I duties under Me covenants, by laws, or regulations of the condominium or planned unit development. 9. Authority of Lender to Perform run Borrower. If Borrower fails to perfectly, any .I Rote ys duties undo Nis deed of trust, finder may perform me duties or cause them m be performed- Lender may sign Borrower's name or pay any locum it nearsa rot Performance, if any construction On the property is discontinued or not carried on in a reasonable manner, Lender may do whatever is m cestr y to protect Lender's seani , interest in the property. This may Include completing the construction. I ender's failure to perform will not preclude lender from exercising any of its other rights under be law or this deed of trust Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust Such amounts will be due on demand and will bear interest from the date of the payment until paid in fill at the Interest mm in effect on the scomed debt 10. Definitand Arraleramon. If Boom., f ails to make any payment when tine or breaks any covenants under this dead oftmsl err any obligation secured by this deed of nest or eny prior mortgage or deed of tom, Lender may cumbrous the matant, of Ile secured debt antl demand immediate payment rind I'll invoke the power afsale and any other remedies permitted by applicable law. 11. Request for Notice or Uerault. It is hereby requested that copies o[me notices of default and sale be cent to tech person who luaparty harem, ul Uha address of each such person, as set form herein. 12. Power or Bole lfmc Lender invokes the power ofseles the Trustee shall first record in the office afne Pegi,mr of de eds of each worry wherein the trust properly or ma part or parcel thereof is situated a notice of default containing the information required by law. Tile l'msme shall also mail copies of the notice of default to the Bonossm, m each Adam, who is a parry hereto and m Other persons as Paoc,mud by applicable law. Not less than one mmdll Offer the M1 Trustee islands Ile notice ofd or two months If the trust pmPerry Is not In any Incorporated city or village and is used In Summit mil operations carried on by me lmstoq give public sale In the persons and in the mall- prescribed by applicable law_ Tmstee, Willman demand on Borrower, shall sell the property at public auction to me highest bidder. If nquirsed by the P-rm Homestead Protection Act Trustee shall uffm the property In two separvts.sales as required by applicable law. Tmstee may Postpone sale of all of any parcel oflhs property by public announcement at the time and place of wry previously scheduled sale. Lender or its designee may purchase the properly at any sale_ Upon Ossetia of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying Ole property- The reciaeir wnmined in Trustee's decd shall be prima facie evitileaw Of the truth of tle statements contained therein. Trustee shall apply the proceeds of me sale In the fallowing mder: but to If expenses of the Sale, including, but not limited to, reasonable 'Inten e's fees, reasonable utanrey's fees and rearstud llent fees; (b) to ail sums scrolled by this deed ofwst, and (c) the balance, if any, to the persons legally entitled to receive it 13. Poredlu ... a. At Lcnderl opting this decd of true may he foreclosed in Ne manner Provided by apPliuuble law for foredoarcafmudP.aRes nrcal property. 14. Inspedi.m. Lender may enter Ilse Property to ins rout it if Lander gives Borrower notice beforehand. I'FO notice must state me reasonable ..use for Lender e nne' lion. 15. Condemnation. Borrower .,slant to Under d:e proceeds of any award or claim for damages simmered wim a eandemnetian or uWer taking of all err any an of the property. Such proceeds will be applied as provided in covenant I. This assignment Is abject to the terms of eny prim security agreement. 16 Waiver. By excPsOng any remedy available to Lender, Lender does not Give up any rights to leer use an, other remedy- By not dxercismit mhy remedy upon Borrower 's default, Lender does not waive any right to later consider It, event a default if it happens eI,- 17. Joint and Sever Liability; Co-signers; Sucttamrs and Assigns Bound. All duties under this decd of trust my joint and several. Any grammar who w -signs this deed of trust but does not cosign the underlying debt Instruments(,) does so Lady to grant and convey that Borrower's interest in the property, to me- Tmstee tinder the terms of this deed ofnmst. In addition, such a Borrower agrees that the Lender end any other Borrower under INS deed of most may extend, rundiy or make any other clni,es in the terms of this dead oftne, or the sacred debt oul nut that Borrower s consent and without mlaming shot Borrower from the terms of this decd oftrect. TI¢ tlmies vnd henefils mf [M1is Jeed artrust shall binU and baneflt the successors d assigns of Lender vnd Bminwer IS. Notice. Unless otherwise required by law, any notice to Barroom shall be Given by delivering it or by mailing it by certified mail addressed to Burrower at me progeny address or any other address that Borrower has Given to Luhder Borrower will give any ounce to Lender by ceNtied moil to T raider's address on page I of this deed of tout, Pit. any other address, which Lenity, bas designated, Any other notiueto Lender shall be seat to lmdei s address as Stored on page l of this decd of trust. Any notice shall be deemed to have been given to Borrower or Lender when given In Ole manner stated above. 19. Transfer of the Property or a Beneficial Interest in the Burrower. If all ar any pan of me property or any interest in it is said Or transferred without the Lender's prior writ r consent, under may demand immediate payment of the sw ared debt Lender may also demand immediate payment if the Rnrr.wer Is not a nautili person and a beneficial Interest in me Borrower is Sold or transferred_ However, Lender may not demand payment it, ma above situations if it is mohlb'ned by federal law as ofthu data mnhis Jeed of lust. 30. Reconveyance. When me obligation secured by this decd oft t has been paid and Lender has no Another obligatim to make advances under the Instwnenls or agrearrom, issued by Plus decd of teel, the Trustee shall, upon wrinen request by the Lender, mmnvey me trust properly The Under shall deliver to tine Borrower, or to Dormwer's sumersor in Interest the trust deed and me note or other evidence ofthc Lbllgmion so satisfied. Borrower shall pay any recordation costs - 21. Sticumsor Trostce. U,,dor,at tender's Lpnon,nhayrcmovc Tmsteeundmppeintasucassormusteebyfiatmallingaeopyoflhesubstitntionoftruste mrcquired by applicable law, and then, by Filing the substitution of trustee for record in the olfre of the register of deeds of Loch county In which the tilt pmpmty, nr some part thersofissruated. The successor tn:stea, without wnvcyonce.[ @a properly, Sball succeed to all dre power, duties, aumonq and title ofine Tmstee named In the deed of tom and of any successor trustee.