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COVENANTS 200201032
<br />1. Payments. Burrower agrees to make all payments on me secured debt when duo Unless Boom— and Lender agree otherwise, Coy payments 1 ender receives from
<br />Borrower Or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, sewed of interest, and then re
<br />principal, If pa¢lal prepaymmot of the secured debt occurs for any mosey, it will not reduce or excuse any scheduled payment bell] the secured debt is paid in full.
<br />2. Claims Agairent I'hit, Bonowcr will pay all taxes, assessments, and other charges amibumblc to Me property when due and will defend title m the property against
<br />any claims which would impair one lien of this deed of trust. Lcndcr may reyuire Borrower m azI t, any, rights, Clain. of defenses which Borrower may have against
<br />parties who supply labor or materials la improve or maintain the property.
<br />3. Insurance. Borrower will keep me property insured under terms accepablt w Lender be Borrower's expense and for Lender's benefit All Insurance policies sluall
<br />Include a standard mortgage clause in favor of I. ender. Lender will be named us loss payee or as the insured on any such Insurance Policy. Any insumncc proceeds Inry be
<br />applied, within Lender's discretion, to either the revoyarmon or repair of the damaged Mail or to the seemed debt. If Lender nearly s mortgage insurance, 9mnany.
<br />agrees to maintain such insurance for az long as Lender requires.
<br />4. Property . Borrower will keep the property In goad condition and make all repairs reasonably necessary .
<br />5. Expenses. Borrows, agrees to pay ail Lender's expeabes, Mclnding ....able Mo.,,' fees, if Borrower breaks any covens in this deed of Most or in any
<br />obligation secured by onis deed of trust. Borrower will pay these nmuuns m Lender as provided in Covenw[ 9 of this deed of tmst.
<br />6. Prior Seemlry, Interests. Unless Rnmwer fint obtains Lender's written contest, Borrower will not make Or permit any changes to any prior security interests.
<br />Borrower will perform all of Burmwer's mMlgatinns under any prior mortgages deed of trust or other security agreement, including Droowei s covenants to make pa miens
<br />when due
<br />v. Assignment of Rams and Profit,. Borrower assigns to Lender Mc rents and profits of the property . Unless Borrower and Lender have agreed otherwise in writing,
<br />Be.., may cable. and retain the rents as long is Borrower is not in default if Burrower defaults, Lender, Lender's agent, or a coon appointed receiver may take
<br />possession rand manage the property and Ca lleel the urns. Any re de Lender collects shall be applied first in the Costs of managing me property, including court costs and
<br />onumeys' fees, conarmoions to rental seems, and any other unc,v ary related expenses. 'Ihe remaining amount of rents will then apply to paymem on the secured debt us
<br />provided in Covenant I.
<br />S. Leaseholds; Cmndomimy -j Planned Law Bervdopments. Bo ... we, agrees to comply with the poonsiann of any lease if this deed of bust is on leasehold. Ifonis
<br />deed of most is oa a am[ in a condominium or a planned unit development, Borrower will perform all of Borrower's dories under the covenants', by laws, of regulliinm of
<br />the condominium or planned unit development.
<br />9, Authority of Lender to Perform for Burrower. If Borrower fails a perform, any of Bull duties under this deed of must, Lender may perform the duties or
<br />cause them to be performed. Lender may sign Borrower's name a pay any amount if necessary for perfommnce. If any Conatruction on the prvp „ty is discnninued or no[
<br />carried on in a reasonable manner, lender may do whatever is necessary to notert Lender's security interest in onepmperty. This may Include Completing the cnnsvuctior.
<br />Lender's failure in perform will not preclude Lender from exercising any fifth other rights under file law or this decd of tmsl.
<br />Any amounts paid by I ender to pmact Lender's security interest will be secured by this deed of must. Such amounts will be due on demand and will hear normal from the
<br />date of the payment until paid in full a the interest rate in effect on the secured debt.
<br />10. Befaohimul Aceeleratloa. If Bn rmwe rf ailswmakcmypaymenlwhendnenrbrea mycovcnmsunder ll mludeadoftmst oraryobliga[io.securedbyonisdeednf
<br />Marl or any p[Or mortgage or toed of trust, lender may aewleraa one maturity of the secured debt end Demand immW late payment and may Invoke me puwyr of sale and
<br />fury other remedies permitted by applicable law
<br />11. Request for Notice of Default. It is hereby requested that topics of flue all of default and sale be sent to each person who is a party hereto, at me address Of each
<br />such person, as set forth herein.
<br />12. Powcr of Sale. If the Lender invokes me power of salt, the Trustee shall first record in the m1lQC of flue register of deeds of cacti county wherein the tmst property or
<br />some pan or parcel me ... I is lmated is notice of default Containing the information required by law. 'I he Trustee shall also mail topics of the notice of default m me
<br />Bnrrowcq [o cacM1 person who is A party herein, and to other persunr a' proscribed Fy applicable law. Not less Nan one month after the Trustee records the nutlet of default,
<br />or two months if NC trust property is not in any Merrill city or villoge and is used in farming operations carried on by the tiustoq the Trustee shall give public notice of
<br />rule to the persons and o est manner p Protection Act, Tr applicable law. he property in deemed on Rnnnweq shall sell Me properly at public auction m the highest bidder. y
<br />required by the Farm Homestead Protection Act, Trustee and offer the state rev in two separate sales as required by applicable law. ch stet may postpone sale of all or any
<br />parcel of the pmperry by public announecmenbmonetime and place of any pavi.usly scheduled rata Lander or its designee may purchase the property At any sales.
<br />I),d receipt of puymenl of die price bid, Trustee shall deliver to the punhaser Trust=” deed conveying the property. The r..flat, contained in'fru.fil deed shall be
<br />prima facie cvidjence of the truth of the statements combined thereof Trustee shall apply fie proceeds of flit sale in the following order'. (a) to all expenses of one sale,
<br />including, but no[ limited to, reasonable Tnstes's fees, reasonable anorney s fees aid reinstatement fees; (b) in all sums secured by this deed of tors, and (c) the balance, if
<br />boy, to the persons legally entitled a receive it
<br />13. Foreatuarre. At Lender's optic., Ibis deed al Vast may, be foreclosed in me manner provided by applicable law for foreclosure of mortgages on real property.
<br />14. har,hMmyr. Lend,, may enter 'he property to hill it it Lend,, gives Borrower notice beforehand. The .atlas must stain the reaso.able cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to lender the Draccod, of any award or claim for damages connected with a condemnation or money buying of all or any pan of the
<br />property. Such proceeds will be applied az provided m Covenat 1. This assignment is subject to one terms of any prior security agreement.
<br />16. Waiver. By exercising buy remedy available a Leader, Lender dues Out give rip any righs In ]at" use any Other callpe. By not exercising any remedy per
<br />Bmnower's default, Lender does not waive any fight to later consider the even[ a defaun i[ i[ happens again.
<br />Iv. Joint and Several Liablllry; Co- signer; Successors and Assigns Bouod. All duties bade, rats deed oftmst arejolnt and scvcrm. Any Burrower will Co-signs this
<br />decd at Must but does eat co-sign tie underlying deb[ Instruments(.) does so nnly m grant and convey Brat Borrower's imams, In fie property to me'I'raster under the terms
<br />of this deed of true. In addition, such if Borrower agrees that Me Lends and any other Borrower under On, deed of trust may, extend, mmdify or make any omen changes In
<br />the gyms ofthis deed ofvust or the secured debt without dint Borrower's consent and without redeasing rout Burrower from the arms ofthis deed option,
<br />The duties and bemfs ofthis deed ofvust shall bind and benefit the successors and assigns of Lender and Borrower.
<br />18. Notice. Unless otherwise reyoircd by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed to Bnrtnever at me
<br />property address or any other address oral Borrower has given to Lender. Borrower will give any .mice in I ender by certified mail to Lender's address on page 1 of this
<br />deed of vest, or m any other address, which Lender Ins designated. Any ether ..her a Under shall be sent to Lender's address as stated on page 1 of Ibis deed of Must.
<br />Any notice shall be deemed to have been given a Borrower or Lender Obey given Ia the manner staled above.
<br />19. Transfer of @s Property or a Beneficial Interest m the Borrower. If ml or any pan of the property or anY inaast in it is sold m Mnnskrred without the Unit,,',
<br />prior written consent, Lender may demand immediate payment ofthe secured debt. LImErioay also demand immediate payment it the Bmrvwer is not onamral person and
<br />a beneficial interest in one Borrower is sold or I ricamned. Blows, Lender may not demand payment in the above situations if it is prohibited by @derul law as of the date
<br />Of lbu deed aftryl
<br />20. Reconveyance. When the obligation secured by this decd of trust has been paid, And Lender has no further obligation to make advances under the instruments or
<br />agreements secured by this deed of must, the Trustee shall, upon entmn request by the Lender, few.vey the ..... ... perry. '11hc Lender shall deliver to the Borrower, or to
<br />Borrower'ssycceamrin intsest,MC[msl deed and 0rc note err other evidence oPMe obligation so salisGW. Borrower shall pay any recordation Costs ,
<br />21. Successor- Trustee. l ender, at Lender's opt ion, may remove Trustee a to Appoint a vereseortrustee by fast, mail ing a copy of the substitution of trustee Icy required
<br />by applicable law, and then, by filing the substitution of ubstcc for record in one Office of the regiaar of deeds of each county In which one trust property, or same part
<br />thereof, o simsad. The vye"I' , tousle-, without Conveyance of [hc Property, hall succeed to all me power, duties, authority and title of ILe li stet named in Me decd of
<br />trust and army successor trustee.
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