|
.. COVENANTS 200203752
<br />1. Payments. Borrower agrees to make all payments on the secured debt when doe. Unless Borrower and Lender agree otherwise, any payments Lender receives boat
<br />Bon'ower or bit Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to mterest, and then nn
<br />principal. If partial prepayment of the secured debt occurs for any reason, if will not reduce or excuse any scheduled payment until the se ulud debt Is paid in full.
<br />2. Clabns Against Title. Borower will pay all taxes, assessments, and other charges attributable to the property when due and will defend title to the properly against
<br />any claims which would impair die lien of this deed of trust. Lender may require 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 />3. Insurmree. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit. All Insurance policies shall
<br />include it standard mort r ie clause in favor of Lender. Lender will be trained as loss payee or as the insured on any such insurance policy- Any insurance mocceds may be
<br />applied, within tender's discretion, to either the restoration or repair of fire damaged property or to the secured debt. If Lender rxlmres mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4, Property. Borrower will keep Ole property in good condition mid make all repairs reasonably necessar}
<br />5. Expenses. Borower agrees to pay all Lenders expenses, including reasonable attomces' fees. if Borrower break, any cocenara4 in this decd of imsl r many
<br />obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust
<br />6, Print Security Interests. Unless Borrower first obtains Lender's written contest, borrower will not make or permit any changes to any prier security interests.
<br />Borrower will perform all of Borrower's obligations under any prior morlgagu, deed of trust or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />.. Assign meat of Rents and Profits. Borrower assigns to Lender the rents and profits of the properly. Unless Borrower and I ender have agree 1 utl crxise in mama,
<br />v
<br />Borrower may collect and retain the rants as long as Borrower is not in default. If Borrower defaults, Lender, Lenders agent, or it court appointed receiver may take
<br />Possession and manage [he property and collect the rents. Any rents Lender collects shall be applied first to the costs of nom hging the property, including court costs and
<br />stainless' fees, commissions to rental agents, and any other necessaro related expenses- The iemsin ing amount of rents will then apply - m payments on the secured debt as
<br />provided in Covenant 1.
<br />8, Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust is on leasehold_ If this
<br />deed of trust is on a unit in it condominium or it planned unit development, Borrower will perform all of Borewer's duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of tender to Perform far Borrower. if Borrower fails to pcilorm, any of Borrower's duties under this deed of trust, Lender may perform the duties or
<br />cause them as be pet h�rmed. lender may sign Borower's name or pay tiny amount if necessary for performance. 11 any construction on the property is discontinued or not
<br />carried on in it 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 to pertorrn will not preclude tender from exercising any off« other rights trader tile law or this deed of trust
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust. Such announts will be due on demand and will bear interest front the
<br />date offite payment until paid in full at the interest rate in effect on the secured debt'
<br />10. Default and Acceleration. If Borrower tails to make any payment when out or breaks any covenants under this deed or trust or any obligation secured by this deed of
<br />trust or any prior mortgage ear deed of trust, Lender may accelerate the nou nix 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 />1 L Request for Notice of Default- It is hereby requ¢su.ci that copies of the notice, of clef rdl and sale be scar ru each pass: n who is a party hereto at the addre:o of each
<br />such person, as set truh herein.
<br />12. Power of Sale It the Leader m cokes tire power of sale, the 1 rustee shall first record in the oriice or tire register (it needs of each count,, whemin the n u%t poperty or
<br />some part or parcel thereof is siurared it notice of default cmhuning the information required by law. I he I rustee shall also mall copies of the notice of Oelaiu to the
<br />Borrower to each person who is it party hereto, and to ether persons as prescribed by applicable law. Not less than one month after the I-n stce records the notice of default,
<br />or two months if the trust property is not in any incorporated city a village and is used in farming operations carried on by lire duster, the Trustee shall give public notice of
<br />sale no the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shaft sell the property at public auction to the highest bidder- If
<br />required by tore Farm Homestead Protection Act, "fnutee shall o17er the property in two separate sales as required by applicable law- - trustee may postpone side of all or any
<br />parcel of the property by public announcement at the time and place of any previously scheduled safe. Lender or its designee may purchase the property ae any sale
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser I order's deed conveying the property. The recitials contained in Trustees deed shall be
<br />prima facie cvldience of the truth of the statements contained therein. "trustee shall apply the proceeds of the sale in the following order. (a) to all expenses of the sale,
<br />including, but not limited m, reasonable Trustees fees, reasonable attorney's lees and reinstatement Pecs; (b) to all sums secured by this deed of trust, and (c) the; hodance. if
<br />any, to the persons legally entitled to receive ft.
<br />13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in the manner provided by applicable law for foreclosure of motPages on real property
<br />14. Inspection. Lender may enter rile property to inspect it if Lender gives Borrower notice beforehand- The notice must state tike reasonable cause for Lender's
<br />inspection.
<br />15, Condemnation Borrower assigns to Lender the in oceeds of any award or claim for damages connected with it condemnation or other taking of all or any part of the
<br />property. Such proceeds will be applied as provided in Covenant L This assignment is subject to The terms of any prior seventy at, rec tire lit
<br />.
<br />16. W aiver. By escrcising any remed) ' available to Lender, Lender does not give up any rights to later use any other remedy- By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right to later consider the event it default if it happens again.
<br />17. debit and Several Liability; Co-signers; Successors and .Assigns Bound. All duties underthis decd of Into arejoint and .several. Any Bonoucr who co signs this
<br />deed d trust but does not ensign the underlying debt imtnzmenis(s) does so only to grant and convey than Borrower's interest in tote property to the Trustee under the terms
<br />of this deed uitrusi. In addition, such a Borower agrees that the Lender and any other Borrower under [hix deed of trust may extend, modify or stake any other changes in
<br />I he ]titles and bencins ofthis deed of trust shall bind and benefit the successors and lxmi ,ns of I coder and Borrrnvct
<br />18. Notice- lhness otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed to Borrower at the
<br />propatri address or any other address that Borrower has given to Lender. Borrower will give any notice to L.endcr by certified mail to Leader s address on page I of this
<br />deed of trust, or to any other address, which Lender has designated. Any other notice to tender shah be sent to Lenders address as stated on page t of this deed of trust
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manner started above.
<br />19. Transfer of the Property or a Beneficial Interest err tore But racer. If all or any pallor the property or any interest in it is sold or transferred without the Lender's
<br />lima written consent, Lender may demand innnediate paymentof the secured debt. Lender may also demand immediate Pay incur if tire Borrower is not it natural person and
<br />a bencticiai interest in the Borrower is sold ear transferred. However. Lender may not demand payment in the above situations if it is prohibited by federal law as id the date
<br />ofthis deed of trust
<br />24 Reconveyance. When the obligation secured by this deed of trust has been paid, and Lender has no Waller obligation to make advances under the instruments in
<br />agreements secured by this deed oftntst, the I ustee shall, upon written requcst by the Lender, reconvey the trust property. The Lender .shall deliver to the Borrower, or 0.s
<br />Borower's successor in interest, the trust deed and the note or inter evidence of the obligation so satisfied- Borrower shall pay any recordation costs
<br />21. Successor Trustee. (.ender, at Lender', option, may remove Trustee and appoint a successor trustee by List, mailing it copy of the substitution of trustee as required
<br />fly applicable law, and then. by filing tire substitution of trustee for record in tine off-ice of the register of deeds of each county in which the trust property, or some part
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall .succeed to all the power, duties, authority and title of the "trustee named in the deed of
<br />trust and of any successor trus tee.
<br />
|