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COVENANTS 0
<br />I. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Bonowerand Lender agree otherwise, any payments Leader receives from
<br />Bonower' or for Borrowers benefit will be applied first to any amounts Borrower owes on [he secured debt exclusive of interest or principal, second to interest and then to
<br />prmupd. If partial prepayment of the 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. Chums Against 'ITtic. Borrower will pay all taxes, assessments, and other 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 requite Bonower to assign any rights, claims or defenses which Bonoower may have against
<br />parties who supply labor or materials to improve or maintain theproperty.
<br />3. insurance. Bonower will keep the property insured under terms acceptable to Lender at Borrower's expense and liar Lenders benefit. All Insurance policies shall
<br />include a standard moi tgage clause in favor of Lender_ Lenderwill be named its loss payee or as the insured on any such insurance policy. Any incur once proceeds may be
<br />applied, within Lenders discretion, to either the restoration or repair of the damaged poprty or to the secured debt. If tender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary.
<br />5. Expenses. Bouuuer agrees to pay all Lender's expenses, including reasonable attorneys' fees, it Borrower heeds any covenants in this deed of tweet or in any
<br />obligation secured by this deed of Host Borrower will pay these amounts to Lender as pmvid 1 in Covenant r3 of this deed of trust.
<br />G. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Bonower will not make or permit any changes to any pilot' sectors interests.
<br />Bonower will pedomo all of Borrowers obligations under any prior mortgage, deed of unit or other security agreement, including Borower's covenants to make payments
<br />when due.
<br />7. Assignment of Rents and Profits, Bonower assigns to Lander the rents and profits of the property. Unless Bonowerand Lender have agreed otherwise in writing,
<br />Bonower city collect and retain the rents as long as Borrower is not in default. If Bonower defaults, Louder. Lender's agent, or It court appointed receiver may take
<br />possession and manage the property and collect tire rents. Any rents Lender collects shall he applied first to the costs of managing the property, including court costs and
<br />attorneys' lees, commissions to rental agents, and env other necessary related expenses. The remaining amount currents will then apph to pytnents on the secured debt as
<br />provided in Covenant I.
<br />8, Leaseholds; Condominiums; Planned Unit Developments. Bonower agrees to comply with tilt provisions of any lease if this deed of trust is on leasehold. 11 this
<br />deed of Trust is on a unit in it condominium or a planned unit development, Borrower will perform all of Borrower's duties nuclei the covenants, by Taws, ur regulations of
<br />the condominiums or planned unit development.
<br />4, Authority of Louder to Perform for Borrower. 11 Borrower fails to perform, any of Borrower's duties under this deed of slut. Lender may perform the duties or
<br />cause them m be performed- Lender may sign Borrower's name or pay any amount if necessary fill performance. If any construction entire property is discontinued or not
<br />earticil on in a reasonable manner, Lender may do whatever e; necessary in protect Lenders securay interest in the property- This may include connpledng the construction.
<br />Lender's failure to perlOIIn will not preclude Lender from exercising any of its other rights under the law or this deed curtail
<br />Any amounts paid by Lender to pultecl Lenders security interest will be secured by this deed of trust. Such amounts will be due on demand and will bear interest from the
<br />date of the payment until paid in full al the interest rate in ef9ect on the secured debt.
<br />10. Default and Acceleration. if Borrower fails to make any payment when due or breaks any covenants under this deed oftmst or any Obligation secured by this deed of
<br />trust or any prior, mortgage or decd of rust, Lender may accelerate the annually of the secured debt and demand immediate paymem and only invoke the power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Request for Notice of Default. it is hereby requested than copies of the notices of default and sale be sent io cis r person who is a p any hereto r tire rddosv of csch
<br />ouch person. as se's torth herein.
<br />12. Power of Side- If the Lender invokes the power of sale, the Trustee shall first record in the office of The register of deeds of each county wherein the trust property or
<br />some part or parcel thereof is situated a notice of default containing the information required by law. The Tnr.stee shall also mail copies of the notice of def6ulL to the
<br />Borrower, to each person who is It party hereto, and to other persons as prescribed by applicable law. Not less than one month after the Trustee records the notice Of'detauk,
<br />or two month's if the trust properly is not in any incorporated city or village and is used in farming operations carried on by the truster_ the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to tire highest bidden if
<br />required he [he Fann Homestead Protection Act, Trnslee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel of the properly by public announcement at the time and place of any previously scheduled sale- Lender or its designee may purchase the h opcaty at toy sale.
<br />Upon receipt of payment of are price bid, Trustee shall deliver' to the purchaser Trustees deed conveying the property. The recitials contained in Trustct s deed shall be
<br />urinal facie mdience of the truth of the statements container) therein. Trustee shall apply the proceeds of [he sale in the Collimate order (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable attorney's tees and reinstatement fees, (b) to all sums secured by this deed of rust, and (c) the balance, if
<br />Lilly, to the persons legally entitled to receive it
<br />13. Foreclosure. At Lender's option, this deed oftrust may be foreclosed in the nonce provided by applicable law for foreclosure of mo )gages on feral property.
<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must such the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other raking of all or any part of the
<br />properly- Such proceeds will be applied as provided in Covenant L This assignment is subject to the terns of any prior security agreement.
<br />1G- Waiver. By wercising any remedy 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, Leander doe not waive any right to later consider the event a default if if happens again.
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed of trust are joint and sevea'dI Any Borrower who co-signs This
<br />deed of trust but does col co -sign the underlying debt instnunentx(s) does so only to grant and convey that Bonower's interest in are property Lo the hmslee under the icons
<br />of this decd of test. In addition, such it Borrower aces that the Leader and any other Bonower under this deed of crust may extend, modify or make any other changes in
<br />the terms o; this decd of trust or the secured debt without that Borrower's consent and without releasing that Borrower' from the terms of this deed of busk
<br />Thu duties and hetrefi , of this deed of tort shall bind and benefit tho success rs and assigns of Lender and Borrower
<br />18. Notice. Unless otherwise required by pas., any notice to Bonower shall be given by delivering in or by smiling it by certified mail addmssed to Bon'omcr in the
<br />properly address a' may other address that Borrower has given to Lender. Bonower will give any notice to Lender by certified mail to Lender's add ess on page I of this
<br />deed of oust, of to any other address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stated on page I of this deed of trust.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manner stated above
<br />M Transfer of the Property or it Beneficial Interest in the Borrower. If all Or any part of the property or any interest in it is sold or transferred without the Lenders
<br />prior' written consent, Lender nuty demand immediate payment of the secured debt. Lender may also demand immediate payment ifthe Borrower is not It natural person and
<br />it beneficial interest in the Bonower is sold or transferred_ However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />of tai, deed ok Trust
<br />20, Reconvevance. When the obligation secured by this deed of trust has been paid, and Lender has no further obligation to make advances under' the instruments or
<br />agreements secured by this Creek[ of trust, the Trustee shall, upon written request by the Lender, reconvey the trust property. The Lender shall deliver to the Borrower; or to
<br />Borrower s successor in interest. the trust deed and the note or other evidence of the obligation so satisfied. Borrower shat] pay any recordation costs.
<br />2 L Successor Trustee. Ixnder', at Lender's option, may ranovc Trustee and appoint a successor trustee by first, mailing it copy of the substitution of bocce as required
<br />by applicable law, and then, by filing the substitution of trustee for record in the office of the register of deeds of each county in which the trust property, Or some part
<br />thereof. is snouted. The successor trustee, without conveyance of the property, shall succeed to all [he power; duties, authority and title of-the Trustec named in the deed of
<br />trust and of any successor trustee.
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