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COVENANTS 2 0 0 1
<br />1. Payments. Borrow e' agrees In make all payments en the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Bonnwer or hrr Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />puincipaL If partial prepayment of the sectired debt occurs finally reason, it will not reduce or excuse any scheduled payment unfit the secured debt is paid in full.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attributable to the propery 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 require Borrower to assign any rights, claims or defenses which Bor'oww may have against
<br />parties who supply labor or materials to improve or maintain the property.
<br />3. Insurance. Bon'ower will keep the properly insured under terns acceptable to Leader at Borrower's expense and lilt Lender's benefit. All insurance policies shall
<br />include it stant@ud mrnnage clause in lavoi of Lender. Lender will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may he
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the securecl debt If Lender 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 makeall repairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable attorneys` fees, if Bonnwer break& any covenants in this deed of trust or in any
<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. Prior Security Interests. Unless Burrower rust obtains Lenders written contest, Borrower will not make or permit any changes to any prim security interests.
<br />Borrower will perform all of Borower's obligations under any prior mortgage, deed of trust or other security agreement, inchrding Borrower's covenants to make payments
<br />when due.
<br />Assignment of Rents and Profits. Bon'ower assigns to Lender the rents and profits ofthe property. Unless Borrower and Lendu have agreed oduawise in writing,
<br />Borrower may collect and remain Ore rents as long as Borrower is not ill default. If Borrower defaults, Lender. Lender agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rent&. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and
<br />attanecs' @cc, Commissions to rental agents, and any other necessary related expenses. The remaining amount of rents will then apply to payments on the secured debt its
<br />provided in Covenant 1.
<br />R. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed (if trust is on leasehold- If this
<br />deed of trust is on it unit in it condominiwn or a planned unit development, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominitun or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of trust, l e-rndel may perform the dukes or
<br />cause them it) be performed. Lender may sign Borrower's name in pay any amount if necessary for pertbmnance, If any construction nn the property is discontinued or not
<br />carried un in a reasonable manner; Lender may do whatever is necessary to protect Leader's security interest in the properly. This may include completing the construction.
<br />Lender s failure to perform will not preclude Lender from exercising any of its other rights under the law to this deed of trust
<br />Any amounts paid by Lender to protect Lender s security imerest will be secured by this deed of Iraqi. Such amounts will be due on demand and will bun interest from the
<br />date of the payment until paid in fill at the interest rate in effect on the secured debt.
<br />Id. Default and Acceleration. If Borrower fails to make any payment when due or breaks any covenants under this deed of trust or any obligation secured by this deal of
<br />trust or any prior mortgage or deed of Host, Lender may accelerate the maturity of the secured debt and demand immediate pavment and may invoke the Iwwer of sale and
<br />any other remedies permitted by applicable law.
<br />I L Request 1'or Notice of DelaulL b k hereby requested that copies of the notices of default and side be &cut to each person who is a party hereto it the ,address of each
<br />such person, as set fords herein
<br />12. Poner of Sale. If the Lender invokes the power of sale, the f ustee shall first record in the office of the regis'tea 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 reyuned by law. The Trustee shall also mail copies of the notice of default kn the
<br />Bonnwer, to each person who is a party herein, and to other persons as prescribed by applicable law. Not less than one month after the Trustee records the notice of default,
<br />or two months if the trust property is not in any incorporated city or village and is used in farming operations carried on by the nustor, 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 the highest bidder. II'
<br />required by the Finn Homestead Protcnction Act, Trustee shall oftcr the property in two separate .ales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel of the property by public announcement at the time and place of any previously scheduled sale. Lender or its desigonee may purchase the property at an} sale
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<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's decal conveying the property. The recitials contained in Trustee's deed shall be
<br />prima facto evidience 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 One sale,
<br />including, but not limited to, reason able Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed of trust, and le) the balance, if
<br />any, to die persons legally entitled to receive it.
<br />13. Foreclosure. At Lender's option, this deed oftrust may be buirclosed in the manner provided by applicable law for haeclosure of mmrgages on mat properly
<br />14. inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand- The notice must state the reasonable cause lint Lender's
<br />inspection.
<br />15, Condemnation. Borrower assigns to Lenden' the proceeds of any award or claim for damages connected with a condemnation mother taking of all or any pan of the
<br />property Such proceeds will be applied as provided in Covenant 1. This assignmma is subject to the terms of any prior'security agreement
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use any other rennedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any light to Inter consider the event a default if it happens again.
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed of vast a2 joint and several Any Borrower who co -signs this
<br />deed of trust but does not co -sign the underlying debt inst umentsis) does so only to grant and convey that Borrower's interest in the property to the "fcustee under the teens
<br />of this deed of east. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in
<br />the fetus of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower fiom the terms of this deed of trust.
<br />The duties and benefits of this decd of trot shall bind and henef t the successors and assigns of Lender and Borower
<br />18. Notice. Unless otherwise rzquired by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addresscd to Bonnwer at the
<br />property address nr any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lenders address on page I of this
<br />deed of trust, or to any other address, which Linder has designated. Any ofina notice to Lender shall be sent to Ixnder's address as stated on page I of this deed of tact.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manual stated above.
<br />19? Transfer of the Property or at Beneficial Interest in the Borrower. If all or an% part of the property or any interest in it is sold or transferred without the Lender's
<br />prior written consent, Lender may demand immediate payment of the secured debt Lender may also demand immediate payment if the Borrower is not it mamral person and
<br />a beneficial interest in the Borrower is sold m transferred, However, Lender may not demand payment in tile above situations if it is prohibited by federal law as of the dare
<br />of this decd of 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 undev the inslrmnents or
<br />ncteenents secured by this deed of trust, the Trustee shall, upon written request by the Lender, necomey the trust property. The Lender shall deliver to the Borrower, onto
<br />Borow en's successor in interest, the trust deed and the note or other evidence of the obligation so satisfied. Borrower shall pay any resmtLu ion costs.
<br />21, Successor Trustee Lender, at Lender's option, may remove Trustee and appoint it successor trustee by first, nailing a copy of the substitution of trustee 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 bust 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 deal of
<br />trust and of any successor trustee.
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