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COVENANTS 200204115
<br />I . Poly at err L. If,)] rowc r anccY to milk e'alI pLaytinenis on the seeded (debt W) at due. Unless Borrower and Lender agree otherwise, any payments Lender 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, ,econd to interest, and then to
<br />principal_ If par itat prepayment of the secured debt occurs forany reason, it will nor reduce orexcuse any scheduled payment until the secured debt is paid in felt
<br />_. Claims Against Title. Borrower will pay all taxes, assessments, and other chooses attributable to tae property when due and will defend title to die property against
<br />any claims which would impair lire lien of this deed of trust_ lender may require Borrower .o assign any rights, cl aims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the property.
<br />3. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and toy Lenders benefit. All Insurance policies shat(
<br />include or standard mortgace clause in favor ofLendei. Lender will be named as loss payee or as the insured nn any such insurance policy. Any insnvnce proceeds may be
<br />applic 1 wltun Lendct , discretion, to elowl the restuorion or repair of the dun aged nropclo, or in the aeeu ci debt If Lender cquaes morzp;ape nt.unamc, Borrower
<br />agrees to maintain such insurance fur as long as Lenderremores.
<br />6, Property. Borrower will keep the property in good condition and maize ail repairs reasonably necessary.
<br />5. Expenses, Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower break:, any covenants in this deed of trust or in ashy
<br />o lhoornon secured by this deed of trust. Borrower will pay these amounts eo Lender as peovndcd in (Jovenait 9 of this deed of unit -
<br />(r. Prior Security Interests. Unless Borrower first obtains Lenders written Contest, Borrower Coln not make or pemilt any ch nges to any prior security mtcnxts.
<br />Borcower will perform all of Borrower's obligations under any prior nuanicge, deed oFtrusl 01 1Ah,r security agreement, including Borruwtr s covenant, to make payments
<br />when due_
<br />? Assignment of Rents and Prof, is. Borrower assigns to Len der the rents and profits ofthe property. Unless Borrower and Lender have agreed otherwise in writing, _
<br />Bom>wu may collect and retain tile rents as Imhg as Borrower is not in dcorch If Borrower defaults, Lender Lender agent, or or court appointed receiver may lake
<br />possession and manage the property and collect time rents. Any rents Lender collects shall be applied first to the cost, of ro urging time popery, including coup vests and
<br />anorneys' fees, commissions to rental agents, and any other necessary related expenses. The remaining amount of rents will then apps to payments on the secured debt as
<br />provided in Covenant L
<br />8, Leaseholds; Condominiums; Planned fbnit Developments. Borrower agrees m comply with the provisions of my lease if this deed afloat is on leasehold 11 this
<br />deed of trust is on a Unit in a condominium or a planned unit development Borrower will perform all of fo roarei's duties under the covenants, by Paws, or ree_uiations of
<br />the enidonlioium nr planned unit dcvclopment
<br />9. Authority of Lender to Perform for Harrower_ It Borrower fails to perform, any of Borrower's duties under this deed of trust, Lender may perform the duties or
<br />cause them to be performed- Lender may sign Borrower's name or pay any amount if necessary for perfonnence- 11-any construction on the prrrpenp N discontinued or nor
<br />carried on in it reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the property f his Ino y include completing the construction.
<br />Landers failure to perform will not preclude Lender from exercising any of its other rights under die lain or this deed of hust
<br />Any amounts paid by I enter to protect Lender's icemay interest will be secured by this deed Atrust Such amounts will be due on demand and will bear unerest Ii the
<br />date ,I the payment until paid in full at the interest rate in eficet on tae secured debt.
<br />10. Default and Acceleration. If Borrower Bails to make any payment when due or break, any covanams under this deed of trust ar any obligation secured by fits deed of
<br />trust or any prior snort Page or deed of trust, Lender may accelerate the maturity of the secured debt and demand immediate payment and alas invoke the power of sale and
<br />amt other remedies permitted by applicable law.
<br />11. Request fill Notice of Default, Jr is hereby requested that topics of tae orders of default and sale be sent to each person who is a park herein at the address oI each
<br />such person, as set forth herein
<br />12. Power of Sale If the Lender awbkes the power o1 sale, tine Trustee shall !list record in the office of flit register of deeds of each county wherein the trust property or
<br />seine part 0r parcei thereof is situated a notice of default containing the information required bylaw. The Trustee shall also mail copies of the notice ofdefaudt to the
<br />Borrower ro each pcn•.oa1 who is it party hereto, Laid to other persons as pn'scribcd by applicable law. Not less than m:e month aficr$u; trustee records the notice of delanit.
<br />or Iwo months if the trust property is tat in any incorporated city or village and is used in human, operations carried on by rile lmstor, the l rustee shall give public notlee of
<br />sale to the persons toad in tie manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell tae property at public auction to the highest bidder. 11
<br />required by the panm Homestead Protection Act, "Trustee shall offer the properly in two separate sales as required by applicable law. 'trustee may postpone sale of an 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 properly at any sale
<br />Upon receipt of payment oftle price bid, Trustee shall deliver m the purchaser Trustee's deed Conveying the property, the iceitiais contained in Trustee's deed shall be
<br />prima facie evil icnce of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in tae following order- (a) to at expenses of tic sale,
<br />including, but not limited to, reasonable Trustee's ices, reasonable attorney's fees and reinstatement tees, (b) to all sums secured by this deed of trust, and (c) the balance, it
<br />any, to the persons legally entitled to receive it
<br />13. foreclosure. At Lender's option, this deed of most may be f areclosed in tire manner provided by applicable law for foreclosure (f nu rmages on real property.
<br />ld. Inspection. Lander may enter the property to inspect it if Lender eiics Borrower notice beforehand. The notice must state the neasonable cause for lenders
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender the proceed, of award of daft for damages connected with or condeumation or other takiniv of all or any part of the
<br />property, Such puree ': Coifl be applied as provided in Covenant ( this assignment is subject totheterms of any prior security agreement.
<br />16. waiver. By exercising any remedy available m Lender, Lender does not give up any rights to later use any other renlcdy- By not cxercking any remedy upon
<br />Borrower's de@udt leader does not waive any right to later consider the event a default if it happens again.
<br />17. Joint and Several Liability; I o- signers; Successors and Assigns Bound. All duties under this deed of trust are joint and seveod, Any Borrower who co-sign,, this
<br />deed of trust but does not co -;ago the underlying debt instruments(e) does so nniy to grant and convey that Borrower's interest in the properly to the Trustee under the terms
<br />of this deed of trust_ In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust nay extend, modlf}' or make any other changes in
<br />the terms of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust
<br />I ire duller and bench of diiv deed nl trust shelf hind and benefit the successms and essigms of Lender and Borrower_
<br />IS. Notice. Unless otherwise required by law, any notice m Borrower shall be given by delivering- it or by mailing it by emitted mail addressed to Boorowcr no the
<br />property acidic,, or any other address that Borrower has riven to Lender_ Bmxower will live army notice to lender by certified raft uo eider's address on prow I of this -
<br />deed of [rust. or to any other address, which Lender has designated. Any other notice to Lender shall be scat In Lender s address as staled on pogo I of this decd of trust
<br />Any notice shall be deemed to have been given to Borrower of Lender when given in the manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. Full or any part of the property or any interest in it is sold or transferred without the Lender's
<br />prier Cornet consent, Lender may 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 Borrower is sold or transferred However, Lender runs not demand payment in the above situations if d is prohihned by federal law as of date
<br />of this deed of toil ;
<br />20. Reconveysace. When tae obligation secured by this deed of trust has been paid, and Lender has no further obligation to make advances under the instrumcnta or
<br />agroa n ents secured by this deed of trust, the Trustee shall, upon written request by the Lender reconvey the trust property. The Lender shah deliver in the Borrower, or to
<br />Borrower s successor in interest, the trust dud and the note or other evidence of the obligation so satisfied. Borrower shall pay any recordation costs.
<br />21. Sueeessor'frustee. Lender,atl,ender'soption, may i enhove To ustce and appoint a successor trustee by fi rst, tail ins a copy of the substitution of a ustee as req wired
<br />b}' applicable law, 'and then, by filing Che substitution nllluslee for record in [he offu of the register of deeds of each county in Colt ich the trust proper l}, ur some part
<br />thereof, is situated. "file successor trustee, without conveyance of the property, shall succeed to all the power, duties, aunsa ify and title of the Trustee named in the deed of
<br />trust and of any successor trustee.
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