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COVENANTS 200204119
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due unless Borrower and Lender agree otherwise, any payments Lender receives flnm
<br />Borrower or for Borrower's benefit will be applied first to anv amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal. If partial prepayment of the secured debt occurs for any reason, it will not reduce or excuse any scheduled payment end the secured debt is paid in full.
<br />2, Claims Against 'Title. 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 wmen would impair the 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 properly.
<br />1 Insurance. 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 a standard mortgage clause in favor of Lender. Lender will be trained as loss paves of as the insured on any such insurance policy- Any insurance proceeds may be
<br />applied, within Leader's discretion. to either the restoration or repair of the damaged property of to the secured debt. If Lender requires ntongafe insurance, Borrower
<br />aloces to maintain such insurance her as long as Lender requires.
<br />4. Property. Borrower will keep the property in good condition and stake all repairs reasonably necessary.
<br />5. Expenses. Bonower agrees to pay all Lender's expenses, including icasonahle aboineys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this dud of trust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed (if trust,
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests.
<br />Bonower will perform all of Borrowers obligations under any prior' mortgage, deed of uust or other security agreement, including Borrower .s covenants to make paymcia ,
<br />when due.
<br />Assignment of Rents and Profits. Borrower assigns to lender the rents and profits of the property- Unless Borrower and I ender live agreed otherwise in venting,
<br />Borrower may collect and retain the rents as long as Borrower is not in default. If Bonower defaults, Lender, Lender's agent, or a cent appointed receivc`r may take
<br />possession and manage tire prope ty and collect the rents. Any rents Lender collects shall be applied test to the costs of managing the property, including court costs Laid
<br />a¢orneys' fees, commissions to rental agents, and any other neces'sar'y related expenses. The featuring amount of rents will them apply to paymeans on the seemed 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 decd of trust is on leasehold- if fhis
<br />decd of imst is at a unit in a condominium or a planned unit development. Bonower will fictional all of Borrower's duties under the covenants, by laws, or regulations of
<br />[he condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. Il Bonower hails to perform, any of Borrower's duties under this deed of trust, under may perform the duties or
<br />cause them to be perba ned. Lender may sign Borrower's name or pay any amount if necessary for performance- If any construction on the property is discontinued or not
<br />carried on in it reasonable manner Lender may do whatever is necessary to protect Lenders security interest in the property . This may include completing the construction.
<br />Lenders failure to perform will not preclude L trifin hour exercising any of its either -n-frs under the 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 vest. Such amounts will be due on demand and will bear interest fiunr the
<br />date Of the payment mail paid in full at the interest rate in effect on the secured deb[.
<br />10. Default and Acceleration. If Borrower fails to make any payment when due or breaks air% covenants under this deed of unist of Obligation secured by this deed of
<br />trust o' any prig' nrotgafe rn deed of trust. Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of gala and
<br />Lilly other remedies permitted by applicable law.
<br />It. Request for Notice of Default, It is hereby requested that copies of the notices of default and sale be sent !O each person who is a party hereto, at [he adders of each
<br />such person, as set forth herein.
<br />12. Power of Sale. 11 the Lender invokes the power of sale, the Trustee shall fist record in the office of the register of deeds of each county wherein the trust property or
<br />some part or price[ thereof is situated a notice of default containing the uttonmation required by law. The Trustee shall also mail copies of the notice of default to the
<br />Borrower; m each person who is a parry hereto, and to otherpersons as presenibed by applicable law. Not less than one month after the Trustee records the notice ofdefirmt,
<br />m' two months if the trust property i.s not in any, incorporated city or village and is used in farming operations canned on by the Lorton, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand of Bonower; shall sell the pmpeny at public auction to the highest bidder, If
<br />vequirercd by the Farm Homestead Protection Act, Trustee shall filler the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel of the property by public announcement at the lime and place of any previously scheduled sale Lender or its designee may purchase the property at any sale_
<br />Upon receipt of flayment of the price bid, Trustee shall deliver to the purchaser Tmsice's deed conveying the property. The reciiials contained in Trustee's deed shall be
<br />prima true evidience of the truth of the statements contained therein. Trustee shall apply the proceeds (if the sale in the following order (a) to all expenses of the sale,
<br />including, but not Invited to, reasonable Trustee's lees, reasonable attorney's fees and reinstatement feu; (b) to all smas secured by this deed of trust, and (c) 6te balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At Lender's option, this deed at'tivst may be foreclosed in the manner provided by applicable law for foreclosure of mongages ou real property.
<br />14. Inspection. Lender fully enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the rcuonable 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 taking of all or any part of the
<br />property. Such proceeds will be applied as provided in Covenant 1. This assignment 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 latct use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Leader does not waive any night to later consider the event it default if it happens again.
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed of trust are joint and several_ Any Bonower who co -signs this
<br />deed ofurst but does not co -sign the underlying debt inswments(s) does so only to grunt and convey that Borrower's interest in the property to the Trustee under the terms
<br />of this deed of rust. In addition. such a Borrower afore, that the Lender and any other Bonower under' this deed of trust may extend, modify or make any other changes in
<br />the renal, of this deed of Lost or the secured debt without that Borrower's consent and without ecasing that Borrower from the Loons of this deed Of trust.
<br />The duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Lender and Bo ni" in
<br />18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it Or by reading it by certified mail addressed to Borrower at the
<br />property address nr any other address that Borrower has given to Lender. Bonower will give any notice to Lender by certified mail to Lender's adch ss on page 1 of this
<br />deed of trust, or to any other address, which Lender has designated- Any other notice to Lender shall be sent to Lender's tddncss as stated on page I of kilns 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 />193 Transfer of the Property or a Beneficial Interest fn the Borrower. If all or any par 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 a natural person and
<br />a beneficial interest in the Borrower is sold or harshened. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of tile date
<br />of this deed of tmst.
<br />20. Reeonveyence when the obligation secured by this deed of trust has been paid, and Lender has no father ohligation to make advances under the instruments Or'
<br />agreement, secured by this deed of trust, the Trustee shall, upon written request by the Lender, econvey the Lust property. 'the Lender shall deliver to the Borrower, or to
<br />Bonower s successor in interest, the trust deed and ale note or other evidence of the obligation so satisfied. Bonrower shall pay any recordation costs.
<br />21. Successor Trustee. Lender, at Lender's opt ion, may remove Trustee and appoint a successor trustee by first. mailing a copy ofthe substitution of trusfee as required
<br />by applicable law, and then, by filing the substitution of Lustce for record in the office of the register of duds of each county in which the trust proport%, or some part
<br />thereof n situated. The successor trustee, without conveyance of the property, shall succeed to all the power, duties, authority and title ol'the Trustee named in the dcul of
<br />trust and Offaly successor trustee.
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