|
200208033 rO)FrNANTS
<br />1. Payments. Borrower sprees w snake all payments na fhc oared rich, when due. Unless Borrower and Lender agrcc otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit will be applied but W any annum, Bonuwer owes na the secured deb, exclusive of interest or principal, second to inenerL and then to
<br />principal. If partial prepayment of the secured debt eau,, for any reason, It will not reduce or excuse any scheduled la,u erd unfit the secured debt Is paid in full_
<br />2. Claims Against Title. Borrower will pay all taxes, msessnentz. and other charges attributable to the prbperly when due and will defend title to fine peters, against
<br />any claims Which would impair the lien of this deed of trust. Lender may require Borrower to assign any rights, dates or defenses which. Bormwer may have against
<br />panics who supply labor or mumriala w Inapruve ur maintain the property.
<br />3. Insurance. Burrower will keep the mr rerty Insured under terms acceptable to Lender at Borrower `s expense and fur lender's benefit All Insurance policies shall
<br />include a standard mortgage clause in favor of Lotdef. Leader will he named a, loss payee or as the insured on any such Insurance policy. Any insurance proceeds may be
<br />applied, undue Lender's discretion, to either the restoration or report of the danmged pmpeny or to the secured debt. If Lender recalls' annngage insurance
<br />agrees to natural cL1el1 I nor mnce for as long as Lender requires.
<br />J. Property. Bbrrowerwill keep the property in good condition and make all of wroumobly necessary .
<br />5. Es,w asea. Borrower agrees to pay all I India's expanses. Including reammahle anomcys fees, If Denali breaks any covenants in this deed of mat or In any
<br />obligation secnrad by this deed of hasf. Bormwer will pay these amounts W lender as provided in Covenant 9 of this deed of oaf.
<br />6. Prior Security Interests. Unless Borrower First obtains Lender's written cones, Borrower will not make or permit any changes to any prior security Interest_
<br />Borrower will perform all ofllnrrower s obligations under any prior mortgage, deed of (rust or other security agfeeanenp including Bormwer', r —onsns to make payments
<br />when due.
<br />7, Assignment of Rents and Profits. Borrower assigns to Lender the rent, and profits of We puled) Unless B. nove, and I ands, have agreed otherwise In writing,
<br />Borrower any collect cod retain the rem, as Tong as I urower is not in default If Borrower actuator, Lender, Lender's agent, or ourt appointed rousiser may, take
<br />possession and manage the property and collect the cents. Any rents Lender colors shall be applied for to the coa,s of managing me property, including court costs and
<br />attorneys fees, commissions W rental agents, and any other necessary related expenses The to bong amount of rants will then apply to Psymeal, on the secured debt as
<br />provided In Loven.al I.
<br />S. Leaseholds; Condominiums; Planned I nit 1)"cbpmcns, Bormwer sprees W comply with the provisions of any lease If this deed of trust is on leasehold if this
<br />deed of Intel Is on s unit ib a condominium era planned unit development, Borrower will perform all of Borrower's duties under me covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lander, 1. Perform for Rol rowel If Borrower fails to perform, any of Borrower s duties under this decd of trust, Lender may p¢fono the duties or
<br />cause them to be performed. Lender may sign Borrowers name or pay any amount ifneoecsnty for performance If any cnnstruction on the property is discontinued or not
<br />,anted inn in e reasonable manner. Lender may do whatever Is aceessap to protect Leaders security interest in the property . This may Include completing the construction
<br />I tender's failure to perform will not prelude Lender from smiling any of its other right, [node, the law ter this deed of trust
<br />Any rommu s paid by Leader to protect I to', security interest w,ll be seemed by cols decd of trust. Such normal, will be due on demand and will bear Interest from the
<br />date of the payment until paid in NII at the interest our in effect on the secured debt
<br />10. Default and Acceleration. if Borrower failt to make any payment when due or breaks any covenants under must decd of trust or any obligation secured by this decd of
<br />must or any prior mortgage or decd of trust, I I n for ally accelerate the maturity ofthe secured dcht and demand immedlare payment and may invoke me power of sale and
<br />wiy other remedies pemdued by applicable law.
<br />I1. Request for Notice of Deramlt It Is hereby requested that copies ofthe notices ofdroultand sale be sent to each pension won is a party herem_ at the address of each
<br />such post, as set forth herein
<br />12. Power of Sale. Ifthe Lender Invokes the paweror ids, he Trustee shall first record in the office, of the register of decd' of each county wherein the trust pmpeny or
<br />me pun or parcel thereof Is ,armed a nonce of default containing the information required by law. Ihe'I ... too Shull also moil espies of the active of default W the
<br />Borrower, to each person wlw is a party hereto, and fo other peons as prescribed by applicable law. Not loss than no month after the Testa records the notice ofdefnalt.
<br />of two months if the hall property is [list in ally Ineotptated city or village and Is used ire famord, operations carded on by the trustoq the UStee shall give public notice of
<br />sale to the perron, and In the manner prescribed by applicable law. 'I'msed. wofiran demand oa Bomtwer. ,bull sell the property of public auction to We highest bidder. If
<br />required by me pane Htncstead Protection Am, Toome 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 propetty by public announcement at the line and place of any pr,,nu ly scheduled sale. Lender or its designee may purchase the pmpofy at any sale
<br />Upon receipt of payment of (lie price bid, Trustee shall deliver , the ...... haze Trustee's deed conveying the property. The recitials contained in Trustee's deed shall he
<br />prima facie evidience of the truth of the statements contained mereim. Tints shall apply due pmcceds of the sale in the following order (a) to all expenses of the sale,
<br />induction, but owl limited to reessonahle Trustee's fees, reasonable hatney's fees and reinstatement Ices'. (b) to all sums secured by this dad of trust, and (c) the balance, if
<br />any, to the persons legally entitled to receive it
<br />13. Horedwerv. At Lender s option, this deed of Imtl may he haeclosnd In the manner provided by applicable law for foreclosure ofmbrtgages an real propetty.
<br />14. [external Iander may carer the property to inspect It if Leader gives Borrower notice beforehand. I notice must state the reasonable cause for Lender's
<br />Inspection.
<br />15. Condcmnafion. Panacea, assigns n Lender the proceeds of any award or claim far damages connected with a condemnation or other taking ref all or any pan of the
<br />property- Such proceeds will be applied as pmvoidd ih Covenant I. This assignment s subject to the terns of any prior security agreement.
<br />16. Waiver. By exercising any remedy available on Lender, Lender does rat give up any rights m later use any other remedy. By not exercising any remedy upon
<br />Borrower s default, Lcndcr doss not waive any ngbt W Isle, cmaider Ihcowenf a default If it happens again.
<br />17. Joint end Several Liability; Co- signecq Same.... and Assigns Round. All dares under this deed bf trust are loin, and several. Any Bormwer who an signs this
<br />decd oftruat but does not co-sign the underlying debt instrumena(s) does so only W grant and convey that Borrower's interest in the property to the 'trustee under the terms
<br />ofmis decd ofbust. In addition, ooh a Bnrrawer agrees that the Lender and any order Borrower under this deed offal may extend, mbdlty or make any other loal In
<br />the terms of this decd of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the tenor of this deed ofimm.
<br />Loo miles land benefit, of oti, deed of trust shall end and benefit successors and assigns off under and Borrower
<br />18, Notice. Unless otherwise reunified by law, any notice to Borrower shall he given by delivering it or by mailing it by certified mall addressed to Borrower st the
<br />property address or any other address that Borrower hen given to Lender. Borrower will give why notice,, Lender by c,LdT,d hnuil to 1. code... acres, on page I of this
<br />deed off un, art. any other address, .which i ender has designated_ Any other notice to Lender shall be sun n Lenders address ses stared on page l ofmi, decd ofous,
<br />Any notice shall he deemed to have been given to Hormoser or Leader when given in the manner seed above.
<br />19. Transfer of the Properly or a Benefaial Interest in the Burrower. ]fall tar anno, pat of lbu pmpeny a ria l In II hold m Imuf red without the Lender's
<br />any
<br />a borwrinen consent rest i lender may demand immediate payment evthe lasted debt. Lcndcr may also demand immediate plannuall
<br />if. if Borrower Is not a nanra, of ill, and of
<br />u berrcfiuiul Incest, in me Bormwer is sold ortrenzfrrcd. However Lender may not demand payman In the above sieaatlats if11 Is pmhihited by federal law es of rime
<br />of this dad of area,
<br />20. R «vnveyanee. When the obligation secured by this deed ofine has been paid. and I.emdct has no fimfimr, obligation to make advances under the Ih,trunhems or
<br />agreements secured by this decd attrust, the I hadee shall, upon written request by Be Lender, r ones the trust pmpeny. 'I he Lender shall deliver to the Bormwer, or to
<br />Bonowen's successor In interest, the lo, decd and the an" blame, evidence ofine infiltrator m satisfied. Borrower shall pay any ruronNation costs
<br />21. Sorenson Trustee. I order. atIradeis option, may remove Trustee and appoint a successor trustee by first mailing a only bfthe substitution of trustee is tegnned
<br />by applicable law. and Wen. by Filing the substitution ofouslee far [e and in the office of the register of deeds of each county In which the trust pmpeny, or sole pan
<br />thereof, Is earated. The succesmnmsle t, wilboul conveyance of me pmpoay, shall succeed to all the power, duties, authority and title of Be Trustee named in the deed of
<br />trust.rid of any srcuswr trustee
<br />
|