|
COVENANTS 200208565
<br />1. Payments, Borrower agrees to make all payments on the secured debt when due. Unless Bmmwer and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit will be applied first to any amounts Rmrawer owes on the secured debt exclusive of interest or principal, second to interest, and then w
<br />principal. If,miid prepayment of the secure debt occurs for any name, it will not reduce or excuse any scheduled payment until the secured debt is paid in full.
<br />2. Chime Against Title. Borrower will pay all taxes, Assessments, and other charges attributable to the property when due and will de[md title to the property against
<br />any claims which would impair the lien of this deed of trust. Leader may quire Borrower to assign any rights, claims or defenses which Borrower may have opitm[
<br />parties who supply labor or material, to improve or .amain the property.
<br />3. Insurance. Ho rower will keep the property insured under terra acceptable to Lender at Borower's expense and for Lender's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. leader will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, within Lamdet's discretion, m dtb, the remeatlon or repair of the damagcl property or to the secured deb. If Lender expires mortgage msumncc, Bum,
<br />agrees to maintain such insurance for us long as Under requires.
<br />4. Property. Borrower will keep the property in goad condition mid make all reports rwwmbly necessary.
<br />5. Expenses. Burrower agrees in pay all Lender's expenses, including reasonable attorneys' fees, if Borrower honks any covenants in this deed of trust or in any
<br />obligation secured by this deed of lest. Borrower will pay these amounts to Leader as providW in Covenant 9 of Ibis deed of mat.
<br />6. Prior Security Interests. Unless Borrower Post obtains Lender's written modest, Borrower will not rake or permit any changes many prior security moment.
<br />Borrower will perform all of 8o prism's obligations under any prior mortgage, deN of wet or other security agreement, including Borrower's covmmnts to make payments
<br />when due.
<br />]. AW,nmenr of Rents and Profits. Burrower temor; to lender the is and profits of the property. Unless Borrows and Lender hove ugreW otherwise in writing,
<br />Borrower mny collect and retain the rents as long as Borrower is not in default. If Burrower defaults, Lender, lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rents. Any rents Lender collects shall be applied first to the costs of manmging the property, including coon corn and
<br />attorneys' fees, cnmmi,einns to rental agents, and any other necessary rotated npeoa. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant I.
<br />8. Leaseholds; Condominiums; Planned Unl[ Developments. Borrower agrees to comply with the provisions of any lose if this dad of trust is on luschold. If this
<br />deed offered is one unit in a uodominium ors planned unit development, Borrower will perform all of Borrower's duties uMer the -scro nts, by law', or mpolude a of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Bnnnwer fails to perform, any of Borrower's duties under this deed of wul, tender may perform the duties or
<br />eureetheratobeperforned Lender may sign Borrower's name or pay my summit if necessary for performance. If any csmsw,im on the property is thsconhmW or not
<br />canicef on in a reasonable mammer, Lender may do what,,, is necessary to protect Lender's smarty interest in the property. This may include completing the ennawotion.
<br />Lender's fodure w perform will nor preclude Lend, from exercising any of its other .,hls umler the law or this deed of test.
<br />A,ry amounts paid by Lender to protect Lender's security interest will be laurel by this deed of test Such amounts will be due on demand and will bear interest from the
<br />date of the puymenl until paid in full at the interest rate in,tFect on the secured debt.
<br />10. Dehnitand Aaeleratimn. If Borrower fails to make any payment when due or breaks any covenants under this dad eftmst or any obligation secured by this dad of
<br />uuat many prior mortgage or deed of east, Lender may accelerate rate maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Request for Notice.1 Default. It is hereby quested that copies of the notices of default and sale be sent to each person who is a party berm, at the address of each
<br />such person, as sec forth harem.
<br />12. Power of Sale. If the lender invokes the power of sale, the Trustee shall first record in the office of the register of dada of each county wherein the most property or
<br />wine pan or pareel thereof is situated a notice of default containing the m5.r nafirm repaired by law. The Trustee shall also mail copies of the notice of default to the
<br />Borrower, to emh pemon who is o party hereto, and to oth, persons as prescribed by applicable law, Not less than one monlM1 uRa the Tmstee records the notice of deCamlt
<br />or two months ifthe trust props ly is not as uny meorpmted city or village and is used in farming operations tamed on by the tmstor, the Trustee shall give public notice of
<br />sale w the persons and in the manna prncribN by applicable law. Tmstee, without demand on Bur, ower, shall sell the property at public auction m the highest bidder. If
<br />rexuired by the Farm Homestead Podymion Act, Trustee shall offer the property, in two separate sales as remand! by applicable law. Tnsstee may postpone sule of all m any
<br />pareel ofter property by public announcement at the time and place ofany previously scheduled sale. Lcralmor it desipen may ppmhase the properly at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver w the pumhasa Tmstee', deed conveying the property. The raitiale contained in Tmsicc's deed shall be
<br />prism facie evidience of the troth of the sutements coma ncd therein. Trustee shall apply the proceeds of the sale in the following order (a) to all expenses of the sale,
<br />including, but or limited] to, resonable Trustee's fee', reasonable anomey's fees and reinstatement feu; (b) to all sums secured by this deed of fled, and (c) the balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At Lander's When, this deed ofeast any be foreclosed in the manner provided by applicable law for foreclosure ofmortgages on real property.
<br />10. Inspection. Lando may enter the property in inspect it if Lender gives Borrower notice bcforehend. The notice must slate the reowvoble cause for Leader's
<br />mpecdon.
<br />15. Condemnation. Borrower assigns by ranee, the proceeds of any award or claim for damages connected wide a condemnation or other taking of all or any pan of the
<br />property. Such proceeds will he applied as provided in Covenant I. This assignment is subject to the teens of my prior security agreement.
<br />16. Waiver. By exercising any r,nedy available to Lordeq tender den not give up any rights to later use any other remedy. By not exercising any remedy upon
<br />Bunown's default, fender does not waive any right to later consider me event a default if it happen ,gain.
<br />17. Join, and Several Liability; Co- signer.; Successors and Assigns Board. All duties under this deed of test are joint and severe[. Any Ronower who ca-sigms this
<br />deW of trust but does not co-sign the underlying debt insmrmenn(s) does so only to front aM convey that Borrower's interest in the property to the Trustee under the onto
<br />of this dad of east In addition, such a Burrower agrees that the Leader and any other Bannister under this deed of tmet may extend, modify or make any other changes in
<br />We tents fthis deal of mast or the secured debt without that Boormon's mosent it without releasing that Burrower from the terns of this deed of test
<br />The duties and benefits of this deed of [rust shall bind and benefit the successors and assigns of Lender and Bennwer.
<br />18. Notice. Udes, otherwise repaired by law, any notice to Borrower shall he given by delivering it or by mailing it by certified mar[ addressed to Burrower at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to lender's address no page I of obi,
<br />deW flmst, or tom yot he rnddress,whichtenderbasdesi,.ted. Anyothernoticcm LCndushal[ besatw Lender' saddressussmtWmpageluftksdeWufomst
<br />Any notice shall be deemed to have been given to Borrower or Lcndu when given in the mama stalW above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any pan of the property or any interest in it is sold or transferred without the Leader's
<br />prior wnuor momq Lender may demand immWiete payment of the seared debt. f.,du may also demand immediule puymml if the Bonown is not a nmomal person nod
<br />a beneficial inl,u[ in the Bortuwa is wld or lmofened. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />ofthis deed nfwtt.
<br />20. Reco rveyance. When the obligation secured by this dad of hart has been paid, unit Lender has no Porches obligation to make advances under ee instruments or
<br />mueements secured by this deW of putt, the Trustee shall, upon written rcput by the fonder, receuvey the east popery, The lands edit ddiveroo me Borrower, or to
<br />Borrower's successor in interest, the unit deal and the note or other evidence of the obliptiorm satisfied. Borrower shall pay any emouldoon costs.
<br />21. Suc,sror Tras,re. Londe. at Lender'soptim, may remove Trustee and appoint a successor imsece by first, mailing a copy of the substitution of trustee us required
<br />th applicable law, and ern, w filing the substitution of trustee for record in the ail s of the register of deed, of each uthnry in which ee east properly, sesame part
<br />therm[, is sihmiW. The ,,censor, wstce, without conveyance ofec property, shall succeed to all the power, duties, mthonty, and aril, of the Tvs[a moved in the deed of
<br />trust and army successor wsree.
<br />
|