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COVCNANIS 200209839
<br />I. Payments. Borrower agrees to make all payments an the secured debt when de. Unless Borrower and Lender agree otherwise, any payments lender receives from
<br />Borroweror for Borrower's here,' will be applied first many amounts Borrower owes on the secured debt exclusive of Interest m pdrdpal, second to interest and loan W
<br />principal. If partial prepayment of the secured debt occur& fur any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in fall.
<br />2. Claims Against Title Bnrrnwer will pay all taxes, assessments and other charges attributable mthe property when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of trust Lender nay require Burrower In assign my rights, claims, or defenses which Borrower may have against
<br />pares who supply labor or materials W improve or maintain the property.
<br />3. Insurance. Borrower will keep the property insured under, terns me cmablr to Lender at Borrowers expense and for Lender's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lander. Lender will be named as loss pays Fl, as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, witihn I.ealers d1wre'la. 'n either the resterman or repair of the damaged property or to the secured debt If Lender requires mortgage insurance, Borrower
<br />agrees W maintain . such insurance for os long as Lender requires.
<br />J. Property. Bnrrnwer will keep me property in good condition and make all repairs reasonably necessary .
<br />5. Expenses. Borrower agrccs to pay all Lender's expenses, including reasonable attorneys fats, it Borrower breaks any covenants in this deed of must or in any
<br />obligation act pit by this decd ofoust Borrower will pay these amounts to Lender as provided in Covenant 9 of[his decd ofmat.
<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 />Borrower will pert rnt all of Borrower's obligations under any prior mortgage, deed of past or other security agreement Including Borrower's covenants W make payments
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns to Lender the (cats and profit oftbe pore art, I Inlets Bonower and Lender have agreed oherwise in writing,
<br />Be.,,, may collect and rata.. the rent, m long m Borrower is not in default. If Borrower defssl6, Lender, Lenders agent, or a court appointed receiver may take
<br />possession and manage the property, and collect the ran s, Any rents Lender collects shall be applied fired to the costs of managing the property, Including cone costs and
<br />attorneys' Fee,, commissions to rental agents, and any other reoe,omy relaad asperse, The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant 1.
<br />I. Lempladd,; Cnadmmuiums; Planned Unit Developments. Borrower agrees to comply with the provisions afany lease if this deed of trust is on lemehold If this
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower s duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails W perform, any of Borrower's duties under this decd of trust, Lender may perform the duties or
<br />cause there to he performed Lender may sign Bormwer'v name or pay any amount if necessary for performance If any construction on the property is discontinued or not
<br />canned on in a rcuswnable manner Lender may do whatever is necessary to or Lender's security interest in the property_ This may include completing me construction.
<br />Lender's failure to perform will no' preclude Lender from exercising any of its other right under the law at this decd of corn.
<br />Any amounts paid by Lcndcr to protect Lender's security interest coil I be secured by this deed of trust Such amounts will be due on demand and will bear interest fimm the
<br />date office payment until paid In full at the interest rate in effect on the secured debt.
<br />10. Default and Acceleration. lfIotrower fails to make any payment when due or breaks my covenant under this decd of trust of any obligation secured by this deed of
<br />trust or any prior mortgage or deed of cost, Lender may accelerate the maturity critic secured debt and demand immediate payment and may invoke the power of side and
<br />any other remedies pertained Fy applicable law_
<br />11. Request for Notice of Default. It is hereby requested Nat topics of the notleea of default and sale be sent to each person who is a party reed, at the address of e:wh
<br />such person, as set forth harem.
<br />12. Power of Sale. If the Lender invokes the power of aalo, the Traded shall first record in the office of the regi.ner of deeds of each army wherein the trust property m
<br />some part or parcel therm) is sn mid a active of default containing the information required by law. The Trustee had slso mail espies of NC forced of default as the
<br />Bartuwer, W each person who is a parry harem, and to other persons as prescribed by applicable law. Not less than one month after the Trustee records the notice of default
<br />err two months if the trust property is not in any incorporated city or village and is used in farming operations carried on by the tmstoq the Trustee shall give public notice of
<br />,ale W the persons and in the manner premfibed by applicable law_ Trustee, "norm demand on Borower. had sell me property at public auction to the highest bidder. If
<br />required by Be Farm homestead Protection Act, I asked shall offer the properry, In two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />pahrzl of the feel by pool is annmmcemem at he find and Place of any previnnsly scheduled sale. Lender or its designee may I ... IF , me property at any sale.
<br />I Ipon ramp, of payment of the price hid, Totaled shall deliver to me purchaser' trustee's deed conveying the property reutials contained in Trustee's deed had be
<br />pnnm fear evubuice of the truth of the statements contained If..., . T,more shall apply the proceeds of the sale in the following order'. (a) to all expenses of the sale
<br />Including, but not limited to, reasonable Imstec's tests, reasonable allomcy's fete and mlnsdatamdft fax; (b) to all sums secured by this decd oftmst and (c) the formed, if
<br />any, to the persons legally entitled to receive it
<br />13. Foreclosure. At Lender's option. this deed of trust maybe foreclosed In the mmnerpmvided by applicable law for foreclosure ofmongages on real property.
<br />10. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand 'The notice must state Be reasonable runs, for Lenders
<br />15. C'ondeF uctimi. Bomtwer assigns W L,Wer the proceeds of my award or ].in ]or damage, connected with a condemnation or other taking of all or any pan of tire
<br />property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terns of any prior security agreement
<br />16. Waiver. By exercising any rearried) available to Lender, Leader does not give up my rights W later use any other remedy_ By not eaereeing any remedy open
<br />Borrower default, tender does not waive any right to rarer consider the even a default If it happens again.
<br />17. Joint anti ScvdrA Liability: Cu- aigncra; Successors and Assigns Bound. All duties under this deed off ..I ml hot and several. Any Borrower who er -,igns Ihis
<br />deed of trust bat does not co-sign the unduly ing debt instrunnents(s) does so only to grant and convey that Borrower's interest in the property to me Trustee under the terms
<br />of Nis decd of trust. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extend, modify or make my offer changes in
<br />the arms of this decd of trust or the secured deM wlthonnhar, Borrower's consent and without releasing mat Burrow, firm the terms of this decd of fast.
<br />The duties and remains of this decd of trust shall bind and benefit the suausors and assigns, of Iznder and Borrower.
<br />18. Native. Unless otherwise required by law, any notice to Borrower shall be given by delivering It or by mailing it by certified mail addressed to Borrower W the
<br />property, address or any other address that Borrower has given to I ender. Borrower will give any noted In Lender by ceni Gad mail to Lender's address on page I of this
<br />deed offirst, or to any other address, which Tender has ddxignated. Any enter Force to Lender shall be send to Lenders address as stated on page l offal deed oftmu.
<br />Any notice shall he deemed to fire Neon given to Borrower or Lender when given in lhd malae, stated above.
<br />19. 'Transfer of the Property or a Beneficial Interest in the Borrower. [fall or any pan of me propels or any interest in It Is sold or transferred without the Lenders
<br />prior written mnrent I under may demand immediate payment of the secured debt bender muy still demand Immediate payment if flop Borrower Is non a natural person add
<br />obe trial lntewt in the BUru.... is sold or transferred . However, Lender may not demand payment in ffe above situations off is prohibited by Eduard law a, of the dare
<br />of this decd of trust.
<br />20. Rem.to,,m vs,. When the obligation seemed by this decd of trust has been paid, and Lender has no further ahligation to make advances under the instruments or
<br />agreements secured by this deed of teat, the Tmstac shalt upon written request by the Lender, reanvey the bust property. 'I he Lender shall deliver to the Borrower, or to
<br />Bourserss face ... rIn inleresl, tire t ... I deed and the note or other evidence of the obligation so satisfied. Borrower shall pay any recordution costs_
<br />21. Surcesum II ustee. Lender, at Lender's option, lady remove 'ITustee vntl appoint a successor trustee by first, mailing a copy of the substitution of trustee F., required
<br />by applicable law, and than, by filing the substitution of trusted for record in the office of the register of deeds of each county in which the trust property, or some pan
<br />thereof, Is slwntod. The successor trustee, without conveyence of me pmVeny. e[ad l succeed to at the power, duties, authority and title of the Trustee named in the deed of
<br />trust and of any successor mature
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