|
COVENANT'S 200210039
<br />1. Payments. Borrower agrees to make all ppynrents on Me secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receive from
<br />Borrower or for Borrower s cancer will be applied first to any amounts Borrower owes on the secured debt exclusive of interest ar principal. second to interest, and then to
<br />principal- If partial prepayment of the secured debt nccua far any reason, It .,It not reduce or excuse any scheduled payment until the secured debt Is paid in full.
<br />2. (:]aims Against IBig. Borrower will pay all taxes, assessments, and other charges anribumble to Me Impacts, when due and will defend title W the property against
<br />any claims which would impair the lien of this deed of tots. Leader may regmlre Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or moten lls to improve or nmintain We property
<br />3. Insurance. Borrower will keep the property Insured under terms acceptable to Lender at Borrower's expense it for Leader's benefit. All Iamovare policies shall
<br />n too, u aandand morose clause le favor offender. Lender will be named as loss payee or as the insured on any such insurance policy. Any insurance proAdds rosy be
<br />applied, within Lender s discretion, to either the restoration or repair of the damaged property or to the secured debt If Lender requires mongagc Insurance, Borrower
<br />agrees in amiably such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep the property in mused condition and make all repair reasonably necessary
<br />5. Expenses- Borrower agrees to pay all Lender's expenses, including reasonable attomeys- fees, if Borrower breaks any covenants in this deed of cost or in any
<br />obligation secured by this deed of mast. Barrows will pay these amounts W Lender as pmt'bed In Covenant 9 of thou. 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 imon.v,
<br />Borrowswill perform all of Borrowers obligations under any prior mortgage, deed intrust or super security agreement including Brabrox rs covenants to make payment
<br />when due
<br />7. Assignment of Rents and Profits. Borrower assigns to Lender Me rents and profits nfine property. holes Rorrower and Larder have agreed otheroise in writing
<br />Borrower may collect and retain he rents as Inng as Borrower is not In default If Borrower defaults, Lender, Lender 'a agent, or a count appointed receiver may take
<br />pm and nonage the property and collect the rents Any rents Lender colleds shall be applied first to Me cooks of managing the property, including ..an coats and
<br />attorneys fees, commissions to rental agents, and any other necessary rclmed expenses. The remaining amount of rents will then apply W payments on the secured debt as
<br />provided in Cosecant I.
<br />I. Leaseholds: Condominiums; Planned Unit Developments. Borrower agrees W comply with the provisions of any lease Tins deed of trust Is on Leasehold. If Nis
<br />deed uffrot's on a unit in. condominium or a planned it development Borrower will perform all ofBOrrowei s duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Anthony of Lender to Perform for Borrower. If Burrower fails to perform, any of Borrower's duties under this deed of trust Lender may perform the duties or
<br />cause Nam to be performed. Lender may sign Borrower's name or pay any amount ifnecesxary for performance. Ifany construction on We property is discontinued or not
<br />carried on in a reasonable manner. Lender may do whatever is necessary to protect I.wmder's security interest in die property. 'f his may include completing the conformation.
<br />Lender's failure to perlorm oil I not preclude Lender from exercising any of its other rights ands thn 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 mast Such amounts will be due on demand and will bear interest from the
<br />date ofthe payment until paid in full at the Interest rate in effect on Me secured debt
<br />10. Default and Acceleration. If Borrower fails to make my paynmeat when due or breaks any entertains under Nis deed ofoustor any obligation secured by this deed of
<br />I ... I or any prior mortgage or deed of frost, Lender may accelerate, the maturity of the secured debt and demand Immediate payment and may invoke the power of sale and
<br />any other remedies terminal by applicable law.
<br />11. Req soot for .Notice of Default. It is hereby requested that copies of the notices of default and sale he sent to each person who is a pans below, .1 the address of each
<br />such parrot as at Nnh herein
<br />12. Power of Sale. If the Lender invokes Me power ofsala, the Trustee shall first record In the office, ofthe register of deeds of each county wherein the trust property or
<br />some pan or parcel thereof is shouted a notice of default rumoring the information required by ]us. The I aside shall also mall copies of the notice of default to the
<br />Burrower, W mdr person who Is if party batchy and to other persons as prescomed by applicable law. Not less Nan one month after the Trustee records the mania of default.
<br />or two months ifthe trust property is not in any incorporated city or village and is used in Perming operations carried on by the moca. the Tmsice shall give public notice of
<br />sale to the,... a, and In the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required W the Farm Homestead Prcteclion Act. 1 mswe shall oiler to 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 time and place of any previously .scheduled sale. Leader or its designee may purchase Me property, a my sale
<br />Upon receipt of puymem of me price bid, 'I' ... we shall deliver to me purchase[ Trustee's deed canveymg the property. Time recitals contained in 'I notice's deed shall he
<br />prima tact, evidlence of the truth of the statements contained Herein. Trustee shall apply the proceeds of Me sale in the following order. (a) to all expenses of the sale,
<br />fact uding but not limited to, reasonable Trustee's! reasonable aumey`s fees and reinstatement fact (b) to all sums secured by this deed of trust, and (c) the balance, if
<br />any, W the persons legally entitled to receive it.
<br />13. fmredosuIf. At Land,,', option, Wks deed of mast may be foreclosed In me manner provided by applicable law for fnreclosnre of mortgages on real property.
<br />14. Inspection. I order may enter the property to inspect it If Lender gives Borrower notice beforehand. The notice must state the reasonable cause for Lender's
<br />sp nian.
<br />15. Condemnation. Bonower assigns to Lander the proceeds of any .ward or claim for damages connected with a mortification or other taking ofall or any part ofthe
<br />property . Such proceeds will be applied as provided in Covenant I- This assignment 11 'object to the terms of any prior security agreement.
<br />16. Waiver. By exercising any remedy available W Lender, Lender does not give up any rights to later use any other ready. By not exercising cry remedy upon
<br />Borrowers default Lender does not waive any right W later wmsida the event a default if it happens again.
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed of trust aejeint and several. Any Borrower who co -signs this
<br />deed oftrust but does not co -sign the underlying debt Instroments(s) does so only to grant and convey Nm Borrower's interest In the owners W the Trustee under the [cross
<br />efthis deed oftmst. In addition, such if Borrows agrees that the i®nder and any ounce Borrower tinder this deed oftmst may extend, modify or make any other changes in
<br />the forms of this deed of poster the secured debt without Nat Borrower's consent and without releasing mat Borrows from the tams of this deed of Imst.
<br />the dries and benefits of Nis Jeff of( ... I shall bind and benefit me successors and resigns of Lender and Borrower.
<br />18. Notice. Iinless otherwise required by law, any notice to Borrower shall be given by delivering It or by mailing it by certified mail addressed to Borrower at Me
<br />property address ar any other address Nat Be ... a, has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's address on page I of this
<br />deed oftmst or to any other address, which Lender has designated Any other notice In Lender shall be sent to Lenders address as stated on page 1 of this deed oftrust
<br />Any notice shall be deemed W have bean given to Borrower or lender when giver in the aroma, staled above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any pan of the property or rely interest in it is sold or transferred without the lender's
<br />prior written consent, Lender may demand immediate payment ofthe secured debt Lender may Who demand immediate payment ifin Rorrooar is col unatural person and
<br />a beneficial interest in the Borrower is sold or transferred. However Lends may not demand payment in the above situations if it is prohibited by federal law as afthe date
<br />nnms decd of lost
<br />20. Recoevryonce. When the obligation secured by Nis deed of trust has been paid, and Lcndcr has no bother obligation to make advances under the instruments or
<br />agaemurts secured by this deed of trust, me Trustee shall, upon written request by the Leader, reconycy the trust property. The Lender shall deliver W One Borrower, or
<br />Borrower's successor In Interest the mat deed and the note or other evidence of obligation so satisfied- Borrower shall pay any recordation costs.
<br />21, Successor ' Trustee. tender, at Lender's opdan,,.y remove Trustee and appoint a suoccssor trustee by fast, mottling a copy oftlre substitution oftrustee as required
<br />by applicable law, and the, by filing the od"ha nion of trusfoc for resold In me office ofthe register of deeds of eoclr county in which the trust property, or some pmt
<br />thereof, is si umed. The successor trustee, without conveyance nflhe property, shall succeed on all the power, duties, authority and title ofthe Trustee named in Me deed of
<br />trust and of any successor Imstae.
<br />
|