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COVENANTS 2009102187
<br />L Payments. Borrower agrees to make all payments on the secured debt when die. Unless Borrower and Lender agree .thcrwlsc, any payment, Lender receives from
<br />Borrower or for Borrower's benefit will be applied I! do to any amounts Borrower owes on the secured debt axe us ice of interest or principal, .cured to interest, and then u
<br />principal. If partial prepayment ofthe secured debt oaurs for any reawn it will not reduce or excuse any scheduled payment until the secured debt is paid in fall
<br />L Claims Against Title. Borrower will pay all taxes, assessment , and other charges attributable as the property when due and will defend title to the property against
<br />v claims which would impair the lien of this deed of trust Lender may require Borrower an assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the property.
<br />3. Insurance. Borrower will keep We property insured under terms acceptable to Lender at Borrower's expense and for Leader `s benefit All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or is We insured on any such insurance policy. Any insurance proceeds may 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 mortgage Insuran e, Borrower
<br />agrees to maintain such insurance for as long as Lender requires_
<br />4. Property, Borrower will keep Be property in pod condition and make all repairs reasonably nvessapi.
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable arithmetic' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed effort Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust.
<br />6. Prior Security Interests. Unless Borrower first counts Lender's written contest, Borrower will not make or permit any changes to any prior security Interests_
<br />Borrower will perfomh all offfmruwei s obigatiots order may prior mortgage, decd of toast or other security agreement including Borrower's covenants to make went
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns of I ad,, the rents and profits of the property. Unless Borrower and Lender have agreed olheavise In writing
<br />Borrower may collect and retain the rents as long as Borrower is not In defaut If Borrower deficits, 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 ofmanaging the property, including such costs and
<br />attorneys fees, commissions to rental agents, and any other necessary related expenses- The remaining amount of mnu will then apply to payments on the secured debt se
<br />provided in Covenant L
<br />I. Lcaschelds; Condominiums; Planned Unit Developments. Borrows egrca to comply with the provisions of lease If this decd of trust is on leasehold. It this
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrowers duties under We 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 m perform, any of Borrower's duties under this deed of lust, Leader may perform the duties or
<br />cause them to be performed. Lender may sign Borrower's name or pay any amount if acecssary for performance. If any construction on the property is dise,drom ed or not
<br />eamicd on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the property_ This may include completing the Construction.
<br />Lenders failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed of trust.
<br />Any amounts paid by Lend,, to protect lxtder s seadly interest will be ... used be this deed oftrust Such amounts will be due on demand and will ben interest from the
<br />time ofthe payment until paid in full at the interest rate in effect on We secured debt.
<br />111. Default and Acceleration. If Borrower falls to make any payment when due or break any covenants under this deed unrest or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of must Leader may acccl,mle the maturity ofthe secured dcht 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 of Default. it is hereby, requested that copies of the notices it default and sale be sent to each person who is a party history, at the address of each
<br />such person, as set forth herein
<br />12. Power of Safe. ofthe Lender invokes the power capsule, due Tracer shall first record in the office ofthe register of deeds of each county wherein the trust property or
<br />some part or parcel thereof Is situated a notice of default containing the information required by law. The Trustee shall at,. mail copies of the entice of dolaub to the
<br />Borrower, to each person who is sporty hereto, and mother persons as prescribed by applicable law. Not less than one month after the'I'mstee records the notice onlefault,
<br />or two months The trust property is not in any incorporated city or village and is used in frmring operations carried on by the truster, the Trustee shall give public notice of
<br />sale to the persons 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 by the parse HOmearead Protection Art, Trustee shall offer the property in too separate sales as required by applicable law. Trustee may postpone sale of at l or any
<br />parcel of the property by publte announcement at the tine and place of any previously scheduled sale. Lender or its designee may purchase the property an any sale.
<br />Upon receipt of payment ofthe price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the property. The mainals contained in Imove's deed shall be
<br />prima facie evidence of the truth of the statements contained therein Trustee shall apply the proceeds of the sale in the following order . (a) in all expenses of the sale,
<br />including but not limited to, reasonable Trustee's fees, reasonable allorney s 0..s and reinstatement ices; (b) to all sums secured by th is deed of trust, and (e) the balance, if
<br />any, to the persons legally entitled to receive it
<br />13. Foreclosure AtLenter's notion , this decd of trust may be foreclosed In the manner provided by Tel cable law for foreclosure of mortgages on real property.
<br />14. firemeton. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand_ The notice must state Be reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation Borrower assigns to Lender the proceeds of my award or claim for damages connected with a condemnation or other taking small or any part of the
<br />property . Such proceeds will be applied as provided in Covenant I ]his assignment is subject to the terms of any prior security agreement.
<br />16. Waiver. By exercising any comedy available to Lender, Lender does not give up any rights to later sae any other remedy_ By not exercising any remedy upon
<br />Borrower's default, I ender does not waive any right to later Consider Be event a default if it happens again
<br />19. .].1.( ad Several Liability; Co-signers; Sumeamrs and Assigns Bound. All duties undcrthls deed oncost natural and several Any Borrower who cosigns this
<br />deed of hust but does not co -sign the underlying debt instr mmush) does so only to grant and convey that Borrower s interest in the property to the Trustee underthe terms
<br />of this deed of trust. In addition, such a Borrower agrees that the lxnder and any other Borrower under this deed of trust 'nay extend, modify or make any other changes in
<br />the terms of this deed oftrust or the secured debt without than Borrower r s consent and without releasing that Borrower from the terms of this deed inmost
<br />The duties and bendhs.fix deed of trust shall bind and benefit the successors and assigns of Lender and Borrower.
<br />Ih. Notice. Unless officers, required by law, any notice to Borrower shall he given by delivering it or by mulling it by certified mail addressed m Borrower it the
<br />property address or any other address that Borrower has given to Lender Borrower will give any notice m Lender by certified mail W Lender's address on page I of this
<br />deedoiftnot. or to my other address, which Lender has designated_ Any other notice to Lender shall be sent to Lender's address as stated on page l of this deed oftrua.
<br />Any molly shall be deemed If have been given to Borrower or Lender when given In the manner stated above.
<br />19. 'Transfer of the Property or a Beneficial Interest in the Borrower. If all or say pan or property or any interest in it is sold or transferred without the Lender's
<br />prior written consent Lender may demand immediate payment ofthe sacred debt. 1 Chief may also demand immediate payment ift a Borrower Is not a natlral person and
<br />a wrifieial interest in the Borrower is sold or transferred_ However, Lender may not demand payment in the above situations if it is prohibited by federal law as ofthe date
<br />ufthis deed oftrust
<br />20. Recotveyaod. When the obligation secured by this decd of .,I has been paid, and I bad,, has no further obligation to make advances under the instruments or
<br />agreements saumd by this deed of trust, the Trustee shall, upon written request by the Lender, reconvey the lust property. The ICnder shall deliver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and the note .,other evidence ofthe obligation so satisfied. Borrower shall pay any recordation costs.
<br />21. Suece ssor'I' mate, I.rndn,atLemiq.., Prior, may remove Iruse, and appoint a successor trustee by first, mailing a copy ofthe substitution ofmostee as required
<br />by applicable law, and then, by Bling the substitution ofhustee for record in the office ofthe register of deeds of each County in which the trust property, or some pan
<br />thereof, is situated. The successor mosta, without reaveyanec ofthe property, shall succeed to all the power, duties, authority and title ofthe Trustee named in de decd of
<br />trust and of any successor trustee_
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