|
COVENANTS 200210542
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lander agree otherwise, any payments Lander receives tram
<br />Bonower or for Borrower', benefit will be applied limit to any amounts Borower owes on the moored debt exclusive of interest or principal, second to interest, and than to
<br />principal. If partial prepayment of the secured debt occurs for any reason, it will not reduce or excuse any scheduled puymrnt mil the secured debt is paid in full.
<br />2. Claims Against Title. Borower will pay all tuxes, adessmenrs, and other charges attnbusable to the 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 may require Borrower to assign any nights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to inspires or maintain the property.
<br />3. Insurance. Borrower will keep the property immd under terms acceptable to Leader at Borrower's expense and for Leader's benefit All Insusnce policies shall
<br />include a smodard mortgage clause in favor of Lender. Lender will be named as has pace or as the insured on any such insurmce 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 mustangs, insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep the property, in good codition and make all repairs reasonably necessary .
<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this dead of trust or in any
<br />obligation securad by this dad of trust Borrower will pay these amounts to Ira d provided m Covenant 9 ofthis dad of mrrt.
<br />6. Prior Smartly Interests. Unless Borrower first obsins Lender's written contest, Boarowa will not make or permit my changes to any prior security interests.
<br />Burrower will perfbmt all of Borrower's obligations media any prior mortgage, deed of trust or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />p. Assignment of Rents and ProOs. Bomwer assigns m lender the rents and profits of the properly. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collat and retain the reins as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may take
<br />possession and rrenage the property, and collect the rents. Any is Leader collects shall be applied first to the costs of managing the property, including roan costs and
<br />attorneys' fees, commissions m anal agents, and my other necessary related expenses. The remaining amount of urns will then apply to payments on the secured debt as
<br />provided in Covenant 1.
<br />8. Leaseholds; Condominiums; Planned Unit Developments. Bower agrees to comply with the provisions of any lease if Ws deed of trust is on leasehold. If this
<br />deed of trust is on a unit m 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 to perform, any of Borrower's duties under this deed of must, Leader may perform the duties or
<br />use them to be performed. Lender may sign Boron er's name or pay any amount if necessary for performance. If any construction on the property is discontinued or not
<br />record on in a reasonable manna, Lanier may do whatever is necesary to protect Larder's security interest in the property. This may include completing the construction.
<br />Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this dead ofwat.
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of tmsr. Such amounts will be due on demand and will bear interest from the
<br />date of the payment until paid in full at Us, imtadt mtefn effect m the saute debt.
<br />10. Default and Acceleration. If Borrower fails to make any payment when due orbreaks any covenants under Ws dead oftvst or my obligation sacred by this dad of
<br />trust or any prior mortgage or dead of vest, Lander may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies pemmimed by applicable law.
<br />11. Request for Notice of Default. It is hereby raludted that cupid ofthe notices ofdefcult and sale be seat to each person who is a party hereto, at the address of each
<br />such person, as set forth herein.
<br />12. Power of Sale. If the Leader invokes the power of sale, the Tnstre shall first reeo d in the office of the register of deeds of each county wherein the trust property or
<br />some pan or pareei thereof is situmd a notice of default containing the information trimmed by law. The Trustee shall also mail copim of the notice of default to the
<br />Borrower, to itch person who is sporty hereto, end to otlemparrions as prescribed by applicable law. Not less than one month after the Tnstee records the notice of default,
<br />or two months if the trust property is not in any incorporated] city or village and is usad m fmming operations tamed on by the trestoq the Trustee shall give public notice of
<br />sale to the persons end ins the roamer prdcnbed by applicable Lew. Testa, without demand on Borrower, shall sell the properly at public auction to the highest bidder. If
<br />rer, iml by the Faun Honestand Protafion Ara, Truster shall otl'a the property in two separate sales as requite by applicable law. Trvsta may postpene sale of all or any
<br />parcel ofthe property by public amouncement at the time and place ofany previously schdeld sale. Lender or its designs may purchase the position at any sale.
<br />Upon receipt of payment of the price bid Trustee shall deliver to the purchaser Tmsea's dad conveying the property. The recifials contained in Tms se's deed shall be
<br />prima facie evidfeace of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order : (a) to all expenses of the sale,
<br />including, but not limited be, reasonable Trustee's bass, reasonable attorney's fed and reinstmoment fed; (b) to all sums gourd by this dead of trust, suit (e) the balance, if
<br />any, to the persons legally antitld to radva it.
<br />13. Foreclosure. At Lender's option, this deed oftmst may be foreclosed in the manna provided by applicable law for foreclosure of mortgages on real property.
<br />14. Unification. Larder may era the property to inapat it if Lender give, Borrower notice beforehand. The notice man state the reasonable cause for Lender's
<br />oepation.
<br />15. Condemnation. Borrower sssigd to Lender the prosed, of my award m claim for damages connected with a condemnation or other taking of all or any pan of the
<br />property. Such pnweeds will be applied as provided in Covenant 1. This assignment is subject to the terms of amy prior security agreement.
<br />16. Waiver. By esemisivg any remedy available to Lender, Linda doe, net give up my rights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right to later consider the event a default if it happens again.
<br />❑. Joint and Several Liability; Cosigners; Successors and Assigns Bound. All duties under this deed of bust arejoiat and saves]. Any Borrower who co-signs this
<br />dead of trust but does not co -sign the underlying debt instruments(s) does m only to giant and convey that Borrower's interest in the property to the Trustee under the terms
<br />of this dad of bust. In addition, such a Borowar agreed that the Lender and any other Bornewer under this deed often may extend, modify or make my other changed in
<br />the teams of tbis deed oftrost or the secured debt without that Borrower's commit and without releasing that Bor ewer from the tams ofthis dead attract.
<br />The duties and benefits of this dad oftnat sM1e!1 bM1d and benefit the successors end assigns of lender end Bomrowa.
<br />18. Notice. Unless otherwise required by law, any nofioe to Borower shall be given by delivering It or by mailing it by cenifiad mail addressed to Borower at the
<br />perpeny address or any other address that Borrower has given in Lender . Borrower will give my notice to Lender by emitted mail to Lander's address on page I of this
<br />dad of vest, or to any other address, whicM1 lender has ddigretd. Avy other notice to [ender shall be sent to Lender's address as smmd on page 1 of mNs dad of wst.
<br />Any notice shall be deemed to have been given to Bormwerm Lender when given in the manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or my pan ofthe impacts or my interest in it is sold m transferred without the Lender's
<br />prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand immediate payment if the Borowa is not a normal pension and
<br />a beneficial interest in the Borrower is sold or tsnsfenred. However, Lender may not demand payment in The above situations if it is prohibitd by federal law as of the date
<br />ofthis dead oftrust.
<br />30. Reconeayance. When the obligation soured by this deed oftrnn has been paid, and Lender has an fuller obligation to make advocates under the instruments or
<br />agreements secured by this deed of tout, the Trustee shall, upon writlan response by the Laufer, recowey the trust property. The Lender shall deliver to the Burrower, or to
<br />Borower's successor in named, the trust deed and the note or other evidence of the obligation an satisfied . Borrowers shall pay any recordation costs.
<br />21. Sueeessor Trustee. Lender, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the substitution of trustee as required
<br />by applicable law, and does, by filing the subseitntfon of lmna for rood in the office ofthe register ofe ads of each county in which the must property, or some pan
<br />thereof, is sitmtad. The seacedortruneq without conveyance ofthe prepay, shall succeed to all the power, duties, authority and title ofthe Trustee named in the deed of
<br />cat and of any successor tmstce.
<br />
|