|
COVENANTS 200210549
<br />I. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Leader receives from
<br />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on tae secured debt exclusive of Imp d or principal, second to inwesg end then to
<br />principal. If partial prepayment ofthe secured debt occurs for any teaser, It will not reduce or excuse any scheduled payment until the secured debt is paid In full.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and offer charges attributable to the property when due and will defend title to the property against
<br />any claims which would Impair the lien of this deal of trust Loader may require Borrower to assign any rights, claims or dcanses which Borrower may have against
<br />panics who supply labor or materials to improve cr maintain the property.
<br />3. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit. All loweance politics shall
<br />include a standard mortgage clause in favor of Lender Lender will be named as loss payee or as the insured on any such Insurance policy. Any insurance proweds may be
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to Be secured debt If Lender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep Be property in good condition and make all repairs reasonably necessary .
<br />5. Expenses Borrower agrees to pay all Lender's expenses, including reasonable attomcys' fees, if Borrower breaks any covenants in this decd of trust or In any
<br />obligation secured by this deed of trust Borrower will pay these amount, to Lender as provided in Covenant 9 ofthis deed of bast.
<br />6. Prior Security Interests. Unless Borrower first obtains Lenders written contest, Borrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Borrower s obligations under any prior mortgage, decd oftrust or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />]. Assignment of Bents antl Profits. Borrower attune to Lender the rents and profit ofthe property. Unless Borrower and Lender have agreed otherwise in writing
<br />Borrower may collect and retain the rents as long as Borrower is not in default If Borrower defaults, Lender. Lender's agent nr a court appointed receiver may take
<br />possession and manage the property and collect the rents- Any names I cover collects shall be applied first to the casts of managing the property. Including court cos. and
<br />attorneys' fees, co ssio ns m rental agents, and any offer necessary related expenses. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant il
<br />S. Leaseholds; Condominiums; Planned Unit Development. Borrower agrees to comply with tae provisions of any Ionic, If this deed oftrust is on household_ If this
<br />decd of cost is on a unit in a condominium or a planned unit development. Borrower will perform all of Borrower's duties under the covenant, 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 cost Lender may perform due duties or
<br />cause them to be performed. Leader may sign Borrower's name or pay any amomd if necessary for performance If any construction on the property is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lenders security interest in due property, This may include completing tae counteraction.
<br />Lender 's failure to perform will not preclude Lender from exercising any of Its other right under the law or deed of cost.
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed oftrust. Such amounts will be due on demand and wll I bear interest from the
<br />date ofthe payment until paid in full an due interest rate in effect on the secured debt.
<br />10. Default antl Aseeheratim. If Borrower f ails to make any payment when due or breaks any covenants under this deed oftrust or any obligation secured by this decd of
<br />cost or any prior reengage or deed of trust. Lender may accelerate the maturity of due secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies pertnaed by applicable law.
<br />t1. Request for Notice of Default. It is hereby requested that copies of the notices of defanll and sale be sent to each person who is a party hereto, at the address of each
<br />such person, as set forth herein.
<br />12. Pon cc of Sale. If the Lender another, the power of sale, the ' trustee shed l first record in the office of the register of deeds of each county wherein the bast property or
<br />some pan or parcel thereof is situated a notice of default containing the information required by law. The Trustee shall also mail copies of the notice of default as the
<br />Borrower, to each person who is a party hereto, and to other persons as prescribed by applicable [aw. Not less than one month after the Trustee records the notice of deihult
<br />or two months if the trust property is not In any incorporated city or village and Is used in fanning operations earthed on by the trader. the Trustee shall give public notice of
<br />sale to due persons and in the manner prescribed by applicable law. Trustee, without demand on Borrowed, shall sell the property at pub] is auction to the highest bidder. If
<br />required by the perm Homestead Protection Act, Trustee shall offer the 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. Lender or its designee may purchase the pmpeny at any sale_
<br />Upon rweipt of payment of the price bid, Trustee shall deliver to tae purchaser Irustec's deed conveying due property. The recitials contained in Trustee's deed shell he
<br />prima facie evidience of due truth of due statements contained therein. Trustee shall apply the proceeds ofthe sale in the ElOwing order: (a) to all expenses of tae Bade,
<br />including, but not limited to reasonable Ituster's fete reasonable attorney's fees and reinstatement fees; Of to all sums secured by this deed of trust and of the balance, if
<br />any, to tae persons legally entitled to reserve it
<br />13. Foreclosure. At Leader's option, this deed oftrust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property.
<br />14. Inspection. Lender may utter the property to inspect it if I coder gives Borrower notice beforehand_ The notice must state the reasonable cause for Lender's
<br />eduction,
<br />15. Condemnation Borrower assigns b Lender the proceeds of any award or claim for damages connected with a condemnation or offer taking of all or any pen of the
<br />property- Such proceeds wil I be applied as provided in Covenant L This assignment is subject to Be terms of any prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lender, Lcnder does not give up ary 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 happeas again.
<br />19. .Iai of and Several Liability; Co- signva: Suriname, cod Assigns Bound. All duties under this deed oftrust arcjohnt and several. Any Borrower who co -signs this
<br />deed of base but does not cc -sign due underlying debt instrumcross, does so only in grant and convey that Borrower interest in the property an the Trustee under the arms
<br />ofthis deed oftrust. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed oftrust may extend, modify or make any other changes in
<br />the terms ofthis deed aflutter Be secured debt without that Borrower's consent end without releasing that Borrower from the terms of duff deed of trust
<br />The duties and bcncdus ofthis deed of trust shall bind and benefitthe successors and assigns offender end Borrower.
<br />18. Notice. 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 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 on page I ofthis
<br />dead ofsust or to any other address, which Lender box designated. Any other notice to l endershall be sent to Lender `s address as stated on page l ofthis decd rifted.
<br />Any notice shall he decreed to have been given to Borrower or Lender when given in Be manner stated above.
<br />19. Transfer ofthe Property or a Beneficial Interest in the Borrower. (fall or any part ofthe property or any interest in it is sold or transferred without the Lender's
<br />prior written consent Lender may demand immediate payment ofthe secured debt. Lender mey also demand immediate payment if the Borrower is not a natural person and
<br />a beneficial Interest in the Borrower is sold ortransferred. However, Leaderme, not demand payment in the above situations if it is prohibited by federal law as offs, dale
<br />of this deed off ... 1
<br />20. Reconveyance. When due obligation secured by this deed oftrust has been paid, and Lender bas no father obligation to make advances under the instruments or
<br />agreements secured by this deed of trust, the Trustee shall, upon written request by the Lender, reconvey the trust property _ 'Ile Lender shall deliver to the Borrower, or to
<br />Borrower's successor in interest, due trust deed and the note or offer evidence ofthe obligation so satisfied. Borrower shall pay any recordation costs.
<br />21. Sueeessor Trustee. Landed, at Lenders option, may remove Tmsae and appoint. euccessor trustee by first, mailing aeopy of the substitution of trustee as required
<br />by applicable law, and then, by filing Be substitution of trustee for record to the office of register of dceds.frach county in which the trust pmpeny, or some pen
<br />there.[ is situ a l the successor ",We, without oredyanec of the property, shall succeed to all the power, duties, authority and title of the Trustee named in the deed of
<br />trust end of any successor bastes.
<br />
|