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COVENANTS 200210666
<br />1. Payments. Bonrwer agrees to make all payments on the secured debt when date. Unless Borrower and Lender agra otherwise, any payment, lender moose, from
<br />Borrower or for Borrower's benefit will be applied final to any amounts Borrower owes an the secured debt exclusive of interest or principal, second to interest, am then to
<br />principal If partial prepayment of the secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until the sommal debt is paid in hill
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, mad other clarges attributable to the property when due and will defend title to the pmpeny against
<br />uny cluires which would impair the lien of his dead of trust. Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parries who supply labor or materials to improve or maintain the progeny.
<br />3. Insurance. Borrower will keep the property Insumf under terms acceptable to Lender at Borrower's expense and for Lender's bcnctit. All Insurance 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 insumnce proceeds maybe
<br />applied, within Lender's discretion, to either the mstaatim or repair of the damaged property or to the secured debt if Lender Regeims mortgage insumnce, Borrower
<br />agrees to maintain such insumnce (ono long us. Under requires.
<br />4. Property. Burrower will keep the progeny in good condition and make all repairs reasonably necessary.
<br />S. Expenses. Bonower agrees m pay all Lender' s expenses, xpses, including reasonable anotncys' tots, if Borrower breaks any covenants in this deed d of trust or any
<br />Obligation secured by this dad Of (lost Borrower will pay these amounts to lender as pmvidad in Covenant 9 ofthis deed critical,
<br />6. Prior Security Interests. finless 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 Bmrwwer's ubligatiom, under any prior mortgage, deed of trust or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />]. Assignment of Rents end Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agrood! otherwise in writing,
<br />Bormwn may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Lcnticr, Lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rents. Arry rents fender collects shall he applied first to the costs of managing the property, including court costs and
<br />arm.,,' fees, commissions to renal agents, and any other acccasury related expenses. The remaining amount of terns will then apply to voyace t, on the secured debt vs
<br />provided in Covenant I-
<br />g. Learebnldq Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of Iwt is on lemehold. If this
<br />deed of trust is on a coil in a stra u ncivm of 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 Borinwor, If Borrower fails to pnfom, any of Borrower's duties Ruder this deed of trust, lender may perform the duties nr
<br />se them to be pennmred. Lender may sign Borower's name or pay any amount if necessary for perfernancc, ]fully construction on the property is discontinued or not
<br />named on in a reasonable manna, Lender may do whatever is necessary a protect Under', swudry interest in the proper, This may include completing the construction.
<br />Lenders failure m pat Conn will not preclude Lender from exercising any of its other rights under the law or this deed of bust.
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of twt. Such amounts will be due on donund and will bear interest Wm the
<br />date of the payment until paid in full at the interest rate in effect on the secured debt.
<br />10. Default end Acceleration. If Borrower fails to make any payment when due or breaks any covenants under this decd of tryst or any obligation secured by this decd of
<br />trust or any prior mortgage Or deed of most, Under ,toy accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies pemrined by applicable law,
<br />11. Request for Notice of Default. It is hereby requested (hut copies of the notices of default and sale be sent to each person who is a W rty hereto, at the address of each
<br />such person, as set forth herein.
<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall fin( reuand in the Office of the register Of deeds Of each comity wherein the trust property or
<br />rc poll or parcel thereof is shmted a Indic, of default containing the information required by law. The Trustee shall also mail copies of the notice of default to the
<br />B.nower, to each person who is a party herd., and to other persons as prescribed by applicable law- No, Iesa than One month after the Tmatee rcnNs the retire of default,
<br />or two months if the cost property is not in any incorporated city or village and is used in fuming operations council on by the lmamq the Trustee shill give public notice of
<br />sale to the persons and in the manner, presenbed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Fenn Home,mi d Prolrc air, Act, Trustee shill offer the popery in two separate sales as required by applicable law. Trustee may postpone sale of ail or any
<br />pareel ofthe pmpeny, by public announcement at the time and place of any previously achedulW sale. Leader or its designee may purchase the property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the rail oser Toaster's deed conveying the property- The tmitials contained in Trustee's deed shall be
<br />prima facie evidienee of the math 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 />inelmli l , but not limited I., .,enable Tru,pa's fees, reasonable money's fees and reinstatement I' (b) ro all sums secured by this dead of lost, and (c) the balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At LrnJcr' s option. this deed of trust may be(omlOSed in the rummer provided by applicable taw[orfnrmlosureoLnortgvges on real pmpaly.
<br />14. Inspcalion. txardnr may aver the properly to inspect it if lender gives 9nrrnwer nrnice hefnrehand. The notice mutt state the reasonable cause for Tenders
<br />inspection.
<br />15. Cendcmnefion. Borrower msigm In Lender the proceeds of any award or claim for danages connected with a condonation or other taking of all or any part of the
<br />property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terms of any prior sccutlty agreement.
<br />16. Waiver. By exercising any Remedy available or Lender, Lender dues not give up my night, to lute me my other remedy. By out exercising my remedy upon
<br />Borrower's default, I ender does not waive any right o later consider the event a default if it happens again.
<br />❑. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed of rrvsd arc joint and several. Any Borrower who co-signs Nis
<br />deed of oust but does not co -sign the underlying debt insmamentsfs) does sit Only m gram and convey that Borrower's interest in the property to the Toasts under the tears
<br />of Nis decd of best. In addition, such a Borrower agrees that the Lender Rod any other Borrower under this deed of trust may extend, modify or make any other changes in
<br />the terms of this deed of cost or the secured debt without that Borrower's consent and without releasing that Borrower firm the terns ofthis deed of trust.
<br />The duties and benefits of this deed of bear shall banal and benefit the successors rand assigns of Lender and Borrower .
<br />18. Notice. Laos, otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by minified mail addressed to Borrower at the
<br />property address or any other address that Borrower has given to UsEr. Borrower will give any notice to Lender by "niftd mail to Lender's address on page 1 of this
<br />deed of bust, or to any .,her address, which Lender has designated . Any other notice to Lender shall be sent to Lender's address as abated on page d of this deed of trust.
<br />Any notice shall he dcncd to have been given to Borrower or Under when given in @c manner sm Al above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any pun of the poapeny or cry in(eesf in it d, Old or transferred without the Lender's
<br />poor written consent, Lender may demand immediate payment of the secured debt. Lender may also demand immediate payment if the Borrower is not a wtuml person and
<br />It benehcid intoned in the Be,, we, is sold or transferred, However, Leader may not demand payment in the above situations If it is pordids ad by federal law as of the date
<br />of this deed of treat.
<br />20. Reemara,u rice. When the obligation secured by this deed of lots( has been paid, and Lender has I. trainer obligation to make advance, end,, tire instruments or
<br />agreements secured by this deed of mast, the Trustee shall, upon written aquas[ by the Lendur, owmnvey the best property. The Lender shall deliver to the Borrower, or m
<br />Borrow a's,uceesor in imencsL the tom deed and the note or other evidence of the aldigation so satisfied. Borrower shall pay any recordation casts.
<br />21. Succesam- Trustee. IendeR atlrndn's Option, may remove Trustee and apimiaasuccessnrtrustec by fire, mailingacopy ofthe substation of masme as rryuired
<br />by applicable law, and then, by filing the substitution of bertee for ecord in the.iTce ofilm register of deeds of each county in which the trust property, or some pan
<br />thereof, is situated. The successor trustee, without conveyance of the propmty, shall suceced to all the power, duties, authority and title of the Trustee named in the deed of
<br />trust and of airy successor trustee.
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