|
COVENANTS 200210807
<br />1. Payments. Borrower agrees W make all payments on me secured debt Is hen due Unless Borrower and Lender agree otherwise, any payments Lender receives fro in
<br />Borrower or for Borrower's benefit will bar applied first to any amounts Borrower awes na me secured debt exclusive of interest or principal, second to interest, and men to
<br />principal. If partial prepaymont of the secured debt ooeor, for any reason, It will not reduce or excuse any scheduled payment until the secured debt is paid in no
<br />2. Claims Against Title. Borrower will pay all lases, assessments, and other charges attributable to the propeny when due and will defend title W the property against
<br />any claims which would impair the lien of this deed of post. Lender may require Bormwer to 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 the propeny insured under terms aceetuable N I under at Borrowers expense and for tender's benefit All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or as me insured on any such insurance policy. Any insurance proceeds may be
<br />appliul, within Lender's discretion, W either the restoration or repair of the damaged property or to the secured debt. If Lender reynires mortgage insurance. Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep the property in goad conthtion and make all repaid reasonably necessary
<br />5. Expenses Borrower agrees to pay all Lender's expenses, including reasonable atmmeys' ices, it Borrower breaks any casements In this deed of oust or in any
<br />obligation secured by this deed of trust Borrower will pay these amounts to Lender as provided in Covenant') ofthis deed ofousL
<br />fi. Prior Security Interests. Unless Borrower Fl¢t obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests
<br />Borrower will perform all or Borrower's obligations under any prior mortgage, deed of trust or other security agreement, Including Borrower's covenants to make payments
<br />when due
<br />7. Assignment of Rents and Profits. Borrower assigns to Lender me rents and profits ofthe propeny. 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, or a court appointed receiver they else
<br />possession and manage the property and collect me rents. Airy rents Lender collects shall be applied first W the costs of managing due property, including coon posts and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenses- The remaining amount of rents will then apply to payments on the secured debt as
<br />provided In Covenant I.
<br />M. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed earliest is on leasehold. If this
<br />decd or trust is on a unit in a condominium or a planned unit development, Borrower will perform[ all of Borrower's duties under the revenants, by Imes, 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 trust Lender may perform me duties or
<br />use them to be performed. Lender may sign Borower's time or pay any amount if necessary for parPormance. Repay construction on me property Is discontinued or not
<br />carried on to 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 />Lender's failure to perform will not preclude Lender Boom excrcising any of its other rights under the law or this deed of post
<br />Any amounts paid by Under o protect Lender's security interest will b, secured by this deed of trust Such amounts will be due on demand and will bear Interest from the
<br />date of the payment until paid in fall at the interest rate In effect on the secured debt.
<br />10. Default and Acceleration If Borrower falls to make any payment when due or breaks any covenants under this deed of mist or any obligation. soared by this deed of
<br />trust or any prior mortgage or deed oftrmt Lender may accelerate the maturity orthe secured debt and demand immediate payment and may invoke me power of sale and
<br />cry other remedies permitted by applicable law.
<br />IL Request for Native of Default. It is hereby requested that copies ofthe notices ofdefent 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 />13. Power na Sele. If the Lender invokes the power of sale, the trustee shall first recond in the office of the register of deeds of each county wherein the most 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 to the
<br />Borrower to each person who Is a parry hereto, and to other pursues as prescribed by appheoble law. Not less than one month after the Trustee records the notice of default,
<br />or two months ifthe test pmperty Is not in any incorporated city or village and is used In morning operations owned on by the tmstoq the Trustee shall give public notice of
<br />sale to the persons end In the manner prescribed by applicable law. Trustee, without demand on Borrowcq shall sell the pmperty at public auction to the highest bidder If
<br />required by the Farm Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of al I or any
<br />parcel of the property by public announe relent at the time and place ofany previously scheduled sale. Lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment of me price bid, I... we shall deliver to fie purchaser Tmstee's deed conveying the diffusive. The Morris contained in finance's deed shall be
<br />prima facie cvidience of the truth of the statements contained therciu Trustee shall apply the proceeds of the sale in the following order, (a) to all expenses of sale,
<br />Including, but not limited to, reasonable Trustee's fees, reasonable attomes's fees and reinstatement fees; (b) W all sums secured by this deed of trust, and (c) the balance, if
<br />any, to the persons legally entitled W receive it
<br />13. Foreclosure. At Lender 's option, this dead of trust may he foreclosed in the manner provided by appl ieable law lot foreclosure of mortgages on real properly,
<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must slate the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any pan of the
<br />property. Such proceeds will be applied as provided in Covenant 1- This assignment is subject to the terms marry prior security agreement.
<br />16. Waiver. By exercising any remedy available to Lender Lender does not give up any rights to later use any other mmcdy. By not exercising any remedy upon
<br />Borrower's delbult Lender does not waive any right to later consider the event a default if it happens again.
<br />17, Trimmed Several Liubility; Co-signers; Successors and Assigns Bound. All duties under this deed of tmst arejofnt and several. Any Borrower who co-signs this
<br />deed of tmst but does not of sign the underlying debt Inswments(s) does so only to grant and convey that Borrower's Interest in We propeny to the Trustee under the terms
<br />of this dead orf tom. In addition, such a Borrower agrees that the Lender and any other Bormwer under this deed of trust may extend, modify or make any other changes in
<br />the terms ofirs decd of trust or the secured debt without that Bortower's consent and without releasing that Borrower from the terms of this deed of trust.
<br />The duties and benefits o this deed of trust shall bind and benefit the successors and Assigns of Lender and Borrower
<br />18, Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing fiber certified mail addressed to Burrower at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice W Lender by certified mall to Lender's address on page 1 of this
<br />dead oftruet or to any other address, which l antler has designated. Any other notice to Lender shall be sent to Lender s address in staled on page l of this deed of trust
<br />Any notice shall be deemed to 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 any pan ofthe properly or any interest In It is sold or transferred without the Lender's
<br />prior written consent, Under may demand immediate payment of the secured debt. Lender may also demand immediate payment Late Borrower is not original person and
<br />a beneficial interest in the Borrower is sold ortrarefi d. However, Tender may not demand payment an the above situations if it is prohibited by federal law as of the date
<br />afthls deed of trust
<br />20. Reconvryance. When the obligation secured by this deed afford has been paid, and Lender has no higher obligation to make advances under the instruments or
<br />agreements scoured by this deed of IrueL the trustee shall, upon written request by the Lender. reconvee the trust propeny. 'the Lender shall deliver to the Borrower, or W
<br />Borrower's successor in interest, the trust deed and the note or other evidence ofthe obligation so satisfied- Borrower shall pay any recordation costs.
<br />21. Successor Trustee. Lender, at Lenders option, may remove Trustee and appoint asuecessortrustee by first, mailing acppy ofthe substitution oftmstee as required
<br />by applicable law, and then, by filing We substitution of hurtee for record in the office of the register of deeds ofeach county in which the trust propeny, or some part
<br />thereof, is situated The successor trustee, without conveyance of me property, shall succeed Wall the power duties, authority and title ofthe Trustee named in the deed of
<br />post and of any successor trustee.
<br />
|