|
COVENANTS 200211229
<br />1. Payments. Borower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Bonowu or for Bonowets benefit will be applied first to any amounts Borrower owns on the secured debt exclusive of interest or principal, second to interest and then to
<br />Principal, If monist prepayment of the secured debt occurs for any reason, it will not reduce or excuse arty scheduled payment until the secured debt is paid in full
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attributable to the property when due and will defend tide to the property against
<br />any claims which would impair the lien of this dead of host leader may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />panics who supply labor or materials to improve at maintain the property.
<br />3. Insurance. Borrower will keep the pmpeny insured under tams 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 as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, within Unit,', discretion, to either the restoration at repair of the damaged pmpeny, or to the secured debt. If Lender requires mortgage insurance, Borrower
<br />agrees to nnatnturn such insurance for as long as retailer requires.
<br />4. Properly. Borrower will keep the pmpeny in good condition and make all repairs reasonably necessary.
<br />S. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable anomeys' fees, if Borrower breaks any covaame in this dead of must or in any
<br />obligation secured by this dent oftmst Borrower will pay these amounts to lender as provided in Covenant 9 of this deed of tryst.
<br />6. Prior Security Interests. Unless Borrower first obtain lender's written contest, Borrower will not make or permit any changes to any poor security interests.
<br />Borrower will pedonm all of Borrowers obhgmim s under any prior mortgage, dabd of must m other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />p. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the 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 or a court appointed receiver may take
<br />possession and mawge the Property and collect the rank. Any mots Linder collects shall be applied first to the costs of managing the property, including court costs and
<br />anomrys' fees, commissions to renal agents, and any other necessary related expenses. The measuring amount of rents will than apply to payments on the secured debt as
<br />provided in Covenant 1,
<br />B. Leaseholds; Condominiums; Planned limit Developments. Borrower agrees to comply with the provisions crony lease if this deed of tm a is on leasehold If this
<br />deed oftmst is on a unit in 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 Bormwer fails to pertorce, any of Borrower's duties under this deed of men. Lender may perform the duties or
<br />use them to be performed. lender may sign Borrower's name or pay any amount if necessary for perfonnnvce, If any construction on the property is discontinued or not
<br />canned on in a reasonable manner, Lender may do whatever is necessary to powder Lendms security interest in the pmpeny. This may include completing the construction
<br />Lender's failure to perform will not preclude Lender from exercising any of its other rights vadu the law in this dead of trust.
<br />Any amounts paid by Lender to recover Lender's security interest will be secured by this deed of must Such amounts will be due on demand and will bear interest from the
<br />datcof lee maymenr until paid in full at the interest mm in eff ct on the secured debt.
<br />10. Default and Acceleration. If Borrower fails to make any payment whom due or breaks any covenants under this deed oftrd or any obligation secured by this deed of
<br />must or any prior mortgage or deed of must Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies cetmmt by applicable law.
<br />11. Request for Notice of Default It is hereby requested that copies of the notices i f default and sale he sent to each person who is a party hereto, at the address of each
<br />such person, as set forth herein.
<br />12. Pewerof Sala If the Lender invokes the power of sale, the Trustee shall first mand in the office of the register of deeds of each county wherein the trust property or
<br />- aw pat or pomcl thereof is stormed is cmiee of default cornemmg else whormarioo required by law. The former shall also mail copies of the notice of default m the
<br />Bonowu, to each person who is a party hereto, and to other persons as per cnlst by applicable law. Not less than one month after the Tmstce records the notice of default,
<br />or two months if the must property is not in any ineorpoatel city or village and is used in farming operations carried on by the toaster, the Trustee shall give public notice of
<br />sale to the protons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest Indoor If
<br />required by the Farm Homestead Protection Act, Trustee shall off lee property in two separate sales as required by applicable law_ Trustee may postpone sale of all m any
<br />parcel ofthe property by public announcement at the time and place ofany previously scheduled sale. Lendermits designee maypurehase the propmy at any sale
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the property. The necitials contained in Trustee's deed shall be
<br />poma facie evidienee of the truth of the statements contained therein, Turner shall apply the proceeds of the sale in the following and (a) ro ell cxpensee of the sale,
<br />including, but not limited an, reasonable ble Trustee's fees, reasonable m mays fees and reinstatement feu; (b) to all Arms secured by this deed of Lost, and (c) the f the balance, e,
<br />any, to the persons legally entitled to receive it. if
<br />13. Foreclosure. At Lender's option, this deed ofrrusr maybe foreclosed in the manner provided by applicable law for foreclosure ofmongeges on real property.
<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must elate the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assign to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the
<br />pmpeny, Such proceeds will be applied as persist in Covenam 1. This assignment is subject to the terns of any prior security agreement.
<br />16. Waiver. By exercising any remedy available to Linder, Lender does not give up any rights to later use any other remty. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any night to later consider the even a default if it happens again.
<br />V. Joint and Several Liability; Co- signors; Successors end Ascigna Bound. All duties under this deed of must arc joint sndfsevrial. Any Borrower who co -signs ads
<br />deed oftmst but does not cosign the underlying debt inslmmenrs(s) does so only to grant and convey that Borrower's interest in the property to the Trustee under the terms
<br />of thk deed of lest In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of ran may extend, modify or make any other changes in
<br />the terms of this dent of must or the secured debt without that Bormwer's consent and without releasing that Borrower from the terns ofrhis deed oftmst.
<br />The duties and benefits ofthes deed oftmst shall bind and benefit the successors and assigns of Under and Borrower.
<br />IN. Notice. Unless otherwise required bylaw, any notice to Borrower shall be given by delivering it or by nmiling it by comfit mail addressed to Be.,,, at the
<br />pmpeny address or any other address that Bonowu has given m L.emdu. Borrower will give any notice to Lander by certified mail to Lender's address on page I of this
<br />deed of must or to any other address, which Lender has designated. Any other notice to Lender shall basest to Lender's address as stated on page I of phis dead of (met.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manna stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any pan of the propmy or any interest in it is sold or transferred without the lender's
<br />prior wrinen consent, Lender may darmnd immediate payment ofthe scoured debt Lendu may also demand immtiatepaymem ifthe Bomower is not a natural person and
<br />a beneficial interest in the Borrower is sold or trnsfered However, Lender may not demand payment in the above situations if it is prohibited by Raoul law as ofthe date
<br />of this deed ofmst.
<br />20. Rise onveyaace. When the obligation scoured by this deed of last has been paid, and Lender has no further obligation to make advances under the instruments or
<br />agreements secured by this dead of tart, the Trustee shall, upon written request by the Lender, raonvey the Lost property. The Leader shall deliver to the Borrower, or to
<br />Bormwer'a successor in interest the nun deed and the note or other evidence ofthe obligation so satisfied shall pay any recordation costs.
<br />21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoint a successortmsteeby first mailinga copyofrhesubstilutionoftmrtecas required
<br />by applicable law, and then, by filing the substiation of trustee for ruord in the office of the register ofdaeds of each county in which tee Lost property, or some pan
<br />thereof, is situated. The successor tarter, without conveyance ofthe property, shall succeed to all the power, duties, authority and title of the Trustee named in the deed of
<br />Lost and of any successor lmttee.
<br />
|