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COVENANTS 200211403
<br />1. Payments. Bonower agrees m make all paymenta on the secured debt when due Ilrlces eodowar end Lender agree otherwisq any payments Lender receives from
<br />Borrower or for Borrower s benefit will be applied first to any amount Borrower owes on the secured debt exclusive of in West or principal, second to interest, and then to
<br />principal. Ifpareal prepayment ofthe secured debt occurs for any reason, 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 taess, assessments, and other 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 deed of trust. Lender may require Borrower W 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 />J. Insurance. Borrower will keep be property insured under lams acceptable W Lender at Borrower's expense and for Lender's benefit All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be nanted as less payee or as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, within Tender's discretion, to either the restoration or repair of the damaged property or to the 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 me property in good condition and make all repairs reasonably necessary.
<br />S. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable adomeys' fees, if Borrower breaks any cooments in this deed of trust or in any
<br />obligation secured by Nis deed of trust. Bonower will pay these amounts to Lender as provided In Covenant 9 ofthis deed of most
<br />6. Prior Security Interests. Unless Borrower first obtains Leader's written contest, Borrower will not make or permit any changes to any prior security interest.
<br />Borrower will perform all of 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 the rents and profits of the property. Unless Borrower and Lender have mced otherwise In writing.
<br />Borrower may collect mid retain the rents as Tong as Borrower is not in default If Borrower defauhs, Lender. Lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rents- Any rents i ender collects shall be applied first to the costs of managing the property, including coup costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenses. The remaining vacant of rents will Then apply to payments on the secured debt as
<br />provided In Covenant I.
<br />8. Leaseholds; Condominiums; Planned Knit Developments. Borrower agrees to comply with the provisions of any lease if Nis deed of most 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 Borrower falls W perform, any of Borrower's duties under this deed of trust, Tender may perform the duties or
<br />cause them to Ix performed. Lender may sign Borrower's name or pay any amount fnecessary for performance Ifany construction on the property is discontinued or not
<br />craned on in 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 />Lenders failure W pericrm will not preclude Lender from exercising any uric, other delay under the law or this decd of trust.
<br />Any amounts paid by Lender m protect Lender's e,Call* NwwA will be secured by this deed of trust. Such amounts will be due on demand and will bear Interest from the
<br />date ofthe payment until paid in full at Use Interest rate in effect on the secured debt.
<br />10. Default and Accelerat ion. If Borrower fails to make any payment when due or breaks any overruns under the deed of trust or any old ation secured by this deed of
<br />trust or any prior mortgage or deed of trust, Lender may accelerate the maturity ofthe secured debt and demand Immediate payment and may iinvoke the power of sale and
<br />Any other remedies permitted by applicable law.
<br />11. Request for Notice of Default It is hereby requested that copies of the slices of default and sale be sent to each person who is a party hereto, at me address of each
<br />such permn, I act farm herein
<br />12. Power of Sale. If the Lender invokes me power of sale, the Trustee shall most regard in the office of the register of deeds of each county wherein the trust property in
<br />some part or partial thereof is situated a notice of default containing be 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 party hereto, and to other persons as prescribed by rppl(cable low. Not less than one month after the Trustee records the notice of default
<br />or two months II'the must property is not in any incorporated city or village and is used in farming operations carried on by tine tr...sm, the Trustee shall give public notice of
<br />sale to the persona and in the manner prescribed by applicable Irv. Imsteq without demand on Borrower, shall sell the property at public auction to be highest bidder. If
<br />required by the Perm l lomestead Protection Act , Trustee shall offer the property it two separate sales as required by applicable law_ Trustee may postpone sale of all or any
<br />parcel ofthe property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment orms price bid, Trustee shall deliver to the purchaser Trustee's decd conveying the property. The recitials contained in Trainee's deed shall be
<br />Palms Ncie evulance of the froth al the statements contained therein. Trustee shall apply the proceeds ofthe sale in the following order. (a) W all expenses of the sale,
<br />Including, but not limited to reasonable Trustee's fees, reasonable attorney's fees and relnsNtemem fees; (b) to all sums secured by this deed of most and not the balance, If
<br />any, to the persons legally entitled to receive it
<br />13. Foreclosure. At Lender's option, this dad ofwast may be foreclosed in the manner provided by applicable how for foreclosure ofmorlgages on real property.
<br />14. lnspectim. Lends, m., you, the pmpeny to inspect it if Lender gives Borrower notice beforehand. 'I he notice most state the reasonable cause for Lenders
<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. q air assignment is snbj It to the terms of ary prior security agmonaut.
<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use my other remedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right W later consider the event a default if it happens again.
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this dad oftmst we joint and several. Any Borrower who co-signs this
<br />deed oftmst but does not o -sign the underlying debt instrumente(s) does so only W grant and convey that Borrower's interest in the property to the Trustee under the terms
<br />ofthis deed oftmst In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of must may extend, modify or make my other changes in
<br />the terns of this died oftrust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this dead almost.
<br />The duties and benefit of this decd of trust shall bind and benefit the sucecssofs 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 it by codified mail addressed to Borrower at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice W Lender by certified mail to hander's address on page 1 of this
<br />deed stand, or to any other address, which Lender has designated Any other notice W Lender shall be sent to Leader s address as stated on page l ofthis decd oftrust.
<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 of be property or my Interest In It is sold or transferred without the Lender's
<br />prior written consent lender may demand immediate payment ofthe secured debt. Lender may of so demand immediate payment if the Borrower is not a natural person and
<br />a henetieml interest in the Borrower is sold or trmsferred_ However, Lender may not demand payment in be above situations if it is prohibited by federal law as oftbc daze
<br />of this deed of trust.
<br />20. Reeonveyance. When the obligation secured by this deed of trust has been paid, and Lender has no further obligation to make advmocs under the instruments or
<br />agreements secured by h i s deed of most, the Trustee shall, upon written request by the Lender, raenvey the trust property _ 'I he Lender shall deliver to the Borrower, or to
<br />Borrower's successor in interest, the tent deed and the note or offer evidence of the obligation In satisfied. Borrower shall pay my recordation costs _
<br />21. Successor Trustee. Leader, at Leader's option, may remove Trustee and appoint a suaescartontec by But, mailing a copy ofthe.substiNlion of trustee as required
<br />by applicable law, and then, by tiling the substitution affluence for record in the office ofthe register ofdreds of each county in which the trust property, or some pan
<br />thereof, is situated_ The successor wastes, without conveyance of the property, shal I succeed to all the power, duties, authority and title of the Tmstee named in the deed of
<br />trust and of my successor trustee.
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