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COVENANTS 206911660
<br />1. Payments. Borrower agrees to make all payments on the secured debt whoa duo. Unless Bonower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrowers benefit will be applied first o any amours, Burrower owes on the secured debt exclusive of interest of principal, ascend to interest and then to
<br />principal. IIprand prepayment of the secured debt occurs for any moon, it will not reduce or excuse any scheduled payment tool the secured debt is paid In full
<br />2. Claims Against Title Bonower will pay all taxes, 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 Her of this deed of trust Lender may require Borrower 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. Hanover will keep the property insured under forms acceptable to 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 named as loss payee or as the insured on any such insurance policy. Any Insurance proceeds may be
<br />applied, within Lender's discretion, do either the condonation or repair of the damaged Property or to Me secured debt. If Linder requires reengage insurance, Borrower
<br />agrees to maintain such insurance for v long as Lender requires.
<br />4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary.
<br />S. Expenses. Borrower agrees to pay all lender's rebounds, including reasonable atlomeys' fees, if Borrower breaks any covenants in Ws deed of trust or in any
<br />obligation secured by this deed of bust Borrower will pay these amounts to I cnderas provided in Covenant 9 of this deed of trust.
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make or permit any changes to any prior secenty interests.
<br />Bonower will perform all of Borrower's obligations under any prior mortgage, deed ofwet or other security agreement, including Borrower's covenants m make payments
<br />when due
<br />7. Assignment of Rents aad Profits. Hanover assigns do 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 Bonower Is not in default. If Borrower defaults, Lender Lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the real. Any mats Lender collects shall be applied first to the costs of managing the property, including court casts and
<br />attorneys' fees, commissions to rental agents, and any order necessary related expenses. 'f he remaining amount already will theft apply to payments on the secured debt as
<br />provided in Covenant I.
<br />8. Leaseholds; Condominiums; Planned Unit Developmrnts. Burrower ag.a to comply with the provisions of any lease ifthis deed oftmst is on leasehold. Ifthis
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform al 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 fails N perform, any of Borrower's duties under this decd of trust. Leader may perform the duties or
<br />use them to be performed. Leader may sign Borrower's name or pay any amount if necessay for performance Batty construction on the property is dismatinued or not
<br />carried on In a reasonable manner, Lender may do whatever is necessary to pout Leader's security interest in the property- This may include completing the construction
<br />Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed robust,
<br />Any amounts paid by Lender to protect Lender s security interest will be secured by this deed animist Such amounts will be due on demand and will bear interest from the
<br />dam ofthe payment until paid in full at the interest rate in effect on the secured debt.
<br />10. DefauBaad ACeelerntion. If Borrower fails to make any payment when due or breaks any covenants under this deed dftrnston any obligation secured by this decd of
<br />trust or any prior mortgage or deed of fast, 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 pencrittcd by applicable law_
<br />11. Request for Notice of Default. It is hereby requested that copies of the notices of default and sale be sent to each person who is a party hereto, an Mc address afraid
<br />such person as set moth herein
<br />12. Power of Sale. If the Lender invoke, the power of sale, the Trustee shot first record in the office of the register of deeds of each county wherein the trust 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 />Brouwer, to each person who is a party hereto, and mother peaona as prescribed by applicable law. Not less than one month after the Trustee records the notice of default
<br />or two months ifthe trust property is not in any incorporated city or village and Is used in fasting operations carried on by the trusted the trustee shall give public nonce of
<br />sales the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder If
<br />required by the Farm Homestead Promotion Act Trustee shall offer the property in two mperam sales as required by applicable law. Trustee may postpone role of all or any
<br />parcel of the property by public announecmcnt at the time and place of ary previously scheduled sale lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment of are price bid, 'I'aside shall deliver to the purchaser' I'made's deed conveying the property . The retools contained In Trunec's decd shall be
<br />prima facie evidience of the truth 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 />including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums scoured by MIS deed of trust and (c) the balance, if
<br />any, to the persons legally entitled to receive It
<br />13. Foreclosure. Al Lender' s option, this deed of trust may be foreclosed in the mannerprovided by applicable law for barred osu motorcar gnges on real property.
<br />14. Inspection. Lender may enter me papery to Inspect It If Lender gives Borrower notice befonehand. The notice must state the reasonable cause for Lenders
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender the proceeds of ary award or claim for damages connected with a condemnation or other taking of all or any part of the
<br />property. Such proceed, will be applied as provided in Covenant L This assignmcnGS subject to the terms of any prior security agreement
<br />16. Waiver. By exercising any remedy available to Lender. Lender dues not give up any rights to later use any other remedy- By not exercising any remedy upon
<br />Borrower's default Lender does not waive any right to lazcr consider the event default if It happens again.
<br />17. Joint and Several Liability; Co-signers; Successors and Assigns Bound. All duties under this deed of bust arejoint and several. Any Borrower who co -signs this
<br />deed spiciest but does not ca-sign the underlying debt instmments(s) does so only to good and convey that Borrower's Interest in the property to the Trustee under the terms
<br />of this deed of trust, in addition, such a Borrower agrees that the Lender and any other Borrower under this deed oftmst may extend, modify or make any other changes in
<br />the seams of this deed of trust or me soured debt without that Borrower s consent and without releasing that Borrower from Me terms of this deed of trust
<br />'line duties and benefits of finis deed of fins[ shall bind and benefit the successors and asogro 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 certified mail addressed to Borrower at But
<br />pupdrty address or ary other address that Borrower has given to Lender Borrower will give any notice to Lender by certified mail to Lender's address oa page I of this
<br />deed oftmst or to ary other address, which Lender has designated- Any other notice to Lender shall be sent to Lender's address as stated on page I ofthis deed of trust.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manner caused above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any part of the property or any interest in it is sold or transferred without the Leader's
<br />prior written consent Lender may demand handful payment of tie secured debt. Lender may also demand immediate payment ifthe Borrower is not a natural person and
<br />a beneficial interest in the Hanover is sold or transferred . However, Lender may not demand payment in the above situations if it is prohibited by federal law as at the date
<br />of Min deed of trust.
<br />20. Reco rveyance. When the obligation secured by this deed of trust has been paid, and Lender has no fuller 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, remavey the trust property. The Lender shall deliver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and die note mother evidence opine obligation W satisfied. Borrower shall pay any recordation costs.
<br />21. Successor' trustee. London a London's option, may remove Trustee and appoint a successor trustee by firs, mailing acopy ofthe substitution oftrustce as acquired
<br />by applicable law, and then, by riling the substitution of trustee for record in the office of the register ofdmds ofeaeh county In which the trust property, or same pan
<br />thereof, is situated. The successor wards, without conveyance of the property, shall succeed In all me power, duties, authority and title of the Trusts named in the deed of
<br />trust and of any successor trustee.
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