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COVENANTS 20011860
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and fonder agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit will be applied first to any amours Borrower owes on the swum debt exclusive of interval or principal, second to interest, and 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 secured debt is paid in full.
<br />2. Claims Against Title Borrower will pay all taxes, assessments, and other charges attributable no the property when due and will defend title to the property, against
<br />any claims which would impair the tier of this deed of coat. Lender may require Borrow,, to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the properly.
<br />3. Insurance. Borrower will keep the properly insured under terms acceptable to Lender at Borrower's expense and for t tinder's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Leader will be named as loss payee or as the insured on any such insurance policy. Any insurance proceede maybe
<br />applied, within Lander', discretion, to either the restoration or repair of the damaged prosody or to the secured debt. If Lender requires mortgage insurance, Baemwer
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep the property in goad condition and make all repairs reasortably necessary.
<br />5. Expenses. Borrower agrees to pay all Leader's expenses, including reasonable attorneys' fees, if Burrower breaks any covenants in this deed of trust or in any,
<br />obligation secured by this decd of trust. Borrower will pay these amounts m Lender as provided in Covenant 9 of this deed ofimst.
<br />6. Prior Seruriry Interests. Unless Borrower that obtains Leader's written cannot, Borrower will not make or permit any changes rim any prior swumv interests.
<br />Borrower will perform all of Burrowers obligations under any poor mortgage, deed almost or other seudry agreement, including Bontwcr's covenants to make payments
<br />when due.
<br />7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profes of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the rests as long as Borrower is not in default, If Borrower defaults, Emden lenders agent, or a court appointed receiver may take
<br />possession and manage the properly and collect the rents. Any rents Leader collects shall be applied first to the costs of mmuging the property, including court casts and
<br />anomeys' 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 />I. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of tent is on leasehold. 11 this
<br />deed of turn is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrowers duties under the covenants, by laws, or regulations of
<br />the condominium are 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 the duties or
<br />cause them in be performed. Lender may sign Borrower's time or pay any amount if necessary for perfonmanee. If any construction on the perfectly is discontinued or not
<br />canoed on in a reasonable man a, Leader may do whatever is necessary to protect 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 of trust.
<br />Any amounts paid by Lender to protect Lender's security interest will be scoured by this deed afford, Such amounts will be due on demand and will bear interest from the
<br />date of the payment until paid at full at the 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 covenants under this deed affair or any obligation secured by this deed of
<br />tree or any prior mortgage or deed almost, lender may i ccolame the mammy of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies pemtitred by applicable law.
<br />11. Request for Notice of Default. It is hereby requested that copies of the notices of defult and sale be seat to each person who is a party hereto, at the address of each
<br />such person, as sea forth heron.
<br />12. Power of Sale If the Lender invokes the power of sale, the Trustee shall first record in the office of the register of dads of each county wherein the trust property or
<br />some part or pane] thereof is simatd 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 party hereto, and to other persons as prescribed by applicable law_ Not less than one month after the Trustee records the notice of default,
<br />or two months if the trust property is net in any incorporated airy or village and is used in framing operations carried on by the trustoq the Trustee shall give public notice of
<br />sale to the persons and in the mammy 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 Fame Homestead protection Act, Trustee shall offer the property to two separate sale as squired by applicable law. Trustee may postpone sale of all or any
<br />pareel ofthd property by public announcement at the time and place ofany, previously scheduled sale Lander or its designee may purchase the property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed eenvrying the property. The. recitials contained in Trustee's dad shall be
<br />pima 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 Tdeetee's fees, reasonable anomey's fees and reinstatement fns; (b) to all sums secured by this deed of trust, and (c) the balance, if
<br />any, to the persons legally entitled to receive it
<br />13. Foreclosure. At Lender's option this deed ofacar maybe foreclosed in the manna provided by applicable law for foreclosure ofmortgages on real property.
<br />14. Inspection. Lender may enter the property to inspect it if loader gives Borrower notice beforehand_ The notice must state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Leader 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 beapplied as provided in Covenant 1. This assignment is srbjea to the tams of any poor secunty agreement.
<br />16. Waiver. By exercising any comedy available to Lender, Lender does not give up any rights to later use any other remedy. By not exercising any remdy upon
<br />Bosowa's default, Lender does net waive any right to later consider the event a default if it happens again.
<br />17. Joint and Several Liability; Cosigners; Successors and Assigns Bound. All duties m ader this deed of trust are joint and several. Any Borrower who cc-signs this
<br />deed of trust but does not cosign the underlying debt ornamentals) does so only to indent and convey that Borrowed s interest in the property no the Trustee under the tams
<br />ofthis deed of trust In addition, such a Borrower agrees that the Lender and any other Borrower under this deed intense may extend, modify or make any other changes in
<br />the terms of this deed of trust u the scoured debt without that Borrower's consent and without releasing that Borrower from the tams of this deed of part,
<br />The duties and benefits ofthis deed of trust shall bind and benefit the successors and assigns of Lander and Borrower.
<br />18. Notice Unless otherwi.. .... food by law, any notice m Bonower shall be given by delivering it or by mailing it by tenoned mail addressed to Borrower at the
<br />property address or any other address that Burrower has given to Leader. Borrower will give any notice to Lander by certified mail to Larder's address on page I of this
<br />deed of trust, or to any ether address, which Lander has designate. Any other notice to Lender shall be sent to Lender's address as stated on page I of this decd of trust,
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the mariner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any and of the property of any interest in it is sold or tdenefcsed without the Lenders
<br />prior written consent, Lender may demand immediate payment of the secured debt Lender may also demand irmnediate payment if the Borrower is not a natural person and
<br />a beacficial interest in the Borrower is sold er tmnsfared. However. Lender may not demand payment in the above situations if it is promised by federal law as of the date
<br />of this deed of test.
<br />20. Reeonveyarece. When the obligation secured by this deed of trust has been paid, and Lander has no further obligation to make advances under the instruments or
<br />agreemeats sound by this deed of trust, the Trustee shall, upon written west by the Lender, resurvey, the trust property. The Lender shall deli,,, to the Burrower, or to
<br />Botrowei s successor to interest, the trust deed and the note or other evidence of the obligation se satisfied. Borrower shall pay any recordation costa
<br />21. Successor Trustee. Lender, at Lenders option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the substitution of bnstee as required
<br />by applicable law, and then, by filing the substitution of Trustee for record in the office of the register of deeds of each county in which the trust property, or some part
<br />thereef, is situateth The successor trustee, without conveyance ofthe property, shall succeed to all the power, duties, authority and title of the Tmstae named in the deed of
<br />trust and of any successor trustee.
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