|
COVENANTS 20021201`7
<br />e. Payments. Borrower laws to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit rid be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and Nen w
<br />principal. If pain prepayment nfine 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 to me property when due and will defend title to Ne property against
<br />any claims which would impair me lien of this deed of troy, Lender may require Borrower in assign any right, 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 property insured under terms acceptable to Lender at Borrower's expense and fill Lender's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Leader. Lender will be nanmd as loss payer or ay the insured on any such insurance policy. Any lnsumnce proceeds nits be
<br />applied. within Lender'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 the property in good condition and took, all repairs reasonably necessary
<br />5. Expenses. Borrower agrees to pay all Leader's experees, including reasonable attorneys' fees, If Borrower breaks any covenant in this deed or final or in any
<br />obligation secured by this deed Thum Burrower will pay these amounts to lender as provided in Covenant 9 ofthis deed of trust.
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's wrinen contest, Borrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Borrowers 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 oil Profits. Borrower awigmto Leader the rents and plants orthe pmporty_ halls, Borrower and Lender M1avc agreed mherwizein —iting
<br />Boare", may collect and lemon me real, as long as Borrower is not in recruit If Borrower default, cadeq Lender's agent, or a court afpoined rent ver they take
<br />pc..... of and manager the property and rolled me rents. Any rents Lender col Ie U shall w applied fast to the cast, of common, the property, Including amrt uxnls antl
<br />attorneys fee, coin in issions to rental agents, and any other necessary re lated expenses The remaining amount of rent will then apply to payments on the secured debt as
<br />provided in Covenant 1.
<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply wits me previsions of any lease if this deed of trust is on leasehold if this
<br />deed of trust 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 />Me condominium or planned unit development.
<br />9. Authority of Under to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of ti Lender may perform the duties or
<br />cause them to b, performed. Lender may sign Borrower's none or pay any amount if necessary for performance. If any construction on me property is discontinued of not
<br />carried on In a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest In me property. This may Include completing Me construction
<br />Lender's failure to perform will not preclude Lender from exercising any of its other right under the law or this deed rattiest.
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by Nis deed of cost Such amount will be due on demand and will bear Interest from me
<br />date ofine payment until paid in had at the interest rate in effect n the secured debt
<br />10. Default and Acceleration, if Borrower fails to make any payment when due or breaks any covenants under this deed of trust or any obi nation secured by this deed of
<br />mist or any prior mortgage or deed of trust, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the powararsale and
<br />any other remedies permiued by applicable law_
<br />II. Request for Notice of Default It is hereby requested that copies of me notices of default and sale be sent to each person who is a party hereto, at me address or each
<br />such prawns, as set forth herein.
<br />12. Power of Sale. Ifthe Lender invokes the power of sale, Me Trustee shall first record in me office ofine register of deeds of each county wherein the trust property or
<br />some part in parcel mercer is situmed if nonce of default containing Me information required by law. The Trustee shall also mail copies of Me notice of default as me
<br />Borrower to each person who is a party hereto, and to other formal, as frascribed by ap,],,able law. Nat less man one month after the Trustee records the notice of defauh_
<br />or two months iI me cost property, is not in any incorporated city or village and is used in farming operations carried on by ma truster, me Tru ec shall give public notice of
<br />salt to the persons and in the mannerprewribed by applicable law_ T'mswe, withoutdemmd on Boroweq shall sell the property at prblicauction w the highestbidd,, Ii
<br />,earned by me Farm Homestead Protection Act, Trustee shall offer the property in two separate sales as required he applicable law. Trustee may postpone sale ofall or any
<br />parcel of the property by public announcement at the time and place or any previously scheduled sale Lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment of Me price bid, Trustee shall deliver to the purchaser 'I marvels deed conveying the property. The recitals comidecd in Tome's deed shall be
<br />prima facie evidienee of the truth or me statements contained therein. Trustee shall apply the proceeds of me sale in the following order: (a) w all expenses of me salt,
<br />including but not limited to, reasonable Tmswe's fees, reasonable attomey's fees and misstatement fees, (b) to all sums secured by this deed of treat, and (o) the balance, if
<br />any, to the persons legally entitled to receive it
<br />13. Functional, AtLendeds option, this deed of trust may be foreclosed in me manner provided by applicable law for foreclosure of mortgages on real property.
<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand- The notice must state 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 wish a condemnation or other taking of al I or any pan ofine
<br />property_ Such proceeds will be applied as provided in Covenant I- This assignment is subject to the terms crony 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 remedy- By not exercising any monody upon
<br />Borrower's default, Lender does not waive any right to [met consider the event a default Wit happens again.
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this decd oftrust are joint and several. Any Borrower who co -signs this
<br />deed of trust but does not cosign the underlying debt instmmentsh) does so only to grant and convey mat Borrower's interest in me property to me Trustee under the terms
<br />action, deed of trust. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extend, mostlfy, or make any other changes in
<br />the rums of this deed of vest of the s comd debt without that Borrower's consent and without releasing mat Borrower from the terms of this deed of trust.
<br />Tire dotes mid benefits of this deed of trust shall bind and bereft me suwvssutr and assigns of Lcndcr and Bormwor_
<br />18. Notice Unless otherwise required by law, any notice w Borrower shall be given by delivering it or by mailing it by certified mail addressed to Borrower at the
<br />property, address or any other address that Ba rower her given to Leader. Bonower will give any notice to Lender by tenoned mail to Leader's address on page I ofthis
<br />decd effluent, or to any other oddress, which Lender has designated. Any other notice w Lender shall be sent w Lender's address as stared on page 1 ofthis deed oftrust
<br />Any notice shal I be deemed to M1avc been given to Borrower or Lender when given in rte manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any pan of the property or any interest in it is sold or transferred without the Lenders
<br />prior written consent Lender may demand immediate payment of the secured debt Lender may also demand immediate payment iftbe BOrrowcr is not a natural person and
<br />a beneficial interest in me Borrower is sold or transfred. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the data
<br />ofthis deed oftrust.
<br />20. Reconvcyance. When the obligation secured by this deed oi'[,ust has been paid, and lender has no further obligation to make advances under me instruments or
<br />agreements secured by this deed critical, she Trustee shall, uponwritten request by the Lender, reconvey the trust property. The Lender shall deliver to the Borrower. orto
<br />Borrower's successor In interest the trust deed and me note or other evidence of she obligation so satisfied. Borrower shall pay any saturation costs.
<br />21. Successor Trustee. Lender, at Lender's opt ion, may remove Tmrtee and appoint a succesaartrustee by first, mailing deftly ofine substitution obtrusive as required
<br />by applicable law, and men, by filing the substitution aromatic for record in me office ofthe regimuofdeeds of each county In which Me Bust propeny, or some pan
<br />thereof, Is situated The marassor trustee, without conveyance of she property, shall succeed to all the power, duties, afraid, and title of the'].aide named in the deed of
<br />trust and of any success.. trustee.
<br />
|