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COVENANTS 200214148
<br />I. Payments. Borrower agrees to make all payments on the seemed debt when dos Unless Bonower and Lender agree otherwise, any payments Lender receives room
<br />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or procapal, second to interest, and then to
<br />principal If parnal 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 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 Inc. of this deed of vest, 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. Borrower will keep the property insured under Wes acceptable to Lender al Borrower's expense and for Lender's hemcfit All Insurance calories shall
<br />include a standard mortgage chaise in favor of Lender, Lender will be named as loss payee or N the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, within Lender's discretion, to either (he msmration or repair of file 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 music all reports reasonably necessary _
<br />5. Expenses_ Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or is any
<br />obligation secured by this deed afford Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust
<br />6. Prior Security Interests, Unless Borrower first obtains Lender's written commit. Borrower will not make or permit any changes to any prier sceunty interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, decd oftmst or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />p. Assignment of Rent's and Prefix. Borrower usigns to Lender the rents and profits of the property. Unless Borrower and I ender have agreed otherwise in writing,
<br />Borowcr may collect and retain the rents as long as Borrower is not in default If Borrower defaults, Lender, Lauder's agent, or a court appointed receiver may, take
<br />possession end manage the property and collect the rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and
<br />attomeys fees, commissions to rental agents, and any ether necessary, related expenses. 'I he remaining amcoal of rents will then apply to payments on file secured debt as
<br />provided in Covenant L
<br />I. Leaseholds; Condominiums; Pin tined Unit Developments. Borrower agrees to warmly with the provisions of any lease if this deed of trust is of leasehold. If this
<br />decd of trust is on a unit in a condominium or a planned unit development, Rommor will perform all of Borrower's duties under the covenant„ by laws, or regulations of
<br />the condominium or planned unit development.
<br />9. Aufhoriry of Lender to Perform for Borrower. If Burrower fails to perform, any of Borrower's duties under this deed of vest, Lender may perform the duties or
<br />cause them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any construction on the property is discontinued or not
<br />carried on is a reasonable frannen Lender may do whatever is necessary b protect Lender's security interest in the property This may include completing the construction.
<br />Lender's failure m perform will not preclude Under from exercising any of its other rights under the law or this deed oftrust
<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust Such amounts will be due on demand and will bear Interest from the
<br />date of tlhe payment mail paid in full at the interest rate in effect on the secured debt.
<br />lo. Default and Are,] ... tiny. if Bonower falls to make any paymemtwben due or breaks any covenants underta, deed affair or any obligation scoured by this decd of
<br />trust or any prior troops, or deed of trust, Lender may accelerate too maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other warrants permitted by applicable law_
<br />11. Request for Notice of Default It is hereby requested that copies of the notices at default and sale be sent to each person who is a patty hereto, at the address of each
<br />such person, as sat Ibnh herein.
<br />12. Power of 9aie. If the Lender invokes the power of sale, the Trustee shall first record in the office occurs regisW of deeds of each county wherein the trust property or
<br />some pro or parcel thereof is situated a notice of default eonmining the information required by law. The Trustee shall also mail copies of the notice of default to the
<br />Bra oweu to each tenon who is a party hereto, and to other persons as prescribed by applicable raw. Not Tess than one month after the Trustee records the notice of default
<br />or two months The trust property is not in any incorporated city or village and is used In farming operations carried on by tlhe wswt, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Biannual, shall sell the property at public auction to the highest bidder. If
<br />required by the From Homestead Pmmection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel ofthe property by public announccmwt at thetime and pine of any previously scheduled sale. Lender 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 conveying the property The recitials contained in Trustee's deed shall he
<br />prima facie evidienme of the truth of the statements contained therein Trustee shall apply the proceeds of the sale in the following order_ (a) to al I expenses of tlhe sale,
<br />including but not limited to, reasonable Trustee's fees reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed of bust, and (c) the balance, it
<br />any, to the persons legally entitled to receive it
<br />13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in the 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 ounce beforehand. 'I be notice must state the reasonable cause for Leader's
<br />inspcction.
<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 part of the
<br />poperty. Such proceeds will be applied ie provided in Covenant l TM1is assignment is subject to the terms of any prior xewnty 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 remedy noon
<br />Borrower's default, Lender does not waive any right to late consider the event a default if it happens again.
<br />I]. Joint and Several Liability; Co-signers; Successors and Assigns Bound. All duties under this deed oftrust are joint and several. Any Borrower who co -signs this
<br />deed of trust but does not co -sign the underlying debt instruments(s) does so only to grant and convey that Borrower's interest in me property to the Trustee under the terms
<br />cf this deed oftmst. lee addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extend, modify or make any other changes is
<br />the terms of this deed of test or the sewed debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust.
<br />'tile duties and benefits of Nis acrd of feel shall bind and benefit the successors and assigns of Lender and Borrower
<br />IN. Nation, 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 the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any node, to I code, by certified mail to Lender's address on page I of this
<br />deed of toot, or to any other address, which Lender has designated. Any offer notice to Lender shall be sent to Lender's address as stated on page 1 of this deed of trust.
<br />Any notice shall be deemed to have been given to Burrower or Leader when given in the number stated 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 Iendci s
<br />prior written consent, Lender may demand immrdiate payment of the secured debt Lender may also demand immediate payment if the Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold or transferred. However, Lender may not demand payment in tlhe above situations fit is prohibited by federal law as ofthe date
<br />ofthis deed oftrust.
<br />20. Rees n veyance. When the obligation secured by this deed brilliant has been paid, and Lender has no Nnher obligation to make advances under the instruments or
<br />agreements secured by this deed of trust, tlhe Trustee shall, upon written request by the Lender, reconvey the trust poperty. the Lender shall deliver to the Borrower, or to
<br />Bonowu's successor in interest, the trust decd and the now or other evidence ofthe obligation so satisfied. Borrower shall pay any recordation costs.
<br />21. Successor Trustee. Under, at Lender's option, may removeTrustee and appoint a successor trustee by fist mailing. copy ofthe smemadion ofnustoo as memoed
<br />by applicable law, and Wen, by filing the substitution of trustee for record in the office of thc register of deeds of eachh county in which the trust property, or some part
<br />thereof, is situated. I'he successor trustee, without conveyance of the property, shall succeed fe all the power, duties, authority and title of fl e'DUSmee named in the deed of
<br />trust and of any successor smile e.
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