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COVENANTS 200214152
<br />1. Payments. Drummer agrees to make all payments on the secured debt when due. Unless Borower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and than to
<br />principal, If partial 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, end otter chaBee mrbamble to the property edit®r day end will defend title m the property against
<br />any claims which would impair the lien of this deed of past. 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 in maintain the pmpeny.
<br />3. Insurance. Borrower will keep the property insured under terns acceptable w Lender of B.mwcr's asperse and for IRnda'.s benefit All lrsmmnce policies shall
<br />include a standard mortgage clause in favor of Lander Lender will be named as loss payee or m the insured on any such insurance policy. Any insurance proceeds maybe
<br />applied, within Lender's discussion, to either the restoration or repair of the damaged property or to the secured debt If Lender requires mortgage insurance, Burrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Proper. Borrower will keep the property in good condition and make all repairs reasonably necessary.
<br />S. Expenses Borower agrees to pay all Lender's expenses, including reasonable anomeys' fees, if Borrower breaks any covenants in this dead of must or in any
<br />obligation secured by this deed edition. Borrower will pay tbese arrounts to Imder as provided in Covenant 9 of tbis dead tftivst.
<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make or permit any changes to any prior seemly interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, deed of test or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />7. Assignment of Rent, end Profits. Borrower assigns to Lender the rents and Profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and main We reds as long as Borrower is not in default If Borrower defaults, Lim. der, Lender's agent, or a coral appointed receiver may take
<br />possession and manage the property and collect the tans Any rents Lender collects shall be applied first to the costs clamoring the property, including court costs and
<br />anorneys' fees, commissions to rental agents, and soy other necessary related expenses. The remaining amount ol'rents 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 with the provisions of any lease if this dead of lust is on leasehold. If this
<br />deed of trust is on is 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 confirmation or planned unit development.
<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borowei s duties under this dead of must, lender may perform the duties or
<br />cause them lobe 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 in a reasonable mother, Lender may do whatever is necessary to protect Leader's security interest in the property. This may include completing the construction.
<br />Wnder's failure to perform will not preclude Lender from exercising any of its other fights coder the law or this deed oftmst
<br />Any amounts paid by Tension protect Lender's security interest will be secured by this dead of cost Such amounts will be due on demand and will bear interest from the
<br />date ofthe payment until paid in full at the interest rate in effimt on the secured debt
<br />10. Default cad Arrele ration. If BorowerSaik to make any payment when due or beaks any covenants under this deed uttered or any obligation secured by this deed of
<br />trust or any prior mortgage or dead of cost. 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 permitted by applicable law.
<br />It. Request for Notice of Default. It is hereby requested that copies ofthe notices of default and sale be sent to each person who is a Patty hereto, at the address of each
<br />such person, as set forth herein.
<br />12. Power of Sale. If the Lender invokes the power of safe the Trustee shall first record in the office of the registry of deeds of each county wherein the trust proPmty or
<br />some pan or panel thereof is simmed 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 perm. who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month after the Tanta, records the notice of default,
<br />or two months if the trust property is not in any inam,comed city or village and is used in forming operations tamed on by the tmsmg the Trustee shall give public notice of
<br />sale to the persons and in the nano er prescribed by applicable law. Trustee, without demand on Boatm err, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Homestead Protection Act, Trustee shall oRe the property in two separate sales as required by applicable law. Tmslee may postpone sale of all or any
<br />formal of the property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may pumhase the property at any sale.
<br />Ulan receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's dead conveying the property. The necitids contained in Trustee's dead shall l
<br />prima facie evidience of the truth of the statements contained therein Trustee shall apply the proceeds of the sale in rite following order (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Twtee's fees, reasonable artemey s fees and reinstatement foes; (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 dead ofireat may be foreclosed in the no mter provided by applicable law for foreclosure of mortgages on real property.
<br />14. Inspection. Lender may enter the property to impect it if Lender gives Borrower notice beforehand. The notice must state the reasonable cause for Undds
<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 mPlled as provided in Covenant L This assignment is subject to the terms of any 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 remedy upon
<br />Borrower's default, Lender does not waive any right to later consider the event a default if it happens again,
<br />17. Joint and Several Liability; Co- sigaerr, Successors and Assigns Bound. All duties under this dead of trust are joint and several Any Bonower who ce -signs this
<br />deed of tit but does not cosign the underlying debt inatmmwts(s) does so only to grant and convey that Bofrower's interest in the property to the Trustee under the terms
<br />of this dead of trust In addition, such a Borrower agrees that the Lender and any other Borrower under this deed attend may extend, modify or make any other changes in
<br />the terms ofthis deed of trust orthe starred debt without that Borrower's consent am without releasing that Borrower from the terms of this deed of trust.
<br />The duties and benefits of this deed of trust shall bind and bene<t the successors and assigns of Lender and Borrower.
<br />18. Notice. Unless otherwise returned 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 />pmperty address or any other address then Borrower has given to Lender. Borrower will give any notice to Lender by certifed mail to lender's address on page 1 of this
<br />deed afford, or to any other address, which Lender has designated. Any other notice to lender shall be sent to Lender's address as stated on page I ofthis dead of trust.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the macro r stated above.
<br />19. Transfer of the Properly an a Benaludd Interest in the Borrower. If all or any pan of the property or any interest in it is sold or transferred without the tender's
<br />prior written comma, Lender may demand immediate payment ofthe secured debt, Lender may also demand immediate payment ifthe Dinneen is not a natural person and
<br />a beneficial interest in the Brouwer is sold or torn drood. However, Lender may not demand payment in the above situations if it is pmhibitW by federal law as ofthe data
<br />ofthis deed of cost.
<br />20. Reconveymo, When the obligation secured by this dead of oust has been paid, and ]ender has no Either obligation to make advances under the instruments or
<br />agreements secured by this dead of tust, the Trustee shall, upon written request by the Lend¢, reconvey the tmst property- The Lender shall deliver to the Borrower, or
<br />Borrower's successor in i.terest, the trust dead and the note or otber evidenceofthe obligation so satisfied Borrower shall pay any recordation costs.
<br />21. Successor Trusce. Lender, at lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy ofthe substitution ofterstce as purred
<br />by applicable law, and then, by filing the substitution oftustee for record in the office of the register of deeds of each county in which the cost property, or some pan
<br />thereof, is situatoL The successor pence, without conveyance of the property, shall succeed wall the power, duties, authority and title of the Trustee named in the deed of
<br />must and of any successor suttee.
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