|
COVENANTS 200214434
<br />L Payments. Bodower agrees to rake all paymonts on the secmnal debt when due- Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit will be applied first ro any amounts Bonnwer owes on the Stunned debt exclusive of interest or principal, second to interest, and then to
<br />principal. If partial purpapncat of the secured debt oceors bar any reason, itwIIl not reduce or excuse my scheduled payment not the secured debt is paid in full.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges allnhuMble to the property when due add will defend title to the property against
<br />any claims which world impair the lien 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 IaMr or materials to improve or maintain the property.
<br />3. Insurance. Borrower will keep the property tremad order terms accolade to Leander at Bmmwer's expense and for Lender's benefit. All Insurance policies shall
<br />include o 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 proceeds may be
<br />applied, within tender's decreased to elther the natoatiom or ufner of the damaged propony or to the secured debt If lender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Leader equip s,
<br />4. Property. Banner. will keep the property in prod condition and make all nepeirs feawnably nevescia,
<br />5. Expenses Bmdrwer am. to pay all Under's expenses, including reasonable tmomeys' fees, if Borrower brake any covenants in this deed of trust or in any
<br />obligation secured by this deed oPoust. Hann over will pay these amounts to Lender as provided in Covenant 9 ofthis deed of kmsk.
<br />6. Prior Security Interests. Unias Borrower first obtains Lender's women contest, Boaower will not make or permit any changes to any prior secnnry interests.
<br />Borrower will perform all of Borrower's obligations under any prior mottgagq deed of trust or other saurity agrecarom, including Borrower's covenants to make payments
<br />when due.
<br />2. Asskgnmar of Rents and Profits. Borrower assigns kq Lender the rents and profits of the properly. Unless Borrower and Candor have aged otherwise in writing,
<br />Borrower may collect and retain the rents as long as Bomrwer 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 rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and
<br />attorneys' fees, commission 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 />provide is Covens I_
<br />S. Leaseholds; CondomiNums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust is on lasehold. If this
<br />deed of trust is on a wit in a communication or a planned unit development, Borrower will perform all of Bmtower's duties under the covenants, by laws, or regulations of
<br />the condom mercer or planned unit development.
<br />9. Authority of Lender to Perform for Borrower if Borrower fads to perform, any of Borrower's duties inner this deed of trust, Lender may perform the duties or
<br />use them to be performed. Lender may sign Borrower's are or pay any amount ifnecessary for perfonmmce. if any construction on the amount is discontinued or not
<br />carried on in a neasomblo matter, Lender may do whatever is da,scary to protect Lender's security interest in the property. This may include completing the co extruet m
<br />Lender's failure to perform will not preclude Lender from exercising any Of its other rights under the law or deed ofwsL
<br />Any amounts paid by Lender to protect Lender's security interest will be scoured by this deed of trust Such amounts will be due or demand and will bar interest from the
<br />date of the payment until paid in full at the interest rte in effect on the secured debt
<br />10. Default and Acceleration. If Borrower fails to make ary payment when due or beaks any cessations under this deed attract or any obligation scoured by this decd of
<br />trust or any prior mortgage or deed of treat Lender may accelerate the mammy of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other readies pennited by applicable law.
<br />11. Request for Notice of Default. It is hereby requested that copies of the curves of default and sale be sent a each person who is a parry haero, at the address of each
<br />such person, as or forth herein.
<br />12. Power of Sale Free Lender invokes the ,owes of sale, the Trustee shall first record in the once office register of deeds of each county wherein the trust porosity or
<br />same part or parcel thereof is situated a notice of default cmorning the inbred. raphir d by law. The Tooted shall also mail copies of the notice of default to the
<br />Borrower, to each p h is a party hereto, and to th persons as preScribod by applicable hre, Not l than one month ace - tl f .tee records the f fdcfault,
<br />-'two months -ft oultpumency i, at ' y- mexaforaded city avihlage and - is used - in firmaing Operatives, earned on by the "star, the furnace shall give P public
<br />sale to the persons and in the aramher past bed by applicable law Trust e, without demand on Borrower; shall sell the porosity an public auction no the highest bidder . If
<br />required by the Famn Homestead Prokatlor Act, Trustee shall offer the property in two separate sales as required by applicable law_ Trustee mtiy postpone sale ol'all or any
<br />parcel ofkhe property by publicamouneamentetthetime and place of any previously scheduled sale Lendormits desiweemayprwhasenhe property an any sale.
<br />Ulan receipt of payment of the price bid, Turks, shall deliver to the purahaer 9lustee's deed conveying the property. The recftials contained in Trustee's deed shall be
<br />prima facie evidwi ce of the truth of the stater ents 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 Basted to reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) mull sums Warred by this deed of trust, and (c) the balance, if
<br />any, in the persons legally entitled to receive it
<br />13. Faced osnre. AtLeader',opu., this deed oftmst maybe foreclosed in the mannerproviddbyapphicable lawforforalosureefmangagesonrealproperty.
<br />14. Inspection. Leader nay enter the properly to coffee' it if Lender gives Borrower notice beforehand. The note, must state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemamhor Borrower assigns to Lender the proceeds of any award or claim for damages comhsted with a condemnation or other ukiug of all many pen of the
<br />Property . Such proceeds will be applied as provided in Covenant I. This assignment is mbjat to the term, of prior security agreement.
<br />16. Waiver, By exorcising any remedy available an Lender, Lender does not give up any rights to later use any other ready_ By not excavating any remedy upon
<br />Bo rasses's default, Lender does not waive any right to later coe,iderthc event a default if it happens again .
<br />12. Joint and Several Liability; Co- signers; Successors and Assigns Board. All datiu undo this deed of trust arejoint and several Any Borrower who co -signs this
<br />deed of ask but does not cosign the underlying debt instwnemts(s) does so only m mart and convey that B.,wer's interest id me property to Be Trustee miter the terms
<br />of tlea dced of trust In addition, such a Borrower, agrees that the Lender and any other Borrower under this deed afford may extend, modify or make any other changes in
<br />the tams of this deed formal .,the atnrred debt without that Borrowers consent and without releasing that Borrower from there., of this deed of Imst.
<br />The duties and Notation oftlm decd entrain shall hind and beafinthe succasdrs and assigns of Lender and Borrower.
<br />18. Native. Unless otherwise acquired by law, any notice to Borrower shall be given by delivering it or by nailing it by combed mail addressed to Borrower at the
<br />property address or any other address that Borrower has given to Lender. Bmmwer will give any notice to Lender by certified mail to Lender's address on page 1 of this
<br />deed of terse or to any other address, which Lender has designated_ Any other notice to Lana shall be sent to Lender's address as stated on page 1 of this deed of treat.
<br />Any notice shall be deduced to have been given to Borrower or Lender when givers in the manner sated above.
<br />19. Transfer of the Property or a Beneficial Interest it the Borrower. If all or any pad of the property, or any interest in it is sold or transferred without the Lender's
<br />prior wearer consent, Lender may demand immedime pay vhent of the seamed debt Lender my also demand immediate payment if the Borrower is or a nemml person and
<br />e beneficial interred in the Borrower is sold m transferred_ However, tender mry not demand payment in the above situation if it is prohibited by federal law as of thedake
<br />of this deed of trust
<br />20. Reanscyanve. When the obligation secmxrl by this deed of cost has hoer+ paid, and Lender has no brother obligation to make advance, order the instruments or
<br />agreements secured by this deed afraid, due Trustee shag aeon women request by the Lender, reconvey the trust property. The Imder shall deliver to the Dom rein, orto
<br />Borrower's suceessorie interest the emstind and the note or otherevidenee of the obligation so satisfied Borrower shall pay any circulation costs.
<br />21. Successor Trustee, Leader, at Lender 's option, may remove Trustee and appoint a suocaaor, tames by first, mailing a copy of the subsmutiod of turned as required
<br />by applicable law, and then, by filing the substitution of trustee for tarnish in the offfceofthe register of deeds of eseh county in which kha total property, or some pen
<br />thereof is simme, The successor trustee, without conveyance of the porpeny, shall succeed m all the power, duties, authority and filly fthc Trustee named in She deed of
<br />last and of airy successor trustee
<br />
|