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<br />COVENANTS
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<br />200600984
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<br />I. Payments. Bonuwcr agrce~ to make all paymcnt~ on the ~ecured deht when due. Unl~~ Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benel1t will be applied l1rst to any amounts Borrower owes on the secured debt exclu~ive of intcrc~t or ptincipal, ~econd to intere~t, 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,
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<br />2. Claims Alo\ainst Title. Borrower will pay all taxes, assessments, and other charges attributable to the property when due and will defend title to the propelty again~t
<br />any claims which would impair the lien of tins deed of trust Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to impmve or maintain the pmpelty.
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<br />3. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's beneHt. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or as the insured on any such in~urancc policy. Any in~urance proceeds may be
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured debt. If Lender require~ mortgage in~urance, BOITower
<br />agrees to maintain ~uch in~urance for as long as Lender requires.
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<br />4. Property. Borrower will kecp the pwperty in good condition and make all repairs reasonably necessary.
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<br />5. Expenses. Borrower agrees to pay all I,ender's expenses, including rea~onable attorneys' fee~, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed of trust. Borrower will pay the~e amounts to Lender as provided in Covenant 9 of this deed of trust.
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<br />6. Prior Security Interests. Unless Borrower l1rst obtains Lender's written contest, Borrower will not make or permit any changes to any prior ~ecurity interests.
<br />Borrower will perform all of Borrower's obligation~ under any prior mortgage, deed of trust or other security agreement, including Borrower's covenants to make payment~
<br />when due.
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<br />7. Assi!l:nment of Rents and Profits. Borwwer assigns to Lender the rents and profits of the pmperty. Unle~~ Borwwer and Lender have agreed otherwise in writing,
<br />Borrower may collcct and retain the rent~ as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may take
<br />po~~e~~ion and manage the pmpctty and collect the rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court co~t~ and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expen~es. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant 1.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. BOITower agrees to comply with the provisions of any lease if thi~ deed of ltu~t i~ on Ica~chold. 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 covenant~, by law~, or regulations of
<br />the condominium or planned unit development.
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<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this decd of trust, Lender may perfonn the duties or
<br />cau~e them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any construction on the propelty is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the property, This may include completing the construction.
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<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.
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<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed oftrust. Such amounts will be due on demand and will bear interest fmm the
<br />date of the payment until paid in full at the interest rate in effect on the secured debt.
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<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 obligation securcd by this deed of
<br />trust or any prior mortgage or deed of trust, Lender may accelerate the maturity of the ~ecured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
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<br />II. Request for Notice of Default. It is hereby requested that copies of the notices of default and sale be sent to each person who is a party hereto, at the address of each
<br />such per~on, as set forth herein.
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<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall first record in the ollice of the register of deeds of each county wherein the trust property or
<br />some pa1t or parcel thereof is situated a notice of default containing the infollllation required by law. The Tlustee shall al~o mail copies of the notice of default to the
<br />Borrowcr, to each person who is a party hereto, and to other persons as prcscribed by applicable law. Not less than one month aller the Trustee records the notice of default,
<br />or two months if the tru~t property is not in any incOlporated city or village and i~ used in farming operations eanied on by the trustor, the Tru~tec shall give public notice of
<br />sale to the persons and in the manner 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 Pann Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may po~tpone sale of all or any
<br />parcel of the property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the property at any ~ale.
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<br />Upon reccipt 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 be
<br />prima facie evidience of the truth of thc statements contained therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all e)(pense~ of the sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable attorney's lees and reinstatement fees; (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. '
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<br />13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in tile manner pmvided by applicable law for foreclosure of mortgages on real pmpelty.
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<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice belbrehand. The notice must state the reasonable cause for Lender's
<br />inspection.
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<br />IS. Condemnation. Borrower assigns to Lender the procecds of any award or claim for damages connected with a condemnation or other taking of all or any patt of the
<br />property. Such pmceeds will be applied as provided in Covenant 1. TIns assignment i~ ~ubject to the tenns of any prior security agreement.
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<br />16. Waiver. By excrcising 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.
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<br />17. Joint and Several Liability; Co-si!l:ners; Successors and Assigns Bound. All duties under this deed of trust are joint and sevcral. Any Borrower who co-signs this
<br />deed of trust but docs not co-sign the underlying dcbt instruments(s) does so only to grant and convey that Borrower's interest in the property to the Trustee under the term~
<br />of this deed of trust. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed oflrust may extend, modify or make any other changes in
<br />the terms of this deed ortrust or tile secured debt without that Borrower's eon~ent and without releasing that Borrower from the terms of this decd oftmst.
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<br />The duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Lender and Borrower,
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<br />18. Notice. Unless otberwi~e required by law, any notice to Borwwer shall be given by delivering it or by mailing it by certified mail addressed to Borwwer at tbe
<br />property address or any other address that Borrower has given to Lender, Borrower will give any notice to Lender by certified mail to Lender's add~es~ on page I of this
<br />deed oftrust, or to any othcr address, which Lender has dcsignated. Any other notice to Lender shall be sent to Lender's address as stated on page I 01 thIS deed oftrust.
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<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manner stated above.
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<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 ~s. sold or transt~rred without the Lender's
<br />prior written consent, Lender may demand immediate payment ofthe ~ecured debt. Lender may also de~nand IInmedl~te paym~n~ I~ the BOI~ower IS not a natuml pe,rson and
<br />a beneficial interest in the Bon-ower is sold or transferred. However, Lender may not demand payment III the above situatIons If It tS pwhtbtted by federal law as 01 the date
<br />of this deed of trust.
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<br />20. Reconveyance. When the obligation secured by this deed of trust has been paid, and Lender has no further obligation to make advanee~ under the instruments or
<br />agreements secured by this deed of trust, the Trustee shall, upon written request by the Lender, reconvey the trust property. The Lender sh~1I dehver to the Bonuwer, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence of the obligation so satisfied. Borrower shall pay any recordatIOn costs_
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<br />21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoint a succ~sor trustee by first, mailing a copy of the substitution of trustee as required
<br />by applicable law, and tben, by filing the substitution of trustee for record in the office of the register of deeds of ~ach county in whl~h the trust pmpelty, or s~me part
<br />thereof, is situated. The successor trustee, without conveyance of the propcrty, shall succeed to all the power, dutIes, authonty and tItlc of the Trustee named III the deed of
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<br />trust and of any successor trustee.
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