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<br />200601674
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<br />1. Payments. Borrower agrees to make all payments on the securcd debt when due. Unless Borrower and Lender agrce otherwise, any payments Lender receives from
<br />B~rr~wer or for ~orrower's benefit will be applied l1rst to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />pnnclpal. If partial prepayment of the secured dcbt occurs for any reason, it will not reduce or excuse any scheduled payment until the secured dcbt is paid in full.
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<br />COVENANTS
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<br />2. C~aims ~gainst Tit~e. ~orrow~r will pa.y all taxes, assessments, and othcr chargcs attributable to the property whcn duc and will defend title to the property against
<br />any.c1alms whIch would nnpalr the hen of tlus deed of trust. Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />pattlcs who supply labor or materials to improve or maintain the property.
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<br />~. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benellt. All Insurance policies shall
<br />mcl~de a s~al~dard mo,:gag~ cla~se in fa~or of Lcndcr. L:nder will b.e named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may be
<br />applied, wlthll1 Lender s discretIOn, to either the restoratton or repair of the damaged properly or to the secured debt. If Lender requires mortgagc insurance Borrower
<br />agrees to maintain such insurancc for as long as Lender requires. '
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<br />4. Property. Borrowcr will keep the properly in good condition and make all repairs reasonably necessary.
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<br />5. . E.xpenses. Borro~er agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obhgatlon secured by thIS deed of trust. Borrower will pay these amounts to Lendcr 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 security interests.
<br />Borrower will perform aU of Borrower's obligations under any prior mortgage, deed of trust or other security agreement, including Borrower's covenants to make payments
<br />when due.
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<br />7. Assignment of Rents and Profits. Borrower assigns to Le?der t~e rents and profits of the properly. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrow~r may collect and retam the rents as long as Borrower IS not 111 default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may takc
<br />possesSIOn and managc thc property and collect thc rcnts. Any rents Lender collects shall be applied first to the costs of managing the properly, including court costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenses. The remaining amount of rents will then apply to payments on the secured dcbt as
<br />provided in Covenant I.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of tlUSt 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 />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 deed of trust, Lcnder 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 110t
<br />carried on in a reasonable manner, Lendcr may do whatever is necessary to protect Lender's security interest in the property. This may include completing thc constmction.
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<br />Lender's failure to perform will not preclude Lender from cxercising 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 of trust. Such amounts will be due on demlmd and will bear interest from thc
<br />date of the payment until paid in full at the intcrest rate in eITect 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 secured by this dced of
<br />trust 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 power of sale and
<br />any other remedies pennitted by applicable law.
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<br />11. Requcst 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 cach
<br />such person, 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 office of the register of deeds of each county wherein the tlUSt property or
<br />some part or parcel thereof is situated a notice of default containing the information required by law. The TlUstee shall also mail copies of the notice of default to thc
<br />Borrower, to each person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month after the Trustec reconls the notice of default,
<br />or two months if thc trust property is not in any incorpomted city or village and is used in larming operations carried on by the tlUstor, the Trustee shall give public notice of
<br />sale to the persons and in the manncr prescribed by applicable law. Trustec, without demand on Borrowcr, shall sell the property at public auction to the highcst bidder. If
<br />required by thc Fann Homestcad Protection Act, Trustee shall oITer thc property in two separate sales as required by applicable law. Trustce may postpone sale of all or any
<br />parcel of tile propelty by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the property at any sale.
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<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 be
<br />prima facie cvidience of thc truth of the statements contained therein. Trustee shall apply the procceds of the sale in the following order: (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Trustee's fces, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed oftrust, and (e) the balance, if
<br />any, to the persons legally entitled to receive it.
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<br />13. Foreclosurc. At Lender's option, this deed oftrust may be foreclosed in the manner provided by applicahlelaw for foreclosure of mortgages on real propelty.
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<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower noticc beforehand. The notice must state the reasonable cause for Lender's
<br />inspection.
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<br />15. Condemnation. Bonuwer assigns to Lender the pmceeds of any award or claim for damagcs connected with a condemnation or other taking of all or any part of the
<br />property. Such proceeds will be applied as provided in Covenant I. Tllis assignment is subject to the terms of any prior security agreement.
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<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use any other rcmedy. By not excrcising 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-signers; Successors and Assigns Bound. All duties under tllis deed of tlUSt are joint and several. Any Borrower who co-signs this
<br />deed of trust but does not co-sign the undcrlying debt instruments(s) does so only to grant and convey that Borrower's interest in the property to the Trustee undcr the tefl~s
<br />of this deed of trust. In 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 1lI
<br />the terms of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms ofthis deed 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 otherwisc required by law, any notice to Borrower shall be given hy delivering it or by mailing it by certified mail addressed to Borrower at the
<br />properly address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender b~ certified mail to Lender's address on page. I of thiS
<br />deed oftlUst, or to any other address, wllich Lender has designated. Any other notice to Lender shall be sent to Lender s addrcss as stated on page I of tillS deed 01 trust.
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<br />Any notice shall be deemed to have been given to Borrowcr or Lender whcn given in the manner stated above.
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<br />19. Transfer of the Property or a Benetlciallnterest in the Borrower. If all or any part of the property.or any.interest in it ~s sold or transf~rred without the Lender's
<br />prior written conscnt, Lender may demand immediate payment of the secured debt. Lender may also de~nand Immedl~te p~ym:n~ I~the B~)t:ower IS not a natuml person and
<br />a beneficial intcrest in the Borrower is sold or transferred. However, Lender may not demand payment In the above SItuations If It IS prolublted by fedcrallaw as of the date
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<br />of this deed of trust.
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<br />20. Reconveyance. Whcn the ohligation securcd by this deed of trust has been paid, and Lender has no further obligation to makc advance~ under the instruments or
<br />agreements secured by this deed of trust, the Trustee shall, upon written request by the .Len.der, reco~vcy the trust property. The Len~er sh~1l dcltver to the Borrower, 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. I ,ender, at Lender's option, may remove Trustee and appoint a successor trustee by fi~t, mailing a ~opy ?fthe substitution of trustee as required
<br />by applicable law and then by filing the substitution oftlUstee for record in the office ofthe register of deeds of each county 1lI whIch the tmst property, or s{~mc part ,
<br />thereot; is situated. The su~cessor tlUStCC, without conveyance of the property, shall succeed to all thc powcr, duties, authority and title of the Trustee named 1lI the dced 01
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<br />trust and of any successor trustee.
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