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<br />200603242
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<br />I. Payments. Borrower agrees to make all payments on the secured debt when duc. Unlcss Borrowcr 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 thc secured dcbt exclusive of interest or principal, second to interest, 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 />COVENANTS
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<br />2. Claims Against Title. Borrower will pay all taxes, assessmcnts, and other charges attributablc to the property when due and will defend title to the property against
<br />any claims which would impair the lien of this dccd of trust. Lcndcr may require Borrower to assign any lights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the property.
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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 benefit. 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 insurance policy, Any insurance 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 requires mortgage insurance, Borrower
<br />agrecs to maintain such insurance for as long as Lendcr requires.
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<br />4. Property. Borrower will kcep the pmperty in good condition and make all repairs reasonably necessary.
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<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this dccd of trust or in any
<br />obligation secured by this deed of trust. Borrowcr will pay these amounts to Lendcr as provided in Covenant 9 of this deed oftmst.
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<br />6. Prior Security Interests. Unless Borrower tlrst obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests_
<br />Borrower will perform all 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 Lender the rents and pmfits of the pmperty. Unless Borrower and Lender have agreed otherwise in -writing,
<br />Borrower may collect and retain the rents as long as Borrower 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 thc pmpcrty, including court costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenses. The rcmaining amount ofrents will then apply to payments on the secured debt as
<br />provided in Covenant l.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the pmvisions of any lease if this deed oftmst 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. Anthority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of trust, Lender may perform the duties or
<br />cause them to be performed_ Lender may sign Borrower's name or pay any amount if necessary tor performance_ If any constmction on the property 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 constmction.
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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 of trust. Such amounts will be due on demand and will bear interest from the
<br />datc ofthc payment until paid in full at the interest Me in effect on the secured dcbt.
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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 oftmst or any obligation secured by this deed of
<br />tmst 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 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 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 tmst property or
<br />some part or parcel thereof is situated 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 person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month after the Tmstee records the notice of default,
<br />or two months if the trust property is not in any incorporated city or village and is used in fanning operations camed on by the trustor, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law, Trustec, without demand 011 Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Homcstead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postponc 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 pmperty 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 evidience of the tmth of the statements contained therein. Tmstee shall apply the pmceeds of the sale in the following order: (a) to all expcnses of the 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 trust, and (c) the balance, if
<br />any, to the persons legally entitled to rcceive it.
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<br />13. Foreclosure. At Lender's option, this deed oftmst may be foreclosed in the manner provided by applicable law tor toreclosure of mortgages on real property.
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<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable cause lor Lender's
<br />inspection.
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<br />IS. 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 />property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terms of any prior security agreement.
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<br />16. Waiver. By cxercising 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 waivc 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 Bouud. All duties under this deed oftmst are joint and several. Any Borrower who co-signs this
<br />deed of trust but does 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 terms
<br />of this deed oftmst. In addition, such a Borrower agrees that the Lcnder and any other Borrower under this deed oftmst may extend, modity or make any other changes in
<br />the terms ofthis deed oftrust 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 dutics 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 otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addrcssed to Borrower at the
<br />pmperty address or any other addrcss that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's address on page I of this
<br />deed of trust, or to any other address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address a~ stated on page 1 of thIs deed oftmst.
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<br />Any notice shall be deemed to have been given to Borrower or Lcnder when given in the manner stated above.
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<br />19. Transfer ofthe Property or a Beneflciallnterest in the Borrower. If all or any part of the propcrty or any interest in it is sold or transferrcd without the Lender's
<br />Plior written consent, Lender may demand immediatc payment of the secured debt. Lender may also de~nand immedi~te p~ym~~ i~the B?r;owcr is not a natural person and
<br />a beneficial interest in the Borrower is sold or tmnsferred. However, Lender may not demand payment 111 the above sItuatIOns If It IS prohlblted by federal law as of the datc
<br />ofthis deed oftmst.
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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 advance~ under the instruments or
<br />agreements secured by this deed oftmst, the Trustee shall, upon written request by the Lendcr, reconvey the trust pmperty. The Lender shall dchver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence of the obligation so satistled. Borrower shall pay any recordation costs.
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<br />21. Successor Trustee. Lcnder, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the substitution of trustee as rcquired
<br />by applicable law, and then, by filing the substitution of tmstee for record in the office of the register of dceds of o:ach count~ in whi~h the trust property, or s~me part
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall succeed to all the power, dultes, authonty and tttle of the Trustee named 111 the decd of
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<br />trust and of any successor tmstee.
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