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<br />COVENANTS
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<br />200609523
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<br />1. Payments. Borrower agrees tu make all payments on the secured debt when due. Unless Burruwer and Lender agree utherwise, any payments Lender receives limn
<br />Borrower or for Borrower's benefit will be applied first to any amounts Horrower owes on the secured debt exclusive of interest ur principal, second to interest, and then tu
<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 Against Tille. Borrower will pay all taxes, assessments, and other charges attributablc to thc propClty whcn due and will defcnd title to the property against
<br />any claims which would impair the lien of this deed uf trust. Lender may require Bonuwer to assign any rights, claims or dcfenses which Borrower may have against
<br />partics who supply labur or materials to improve or maintain the property.
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<br />3. Insurance. Burruwer will keep the property insured under tenus 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 discretiun, to either the restoration or repair of the damaged property or tu the secured debt. If Lender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. Borrower will keep the property in goud condition and make all repairs reasonably necessary.
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<br />5. Expenses. Borruwer 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 />obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Cuvenant 9 ufthis deed oftrust.
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<br />6. Prior Security Interests. Unless Borrower first 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 oftrust or other security agreement, induding Borrower's covenants tu make payments
<br />when due.
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<br />7. Assignment of Rents and 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 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 uf managing the property, including court costs and
<br />attorneys' lees, cummissions 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 />provided in Covenant I.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Bonuwer agrees to cumply with the provisiuns ufany lease if this deed of trust is on leasehold. If this
<br />deed uf 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 develupment.
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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, Lender may perfonn the duties or
<br />cause them to be performed. I ,ender may sign Borrower's name or pay any amount if necessary lur perfoffilance. If any construction on tbe 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 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 tu 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 />date of the payment until paid in full at the interest mte in effect on the secured debt.
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<br />10. Default aud Acceleration. If Borrower fails to make any payment whcn due or breaks any covenants undcr this deed of trust 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 salc and
<br />any other remedics permitted by applicable law.
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<br />11. 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 lurth herein.
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<br />12. Power of Sale. If the Lender invukes the puwer of sale, the Trustee shall first record in the oUke of the register of deeds of each county wherein the trust propcrty or
<br />some part or parcel thereof is situated a nutice of default cuntaining the infonnation 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 une month after the Trustee records the notice of default,
<br />or two months if the trust property is not in any ineorpomted city or village and is used in fanning operations carried on by the tmstor, the Trustee shall give public nutice uf
<br />sale tu the persuns 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 Fann Homestead 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 salc. Lender or its designee may purchase the prupelty at any sale.
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<br />Upon receipt of payment of the price bid, Trustee shall deliver tu the purchaser Trustee's deed conveying the property. The recitials cuntained in Trustee's deed shall be
<br />prima facie evidience of the truth uf the statements contained therein. Trustce shall apply the proceeds of the sale in the lollowing order: (a) to all cxpenses of the sale,
<br />including, but not limited tu, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) tu all sums secured by this deed oftrust, 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 oftrust may be loreclosed in the manner provided by applicable law fllr foreclosure 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 reasunable cause lor Lender's
<br />inspectiun.
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<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking uf 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 exercising any remedy available to Lender, Lender does not give up any rights to latcr use any uther remedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right to later consider the event a default ifi! happens again.
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<br />17. Joint and Several Liability; Co-signers; Successors and Assigns Bound. All dutics under tlns deed of trust arc joint and several. Any Borrower who co-signs tins
<br />deed of trust but does nut cu-sign the underlying debt instruments(s) does so only to grant and convey that Borrower's interest in the property to the Trustee under the tenns
<br />of this deed of trust. In addition, such a Burrower agrees that the Lender and any other Borrower under this deed uftrustmay extend, modifY or make any uther ehangcs in
<br />the terms of this deed of trust or the secured debt without that Borrower's consent and withuut releasing that Borrower frum the terms of this deed oftrust.
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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 BOIl'Ower shall be given by delivering it or by mailing it by certified mail addressed tu Borrower at the
<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 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 as stated on page I of this deed oflrust.
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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 is sold or transferred without the Lender's
<br />prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand immediate payment ifthe Bunower is not a natural person and
<br />a beneflcial interest in the Borl'Ower is suld ur tmnsfen'Cd. However, Lender may not demand payment in the above situatiuns if it is pl'Ohibited by federal law as of the date
<br />of this deed uftrusl.
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<br />20. Reconveyance. When the obligation secured by this deed of trust has been paid, and Lender has no further ubligation to make advanee~ undcr the instruments or
<br />agreements secured by this deed of tmst, the Trustee shall, upon written request by the Lender, recunvey the tlUSt property. The Lender shall dehver to thc BOlluwer, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence ufthe obligation so satisfied. Borrower shall pay any recordation custs.
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<br />21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoint a successor trustec by first. mailing a copy of the substitution of trustee as required
<br />by applicable law, and tllen, by filing the substitution uf trustee for record in the omce of the rcgister of deeds of ~ach cuunt~ in whi~h the trust propelty, or s~me part
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall succeed to all the power, dutIes, authonty and title of the Trustec named m the deed of
<br />trust and uf any successor trustee.
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