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<br />COVENANTS
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<br />200701549
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<br />1. Payments. BOImwer agrees to make all payments on the secured deht when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's beneHt will be applied Hrst to any amounts Borrower owes on the secured debt 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 wi1\ not reduce or excuse any scheduled payment until the secured debt is paid in full.
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<br />2. Claims Against Title. Bon'ower wi1\ pay all taxes, assessments, and other charges attributable to the propetty when due and will defend title to the propetty against
<br />any claims which would impair the lien of tlus deed of tmst. Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the properly.
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<br />3. Insurance. Horrower will kccp thc property insured undcr tcrms acccptable to Lendcr at Borrower's cxpense and for Lender's bcncfit. All Insurancc policics 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 restomtion or repair of the damaged property or to the secured debt. If Lender requires mortgage insunmce, BOlTower
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. BOHower will keep the properly 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 deed of trust or in any
<br />obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust.
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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, 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 profits of the property. Unless Borrower and Lendcr have agreed otherwise in writing,
<br />Borrow~r may collcct and rctain thc rcnts as long as Borrowcr is not in default. If Borrowcr dcfaults, Lender, Lender's agent, or a court appointed receiver may take
<br />posseSSIOn and manage the property and collee!the rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenses. Thc 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. Borrower agrecs to comply with thc provisions of any lease if this deed of trust 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 perlbnn, 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 for pertbrmanee. [fany construction on the property is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatevcr 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 oftmst.
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<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed oflrust. 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 rate in dIee! on the secured deht.
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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 deed of
<br />trust or any prior morlgage or deed of hust, 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 />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 f01th 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 otllce of the register of deeds of each county wherein the tmst property or
<br />some part or parcel thereof is situated a notiee of default containing the infonnation required by law. The Trustee shall also mail copies of the notice of ddilllltto the
<br />Borrower, to each person who is a patty hereto, and to other persons as presetibcd by applicable law. Not less than one month after the Trustee 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 canied on by the trustor, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Bon'Ower, shall sell the propelty at public auction to the highest bidder. If
<br />required by the Fatlll Homestead Protection Act, Trustee shall otl'er the property in two separate sales as required hy applicable law. Trustee may postpone sale of all or any
<br />parcel of the properly by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the properly 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 truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale,
<br />including, but notlimiled to, rca~onable Trustee's fees, reasonable attorney's fees mld 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 oftrust may be foreclosed in the manner pmvided by applicable law forfureclosure of mortgages on real properly.
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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 for Lender's
<br />inspection.
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<br />15. Condemnation. Bon'Ower assigns to Lender the pmceeds of any award or claim tur damages connected with a condemnation or other taking ofall or any part of the
<br />properly. Such pmeeeds will be applied as pmvided in Covenant 1. This assignment is subject to the ten1lS 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 remedy. By not exercising any remedy upon
<br />Borrower's defanlt, 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-siguers; Successors and Assigns Bouud. All duties under this deed of trust are joint and several. Any Borrower who co-signs tlus
<br />deed of trust but does not co-sign the underlying debt instruments(s) docs so only to grant and convey that Borrower's interest in the property to the Trustee under the terms
<br />of this deed of trust. In addition, such a BOlTower agrees that the Lender and any other Bon'Ower under this deed of trust may extend, modify or make any other changes in
<br />thc terms of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower trom the terms oflhis deed of trust.
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<br />The dulies 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 BOHower shall be given by dclivering it or by mailing it by certified mail addressed to BOl1ower at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certil1ed 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 ofthts deed oftrust.
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<br />Any notice shall be deemed to have been given to BOlTower or Lender when given in the manner stated above.
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<br />19. Transfer ofthe Property or a Beneficial Interest in the Borrower. If all or any part oflhe property or any interest in it is sold or transferred without the l.ender's
<br />prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand immediate payment if the BOl1'ower is not a natural person and
<br />a beneficial interest in the Borrower is sold or transferred. However, Lender may not demand payment in the above situations if it is prohibited by t'ederallaw as of the date
<br />oflhis deed oftmst.
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<br />20. Reconveyance. When the obligation secured by this deed of hust has been paid, and Lender has no futther obligation to make advance~ under the inshuments or
<br />agreements secured by this deed of hust, the Tmstee shall, upon written request by the Lender, reconvey the trust pmpetty. The Lender sh~ll dehver to the Bon'Ower, or to
<br />Borrower's sueecssor in interest, the trust deed and the note or other evidence of the obligation so satisfied, Borrower shaH pay any recordatIOn costs.
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<br />21. Successor Trustee. Lender, at Lender's option, may rcmove Trustce and appoint a successor trustee by tirst, mailing a copy ofthe substitution of tlUstee as required
<br />by applicable law, and then, by l11ing the substitution of trustee for record in the office ofthe register of deeds of each count~ in whl~h the trust propetty, or s(~me part
<br />thereol~ is situated. The successor trustee, without conveyance of the pmperty, shall succeed to all the power, duties, authonty and tllle ofthe Trustee named 111 the deed of
<br />tmst and of any successor trustee.
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