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<br />COVENANTS 88-100936
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<br />1. F ayments. Borrower. a~iep.'l!:iQ inaTtQ~'~I!R~Y,rt'I1.!ltS,011 ,~e s. ecured debt when due. Unless Borrower and Lender agr.ee otherwise, any pay~ents
<br />lender receives from ~orr~r O"f~(l~ orrbwel's M.nMih'{lIl be applied first to any amounts Borrower owes on the secured debt exclusive of
<br />interest or principal, sllcomftq)n\,llr ~ ,fa'nff,tlen:.t6Jprlnciplll. If partial prepayment of the secured debt occurs for any reason, it will not reduce
<br />or excuse any schedurecJ.p.~me.:~!'. ..n,'titl~b'~ElOUr!ldd4lPt is paid in full.
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<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attributable to the property when due and will defend title
<br />to the property against any claims which ,....ould impair the lien of this deed of trust. lender may require Borrower to assign any rights, claims
<br />or defenses which Borrower may have against 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 ,0 lender at Borrower's expense and for Lender's benefit. All
<br />insurance policies shall include a standard mortgage clause in favor of lender. lender will be named as loss payee or as the insured on any
<br />such insurance policy. Any insurance proceeds may be applied, within lender's discretion, to either the restoration or repair of the damaged
<br />property or to the secured debt. If lender requires mortgage insurance, Borrower agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. Borrower will keep the property in good conu,tion 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
<br />of trust or in any obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covenant9 of this deed of trust.
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<br />6. Prior Security Interests. Unless Borrower first obtains lender's written consent, Borrower will not make or permit any changes to any prior
<br />security interests. Borrower will perform all of Borrower's obligations under any prior mortgage, deed of trust or other security agreement,
<br />including Borrower's covenants to make payments when due.
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<br />7. Assignment ()f Rents and Profits. Borrower assigns to lender the rents and profits of the property. Unless Borrower a"~ ~ender have agreed
<br />otherwise in writing, Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower df"rault>, Lender, lender's
<br />agent, or a court appointed receiver may take possession and manage the property and collect the rents. Any rents Ler.l;jer r.ullects shall be
<br />applied first to the costs of managing the property, including court costs and attorneys' fees, commissions to rentnl a9""'S, and any other
<br />necessar{ related expenses. The remaining amount of rents will then apply to payments on the secured debt as provded in Covenant 1.
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<br />8. L.easehotds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust
<br />is on a leasehold. If this deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's
<br />duties under the covenants, by-laws, or regulations of 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, Lender may
<br />perform the duties or cause them to be performed. lender may sign Borrower's name or pay any amount if necessary for performance. If any
<br />construction on the property is discontinued or not carried on in a reasonable manner, lender may do whatever is necessary to protect !.ender's
<br />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 of trust. Such amounts will be due on demand
<br />and will bear interest from the 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
<br />secured by this deed of trust or any prior mortgage or deed of trust, Lender may accelerate the maturity of the secured debt and demand
<br />immediate payment and may invoke the power of sale and any other remedies permitted by applicable law.
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<br />11. 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
<br />wherein the trust property or some "art or parcel thereof is situated a notice of default containing the information required by law. The Trustee
<br />shall also mail copies of the notice of default to the Borrower, to each person who is a party hereto, and to other persons as prescribed by
<br />applicable law. Not less than one month after the Trustee records the notice of default. or two months if the trust property is not in any
<br />incorporated city or village and is used in farming operations carried on by the trustor, the Trustee shall give public notice of sale to the persons
<br />and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall seil the property at public auction to the highest
<br />bidder. If required by the Farm Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law.
<br />Trustee may postpone sale of all or any parcel of the property by public announcement at the time and place of any previously scheduled sale.
<br />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 recitals contained
<br />in Trustee's deed shall be prima facie evidence of the truth of the statements contained therein. Trustee shall apply tile proceeds of the sale in
<br />the following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and
<br />reinstatement fees; (b) to all sums secured by this deed of trust. and (c) the balance, if any, to the persons legally entitled to receive it.
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<br />12. Foreclosure. At Lender's option. this deed of trust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages
<br />on real property.
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<br />13. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable
<br />cause for Lender's inspection.
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<br />14. Condemnation. Borrower assigns to lender the proceeds of any award or claim for damages connected with a condemnation or other taking
<br />of all or any part of the property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terms of any prior
<br />security agreement.
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<br />15. Waiver. By exercising any remedy available to Lender. Lender does not give up any rights to later use any other remedy. By not exercising
<br />any remedy upon 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 />16. Joint and Several Uability; Co-signers; Successors and Assigns Bound. All duties under this deed of trust are joint and several. Any Borrower
<br />who co.signs this deed of trust but does not co-sign the underlying debt instrument(s) does so only to grant and convey that Borrower's interest
<br />in the property to the Trustee under the terms of this deed of trust. In addition, such a Borrower agrees that the Lender and any other Borrower
<br />under this deed of trust may extend, modify or make any other changes in the terms of this deed of trust or the secured debt without that
<br />Borrower's consent and without releasing that Borrower from the terms of this deed of trust.
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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 />17. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed
<br />to Borrower at the property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified
<br />mail to Lender's address on the front side of this deed of trust. or to any other address which Lender has designated. Any other notice to Lender
<br />shall be sent to Lender's address as stated on the front side of this deed of trust.
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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 />18. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any part of tbe property or any interest in it is sold or transferred
<br />without lender's prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand immediate
<br />payment if the Borrollller is not a natural person and a beneficial interest in the Borrower is sold or transferred. However, Lender may not demand
<br />payment in the above situations if it is prohibited by federal law as of the date of this deed of trust.
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<br />19. RflConveyance. When the obtigation secured by this deed of trust has been paid, and Lender has no further obligation to make advances
<br />under the instruments or agreements secured bv this deed of trust, the Trustee shall, upon written request by the Lender. reconvey the trust
<br />property. The Lender shall deliver to the Borrower, or to Borrower's successor in interest. the trust deed and the note or other evidence of the
<br />obligation so satisfied. Borrower shall pay any recordation costs.
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<br />20. Successor Truatee. Lender, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailillg a copy of the substitution
<br />of trustee as required by applicable law, and then, by filing the substitution of trustee for record in the office of the registBr of deeds of each
<br />county in which the trust property. or some part thereof, is situated. The successor trustee. without conveyance of the property, shall succeed
<br />to all the power, duties. authority and title of the Trustee named in the deed of trust and of any successor trustee.
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<br />I)i"PM't. N( 1!A(,"-Sl{)f JU.Vi.slON llhll Ji.-fj.r1l1
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