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<br />COVENANTS
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<br />200701836
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<br />I. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Borrower's benefit will be applied first to any amonnts Borrower owes on the sceured debt exclusive of interest or principal, second to intercst, and then to
<br />principal. If paltial prepayment of the secured debt occurs for any rcason, it will not reduce or exeusc any scheduled payment until the secured debt 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 to the propelty against
<br />any claims which would impair the lien of tbis deed of trust. Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or matellals to improve or maintain the propelty.
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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 benel1t. 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 propelty or to 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. Bonuwer will keep the propetty 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. BOlmwer 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 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. BOl1'(lwer assigns to Lender the rents and profits of the propelty. 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 the property, including court costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenscs. The remaining amount ofrents will thcn apply to paymcnts on the secured debt as
<br />provided in Covenant I.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees 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 dcvelopmcnt, Borrower will pertorm all of Borrower's duties under the covenants, by laws, or regulations of
<br />thc condominium or planned unit development.
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<br />9. Authority of Lender to Perform for Borrower. If Borrowcr 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 lor performance. If any construction on the propelty is discontinued or not
<br />earricd on in a reasonable manner, I.ender may do whatever is necessary to protect Lender's security interest in the property. This may ineludc 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 dced oftrust.
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<br />Any amounts paid by Lender to protect I.cndcr's sceurity interest will be secured by this deed of trust. Such amounts will be due on demand and will bear interest from thc
<br />date of the payment until paid in full at the interest mte in efIect on the secured debt.
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<br />10. Default and Acceleration. If BOl1'(lwer 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 mortgage or deed of tlUSt, Lender may accelerate the maturity of the securcd 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. Request for Notice of Default. It is hcreby requested that copies of the notiecs of dcfault 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 shal1 first record in thc office of the register of deeds of caeh county wherein the trust propelty or
<br />some part or parcel thercof is situated a notice of delimit containing the infbnnation required by law. The Trustee shall also maiL copies of the notice of default to the
<br />BOlTower, to each person who is a party hereto, and to other persons as prescribed 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 matmer preseribcd by applicable law. Trustee, without demand on Borrower, shall sel1 thc propcrty at public auction to the highest bidder. If
<br />required by the FanTI Homcstcad Protection Act, Trustee shal1 offer the property in two separate salcs as required by applicable law. TlUstee may postpone sale of all or any
<br />parcel of the property by public announeemcnt 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 dced conveying the property. The recitials contained in Trustee's deed shall be
<br />prima facie evidience of the truth of the statements contained therein. Tlustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and reinstatement lees; (b) to all sums secured by this decd oftrust, and (c) the balance, if
<br />any, to the persons legally entitled to reeeivc it.
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<br />13. Foreclosure. At Lcnder's option, this deed of trust may be foreclosed in the manner provided by applicable law for loreclosure of mottgages on real property.
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<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notiec beforehand. The notice must state the reasonable cause Ibr Lendcr's
<br />inspection.
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<br />15. Condemnation. Bon'ower assigns to Lendcr the proceeds of any award or claim ft,r damages cormected 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. 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 lights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's dcfault, Lender does not waive any right to later consider the evcnt a default if it happens again.
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<br />17. Joint and Several Liability; Co-signers; Successors and Assigns Bonnd. All duties under this deed of trust are joint and several. Any BOlmwer who co-signs this
<br />dced oftrust but docs not co-sign the underlying dcbt instruments(s) docs so only to grant and convey that Borrower's interest in the property to the Trustee under the tcrms
<br />of this deed of tIust. In addition, such a BOl1'(lwer agrees that the Lender and any other BOlTower under tllis deed of tIust may extend, modify or make any other changes in
<br />the terms ofthis deed oftrust or thc secured dcbt without that Borrowcr's consent and without releasing that Borrower from 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 BOl1'(lwer.
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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 eettified mail addressed to BOlmwer at the
<br />property addrcss or any othcr address that Borrower has gi~en to Lender. Borrower will give any notice to Lendcr by, certificd mail to Lender's add~ess on pagc, I of tillS
<br />deed of tIust, or to any other address, whIch Lender has deSIgnated. Any other notIce to Lender shall be sent to Lendcr s address as stated on page I ot thts deed ot trust.
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<br />Any notice shall be deemed to have been given to Bonuwer or Lender when given in the manner stated above.
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<br />19. Transfer of the Property or a Benel1cial Interest in the Borrower. If all or any part ofthe property or any interest in it is sold or transferrcd withoutthc Lender's
<br />prior written consent, Lcnder I~ay demand immediate payment of the secured debt. Lender may also de~nand immedi~te p~ym~n~ i~'tbe BOl:ower is not a natuml pe!'Son and
<br />a beneficial interest in the Borrower is sold or tmnsfen'ed. However, Lender may not demand payment III the above situatIons If It IS prohIbIted by federal law as of the datc
<br />ofthis deed of tlUSt.
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<br />20. Reconveyance. When the obligation secured by tllis deed of trust has been paid, and Lender has no further obligation to make advanec~ under the instruments or
<br />agreements secured by this deed oftrust, thc Trustee shall, upon written request by the Lender, reconvey the trust propcrty. The Lender sh~ll dehver to the Bonower, or to
<br />Borrowcr's successor in intcrest, the trust deed and the note or other cvidence onhe obligation so satisfied. Borrower shall pay any recordatIon costs.
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<br />21. Successor Trustee. Lender, at Lender's option, may removc Trustee and appoint a successor trustce by first, mailing a copy of the substitution oftlUstee as required
<br />by applicable law, and then, by filing the substitution of tlUstee for record in the office of the register of deeds of ~ach eount~ in whi~h the trust propelty, or s~me part
<br />thercof, is situated. The successor trustec, without conveyance of the property, shall succeed to all the power, dutIes, authonty and tItlc of the TlUstee named m the deed of
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<br />trust and of any successor tlUstee.
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