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<br />COVENANTS
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<br />200701976
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<br />I. Payments. BOlTower 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 henetlt will be applied nrst to any amounts Borrower owes on the secured deht exclusive of interest or principal, second to interest, and then to
<br />principal. If partial prepaymcnt 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 Title. Borrower will pay all taxcs, asscssments, and other charges attributable to the property when due and will defend title to the propcrty against
<br />any claims which would impair the lien of this deed of trust. Lcndcr may rcquire Borrower to assign any rights, claims or defenses which Borrower may havc against
<br />parties who supply labor or matclials 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 benent. All Insurance policies shall
<br />include a standard mOltgage 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 mOltgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lcndcr rcquires.
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<br />4. Property. Borrower will keep the property 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 dccd of trust. BOl1'Owcr will pay these amounts to Lender as provided in Covenant 9 of this deed oftrust.
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<br />6. Prior Security Interests. Unlcss Borrowcr first obtains Lender's written contest, Borrower will not make or permit any changes to any prior security intcrcsts.
<br />Borrower will pcrform all of Borrower's obligations under any prior mortgage, deed of trust or other security agreement, including Borrower's covenaots to make payments
<br />when due.
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<br />7. Assignment of Rents Rnd Profits. Bon'Ower assigns to Lender thc 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 Borrowcr is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may take
<br />possession and manage the propelty and collect the rents. Any rents Lender collects shall bc applied first to thc costs of managing the property, including court costs and
<br />attorneys' fees, commissions to rental agents, and any othcr nccessary rclatcd cxpcnses. The remaining amount of rents will then apply to payments on the securcd dcbt as
<br />provided in Covcnant I.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrowcr agrecs to comply with the 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 planncd unit dcvclopment, Borrower will perlonn 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 perform, any of Borrower's duties under this deed of trust, Lender may perform the duties or
<br />cause them to be performed. Lcndcr may sign Borrowcr's name or pay any amount if necessary lor perlormance. If any construction 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 construction.
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<br />Lcnder's failure to perform will not preclude Lender from exercising any of its ot11er rights under the law or this deed of trust.
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<br />Any amounts paid by Lender to protect Lcnder's security interest will be secured by this deed oftrust. Such amounts will be due on demand and will bear interest from the
<br />datc ofthc payment until paid in full at the interest rate in elrect on the secured deht.
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<br />10. Default and Acceleration. If BOl1'Ower 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 trust, Lender may accelerate the maturity of the secured debt and dcmand 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 herehy requested that copics of thc noticcs 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 thc Lcndcr invokcs the power of sale, the Trustee shall first record in the otlice of the register of deeds of each county whcrcin thc !lust propetty or
<br />semepmt-oq)lll'tlet.-t~ ills~.lH\9tiee of defatllt eontaini"8 H..,-, ;..l\,u...d;vA- ''''l~i...d hJ"hrw;~~:l'nIstlle sI'IMl~of the>ftJftc1lcofdefautno tIIe-'
<br />Borrower, to each person who is a party hercto, and to other persons as prescribed by applicable law. Not less than onc month after the Trustee records the notice of delimit,
<br />or two months ifthe trust property is not in any incOlporatcd city or village and is used in fanning opemtions carned on by the ltustor, thc Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustcc, without dcmand on BOI1'Ower, shall sell the property at puhlic auction to thc highest bidder. If
<br />required by the Farm Homestead Pt'Otection Act, Trustee shall 011'01' the pmperty in two separatc sales as required by applicable law. Trustee may postponc salc of all or any
<br />parcel of the pt'Opelty by public alUlOuncement at the time and place of any previously scheduled sale. Lender or its dcsigncc 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 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 expcnscs of the sale,
<br />including, but not limitcd to, reasonable Trustee's lees, reasonablc attorney's fees and reinstatement lees; (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 of trust may be forecloscd in the manncr provided by applicable law for foreelosure of mortgages on real pt'Opcrty.
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<br />14. Inspection. Lender may enter the property to inspect it if Lcnder gives Borrower notice bctorehand. The notice must statc the reasonable cause lor Lendcr's
<br />inspection.
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<br />15. Condemnation. Borrower assigns to Lcndcr the proceeds of any award or claim tor damages conncctcd with a condemnation or other taking of all or any pal1 of the
<br />property. Such proceeds will be applied as pmvided in Covenant I. This assignment is subject to the tenns 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 cxcrcising any remedy upon
<br />Borrowcr's default, Lender does not waive any right to later consider the event a default ifit happens again.
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<br />17. Joiut aud Several Liability; Co-signers; Successors aud Assigns Bound. All duties nnder this deed of trust are joint and sevcral. Any Borrower who co-signs this
<br />deed oftrust but does not co-sign the underlying debt instruments(s) does so only to grant and convey that Borrower's interest in the property to the Trustee undcr the ter~s
<br />of this deed of trust. In addition, such a BOlTOwer agrees that the Lender and any other Borrower under this deed of trust may extend, modIfy or make any other changcs III
<br />the terms ol'this deed oftrust or the secured debt without Ihat 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'()wer.
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<br />18. Notice. Unless otherwise required by law, any notice to Bom)wcr shall be given by delivcring it or by mailing it by certificd mail addressed to Borrower a! the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lendcr hy certified matI to Lender's address on page I 01 tillS
<br />dced of trust, or to any othcr address, which Lendcr has designated. Any other notice to Lcnder shall be sent to Lender's address as stated on page I of this dccd oftrust.
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<br />Any notice shall be deemed to havc bcen given to BOI1'Ower or Lender when given in the manncr 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 />plioI' written consent, Lendcr may demand immediate payment of the secured debt. Lender may also dcmand inunedi~tc p~ym~n! i~'the Borrower is not a natural person and
<br />a benellcial interest in the Bonower is sold or transfened. However, Lendcr may not demand payment tII the ahove SituatIons If It IS prolllblted hy federal law as of the date
<br />of this deed of hUSt.
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<br />20. Reconveyance. When the ohligation secured hy this deed of trust has been paid, and Lender has no fmther obligation to make advance~ under thc instruments or
<br />agreements secured by this deed of trust, the Trustee shall, upon written request by the Lender, reconvey the trust property. The Lender shall deltver to thc Borrower, or to
<br />Borrower's successor in intcrest, the trust decd and the note or other evidence ofthe obligation so satisfied. Borrower shall pay any recordatlOn costs.
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<br />21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoint a successor trustce by tirst, mailing a copy of the substitution of trustee as rcquired
<br />by applicable law, and thcn, by filing the substitution of trustee for record in the 011lce of the rcgister of deeds of each county in which thc trust property, or some part .
<br />thereof, is situated. The successor lIustee, without conveyancc ofthe propcrty, shall succeed to all the powcr, dutIes, authonty and ttt1e of the Trustee named m the dced ot
<br />trust and of any successor trustec.
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