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<br />COVENANTS
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<br />200702581
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<br />1. 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 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 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 taxes, assessments, and other charges attributable to the property when due and will defend title to the pmpcrty against
<br />any claims which would impair the lien of this deed of bust. 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 property.
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<br />3. Insurance. Borrower will keep the property insured under teffilS acceptable to Lender at Borrower's expcnse 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 insumnce policy. Any insumnee 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 mOltgage insumnce, Borrower
<br />agrees to maintain such insumnce for as long as Lender requires.
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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, induding reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed OftlUSt. BOlTOwer will pay these amounts to Lender as provided in Covenant 9 of this deed oftrust.
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<br />6. Prior Security Interests. Unless Borrower I1rst obtains Lcnder's written contcst, Borrowcr 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 Borrowcr's covcnants 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 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 appointcd rcccivcr 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 expenses. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant 1.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed oftlUst 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 perform, any of Borrower's duties under this deed of trust, Lender may perform the duties or
<br />cause them to be performed. l.ender may sign Borrower's name or pay any amount if necessary IDr perlDrmance. If any constlUction on the pmperty 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 includc completing the constlUction.
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<br />Lender's failure to perlDrm will not preclude Lender from exercising any of its other rights under the law or this deed OftlUSt.
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<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed oftrust. Such amounts will be due on demand and will bear interest trom the
<br />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 BOffilwer fails to make any payment when due or breaks any covenants under this deed OftlUSt or any obligation secured by this deed of
<br />tTust or any prior mortgage or deed of tlUSt, 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 />II. Request for Notice of Default. It is hereby requested that copies ofthe 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 fOlth 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 oll1ce of the register of deeds of each county wherein the tlUSt property or
<br />some part or parcel thereof is situated a notice of default containing the information 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 applieahle law. Not less than one month after the TlUstee records the notice of default,
<br />or two months if the tlUst propelty is not in any incorporated city or village and is used in farming operations carried on by the trustor, the TlUstee shall give public notice of
<br />sale to the persons and in the manner presclibed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Homestead Protection Act, Trustee shall otter the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel of the property by public announcement 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 deed conveying the property. The recitials contained in Trustee's deed shall be
<br />prima facie evidience of the tlUth ofthe statements contained therein. Trustec 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 Trustce's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed oftrust, and (c) the balance, if
<br />any, to the persons legally entitled to rcceive it.
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<br />13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in the mamler provided by applicable law for 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 reasonable cause for Lender's
<br />inspection.
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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 of all or any palt of the
<br />property. Such proceeds will be applied as provided in Covenant I. TIns assignment is subject to the tenus of any prior security agreement.
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<br />16. Waiver. By exercising any remedy available to Lender, Lender docs not give up any rights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Lender docs not waive any right to later consider the event a default ifit happens again.
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<br />17, Joint and Several Liability; Co-signers; Successors and Assigns Bound. All duties under this deed oftlUst are joint and several. Any BOllower who co~signs this
<br />deed oftlUst but does not co-sign the underlying debt instruments(s) does so only to grant lIIld convey that Borrower's interest in the property to the Trustee under the terms
<br />of this deed of trust. In addition, such a Borrower agrees that the Lender and any other BOffi)wer under this deed of trust may extend, modi fy or make any other changes in
<br />the terms of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed oftmst.
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<br />TIle duties and benefits of tlns deed of trust shall bind .and benefit the successors and assigns of Lender and BOll'ower.
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<br />18. Notice. Unless othelwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed to BOffilwer at tI~e
<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 addres~ on page I of thiS
<br />deed oftlUst, or to any other address, which Lender has designated. Any other notice to Lender shall be sent to I,ender's address as stated on page I 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 />19. Transfer of the Property or a Beueflciallnterest 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 de~nand immedi~te p~ym~n~ i~'the B~r~ower is.not a natural person and
<br />a beneficial interest in the Borrower is sold or transferred. However, Lender may not demand payment 111 the above sItuations If It IS prohibited by tederallaw as of the date
<br />of this deed of tlUSt.
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<br />20. Reconveyance. When the obligation secured by this deed of tlUSt has been paid, and Lender has no further obligation to make advance~ under the instlUments or
<br />agreements secured by this deed of tlUSt, the Tmstee shall, upon written request by the Lender, reconvey the tInst propmty. The Lender shall delIver to the Borrower, or to
<br />Borrower's successor in interest, the trust decd and the note or other evidence of the obligation so satisfied. Borrower shall pay lIIlY recordatIOn costs.
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<br />21. Successor Trustee. Lender, at Lender's option, may removc Trustee and appoint a successor trustee by tirst, mailing a copy ofthe substitution oftlUstee as required
<br />by applicable law, and then, by filing the substitution of trustee for record in the office ofthe register of deeds of ~aeh eount~ in whi~h th~ trust property, or s~me patt ,
<br />thereof, is situated. The successor trustee, without conveyance of the propetty, shall succeed to all the power, dutIes, authonty and tItle ot the Trustee named III the deed 01
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<br />tlUst and of any successor tlUstce.
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