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<br />COVENANTS
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<br />200703764
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<br />I. Payments. BOffilwer 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 Ibr Borrower's benem will be applied first to any amounts Borrower owes on the sccured debt exclusive of interest or principal, second to interest, and then tu
<br />principaL If partial prepayment of the secured debt occurs fur any reason, it will nut reduce ur excuse any scheduled payment until the secured debt is paid in fulL
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<br />2. Claims Against Title. Burruwer will pay all taxes, assessments, and other charges attributable to the property when due and will defend title tu the property against
<br />any claims which wuuld impair rhe lien of this deed of t11lSt. Lender may require Borrower to assign any rights, claims or defenses which Bumlwer may have against
<br />parties whu supply labor or materials 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 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 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 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, including reasonable attorneys' fees, if Horrower breaks any covenants in this deed of trust or in any
<br />obligatiun secured by this deed of t11lSt. Borrower will pay these amounts to Lender as provided in Covenant 9 of tins deed of t11lSt.
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<br />6. Prior Security Interests. Unless Horrower first obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests_
<br />Borrowcr will perform all of Borrower's obligations under any prior mortgage, deed of trust or other sccurity 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 prot1ts 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 appointed receiver may take
<br />possession and manage the propclty and collect the rents. Any rents Lcnder collects shall be applied first to the costs of managing the property, including COUlt 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 I.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees 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 planned unit development, Borrower will perform all of Borrower's duties under the covcnants, 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 dutics 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 perlbrmanee_ If any construction on the propelty 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 />Lender's failure to perfonn will not preclude Lender lhlln exercising any of its other rights under the law or this deed of trust.
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<br />Any amounts paid by Lcnder to protect Lender's security interest will be secured by this deed of/rust. 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 etlect on the secured debt.
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<br />]0. Default and Acceleration. If Borrower fails to make any paymcnt when due or breaks any covenants under this deed of trust or any obligation securcd hy this deed of
<br />t11lst or any prior mOltgage or deed of tmst, Lender may accdemte the maturity of the secured dcht and demand immediate payment and may invoke the power of sale and
<br />any other remedies pennitted hy applicable law.
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<br />I I. 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 sct fOlth herein.
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<br />12. Power of Sale. If the Lender invokes the power of sale, thc TlUstee shall first record in the office of the register of deeds of each county wherein the tmst property or
<br />some part or parcel thereof is situated a notice of delault containing the infonnation required by law. The Trustee shall also mail copies of the notice of detilUlt to the
<br />Borrower, to each person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month after the Tmstee 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 farming operations can'ied on by the tmstor, tbe Tmstee shall give public notice of
<br />sale to the persons and in thc manner prcscribed by applicable law. Trustee, without demand on Bon-ower, shall sell the property at public auction to the highest bidder. If
<br />required by the Fann Homestead Protection Act, Trustee shall oller the propelty in two scparate 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 propelty 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 pmceeds of the sale in the following order: (a) to all expenses of the salc,
<br />including, but not limited to, reasonable Trustee's fees, rcasonable attorney's fees and reinstatemcnt fecs; (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. Foreelosure. At Lender's option, this deed of trust may be foreelosed in the manner provided by applicahle law for foreclosure of mortgages on real property.
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<br />]4. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notiec betorehand. The notice must state the reasonable cause lor Lcnder's
<br />inspection.
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<br />15. Condemnation. BorTower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the
<br />property. Such pmceeds will be applied as provided in Covenant I. This assignment is subject to the tenns of any prior security agreement.
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<br />]6. 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 />Borrowcr's default, 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-signers; Successors and Assigns Bound. All duties under this deed of tnlst are joint and several. Any Borrower who co"signs this
<br />deed oftlUst but does not co-sign the underlying debt instruments(s) does so only to grant and convey that Rorrower's interest in tbc property to the Trustee under the terms
<br />of this deed of trust. In addition, such a BomMer agrees that the Lender and any other Borrower under this deed oftnlst may extend, modify or make any other changes in
<br />the terms of/his deed of/rust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of/his 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 />18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certilied mail addressed to Bonuwer at the
<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 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 of thIs deed 01 trust.
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<br />Any notice shall be decmed to have been given to Borrower or Lender when given in the manner stated above.
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<br />19. Transfer of thc 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 />Plior wlitten consent, Lender may demand immediate payment of the sccured debt Lender may also demand immediate paym~n~ i~the Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold or transfelTcd. However, Lender may not demand payment III the ahove SItuatIons If It IS prohlblled by federal law as of the date
<br />of this deed of/rust.
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<br />20. Reconveyance. When the obligation secured by this deed of tlUSt has been paid, and Lender has no further obligati?n to make advances under the instruments or
<br />agreements secured by this deed of tnlst, the Tlustee shall, upon written request by the Lender, reconvey the lIust property. rhe Lender sh~1I dehver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence of the obligation so satisfied. Borrower shall pay any recordatIon costs.
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<br />21. Successor Trustee. Lender. at Lender's option, may remove Trustee and appoint a successor tlUstee by first, mailing a copy of the substitution oftrustee as required
<br />hy applicable law, and then, by filing the substitution of tmstee for record in the ollice of the register of deeds of ~ach count? in whi~h th~ tmst propelty, or s~~me part
<br />thereof, is situated. The successor trustee, without convcyance of the property, shan succeed to all the power, duties, authonty and lIde of the Trustee named 111 the deed of
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<br />trust and of any successor trustee_
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