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<br />COVENANTS
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<br />200705885
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<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agrce othclWise, any payments Lender receives from
<br />Horrower or for Borrower's benefit will bc applied first to any amounts Horrower owes on the sccured debt exclusive of interest or principal, second to interest, and then to
<br />principal. If partial prepayment ofthe secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until the secured dcbt is paid in full.
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<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attribuulble to the property whcn duc and will defend title to the property against
<br />any claims which would impair the Iicn of this deed of tlUSt. Lender may require Borrower to assign any rights, claims or defcnses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the propelty.
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<br />3. Insurance. Borrower will keep the property insured undcr terms acceptable to Lcnder at Horrower's expense and for Lender's beneJ1t. 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 thc damaged prop city 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. Borrower will keep the property in good condition and make all repairs reasonably necessary.
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<br />5. Expenses. Borrower agrces to pay all Lendcr's expcnscs, including reasonable attorneys' fees, if Borrower breaks any covenants in this dccd of trust or in any
<br />obligation secured by this deed of tlUSt. Borrower will pay these amounts to Lender as provided in Covenant 9 ofthis deed oftrust.
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<br />6. Prior Security Interests. Unless Uorrower first obtains Lender's writtcn contest, Borrower will not make or permit any changes to any prior security interests.
<br />Borrower will perfoml all of Borrowcr's ohligations 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. Borrower assigns to Lender the rents and profits of the propelty. Unless Borrower and Lender have agreed othelWise in writing,
<br />Borrower may collect and retain thc rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agcnt, or a court appointed receiver may take
<br />posscssion and manage the property and collect the rents. Any rents Lender 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 rdatcd 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; Condomininms; 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 perf(mn 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. Anthority 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 dutics or
<br />cause them to be performed. Lender may sign Borrowcr's name or pay any amount if necessary for performance. If any constnlction on thc propcrty is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in thc 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 thc law or this deed oftrust.
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<br />Any amounts paid by Lender to protect I ,cnder's security interest will be secured by this deed of trust. 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 elTect on thc sccured debt.
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<br />10. Default and Acceleration. If Borrowcr 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 mortgagc or dced of trust, Lender may accelerate the maturity of the secured dcbt and demand immediate payment and may invoke the power of sale and
<br />any other remedies pennitted by applicablc law.
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<br />11. Request for Notice of Default. It is hereby requested that copies of the notices of default and sale be sent to cach person who is a party hereto, at the addrcss of each
<br />such person, as set fOlth herein.
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<br />12. Power of Sale. If the Lender invokes thc power of sale, the Trustee shall first rccord in the office of the registcr of deeds of each county wherein the trust property or
<br />some part or parcel thereof is situated a notice-of default el1ntaining the inf{lnnation required by law. The Trustee shall also mail copies of the notice of default to thc
<br />Borrower, to each person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month aftcr the Trustee records the notice of default,
<br />or two months if the trust propelty is not in any incorporated city or village and is used in farming operations can-ied on by the trustor, the Ttustce shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall scll the property at public auction to the highest bidder. If
<br />required by the Fann Homestead Protection Act, Trustee shall offcr the property in two sepamte salcs as required by applicablc law. Trustee may postponc sale of all or any
<br />parcel of the property by public arUlouncement at the time and place of any previously schcduled sale. Lender or its designee may purchasc thc property at any sale.
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<br />Upon receipt of payment of thc price bid, Trustee shall dclivcr to the purchaser Trustec's deed conveying thc property. The recitials contained in Trustee's deed shall be
<br />prima lacie evidience of the truth of the statemcnts contained therein. Trustee shall apply the procceds of the sale in thc following order: (a) to all expcnses of the sale,
<br />including, but not limited to, reasonable Trustec's fees, reasonable attorncy's fees and reinstatement fees; (b) to aU sums sccured by this deed of trust, and (c) the balancc, if
<br />any, to the persons legally entitled to receive it.
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<br />13. Foreclosure. At Lender's option, this deed oftrust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real pwperty.
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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 />IS. 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 part of the
<br />propelty. Such proceeds will bc applied as provided in Covenant I. This 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 does not give up any rights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right to later consider the cvent a default if it happens again.
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<br />17. Joint and Several Liability; Co-si~ners; Successors and Assigns Bound. All duties under this deed of trust are joint and scveral. Any BOImwer who co-signs this
<br />deed of trust but docs not co-sign the underlying debt instruments(s) does so only to grant and convcy that Borrowcr's interest in thc property to thc Trustee under thc terms
<br />of this deed of trust. In addition, such a Borrower agrees that the Lender and any other BOl1'ower under this deed of ttust may extend, modify or make any other changcs in
<br />the terms of this deed oftrust or the secured dcbt without that Borrower's consent and without releasing that Borrower from thc terms ofthis deed oftrust.
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<br />The duties and benefits of this deed of trust shall bind and bcnefit the successors and assigns of Lender and Borrower.
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<br />18. Notice. Unless otherwise required by law, any notice to Bonuwer shall be given by delivering it or by 111ailing it by certificd mail addressed to Borrower at the
<br />propelty address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's add~es~ on pagc. 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] ot tillS deed ot trust.
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<br />Any notice shall be deemed to havc been given to Borrower or Lender whcn given in the manner stated above.
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<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. [fall 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 paymcnt of the secured debt. Lender may also de~l1and immediate p~ym~n~ i~thc B?~'ower is not a natural person and
<br />a beneficial interest in the Borrowcr is sold or transferred. However, Lender may not dcmand paymcnt III the above SituatIOns If It IS prohibIted by fcderallaw as of the date
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<br />of this deed oftrust.
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<br />20. Reconveyance. When the obligation secured by this deed of trust has becn paid, and Lender has no further obligation to make advance~ under the instruments or
<br />agreements secured by this deed of trust, the Trustce shall, upon written request by the .Lc~der, recOl.lVey the ttust propelty. The Lender shall dehver to thc Borrower, or to
<br />Borrower's successor in intcrest, the trust deed and the note or other evidencc of the obhgatlOn so sattsfied. Borrower shall pay any recordatton costs.
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<br />21. Successor Trustee. Lendcr, at Lender's option, may removc Trustee and appoint a succcssortrustce by first, mailing a ?Opy ~,fthc substitution oftrustec as required
<br />by applicable Jaw, and then, by filing the substitution of trustee for record in the omee of the register of deeds of ~ach count~ 111 wlu?h the truS~,PWpClty, or somc part ,
<br />thereof, is situated. The successor trustee, without conveyance ofthe propelty, shall succeed to all the power, dutles, authonty and title of thc liustee named 111 the deed 01
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<br />trust and of any successor trustec.
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