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<br />200709741
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<br />COVENANTS
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<br />I. Payments. Borrower agrees to make all payments on the se<;ured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Horrowcr or for Borrower's benefit will be applicd first to any amounts Borrower owes on the secured deht exclusive of interest or plincipal, 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 1n full.
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<br />2. Claims Against Title. Bonuwer will pay all taxes, assessments, and other charges attributable to the propel1y when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of trust. Lender may require Borrower to assign any rights, claims or defenses which Bommer may have against
<br />parties who supply labor or materials to improve or maintain the propel1y.
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<br />3. Insnrance. Horrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benel1!. 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 he
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured debt. If lender requires mortgage insunmce, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. Borrower will keep the pmperty in good condition and make all repairs reasonably necessalY.
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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 />obligation secured by this deed of (Just. Borrower will pay these amounts to Lender as providcd in Covenant 9 of this deed of trust.
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<br />6. Prior Security Interests. !JllIeSS Borrower first obtains Lender's written contest, Borrower will not make or permit any changes to any prior sceurity interests.
<br />Borrower will perform all of l3orrower'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. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may eollee! 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 />possessioll and manage the propcr1y 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 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 eovcnants, 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 dced of trust, I,ender may perform the duties or
<br />cause them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any construction on the propel1y 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 perform will not preclude Lender from excr-cising any of its other rights under the law or this deed of trust.
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<br />Any amounts paid by Lender to protee! Lender'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 effect on the secured debt.
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<br />10. Default aud Acceleration. If Bonower 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 hust, Lender may aecele111te the maturity of the secured 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 />II. 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 set flllih 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 office of the register of deeds of each county wherein the trust property or
<br />some part or parecl thereof is situated a notice of default eontairting the infomlation reqnired 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 othcr' persons as prescribed by applicable law. Not less than one month after the Tlustee records the notice of default,
<br />or two months if the hust property is not in any incorporated city or village and is used in fanning operations carried on by the tmstor, the Trustee sball give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Bonuwer, shall sell the propel1y at public auction to the highest bidder. Ir
<br />required by the Fanu Homestead Protection Act, Trustee shall offer 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 prcviously scheduled sale. Lender or its designee may purchase the property at any sale.
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<br />Upon receipt of payment of the pric,c bid, Trustee shall deliver to the purchaser Trustee's deed conveying the property. The recitials contained in Trustee's deed shall be
<br />prima nlde evidience of the truth of the statements contained therein. Trustee 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 fees; (b) to all sums secured by this deed oftrust, 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 foreclosed in the manner provided by applicable law for foreclosure ofm0l1gages 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 file reasonable cause lor Lender's
<br />inspection.
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<br />15. Coudemnation. 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 />pruperty. Such proceeds will be applied as provided in Covenant I. This assigruuent 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 exercising any remedy upon
<br />Borrower'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 tmst are joint and several. Any 130rrower who co-signs this
<br />deed of trust but does not co-sign the underlying debt instruments(s) does so only to grant and convey that Borrower's interest in the proper.ty to the Trustee under the tern~s
<br />of this deed of trust. In addition, such a Borrower agrees that the Lender and any other Bonower under tltis deed of tmst may extend, modify or m,lke any other changes 111
<br />the terms of this deed of trust or the secured debt without that Borrower's consent and without releasing that I3orrower from the terms of this deed oflrust.
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<br />The duties and benefits ofthis deed of trust shall bind and benefit the successors and assigns of Lender and Bormwer.
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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 il by eel1ified 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 I.ender's address as stated on page I of this deed ot 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 Beneficial Interest in the Borrower. If all or any part of the property or any interest in it ~s sold or transf~rred without the Lender's
<br />prior written consent, Lender may demand immediate payment of the secured deb!. Lender may also de~nand immedi?te p~ymo:~~ I~the B~)r:ower IS not a natural person and
<br />a beneficial interest in the Bonower is sold or transferred. Howeyer, Lender may not demand payment III the above situations If It IS prolublted by federal law as of the dale
<br />orthis deed of trust.
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<br />20. Reconveyance. When the obligation secured by this deed' of trust has been paid, and Lender has no further obligation to make advance~ under the instruments or
<br />agreemcnts secured by this deed of trust, the Trustee shall, upon written request by the .Len.der, reeo~v~y the trust propel1y. The Lender shall deliver to the Bonuwer, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence of the obllgallOn so satisfIed. Horrower shall pay any recordatIOn costs.
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<br />21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoinl a successor trustee by IIrst, mailing a copy ~fthe substitution of trustee as required
<br />by applicable law, and then, by filing the substitution of trustee lorrecord in the office of the register of deeds of o:aeh eount~ in whl~h th~ trust ,pmperty, or s~me pm1 .
<br />thereof, is situated. The successor trustee, without conveyance o( the property, shall succeed to all the power, duhes, authonty and title of the 1 mstee named III the deed of
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<br />trust and or any successor trustee.
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