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<br />200709925
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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 Horrower's bene lit will be applied first to ally amounts Horrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal. If pattial prepayment oHhe secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until the securcd debt is paid in lull.
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<br />COVENANTS
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<br />2. Claims Against Title. BOITower will pay all taxes, assessments, and other charges attributable 10 the property when due and will defend tWe to thc propetty 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 Bon"Qwer 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 under terms acceptable to Lender at Borrower's expense and for Lender's benefit. All Insurance policies shall
<br />include a standard mottgage clause in lilvor 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 lhe restoration or repair of the damaged property or to the secured debt. If Lender requires mOltgage insurance, Bommer
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. B01J1)wer will keep the pmpelty 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 reasouable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust.
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<br />6. Prior Security 1nterests. Unless Borrower first obtains I.ender's written contest, Horrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Horrower's obligations under any prior mortgage, deed of trust or other seeurily agreement, including Borrower's covenants to make payments
<br />when due.
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<br />7. Assignment of Rellts and Profits. BOl)'l)wer assigns to Lender the rents and prol1ts of the property. Unless Bormwer 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, Leuder's agent, or a court appointed receiver 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 COUlt costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary rclated 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; COlldominiums; Planned Unit Developments. (krrower agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If tllis
<br />deed or t.rust is on a unit in a condominium or a planned unit development., Borrower will perform all of Borrower's duties under the covenants, hy 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. Lender may sign Borrower's name or pay any amount if necessary for performance. If any eonstmction 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 properly. This may include completing the construction.
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<br />I.ender's failure to perform will not preclude Lender from exercising any of its other rights under tile law or this deed oHmst.
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<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed oHmst 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 alld Acceleration. If BOll'ower t~tils to make any payment when due or breaks any covenants under this deed oftmst or any obligation secured hy this deed of
<br />tmst or any Plior mottgage 01' deed of tmst, Lender may accelerate the maturity of the secured deht 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 />11. 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 fOlth herein.
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<br />12. Power of Sale. If the Lender invokes the power of sale, the Tmstee shall first record in the office of the register of deeds of each county wherein the tmst property or
<br />some patt or parcel thereof is situated a notice of default containing the infonnation required by law. The Trustee shall also mail copies of the notice of del\llllt to the
<br />BOlTower, 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 tmst property is not in any ineorpol1lted city or village and is used in fanning operations canied on by the tmstor, the Tmstee shall give puhlie notice of
<br />sale to the persons and in the manner prescribed by applicable law. Tmstee, without demand on Borrower, shall sell the propel1y at public auction to the highest bidder. If
<br />required by tile Farm Homestead Protection Act, Trustee shall offer the propel1y 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 propetty 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 he
<br />prima facie evidience of the hulh 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, hut not limited to, reasonable Trustee's fees, reasonahle attorney's fees and reinstatement fees; (b) to all SUlllS 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 oHmst may be foreclosed in the manner 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 I ,en del' gives Horrower 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 pt"Oceeds 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. Tllis assignment is subject 10 the terms of any prior seclllity 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 trust are joint and several. Any Borrower who co-signs this
<br />deed oHmst but does not co-sign the underlying debt instruments(s) docs so only to grant and convey that Borrower's interest in the property to the Trustee under the terms
<br />of this deed of hust. In addition, such a Bomlwer agrees tllat the Lender and any other Bort"Ower under this deed of tmst may extend, modify or make any other changes in
<br />the terms of this deed of trust or the secured deb I without that Borrower's consent and without releasing that Borrower from the terms oHhis deed oftmst
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<br />The duties and benefits of this deed of trust shall bind and bene.fit the successors and assigns of Lender and Borrower.
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<br />18. Notice. Unless otherwise required by hlW, any notice to BonDwer shall be given by delivering it or by mailing it by certified mail addressed to BOllDwer at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certitied mail to Lender's addres~ on page 1 of tIllS
<br />deed oftmst, 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 1 of thts deed oftrust.
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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 transferred without the I ,ender's
<br />prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand Immedmte p~ymet~~ I~ the B?l:'ower IS not a natural person and
<br />a beneficial interest in the Borrower is sold or transferred. However, Lender may not demand payment m the above sllualtons 11 It IS pr<.>lnblted by federal law 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 tllis deed of tl1lst has been paid, ami Lender has no lLuther obligation to make advances under the instmments or
<br />agreements secured hy this deed or trust, the Tmslee shall, upon written request by the Lender, recollvey the trust property. The Lender shall 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 satisl1ed. Borrower shall pay any reeordahon costs.
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<br />21. Successor Trustee. I ,ender, at Lender's option, may remove Trustee and appoint a successor trustee by firsl. mailing a ~opy ~f the substitution of trustee as required
<br />by applicable law, and then, by filing the substitution of tl1lstee for record in the office of the register of deeds of each county 111 whl~h th~ hust propert~, or some patt
<br />thereof, is situated. The successor tlustee, without conveyance of the property, shall succeed to all the power, dultes, authonty and tItle 01 the Tmstee named m the deed of
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<br />tlUSt and of any successor tmstee.
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