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<br />COVENANTS <br /> <br />200800447 <br /> <br />1. Payments. Bonuwer agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives fwm <br />Borrower or for Borrower's benefit will be applied first 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 I,)r any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in fulL <br /> <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 propeliy against <br />any claims which would impair the lien of this deed of trust. Lender may require Bonuwer to assign any rigbts, claims or defenses which Bonuwer may have against <br />parties who supply labor or materials to improve or maintain the propelty. <br /> <br />3. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's bene11t. All Insurance policics shall <br />include a standard m01tgage clause in favor of Lender. Lender will be named as loss payee or as the insured on any such insul"ance 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 mortgage insurance, Borrower <br />agrees to maintain such insurance for as long as Lender requires. <br /> <br />4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary. <br /> <br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any <br />obligation secured by this deed oftrust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of hust. <br /> <br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower 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 Borrower's covenants to make payments <br />when due. <br /> <br />7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed othetwise in writing, <br />Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Lcnder, Lender'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 pmperty, including court 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 I. <br /> <br />8. Leaseholds; Condomininms; Planncd 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 covenants, by laws, or regulations of <br />the condominium or planned unit development. <br /> <br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's dnties under this deed of trust, I ,en del' may perform the duties or <br />cause thelll to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any eonstructiun on the propetty 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 inelude completing the construction. <br /> <br />Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed of trust. <br /> <br />Any amounts paid by Lender to protect Lender's security intercst will he 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 ru'!l at the interest rate in efTect on the secured debt. <br /> <br />10. Default and Acceleration. If Borrower 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 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 pennitted by applicable law. <br /> <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 whu is a party hereto, at the address of each <br />such person, as set forth hcrein. <br /> <br />12. Power of Sale. If the Lender invokes the power of sale, the TlUstee shall first record in the omce of the register of deeds of each county wherein the trust pmperty or <br />some patt 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 patty heretu, and to other persons as prescribed by applicable law. Not less than one month after 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 limning operations eall'ied on by the trustor, the Trustee shall give public nOliee of <br />sale to the persons and in the manner presctibed by applicable law. Trustee, without demand on BomJWer, shall sell the property at public auction to the highest bidder. If <br />required by the Farm Homestead Protection Act, Trustee shall olTer the propetty in two separate sales as required by applieahle law. Trustee may postpone sale or 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. <br /> <br />Upon receipt of payment of the price bid, Trustee shall dcliver to the purchaser Trustee's deed conveying the property. The recilials contained in Trustee's deed shall be <br />prima fucie 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 or the sale, <br />including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all snms secured by this deed of trust, and (c) the balance, if <br />any, to the persons legally entitled to receive it. <br /> <br />13. Foreclosure. At Lender's option, this deed of trust may be loreclosed in the manner provided by applicable law for foreclusure of 1l10ltgages on real property. <br /> <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. <br /> <br />15. Coudemnation. BOlluwer assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking or all or any palt of the <br />pmperty. Such proceeds will he applied as provided in Covenant I. Trus assignment is su~iect to the tellns of any Plior security agreement. <br /> <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 docs not waive any right to later consider the event a default if it happens again. <br /> <br />17. Joint and Several Liahility; Co-sigllers; Successors and Assigns Bound. All duties under tlus deed of ltust are joint and several. Any BOll'ower who co-signs this <br />deed oftmst but does nut elHign the um1erlying deht instruments(s) does so only to grant and convey that Borrowe~'s interest in the proper.t~ to the Trustee under the ter~s <br />of this deed ofttust. In addition such a BOll'ower agrees that the Lender and any other Bonuwer under this deed of trust may extend, modlly or make any other changes 111 <br />the terms of this deed oftrust or ;he secured debt without that Borrower's consent and without releasing that Uorrower from the terms ol'this deed oftrust. <br /> <br />The duties and benefits oftlus deed of trust shall bind and benefit the successors and assigns of Lcnder and Borrower. <br /> <br />18. Notice. Unless otherwise required by law, any notice to BOll'ower shall be given hy delivering it or by Inailing it by eetiilled mail addressed to Bormwer a~ t~e <br />propelty address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender b~ certified mail to Lender's address on page I ot tillS <br />deed of ltust, or to any other addrcss, which Lender has designated. Any other notice to Lender shall be sent to Lender s address as stated on page I of thIS deed oftrusL <br /> <br />Any notice shall be deemed to have been given to Borrower or Lender when given in tile manner stated above. <br /> <br />19. Transfcr of the Propcrty or a Beneticiallnterest in the Borrower. If all or any part of the property.or anyinterest in il ~s sold or transferred without the Lender's <br />prior written consent, Lender may demand itmnediate payment of the secured debt. Lender may also de~nand llnmedt~lte paym~n~ I~the Bo~'o~er tS not a natural perso~1 and <br />a beneficial interest in the BOlmwer is sold or transferred. However, Lender may not demand payment III the above sltuattons If It IS prohIbIted by federal law as 0.\ the date <br /> <br />of this deed of trust. <br /> <br />20. Reconveyance. When the obligation secured by this deed of hust has been paid, and Lender has no fiuther obligatio~l to make advance~ ul~der the instruments or <br />agreements secured by this deed oftrust, the Tmstee shall, upon written request by the Let~der, reeOl?V~y the trust property. 1 he Lender sh~lI d~hvel to the BOllUWet, or to <br />Borrower's successor in interest, the trust deed and the note or other evidence of the obhgatIon so sattshed. Borrower shall pay any recordation costs. <br /> <br />21. Successor Trustee. Lender, at Lender's option, may remove Truste: and app.oint ~ successor ttustee by first, ~na~ling a ?Opy ~fthe substitution ortl1l~tee as re~uired <br />by applicable law, and then, by tiling the substitution of trustee for record III the ofhce 01 the regIster of deeds of :ach county III whl?h th~ trust property, Ol s~me pa, . <br />thereof, is situated. The successor ttustee, without conveyance of the propelty, shall succeed to all the power, dutIes, authonty and lttle of the Trustee named III the dced of <br /> <br />ttust and of any successor trustee. <br />