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<br />200800673
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<br />COVENANTS
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<br />1. Payments. Bonuwer agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree othelwise, any payments Lender receives from
<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 paltial prepayment of the secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until tbe secured debt is paid in full.
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<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attlibutable to the property 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 Bonuwer may have against
<br />parties who supply labor or materials to improve or maintain the property.
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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 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 the damaged prop CIty 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 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 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 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. Bonuwer assigns to Lender the rents and profits of the property. Unless BOITOWCl' and Lender have agreed othelwise 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 propelty and collect the rents, Any rents Lender collects shall be applied first to the costs of managing the property, including eomt 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 />pmvided in Covenant 1.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Bon"Ower agrees to comply with the provisions of any lease if tbis 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.
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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 ~ll1Y amount if necessary for performance. If any construction 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 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 the law or this deed of trust.
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<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed oftrust. Such amounts will be due on demand and will bear interest fmm 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 and Acceleration. If BOITower fails to make any payment when due or breaks any covenants under this deed oftmst or any obligation secured by this deed of
<br />trust or any prior m01tgage or deed of trust, 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 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 forth 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 omce of the register of deeds of each county wherein the tmst property or
<br />some part or parcel thereof is situated a notice of default containing the infOlmation required by law. The Trustee shall also mail copies of the notice of default to the
<br />Bonuwer, to each person who is a party hereto, and to other persons us prescrihed by applicable law. Not less than one month after the Trustee records the notice of default,
<br />or two months if the trust pmpelty is not in any incorporated eity or village and is used in fanning operations carried on by the trustor, the Trustee shall give public notice of
<br />sale to thc persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the bighest bidder. If
<br />required by the Fanll Homestead Protection Act, Trustee shall offer the pmperty 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 property 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 reeitials contained in Trustee's deed shall be
<br />primu f11cie evidience of the tmth of the statements contained therein. Trustee shall apply the pmeeeds 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 lees 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. Foreelosure. At Lender's option, this deed of trust may be foreclosed in the manner pmvided by applicable law for loreclosure of mortgages on real propelty.
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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 />15. Condemnation. Borrower assigns to Lender the proceeds of any award or c1uim fi.lr damages eutmeded with a condemnation or other taking of all or any part of the
<br />property. Such pmeeeds will be applied as provided in Covenant I. This assignment is subject to the tenlls of any prior security agreement.
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<br />16. Waiver. By exercising any remcdy available to Lender, Lender docs not give up any lights 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-si~ners; Successors and Assigns Bound. All duties under this deed of trust arc joint and several. Any Borrower 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 property to the Trustee under thc terms
<br />of this deed of tmsl. In addition, such a Bonuwer agrees that the Lender and any other BOll'ower under this deed of trust may extend, modity or make any other changes in
<br />the terms of this deed oflrust or the secured debt without that Borrower's consent and without rcleasing that Borrower from the terms oflhis deed oftrusl.
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<br />The duties and benefits of this deed oftmst 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 certified mail addressed to Borrower at the
<br />pmperty address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by ecrtified mail to Lender's address on page, I of this
<br />deed oftmst, or to any othcr address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stated on page I 01 thIS deed 01 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 Propcrty or a Beneficial Interest in the Borrower. If all or any part ofthe property or any interest in it is sold or transferred without the Lender's
<br />prior written consent, Lender may demand immediate payment of the secured debt. Lender may also de~nand immedi~lte paym~n~ i~'the Bor~ower iS,not a natural person and
<br />a beneficial interest in the Bonuwer is sold or transferred. However, Lender may not dcmand paymcnt III the above sItuatIons If It IS prolllblted by lederallaw us of the date
<br />ofthis 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 advanee~ under the in strum cuts or
<br />agreements secured by this deed of trust, the Trustee shall, upon written request by the Lender, reconvey the tmst property. The Lender sh~ll deltver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence ofthe 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 trustee by tirst, mailing a copy ofthe substitution oftrustee as required
<br />by applicable law, and thcn, by tiling the substitution of tmstee for record in the offiec of the register of deeds of ~ach eount~ in whi~h the trust property, or s~me part
<br />thereof, is situated. The successor trustee, without conveyance ofthe pmpelty, shall succeed to all the powcr, dutIes, authonty and tttle of the Tlustee named III the deed of
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<br />trust and of any successor trustec.
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