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<br />COVENANTS
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<br />200801993
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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 Borrower's benefit will bc applied Ilrst 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 securcd debt occurs tur any reason, it will not reduce 01' excuse any scheduled payment until the secured debt is paid in full.
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<br />2. Claims Against Title, BOlTower will pay all taxes, assessments, and other charges attributable to the property when due and will defend title to the property against
<br />any claims which would impair the lien of this dced of trust. Lender may require Borrower to assign any rights, claims 01' dcfcnses which BOlTower 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 kcep the property insured under terms acccptable to Lender at Borrower's expcnsc and lor Lender's benefit. All Insurance policies shall
<br />include a standard mOltgage clause in favor of Lender. Lcnder will be named as loss paycc 01' as the insured on any such insumnce policy. Any insumnce proceeds may bc
<br />applied, within I,ender's discretion, to eithcr the restomtion 01' repair of the damaged property or to the secured dcbt. If Lender requires mortgagc insuronce, Borrower
<br />agrees to maintain such insurance for as long as Lender requires,
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<br />4. Property. Bon'Ower will keep the property in good condition and make all repairs reasonably nccessary,
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<br />5. Expenses_ Borrower agrees to pay all Lender's expenses, including reasonable attorncys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed of tmst. BOIl'ower 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 Lendcr'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 secmity agreement, ineluding 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 collect and retain thc rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, 01' a court appointed receiver may take
<br />possession and managc thc property 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 Icasehold, If this
<br />deed of trust is on a unit in a condominium or a planned unit dcvelopment, Borrower will pcrform all of Borrower's duties un dcI' thc covenants, by laws, or regulations of
<br />the condominium or plmmed unit development.
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<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, tIny of Borrower's duties undcr this deed of trust, Lendcr may perlorm the duties or
<br />cause them to be performcd, I.ender may sign Borrower's name or pay any amount if necessary for performance, If any construction on the propelty is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatevcr is necessary to protect Lcnder's security interest in the property, This may include completing the construction,
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<br />Lender's failme to perlorm will not precludc Lender from exercising any of its other rights under the law or this decd of trust.
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<br />Any amounts paid by Lender to protect I ,ender's security interest will be seemed by this deed of trust. Such amounts will be due on demand mld will bcar interest fi'Om the
<br />date of the payment until paid in full at the interest rote in effect on the secured debt.
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<br />10. Defanlt and Acceleration. If Borl'Ower fails to make any payment when due 01' breaks any covenants under this deed of trust or any obligation secured by this deed of
<br />trust or any prior mmtgage or deed of trust, Lender may accelemte the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies pcnnitted by applicable law,
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<br />11. Request for Notiee of Default. It is hereby requested that copies of the notices of default and sale be sent to each person who is a palty hereto, at thc 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 Tmstec shall first record in the otlice of the register of deeds of each county wherein the tmst property or
<br />some part 01' parcel thereof is situated a notice of default containing the infonnation required by law, The Trustee shall also mail copies of the notice of default to thc
<br />BOIl'Ower, to each person who is a palty hercto, and to other persons as prescribed by applicable law. Not less than one month aner the Trustee records the notice of default,
<br />01' two months if the trust property is not in any incorporated city 01' village and is used in fanning opemtions carried on by the trustor, the Tmstee shall givc public notice of
<br />sale to the pcrsons and in the manner prescribed by applicable law, Tmstee, without demand on Borrower, shall sell the property at public auction to the highest biddcr. If
<br />required by the Fann Homestead Protection Act, Tmstee shall offer the propelty in two sepamte sales as required by applicable law. Tmstee may postpone sale of all or any
<br />parcel of the propelty by public announcement at the time and place of any previously scheduled sale, Lender 01' its designec 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 />prima facie evidience of the truth of the statements contained therein, Trustee shall apply the proceeds of the sale in the following order: (a) to all expcnses of thc sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secmed by this deed of trust, and (c) the balance, if
<br />any, to the persons legally entitied to receive it.
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<br />13. Foreclosure. At Lender's option, ibis deed oftrust may be loreclosed in the maImer 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 Lender gives Borrower notice beforehand_ The notice must state the rea~onablc cause for Lender's
<br />inspection,
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<br />15. Condemnatinn, Borrower assigns to Lender the proceeds of any award or claim I'llr damages connected with a condemnation or other taking of all or any pmt of the
<br />pl'Operty, Such proceeds will be applied as provided in Covenant I, This assignment is subject to the tenns of any plioI' scculity agrecment.
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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, Lcnder does not waivc 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 tlUSt arc joint and several. Any Bon'Ower who eo~signs tlus
<br />deed oftmst but docs not co-sign the underlying debt instruments(s) does so only to gmnt and convey that Borrowcr's interest in the property to the Trustee under the terms
<br />of this deed of trust. hI addition, such a BOIl'Ower agrees that the Lender and any other Borrower under tlus deed of trust may extend, modi fy 01' make any other changes in
<br />the terms of this deed of trust 01' the secured debt without Ulat Borrower's consent and without releasing that Borrower from the terms of this deed onrust.
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<br />TIle duties and benefits oftlus deed oftrust shall bind and benefit the succcssors and assigns of Lender and Borrower.
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<br />111. Notice. Unless otherwise rcquircd by law, any notice to BOffilwer shall be given by delivering it or by mailing it by celtHied mail addressed to Borrower at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any noticc to Lender by certified mail to Lender's addrcss on page I of this
<br />dccd oftmst, 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 of trust.
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<br />Any notice sball be deemed to have been given to BOlT'Ower or Lender when givcn in the manncr stated above,
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<br />19. Transfer of the Property or a Bcncficiallnterest in the Borrower. If all or any part of the property or any interest in it is sold or transferred without the I,cnder's
<br />prior written consent. Lender may demand immediate payment of the secured debt. Lender may also demand immediate payment if the Borrower is not a natural person and
<br />a beneficial interest in the Borrower is sold 01' tmnsfelTed. However, Lender may not dcmand payment in the above situations if it is prohibited by fedemllaw as of the date
<br />of this deed of trust.
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<br />20. Reconveyance. When the obligation secured by this deed of tmst has been paid, and Lender has no fulther obligation to make advanee~ under the instruments or
<br />agreements secured by this deed of trust, the TlUstee shall, upon written request by the Lender, reconvey the tmst pl'Opelty, The Lender sh~1I delIver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and the note 01' other evidence of the 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 tmstee by f1rst, mailing a copy of the substitution oftlUstee as required
<br />by applicable law, and tben, by filing thc substitution oftrustee forrccord in the otlice oftlle register of deeds of ~ach county in whi~h th~ trust pmpelty, 01' some pa.rt
<br />thereof, is situated. The successor trustee, without conveyance of thc property, shall succeed to all the power, dutles, authonty and tItle 01 the Trustee named 111 tile deed of
<br />trust and of any successor tmstee.
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