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COVENANTS 200603319
<br />t. Pay name,. d oil uwr s ugre" µe mina all rayments on tho auocured d4 K whr;n due. Unlmrs Rol rawer and L -ender agree otherwise, any payments lender receives from
<br />Borrower e, for Borrower's benefit will be applied fiat to any amounts Borrower owe on the secured dcL1 u:c:asiv of interest or principal, 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 in full.
<br />?. Claims Against Title. Borrower will pay all taxes;, acsessmcrits, and other chirges attributable to the property when due and will defend title to the progeny against
<br />any claims which would impair the lien of this dcc-d of true Lender may require Borrower to assign any rights, claims or defenses which Botower may have against
<br />panics who supply !abor or traterials to improve or maintain the property.
<br />3. Insurance. Borrower will keep the property insurcYl ,under terries acceptable to Lender at Borr.w•er's expense and for Lender's benefit. All insurance policies shall
<br />nclude a stanch d mortg,tgc clause in favor of Lender. Lender will be named as lots payee or as the itsurcd on any such insurance policy. Any insurance proceeds maybe
<br />opplicd, within tender'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 inwrtncr for as long as lender requires.
<br />4. Property. Borrower Nil! keep the property in Soul condition and make ail repairs reasonably necessary.
<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 steed of trust. Borrower will pay these amounts to Lender as peen idcd in Covenant 9 of this deed of trust.
<br />6. Prior Sceurity Interests. linl_-.s Bunw.ver first obtain; Lender's written contest, Borrower will not make or pemnit any changes to any prior security interests.
<br />Borrower will perinrnn 1111 of, Dorrowcr's obhgauons under any prior mortgage, deed of +rust or other security agreement, including Borrower's covenants to make payments
<br />when der.
<br />7. Assignment of Rents and Profits. Bor.usvcr assigns to Lcnder the rents and profits of the property. Unless Borrower and Lender have agrvtil otherwise in willing,
<br />bon, wer may collect and rctain the rents is long; as Borrmwer is rot in delitult. It Borrnwcr defaults, Lender, Lender's agent, or a court appointed receiver may take
<br />and menace the pr T any :end collect the rcrts. Any rents Lcnder collects shall he applitc! tits-. to the costs of managing the property, including court costs and
<br />attorneys' fees, conunis�iuns ti) rental agents, and any other ncccssar} related expenses. The retraining; amount of rents will then aptly to payments on the scoured debt as
<br />provided in Covenant 1.
<br />S. Leasellolds; Condornktiutns: planned Unit Developments. Borrower agrees to comply with the provisions orally lease if this deed of trust is on leasehold. If this
<br />de _1 of oust is on a unit in it ciondominiurir or a planned unit development, I.k)Trnwer will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium or pl :mneii unit cfevelopmcrr
<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 perforn the duties or
<br />cause ;hart to b: prrG)mteS. I -mdse may sign Bom sc en's name or pay any amount if necessary for performance. If any construction on the property is discontinued or not
<br />carried on ut a reasonable manner, Lcnder may do whatever is nccu nary to protect lxndcr•s security interact in the property. This may include completing the construction.
<br />Lender's faiiurc to nci orrn will not preclude Lender from axcrcising any of its other rights wxler the law or this deed of trust.
<br />Any amounts paid by Lender to protect Lcndcr's s Purity interest will h•: secured by this clued of trtl't. Such amounts will be due on demand and will bear interest front the
<br />date of the payment until paid in full at the interest rate in effect on the si,"rud debt.
<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 />mist or any prior mortgage or decd of trust. Lcnder may accelerate the niaturny of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies perrninc4f by applicable law.
<br />11. Request for Notice of Default, It is hereby reyucsicd that copies of the notices of dcfauh and sale he sent to each person who is a party hereto, at the address of each
<br />svch person, as set firth herein.
<br />12. Power of Sale. If the Lender invokes the power of saic, the Trustee shall filM rdoid in the office of the register ofdceds of cacti county wherein the trust property or
<br />goine nail or parcel thereof is situated a notice of drfauit containing the inf- innation required 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 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 property is not in any incorporated city or village and is used in lanning operations earned on by the trustor, the Trustee shall give public notice of
<br />sale to the persons and in t}ha manner prescribed by applicable law, Tnnsicc, without demand on Borrower, shall sell the property at public auction to the highest bidder. if
<br />required by the Faltn I fotnestead I'rotection 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 previously scheduled sale. Lcnder or its dcsignec may purchase the property at any sale.
<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 be
<br />prima Etcic cvidierwc 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, reasonihIc Trustee's fees" reasonable altomcy's fees mid reinstatement fees; (b) to all sums secured by this deed oftrust, and (c) the balance. if
<br />:my, to the persons legally entitled to receive. it.
<br />13. Foreclosure. At Lender's option, this deed of trust may he foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property.
<br />14. Inspection, Lender •wiy 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 />15. Condemnation. 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 />properly. Such proceeds will be applied as provided in Covenant L This assignment is subject to the tens of any prior security agreement.
<br />IG. Waivers By cvcrcising 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 />Bottr)saer r: deE1u11, Lender does not waive any right to later consider the event 11 default if it happens again.
<br />I?. loint 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 />deal of trust but dues nut co -sign the underlying debt instrumcntN(s) does so only to grant and convey that Borrower's interest in the property to the Trustee under the terns
<br />of this deed of trust. In addition, such n Borrower agrees that the Lender and any other Borrower under this decal of zrust Truly extend, modify or make any other chmiges in
<br />the terns of this decd of trust or the secured debt without that Boo iowcr's consent and without releasing that Borrower front the terns of this deed of trust.
<br />The duties and bcnclits of this deed of trust shall bind and hcpefit the successors and assigns of Lender and Borrower.
<br />14. Notice. Unless otherwise required by law, any notice to Borrower shall he given by delivering; it or by mailing it by crnifed mail addres. ed to Borrower at the
<br />prope:ty addic,s or mw other' address that Borr(o'ner has given to Lender. Bonnwcr will ei %c tiny natic:c !o Lender by certified Bold to Lender's address on page 1 of this
<br />Clued of truss, or to ally other address, vdiich Lender has designated. Any other notice to Lender .-shall he seat to Lcndcr's address as statc-d oft page I t'tf this deed of !lust
<br />Any iv,r icx shall he dc. mat to Tune been given uo Borrower or Lender when given in the manner stated ah,tve.
<br />19. Transfer of the Property or it Beneficial Interest in the Borrower. If all or any part of "the property or ally Interest in it U sold or trusfcrred without the Lender's
<br />prior writtrrr conNenl, l..cnde•r may demand inuncxliate payment of the secured debt. 1-k-rider pray aki, demand rmmedi:uc payment if-the Borrower is net a narurrl person anti
<br />ii hr ;.C!- al intcrest in ih_ Borrower is soIJ or tniriNfened. 11owc :ur, !.ender may note dennynd payment in the abovc siltiations it' it is prohihiled by federal law it% of tiro date
<br />u! tills deed o,f mist
<br />ZU. Rrcouteyancc. When the obligalion secured by this deed of trust has been paid, and !.ender has no futthcr obligation to rnakc advances under the i list runtews or
<br />a,,Jmmncns secured by this decd of trust, the Trustee shall, upon written reclucst by the Lender, mcorivcy the trust property. The Lcnder shall deliver to the Borrower, or to
<br />Ii, glover s sue ccssor m interest. the trust deed and the note or other evidence of tine ohhgauon so satisfied. Borrower shall pay any recordation costs,
<br />1. Sncr•esviu 'I r ustec. Lender, :;t Lender's c•pnon• may remove Trustee and arritint a 4u <CeYsor trustee by first, mailing a copy of the substitution of trustee as required
<br />an ^ii a ;._ Li . , ,..,'. tl:cn, by tiling the suhsurtai n of uvaee fur r Yard in the office: of the register of ilceds of each county in which the trust property, or some part
<br />t :nc:cen• k sF[u.)trd f}::: ,.:c,. ewsur trustee, without conveyance ofthe" pn.tplrty, she ti Succeed to all the power, duties, authcmty and title of the Trustee named in the deed of
<br />7"1 \l 11:1t! till. . •e+.:IL:i(L','.
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