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<br />200802544
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<br />1. Payments. BOITOwer agrees to make all payments on the secured debt when due. Unless Borrower and Lender agrec otherwise, any payments Lemler reeeivcs from
<br />Borrower or lar Borrowcr's benefit will be applicd 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 far any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in full.
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<br />COVENANTS
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<br />2. Claims Af;:ainst Title, BOIl'ower will pay all taxes, assessments, and other charges attributable to the propelty whcn due and will derend titlc to the property against
<br />any claims which would impair the lien of this deed of trust. Lcnder may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the propcrty.
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<br />3. Insul"allcc. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benel1t. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lcnder will be named as loss payee or as the insurcd on any such insurancc policy. Any insurance proceeds may be
<br />applied, within Lender's discretion, to eithcr the restoration or repair of the damaged propelty or to the secured dcbt. If Lender requires mOltgage insurance, Borrowcr
<br />agrees to maintain such insurance fi:>r as long as Lender requires.
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<br />4. Pl"opel"ty. Borrower will keep the propetty in good condition and makc all repairs reasonably neccssaty,
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<br />5. Expenses. 130rrower agrecs to pay all Lender's cxpenses, including reasonablc attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed of trust. Borrowcr will pay these amounts to Lender as provided in Covcnant 9 of this deed of tJUSt.
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<br />6. Pdol" Secudty Intel"ests. 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 Pmfits. Borrower assigns to Lender the rents and profits of the propetty. Unless BOlTOwer and Lender havc agreed otherwise in wliting,
<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 />posscssion 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 related expenses. The retnaining amount of rents will then apply to payments on thc 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 leasehold. If this
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrowcr will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit developmcnt.
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<br />9. Authodty of Lendel" to Pel"fol"m 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 perli:>rmance. If any construction on the propelty is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in !he property. This may include completing the constmction.
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<br />Lender's failurc to perform will not precludc Lender from exercising any of its other rights under the law or this deed oftrust.
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<br />Any amounts paid by Lendcr to protect Lendcr's security interest will be secured by this deed oftrust. Such amounts will be due on demand and will bear interest from the
<br />date of the paymcnt until paid in full at the interest rate in cffect on the secured debt.
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<br />10. Default and Accelel"ation. If Borrowcr fails to make any payment when due or breaks any covenants under this dced of trust or any obligation secured by this deed of
<br />trust or any prior mortgage or decd of trust, Lender may accelerate the maturity of the secured dcbt and demand illlillediate paymcnt and may invoke thc power of sale and
<br />any other rcmcdies permitted by applicable law.
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<br />II. Request for Notice of Default. It is hcreby requested that copies ofthe noticcs of default and sale bc sent to each pcrson who is a party hcreto, at the addrcss of each
<br />such person, as set forth herein.
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<br />12. Powel" of Sale. If thc Lender invokes the power of sale, thc TJUstee shall first record in the officc of the register of deeds of each county wherein thc tIust properly or
<br />some part or parcel thereof is situated a noticc of default containing the infomlation required by law. The Trustec shall also mail copics of the noticc of default to the
<br />Borrower, to each pcrson who is a party hereto, and to othcr persons as prcscribed by applicable law. Not less than one month after the Trustec records the notice of default,
<br />or two months if the trust property is not in any incorporated city or village and is used inlilllning operations carried on by the trustor, the Trustee shall give public notice of
<br />sale to the persons and in the manner presclibed by applicablc law. Trustee, without demand on Borrower, shall sell the propetty at public auction to the highest bidder. If
<br />I"equired by thc Farm Homestead Protection Act, TJUstee shall offer the property in two separate sales as required by applicable law. TJUstee may postpone sale of all or any
<br />parcel ofthe property by public allliouncemcnt at the time and place of any previously scheduled sale. Lender or its designce may purchasc the properly at any sale.
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<br />Upon rcccipt 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 />Plima facie evidience of the truth of thc 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, reasonable Trustee's fees, reasonable attorney's lees and reinstatement fees; (b) to all sums securcd by this deed of trust, and (c) the halance, if
<br />any, to the persons legally entitlcd to receive it.
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<br />13. FOl"ecloslll"e. At Lender's option, this deed of trust may be foreclosed in the manner providcd by applicable law far foreclosure of mOlt gages on real property.
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<br />14. Inspection. Lender may entcr the property to inspect it if Lender gives Borrower notice betarehand. The notice must state the reasonable cause t'Or Lender's
<br />inspection.
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<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages cOllliected with a condetnnation or other taking of all or any plllt of the
<br />property. Such proceeds will be applied as provided in Covenant I. This assiglUllent is subject to the terms of any prior security agreement.
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<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to latcr use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right to Jater consider thc event a default ifit happens again.
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<br />17. Joint and Sevel"al liability; Co-signers; Successol"s and Assigns Hound. All duties under this deed of trust are joint and several. Any BOll'ower who co-signs this
<br />deed of trust but does not co-sign thc underlying debt instruments(s) does so only to grant and convey that Borrower's interest in the propcrty to the Trustee under the terms
<br />of this deed of trust. In addition, such a Borrower agrees that thc Lender and any othet. Borrower under this deed of trust may extend, modify or make any other changes in
<br />the terms of this deed oftrust or the secured debt wilhout that Borrower's consent and without releasing that Borrower from the terms of this deed oftrus!.
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<br />Thc duties and henefits of this deed of ttust shall bind and bcnefit !he successors and assigns of Lender and Borrower.
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<br />18. Notice. Unless otherwise required by law, any noticc to BOlrower shall be given by delivering it or by mailing it by certified mail addressed to !3orrowet. at the
<br />property address or any othcr address that Borrower has given to Lender. Borrower will givc any notice to Lender by certified mail to Lender's address on page I of this
<br />deed of trust, or to any other addrcss, which Lender has designatcd. Any othel" notice to Lendcr shall be sent to I,ender's address as statcd on pagc 1 of this deed of trust
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<br />Any notice shall bc deemed to have been given to Borrower or Lender when givcn in the manner statcd above,
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<br />19. Tl"ansfer of the PropCl"ty 01" a Beneficial Interest in the Bo....ower. If all or any part of the propcrty.or any.interest in it ~s sold or transf~rrcd without the Lender's
<br />prior written consent, Lender may demand immediate payment of the secured dcbt. Lendet. may also demand Ilnmedl~te p~ym~~ l~ the B?r~ower IS not a natural pc!'Son and
<br />a beneficial intet'Cst in the BOl1uwer is sold or transferred. Howevcr, Lender may not dcmand payment in the above sltuatlOns 11 It IS pl'Olubltcd by federal law as of the date
<br />of tIlis deed of trust.
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<br />20. Reconveyance. When the obligation secured by this deed of trust has bccn paid, and Lender has no further obligation to make advance~ under the instruments or
<br />agrecments secured by this deed OftlUSt, thc TlUstee shall, upon written request by the Lender, reconvey the trust property. The Lender sh~1I dehver to thc Borrower, or to
<br />Borrower's successor in interest, thc trust dced mId the note or other evidcnce of thc obligation so satisfied. Borrower shall pay any recordation costs.
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<br />21. Successol" Tnlstce. Lender, at Lender's option, may removc Trustee and appoint a successor trustec by fhst, mailing a copy of the substitution oftrustce as required
<br />by applicable law, and thcn, by l1Iing the substitution oftrustce for record inthc oflice of the register of dceds of ~ach counl?' in whi~h the tlUSt propcrty, or s(~me part .
<br />thereof, is situated. The successor tJUstee, without conveyance of the property, shall succecd to all the powcr, dutlcs, authonty and tttle of thc Trustec named m the dccd 01
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<br />tlUSt and of any succcssor trustce.
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