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<br />COVENANTS
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<br />200802629
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<br />1. Payments. Bormwer agrees tu make all payments un the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Borrower or for Horrower's benefit will be applied first tu any amuunts Burruwer owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal. Ifpartial 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.
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<br />2. Claims Against Title. Bon-ower will pay all taxes, assessments, and other charges attributable tu 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 Bormwer tu assign any rights, claims ur defenses which Borrower may have against
<br />parties who supply labor ur materials tu 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 policics shall
<br />include a standard mortgage clause in lavor of Lender. Lender will be named as loss payee ur as the insured un any such iusurdnce policy. Any insurdnee proceeds may be
<br />applied, within Lender's discretion, tu either the restordtiun ur repair uf the damaged property ur tu the secured debt. If Lender requires mortgage insurance, Bon-ower
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. Bormwer will keep the property in good cundition and make all repairs reasunably necessary.
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<br />5. Expenses. Bon-ower agrees tu pay all Lender's expenses, including reasunable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed of hust. Bon'Ower will pay these amounts to Lender as provided in Cuvenant 9 uf this deed uf trust.
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<br />6. Prior Security Interests. Unless Borrower Hrst 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. Bormwer assigns to Lender the rents and profits of the propelty. Unless Borrower and Lender have agreed otherwise in writing,
<br />Horrower 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 reeeivcr 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 property, including court costs and
<br />attorneys' fees, commissions to rental agents, and any uther 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. Bormwer agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this
<br />deed oftrust 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 pertorm the dutics or
<br />cause them to be performed. Lender may sign Borrower's name or pay any 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 of trust. Such amounts will be due on demand IUld will bear interest from 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 />to. Default and Acceleration. If Bormwer fails to make any payment when due or breaks any covenants under this deed uftrust ur any obligation secured by this deed of
<br />trust or any prior mortgage or deed of trust, Lender may accelemte the maturity of the secured debt and demand irllinediate payment and may invoke the power of sale and
<br />any other remedies penllitted 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 fOlth herein.
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<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall tirst record in the oUice of the register of deeds of each county wherein the trust pmperty or
<br />some part or parcel theroof is situated a notice of detiluIt containing the infonllation required by law. The Trustee shall also mail copies of the notice of delilllIt to the
<br />BOlTower, to each person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one munth after the Trustee records the notice of detilult,
<br />or two months if the trust property is not in any incorporated city or village and is used in farming operations eanied on by the trustor, the Trustee shall give public notice of
<br />sale to the persuns and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Farm Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale ur all or any
<br />parcel of the pmperty 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 recitials contained in Trustee's deed shall be
<br />prima Hlcie 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 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 />]3. Foreclosure. At Lender's option, this deed of trust may be foreclosed in the manner provided by applicable law for foreclosure ufmortgages on real property.
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<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice betorehand. The notice must state the reasonable cause tor Lender's
<br />inspection.
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<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 uf the
<br />property. Such proceeds will be applied as provided in Covenant I. This assignment is subject to the tenns of any prior security agreement
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<br />] 6. 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 does not waive any right tu later consider tile 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 trust are joint and sevemL Any Bormwer 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 the tern,.s
<br />of this deed of ttust. In addition, such a Borrower agrees that the Lender and any other Bormwer under this deed of trust may extend, modify or make any other changes III
<br />the terms of this deed oftrust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed oflrust.
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<br />The duties and benefits oftlus deed of trust sball bind and benefit the successors and assigns of Lender and BorTOwer.
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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 BorTOwer at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's address on page 1 of thIS
<br />deed oftrust, or to any other address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stated on page I oftlus deed oftrust.
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<br />Any notice shall be deemed to have been given to Bon'ower or Lender when given in the manner stated above.
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<br />19. Transfer of the Property or a Beneficial Interest III the Borrower. If all or any part of the property.or any.interest in it ~s sold or transf~rred without the Lender's
<br />prior written consent, Lender may demand illlillediate payment of the secured debt. Lender may also de~lIand Illlmedlate P~YllI~~~ r~the B~,,:ower IS. not a natural person and
<br />a beneticial interest in the Bormwer is sold or transfelTed. However, Lender may not demand payment III the above SItuatIOns If It lS prohIbIted by lederal law as of the date
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<br />of this deed oftrust.
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<br />20. Reconveyance. When the obligation secured by tlus deed of trust has been paid, and Lender has no further obligati?n to make advances under the ins~ruments or
<br />agreements secured by this deed oftrust, the Trustee shall, upon written request by the Lender, reconvey the trust property. fhe Lender sh~1I del1ver to the Bonower, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence ofthe obligation so satisfied. Borrower shall pay lUlY recordatIOn costs.
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<br />21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a ~opy ~)r the substitution ofttustee as required
<br />by applicable law, and then, by filing the substitution of trustee for record in the office of the register of deeds of ~aeh eounly 1I1 whr~h th~ trus!,property, or s~llle part. .
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall succeed to all the power, dUtICS, authonty and tttle uf the I rustee named III the deed ot
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<br />trust and of any successor trustee.
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