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<br />COVENANTS
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<br />200509626
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<br />I. Payments. BolTOwcr agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree othelwise, any payments Lender receives Ii.om
<br />BolTOwCT 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 Ihen 10
<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.
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<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and Olher charges atnibutable to the propelty when due and will defend title to the propelty againsl
<br />any claims which would impair the lien of this deed of trust. Lender may require BOn'(lwer to assign any lights, claims or defenses 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. BOlTOwer will keep the propelty insured under terms acceptable to Lender at BOlTower's expense and for Lender's benefit. All Insurance policies shall
<br />include a standard mortgage 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 property or to the secured debt. If Lender requires mortgage insunuwe, Bon'ower
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. BOlTOwer will keep the property in good condition and make all repairs reasonably necessary.
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<br />5. Expenses. BOlTOwer agrees to pay all Lender's expenses, including reasonable attomeys' fees, if Bon'ower 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, BOlrower will not make or pennit any changes to any plioI' security interests.
<br />BOlTOwer will perform all of Borrower's obligations under any prior mortgage, deed oftrus! or other security agreement, including BOlTOwer's covenants to make payments
<br />when due.
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<br />7. Assignment of Rents and Profits. BOlTOwer assigns to Lender the rents and profits of the property. Unless BOIl'Ower ,md Lender have agreed othelwise in wliting,
<br />Borrower may collect and retain the rents as long as Bormwer is not in default. If Bon.ower defaults, Lender, Lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rents. Any rents Lender collects shall he 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 remaining amount of rents will then apply to payments on the secured deht 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 of trust is on a unit in a condominium or a planned unit development, Bon'Ower will perfonn 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 peIionn, any of B01l'OWer'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 perfomlance. If any construction on the property is discontinued or not
<br />camed on in a reasonable manner, Lender may do whatever is necessary to protect Lender's seculity interest in the property. This may include completing the construction.
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<br />Lender's failure to perform will not preclnde Lender from exercising any of its other rights under the law or this deed oftmst.
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<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed OftlUSt. Such amounts will be due on demand and will bear interest 1\'01n 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 Borrower fails to make any payment when due or breaks any covenants under this deed oftrust or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of trust, Lender may accelerate the matutity 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 />ll. 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 Tlustee shall Ilrst record in the office of the register of deeds of each county wherein the nust property or
<br />some part or parcel thereof is situated a notice of default containing the infonnalion required by law. The Tlustee shall also mail copies of the notice of default 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 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 fanning operations camed on by the trustor, lhe Trustee shall give public nOlice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Bomlwcr, shall sell the property at public auction to the highest hiddcr. If
<br />required by the Farm Homestead Protection Act, Trustec shall offer the propetty in two separate sales as required by applicable law. Tlustee may postpone sale of all or any
<br />parcel of the property by public amlOUnCe1l1ent at the time and place of any previously scheduled sale. Lender or its designee may purehase the property at any sale.
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<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Tmstee's deed conveying the propetty. The reeitials contained in Tmstee's deed shall be
<br />prima facie evidienee 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 Tmstee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured hy this deed of trust, and (c) the balance. if
<br />any, to the persons legally entitled to receive it.
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<br />13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property.
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<br />14. Inspection. Lender may enter the propelty 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 claim for damages connected with a condemnation or other taking of all or any palt of the
<br />property. Such proceeds will be applied as provided in Covenant I. This assignment is subject to the terms of any prior seculity agreement.
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<br />16. Waiver. By exercising any remedy availahle to Lender, Lender docs not give up any rights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's defanlt, Lender does not waive any right to later consider the event a defanlt ifit happens again.
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<br />17. Joint and Several Liability; Co-signers; Successors and Assigns Bound. All duties under this deed of bust are joint and several. Any BOlTOwer 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 tenns
<br />of this deed of trust. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of tmst may extend, modify or make any other changes in
<br />the terms of this deed of trust or the secured debt without that Borrower's consent and without rcleasing that B01l'OWer from the tenns ofthis deed of trust.
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<br />The duties and benefits of this deed of trust shall bind and benefit the sneeessors 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 BOlTOwer at the
<br />property address or any other address that BOlTOwer has given to Lender. Borrower will give any notice to Lender by celtified mail to Lender's address on page I of this
<br />deed of trust, 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 ofthis deed of 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 Property or a Beneticlallnterest in the Borrower. If all or any putt of the 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 seenred debt. Lender may also demand immediate payment if the BOlTOwer is not a natural person and
<br />a beneficial interest in the Borrower is sold or transferred. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />of this deed oftmst.
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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 advances under the instmmcllIs or
<br />agreements secured by this deed oftmst, the Trustee shall, upon written request hy the Lender, reconvey the tmst property. The Lender shall deliver to the BOlTower. or to
<br />BOlTOwer's successor in interest, the trust deed and the note or other evidence of the obligation so satislled. Bormwer 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 first, mailing a copy of the substitution oftrustec as required
<br />by applicable law, and then, by filing the substitution of trustee for record in the olllce of the register of deeds of each county in which the trust property, or somc putt
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall succeed to all the power, duties, authority and title of the TlUstee named in thc deed of
<br />trust and of any successor trustee.
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