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<br />COVENANTS
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<br />200807703
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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 be applied 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 tbr 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 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 tIns deed of trust. Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against
<br />parties whu supply labor or materials to improve or maintain the property.
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<br />3. Insurance. Borrower will keep the property insurcd undcr tcrms acceptable to Lender at Borrower's expense and for Lender's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor uf Lender. Lender will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may be
<br />appljed, within Lender's discretion, to either the restoration or repair of the damaged propClty or to the secured debt. If Lender requires mortgage insurance, Burrower
<br />agrees tu maintain such insurance for as long as Lender requires.
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<br />4. Propcrty. Borrower will keep the property in guud cundition and make all repairs reasonably necessary.
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<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 />obljgation 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 Burrower first obtains Lender's written contest, Borrower will not make or pennit any changes to any prior security interests.
<br />Borrowcr will perform all of Borrower's ubljgations under any prior murtgage, deed of trust or other security agrccment, including 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 />Borruwer may collect and retain the rents as long as Borrower is not in default. If Borruwer defaults, Lender, Lender's agent, or a court appointcd rcceivcr 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 custs 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 Cuvenant f.
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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. I f this
<br />deed of trust 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 rcgulations of
<br />the condominium or planned unit dcvelopment.
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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 uf trust, Lender may perfurm the duties or
<br />cause them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any cunstruction on the property is discontinued or not
<br />carried on in a reasonable manner, Lender may du 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 precludc 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 deman.d and 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 />10. Default and Acceleration. If Burrower 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 />trust or any prior mOltgage or dccd of !tust, Lender may accelerate the maturity of the secured debt and demand inunediate payment and may invoke the power of sale and
<br />any other remedics permittcd by applicable law.
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<br />II. Request for Notice of Default. It is hereby requested that copies of the nutices 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 hcrein.
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<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustce shaU first rccord in the office of the register of deeds of each county wherein the trust property or
<br />some part ur parcel thereof is situated a nutice of default containing the information required by law. The Trustee shall also mail cupies uf the nutice of default to the
<br />Borrower, to each pcrson 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 farming operations carried on by the trustor, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shaU seU the property at public auction to the highest bidder. If
<br />required by the Fann Homestead Prutectiun Act, Trustee shall offer thc propelty 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 tIle 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 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 expenses uf the sale,
<br />including, but not limited to, reasunable Trustee's fees, reasonablc attorney's fees and reinstatement fees; (b) to all sums secured by this deed uftrust, and (c) the balance, if
<br />any, to tIle persuns legally entitled to recei ve 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 murtgages on real property.
<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonahle cause for Lender's
<br />inspection.
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<br />15. Condemnation. Borrower assigns to Lender the proceeds uf any award or claim for damages connected with a condemnation or other taking uf aU or any part of the
<br />property. Such proceeds will be applied as provided in Covenant I. This assigrunent is subject to the terms of any prior security agreement.
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<br />16. Waiver. By exercising any remedy available to Lendcr, Lender does nut give up any rights to later use any other rClncdy. By not exercising any rClnedy upon
<br />Borrower's default, Lender does not waive any right to later considcr 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 hust are juint and several. Any Borrower who co-signs this
<br />deed uftrust but does not co-sign the underlying dcbt instruments(s) does so only to grant and convey that Borrower's interest in the property to the Trustee under the terms
<br />of this deed of trust. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in
<br />the tenns of this deed of trust or the secured debt without that Burrower's consent and without releasing that Borrower from the terms of this deed of trust.
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<br />The duties and benefits of tIns deed of trust shall bind and beneJ1t the successors 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 delivcring it or by mailing it by certified mail addressed to Burrower at t~e
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice tu Lender by certified mail to Lender's addres~ un page 1 of thIS
<br />deed of trust, or to any other address, which Lender has designated. Any other notice to Lender shall be sent tu Lender's address as stated on page I of thIs deed of trust
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<br />Any notice shall be deemed to have been given to Borrower or Lender when given in tIle matl1ler stated above.
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<br />19. Transfer of the Property or a Beneficial Interest In the Borrower. If all or any part of the property or any interest in it is sold or transferred without the Lcnder's
<br />prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand immedi~te p~ym~~~ i~the B?r:uwer is not a natural person and
<br />a beneficial interest in the Borrower is sold ur transferred. However, Lendcr may not demand paymcnt in the abovc sItuations If It IS prohIbIted by federal law as of the date
<br />ofthis deed of trust.
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<br />20. Reconveyance. When the obligatiun secured by this deed of trust has been paid, and Lender has no further obligation to make advanc~ under the instruments or
<br />agreements secured by tIlis deed of trust, the Trustee shall, upon written request by the Lender, reconvey the hust property. The Lender sh~1I dehver to the Borrower, or tu
<br />Burrower's successor in interest, the trust deed and the note or uther evidence ufthe obligation so satisfied. Borrower shall pay any recordatIon costs.
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<br />21. Successor Trustee. Lender, at Lender's optiun, may remove Trustee and appoint a successor trustee by first, mailing a cupy of the substitution of trustee as required
<br />by applicable law, and then, by filing the substitution of trustee for record in tIle office of the register of deeds of ~ch counl?' in whi~h the trust property, or s~me part
<br />thercof, is situated. The successor trustee, witllout conveyance uf the property, shaU succced to all the power, duhes, authonty and title of the Trustee named m the deed of
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<br />trust and of any successor trustee.
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