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<br />COVENANTS
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<br />200901009
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<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lcndcr agrcc otherwise, any payments Lender receives from
<br />Borrower or for Borrowcr's bcncfit will be applied Hrst to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to intcrest, and then to
<br />principal. Ifpaltial prepaymcnt of the secured debt occurs for any reason, it will not reduce or cxcuse any scheduled payment until the secured debt is paid in full.
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<br />2. ClaIms Against Title. Borrower will pay all taxcs, asscssmcnts, and other charges attributable to the propetty when duc and will defend title to the property against
<br />any claims which would impair the lien of this dccd of trust Lender 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 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 policies shall
<br />include a standard mortgage clause in favor of Lcnder. Lender will be named as loss payee or as the insurcd on any such insurance policy. Any insurance proceeds may bc
<br />applied, within Lender's discretion, to either the restoration or repair of the damagcd property or to the secured debt. If Lender requires mOltgagc insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. Borrowcr will keep the property in good condition and make all repairs reasonably necessary.
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<br />5. Expenses. Horrower agrees to pay all Lender's expenses, including reasonablc allorneys' lees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation sccured by this deed of trust. Borrower will pay thcsc amounts to Lcnder as provided in Covenant 9 of this deed oftmst
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<br />6. Prior Security Interests. Unless Borrower first obtains Lender's wrillen 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 oftrust or other security agreement, including Borrower's covenants to make paymcnts
<br />when duc.
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<br />7. Assi~nment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender havc agrecd otherwise in writing,
<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 takc
<br />possession and manage the property and collect the rcnts. Any rcnts Lcndcr collects shall be applied first to the costs of managing thc property, including court costs and
<br />attorncys' Ices, commissions to rental agents, and any other nccessary related expenses. The rcmaining amount of rcnts will then apply to payments on the secured debt as
<br />provided in Covenant 1.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrowcr agrees to comply with the provisions of any lease if this deed of trust is onlcaschold. 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 development
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<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perlorm, any of Borrower's duties under this deed of trust, Lender may pcrform the dutics or
<br />cause them to bc pcrlormed. Lender may sign Borrower's name or pay any amount if neccssary tor pcrformancc. 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 I ,cnder's security interest in the property. This may include completing the constmction.
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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 oftmst
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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 and will bcar interest from the
<br />date of the payment until paid in foil at the interest rate in effect on the secmed 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 of trust or any obligation secured by this deed of
<br />hust or any prior mortgage or deed of tmst, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invokc thc powcr of salc and
<br />any other remedies permitted by applicable law. ..
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<br />II. 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 palty 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 Trustee shall first record in the ol1ice of the register of deeds of each county wherein the trust propel1y or
<br />some part or parcel thereof is situated a notice of delilUlt containing the infon1lation required by law. The Trustee shall also mail copies of the notice of delimit to the
<br />Borrower, to each person who is a party hcrcto, and to othcr pcrsons as prescribed by applicable law. Not less than one month after the Tmstee records the notice of delilult,
<br />or two months if the tmst property is not in any incorporated city or village and is used in farming operations canied on by thc tmstor, the Tmstee shall give public notice of
<br />sale to the pcrsons and in thc manncr prcscribed by applicable law. Tmstee, without demand on Borrower, shall sell the propelty at public auction to the highest bidder. If
<br />required by the Fann Homestead Protection Act, Trustee shall offcr the property in two separatc sales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel of the property by public announcement at the timc and place of any previously scheduled sale. Lender or its designee may purchase the property at any salc.
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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 bc
<br />prima lacie evidience of the truth of the statements contained therein. Tmstee shall apply the proceeds of the sale in thc following order: (a) to all expenses of the sale,
<br />including, but not limited to, reasonable Trustec's fces, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by 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 oftrust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real propelty.
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<br />14. Inspection. Lender Inay enter the property to inspect it if Lender gives Borrower notice beforehand. The notiec must state the reasonable cause for Lender's
<br />inspection.
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<br />15. Condemnation. Borrower assigns to Lender thc proceeds of any award or claim for damagcs connected with a condcmnation or other taking of all or any palt of the
<br />property. Such procceds will be applied as provided in Covenant I. Tllis assignment 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 givc up any rights to later use any other remedy. By not cxercising any remedy upon
<br />Horrower's default, Lender does not waivc any right to later consider the event a default if it happens again.
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<br />17. Joint and Several Uablllty; Co-si~ners; Successors and Assigns Bonnd. All duties undcr this deed of trust are joint and several. Any Borrowcr who co"signs this
<br />deed oftmst 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 terms
<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 changcs in
<br />the terms oflhis deed of trust or the secured debt without that Horrower's consent and without releasing that Borrower from the terms of this deed oftrust.
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<br />The duties and benefits of this deed oftrust shall bind and benefit the successors and assigns of Lender and Borrower.
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<br />18. Notice. Unless otherwise requircd by law, any notice to BOITower shall be given by delivering it or by mailing it by certified mail addressed to Bon'Owcr at the
<br />property address or any other address that Horrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's addres~ on page,l 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 ofthls deed of trust.
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<br />Any notice shall be dccmed 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 Beneflciallnterest in the Borrower. If all or any part ofthe property .or any.interest in it i.s sold or transf~rred without the Lender's
<br />prior written consent, Lender may dcmand immediate payment of the secured debt. Lender may also demand l1nmedt~te p~\ym~~~ I~the B?~ower IS,not a natural pe,rson and
<br />a beneficial interest in thc Borrower is sold or transferred. Howcver, Lender may not demand payment in the above sltuattons 11 It IS prohIbited by lederallaw as 01 the datc
<br />of this deed of trust.
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<br />20. Reconveyance. When the obligation secured by this deed of tmst has been paid, and Lender has no fll1ther obligation to make advanee~ under the instmments or
<br />agreements secured by this deed of trust, the Tmstee shall, upon written rcquest by the Lender, reconvey thc tmst property. The Lender sh~1I deliver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence of the obligation so satisfied. Borrower 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 tmstee by first, mailing a copy ?fthe substitution oftmstee as reqoired
<br />by applicable law, and then, by filing the substitution of trustee for record in the ollice of the register of deeds of ~aeh count~ in whl~h the trust propC1ty, or some patt
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall succeed to all the power, duttes, authonty and tItle of the Trustee named m the dced of
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<br />tmst and of any successor trustee.
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