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<br />COVENANTS
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<br />200901363
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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 receivcs from
<br />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of intercst or principal, second to interest, and then to
<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 filII.
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<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other chargcs attributable to the property when due and will defend title to thc propelty against
<br />any claims which would impair the lien of this dced of trust. Lender may require Bon'Ower to assign any rights, claims or defenses which Bon'Owcr may have against
<br />parties who supply labor or materials to improvc or maintain the property.
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<br />3. Insurance. Borrower will kecp the property insured under terms acceptable to Lender at Borrower's expense and for Lender's bencfit. 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 insnrance 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 insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. Borrower will keep the pmpelty in good condition 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 />obligation secured by this deed oftrust. Bon'Ower 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 Horrower first obtains Lender's written contest, Borrowcr 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. Bon'Ower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower delaults, 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 be applied first to the eosts or managing the property, including court eosts and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenses. The remaining amount or rents will then apply to payments on the secured debt as
<br />pmvided 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, Borrower will perform all of Borrower's duties under the covcnants, 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 perform the duties or
<br />cause them to be pcrtormed. Lender may sign Borrower's name or pay any amount if necessary tor perlorruance. If any construction on the property is diseontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is nccessary to protect Lender's security interest in the property. This may include eompleting the construction.
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<br />Lender's failure to perlorm will not preclude Lender from exercising any of its other rights under the law or this deed or trust.
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<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed or trust. Such amounts will be due on demand and will bear interest fl'Om 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 Bon'Ower fails to make any payment when due or breaks any covenants under this deed of trust or any obligation secured by this deed or
<br />trust or any prior mortgage or deed of trust, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies pennitted 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 party hereto, at the address of each
<br />such person, as set fortll herein.
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<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustee shaH first record in the olTice of the register of deeds of each county wherein the hust property or
<br />some part or parcel thereof is situated a notice of default containing the infonnation required by law. The Trustee shall also mail copies of the notice or derault to the
<br />Borrower, 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 delault,
<br />or two months if the trust property is not in any incorporated city or village and is used in farruing 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, shall sell the pl'OpClty at public auction to the highest bidder. If
<br />required by the fann Homestead Protection Act, Trustee shall offer the pl'Opelty 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 the time and place or 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 evidicnce or the truth of the statements contained therein. Trustee shall apply the proceeds ofthe sale in the following order: (a) to all expenses ofthe sale,
<br />including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees 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 />13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in tbe manner provided by applicable law for foreclosure of mortgages on real property.
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<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable calise 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 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 Lender, Lender does not give up any tights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right to later consider the event a default if it happens again.
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<br />l7. Joint and Several Liability; Co-signers; Successors and Assigns Bound. All duties under tins deed of trust are joint and several. Any BOll'ower whb co-signs this
<br />deed of trust but does not co-sign the underlying debt instruments(s) docs so only to grant and convey that Borl'Ower's interest in the property to the Trustee under thc terms
<br />of this deed of trust. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed or trust may extend, modify or make any other changes in
<br />the terms ofthis deed oftrust or the secured debt without that Borrower'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 of trust shall bind and benefit 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 delivering it or by mailing it by certified mail addressed to Bom)wer at tI~e
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mall 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 1 of tillS decd of trust.
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<br />Any notice shall he 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 Beneficial Interest in 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 WrittCll consent, Lender may demand immediate payment of the secured debt. Lender may also demand llnmedl~te p~ym~~~ I~ the B?~ower IS, not a natura! pe,.-son and
<br />a benel1cial interest in the Borrower is sold or tmnsren'Cd. However, Lender may not demand payment in the above sltuattons lilt IS prolnblted by lederallaw as of the date
<br />of this deed or trust.
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<br />20. Reconveyance. When the obligation secured by tins deed of trust has been paid, and Lender has no further obligati?n to make advance~ under the instruments or
<br />agreements secured by this deed of trust, the Trustee shall, upon written request by the Lender, reconvey the tlUSt property. fhe Lender shall dehver 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. I ,ender, at Lendcr's option, may rcmove Trustee and appoint a successor trustee by I1rst, mailing a ~opy ?fthe substitution of trustee as required
<br />by applicable law, and then, by l1ling the substitution oftlUstee lor record in the ol.lke of the register of deeds of ~aeh eount~ 111 whl~h the trust propelty, or s~me palt
<br />thereof, is situated. The successor trustee, without conveyance ofthe property, shaH succeed to all the power, dul1es, authonty and !ttle of the Trustee named 111 the deed of
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<br />trust and of any successor trustee.
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