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<br />COVENANTS
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<br />200902351
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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 ofthe secured debt occurs for any reason, it will not reduce or excuse any scheduled payment untHthe secured debt is paid in full.
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<br />2. Claims Against Title. BOITower will pay all taxes, assessments, and other charges attributable to the property when due and will defend title to the propelty against
<br />any claims which would impair the lien of this deed of trust. Lender may require Borrower to assign any rights, claims or defenses which BOITOwer may have against
<br />parties who supply labor or matelials to improve or maintain the property.
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<br />3. Insnrance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and tor Lender's bencfit. All Insurance policies shall
<br />include a standard mOltgage 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 insurance, Borrower
<br />agrees to maintain such insurdnce for as long as Lender requires.
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<br />4. Property. BOITower will keep the property 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 I:lorrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed oflrust. 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, 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 I:lorrower's covenants to make payments
<br />when due.
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<br />7. Assi~nment of Rents and Profits. Borrower assigns to Lender the rents and profits of the propelty. Unless Bonuwer 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 defaults, Lender, Lender's agent, or a eonrt appointed receiver may take
<br />possession and manage the property and collect the rents. Any rents Lender collects shall be applied t1rst to the costs of managing the property, inclnding court 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 debt as
<br />provided in Covenant I .
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<br />8. Leaseholds; Condominiums; Planned lJnlt Developments. BOITower 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 covenants, by laws, or regulations of
<br />tbe 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 dutics under this deed of trust, Lender may pcrform 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 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 thc 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 I.ender to protect Lcnder's security interest will be secured by this deed oftrust. Such amounts will be due on demand and will bear interest from the
<br />date of the payment wItil paid in full at the interest rate in effect on the secured debt.
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<br />10. Default and Acceleration. If BOlTOwer 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 plioI' mortgage or dced of trust, Lender may accelerdte the maturity 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 />11. Request for Notiee 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 setlorth 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 otllce of the register of deeds of each county wherein the trust property or
<br />some patt or parcel thereof is situated a notice of default containing the infonnation required by law. The Trustee shall also mail copies of the notice of default 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 default,
<br />or two months ifthe trust property is not in any incorporated city or village and is used in fanning operations can'ied 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 property at public auction to thc 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 of all or any
<br />pareel of the property 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 ofpaymcnt 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 lollowing order: (a) to all expenses of the sale,
<br />ineluding, 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 the 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 cause for Lender's
<br />inspection.
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<br />IS. 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 />prope.ty. Such pmceeds will be applied as provided in Covenant 1. This assignment is subject to the terms of any prior security agreement.
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<br />16. Waiver. By exereising 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 delimit, 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 Liability; Co-si~ners; Successors and Assigns Bound. All duties under this deed oftlUst are joint and several. Any Bonnwer who co-signs this
<br />deed of trust 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 Trustce 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 temIS ofthis deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms ofthis deed OftIUSt.
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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 BOlluwer at t~c
<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 add~es~ on pagc, I of thIS
<br />deed OftlUSt, or to any other address, wbich Lender has designated. Any other notice to Lendcr shall be sent to Lendcr's address as stated on page I of thIS decd ot trust.
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<br />Any notice shall be deemed to have been given to BOITower 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 ofthe 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 secured debt. Lender may also de~and immedi~te p~ym~n~ i~'tbe B?~nwer is.not a natural pe,rson and
<br />a bencficial interest in the BOlTOwer is sold or transferred. However, Lender may not demand payment III the above SituatIOns If It IS prolllblted by federaliaw as of the date
<br />of this deed of tlUSt.
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<br />20. Reconveyance. When the obligation secured by this deed of trust has been paid, and Lender has no furthcr obligatio!} to make advance~ under the instlUments or
<br />agreements secured hy this deed of trust, the Trustee shan, upon written request by the Lender, reconvey the tlUSt property. 1 he Lender sh~1I delIver to the BOITower, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence of the obligation so satisl1ed. 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 trustee by first, mailing a copy of the substitution of trustee as required
<br />by applicable law, and then, by filing the substitution oftrustec for record in the office of the register of deeds of ~ach count~ in whi~b th~ !tust propelty, or s~me palt
<br />thereof: is situated. The successor trustee, without conveyance oftbe property, shall succeed to all the power, duties, authonty and tttle 01 the Trustee named III the deed of
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<br />trust and of any successor trustee.
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