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<br />COVENANTS
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<br />200902504
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<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless BOImwer and Lender agree otherwise, any payments Lcndcr receives from
<br />Borrower or for Borrowcr's benelh 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 dcbt 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 other charges attributable to the property when due and will defend title to the propetty against
<br />any claims which would impair the lien of this deed of trust. Lender may require Borrower to assign any rights, claims or def.enses 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 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 Lendcr's discretion, to either the restoration or repair of the damaged propcrty or to the secured debt. If Lender requircs 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 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 Borrower brcaks any covenants in this deed of trust or in any
<br />obligation secured by this deed of trust. Bonuwer will pay these amounts to Lender as provided in Covenant 9 oftms deed of trust.
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<br />6. Prior Security Interests. Unless Borrower first obtains Lender's writtcn 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 agrecmcnt, 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 />Borrower may collect and retain thc rcnts as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointcd rcceiver may take
<br />possession and manage the property and collect the rents. Any rents Lcnder collects shall be applied first to the costs of managing the property, including court costs and
<br />attorneys' fecs, commissions to rental agents, and any othcr ncccssary related expenses. The remaining amount ofrents will then apply to payments on the secured debt as
<br />provided in Covenant I.
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<br />8. Leaseholds; Condominiums; Planncd Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this
<br />deed oftrust is on a unit in a condominium or a planned unit development, Borrower will perlorm all of Borrower's duties under the covenants, by laws, or rcgulations of
<br />the condominium or planned unit devclopmcnt.
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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, Lendcr may perform the duties or
<br />cause them to bc pcrformed. 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 the property. This may include complcting thc 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 oftrust.
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<br />Any amounts paid by Lender to protect Lcnder's security interest will be sccured by this deed of trust. Such amounts will be due on demand and will bear interest from the
<br />date of the payment until paid in lull at the interest rate in effect on the secured debt.
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<br />10. Default and Acceleration. If Borrower failsto make any payment when due or brcaks any covenants under this deed oftlUst or any obligation secured by this deed of
<br />trust or any prior mottgage or dced of ttust, Lendcr may accelerate 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 />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 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 olTice of the registcr of dccds of cach county wherein the tmst property or
<br />some part or parcel thereof is situated a notice of delault containing the information required by law. The Trustee shall also mail copies of the mifice of default to the
<br />Borrower, to each person who is a palty 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 thc persons and in the manncr prcscribed by applicable law. Trustee, without demand on Borrower, shall scll the pmperty at public auction to the highest bidder. If
<br />required by the Fann Homestead Protection Act, Trustee shall offer thc propcrty in two separate sales as required by applicable law. Tmstcc may postpone sale of all or any
<br />parccl of thc propcrty by public announcement at the time and place of any previously scheduled salc. 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 bc
<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 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 he foreclosed in the manner provided by applicable law lor foreclosure of mortgages on rcal 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 tor Lcndcr's
<br />inspection.
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<br />IS. Condcmnation. 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 />pmpelty. Such proceeds wjll be applied as provided in Covenant 1. This assignment is subject to the tenns of any prior security agreement.
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<br />16. Waiver. By exercising any remedy available to Lender, Lendcr does not give up any rights to later use any other remcdy. 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 />17. Joint and Several Liability; Co-si~ners; Successors and Assigns Bound. All duties under this dccd of trust are joint and scvcral. Any Borrower who co-signs this
<br />decd of trust but does not co-sign the underlying debt instruments(s) docs so only to grant and convey that Borrower's interest in the property to the Trustee under the tcn~s
<br />of this deed of tmst. In addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extcnd, modify or make any other changes m
<br />the teffilS of this decd of trust or the secured deht without that Borrower'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 this deed of trust shall bind and benefit the successors and assigns of Lendcr and Borrower.
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<br />18. Notice. Unlcss otherwise required by law, any notice to Borrower shall bc given by delivering it or by mailing it by certified mail addressed to Borrower at the
<br />propclty address or any other address that Borrower has given to Lender. Borrower will give any notice to Lendcr by certified mail to Lender's address on page I of thiS
<br />deed of trust, or to any other addrcss, which Lender has designated. Any other notice to Lcnder shall be sent to Lender's address as stated on page I of this decd oftrust.
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<br />Any notice shall be deemed to have been given to Borrower or Lender whcn 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 trans[~rred without the Lend~r's
<br />prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand IIl1lnedl~te p~ym~n~ l~ the B~~wer IS not a natural person ,lOd
<br />a benelkial interest in the Borrower is sold or transferred. Howcvcr, Lender may not demand payment in the abovc sltuattons If It IS prolubtted by fedcrallaw as of thc date
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<br />of this deed 0 I' trust.
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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 advance~ under thc instruments. or
<br />agreements secured by this deed of trust, the Trustec shall, upon writte.n request by the .Lel~der, recOl.lVey the trust property. The Lender shall dehver to the Borrower, 01 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 trustec by first, mailing a ~opy ~f thc substitution of trustee as rcquired
<br />by applicable law, and then, by filing the substitution of trustee for record in the office of the registcr of deeds of ~ach county III Whl~h the trust,rroperty, or s~me patt
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall succecd to all the power, dutieS, authonty and tttle of the I rustee namcd III the deed of
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<br />trust and of any successor trustee.
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