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COVENANTS 2 0 0 9 0 3 9 2
<br />1. Payments. Borrower agrees to make al] payments on the secured debt when due. lhtless Borrower turd Lender agree otherwise, any payments Leader 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 intcrest, and then to
<br />principal. if partial prepayment ol'the secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until fire secured debt is paid in full.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attributable to the propeny when due and will delertd title to the property against
<br />any claims which would impair the lien of this deed of tntst. Lender may require Burrower to assign any rights, claims or defenses which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the propeny.
<br />3. hrsuranec. 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 standarti mongage clause in favor of Lender. Leader will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds stay be
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured debt. If I„ender requires mongage insurance, Born~wer
<br />agrees to maintain such insurance Ibr as long as Lender requires.
<br />4. Property. Borrower will keep the pmperiy in good condition and make all repairs reasonably necessary.
<br />5. Expenses. Borrower agrees to pity 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 of frost. Bor7nwcr will pay these amounts to Lender as provided itt Covenant 9 of this decd of trust.
<br />6. Prior Security Interests. lJnless Borrower lust 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 rnnrtgage, deed of trust or other security agreernent, including Borrower's covenants to make payments
<br />when due.
<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 the rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, nr 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 costs of managing the property, including coon. 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 1.
<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 nr a planned unit development, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium or planned unit development.
<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 perl'ortned. Lender may sign Borrower's name or pay any amount if necessary for performance. If any construction on the propeny is discontinued nr not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the propeny. This may include contplcting the construction.
<br />Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed of nest.
<br />Any amounts paid by Lender to protect Lender's security intcrest will be secured by this deed of trust. Such amounts will be due rnt demand and will bear interest from the
<br />date of the payment until paid in full at rite interest rate in effect on dte secured debt.
<br />10. Default and Acceleration. [f 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 />trust or any prior mongage or deed of trust, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power ol'sale and
<br />any other remedies permitted by applicable law.
<br />11. Request for Notice of Default. IL 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.
<br />12. Power of Sale. If the Lender invokes the power ol'stle, the Trustee shall first record in the office of the register of deeds of each county wherein rite trust property or
<br />some part or parcel thereof is situated a notice of default containing the information required by Ittw. The Trustee shall also mail copies of the notice of default to the
<br />BOr7'oWer', to each person who is a party hereto, anti to other persons as prescribed by applicable law. Not less than one month after the "frvstee records the notice of default,
<br />nr two months if the trust property is not in any incorponned city or village and is used in farming operations carried on by the tntstor, the T'nrstec shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. "I'nrstee, without demand on Borrower, shall sell the property at public auction to the highest bidder. if
<br />required by the farm Homestead Pr'otectinn Act, Trmstce shall offer the propeny in two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel of the pmperiy by public arwouncement al rite time and place of any previously scheduled sale. Lender or its designee may purchase the property at any sale.
<br />lJprnt receipt of payment of the price bid, 'T'rustee shall deliver to the purchaser 'T'rustee's deed conveying the property. 'T'he recitials contained in 'T'rustee's deed shall be
<br />prima ftcie evidience of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order: (a) Io all expenses of the 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 decd of trust, and (c) the balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At Lender's option, this deed of frost may be foreclosed in the manner provided by applicable law fur foreclosure of mortgages on real property.
<br />14. Lrspection. Lender may enter the property to inspect it i}' lender gives Borrower notice beforehand. The notice must state the reasonable cause for bender's
<br />inspection.
<br />I5. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connetaed with a condemnation nr other taking of all or any pan of the
<br />property. Such proceeds will be applied as provided in Covenant I . This assignment is subject to the teens oFany prior security agreernent.
<br />16. Waiver. By exercising 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 default, Lender does not waive any right to later consider the event a default if it happens again.
<br />17. Joint attd Several liability; (`o-signers; Successors and Assigns Bound. All duties under this deed of trust are joint and several. Any Borrower who co-signs this
<br />deed of trust but does not co-sign the underlying debt instruments(s) does so only to grant and convey that Borrower's intcrest in the property to the Trustee under the terms
<br />of this deed of trust. In addition, such a Bonower agrees that the Lender and any other Borrower under this decd of trust may extend, modify rn• make any other changes in
<br />the terms ol'this deed of trust or the secured debt without that Borrower's consent and without releasing tktat Borrower from the terms ol'this decd of trust.
<br />"1'he duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Lender and Borrower.
<br />18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by ceriilied mail addressed to Bon7~wer at the
<br />property address or any other address that Borrower hits given to L.endcr. Borrower will give any notice to Lender by certified mail to Lender's address on page I of this
<br />deed of trust, or to any other address, whiclt l.,ender has designated. Arty other notice to Lender shall be sent to }."cnder's address tts stated on page I of this deed of trust.
<br />Any notice shall be decreed to have been given to Borrower nr Lender when given in the manner stated above.
<br />19. Transfer of the Property or a Beneficial Interest in the Borrower, if all or any pan ol'the propeny or troy interest in it is sold or transferred without the Lender's
<br />prior written consent, Lender may demand intr7rediate payment of the secured debt. Lender stay also demand irnmcdiate payment if the Borrower is not a natural person and
<br />a beneficial intcrest in the Borrower is sold or transferred. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date
<br />of ibis decd of trust.
<br />20. Reconveyance. When the obligation set:ured by this decd of trust has been paid, and Lender has no further obligation to make advances under the instnunents or
<br />agreements secured by this deed of trust, the'}'rustee shall, upon written request by rite Lender, reconvey the lrusf propeny. The lender shall deliver to the Bn7rower, 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.
<br />21. Successor Trustee. Lender, at 1"cnder's option, Wray remove 'T'rustee attd appoint a successor trustee by first, mailing a copy of the substitution of tnrstee as required
<br />by applicable law, and then, by filing the substitution of tmstee fur record in the office of the register of deeds of each county in whiclt the trust property, or some pan
<br />thereof, is situated. The successor trustee, without conveyance of the property, shall succeed to all the power, duties, authority and title of the Trustee named in the decd of
<br />trust and of any successor trustee.
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