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20iiO4304
<br />COVENANTS
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and I.ender agree otherwise, azry
<br />payments Lznder receiv� from Borrower or for Borrower's benefit will be applied first to any aznounts Borrower owes on the secured debt
<br />exclusive of interest or principal, second to interest, and then to principal. If partial prepaymern of the secured debt occurs for any reason, it will
<br />not re�luce or excuse any scheduled payment until the secwed debt is paid in full.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attnbutable to the properiy when due and will defend
<br />title to the properiy against any claims wlrich would impair the lien_ of this deed of hust. I.ender may require Borrower to assign any rights,
<br />claims or defenses wtrich Borrower may ]save against parties who supply ]abor or materials to improve or maintain the property.
<br />3. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense aud for Lender's benefit. All
<br />Insurance policies shall include a standard mortgage clause in favor of Leader. Lender will be named as loss payee or as the insured on any such
<br />insurance policy. Any insurance proceeds may be applied, within Lender's diseretion, to either the r�storation or repair of the damaged property
<br />or to the secured debt. ff Lender requires mortgage in�,rmnce, Borrower agrees to main A;n such insutance for as long as Lender requires.
<br />4. Property. Borrower will keep the property in good condition and make all repairs r�sonably necessary.
<br />5. Expenses. Borrower agees to pay all Lender's expens�, including reasonable attomeys' fees, if Borrower breaks any covenants in this
<br />deed of tcust ar in any obligation secured by this deed of hvst. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed
<br />of hvst.
<br />6. Prior Security Intereats. Unless Bortower first obtains Lender's written contest, Borrower will not make or permit any changes to any
<br />prior security interests. Borrower will perform all of Borrower's obligations under any prior mortgage, dead of mxst or other security agreement,
<br />including Borrower's covenants to make payments when due.
<br />7. Assignment of Rents and Proflts. Borrower assigns to Lender the rents and pmfits of the property. CJnless Borrower and Lender have `� '
<br />agreed otherwise in writing, Borrower may collect and retain the rents as long as Bonower is not in default. ff Borrower defauits, Lender, ___
<br />Lender's agent, or a court appointed receiver may take possession and manage the property and colle�t the rents. Any rents Lender collects shall
<br />be applied first to the costs of managing the property, inciuding court costs and attorneys' fees, commissions to rental agents, and any other �;;e;
<br />necessary related expenses. The remaining amount of rents will then apply to payments on the secured debt a� provided in Cov�nant 1, �
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<br />8. Leaseholds; Condominiums; Planned Uwtt Developments. Borrower agees to comply with the provisions of any lease if this deed of --
<br />trust is on leasehold. If this deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's __
<br />duties under the covenants, by ]aws, or regulations of the condominium or glanned unit development. -=-
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<br />9. Authority of Lender W Perform for Borrower. ff Bortower fails to perform, any of Borrower's duties uader tlus deed of UusC, I.ender ;
<br />may perform the duties or cause them to be perFormed. Lender may siga Borrower's name or pay any amount if necessary for performance. If �
<br />any conshuction on the property is discontinued or not carried on in a reasonable manner, Lender may do whatever is necessary to prot�t ��
<br />Lender's security interest in the pmperty. This may include completing the consriuctioa -
<br />Lender's failure to perforan will not pmclude 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 Lender's security intemst will be s�ured by this deed of t►ust. 5uch amounts will be due on demand and =°~
<br />will bear interest from the date of the payment unlil paid in full at the interest rate in effect on the secured debt. ---
<br />10. Default and AcceleraUoa If Bortower fails to make any payment when due or breaks any covenants under this deed of trust or any �``
<br />obligation se�wed by tivs deed of hust or any prior mortgage or deed of trust, Lender may accelerate the maturity of the secured debt and demand �°°_
<br />immediate payment and may invoke the gower of sale and any other remedies peimitCe� by applicable law. �°�
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<br />11. Request for Notice of Defaul� It is hereby requ� that copies of the notices of default and sale be sent to each person who is a party _
<br />hereto, at the address of each such person, as set forth herein.
<br />12. Power of Safe. If the Lender invakes the power of sale, the Tn�stee shall first record in the office of the register of deeds of �ch county � fLLV
<br />wherein the trust propetty or some part or parcel thereaf is situated a notice of default containing the information required by law. The Trustee �-'
<br />shall aLSO mail copies of the notice of default to the Borrower, to each peison who is a party hereto, and to other peisons as prescribed by —"
<br />applicable law. Not less thaa one month after the Trustee re�nrds the notice of default, or two months if the trust pmpetty is not in any —.-
<br />incorporated city or village and is used in famung operations carried on by the t�ustor, the Tniste� shall give public notice of sale to Che persons
<br />and in the manner prescnbed by applicable law. Tn�stee, without demand on Borrower, shall sell the property at public auction to the lughest
<br />bidder. If required by the Farm Homestead Protection Act, Tnisttee shall offer the property in two separate sales as required by applicable law. �_�c
<br />Tnistee may postpone sale of all or any parcel of the propecty by public announcement at the time and place of any previously schefluled sale. � 9
<br />Lender or its designe,e may purchase the pmperty at any sale. —
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<br />Upon re�eipt of payment of the price bid, Trustee shall deliver to the purchaser Trnstee's deed conveying the property. The recitials contained in
<br />Trustee's deed shall be prima facie evidience of the truth of the statements contained thereia Tnisttes shall apply the praceeds of t4►e sale in the -=_ �
<br />following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's fees, reasonable attomey's fees and �`'.
<br />reinstatement fees; (b) to all sums secured by this deed of hust, and (c) the balance, if any, to the peisons legally entifled to receive it. __
<br />13. Foreclosure. At Lender's option, this deed of trust may be fore�losed in the manner provided by applicable law for foreclosure of --
<br />mortgages on real propetty.
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<br />14. Inspectton. Lender may enter the property to inspe�t it if Lender gives Borrower notice beforehand. The natice must state the reasonable
<br />cause for Lznder's inspecdon , �`;
<br />15. Condatnnation, Borrower assigns to Lender the procceds of any award or claim for damages coffiected with a condemnation or other
<br />taking of all or any part of the property. Such proceeds will be applied as provid� in Covenant 1. This assignment is subject to the terms of any �°;
<br />prior s�urity agreement.
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