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<br /> I COVHNAh1TS �$~ 1UO�JJQ r . �_.,---_�
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<br /> 1. Paym�nt�. Barrower agrees to make ell payments on the secured debt when due. Unless Borrower and Lender agree othe�wise, any
<br /> paymenta Lander receives trom Borrower or }or Borrow�►'e,beneflt will be epplied first to any amounts Borrower owes on the secured debt '�' •••
<br /> � oxclusive of interest or principal, second to Inter•et, �nd thon to prin4�{�al.If partlel prepnymont of the secured debt occurs for any reaeon,it wiil I -__
<br /> , ' not roduce or oxcuso any echeduled paymem untfl ih�secured debt Ib pald In full. • ;.,,�
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<br /> 2.Claims Apain�t TIU�.Borrower will pay ell tnxe�, nete�ements,end othar ChAtgos attributable to tha property when due and will defend title �=•;� �
<br /> to the property egalnct eny ciefma whlch would impoir tho Ilen of thle deed of trust. 4ender may require 6orrower to assign any rights,claims or
<br /> � defenaes whlch Borrower mey huve 9pelnst pertie�who supply labor or meteriale to improve or mafntain the property. . �,,-�
<br /> � 3. Inturonc�. Borrower wlli ke�p the proporty IneureA undor rorms acceptable to Londer at Borrower's expense and for Lendor's benefit. All , 'i;__
<br /> ; insuranco policles ehall include a etandard mortgape clau�e in fevor nf Lender.Lender will be named as Ioes payee or as the insurod on any such ��._�,'
<br /> ineurance policy,Any insurance proceeds mey be applled, wlthin Lender's discretion,to efther the restoration or repair ot the damaged property ,_._=
<br /> or to the aecurad dobt.If Lender roquires mortflapo ineuronco,Borrowor aprees to mnintain such insurance for as long as Londer reqwras. -��,z'w
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<br /> 4.Prop�rty.Borrower wfll keep the proverty in good canditlon end make eil repaira reasonably neceseary. -
<br /> � I� of uust o��ln eny obligation securod by thls�deed ot i uste Borrowor wi/pay thoso atmount to Lender�as prov d d kn Covenent 9�of thishdeed of __-�
<br /> � trust.
<br /> B. Prlor S�curlty Intsn�t�. Unless Borrower fust obtains Lendor's writton consent, Borrower will not make or permit any changes to any prior
<br /> I security Interesta, Borrower wiil perform all of Borrowor's obligotions under any prior mortgage, deed of trust or othor secunty agreement,
<br /> � including Borrower's covenants to make paymante when due.
<br /> � 7.Anipnmtnt of fl�nq and ProHts. Borrower eseigns to Lender the renta and profits of the proporty.Unlass Borrower and Lender have agreed
<br /> otherwfae in writing, Borrower may callect and retafn the rents ae long as Borrowor Is not in default. If Borrower defeults, Lendor, Lender's _
<br /> • J agant, or a court appofnted roceiver may take poasession and manage the proparty and collect the rents. Any rents Lender collects shall be __
<br /> � applied fust to the coste of managing tho property, including court costs and attorneys' fees, commissfons to rontat egenta,and any other �
<br /> necessary related exponses.The remaining amount of rents wili than apply to peyments on the secured debt as provided in Covenant 1.
<br /> � I 8.l.��s�halds•Condominlums;Plann�d Unit D�vNopm�nts.Borrower agrees to comply with the provisions of eny lease if this deed of trust is on
<br /> ; a leasehold. If thia deed of trust is on a unit In e condominlum or e planned unit developmr�nt,Borrower will perform all oi Borrower's duties
<br /> under the covenenta,hylawe,or reguiatione ot tho condomfnlum or planned unit development. _
<br /> � 9. Authority of L�nd�r to P�rform for Botrow�r.If Borrower fails to perform any of Borrowar's duties under this deed ot tmat, Londor may =
<br /> ,. � pertorm the dutfes or cause them to be performed. Londer may aign 8orrower's name or pay any amount if necessery for pedormance.If any __
<br /> j construction on the property Is discontinued or not carried on in a reaeona6le manner,Lender may do whatever is necessary to protect Lender's _`
<br /> security interest in the property.This mey include completinp the construction. L
<br /> i Lender's feflure to perform will not preclude Lender from exerci6inp any of its other rights under the law or thi3 deod of trust. -
<br /> � Any amounts pafd by Lender to protoct Londnr's securfty interest will bo socured by thia deed of trust.Such amounts will bo due on dema�d
<br /> � and will bear interest irom the date of the payment untfl paid in}ull et the interost rato in oftect on the secured debt. �
<br /> ' 10. D�fault and AccN�rstion. If Borrower faiis to mnke eny payment whon due ar breaks eny covenants under this deed of trust or any !•:
<br /> obligation secured by this deed of trust or uny prior mortgago or deod of trust, Lender may acceierate the maturity of the secured debt and
<br /> demand immediate paymont and mey invoke the power of sale and any other remedfea permitted by applicabio law.
<br /> 11. R�qu�st for NoUc�of Ddault. it la heroby requeated thet copies oi tho notices af default end salo be sent to esch person who fa a party
<br /> . hereto,at the address of each such person,es set forth herein.
<br /> ;� i2.Pow�r oi S�i�. if iY�o LoTidet litY:.�cs thc po'r:or C!se!°.!he Trustea ahall firat rxcord in the oftice of the repieter of deeda of each county -
<br /> ;i wherein the trust property or some part or parcel thereof is situeted a notice ot dc+fault contafnlng the information requiretl by iaw. Tne irustae : _
<br /> shall nlso mail copies of the notica of defeult to the Borrower, to eech pnrson who is a party hereto, and to other persons as prescribed by
<br /> :i applicable law. Not lesa than one month aiter the Trustee records the notice of defauit or two months ff tha trust propeny la not in any r._�_
<br /> incorporatad city or vi!lege and le used in farminp operatfons carried on by the trustor,the fruatee chali give public notice of sele to the persons
<br /> 1 end in the manner prescnbed by apppGcable Iaw,Trustee, withoui domand on Borrowor, shail sell the property at public euction to the highest 'amc:,;��:__
<br /> bidder. if roquired by the Farm Homesteed Protection Act,Trustee shall offar the proporty in two separate eales as required by applicable Iaw. •ti.'�• �.:_—
<br /> � Trustee may poatpone nele ot all or any parcel of the property by public ennouncoment at the tlme and place of any previously scheduled sale.
<br /> Lender or its designee may purchase the property at nny sele. °.�� _
<br /> U on recaipt of ayment of the price bid,Trustee shall deflver to the purchasor Truetoe's dood convoying the property.The recitiels conteined In
<br /> Truatee's deed Bhall be prfma facia evidience of the truth of the etatements�ontafned therefn.Trustee shall apply the proceeds of the eale in the �.�.
<br /> foliowing order: (al to all expensea of the sele, including, but not limited to, reasonable Trustee'e fees, roasonoble attaney's foea and ��'-
<br /> reinetatement feea: (b)to all sums secured by thia deed ot trust,end(c)the balance,ff ony,to tho parsons Iegaliy entitled to receive it. _,� _ __
<br /> 13.Fonclosun.At Lender's option,this deed of truet may bo foreclosed in the manner provido by applicable iaw for foreclosure of mortgages ����-"'
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<br /> on real property. .° +
<br /> 14.Insp�ctlon.Lender may onter the property to inspect it if Lender gives Borrower notice beforehand. The notice must stete tho reasonable ;_
<br /> r cause for Lender's inapectfon. r�����
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<br /> 16.Cond�mmtion. Borrower assigns to Lender the proceeds of eny aword or cleim tor dnmagas connected with a condamnation or othor takfng °`==:r�-�-=
<br /> of all or eny part of the property.Such proceeds will be applied as provided fn Covonant 1. This esafgnment fs sub�ect to the terms of any prior v;:� _
<br /> securfty agreement. _
<br />: � t ay emedy upon Borr worae dof uktlLe�d 1edo s�not waivo eny right to latogconsPdor tha evtent o�detauftefet h ppens age nY By not exercising " '';' N.s�
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<br /> 17. Joint and 5sver�l Llability; Co•ilpnsrs; Succeaean end Atdpns Bound. All duties undor this daod of trust are jofnt end eoveral. Any -_T—_
<br /> � 8orrower who co-signa thle deed of trust but does not co•sign tho underiying dobt instrumontlsl doos so only t9 grant and convey that ;;;�,�.,,�r +
<br /> I Borrowor's interost in the property to the Trustee under tho torms of this doed nf trust.In additiun,such a Borrower a roos that the Lender and ' �,Y_ :`:�.-
<br /> any other Borrower under this deed of trust may oxtond, modify or meke eny othor chanpos in the terms of this deed of trust or the securod _�;,y�'
<br /> dobt without thut Borrowor's consent and wittiout releasfng tt.at Borrower from tho torme of this daed of trust. �'�,
<br /> The duties and benefits of this doed of trust shall bind and bonetit the succeseo�s end ass�pns of Londor and Borrowor.
<br /> 18.Notics. Unless otherwise required by law,any notico to Borrowor shnll bo pivon by dolivarinfl it or by mailing it by cortifiod mail addressed to �
<br />_ � Borrower at tho property addross ar any other address that Borrowor has givnn to Londor. Borrowor wlll pivo nny notico to Lander by certified
<br /> meil to Lendor's addtoss on pege 1 of this deed of trust, or to any other addrass which Londoi hna dosignatod. Any othor notieo to Lender shall
<br /> bo sont to Lender's address ae stated on papa 1 of this dood of trust.
<br />_ Any notico sholl be deemed to have beon piven to Borrower or Londer whon givon in tho mnnnor stotod obovo.
<br /> 19.Trenstsr of the Property or e Beneflciel Intersst in the Borraw�r.If all or any part of tho propurty or uny intorost in it is sold or transiorred ��'
<br />- without Londor's prior wntten consent, Lender may demand immediato paymont of tho sacurod dobt. Landor mny also domand immndiate
<br /> payment H tho Borrowor is not e natural pereon and a bonoficfal intnrust in tho Borrowor is sold or transforrad. Howevor,Lander may not
<br /> ; demand payment in the abovo situations if it is prohibiteu oy fodoral law as ol the dnto af this dood of trust.
<br />_ � 20.Reconveyencs. When tho obligetion securud by this daod of trust has bonn paid, nnd Londor hac no turthor obiigetion to make udvancos �
<br /> undor thu instrumonta or ogrooments secured by this dond ot trust, tho Trustoo shall, upon writton roquest by tho Londor, roconvey tho trust
<br />- � property.Tne Lender shall deliver to the Borrower, or to Borrowur's succossor m intorost, tho trust duod nnd tho noto or othnr evidnnce of tho
<br /> obligation so setisfied.Borrower shall pay any rocordation costs. i
<br /> ! 21. Succesaor Trust�e. Lendar, at Landor's o tion, may romovo 7rustoo und oppouit :f 6lICC06FOf trustoo by first, mail�np a copy of tho �
<br /> ...a�........i��otiio P w and*hnn hv ti�ina thn subshtution o1 truetoQ for rncord u�tho offico of tho regfster ot doods
<br />. � auv5i�iiiiiui.vi nG�:w:.;:�yL':.......,..��..----- -'.. .
<br /> o(each county in which the trust property, or some part thoroo�,is Fituatod.Tlw succossor Irustoo, w�thout convoy:�nco ot me property, snnii i
<br />- succeod to all the power,duUOS,aulhority and LUo of tho Trustoo nmm�d in tho dood ol trust and ol any succossor trustoo. i
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<br /> BANKF.RS SVSTEMS.�NC.Si CLOUD.MN 56301'1 800 337 7JA11 fOFiM OC�M11�,NI f 1�1•��
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