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<br /> COVENANT& ' 98.�.�UOQ�,)�7 "�'�'�"?? °�
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<br /> 1 1. P�ym�nt�. Borrower ap[eea to meka ell paym� Hpts on the securad debt when due. Unlose Borrowor ond Lender egree otherwise, any � : '�_,
<br /> I peymente Lender reC6ive ro�l�o(aOWM 1Cr`fet Brntower'e benofit will be appliod first to any amountc Borrowor owos on the secured dffb! �
<br /> oxcWsive of inter !t pr�ipil,s��o a0 v►eet,tlnd Ihon to principei. If partiel propnyment of the secured debt occurs for any roason, it will {�:� •.•;`.__.
<br /> not reduce or oxc ae�y scheai�len p�r7fpr'�until th�y�ecuiod debt�s puld hi full. �
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<br /> 2. Clsims Apatnst u).BtVc�ww will pay ali taxos,assescments, end other charpas attributable to the property whon dun ond will dofond title �
<br /> to the property aga nst any claims which would impeir the lion of this dood n(trust.Lnndar may requiro Borrowor to assipn nny rights,claims or
<br /> dofenses which Borrower may have agafnet parties who supply labor or matorials to improvn or mnintain tho property. _
<br /> 3. Imurancs. Borrowor will koup tha property insurxd undor terms acceptablo to Londor et Borrowor's exponso and for Londar's benofrt. All ' ' -
<br /> . I insurance policies�hell includo a standard mortpage clause in favor of Lnnder. Lendor will bn named as loas payoe or as th�insured on nny such �
<br /> I insurance policy.Any inaurance proceeds may be applied,within Lender's discretion,to ofthor the restoration or repair ot tho damaged proporty �:i� ;'
<br /> ; or to tho socured debt.If Londer roquires mortgnge insurance,Borrower agroos to mafntafn such insurnnce for as lonp as Lender roquires. • �r�r,
<br /> �I 4.Prop�rty.Borrower will keep tho property in good condition and meke all repairs reasonnbty necessary. �;ayc� �t�"'�`'
<br /> 6. Exp�nsa.Borrower agrees to pay all Lender's expenses, including roasonable attorneys'fcea,if Borrower breaks any covenante in this doed " 4''-_---
<br /> of truat or in any obligatfon secured by this deed of truet.Borrower wiil pay thess amounts to Lender as provided fn Covenant 9 of this deed ot �>,;,�,r.
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<br /> ' trust. ''.=__- ---^•---
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<br /> 8. Pdor Secudty Interost�.Unless Borrower first obtains 4ender's written consant, Borrower wfll not make or permit any changes to any pnor �,,�:�.:..._—_— _
<br /> security interasts. Borrower will porform all of Borrower's obligations undar any prfor mortgage, deed of trust or other secunty agreement, �
<br /> including Borrower's covenants to make payments when due. `;,�-
<br /> � 7.A��ipnmmt of R�nts and Proflt�.Borrowor assigns to Lender the rents and profits of the property.Unless Borrower and Lender heve agreed -
<br /> otherwise in writing, Borrower may collect and ratain the rents as long as Borrower ic not in default. If Borrower detaults, Lender, Lender's
<br /> agent, or a court appointed receiver may take possession and manage tho property and collect the renta.Any rents Lender collects shall be
<br /> � applied first to the costs of managlng the properYy, including coun costs and attorneys' fees, commiasions to rental agonts, end any other -
<br /> necessnry related expensns.The remafning emount of rents will then apply to paymente on the secured debt as provided in Covenant 1.
<br /> 8.L��t�hdds:Condomintums;Pl�nmd Unit D�v�lopmenb.Borrower agrees to aomply with the provisions oi any Iease ii this deed of trust is on .-
<br /> � underthe�co enants by lewsruor regulationsiof the condominium or pianned unit developmentnt, Borrower will perform all of 8orrower's dutias
<br /> 9. Authority of L�nd�r to P�rform for Borrow�r. If Borrower tails to perform any oi Borrower's duties under this deed of trust, Londor may
<br /> perform the duties or ceuse them to be performed, Lender may sign 8orrower's neme or pay any amount if necessery for performance. If any —
<br /> construction on the property is discontinuad or not carried on in e reasoneble manner,Lender may do whetever is necossary to protect Lender's _
<br /> security interest in the property.This may include comploting the construction. ,
<br /> �; Lender's foilure to perform will not preclude Lender from exercising any of its other rights under the law or this deed of trust. -
<br /> � Any emounts paid by 4ender to protect Lender's security interest will be secured by this deed of trust. Such amounts will he due on demand
<br /> � � and will bear interest from the date of the payment untii paid in full et tho interest rate in effect on the secured dabt.
<br /> 10. D�huit and Accel���tion. If Borrowor fafis to make any payment when duo or breaks any covenants under this deed of trust or any
<br /> " obligation secured by this deed of trust or any prfor mortgage or deed of trust, Lender may acCelerete the maturity of the secured debt and =
<br /> demand immediate payment and may invoke the power of saie and uny other remedtes permitted by applicabla law. _- —
<br /> ' 11.R�qusst for Notic�ot D�f�utt.It is hereby requested thet copies of the notices of default and sale be sent to oech person who is a perty '�
<br /> hereto,at the address of each such parson,es set forth herein. --- —
<br /> _ ��,pQ�.=i Q!g�=, �}rha i anrlyr invnkas the power of sale,the Trustee shali first record In the office of the register of deeds of each county
<br /> � wherefn the trust property ar eomo part or parcel thereof is eftuated a notice of tlefaWt conteining the mtormanon requ�red ey iaw.iha Trusine �:�
<br /> shall also mail copies of the notico of defeult to tho Borrowor, to oach person who is a perty hereto, and to other persons ae preacribed by `���_
<br /> 1 appliceble Iew. Not less than one month after the Trustee records the notice of default, or twq months if the trust property fa not in eny �� =
<br /> � incorporated ciry or village and is used in farmtng operations carried on by the trustor,the Trustee shall give public notice of sale to the persons �f`�''�_!��_
<br /> ' and in tho monner prescnbed by appplfcable law.Trustee, without demand on Borrower, shall sell the property at public euction to the higheat �'���"'
<br /> bidder. If requfred by the Farm Homestead Protectfon Act, Trustee ahall offer the property m two separate sales as required by applicable law.
<br /> Trustee may postpone salu of all or eny parcol of the propeny by public announcement at tlie time and place of any previously scheduled sele, � �`f"'
<br /> Lender or its dosignee may purchase the property at any sale. j' �
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<br /> Upon receipt of paymont of the prica bid.Trustee shall deliver to the purchaser Trustee's deed conveyfng the property.The recitiais cuntained in
<br /> Trustee's deed sheli be prime facfe evidience of the truth of the statements contafned therefn.Trustee shall apply the proceeds of the salo in the ,
<br /> foliow(ng order: fa) to all expenses of tha sale, including, but not limited to, reasonable Trustee's fees, reasonable attorney's feos and
<br /> reinstatement foes;Ib)to all sums securod by this daed of trust,and(c)ttie balence,ff any,to the persons legally entitled to recelve it.
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<br /> 13.For�closun.At Lender's option,thfs deed of trust mey be foreclosed in the mnnner provido by applicable law for foreclosure of mortgages ,;* --
<br /> � on real property. Y �`°�
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<br /> 14.Insp�cUon.Lender may entor the property to inspect it if Lender gives Borrower notice beforehand. The notice muat state the reasonable r
<br /> cause for Lender's inspection. _
<br /> � 16.Cond�mnation.Borrower aesigns to Londor the proceeds of any award or claim for damages connected with a condemnation or other taking .°�`-' _
<br /> ot all or any part ot the proporty. Such proceeds will be applied as provided in Covenant 1.Thfs assignment is su6Ject to the terme of any prior ':,.r,_u�
<br /> security agreement.
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<br /> ` 16.Wstwr. 8y exercising any remedy avadable to Lender, Lendor does not give up any rights to later use any other remedy.By not exercising •T' �
<br /> any remedy upon Borrower's default,Lender does not waive eny right to later consfder the event a defauit ff it happens again. �1 '�
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<br /> 17. Jolnt and Sevsrsl Liebllity; Co•signsro; Succeaaon end A�signs Bound. All duties under this deed of truat are joint nnd several. Any '°�_
<br /> Borrower who co•signs this deed of trust but doos not co-sign the underlying dobt instrumentlsl doea so only to grant and convey that -
<br /> Borrower's intorest in the property to the Trusteo under the terms of this deed of trust.In additfon,such a Borrower agrees thet the Lander and '':��'�"i'�„��
<br /> any other Borrower under this deed of trust may extend, modify or make eny otf�er changes in 4he terms of this deed ot trust or the secured `�.'"'1"•T:,,,'-�,,,, .
<br /> dobt without thet Borrower's consont ond without releasing thet Borrower irom the terms of this deed of trust. "`'�'� ��
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<br /> The dutfes and benefits of this deed of trust sholl bind and henefit the succeseors and essigns of Lender und Borrowar. •
<br /> 18.Notics.Unloss othorwlse roquired by law,any notice to Borro�ver shall be given by delivaring it or by mailing it by certiifed mail addressed to
<br /> Borrower at tha property address or any other address that Borrower has given to Lendor.Borrower will prve any not�ce to Londer by certified i
<br /> mail to Lender's address on pago 1 of this dead of trust,or to any other address which t.ander hes dosignated. Any other notico to Lender shull �
<br /> be sont to Lender's address es stuted on paga 1 of this deed of trust. ��
<br /> Any notice shall bo doomed to havo been given to Borrowor or Londor when given in the manner statod nbove.
<br /> 19.Trensfer of ths Property or e Bansflciai Intereet in the Borrower. It all or any part of tho proporty or eny interest in it is soid or transterred
<br /> without Lendor's prior written consont, Londer may demand linmediate payment of tho socured dabt. Londor may also domand immed(ate
<br /> payment if the Borrowor is not a natural person and a benoficial intorest in the Borrowor is sold or transferrod. However, Lendor may not
<br /> domand payment in tho abovo situations if it is prohibitod by federal law as of tho dato of this deod of trust. i
<br /> 20.Reconveyence, When the obligatfon socuiod by this deod of trust has been paid, and Londor has no furthor obligation to mako advancos I
<br /> undor the instrumonts or agreements secured by this doed of trust, the Trustee shall, upon written requost by the Lender, reconvey the trust
<br /> , property.Tho Londor shall deliver to tho Borrower, or to Borrower's succossor in intorest,tho trust deed and the note or other ovidonco of the
<br /> � obligation so satisfied.Borrower shall pay any rocordotion costs.
<br /> ; 27. Succeaaor Tru6tea. Landor, at Londer's option, may remove Trusteo and appoint a succossor trustoo by first, muling a copy of the
<br /> i substitution of trusfee a6lequired by applicablo law, and then,by filing tho substitution of trustee for record in the office of the ragister 01 doods
<br /> of each county in Jbhiclilho'trusT proporty. or somo part thoreoi, is siiva�e0. itle successor trustee,witnout conveyenca oi tne property, snaii
<br /> � succoed to alI the powur,dutios, authority and trtla of tho Trustoo namod in the deed of trust and of any successor trustee. - ,
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<br /> yANKERS Sv5TEM5.�NC.ST CIOUD.MN Gfi301�1 800 797 134 t 1 FORM OCP MiG NF 6'19�91 I'�+'�� � �
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