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<br /> � COVENANTS �° �lOO�� _
<br /> 9. Peyn�nta. Borrowor nprooa to muko oll peymontn on tha aocurod dobt whon duo. Unloos Barrower�end Landar epree atherwiso, any
<br /> � poymonto Londor rocolvoo from Borrowur or tor Borrowar'o bonofl4 will bo uppliod flrot ta any nmounto Borrowor owoe on tho aocurod dobt _
<br /> � ottclusive of Intereat or principal,sor,ond to Intoront,ond thon to princlpol.If pnrtlol propaymnnt of tho socurod dobt occu►s for any rooaon,It w111 ',
<br /> , � not rflduce or excuee eny echaduled paymant untll the cecured debt Ie pald in full. '-
<br /> 2.Cidmr Ap�in�t TtU�.Borrower will pay ali taxea,asaosamante,end other charpes ottributable to tho property when due end will defond title �
<br /> �
<br /> to the roperty n�peln�t an clalma which�vould Impair the Ilen o}this dned of truet.Lender may require Borrower to Aselpn eny rl�hte,clelme ar
<br /> � defense9 which Oorrowor mey have apolnst partles who supply lebor or meteilels to Improvo or mafntaln the proporty. • _
<br /> 3.Insunncs. 8orrower wlll keop tMe property Inaured under terms ecceptable to Lender at Borrower'e expanae end for Lender's benotit. All I
<br /> Ineurance poticfes ehell Includo a ctandnrd mortpapo clauao In fevor of Londor.Landor will bo named ne loas peyea or ae the insured on any such
<br /> i fnnuranCe poticy.Any ineurance proceede may 6e applicd, withln Londor'n dlccrotion,to althor tho mstoratlon or repeir of the damnged property _
<br /> or to the sacurad debt,If lender requlree mortqepe Insursnce, Borrower aflreea to meintaln such Insuranca for as lang es lender requlres.
<br /> 6.'rrop.riy.Boiiowet wiH kaep tha proporty In nood conditlon and make all ropalra reasonably necessery.
<br /> " ��� 6.Exp�nae.Borrower epreea to pay ell Lernler's expenaea includinp roasonablo attorneys'feea,it 8orrower breaks any covenanta in this deed "
<br /> ''' of truat or in any obligatlon secured by thie doed of trust. �orrowor wiil pay these amounts to Lender as providad in Covenant 9 of this deed of
<br /> tN6t. -
<br /> 8.Prlor S�aurltY Intaro�t�.Unleas Borrowor first obtalns Lundor's wrftton consent, Borrower wfil not mako or permit eny ch9ngos to nny prfor
<br /> oecu►Ity interos�a. gorrowor wiil perform all ot Borrower'e obligotions under eny prior mortpago, dood of trust or other spa�rity egrooment,
<br /> Mcludia9 Borrower's covenants to mnke paymente when due. ' _
<br /> 7.Ass!�n Mt oi R�nts�nd Profib.9orrower eaelpna to Len�or the rents end profite of the praperiy.Unlese Bortower nnd Lender have agreed ;• ���� � •
<br /> otherw si e In writing, Borrower may cqllect and reteln the rents as long as Borrower is not in defauit. If Borrowor defaults, Lender, Lender's „ ,,;_-��'=_
<br /> agont,or a court apDointed recelver maV teke posseaeion and manage the property and collect the rento. Any ronte Lender collecto ehall he
<br /> applied first to the costa of inennging the property, Including court costs and ettorneys' foes, commiaeiona to rental egents, and eny other M�:'F"1"�Ja;-,_
<br /> { neceaiery related expenses.The remelning amount of rents will then eppiy to payments on the secured debt as provided in Covenant 1. „ ,._�,;.;�,__•_: -
<br /> i8.L�as�hdds•CondorNnfums;Pl�nti�d Unit Dw�lopm�nri.Borrower agrees to comply with the provisions of any leaso if this deed of truat is on ' ' A
<br /> a toasahold. I�this desd of truet Is on a unit In a coodominium or a planned unft development, Borrovuer wHl pertorm ell of Borrower's dutles .�•;i,,. ^_�
<br /> � undet tho covenante,by-lewa,or reguletions of the condominium or plannod unit devetopment. . --
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<br /> � 9.Autirodty of L�nd�r to P�rform for eorrow�r. If Borrowar fafla to parform any of Borrower's dutlea under this deed of truat, Lender mey ,. , �_--
<br /> perform the dutles or causn them to be performed. Lender may sign 8orrower's name or pay any emount if necessery for pe�formence.If any :;_
<br /> r� construction on the proporty Is discontinued or not carrled on in a reesonable monner,Londer may do whatover is nocossery to protoct Lander'e ��' �',,.:.
<br /> � security Interest In the property.This may include compieting the constructfon. ,,�.ef�� ��=''
<br /> i ,��,' Lendor's feilure to perform wlll not preclude Lender from oxercising eny of Its other riphts under tho law or thia deed of truat. �.:��r�� _��;��:.
<br /> Any emounte paid by Lender to protect Lander'o security interest w(II be secured by thls dead of trust.Such amounts will ba due on demand ��,�i�"� �
<br /> � � and will bear lntereat from the date of the payment untfl pald in fult at the Interest rate in effect on the secured debt. �'����•
<br /> .�f.,�oit:;
<br /> �R.":!t - r:
<br /> ��� 10. [i�fwit and Acc�l�nUon. If Borrower laVla to make any peyment whan duo or brenks any covenente under this deed of vust or any `
<br /> ,r�. demeand immediate peymentend m y Invoke the power of Bete end uny ot errremedlea permittad by�appticabie Iew�rity ot the secured debt and �
<br /> 'C 11. R�qu�st for Notla�of D�fwlt. It Is heroby raquesto`d that copies of the notices of default and sale be sent to each person who is e party `. � } ',
<br /> .•,---..-..–�---— �'�eioiu�u2 Lrio uiSuT000 OS C.�:l:JC�:�`8!$0.^..H��LL tQ�h SSAfR41l - .
<br /> � 12. Pow�r ot Sr�. It the Lender invokea the power ot salo, the Trustae ehali tlrat record tn the office of the register of doeds of each counry "•
<br /> whoreln the truat praperty or same part or percel thereof Is situated e notice of default containing the informetlon roquired by law.The Trustee .
<br /> shel) aiso mail copiea ot the notice of defauit to the Bc►rrower,to each person who is a party hereto,end to othor persons ns prescribed by '>> .
<br /> • �,� appliceble lew. Not lesa than ona month aher the Trustee recorde the notice of defeult or two months It the trust pruparty la not in eny j
<br /> �i��. inco�porated city or villeps and la used fn ferminp operations carrfod on by the uuator,the'�rustee�hall pfve pubfic notice of eale to the pereons ,
<br /> and in the manner prescrihad bY appplicable lew.Truetae,without demand on Borrowerr,t yehall sell the property at public euction to the higheat �-_
<br /> Trustee�may postpone sele of ell or any pa celtof�the propercy by publl�c announcement et the time and plece�of eny�p%vlouaby sophedulsd sale. ��„
<br /> Lender or ite decigneo mey purchese the property et any saie. � <<:
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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 recitlats contalned In
<br /> Truatee's deed ahall be prime feclo evidlence of the truth of the etatemonte contained therein.Trustoe shall apply the proceeda of the sale In the �
<br /> � , elns,tet me�feese�lb)tola!I sumn aacu od by thie�deeA of�m:st snd ol'thet ba�snce,�ifeany t�o he persona/egelly entitledlto e eive�t,feea end
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<br /> • S3. Fonclasun.At Lender's optlon,this deed ot trust may be foreclosed in the mannor provide by applicnble Iaw for forectoaure of mortgages �s�
<br /> � on�eal property.
<br /> � 14. in�o�otlon.Lender mey enter tho propercy to Inspect it ff Londer givos Bonower notice beforohend,The notice muat stato the reasonabte =.. __
<br />"., , . ,y�, f ceuse fot Lender's Inapection. -
<br /> i�'•... 16. Cond�mn�Uon.Borrower aseifl�s to Lender the proceeds of any eward or Glafm for demages connocted with a condemnatlon or other takinp _
<br />_ of alt or eny pert of the property.Such proceeds will be epplied as provided in Covenant 1.7hia assipnmont Is subJect to the terme of any prlor _
<br /> <�ii'' .: seaurity agreement.
<br />_��; • 18. W�ver.By exerciaing eny remedY evailabie to Lender,Lender does not give u any rights to later use anV other remedy.By not exereising �'-=_..._ __ __
<br /> any remedy upon Bonower's defeutt,Londer doea not wafve any right to leter conaPder the event e default it it hnppons agei�. 5==�`
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<br /> � 17. Jdnt �nd S�v�nl U�WIity Co•sipa�rs; Sr�cc�ston �nd Awipns Bound. All dutles under this deed of trust are Joint and several. Any �:�-.
<br /> r::=;•. : Bo►rower who co-sipns thia deed of trust but does not co•sipn the underlying debt Inatrumentls) does so onty to prant end canvey Mat --.---
<br />�rr-•°.:�• Borrower'e fntorest In the property to the Truatee under the terms of thle deed of trust.In addltion,such a Borrower egreea that the Lender and
<br /> any other Borrower under thia deed of truaT mey extend,modi{�or make any other chanpea In tho torms of this doed of t�ust or the secured ��ii��•_
<br /> - debt without thet Borrower's conaent end without reioasing thet Borrower from the terme o4 thla deed of trust, -_-------
<br /> , � The dutiea end benofite of this deed of trust shell bind end benefit the succeasors and asalpns of Lender and Borrower. ���,��.,,,F
<br /> x �,M,�,,�,_..__�_._
<br /> 18. Nottc�.Untess otherwlae required by lew,any notice to Borrower ehall bo givon by delivering it or by mailing it by cortitfod mail addressed to ,�
<br /> � � Bor�ower at the property uddrosa or enY other edd�eas that Borrower has gIvnn to Londer. Borrower will glve any notiee to Lender by cortifled �:�;`�`-+�'��'°'��� ,y.,:e•
<br /> •� meil to Londer'e nddreas on pape 1 of thia deed ot trust,or to eny other address whtch Lender has designated. Any other notica tu Lender shall ' �•�r.�t�^�;�?_•r..y�.�.qr_,�
<br /> be sarrt to Lender'e sddress aa ateted on page 1 of tNi deod of trust. `' �" "
<br /> # �!�F '..�jSr'�~:r'9sr.::iiw__
<br /> ii`.��:.•..:_:.i�a�TF:.
<br /> . Any notice shall bo deomed to have been piven to Borrowor or Lender whun givon in the manner stated above. � .`� _ �,�%';;��`:�
<br /> 18. Tr�nef�r of th�Prop�rty or�B�n�ticl�l Int�nst In th�Borrower.If all or nny port of the propertY or any intorast in it fs sold or trenaferred � �-`;;;':�'� '
<br /> withaut Lcnder'e prlor written consont, Lundor may demand Immcdiato paymont of tho oocurod debt. Lender mey also demond immediate • .•= -
<br /> � payment If the Borrower Is not a naturol person end a boneflctat intorost In the Burrower Is oold or transferrod. Howevor, Londar may not '��;`,�,�
<br /> ' demand payment In the ebove situatlona fi it Is prohlbited by tederai law es ot tho dato ot this Qood of trust. ..
<br /> 20. H�con��yanc�.When tho obligation socurod by this doad of trust has been paid,and 1_ondor has no further obligation to meke advancos •• .
<br /> , under the instrumento or agreemente eecured by thle doad of trust,iho Trustee sheil,upon writton raquoat bV the Londer, reconvey the Vust
<br /> ,. property.The Londor ehall doiiver to the Borrower, or to Borrower'o succnssor In interest,the trust deed and the note or other ovidence of the
<br /> obltgeUon so satisfled.Borrower shell pay any rocordatfon coots.
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<br /> 21. Suac�ssor Truste�. Londor, at Londor's option, may remove Truatee nnd appolnt a soccessor trustoo oy nrst,maiiing a copy oi ii�o = -
<br /> substitution of trusteo ea requfred by appliceble Inw,end thon,by fflfng the substitution of trustoo for rocord in tho oNice of iho rogleter of daeds
<br /> of oeCh cou�ty in whfch tho Kust proporty,or somn port thoroof, le situated.Tho succossor trustee, without conveyanco of tho property, shal) �
<br /> succeed to all the powor,dutlos,authority end titio of the Truatao namod In tho dood of trust and of ony euccessor trustao. ,
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<br /> OANKEIIS SVSTEMS.INC�.ST.CLOVD.MN 60301 It•�00397-23411 FORM OCP�MT6�NE 6�18181 __ __ __ _
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