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<br /> 1. Poymarrta. BoROwer agreas to make a1! 0 �•�v
<br /> . paymerte on ttie secured dabt whan duo. UNass Borrowcr ��nder egres othernFse, any `.:``f. �.< . . ?
<br /> peYmonts lender receives ttom Barrower or for Borrowe►'e benafit�vill he appGed Hret to sny amourns Bonowor owes on ihe setaaaed debt � ''._`.
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<br /> e�cdusiie of interest or prindpal,seeond to interest,and then to prinNpal.It partial prepayment of the eecured debt accurs tor any reasoa,k wiil • - �
<br /> - - • -- not raduco or oxeuse eny echaduted payment w�til the seeured debt is paid in tull.
<br /> •-� 2.CFBttns Agl3Aat TE9o.@Onower Viriil pay e!f texos,ass8ssmentb,end ather charge9 ettri�utabia to the praperty urhen due and will detend tiUe � � �
<br /> • � to the property egalost eny daims whfeh would impair ttie Qen of Wa deed aft1ust.LenQer may requ'ue Hortowar to assign any Nghta,da(ms o� � • � •
<br /> ' � Qefensea wtUch Hortower may Aave againsi paitlas who'suppty IaLor or materiala to improve ar maimain the proporty. ` ,
<br /> � • 9.In�uranco.Bortawar wiU keep the propertY insuted unde►terms acceptabte to Lender at Borrower's e�ensa a�d tor Lendere benafit AII , ' ,
<br /> � ` , ,, � insuranee potieies sl�aU inetuQe e stai►Qard mortgaga ctause in fevar af Lender.lender will 6a namcrii aa tosa payse or as t!�insured on any such . , �
<br /> tn9uranett poticy.Any insurance p±oceeda may 6B aDp�ied,vviihin Lender's dlsvet[on,w eitRer the�estoration or repair of the damaged property �•
<br /> � � • � � or to tRe seeured debt.tf tenQer requirea mortgage insuranee.Boaower agreea to mairttain such Inswanee for ea long ea Lender rec�res. „ . : ��o`• ".
<br /> � ^t����; 4.P r ayarty.B o r r o w e r wi U k ee p t h e pr o p e rt y in g o a d can di Unn a nd mak e aU re pafra reasanab t y necess a r y. ' •. . • -
<br />_ ` "�"��V � 5.6cparaos.Borrower agrees to pay eil Lender's expeases,including reasonable attorneys'fees,if Borsower breaks any covenants in thia deed - . '
<br /> of trust or in any ob(igSUon secured dythta deed ot Vust.Borrower wiil pay these amounts to Lende�as provided in Cpvonant 9 ot this deed of �, :;-.
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<br /> � '� .`. $.Rdot Seeutity Nieuemta Unlesa Borrower tirst ob�ins Lendera wr�iten consenL Bortower wiU not rs�ake or pertnit eny ehanges w any priar � �„�� ;.,_ •,
<br /> � ' ' � security ir+terests.Barrower will pertorm aU of BottowePs ohtigations unQer any prior mortgage, deed of trust or othor security►a(ueement
<br /> � • • Induding Bortowers covenar�to make payme�s when due. � � •
<br /> - 4�� T.Asslanrtlaat ot Re�rtu end P�ofitB.Borrower assigns to Lsnder the�enis and profits ot tfie property.Uniess Bartower and Lender have agraed s ., ..���.:.}<::
<br /> ' ' � �°? otherwise in writing, Bortower may co0ect end rets�n the rents as lor�g ae Borrower is not in defauk.It Borrower dafauits,Lender, Lender's • .
<br /> " � ' ageM,or a court appoitrted receiver maY mke possession and manage the property and coltect the�enta.Any rents Lender coitecta shatl be ` � `��
<br /> ' �`'i apptied fust to the costa of managing tne property,induding eourt costa and attomeys'tees, cammtssions to rerrtal agertts, and any ather , �� �
<br /> � neeeseary rel8ted expenses.TAe remeining emaunt ot rents will then appry to paymerts on the seaued debt as provided in Covenarrt 1. " .
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<br /> � ` S.Leaset��da•Candamintuma;Ptmu�ed Unit Devefopmer�.Borrower agrees to compty wtth the provisions of arry lease if this deed of uust is on ._5.:
<br /> ' ` a ieasehotd.({this deed of trust ls on a unit in a condominium or a planned unit devetopmerrt,BoROUVer wiil perform ail of Burtawer's dudes � -=
<br /> � unde►the covertants,by-laws,or regulations ot the condomintum or pfanned unit development. _ -
<br /> • ., . ,s' 9.Authority of Landar tn Per[arm tar Barrawer.If Barrowar.taits m pertarm any of Bortower's duties under thts daed of trust, Lender may .' •• `
<br /> - pertortn the durtes or cause them to 6e perfarmed. Lendet may sign Borrawer's name or pay any amou�if naeassary for pertormanee.tf arry -
<br /> . ' construedon on the property is discontinued or not carried on in a reasonable manner,Lender may Qo whatever is necessary to protect i.ender's '
<br /> � � sewrity i�erest in ffie propercy.This may indude compteUng the construction. �� —
<br /> LendaPa failure to perform will not preclude Ssnder irom exercising eny of its other righte under the law or this deed of trust , ' .
<br /> � MY amauc[ts paid by LenAer to pratect Lender's security irtterest will 6e sec�aed by this deed ot trust.Such amoums wiil be due.on demand -
<br /> ' �,. __ - and will 6ear tirterest from ihe date af�e paymertt until paid in fuli at the irtterest rate in eHect on the seauad deb� -°.,,..3_.-.
<br /> • � . t0. Oafeutt and Acealomtion.if Borrower fails to make any paymeM whe�due or breaka any covenants unAer this Qeed of uust or�any ;��=f.''�„�-
<br /> .� • obisgation secured by this deed of trust or any prior mortgage or deed of uust,Lender may aaceterate the mawrlty of the secured debt and -.
<br />-- � • . demand immediate payme�t and may invoke the powar ot sate and eny other remedies permitted by apaticabta law. � `:n°
<br /> �. 11.Re�est tor Notice oi Qefa�Ot It ts hereby requested that copies oT the notiees of detauft and sate be se�t to each person who is a party _.�.
<br /> � " " " hereto,et the aCdress of eact�sucti person,as set fonf►herein. . -----
<br /> . '° 12 Power ot Seie.It the lender invokes the power of safe,the Trustee shaU first�acora in the office of the ragister of deeds of eacb courty
<br /> � wherein the wst property or some part or parcal thereof is situated a noUee ot dafauh cantaining the i�formation required by law.The Trusme --__
<br /> shaii atso mail copies of the noUce of defautt to the Borrower,to eacA person who ia a party hereto,and to other persons as presoribed by .
<br /> � appiica0ie law.Not tess than one morrth efter the Trustee records ihe notica of defauit,or two momhs if the trust property is not in any _,_
<br /> inccrporated eity or viitage and fs used in farming operedons carried on by the uustor,ths Tnrstee shail give pubUc natice of sale w the persons ' -
<br /> =,;r; and in the manneF presaibed b y epypiicabts law.Trustee,witt�aut demanA on Borrower,shail seil the prope rt v at pubGc auction to tfie hi gfiest •
<br />-';;;; � .. bidder.if required 6y the Farm Homestead Protection Act,Tnistea shall offer the property in two separate sa�es as required by applipble law. .�
<br /> . 7nutes may postpone sale of all or any parcel o!the property by public announcement at the tlms and place of any previousiy scheQufed sale. • .
<br /> . Lender or its deaignee may purchase the propeRy at any sate. • • -�-
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<br /> _',.' . '+ Upon receip�o!paym errt ot the pdee 6id,Trustee shall deliver to the purchaser T�ustea's dsed canveylng the property.The reciUals wrnained in _� --��
<br /> �,c:' - Trustee's deed shall be pdma facie evEdience of the uuth of the scatements contained ffieretn.Trusme shal�appty the proeeeda of the sate in tAe • �,.'�---_
<br /> toltowing orCer. (a) to a0 expenses of the sate, induding, but not limited to, reasonabte Trustee's fees, reasonabte attomeys tees and ��
<br /> -"" � -���� " reinstetement tees;(bI to ati sums secured by this deed of trust,and(c)the batance,if any,to tho persons tegolty entitieA to receiva it. " �'��?�`
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<br /> . ' 13.Faredostue.At Lender's option,this deed of uust may be toreGosed in the manner provlde by applicehte Iaw tor foreclasure of mortgages �.• :..
<br /> - . on real propetty. .,,�'r
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<br /> 14.tr�s�octtan.Lender may enter the property to inspect it if Lender gives Bortower noUce 6eforehand.The notice must state the reasonabia ' � '
<br /> . ' • . cause for Lender's inspection. • ' ; '
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<br /> . 15.ConQerrwatlon.Bartower assig�ns to Lender the proceeds of any award or cfaim for damages connected witfi a condemnation or other taking � � T
<br /> � ' - . of a0 or eny patt of the property.Sucn proceeds will be applied as proviQed In Covenant t.This assignment is subject to the tarms ot any prior -
<br /> � securhy agreemen� �-
<br /> ' 18.Watue�.By exereising any�emeQy avaitabie to Lender,Lender Qoes not give up any dghte to later usa ar�y other remedy.By not exe►cising ", , ''�'`�
<br /> . , eny remedy upon Bonower's defauR,Lender doea not waive any rigfit to later wnsider the event a detauit if ii happens again. ' � •
<br /> • '` � 17.Jotni and Sovoral Uabllttv; Co-stgnera; Suecasaors and Aasign9 Bound. Ati dutiea undor tAis deet oi trust are jolnt and sevetal. Any � � " �
<br /> Barrovrer uvho casigns thie dee0 of uust but does not co-signghe underlying debt instrumentts) Qoes so onty w grani and canvey that ° �.
<br /> ..� Bortower'e interest in the property to the Trustee under tho terms of this deed oi tnist.in addition,suctf a Bonower agrees that the Lender and •
<br /> '' • arry offier Bonower under this deeA of trust may extend,rnodify or make any other changea in the te�ma of this deed o}trust or the secured • � �•
<br /> debi whhout that Bonower's consent and without reteasing that Bonower hom the terms of this deed of trust. .
<br /> : . The duties and beneflta of thta deed of vust shall bind and benefit the successora and•asaigns o!Lender and Borrowar. � . .
<br /> ,• 18.NoUco.Untess otherwise required by taw,any notiee to Borrower shall be givon by deflveNng it or by rt:aiiing it by certitled mail addressed to "
<br /> � Borrower at the property address or any oiher addresa that Borrower has given to Lender.Bonower w�J give any notice to Londe�by cartified
<br /> `�� � maii to LendePa address on page 1 of thia daed of uuat,or to any other aedress which Lender has designatad.Any othor notice to lander shall • "
<br /> ;�%) ' • be sent to Lender's address ts stated on page 1 of this deed o}UusL ' •
<br /> t , � Any notiee shall be deemed to have been given to Borrower or Lender when given in the manner stated above. ' , •
<br /> . . 19.Tranafer of the P►opetty o�a Beneflcia7 tMerest in the Bortower.If a:l cr any pan o}the property os z.�y interest In it is sold or var.sfened �
<br /> . wrihout Lender's priot written consent, Le.^.dor may demand Immedia��payment ot the secured debt.Lender may also demand'c^�mediate • •
<br /> �, payme�t if the Borrower ls not a�aturat petson and a beneflcial interest in the Barrower 1s sold or Uansfened. However, Lender may not � '
<br /> . • demand payment In the above situationa H it Is prohibited by federal law as of the date of this deed o}uust. � •
<br /> . ' , 20.Raconvoyance. When the obHgatioo seeured by this Czed of trust has been pald and Lender has no fu►ther ob:iya*.�on to make advancea � �
<br /> , undor the insvumenta or aflreeme�rte secured by thia deeC of truat,tha Trustee shaij upon written request by the Lender,reconvoy iho trust �
<br /> .. vroperty.The Lender ahail deiiver to ihe 8onower,or to Borrower's successor In ioterest,the truat deed and tho note or other evidence of the ' �
<br /> . obl�gation so satisfied.Borrower ahall pay any rewrdaUon costs.
<br /> 21. Succossor Trusteo. lender, at Lender's option, may remove Trusteo and appoint a successor trustee by tirst, mailing a copy of tho
<br /> . � , substitution of trustoe as roquirod by appli�ab►o law,end then,by fiiin�the substitution of trustee for record in the office of the tegister ot deeds��,
<br /> of each county in which the trust property,or some part thereof,is srtuated.The successor trustee,without canveyanee o}the property,shatl ' �• �
<br /> ,;._ • ' succeed to ail the power,dutiea,authorityr and titte of the Trustea named in the deed ot truat and o}a�y successor vustee. .
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<br /> - . ' BANKERS SYSTEMS,iNC-.ST ClOUD.MN 68301 It-SOP397•2361/FORM OCP-MTf}NE 8�19/91 -
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