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<br /> • � 1. ?aymsrrte.Borrower a�ees to make s1tpaym ems on the secured debt when due. Untess Horrower and F.ender agree othervv�e, any 4�'� '` � •
<br /> • ` i .:•` ' payments Lender receives fro�n Borrower or tor Bormwe�s,�engfit+nn7t lied,�fvst ta any amounts Bartower owes on tha seeured debt --- -- ----
<br /> .--- �- ,— exdusive of ioterest or prindpal,seaond to in an�#��°p�n����i' payment of the seaued de6t occ�us tor any reason,it witl � -� `"
<br /> � not reduea or excuse arry schetJuied payment art � �'�i U••�
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<br /> , � 2 Claims Agains4 Titte Bortower wdll pay atf t�xes, ap��gp �attribumbte tn the property when due end wili detprtd titte `
<br /> . to the property agamst any dalms whirl►would ie�����1`�its t1BSd.�lender may requve Bortower to assign any righte,etaima or ` • , .
<br /> �� detenses which Borrower may have agaJnst pard o supply abor or materiats to tmprove or mamtau►the property. . , ,t` � �
<br /> � •`��� 3.Ins�trenee.Bonower vin'U keep the property insured under tertns acceptabte to Lender at Bortowefs expense and for Lender's benefit.All ` "4 � '
<br /> insuranee pofictes shatl inc[ude a sqndard mortgage ctause in tavor of Lender.Lender will be�amed as toss payea or as the lnsured on any euch ,
<br /> - insurance poGcy.My insurance proceeds may 6e appGed,wifhin Lenders discretton,to either the restordtion or reDab of the damaged property �� '� �� '"
<br /> • - �� or to the seciued debt tf lendes requires mortgage uawranee,Bortower a�aes m maintain such tnseuance for as tong es Lender eequ(ros. • '
<br /> ` �t .,
<br /> � �..� 4.�ayeriy.Bortower vuitt keep the property in gaod condrtion and make all�epairs reasonabty necessary. • � �- • �
<br /> _,.'��-'° 5. ensea Bonower a reas to ' '
<br /> of u�ust or in a �y���^der's expenses,induding reasonabie attomeys'feea,if Botrower btealce any covenents in Ws daed _ _ _ _
<br /> , arry ohligation secured by this deed ot trust Borrower wiil pay these amourts to Lender as provlded in Covenant 9 of this deed of
<br /> , . VusG . ,
<br /> � "�' 6.Prior Seeioity�te�.Unfess Borrower first obteins Lender's written conse�t,Borrower wiil not matce or parmit any changes to atry prlor � ' • �
<br /> , security intetests. Bortower wiil perfartn all of BartoweYs obGgaUons under any prlor mortgage, deed of trust or otttet seeurity egreemertt. � �' ��>
<br /> . . , ;�. inc[udng @ortower's ooveaants to make paymertts when dus. �_
<br /> - � `•.� 7.Aasi of Rm�ts and Profim.Boaower assigns to Lender the rents and profrts of the property.UNess Borrower and Lender have agreed ` � ' �.
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<br /> � - othe arwi e in�writing, Bonower may cottect and retaE�the rertts es tong as Borrowe►is not in dsfauit. ff Borrower Qefaults,Lender, Lenda�'e `r`"-
<br /> • � agenL or a court appoirtted receiver may take possession and manage the property and coltect the rents.Any renfs Lendsr coltects ahail be •�
<br /> applied first m the costs of managing the property,inclu�ng court costs artd ettomeys'fee5,commissions to rerta!agerne, end any other � 'WS
<br /> ',. nacessary�etated exper�ses.The rema�ning amaurtof rerns will then apply to paymerns on the secured debt as provlded In Covenant t. � � . -`
<br /> , 8.Leasahc2ds•CondamtnIurna;Wanned tlnii Develapments.Borrower agrees to compty w;th the provlsions of any lease if this Qeed ot tivst ia on � •, at �_,- :�
<br /> a leaseho(d.If this deed of trust Is an a urtit in s condomintum or a planned unft devetopment,Borrower wili perform ail ot Borrawera duties -
<br /> ':- under ths covenartts,by-Iaws,or regutations of Me condominium ar planrted unit devetnpment �
<br /> r.:_
<br /> -� 9.Autharky of LeMer to Ferfarm fcr Borrower.If Borrower tads wperfartn any of Borrowera duties undar this deed of Vust, Lender may
<br /> perfortn tha duties or cause them to be performed.Lender may sign Borrower�a name or pay any amouM it nseessary for performance.N any --
<br /> . construcnon on the property ls�scontinued or noi carried on in a reasonable manner,LenAer may do whatsver is necessary to protect lenQer's ��•t�,.__
<br /> . . security interest in the property.This may Inctude compteting the construction. __
<br /> ^ : Lender's faiture to perform will not preclude LenQer from e:ercising any of its other rlghts under the!aw o�thia deed o!Laist. ;�-:` , .,.f'..� --__
<br /> . , �, .r-�-.
<br /> '.- Any amouma paid by Lender to protect Lenders secutity irtterest will be secured by thts deed of truat Such amoums wiil be Cue on demand � 1-,�.-•-,
<br /> , � and wiil6ear iMerest trom the date of the payment urrtfl paid in tuil at the irtterest rate in effect on the secured dobL � ,�
<br /> - �a�i�l�
<br /> 10. DefaWt and Aeceleratlon. If Bonower fals m make am payment when due or breaks any wvenartts under this deed of trust a any � • � �: -.;^`.�
<br /> obiigation seeured by this deed of trust ar any prior mortgage or dee6 of trust,Lendet ma�yaccelarate the maturlty ot the secuted debt and 7� �
<br /> , demand immediate payment and may invoke the power of sate.and any other remedies pertnitted by applicabta law. --�._�-�
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<br /> ' •~ "' 11.Requost fa Ha6ce oT Oefauit,tt is hereby requested that capies of the rrotices of detauft and sale 6e sent to each person uvho ia a pazty , r ' y
<br /> , • hereto,at Me address of each sucN person,as set tor�herein. , ,
<br /> ------- - � 12.Pau�ar ol S�a.tt ihe Lsnder invakes the pawe:o!sals,the Trustes shali first record'm the office of the register of deeQs of each county �'�
<br /> . . ,� `•� ' wherein the Vust praperty or some part or parcei thereof is situated a noUae of detauit contatning the intarmaUon required by law.The Trustee '��'t�
<br /> , shall also mail copies of the natice of.default to the Bortower,to each person who is a party herew,and w other pereons as prescribed by � `�_'��`.-
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<br /> -. . . a ppficable law.Nat Iess than one month a t t er t he Trustee records the notice of defauk, or two manlfis lf tfie Vust property is not in a�y
<br /> incarporated city or village and is used in farming o�perations carried on by the trustor,the Trostee shall gtva public nottce af sale to the persons �"�
<br /> � � and in the manner presdibed by apypticabfe law.Tnistee,without demand on Bonower,shail seil the prope►ty at publia auctlon to the Nghest � ��..�'.r+:
<br /> bidder.lf required by the Farm Homestead Pratection Act,Trustee shall oHer the property in two separate satea as required by eppltcable Iaw.
<br /> '. , Trustee may postpane sate of ati ar aay parcei of the properry by publiC announcement at the time end ptaee of any previous(y SchBGuled eale. � �,�+`
<br /> Lender or its designeo may purcfiase the properry at any sa1e. '�,'„r;
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<br /> Upon receipt of pavm eat of the pdce bid,Trostea shalt deliver to the purchaser Trustea's deed conveyin9 the property.The reciUals contatned in
<br /> - � - ;-� Trustee's deed shall he prlma facie evldienca ot the truth of the statemerrts corttained theretn.Trustee shaii app{y the p►oceeds af the eele in thp '.` r. :` '
<br /> , � - foltowing order. (a) to ail expenses of the sale, including, but not Iimited to, reasonable Trustee's fees, teasanabte attorney's fees and � • � y-y r�x.-
<br /> reinstatemertt tees;(b)to all sums secured hy this deed of trust,and(c)the balance,if an y,t o t h e p e r s o n s t e g a l i y e n t f d o d t o r e c e t v e i t. • �:.-�_.•
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<br /> � 13.Foreclosura At LenQer's optlon,this deed of trust may be toredosed in the man�er provide by applfcable taw for forectosure oi mortgagea ` ��;'
<br /> • on real proparty. •
<br /> • . . . '�'7F'::
<br /> 14.Inspectton.Lender may enter the property to inspect it tt Lender gives Bonower noUce beforehand.The notice must etate ths reasonabfa �
<br /> � cause for Lender's inspection. . ---
<br /> , � .� , 16.CondarrmaUon.9ortowet assigns to Lender thepraceeds ot any eward or clalm tor damages wnnected witt�a condemnation or other taking � ��`
<br /> , of all or any part of the Droporty.Such praceeda wiil be appited as provlQed in Covenant 1.This essignment ia subject to the terms af any prior . , ,
<br /> , security agreemeM. �: -
<br /> .';,, . , _-�
<br /> , � .. 18.Waiver.By exercising any remedY availabte to Lender,Lender does not g'ive up any rights to later use any other remedy.By not exercistng '
<br /> . any remedy upon Bonower's defautt,Lender doea not waive any right to later consiQer the event a defauft if it happens again. r� . • .
<br /> ' � � - 1�. JoL�t ancf Saverol UobIDty- Co-signera; Saccessora and Assigns Bmmd. All duUea under this deed of trusi are joint and severat.Any
<br /> Barrower who co-signs this deed of uust but does not co-sign the undefiring debt insuument{s) doea eo onfy to grant and convey thet �
<br /> • Bonower's interest in!he property to the T►uatee unQer the terms of thia deeQ ot trus�In additlon,such a Bonower agreea that the Lendet end �1�
<br /> any other Bonower unQer thia deed of uust may extend,modify or make any oiher changes ln the terms of this deed of trust or the secured '
<br /> . • debt without that Borrower's consent and wfthaut reteasing that Borrower irom tha terms of this deed ot uust. � �
<br /> �� . .
<br /> The duUes and 6enefits of thia deed of Vust shall bind and benetit the successors and assigns ot Lender and Borrowe�. . : . . '
<br /> • , 18.Notiee.Untesa otherwlse tequired by taw,any notice to Borrower shall be given by doiivering it a�by mailing k by cettitled mail addrassed to '
<br /> .. Borrower at the properry address or any other address that Barrower has given to Lender.Borcowe�will give any notice to Lender by certified • '
<br /> mail to LendePa addresa on page 1 of thls deed of trust,o�to any other address vfilch Lender has designated.Any other notice to lendet shail ' �
<br /> be sent to Lender's address as stated on page t of this deed of ttust. "
<br /> • Any notice ahall be deemed to heve boen givon to 9orrower or Lender whan given in the manner stated ebove. ' � �
<br /> . 19.Transfor o1 the Proper4y a o Benofleiet fritorose ie ffia Borrowar.If all ar any part of the property ar arry Interest i�it is sotd or tranafened �
<br /> w(thout LendeYs prlor wrltten consent, Lender may demand lmmediate payment of tAe secured debt. Lendar may atso demand lmmedlate
<br /> payment if the Borrower ia not a natural person and a beneflcial interest in the 8otrower is sold or transferred. However, Lender may not �
<br /> damand payment in tfie above aituations if it is prohihited by fede►al law as o!tha date of thia deed of uust. �
<br /> ' � 20.Reeonvoyanco.When the obiigation secured by thia deed of vust has been paid and Lender has no turther obNgation to make advances � � �
<br /> under the instruments or agreemente secured by this deed of trust,the Trustee shal�upon written request by the 4ender,�oconvey tho trust � � �
<br /> properry.The Lende�shatl deliver to the Borrower,or to Borrower's successor in interost,the trust deed and the note or other evidence of the �
<br /> oDligatlon so satistied.Borrowor shall pay any recordatian costs. •
<br /> 21. Succossar T�uatoo. Lender, at Lender's option, may remove Trustee and appoint a successor trustee by tirst, mailing e capy of tho " '
<br /> . • substitution o}trustea as required by applicabte law,and then,by filing the substitution o}trustoe tor record in the oNlce of the register of deeds
<br /> of each county in which the truat property,or some part theteof,ls situated.The successo►trusiea, without convoyanco of the property,ahall
<br /> succeed to all the powe►,duties,autharity and titie of the Trustee named in tho doed of trust and oi any successor trustee. � _
<br /> :' � � j �
<br /> � IOago 2 al 21 ! . • .
<br /> y BANKEHS SYSTERAS,INC..S7.ClOUO,MN 66301 11-80p3974341)GORM OCV•M7(}NE 8/1991 I. _ '
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