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<br />, COVHIIAHTS • . , __.
<br /> ' 1. PaymaMe. Bonower agrees to make all payments on the securesf dabt when due. Untess Borcower and lender agree othonvise, any , , � , • _-_
<br /> payments Lender receives from 8orrower or for Bortower's benefit will be applied first to any amouMa Borrower owea on the secutod dnbt ,
<br /> exclusrve of irrterost or principai,saeond to interest,and thsn to prindpal.If partiai prepaymont ot the seCUred debt oceurs tor any reasan,R w�ll ';._,___
<br /> ' not reduce or excuse any schaduled paymerit until the seeured dabt is D$�d�n fu��- ..„ �-,�. v
<br /> 2.(kaims Agdnst iitls.8orrower will pay alt taxas.Assessm9rtte, �d othsr chnrges attributabte to tAe property whon due and wili defend tiHe �. ' .� :>' �; .
<br /> ta tha R�oDertV a�ainst any clai�ns vsdiM wauld imAai►the tien ot thts deed of trust.landar may require Borrowur to assipn any righ2s,cisims or . , .,�-J�:
<br /> defanses which nr►ovrer mey Qeve dgainst pattiss who SuDpfY�8bor or materieis to improve o�ma�ntein ths property • '.
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<br /> •• 3.tnsuruiu.Bn►rower wiil keep the proDertV�nsured under terms aceeptable to Lender at Borrower'a oxpenso and for Lendar's banofit. Au , ;'�-�.y,
<br /> insurance potides shall incluQa a standard mortgage ciausa in tavor af Lender.Lender vuili be namsd as toss payae or as the insured on any such
<br /> � ' ar to�e se�cured 9ebt�If Lend re Peq�eemortg ga Insturan Borrower agreesto main�n suchhnsurance or es fong as Lo dsr equi��D�Y ` � ;;;',, ,
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<br />�`*" ' 4.Prop�rty.Bortower witl keep the property in good condition and make all reDairs reasonahiy necessary• . ` x;' :�
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<br /> 5,�.Eorrower agr9ea to Ray all Lender's expenses.including reasonable attornays'fees,if Borrower Dreaks any eovenants in this daed �.,y _
<br /> of trust ar m any obligation seeurad by this deed of trust Bonower�nn'll pay these amounts to Lendsr as provi�ded in Covenant 8 0!eh+s dead ot - -- t `
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<br /> ' F.Prlor Seatrtty(rrter�sts.Unless Bonower 9irst obtaias L.enders written cen�erst, Borrower will not make or permit any changas to any p�lor , �.;�;;��;.
<br /> ' Security interests. Bonower v�itl perform e11 of Bormwer's obligations under s� prior mortgaga,desd of trust or other security aBre3motrt, ^ :„ _, �
<br /> ' inctuding 8orrowrers eovenants to make payme�when dua. . . . . :�_��; '��
<br /> 7.pssigTrmsnt o4 ReMS mA Prefits.Barr o w e r a s s ign s t o L e n d e r t h e i a n t�e n d p r a fi t s o f t h e p ro p s rt y.!lnl e s s Ea►rower and lesidor h&vo agresd � .��' • •
<br /> ; othemCs�r si writing,Borrower may callect and re�in the rentc as IonQ ac @orrower is not�n defeutt. ff flanower defautts, Lender, Lertflars .,Y �+� �_
<br /> � „ agerrt,c4 a court appomte d receivar maq t a k e pa&session a n d m a n e p e t fi e p r o p e rt y an d callect tfie re�ts.A�y racsts Lender colleete sha11 be , : '��r�
<br /> •y aypt�ad first to the costs of managin$the property. �nduding caurt casts and arivmays' fees, eommissions to rontal agertts,and any ather ,,_y�..����-
<br /> n3cessary telated expenses.The remammg amoutrt af rents will then apD�Y to p�ymarrts on the eecured debt as provided in Covenant 1. . :d,��....;��
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<br /> 8.Leass9ialds'Condacrdn'.urru:C'-lacut�d!!nf!�erelaP+��s-gonower agrees to comp1y with the provisions of any lease'rf this dead of trust is on .
<br /> a leas8hefd.If this deed ef tru.�'"t is vn a�um m a condam�ruum ar a planned uait developmartt,Bonowar vuilt porfarm aD of Borrowe�s duftes ' �{-;f;t f._
<br /> ��r thQ r�vertar+ts,hy�l„-�vs,or rst{u)micsrr-of the condominium or plasv�ed unit dovelopment „ ' , -,_'`'�•�a±��•--
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<br /> • g,put�ri,yr¢i l.ac�tu l�term fcs @�.mwor.If Bcaower fails to perform any of Borrower's dutiea under U�is Qeed of bust, Lande�may
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<br /> � Re�fertn ti:�s du�cr cwaa�em to'�a;sertarmed.t.�Uer may sign Bortowers name or pay any amaunt H neeessary for per(ormance.(f any �����
<br /> � r,a�fm�n ttre�uiusnn:a is d�scortlnusd or not carsad on in a reasonabte manner,lender may do wt�atever is necessary to protect Lenders , ____ _
<br /> ;ewrECV ir�ce.�in+,tr�rcr�eriy-This may include co�G.ating the construcdon. ''`�°
<br /> • Landc+!�I�Ic:ra tn perfortn will not Predude Lander irom exercising any of its other rigfits under the law o►this deed of trust : "�'' _.a,"�_:�.
<br /> � aaisd w�'�.r�a�i int�rest t�omdthe dapte of�padyinent unU'I�paidtin��at theeinter�est�rate in effect on thesecured d9b�u��II be due on Qemand - - _
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<br /> t0. D�lault�nd AscN�raticn. ff Bonower fails to make any payment wten due or breaka any wvenants ua6er thls deed of bvst or any •:,:: „: -='
<br /> � obt(gatian secured by thls deed of tnist or any prior mortpage or deed of trust, lender may ecceterate the maturity ot tAe aecured debt and :�„ti, .-7:`. '�• ��.--$
<br /> ' demand immediate payment aml may invoke the power of sale and any other remedies permitted by epplicabte Iawr. ,
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<br /> " 11.Reqws[ta Notle�of Dda�t It is hereby requssted that copies of the notieea of defauR and sate be seM to each person who ia a paity _ ;, ., .% , g�
<br /> � hereto.a2 the address of eaeh such peraon,as set forth herein. �,�'� • . ' �
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<br /> �� .` 72.Ccrm�r o1 Sat�.If the Lendar invokes tho power of eale,the Trustoe ahall first record in tho offloe ot ffie registcr of deeds of eacb tounry ' � �+?'s�•. • ,••. -
<br /> where:s��vust prc�rty or some part or arcel thereof is s'rtuated a notica of defauft wrrteining the i�ormation requfre�by law.Tha Trustee "?=
<br /> •, shaSi a�a^�a�cc:�.�s a�f�sa noUee ot default to the Bonower,to each paraon who Is a party hereto,and to other perso�as prescribed by :�:� ��'`; �
<br /> a�D:i.ti1.2 law. t�sa trss t'han ona moMh after the Tnistee reeords the noUce o!defaut�o►tow manths i4 the trust praperty is not in arry :t;,�; %:�,=
<br /> '" ' crc�r,�ar�1 eity or villapa and is used in farmi�g oparatlons carried on by ffie Vustor,the Trustee ahall give p�'.uo t►ot+ce of sate w 9fie parsons � � .�7,�•`+�'-,
<br /> ' 2nd�a rhe nanner`ascnbed bV appplicabie law.Trustee, without demand on Bortower,ahall setl the property at pu�:auction to the highest !N; � .� �'.�.
<br /> �� bi�9r.14 rzgufred ty 2�s Farm Homestead Proteation Act,Trustee s.tiall offer the property in two separate safes as r��:ire*I by applice6le law. ,�fti
<br /> . Tacs�a may postporB sale ot all or any parcel of the properry ty saf:�ic announcemerrt et the time end place of aoy�es�.=srysoheduted sate. i� �
<br />' �'. E=r.'�r or rts designee may purchase the propertV at any sale.
<br />_--_ • U�en recelpt o!peyment of ffie prlce 61d,Tnutee shatl deliver to 4he purchaser Trustee's deed conveying the pro rty.The retitials corttained in �! �A�_'�
<br /> " T c u s toa's Q e e d s h a l l b a p r i m a f a e i e a v i�e n e e o f t h e 4 n rt h o f t h e s t a t e m a r�u c o n t a i n e 0 t h e r e i n.T r u s t e o eha8 a p p ly ethe p raceods of tt»cata tn ths � '� �'�� . =�
<br /> follou3r.g ordor. !a)to aIl e�enses of the sato, including, but not limited to, reasonabte 7rustee's teea, reasonable attomey/a feea a n d .` �
<br />, reirs'zt�ns+eM faes;(b)w all suma eec�aed by this daed of Vust,and(cI the bala�w,i4 any.to the persons Iepally erttitled to receive it. ''�` �'"� �
<br /> ' . 1'J,�asucs.At LenQers oDtion,thls deed ot roivst may 6e foreclosed in the manner v�avlde by applieable law for foraclosure of mortgages _- .-- ,
<br /> on rea)Qcaparql.
<br /> 14,l�cdon. Le:3sr mr,y enter Uss property to in�ect it if Lendar glves Bonower notice beforohand.Tha notice must state the reasonable - ---
<br />• causa far Lende��i�ortisn- - — ___- ''
<br /> 1F,�aoo�ro�riion.B�rrawer assigs+.a Lender ffie Croceeds ot any award or cla{m for damages wnnected w3th o eondemnaUon or other taking '�`I=�`�•�=
<br /> � ' of a9 or a�y eart of the property.Such Draceeda will be applied as provldad in Covenartt t.Thls asalpnment ta subJect to ti�e terms of arry ptlor �_,�-�°r_ ___
<br /> ssa�'DO aFRr.amem. `+-_ �n- .-�- -
<br /> 18.1l1Yalw.BV exercising any rerr.�r avaitabte m Lertder,Lender does not givo up any rlgfita to later use any other remedy.By not exerclsinp
<br /> � . any ramedy upon Borrowers defau3,tenQer does aa�waivo any riSM to later consider ths evarrc a default if ft happena sgaln. - .� ___
<br /> ` 77.JoUrt and S�vxal U�bAitv: Caa;y�s;&^.ux.-��cn and Asslspm Bonna. All duUes unCer thls deed ot trust are johrt and sevatal. Any ��.
<br /> 86rrower who co-signs thts deed as...:s2 tut 4.�s not co-slgn the undeAy1ng debt insuument(s) does so only to grant anA cornay that ��. :
<br /> Brtarrower'e interost In the propercy�a*t�Tn:s�3��Csr the tetmfys of thls daed of trust.In addlUon,auch a 9onower agreea that the Lendnr and �_. -- _
<br /> � • debt w�ro�at�Borurowersiconc r��withc Ke ta oasing ihat emro erefiom�e torms�of this d ee d o}pus�tf.mis deed o!trust or tho secured `
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<br /> The dutlea and benetlta of thls deed of Vust sh:�Iwts and beneflt the ouccessars a.�d assigns of Lender and Bonower. ,,:,�„_:z__,_�r__
<br /> ' 78.Hotk�.Unteas otherwlse requhed by law,Erty n�:+5:e to Borrower shall be given by delivaring it or by mailing it by certifled mail addresse�to � � •
<br /> Borcower at tha pr�riy ad�rese or any other ad6r.ss that Borrowar has uivan to Lender.Bortower witl give any noUce to LeMor by eerG�rd �f,.����y�
<br /> msil to Lenders roas on pape 1 of ti�ia deed of truat,o►to aa��c:her addresa which Lender has dosignatea.Any other natice to Lender shatl - �- �
<br /> • .. be sortt to Lendar's eddress aa stated on paga 1 0?thls deed of a^..�.. .,�•��=y�� {'� " `�� Z47'_�
<br /> Any notice ahaU be deamed to have Eeon glven to P�^�wer ar Lender when given in the manner stated ebove. -_. �� •. , _�
<br /> 19.Tr�fst�r of ttw PQOp�rtY or a B�n�fletd trteacacc hc t,hs Borrowar.If a11 or any part of the propertY or any irt�cctc:in it ia scid or transfeRed . . • ;,.�-_„s.,_;�-�,�:?:
<br /> without Lender's pdar writton consont. LenQe,r ��tinV Cemand immediate paymeot of the securod debt. Lenaev r4�also Cemand immeQiat4 ` '.'� c ": •
<br /> paymont it tho Borrower ia not a rtan.Ta[ persrr^an�a boneficial intoreat in the Borrower ia sold or transierreC. However, Leader rtma� rt:r. .''�'""'''"�` �°t�";'-�-
<br /> J •rµr�e6,',:'ts.::i1S�1.;•,-.-
<br /> demand paymont in the ebove s'mcatians�f it�s�:�:h�G7ad by feCe�al law as ot the date of this deed of trust. +.. • • � •�::-
<br /> • ' '�,:�"r.��t 7ityWr,���.�-
<br /> 20,it�eamnyanee.When the oti��ga�iurt sec�ed hy t:.is Eeed ei;r.;3t haa been paid,a�d Lender has no furthor obligatton tc �,•_::9 adv2:t� ::'t�..,t_ ?�=� '�
<br /> under tho instrument�oroq�e2me:�ae�►:ced 6y U�i^,Qeed of tr:.st,the Trustoe ahall,upon written request by the LenCer,rccx�ey U:e�ast •.+.'<';:;i•:,��_,____°"����'� ,
<br /> � proporty.Ths Lertdu sha�deliver to tAe Bcnawer,ar to Borcower's successor in intareat,the trust deod artd th.e note or ather evidance c¢8!�p '�'���>., , ;;;,,y,�.;�:_- `
<br /> oCligadon so satisfie8.Borrower shai!pay any reauifaucn costs. �:.
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<br /> • 21. Sueensa TruttN. Lender, at l.enQefs oRtlon, may remove Trustee and appoint a successor trustae L•y Frat, mailir.g a copy of ine "'r����_�°•;.'-
<br /> su6stitutlon of trusteo es required by eppliceble taw,and thon,by filing the aubsUtutlon ot trustev tor record irt Yhe o�co oi�e regiotei of QeeQs � -
<br /> 04 oaCh county in whieh the vust proper[y,or same par4 thereaf,is situoted.Tho successor trustoe,withaut eonveyance cf tiie proporty,shall �• � • �
<br /> � succood to e11 tho powar,duttos,authority and etto 04 the Trus2ee rtamed in the deod of trust anA of any successar trustee. •
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<br /> - ' flANRfi1S 6YSTEMS.INC..ST.CIOUD.MN 68301 It•a06997d3411 FOitM OCP-NTft}NE 8/1991 . . , ,
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