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<br />. `"! S.Pnyrttants. Bonowor agrooa to make elt payme�ts an thp socurad dabi whon Que. Un!esa Bcrrowet snd lo�dor agroo othQrwiso, eny . , _
<br /> , ,; pavmants Lender raeaivea from Borrower or tar Bonower'e benoflt�vill Do eppiied firat to any amounts Borrower owns on tRO eoCUred deht � • .� �, , ::,
<br /> � oxdus�ve of i�terest or prindpei.6oeond to intereot,and thon to princ+pal.ii partial Dropaymont of tho saeured dabt occuro lor any roason, it wiii
<br /> ! �ot radurn or oncuso any schedUl�d p9y!nani unUl tho sawret!debt is pa�d en full.
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<br /> � 1 2.dtima AQairat T18s•Borrowor witl paV ell teae3,nasaiamantn,and other charges attributabto to the proporty whon duu end wi�i dolond btte � . -
<br /> - 4a the proDartY.. �urst any dwtn9 wn+Ch�vou!d isup�tt ths!i�-si ot this deed aT trust.londc►may roqwre Bonower to asscpn any nghtts.claim9 or __ _ �'
<br /> fdsfensss which�ortower may heve agalnat ptrties who suflpty l3bor or materiais to improve or meintain tho propnrty. t`' � � ,
<br /> 3.Inaurnneo. Horrower w01 kaoD tha Oropoety inautoA unQot tarmo accoptablo to lendnr at Borrowar'e expanse and for Lan�er's bonofit.AII •
<br /> insuraneo Oolidoa shall inGuds a stan4Hrd martgugo elauso i�favor of Lender.LenQar will ba nemed as losa paYOO or as the insured on any sueh . ,�
<br /> � insurance paliay.llny insuranee proceads may 6a appiied.w►thin Lendflr's discretian,to either thp restaration or rspair of the damegefl property .,
<br />� or to the secured debt.li Lander requires martgago msuranee,Borrawer agraes to maintain such insurrsnce tor as tong as Lender requtres. , ;
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<br /> 4.P►operty.Bonowor will koep ffie property in good condition and make a0 repairs reasonabry nacessary. , � �
<br /> �� S.F�cp�ns�a.Bonower egrees ta pay ail Lendar's expensos,induding reasonable ettomeys'fees,if Bonower broaks arcy corenanta in this deed ! , �� ,
<br /> � ' of Vust or irt any obligation cecured by this deed of trust.Bonower w�ll pay thoae emounts to Lender as provided in Coven�nt 9 of thia desd o4 � � •
<br /> trust. • �
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<br /> ' 8.Pr(ar 8eeurity Irtensts.Untess Bartower first obtains Lend6r's vw.itten conseM, Bortower wi8 not make or permit any changes to any prior �
<br /> f seewity interesu. Bortower will perfarm all of Borrower's obligations under anV Griar mottgage, deed af trust or other securrty agreemem. � •
<br /> , inclu�ng 8ortower's covenants to make payments whan due.
<br /> 7.Asf[�urt�rt of Rer�Cf And ReoEts-Bortower amsigns to Lender the�ents a�d profits ot the property Untess Borrower and Le�der hava agresd ', � ' . �
<br /> - � othervv+se in writing, Bor:oae�may coUect end retaln the rertts as long as Bortower�a not in defauft.If Bonower defaults, Lender,LendeYs • _, ___
<br /> agent, or a court appair,4od receiver may take possession and manage the property and collect the rents. Any renta�ender collects shall be '
<br /> apptied first to the toats of managin�the property, inetuding court costs aad attorneys' fees, wmmiasions to rental a qents, end any other , -_- ,.
<br /> neeossary related expenses.Tho rema�mng amourrt of rents will then appfy to paymerrts on the secured debt as prohded in Covenant 1. '�"�"'�r�- ,
<br /> 8.L�as�hWds•CondamWwns:PI��d Unit Davslopma�BoROwar agrees to compty with ths provisiona of eny leasa ff tNs de9d of trust is on � �,_—
<br /> a teasehold.I�thls deed of trwt is on a unit in a cortdom�n3um or a plu:ned unft devetopment,Borrowe►witt verform all oi Bortower's duties ��•�_
<br /> • unQer the covenaMs,try-Iaws,ar regulations of the condominlum ar planned unit Qevelopment • �,r�,�.,�-_
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<br /> . 9.q�i{�y a}��r to Pastarm to►Borrotv�-If Bortower fails to perform any ot Bortower's duties under this daed of trust,Lender may
<br /> �erform the duties or cause them to be performed.Lender may sign Bonowe►'s name or pay any amourtc'rf�ecessary tor performance. If any ��`�
<br /> construetion o��the propsrty is dscorrtinued or not car►ied on m a reasonabte manner,Lender may do whatever is necessary to proteet Lender's .� �'-�'�'•';•"°'
<br /> � security irtterest in the proparty.This maY include compteting the construction. '�` .,`.,=a�
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<br /> �enders failura to perform wifl nC�reGuda Lender irom axorcising any of its other rights u;�der tlte law or this deed of trust. f' • ,,�y'. � --
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<br /> � Any arnaun4s paid by Lender to�tact Lendere securiry intereat will be sscured by this Qeed of uust.Such amounta will be due on dem�nd • ' - —
<br /> 1 and wilt bear interest trom the date of ffia payment urnil paid in fult at the intereat rate m effect on ihe secured deb� � ��'°
<br /> '. !'� 10. Default�nd Acutmsdon. If Bartower fails to make any payment when due or breaks aoy covenants under this deed of trust or any „rt � �.t a,,�.,;� -
<br />� • .� obligsHon secured by this deed of trust or any prior mortgage or deed of LntsL Lendar may accelerate the maturiry of the secured debt and • 't
<br /> � . demand immediate paymeM and re;ay invoke the power of sate and any other remedies permittad by applicabte Iaw. � '�"�'���3 :
<br /> • 71.Raqu�st tar Nottu ot Q�fmu1C.�t is hereby requested that coQies of the notices of detau:t�n�sala be sent to each person who is a party • � �•�
<br /> hersto,et the address o!each sid`a r"2rson,as set torth herein. �'.�^ '��: '
<br /> �� 12.Pow�r ot Sai�ff the Lender u�vokes tha¢a�sr ot sale,the Trustee shalt first record in tha o�ce of tt.�register o4 deeds of each county ��~ ,;.' �
<br /> wherein the bust Gr.c�erty or soms part or paro�l thereof is situated a notice of defauR containing the infecr�on requ3red by law.The 7rustea _�,,� "'t"' r
<br /> shatl also mail eoCi�of the notice af defauft to the Bortower,to each persan hho is a party hereto,ar.d tn other persons as presaibed by �;.t..
<br /> applicable taw. Not less than ar.e month after the Trustee records the notice ot default. or two months 'rf the trusL property is not i�any
<br /> ' i�corparated eityr or viilago aad is Lsed in fartning o perations cartied on by the Vustor,the Trustes shall give public notice of sate to the persons ,�F�;� -
<br /> and in the manne►presaibed fs}o�pDplica6te law.Trustee,wfthout demand on Borrower,s h z[4�a l l t he prope r ty a t pu b lic au c t[on to t t re hi g h e s t '��;� .
<br /> ' biQder.N required by the f-arm Nomestead Ptotection Aet,Tnute9 shall offe►tfie praperty in tvaro seDatate sales as required by appl'fcebte law. '�:�
<br /> ' Trustee may pestacna eate of a3 ar any parcel of tho pwDarty 6y public announcement at the^:ne and place of any previoustY scheduled sals. <.��
<br /> Lender or its dascgrr��a1r purchase the property at arry sale. sri;• . '� �
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<br /> .. Upon recelpt of ps�^na�t of the price bid,Trostee shall deliver to the purchaser Trw�-i�a's de�d conveying the property.The recitials contaim9 in ,: _
<br /> Trustae's deed s�al��9 prima faeie evidience of the truth ot the statementa cor�:-r�u there+n.Trustee shall appty the proceeds of the sata in tl�a r:�, �
<br /> foltowing order. (3! 'o a11 e�2ases o! the sate, inctuding, but not limfted to, ►aasoreab's Trustee'e fees, reasonable ettamey's feea and „ ''� • �
<br /> ' �einstatement tess; tbl to all ssc-.s secure0 by this deed of uust,and(c)the balance,if any,rm J�e Dersons Iegally entNed to re�ive it. �c,�_, --
<br /> 13.�arsdosun.At Lander's c��-;th(s deed of trust may be fo;ea:losed in the manner Cr•,:+r�6y applicabte Iaw for foreclosuro of mortgages ', � �—
<br /> � ." on reat property. , � �i��� � :
<br /> 14.fnso�ctlon.Lea:,.:r may emer tfie property';s�nspect ft if Lender gives Eow.:++ar notice Getorehand.Tl�n c�tice must atate tfie reasortsfile -.-:' `T
<br /> cauae for Lendor"s ir.spection. '•r•-��`•, ���--
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<br /> • 16.Cond�rtinadlon.Borrower es:�l�to Lender the proceeds of any award or claim for dam eonnected with e condemneUon or otAer taking ' , , _
<br /> • ot nll ar eny part ot the praC�c�.�,,:fi proceeds will be applied as provlded in Covenant S_ �*,s assignment is aubject to the terms of eny prla '�•'�'1-'
<br /> . sacurity egreemem. f����y�'-� �_��:•_,
<br /> ' ., 18.Walve.By e�ra;.,ng any remedY avaitable to Lender,Lender doea not give up any rigrite to later use anK other remeQy. By not exerasing '"��'-- --
<br /> any remedy upon E:�rower's defauh,Lendsr Qoea not walve any right to later consider the evont a default if it appen�agaln.
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<br /> � 17. Jdm and S�v�rM Uabi9tlr.Co-sl�ra;�'�naessaor��nd Assl�s Qound. AII dutles under thia Qead oi Vust are jolnt and severel.Any �`
<br /> Bonower who co-slgna thia dea�:c°trust tut Cses not eo-s'� the undor1y(ng debt ins�:^�ontfs) does eo onty to grant and convey that �;���_
<br /> - Bortower's interest in the propett*�o�Y.'�8 Trw�under the to-ns of thla deed oi trust.In add�en,such a 8arrower agrees t�at the Lender and —
<br /> � any other Bonower under thla deed of uuss r.,�,�e�ctend,ma�ty or make any oiher change��rt the terms of thia deed of�u.:.1 or the secured ��':�'�� �'=.T
<br /> debt wRhaut that Bonower's eonsent and��tf:�.^celeasing that Bonawer hom the terms of t4���4oed of trust. ''•'��7='r•�y''��
<br /> The dutfes and benefita of thls deed o}vust a"+�pt!bind and benefli the successore and asaigns of Lender ar�f ua�sower. �r t+�'• _.
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<br /> � 18.111adc�.Unless otherwlse required bV law,any notice to Borrowe�sfialt be glven by Qelivering it o�by raJl.�g it by certified mail addresseC:o y�:,j'���-
<br /> Borrower at the property oddress or any other addrass that Bonower has given to Lender.P.�zawei wlll gtve any notice to Lender by certiflad .'1;?'t �.. . _
<br /> mait to LenQer's eQdress on page 1 oi this deed of trust,or to any other address which Lendrr i-as desiflnated.Any othm notice to Lender shatl 'r!�''� • �_
<br /> ' be sern to lendor'o addrosa as stated on page 1 of this deed of trust. �'��' .
<br /> t^�,�.�5,�.,, � ...•:: _
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<br /> ' Any noUce shalf 6e deemed to have been g(ven to Bonowe►or Lendor when glven in the manner atated abova. ..• .
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<br />� 19.Tnn�t�r o?Cva DropMy or e Bsnefldal Interest In th�Barow�r.If ell or any part of the propertv or a�y interest in it is sold or vans�:��ro , �� -
<br /> without Londers prior writton canseot, Lender may demand immediate payment of the secured debt. Lender may atso demand immeS�ate ""' ' . ` -
<br /> • payment I}tho 2orcower is r.ot a natural person and a beneflcipl intereat ln the Borrowe. is ontd or transferred. However, Lendar may not �.'� �,' r
<br /> dcmand paymont in tho ahove sit�c�+.»ns if It is prohibited by fedorut law as of the date of ths deod ot trust. -t:�;s�- • —
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<br /> . 20.Recam�yance. When the��t+asNCn secured bV thi�����af trust has been paid,and L�r..3r has no i�nher ob1i6;:*:oe to make advancea ;�t;;�. .
<br /> unQar tfie instruments or agrQer�c:.ts secured".�y�his :���f 5'ust,the Trustee sfiall,upon written veCueL:G�the Londer,reconvey the trust ' � '1 ti,-
<br /> '.�T'a�
<br /> . property.The Lr.:,Q�r ahall Ge�iver to the 6urc wrt. �r ta 3arrav�er's successor In interest,the trust Ceed a��t e note or other evidence n!��e • � ';;,,� _
<br /> obligation so sat;ur;�d.$onowe�shall pay any r��aabon costa. � ��'°"�
<br /> 21. Sueeo�scr Ttt�x:ao. Ler.de�. at Lender's option, may reTOV9 Trusteo and eppoint a successor trustee by firat, mailing a copy o!the � �� • —
<br /> eubstitution of trus'ee as ra¢uir�3�y applicab�9 law,and ther.,by flling the substitution of trustee tor record in tho offlce o}the�egister of deeds ��•;; � .
<br /> of each county in wJ::cb ct;9 m„�aroperty,or somo part theroof,ia situatod.The successor truatee, without wnvayanee of the proporty,shal� ' � •
<br /> SuCCeed to sll the Rc✓�er,Clt7��i.,�.nhority and title of the Trustee named in the deed of uust and of any successor trustee. ;
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<br /> /pape 2 cl� �
<br /> " - BA4KEi15 SVSTEMS.INC�.5T-CLOUD,MN 58301 11$062°_�%23�q iONJ OCP-MTGNE 6/19/91 - , ,
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