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<br /> j1. PaymeMs. Borrower agrees to make all payments on the secured debt when Que. Untess Borrower a�d Lender agree otherwise, any
<br /> � payments Lender receives trom Bortower or tor Bortower's DenBtR will be apptiad first to any amounts Bonowet owes an tft9 secured debt � '
<br />" e�cdusrve at interest or prinapat,second to Interest,8nd then to prinapat.Ii partiai prepayment oi the secured debt occurs for any reason,it will "
<br /> � not reduce or exeuse eny sehetlpled paymetn unU'1 the secured debt is paid in fuil. � `,
<br /> � � .
<br /> . 2.GaTms Agatnst Tltis.Bortower wt�Il pay ail taxee,assessmenta,and other charges attributabte to theproAerty when due and wi11 detend titte � . .
<br /> .. , � ta die property agamst any ct�ims wtuch wauld im�air the lien of this deed ot trust.LeaQer may require Borrower to ass�gn any rights,ctaims or � �°
<br /> • ' detenses wfiich Bprtower may have against parties who supp[y tabor or materiats t0 improve or mamta�n the property. ; . .
<br /> , 3,fnsurance. Borrower witl keep the property insurad under terms aaeptabte to Le�der at Borrower's expense and tpr Lender's benefit. All
<br /> irnvrance policies shail indude a standard mortgage clause in tavor of Lender.Lender wiU 6e named as loss payee or as the insured on any such :' r: .
<br /> • � - • insurance poficy.Any insurance proceeds may be apptied,within Lenders disdetion,to either the restoration or repair ot the damaged property • j
<br /> � ar to the seeured debl.If Lender tequrces mortgage msuranCe,Bortower agrees to maintein suct�insurance fcr as tong as Lender requires. � • • ,
<br /> � � _' 4.Pruyerty.Boryower will keep tte property in good condition and matce alt repairs reasonably necessary. - �Y+
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<br /> 9* D Y xP g reasortabte attomeys'fees,if Borrower breaks any covenants in this deed �`��
<br /> � `�% S.C�penses.Borrower a ees to a aU Lender's e enses,inctudin
<br /> - � of trust or in any obligation seeured by this deed of tnrst.Bor►owe►w�tl pay these amounts to Lender as provided in Covenarti 9 of ffiis deed of �'. '`� '�'-
<br /> . • Vust. �
<br /> - r �� 6.Prior Sec�uity Irrtecesta Unless Botrowes fitst obtains Lenders written consem,Bonawer will not'make or petmit any changes to any prior "' ,��"
<br /> � ' ,' . security interesis. Borrower will perform afl of Borcowers obligatiorts under any priar mortgage, deed of Vust or other seairrty agreemeac, '
<br /> including Borcower's aovenartLS to maSce paymerrts when due. _ . ....�..:.w,_.
<br /> T.Assi�nment at Rertts and Profrts.Bonowet assigns to Lender ffie rents and profiu of the property.Unless Borrower and Lender have agreed �
<br /> � " otherw�se in writing, Borrower may collect and retain the rents as tong as Bonower is aot in detauR.tf Borrower defauhs,Lender,Lende►'s �
<br />__ , agent,or a court appointed receiver may take possession and manage the property and coltect the rer�ts.Any rents Lender co1►R��shatl be `. _ti�_,;
<br /> appfied fust m the costs ot managinp the property, includirt�court costs and attomeys'fees, commissions to rental agenu, and any other .,-�� s�
<br /> necessary retated expenses.The rema�rnng amount of rents w�tl then apply to payments on the secured debt as provided in Covenairt 1. �
<br /> . 8.Leaseholds•CondomTnlums;Planned Unft Developmertts.@ovower agrees to comply with the provisions of any lease if this deed of trust is on � � ��-.
<br /> E leasehotd.ff this deed of trust is on a unit in a condominium or a pta�r.ed unit developmsnt,Bonower will pertorm all af Borrowers duties --
<br /> - under the oovenants,by-taws,or regutatians of the condom�nium ar ptantted unit devetopment �• _-
<br /> , 9.Autfiorfty of Lender to Perform tor Barrower. If Bonowe�faits to perform any of 8onower's duties under this deed of trust, Lender may `f` =•
<br /> � _ perform�e duties or cause them to be performed.Lender may sign Boaower's name orpa y arry amnurrt if necessary for performance.tt arty � ,,• ��y
<br /> � ' construction on the property is discortinued or not canied on in a reasonabte manner,Lender may do whatever is necessa to rotect Lender's ~�'
<br /> . . . securrty interest in the property.This may inctude comptating the construction. ry P 't`,;`'`
<br /> � ' _ Lendar's tailure tn petform will not preclude Lender from exercising any of iis other rights unda�the law or thls deed ot trust. -.—�--����_
<br /> -;..: Any amourts paid by Lender co protect Lenders securityr i�terest will he secured by this deed of trust.Such amourtts wlI 6e due on demand ��:F
<br /> y., antl wilt bear i n t e r e s t fr o m t h e d a t e o f t h e p a y m e n t u n ti l p a i d i n t u l l a t t h e in t er e s t ra te in e ffe c t on t he secure d de b t. \ � � �.���
<br /> - ' 10. Defeult and AaetereUon. If Bor►ower Tails to make an • °Fµ�
<br /> obC ation secured b this deed ot trust or an Y Payment when due or breaks any coveoants under this deed of trust or any � �-�, _
<br /> B Y y prior mortgage or deed of trust, Lender may accelerate the maturky of the secured debi and _ ;,�
<br /> ' ' ' demand lmmediate payment and may invoke the power of sate and any other remedies permitted by applicabte law. -__ _ _.:�..�!t-.
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<br /> 11.Request tor Notice of Oefautt.It is hereby requested that copies of the notices of defauft and sate he seM to each person who ie a party , '��
<br /> hereto,at the address of each such person,as set forth herein. -
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<br />_ � 12 Pawar o!Sala If the Lender invokes the power of sale,the Trustee shall first record in the office of the register of deeQs of each county ,.,r,r.�.
<br /> '�. • wherein the Vust property or some part or parcel thereof is skuated a noUce of default containiag the information required by law.The Trustee � ' ;:,�wr:=
<br /> shall atso mail copies of tha natice of defauR to the Bonawer,to each person who is a party hereto,aad to other persuns as pre&aibed�y t`;,-;-"'
<br /> ,� � applipbta law.[�Ioi less than one month after the Trustee recorda the notice of deSault, or two months'rf the tiust property is not in any '` _�"�.-"„
<br /> ' incorporated city or vitlage and is used in farming operations cartiad on Oy the trustor,the Trustee shatl g[ve public notice of safe to ffie persons � `a�x��`,=
<br /> � and in the manner prescnbed by apDP�icable Iaw.Trostee,wfthout demand on Bortower,ahall sell the property at pu6tic auction to the highest �;�, �
<br /> � , , � . ; bidder.ff required by the Farm Homestead Protection Act,Trustee shalt offer the property in two separate sales as required by applicabte law. . .t_,,�
<br /> � Trustee may postpone sale ot atl or any parcel of the property by pubtic announcement at the tlme and place of any previousty scheduted sate.
<br /> ';; . • Lender or ita designee may purchase the property at any sale. z _
<br /> .,-;{ Upon receipt of payment of the price bid,Trustee shall deliver to the purchaser Trustea's deed conveying the property.The reciUats containad in �� ?�::
<br /> , Trus:ae's C�ed shall ba prtms facie avid�sncu ot tho truth ol the siataments contai�ed therei�.Trustee si�ali appiy the proceeds of the sala�n the
<br /> fotlowi�g order: (a) to aIl expenses of the sale, includtng, but not limited ta, reasonable Trustee's fees, reasonabte attorney's tees and �.sa�.
<br /> , relnstatement fees;(b)to all sums secured by this deed pf trust,and(c1 the balance,if any,to the persons legally entittad to recelve it. + �• ` � `' s '_
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<br /> . • 13.Forectosure.At Lender's option,this deed of trust may ba forectosed in the manner provide by appllcabta law for foreclosura of mortgages �'` � ��
<br /> on real ptaperty. ,,.���,
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<br /> '' ' 14.fnspectlan.Lander may entar the propertyr to Inspect it i!Lender givea Bonower notice beforehand.The nouce must state the reasonabte � ��^
<br /> ��': . cause for Lender's tnspection. �=::�:
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<br /> -;.i ' � 16.Cw►domnation.Bonower assigns to lender the proceeda of any award or daim far damag ea connected with a condamnation or other taking '. '�•�;
<br /> . ' � .; of all or any part of the property.Such proceeds will be applied as provided in Covenant 1.7his assignment is subject ta the terms ot any prior ,
<br /> sacmityr agreement. � � � .
<br /> 18.Walver.By exercising any remedy availabte to Lender,Lender does not give up any rtghts to tater use any other remedy.By no!exercistng
<br /> � � �,� any remedy upon Borrower's de}ault,Lender does not waive any rlght to later consider the event a detault i!it happens again. ���+. �
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<br /> „ 17. Joint end Sevoraf LlabAity; Co-signers; Successore and Aastgna Bound. AH duties under this deed of trust ara joint and several. Any
<br /> Bonower who co-signs this deed of ttust but does �ot casign the undorhlh�p dob2 instrumani{s) does so only to grant and convey that �� • • •
<br /> , Bonower's interest in the property to the Trustee under the terms of this deed oftrust.In addition,such a Borrower agrees that the Lender and � � �
<br /> , any other Borrower under thls deed of trust may exte�d,modity or make any other changes in the tetms o}th;s deed of trust or the secured '
<br /> , debt wiihout thaf Borrower's consent and without releasing thet Borrower hom the terms of this deed of trust. _ _. ' . � ,
<br /> ;��: � The duties and benefits of this deed of trust shall bind and beneik the suecessors and assigns of Lender and Borrower. � .
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<br /> � 18.NoUee.Untess otherwise required by law,a�y notice to Bonawer sfiall be given by dellvering it or by mailing it by certified mail addressed to
<br /> , Borrower at the property address or any other address that Borrower has given to Lender.Borrower will give any notice to Lender by certitied
<br /> mail to Lender's address on page 1 of this deed of trust,or to any other addrasa whlch Lender has designated.Any other notice to Lender ahall
<br /> ;` ` , � be sent to Lender's address as atated on paga 1 of thls deed of trust. '"
<br /> Any notice shall be deomed to have 6een given to Borrower or Lender when given in the ma�ner stated above. , �
<br /> ' , 19.Transfar of the Property ar a Beneflclal Interest ln the Barower.If all or any part of the pro�ertv or any Interest i�it is sold or transierred �
<br /> without Lender's priar wrltten consent, Lender may demend immediate paymant o!tho secured dobt. Londer may also demand immediate
<br /> . payment If the Bottower is noi a natural person and a benallciat interest in the Bor►ower �s sotd or transferred. However, Lender may nat
<br /> , demand payment in the above situations if it is prohibited by federai law as of the date ot this deed oi trust.
<br /> • 20.Reeonvayanca.When the obligation aecured by this deed of trust has been paid,and Lender has no tunher obligation to make edvances ' '
<br /> under the lnstruments or agreemonts secured by this deed of tru9t, the Trustee shall,upon written request by the Lender,reconvey the trust •
<br /> . 1 property.The Lender shall deliver to the Bonower,or to Bo�rower's successo�in interest,the trust deed and the note or othar evldence of the
<br /> obligation so satiafied.Borrower shall pay any recordation costs.
<br /> 21. Sueeossot Truatee. Lender, at Lendet's oplion, may remova Trustee and appoint a successor trustea by first, mailing a copy of the
<br /> substitution o!trustee as requlred by applicable law,and then,by ifling the substitution of trustee fot racord in thn oftice of the ragister of deeda �
<br /> of each county in which the trusf pioporty,or some part thereo},is situated.Tho successor trustee,without conveyance of the property,Sholl
<br /> succeed to alt the power,dutles,authority and title o}the Trustee named in the doed of trust and of any successor trustee.
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<br /> - BRNNENS S�S7EMS.R1C.5T.CLOUD.MN 563Ot�i B00 397 23911 FOR�4 OCP MTGNE Si19•91 .
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