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<br /> ^ 9�����'�'�� covauar,rs , � , `�' _
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<br />__� � 1. Psyments. Bortowor ag�ees to make all paymenis on the socurod debt when d�ce. Unless Borrowor and Lender agree otherwise, any =_
<br /> .. .� paym„nts Lertdar reeewes hem Borrower or for Bortower's bartefit will ba app6ed tirst to any amounis Eorrower owes on the sseured de6t __ _ __ ,-�
<br /> i exclus�w of mterest or principai,socand to interest,and then to principel.It partlal prapayme�t ot tne secured debt occurs foi any reason, �t vmii
<br /> not reduco a excuse eny sahadul�d petm�ont unUl ttv�securod do4t�s paid m tut1. •�-
<br /> � . � 2,q�Irtts As�inat Tkis.Botrower will pay all taaes,essesaments,and other charges attnEutable to the property when due and wll defend title � �-��
<br /> to the propertV against any claima wtdch would im�sair the Iion ol this deod of Vust•Lender may require Borrower to assfgn any rights,claims or _
<br /> defenses which BottoKrer may hava against DertiBS who suppty labor or matetials to improve or ma�ntain the Droperty. ` .. ,, • -
<br /> 3.in:uraats. Bonowes wiil keep tha proparty tnsurod uad8r term� acceptable to Londer a>. Bartower's expense and for Lender's banofit.All � � �
<br /> msurance poiiciss shall include a standard mortgage ctause in 48vor of Lender.Lendflr wiil bo named as losa Dayee or as trie insured on any such . � , '�►
<br /> insurance poiicy.Any insuranee Oroceeds may be epD��ed,�vithin Lender's diseret�on,to aither the restoration or repair of the damaged property .
<br /> �� or to the secured debt.If Lender requires mortgage msurance,Borrower agrfles to mamtain such insurance for as long as Lendet requires. � , _
<br /> � 1 4.Prop6rty.Borrov�er wlt keep tho proparty im good condit+on end make afl rspairs roasorwbly reacessa►Y• -. :- --- -- -,
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<br /> � j b.F.�anses.Borcower ag+ees to pay aSl Lender's enpensas,mduding roaso�able attornsys'tees,if Borrower breaks any covenamts in this deed . „_
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<br /> ' of trust or in any oDligation secured by this deed of bvst.Borrower wtll pay these amou�tts to Lendar as pravided in Covenant 9 of thfs dead of L��`
<br /> Vus�t. , ,r.
<br /> ' � 6.Prtar Seutrity Ir�Ueres4s.Unless Borrower first obtains Lende�s written conserrt,Bo►rower will not enake o►permit any changes to any priot ' , r , _ _
<br /> seturity interests. Bonower will perform all of Borrower's obligations under any prior mortgage,deed of trust or other security agreement, ;
<br /> � induding Borrower's covenants to make payments when due. . .
<br /> ' 7.AsslynmeM of Rents and Profits.Battower assigns to Le�der tfie renis and profits of the property.Unless Borrower and Lender have agreed � - ' ' '�
<br /> • '� otherwise in writing, Bartower may collect and retain tha rems as long as Borrower is not in detautt. If Barrower defaults.Lender, Lender's • �_;�=` �
<br /> agent,or a court appo9med receiver may take possession and manage the property and coltect the rents.Any rents Lender collects shatl be _ .rl��'
<br /> 1 appliad first to tha costs of managin�the property,including court costs and attomeys'fees, commissions to rental agems. and any other . : ��.;,�•.;,-
<br /> , necessary related expenses.Tiia rema�n�ng amount of reMS wifl than appty to paymenta on the secured debt as provided in Covenant 1. _
<br />' 8.4sat�hWdr CaadrnN�m�s:F�anntd Urtiit D�vNopmuns.Bortower agrees to camply with the pravisions of any lease if this deed of trust�s on �'�`
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<br /> � a leasehold.If this deed of trust is on a unit in a condommium or a planned unR tlevatopment,Bortower will perform all of BarrowePS duties , . , .,_;,�
<br /> � under the covctoants,by-laws,or ragulatlons of ths condominium or planned unit davelopmeot. �;,.�,_�-_
<br /> 9.Authority of l�ndsr to Porform tor Barrow�r. H Borrower fails to�partorm any af Borrower's duties under this deed of trust, Lendar may ^� '��`"
<br /> � . � perfortn the dutiss or cause them to be Rerformed.Lender may sig�Borrowar's name ar pay any amount if necessary for performance. If any � � ''' ; �. ��� �
<br /> construetion on the property is diseorttlnued or not carried on in e reasonable mannsr,Lender may do whataver is necessary to proteet Lender's
<br /> ' security interest in the proparty.This may include compteting the constructlon. - �� �, r
<br /> ' Lender's failure to perform will not preclude Looder from exercising any of its other rights under the law or this deed of trust. �.'�%�' �� -
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<br />• Any amounte paid by Lender to protect Lenders sewrity irtterest will 6e secured b thia deed of trust. Such amourtts w81 6e due on demand !i.�!� �.��� --
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<br /> �} �, and will bear interest from the date of the�ayment until paid in tutl at the interest rate in effect on the secured debt. •
<br /> • 10. O�fautt�nd Acc�t�radon. If Bonawer fails to make any payment when due or 6reaks a�y wvenants under :his dsed of trust or any �-r�_
<br /> obtlgation sewred by this deed of trust or any prior mortgaga or deed of trust,lende►may accelerate the maturity ot the secured debt and �� _
<br /> ' demand immediate payment and may iavoke the power of sate and any other�emedies permitted by appl'scable law. ' —
<br /> , 1 ia hereb re uasted that ca rs of the notices of defauR and sate be se�tt to each person�vho is a party � '�� '�.� ,��� � �
<br /> 1. ast tar NoUce of Detau't. t Y 4 � ...:��-•'�,-... : °
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<br /> ' herem,at the address of each such person,as set fort h here ln. '` '� ��,
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<br /> ._ 12.Porfer of Sale.If the Lender invokes the power of sate,the Trustea ahail fust record in the office of the regster of deads of each couRty �-'�u�� • �' �;,}`v� __
<br /> wherefn Me trust proparty or some paR or parcel thereo!is aituated a notice of default carrtaining the infortnauon requireA by law.The Tru�nt-e 'T� �
<br /> shall atso mail copies of the notice o!default to the Bortower,to each parson who is a party hereto, and to other persons�s prescri�e+d fr� Fr���:.,
<br /> epplicab!3 law. Not lass than ona rr�nth after the Ttustea �ec¢rds the notice of defauf4 or two months if the trust proD��+% �s not in�,:a �,-.,� ' ��
<br /> i n c arp o r a t e d c i t y or vill a ge and is i::eG in farmin g aperations caada�3 on by the trustor,tha Trustee shaU give public notice of saSa:�tfie perscr.s ,�y, �;'��'�
<br /> and in tha manner presuibad Ay z�rai�;��le law.Trustee,withou"t�amand on Bonower,sfiafi sz:l tAe property at pu6lirs aucv7�co the highesi : r,;{
<br /> bldda�.7f;equired bY the Farm Hor.rs.aad Prot9ctian Act,Trustaa s'hall afEer ffie ptoperty in two separate sa.ss as required"oy sApUcabte ia�s. • �r� t�! ,
<br /> - Trus;oa may pa�a�sale o!a!1 or a�y patcel fl9 t",va property by g•oblic announcement at the time and placo c�any previously scheduled s:e. _ .. . _ :,Gd� i- .
<br /> lander or its desi�rda may purchasa the proDart�y nt aay sale. `�"'!� .-dr�-�r `�
<br /> U�on receipt of payn snt of the price bid,Tn�si°a stall detiver to Ltie Dwchasor Tnistes's deed eonveying the proparty.The recaials cantained In ;e;c-. �'' � �
<br /> Trustee's dead shatl trs prima facie eLi�ience of tRe wth of the sta!omenta contalned triereln.Trustee shall appty the proceeds of the sate in the " �t__�
<br /> • tollowing order: 1aI to alt axpersa3 �4 the sale. (ncluding, but not limited to, ieasonable Trustae's feas, reasanable attomey'a tees and i.�'
<br /> reinstatement tees;(b)to aIl sums sas.r.ed by thls deed of trvst,and(c)the balance,if any,w tha persons Iegally entided to receive it. -,
<br /> 13.Fw�closurs.At Lender's optioo,this deed of trust may ba forectosed in the mannar provide by applicabte law tor torectosure of mortgages �� �j,•_� :.
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<br />. on real property. �,;,_,��
<br /> 14.Insp�allon.Lender may enter the property to inspact it if Lender gives Bortower notice betorehand.The notice must state the reasonable - -
<br /> cause tor Lender's Inspection.
<br /> 16.t�an��mnatlon.Borrowor assigns ts Lender the Proceeds of eny award or c!a(m for dama�as connected wlth a condemnatloc�or other taking __
<br /> -- ot a!S ar am�parL o!2hs propsriy.c�.h p►oceeda wi 1 he applied as p�ovided in Covenartt 1. is assignmeM is subject to tAg i2cros of any prlor = __ _ —_
<br /> � � cecurityagreemerrt. ° -- -
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<br /> 18.L'1�[var.By exercising any romedY available to lenQer,Lender does not give up any dghts to later use a:�v a�e►remedy.By not exercising .�..'�;�,,;� �'�=
<br /> any�emedy upon Borrower's defauk,Lende�daes not waive nny rlght to Iater consider the event a defauft if r'n�,DDen9 again. �«��-=��--
<br /> .s..*�'shYA�}�,'�,o
<br /> 17. dairtt end S�v�nt Uabil�y- Cc+slpsi�n; Succeuors �nd As,7�yu Bound. Atl duties u�der this deed of trust are joint and several. Any ''i-.:,
<br /> Bonawe� who co-signs this deed o4 mist but does not co-si�a the underfyIng debt instrument(s) does so only to grana and convey that '"'�-...r-_
<br /> Bnnower's Interest in tha properry to the Ttusiee u�det the terms�3 this deed oi trust. In additlon,such a Bor►ower agrees tri�.t the Lendor and �
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<br /> ar�y oUtier Bovower under thJs Eoed of uust mad exiond,modi}y or make any other cfianqen in the terms of this deed of^ust or the secured �
<br /> . . debt wlthout that Bonower's eonsent and withair[retaasiag that Eonowet from the terms of thia deed of Vust. ,.I,,�.'.�... ..
<br /> The dutles and benefita of this deed of uust shall bind and beneflt the successars and assigns of Londer and 8orrower. � F_y'��, ,�..�=-,'
<br /> -�+oa-3�.�s�i.
<br /> 18.Notlo�.Unless o�therwlse repuired by law,any notice to Bonower ahall be given by del"rvering it or by maiting it by certif:e�mait addressed to ;ti;�.�_.•��`��.._
<br /> ma'I to eLender�'s addres.�s on page 1 ot t��s aeed o�`v�a�t o:tto°a v thareaddrese whlchdlendg i has Qesigneted Any other notice to Lbend►e shetdl � y`+�;�'"�� ,
<br /> be aent to Lendnr's eddress as stated on page t of thla deed of trust. ������ �������
<br /> ��. Any notice shetl ba deemed to have been glven to Banowe�or Lender when grvon ln the manner eteted abova. ���.:—
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<br /> ,';� 19.Tranafer of th�Proy�rty or�Bensflctal Intsre�t in ths Borrower.If aIl or any part of the property or any Dncerest in it is sold or aanstEnrad ' • •
<br /> wrthout Lender's prior written consent, Lender may demand immedlato payment ot the secured debt.Lender may also demand imr-:eCate , � . � ___
<br /> . paym6nt if the 8otrower is not a naiurat person and a benoficial iMerest �n the Borrower is sold or transterred. However, lsnder may not , , �
<br /> Camand payment in the above situations ii it is proh�bited by federal law as of tho date of this daed of trust. • , ' _
<br /> 20.Reconveyenoe.When the obligation secured by this deed of trust has been paid, and Lender has no further obtigation to make ad�scas —.
<br /> under tho instrum�nnts or agreemonts secured by this deed of uust,the Trustee shall, upon written request by the Lender, reconvey the�-:st ' � .
<br /> :�;;,:� property.The Lendor shall doUver to the Bonowe�,or to Borrower's successor m interest,the trust deed and Ehe note or other evldence cF*.ha : •
<br /> obligetlon so aetlsfiod.Bottowar sh�ll pay any ret�rdatlon costa. _ -
<br /> ; 2t. Su�aessor Truatee. Lender, at Lender's o�tion, may removo Trustee and appoint a successor truatee Dy firs4 mailing a capy of the
<br /> su6stitution o}vustae as required by applicabte aw,and then,by filin�the substitution of trustaa for record in the office of the ro3is:er of�zeds .
<br /> of each county in which the trust property,or some pan thoroof, is sttuated.The succossor trustee.withaut conveyance of ths prcpeny, sha11 ��`
<br /> ' succeod to all the powe►,dutles,authority and title o}the Trustee named in the doed o4 trust and of any successor trustee. • .
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<br /> �•�� BA�I�EAS SVSTEMS,�NC.ST CLOUO,MN 88301 fl�800397 I3011 FOR:d OC?�MT(}NE 6/1997 E _ � '_�ti.��.'.�-
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