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<br /> � COVENANTS "�w�- ���p%�:•
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<br /> 1. Paym�nt�. 8orrowor agroes to mnko e� peymonts on tho socured debt when due. Unleas Borrowor and Lendor ngroo othorwfeo, any . ,,:,�#��
<br /> . payments Londor roanivoa from 8orrawet or for Horrower'e benefit wlll be npp��od first to any omounts Borrowor owns on tho oocurod doht
<br /> oxclusive of intorest or principel,sncond to intoreat,and thon to principal.If pnrtinl propaymant af tho socurnd dobt occurs for nny roeson,it wdl
<br /> . not roduce or excuso any acheduiod peyment until the secured dobt is peid tn full.
<br /> 2.Ci�ims Aqainst Tltl�.Borrower wfll pay�II taxee,aesoesments,and othor charges attributablo to tho proporty whon duo and will dofond titlo `Y
<br /> to the property aflelnat eny clalms which would Impafr the iien of thls deed of truet.Londor mny►oqmro Borrowor to essiqn uny nphta, cluime or `
<br /> defenses which Bormwer may havo apainst partiea who supply labor or matmlels to improvo or memtein tho property. � ;,�.
<br /> 3. Insurana�. Borrower will keep the propeity Insured under terms accoptebio to Lendor at Borrower's oxponso end for Lander's bonofit. All �,.�r
<br /> insurance pollcios shall include a stundard mutt(Iego dlwne in favor of Lendor.Lender will bo namod as losa payeo or as tho ineured on any such ,�+�`�
<br /> o�t thaesecuretl debt�If Lenderpequlres�mort4epe Pnsiuranceft Borrower ag e�esrto�mainteu�tsuchhnswnncettor as lon��ns Lendor�ruquRo Proporty ,;'t ' ,
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<br /> 4.Prop�rty.dortower wiil keep the property in good conditfon and meko ell repafrs reasonebly neceeaery. , ,.:,: �.,.,.
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<br /> � ��� of tErust o��in anyrobilgatlon securedYby thb deed oi t ste Borro�wernwil/pay theae atmounts to Lander�as prov dad kn Covenantn9nof thisrdeed of ��
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<br /> 6. Pdor S�curity lnt�rau.Unlesa Borrower first obtafns Lender'o written consent, Borrower will not make or permit any changes to any prior �`—+�
<br /> secuflry intarests. Borrower wili perform di of Borrower's obtigations under any prior mortflafle,deed of trust or other aecurity agreement, .•,Nt`'-_---- __
<br /> � Inciuding Borrower's covenants to make peyments when due. ��,�___--
<br /> r 7.As�ipnm�nt of Rsnts and profits. Borrower asuigns to Lender the rents and proffts of the property. Unless Borrower and Lender have agreed �_•_--
<br /> otherwise in writing. Borrowar may collect end retain the rents as long as Borrowor ia not In default. If Borrower defaulte. LendRr, Lender's � ,''�:l
<br /> '� agent,or a court appointed recoiver may take poesesaion and manage the property and collect the rents. Any rents Lender collecte ehall be .,i__
<br /> f applied first to the costa of managi�g the property, including court costo and attorneys' fees, commissions to rental agents, and any other ;��4
<br /> , � necessary related expenses.The remalning amount of rents wfli then apDly to payments on the secured debt as provided in Covenant t. :.F�—'�
<br /> 8.Leas�holds•Condomintums;Plenned Udt Dwslopment�.Borrower agrees to comply with the provisfons ot eny lease if thie dead of trust is on �.�__
<br /> e Ieasehold. I�thfs doed of trust ls on a unit in a aondomirnum or a planned unit de�elopment, Borrower will pertorm ell of Borrower's duties „_,
<br /> under the covenants,bylawa.or reguletlons ot the condominium or planned unit deve�opment.
<br /> L' g, puthodty of L�ndn to P�rform tcr Borrow�r. If Borrower fails to perform any of Borrower's duties under this deed of trust, Lender may �,;��:?�°:
<br /> ' � perform the duties or cause them to be pertormed.cae iad on in a rea ooableamanner,Lendoe may do whotever isenecessary to protect Lender's ��_-�=��_ti
<br /> construCtion on the property is dfscontinued or not �.,,,w;,=
<br /> security intereat in the property.This may include completing tho construction.
<br /> � Lender's failure to perform wili not prectude Lender iram oxercising any of its other rights under the law or this deed of trust. ���`
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<br /> ' and wf I b9er81n erestYfromt h tdepe�of the P Ym�t u til pafdtln full et��thoelntere t�rate in feffect onf iho secured debt unts will be due on demend _ -
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<br /> �' 10. D�MuI ocured b�thistdeedfostruct a eny priornmortgegeporYdoed of trustuLenderrmey accelerate the8maturityhof heesecurerd debt and t
<br /> • oblfgetion s Y licable Iaw. ���
<br /> � � demand immedlate peyment and may invore the power of sale and any other remedies permitted hy app :M
<br /> I 11,pequest tor NoUc�of D�faul^. It is�h�re BYsetQforth heie n,coples of the notfces of default and sale be sent to each person who la a pazty ,�i'`
<br /> ' = i harefu,ai tt��a addrass at essh eu_h� _ . ��,
<br /> i 12,pow�r of Sd�. If the Lender invokesthe power of sale,the Trustee shali first record in the office of the register of deeds ot each county �y,
<br /> wherein the trust property or some pert a parcel thereof fs situeted a notice of default contalning the informetion required by law.The Trustee
<br /> ;� I sheli also maH coples ot the notice of default to the Dorrowar, to each person who is a partY hereto, and to other pereons as preacribed by _ i
<br /> appilcable law. Not lees than one monih after the Trustee records the notice of default or two months if the trust property is not in eny -
<br /> �- incorporated ciry or villaga and is used infa�ming operations carried on by the trustor,the frostee shall give pubiic notice of seie to the persons
<br /> q and(n the mannar prescribed by appplfcabie lew.Trustee,without demand on Borrower, shail sell the property at pubiic auction to the highest �
<br /> 3 bidder.If required by the Farm Homesteed Protection Act,Trustee shall otter the property In two separate sales as requfred by applicable law.
<br /> k' . Trustee may postpone sale of all or any parcel of the property by public announcement at the time and place of any prevfously scheduied sele. :�_
<br /> ,�, Lender or its designee mey purchase the property at any sale.
<br /> Upon receipt of payment ot the prica bid,Trustee ehall deliver to the purchaser Truatee's deed canveying the proparty.The reclttals conteined in
<br /> Trustee's deod shali be prima facie ovidience of tho truth of tha statements contalned therein.7ruetee shall apply the proceeds of the sele fn the
<br /> �� following order: (a) toto Iall sums secured by this�deed of�trust and(c)�thet balance eif eny bto he pe�reons/egally entitled�tor ecelve�i,fees end
<br /> reinatatement tees;Ibl
<br /> 13.Foreclotun.At Lender's option,this deed of trust may bo foreclosed In tho manner provide by applicable Iew for foreclosure of mortgages
<br /> �� on reai property. _
<br /> i�• 14, Intp�ation. Lender mAy enter the proPerty to inspect it H Lender gives Borrower notice beforehand. The notice must state the reesonabie
<br /> � I cause for Lender's inspection. �
<br /> f 16.Condemnadon.Borrower assigns to lender the roceeds of any award or claim tor damages connected with a condemnation or other taking
<br /> � of all or eny pert of the propnrty.Such proceeds wiP be applied ae provided in Covenant 1.This assignment is subJoct to the terms of uny prior �M�-'
<br /> security agreemenL �
<br /> 18.Waivtr.BY exercising any remedy available to Lender,Lender doea not give up any rights to later use any other remedy.By not exertisi��g ��
<br /> � �� any remedy upon Borrower's dafeult,Lendor does not wafve any right to later consider the event a defauit if it happens ugafn. F,---��
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<br /> � 17. Jdni end Sevsrnl U�bliity; Co•sfyntts; Sucwsson and Astipes Bound. All duties under this deed of trust are Jofnt and seversi.A�iy t,,..
<br /> � � 6orrower who co-signs this deed of trust but doea not co-efgn the underlying debt fnstrumentfs) doea so oniy to grant and convey that �.;
<br /> Borrower's interest in the property to the Trustee under the tnrms of this deed of trust.In addition, such a Borrower egrees that tho Londor and T
<br /> eny other Borrower under this deed of irust may extend,modfiy or make any other changes In the tarms of this doed of trust or the eacured .
<br /> 1 debt without thnt Borrower's consent and without releasing that Borrower irom tho terms of this doed of trust. �..•=:'; ,,,�ri�:,,��
<br /> The duties and benefits of this deed of irust shall bind and benefft the successors and aseigns of lendor and Borrower. � , �,�:;;
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<br /> � 18.NoNca.Unlesa otherwise requirod by law,any notico to Borrowcr shall bo given by delivering d or by mailing it by certiffod mafl addreased to � � �:. ....: . ,
<br /> � Borrower at tho pro�orty address or eny other eddress that Borrowor hna given to Lendor.Borrower w�ll give any notice to Lender by certified ;:•��
<br /> mnil to Lender's nddresa an pege 1 of tl�s deod of trust,or to any other eddress which Lender hes dosignated. Any other notice to Lendor ehull :. , ..
<br /> i be sent to Lender's address as stated on page 1 of thls deed of trust, , » =,�-�
<br /> � Any notice shall be deemed to heve beon given to Borrower�r Lender when given in tho mannar stated abovo.
<br /> ! 79.Transfer of tho Prap�rty or a Ben�Acie1 Int�rest in the Borrower.If ali or any part of the property or any interost fn it fs sold or trenaferred
<br /> � paymentLif thee Borrower�ist not annatmal peson andda beneficfal enterest inmthe Borrohwor�i solddobttransferred eHowevere Londer may not ,
<br /> domand payment in the above situatfons If it is prohibited by fedoral law as of the dato of this deed of trust.
<br /> 20.Reconveyance.When the obllgation socurod by this dood of trust has boen paid, and Lendar has no furthor abligation to make advances
<br /> under tho instruments or agreoments aocurod by this deed of trust, the Trusteo shell, upon written request by the Lender, reconvey Sho trust
<br /> property.The Lender shall deliver to t1ro Borrowor, or to Borrower's succossor in interest,tho irust dood nnd the noto ar othor evidence of tho
<br /> � obligation su satisffod.Borrower shell pay any recordation costs.
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<br /> � 21. Succesaor Trustae. Londor, at Leader's option, mny remove iruscae and appoirn u au��eeav� t��o:oa `� "":, -'"'r�v � "�r; • - - --_--�_
<br /> substitution of trusteo es roquirod by applicable law,and thon,by filing the aubstitutfon of trustee for record in tho office of tho rogistor of doeds
<br /> succeed to alliho power,tdutiesSauthoflt Yu d t/e ottha Trust o amod u�thn deod of trust and of nny�successorvtustee.�f the prop�rty,shall
<br /> rpuyb 7 or 11 I
<br /> BANNENS SVSIEMS.�NC.ST CLOW.MN 66301 II 600�9974�411�ORM OGP MTp NE 6�19�91 t� I _
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