|
.� - �•. .'n.,-��
<br /> �' . .`.�Tg.`4�{:�'�.
<br /> ih •. , -- �
<br /> ,�t�� .. ' ..yn`�� '.
<br /> �l'7`��14' . ., , ' ,� .'"11:'� o'.'':!'_;•-,�pi�'T
<br /> - .. .__�µy.�r.+. • .. . . _�.,;��.�..:.rr.�syia�•.
<br /> , �t.�,::_,={_"....�:
<br /> � � � gg—x���s9� . r� :`..,�Y�;,�a�_.
<br /> COVENANT8 .*'���=;�°
<br /> ���,��;�'�L'
<br /> ;.�n.ir_.�..�
<br /> i. P�ym�nt�. Borrower aflreea to make ell paymenta an the �ecured debt whon due. Unlees 8orrowor und Lendor apree otherwise, any yYJ., �
<br /> paymenta Lendar recaivee from Borrower or for$Borrnowor's bonefit will ha appliod ffret to any amounta Burrower owes on the soeured dabt ,' s'. .�i. .���
<br /> oxcluafvo of Intaroat ar principal, seCOr�J,teniv$rrrt�f the'htlddut�d�djbt ie�Pe�d� }ull��prepayment of tho securod dobt occurs for any renson,it will
<br /> nat reduco or orcuee any ecFntlulsa$d�P►� ` , r , ^ � . " '.'
<br /> �lU .
<br /> 2.C i�l m�A p�intt llti�.Brirrov�/w I W �� u•t�xN►. �+se��mqna�a�d otMr charpes attributabla to the property whan duo and will dofond titla ,, -
<br /> r �.'� :�����L.
<br /> detensoi whicha6or o6wer mey�have ap�'t Pa t les p�ho suppty labo►o�r ema�erlalt to Imp ro e u�r mBlnta n t orpropertyasalgn uny riqhts, claima or �
<br /> �.��,:.. :
<br /> � 3. Inturma�. Borrower wfil keep the property gIneurod undor terms ecceptabie to Lendor et Borrower's oxponse and for Londer's bonafft.All ,..�:,',
<br /> inaurunca pollcyaAny'ineurence proc6edsmay be appiledewithin Lende�eddtecretlon�to��ether tho�re6toratfonaoBOepeir of the�demaged property ;.
<br /> � or to the secured debt.If Lender requiroe mortgege insuronce,Borrower ayroo�to maintnin suah insurnnce for as long ea Londer requfres. .•� b;,;f'Y. ,� •T.�
<br /> � . A.Prop�rty.Borrower wfil keep the properry in pood conditlon and meke all repelre reasonably necessary, j*,�,. , �;��[���-
<br /> �y � h� 1 ��y Y�
<br /> �� 6.Facp�ns�s.Borrower agrees to pay al�lender's expenses,including reasonable attorneys'teeB, if Borrower breaks any covenante in this doed r�� ,a
<br /> - � �'"'�' of trust or in any obilgetlon secured by tNs deed of truat.Borrower will pay theee amounts to Lender ae provided in Covenant 9 af this deed of `__-__ _
<br /> trust. t�--�
<br /> � --
<br /> ' 6. Prior S�aurity int�n�t�.Unless Borrower first obtains Lender's written consent, Borrower will not meke or permit eny changes to any prior �:i_-�==_=-_
<br /> security interesta. Borrower wUl poriorm all of Barrower's ohiigations under any pdor mortgege, deed of trust or other security agreement, ___ ._
<br /> �W:_-
<br /> � Includinp Botrower's covenants to meka peyments when due. -
<br /> � 7.Assi9nmsnt of R�nU and Proflts.Borrower eseigns to Lendor the rantt and profits of the property. Unlese 9orrower and Lender have agreed =T
<br /> otherwlee in writi�p, Borrownr may coliect and retein the reMs as Iong es Borrower ia not in defeult. If Borrower defaults, Londer, Lender's _ _ -
<br /> ', agent, or a court appolnted receiver maY tnke possession and manage the property end coilect the rants. Any rents Lender coilects shali be �,r-_.
<br /> � applled first to the costs of managin� the property, including court coats and attorneya' feee, commissions to rental agents, end any othet h �.._
<br /> necessery relate d expenses.T h e r e m a n i n p a m o u n t o f rents wlll then epplYto paymonts on the secured debt as provided in Covenant 1. _`+�a�.
<br /> ., ° � L'����-�- -
<br /> 8.L��s�hoids•Condominiumi:Pl�nn�d Unit Dwelopm�nu.Borrower agreas to comply with the provisions of any lease if this deed of trust Is on
<br /> a leasehold. I�thls deed of trust is on a unit In a condominlum or a planned unit development, Borrower will perform all of Borrower's dutiea �i,��:
<br /> under the covenents,bylewa,or reguiatbn�of the condominlum or p�enned unit deveiopment. •�-•��- _
<br /> �„v:_ -
<br /> � � L _
<br /> 9. Authoriry ot L�nd�r to P�rform for Borrower. If Borrower falls to perform any of Borrower's duties under thiB deed of trust, Lender mav �,.,�s.-
<br /> perform the duties or ceuse them ta be performed. Lender may aign Borrower's name or pay any amaunt if necessery for peHormance. If any
<br /> constructlon on tho propeny is dfscontirwed or not carrfed on In a reasoneble manner, Lendor may do whatever is necessary to protect Lender's �. `
<br /> security Internst in the property.This may include compieting the conctructfon. ��_;�-�:
<br /> � , Lender's failure to perform will not preciude Lender from exercising any d its other rights under the law or this doed of trust. -_ �
<br /> �w'= '.1
<br /> Any amounts paid by Lender to protect lender's aecurity intereat wlll be secured by thla deed of trust.Such amounts will be due on demand ,,.�"s�:-
<br /> and will bear interest from the dete of tM paymont until paid in full at the interest rete Sn effect on the secured debt. ____`{
<br /> �1' 10. D�fault and Aocdantion. It Borrowe� falis to meke any payment when due or breaka any covenants under this deed of trust or any 4V���
<br /> ob l iga t ion s e c u r e d b y t h i s d e e d o f trust or an y prior mortgage or deed of trust, Lender may accelerate the maturity of the secured debt end � ,
<br /> :� demand immedlate payment end mey invoke the power of sele and any other rem9dles perm i tte d by app l l c e b i e l e w. :_^
<br /> . 11.R�qu�st tor Notie�ot D�fault.It is hereby requasted that copiea of the noticee of default and aale be sent to each pereon who is a party ,r
<br /> _. . _ . � � hNrero,at the address of each auch pereon, as set forth herefn. ;.�
<br /> 4 �
<br /> 17,Pow�r of Sai�.If the Lender invokee the power of saie,the Truatee shall ftrat record in the oHice ot the regtster ot aeads of eaan county
<br /> a wherein the trust property or some part or parcei thereof is situeted a notice of defeuit conteining the fnformation required by law.Tho Trustee _-
<br /> shall aiso mail coples of the notice of default to the Borrower,to each poraon who is a party hereto, end to other persons as prescrlbed by _V
<br /> + appiicable law. Not less than one moMh after the Trustee recorda the notice of default, or two months If the trust property is not in any — -_.
<br /> y . incorporated city or village and fs uaed In farming operations cerried on by the trustar,the Trustee ehali give public notice of sele to the percons .._
<br /> t b ddet.tlfe equired by the iFar�m Homes�te d�Protecti neAct,Truatee sha of er the rproperty hn two s paPete sa es es requlred tby pplica leelew p�
<br /> TrustAe may postpone sale of ati or any parcel of the property by public announcement at the time end piace of any previously scheduled selo. ;�
<br /> � Lender or ita designee may purchase the property at any sale. -
<br /> , �,. U n receipt of ayment of the price bid,Trustee shell deliver to the purchaser Trustee's deed conveying the property.The recitlala contained in
<br /> T ustee's deed shall be prima facfe evid'ance ot the truth of the atatements containod thereln.Trustee sheil apply the proceeds of the sale In the
<br /> following ordar: (al to all expenses of the sale, including, but not limited to, reasonable Trustee's fees, reasonabie attorney's feee and _
<br /> �]�� relnstetement feea;lb)to all sums secured by thla dood of trust,and lc)the balance,If any,to the persons Iegaity entltied to receive It. �_
<br /> $. 13.Foncloaun.At Lender's optlon,tWs deed of truet may be foreclosed i�the menner provide by appllcable law for foreclosure of mortgeges
<br /> i� on reai property.
<br /> !•
<br /> � 14.Infp�oNon. Lender may enter the property to inspect It if Lender gives Borrower notice beforehand.7he notice must state the reasona e
<br /> ceuse for Lender's inspection.
<br /> a
<br /> 16.Cond�mmtlon.Borrower assigns to Lender the proceeds of any ewerd or claim for dameges connected with a condemnatlon or other tak ng R
<br /> �� of all or any part of the property.Such procoeds wili be appiied as provided in Covenunt i.This assignrnent is subj4ct to tho torma of a�y prior
<br /> securiry agreement. �
<br /> �� p y ----
<br /> �t any remody Bpon BorroworesYdef ulta Lende�rdoes�not wufvo eny rightt u I teeconafder the event aldetaultef it happena agalnY� BY not exercising =_--
<br /> ' � 17, Joint and Ssvaral Llabititv; Co•siynt�s: Su¢o�ssors and As�iqns Bound. All dutlos under thls deed of trust are jolnt and several.Any :
<br />- � � Borrower who co•slgns this dood of trust but does not co•sign the underlyfng debt instrumentlsl does so oniy to grant and convey thet
<br /> Borrower's interest in the property to the Trustee under the terms of tWs deed of trust.In edditfon,such a Borrower agrees that the Lender and �;:{�_
<br /> T any othor Borrower under thia deed of trust may extend, modify ur moke any other chanpes In the terms oi this deed of trust or the secured
<br /> debt without that Borrower's consent and without releasing that Borrowor from the terms oi this deed of trust. • ,.����
<br /> 4 '
<br /> The duties and benefits of thfs deed of trust sheil bind and benefit the euccessora and aesigns of Lender and Borrower. - �
<br /> �.
<br /> • 1 F�'.
<br /> ', 18.Notice.Unleos otherwfae required by law,eny notice to Borrower shell be givon by deUvering it or by,maiiing ft by cenified mail addressod to �
<br /> Borrower at the property address or any other address that Borrower has given to Lander.Borrower w�ll gfve eny notice to Lender by certified :,,����
<br /> maii to Lender's address on pago 1 of Ihis deed of trust,or to any otha address which Lender has designated.Any other notice to Lender shail �,
<br /> bo sent to Lender's addroes aa stuted on page 7 of thfs deod of trust. .�-�•�•;'-= "�
<br /> �•�ti....`Py.l'�I} .
<br /> Any notice shall be deemed to heve been given to Borrower or Lender whon given in the manner stated ebove. ;
<br /> , 19. 1'ranafsr of th�Property or e Ben�Acisl Intsrsst in tlie Borrower. II all or any pnrt of tho property or any interest fn it is sold or trensforred
<br /> , without Lender's prior written consent, Lender mey demand immedfete peyment of the secured debt. Lender may also demand immediate
<br /> I d mandtpaymonBinrt o above situatiotin if Itis prohib ted by federal lawas of the d ee of this deed�of trust nsforrod. However, Lender mey not
<br /> I 20. Reconv�yanoe.When the obligation secured by this deed of trust has been paid,and Lender has no tunher obligatfon to make advancea ..
<br /> under the instrumenta or agroemonts soaured by this dood oi trust, the Trustee shail,upon writton request by the Lender, reconvey the trust
<br /> property.The Londer shall delivor to the Borrower,or to Borrowor's successor in interest,the trust dood and the note or othur evidence of the
<br /> obligation so satisfied.Borrowor shail pay any recordation costs.
<br /> ! .,..a Tn�ctpw and nnnoint a succossor truateo by first, meiling a copy of the
<br />- � Zl. MU6CQlo0t I�uataa. i.n��unr, ui i.o��J':�' "' "^� T° •°m_ _�_ _--__—
<br /> I substitution of trustee as required by nppticnble rew,end t�en,by filin�lhe substitutfon of trustcte for record in the offico of tho register of doods
<br /> of each county in whieh tho trust proporty,or some part theroof, is s�luoted.The successor trustee,without convoyance of the property,shall
<br /> i succeed to all the power,duties,authaity and title ot the Trustoo namod in tho dood of trust and of any succossor trustoc.
<br /> _ �
<br /> ; rpape?oI21 �
<br /> BANKFRS SVSTEMS.INC.ST CLOUO.MN 6630111�800 99�7�411 fORM OCP MTG NE 8i19/91 �
<br /> I ' �
<br /> ` I
<br />. . ..�.___ __.. - .
<br /> _�_.. .._. _ .
<br />
|