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<br /> COVENANTB • ;`�:,.�;?'r��'`;
<br /> , 1. P�ym�ntt. Borrower a{�rees to mtka el paymenta on the secured debt when due. Unlosa Borrower and Lender o0reo othorwise, any �
<br /> oxciusNoeofeinterest oe�princlpal,sacond to Into�esBt�end thon to principali.lf pertp�al prefpeymont of ho secu ed�bt occues for any roasontlitdw I _
<br /> Inat reduce or excu�a any scheduled payrnens unti the recured dobt Ia pald In full. .
<br /> 2.CIMms Ap�lnst Tid�.Borrower wWl pay ell taxes,easesements,and other chorpes ettributablo to the property whon duo and will dofond title
<br /> , to the property agelnst any claims wNCh would Impalr the Ile�°abor o materlels to fmprove or maQ tarin ehorp opertya88ian nny riphte,claima or
<br /> defendea whlch Borrawer may have apai►�at purtles who supp y ; _
<br /> 3.Insunnc�. Borrower wfil keep the proputy�aurad under terma accepteWe to Lendor et Borrower's exponso and tor Lender's bonafit.Ail _
<br /> � tnaurance poilcles shall Include a stenderd mort e8e cleuae in favor of Lende�.Londer wlll bo nemed ae losa payee or as the insured on any such •�„
<br /> �� or to the securad debt�if Lenderpequu 68mort9 9a Inelurance�t Borro ee eg elecrtoln,slntain suchhnsurancotf�ne bnfl��s Lende►ef quoBe roperty
<br /> � 4.Prop�rty.Bot rower wSll keep the properry in pood condlNon and make all ropeira roasonably necessary. . • •.-+i�o�x
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<br /> ;* . � 6.E x p�n s�s.B o r r o w e t a p r e e s to p a yali Londer's expenses Inciuding reasonable attornoys'foea,if Borrower breaks any covonents in this doed . ' '^�
<br /> � of truat or I��eny obligetlon eecured by thisdeed of trust.�orrower w i l l pny t h e�e a m o u n t s t o L e n d e r a s p ro v i d e d i n C o v e n a n t 9 of this deed of Y.•„�,� �h�.�_��,-
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<br /> trust. �.— -
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<br /> 8.Prior S�curity Intentts.Unlese Sorrower firat obteinn Lender's written consent. Borrower will not make or permit any chanpes to eny�rior . �,:,,,i�air'i��isc::
<br /> aecurity interests. Borrower will pedorrn ell ef B�rrower's obllgatlone under any prior mortpage, deed of trust or other security aBreement, �
<br /> � � Including Borrower'a covenente to m�ke peyments when due. '�'=—�� �.
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<br /> : I 7.Asst�nm�nt of R�nu and Proflt�.Borrower essigns to Lender the rents and profits oi the property.Unless Borrower and Lendar have agreod ..
<br /> # otherwise in writing, Borrower may collect and reteln the renta as long as Borrower fs not in default. If Borrower defaults, Lendsr, Londer's -
<br /> agent, or a court eppointod recefver may teke poeaeselon and menope the property and collect the ronts.Any rents Lender collects ahall be �•n1'�_
<br /> � applied tirst to the costs of managing the proporty, Inciuding court coste and attorneys' fees, commissions to rental agents, and eny other �4,,_:
<br /> � necessary relnted expenaes.The remaining amount of rents wili then apply to paymente on the secured debt as provided in Covenant 1. �.y,--
<br /> 8.Le�aholds•Condotniniums;PI�nMd Udt D�v�lopm�nt�.Borrower agrees to comply wfth the provlsions of any lease if this deed of trust is on -- �
<br /> �i under thelcovenanta,UY•�aw8ruar reA�latio s of the co�nd m'ini�tm or planned unitndevelopment�t� Borrower wiii perform ali of Borrower's dutfea _ �
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<br /> 9.Authaity of Lmd�r to P�►(orm fa Borcower. If Borrower faiis to perform any of Borrower's duties under this deed of trust, Lender may �.,-�,.r
<br /> t perform the dutles or ceuae therts to bo performed.Lender may aign Borrower'a name or pay any amount if neceesary for performe�ca. If eny �y -_—
<br /> constructlon on the property is discontinued or not carried on in a roosoneble manner,Lender may do whatever is necessary to proteat Lender's
<br /> security interest fn the property.Tlu�may include completing the construction. �sr��_
<br /> � Lender's faUure to perform will not preclude Lender irom exercising any of its other righte under the law or this deed of trust. �`y'—r�„
<br /> AnV amounte pald by Lender to protect Lender's security interest wUl be secured by this deed of trust. Such amounte wiil be due on demand ����`
<br /> and will bear Interest from the date of the payment untii pafd in full at the interest rate in effect on the secured debt. �Y,���
<br /> �'- 10. O�fault and AeeW�retion.If Borrower faNs to make any payment when due or breaks any covenents under thia deed ot trust or any '
<br /> obligatlon secured by this deed of trust a any prlor mortgage or deed of trust, Lender may accelerate the maturity of the secured debt and �:�_
<br /> � demand immadiate peyment and mey invoka the power of sele end any other remedlea permitted by applicable law. ,�
<br /> 11.R�qu�at f�r NoUa�ot D�fault.It Is hueby requested that coples of the notices of default and sale be sent to each person who le a perty ,p
<br /> heroto,at the address of each such pe�son,ae set forth herein.
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<br /> 12.Pow�r of SM�.If the Lender invokea the power of sele,the Truatee ohall firet rocord in the office ot the register oi deada ui ea;.h counr�r
<br /> whereln the trust property or some pert a parcel thereof is eituated a notice of default containing the fnformatlon required by Iaw.The Truatee Lt-
<br /> -� shall also meil copies of the notice of defeult to the Borrower,to each person who is a party hereto, and to othor petsons ae preacribed by ,_
<br /> appliceble law. Not Iese then one month after the Truatee records the notice of defauit,or two months if the trust property is not in any _,
<br /> � Incorporated city or vlliage and Is used in farrnin8 operatlons carried on by the truator,the trustee sheli glve puaat�ublic auation tott ophlyh at �"
<br /> � and in the menner prescrlbed by apppliceWe Iaw. Trustee,witF�out demend on Borrower,ehall sell the property P ;
<br /> bidder.If required by the Farm Homestead Protnctlon Act,Trustee shell oHer the property in two aeparate sales as required by appliceble law. �
<br /> '� Trustee mey postpone sele of alt ar any percel of the property by pubiic anrwuncement et the time and place of any prevlously schaduled eale. �_
<br /> � l.ender or its designee may purchase the property at eny sele. "
<br /> Upon recefpt of peyment of the price bid,Truetee shall deliver to tha purchaser Trustea's dead conveying the property.The recitials contafned fn �
<br /> • �_ Tructea's deed shall be prima facie evidlence of the truth of the stetements contained therein.Trustee ahall apply the proceeds of the sale In the .
<br /> �►.1 followinp ordor: la) to all expensea of the sale, Including, but not Nmfted to, roesonable Truatee's fees, reesonabte attorney's foes end
<br /> yp{c relnstatement fees;(b)to ali sums aecured by this deed of trust,and (c)the balance,If any,to tho persons legally entltied to receive it.
<br /> i. 13.Fonclosure.At Lender's option,this dead of trust may be foreclased In the menner provide by applicable Iaw for foreclosure of mongages
<br /> on real property.
<br /> � 14.Imp�ction.Lender mey enter the propertl to inepect it if Lender givee Borrower notice beforehand.The notico must state the reesonnble
<br /> cause for Lender's inspectlon.
<br /> � 16.Condsmnation.Borrower assigna co Lendor the p�oceeds of any award or claim for dama es connectad with a condemnation or othor taking
<br /> � his assignment Is subjact to the terms of any prior �
<br /> of ell or any part of the property.Such proceods wfll be applied as provided in Covenant 1.
<br /> security agreement.
<br /> 16.Watvsr.By exercising any remedy availade to Lender, Londerg oee not give up any rkl�ts to Iater use any othens emalnY BY�ot exorclsing —
<br /> '� i any remedy upon Borrower's defadt, Londo�does not wawe any ri ht co later consider the event a default if it hepp g _ _
<br /> ;� 17. Jdnt tnd S�v�r�) Liability: Co•siyMrs; Succ�asors and A�oipn�Bound. All duties under this deed of trust are Joint and aeveral. Any __�
<br /> � Borrower who co•signa this deed of truat but does not co•sfgn the underlying debt Inetrumentlsl does so oniy to grant and convey that
<br /> Borrower's interest fn the prope►tyto the Trvetee under the terma oi this deed ot trust. In additfon,such a Bo�rower agrees that the Lender and � _ �
<br /> ! any other Borrower under thia deed of uust may extend,modifv or meke any othor changes in the terms of thfs deed of truat or the securad 6y
<br /> y I debt without that Borrower's consent and without releasing that borrower from the terms of th�s deed of trust. `
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<br /> The dutles and benefits of this deed of trust shall bfnd und benefit the successors and assigna of Lender and Borrower. � *'_
<br /> 18.NoUc�.Unless otherwiso requirud by lew,any notice to Borrower shall be glven by delivering it or by mailfng it by certified mali addrossed to . : .. -
<br /> Borrower at the property addresa or anY other eddrese that Borrower hes given to Lender.Borrower wfll gfvo eny notice to Lender by cortifiad „ .- .. ._ .
<br /> mafl to Lender's addresa on page 1 of tNS deod of trust,or to eny othor address which Lender has designoted.Any other notice to Lendor shali �s'�=�.a '' -
<br /> � be sent to Lander's address as stated on pa9e 1 of this deed of trust. ••.�i3(:•:•K... >
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<br /> Any notico shall bo deemed to have been given to Borrower or Londor when given in the mnnner stated above.
<br /> J 19.Tran�t�r of th�Prop�rty or a Ben�ficia)Intsnet(n th�Borrow�r.If all or any part of the propany or any interest in it is sold or trunsferroJ
<br /> I without Lender's prlor writton consant,Lender may demend Immedlete payment of the secured debt. Lender mey also demand fmmodfato
<br /> J paymont if tho Borrower Is not a natuel person and a boneficial interasi in the Borrownr Is sold or transterred. However, Lendor may not
<br /> � domand peyment in the above situat�ons if it is prohibited by fedoral law as of the dato of this deed af trust.
<br /> 20.Rocanv�yanc�.Whon thn odigation secwed by this deed of truat has been paid, ond Lender hes no further obligation to meko advances
<br /> under tho instruments or agreements securod t�y this deed of truet,the 7ruatee shall, upon wrfttan roquost by the Londor, reconvey the trust
<br /> I property.Tho Londer shall deliver to the Borrower,or to Borrower's successor In interest,tho trust deed end the noto or othor evidence of the
<br /> ; obligation so sotisfied.Borrower shait pay anY rocordation costs.
<br /> . ,,. ...._______ �_._.� �....a.,. af �aryfpr•.�n��on. mav remove Trustee end appoint a successor trustee by first, mafling a copy of the •
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<br /> substitutfon of trustne as required by eppli�ablo law,and thon,by filing tho substitution ot trusiee ior rocord i��i��a o7t��a��:�a��v:a:�:�.��---
<br /> succeed touall the poweh tdutfosseutho�IVYa d tiio oft e Truet e namod�i�odhe doed of hust and of any�su�Cessor trustoe,of tho property,shall {
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<br /> BANKERS SVSTEMS.INC.ST CIOUD.MN 5630���P0679 7 23311 fGNM OCP MTG NE 6�19�91
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