|
��f.' �'—
<br /> �
<br /> .��Y '_
<br /> ._:.A* .JA�....�Y�!'�_ . . _� ._ " .. .� .. .��IrY►.
<br /> � . . . .. t ! .. �
<br /> , .. . � . . � -i�•
<br /> i . . , I
<br /> � COVENAN78 ��'� �(I���e�
<br /> 1. p�ym�nu. Borrower aprees to make all paymante on the secured dobt whon Aue. Unlese Bo►rower end Lender npree aiherwue, any " -
<br /> � payments Lendor recelves irom Borrower or tor Borrower's benefit wlll be applled flrot to eny amounts Borrowe� owe� on tha tecured debt
<br /> exclusivo of interest or principal,second to interest, and than to princlpel.If partlal propnymont of tho secured debt occuts for nny rooeon, It wlll _
<br /> not reduce or excuse any scheduled peyment until the secured debt fs peld In full. _
<br /> 2. CINms ApNn�t Tkl�.Borrower will pay all taxes, assesamenta, and other charges attributablo to the property when due anA wIN defand title �
<br /> to the property ag ainst any cleims which would Impalr the Ifen of this deed of trust.Lender may requlro Borrower to essipn any riyhte,clafine or
<br /> defenses which 8orrower may have against parties who supply labor or materiats to improve or malntefn the property. � "'
<br /> � 3. Intunno�. Borrower wlll keep the property ineured under terms acceptable to Lender at Borrower's expense end for Lender'�bsnefit.Ail �
<br /> i Insurrnce policfes shell inciude a atandard mortgage clause in favor of Lender.Lender will be named as loss payee or as the Ineured on any such �,:
<br /> , Insuranco policy.Any Insurnnce proceods mny be a�plied,within Londer's discrotion,to eithor tha restoration or repeir of the demepad ptoperty _
<br /> � or to the eecured debt.If Lender requirea mortgage nsurance, Borrower agroes to maintain such insura�ce for as long ae Lendar�equires. ,
<br /> ::��
<br /> 4.Prop�rty.Borrower will keep the property in good conditfon and meke ail repairs reasonably necessery.
<br /> --- " ^ I 6.Exp�ns�s.Borrower agrees to pay all Lender's expensee,including reaeonable ett�rneys'fees,if Borrower breaks any covenants In thle deed _
<br /> of truet or In any obtigatton eecured by thia deed of tniet,Borrower will pay these amounts to Lender as provided in Covenant 9 of thia deed of __
<br /> trust. "-
<br /> i�3:-
<br /> 8. Pdor S�eurity I�t�nsb.Unless Borrower first obtains Lender's written consent, Borrower will not make or permit any changes to any prior --
<br /> security intaresta. Borrowar wili perfam all of Borrower's obligations under any prlor mortgage, doad of trust ar othor sucurity agrooment, __ •- --- -
<br /> including Borrower's covenants to make paymenta when due.
<br /> 7.Antpnmmt of R�nts and Proflu. Barower assigna to Lender the rents and prof(ts of the property.Unlass Borrowor and Lender have agreod �
<br /> otherwise in wrlttnp, Borrower mey collect and retain the rents as long as Borrower is not in detault. if Borrower defaulta,Lander, Lender's -
<br /> agent,or a r.ourt appointed receiver mey take possession and manago the propertv e�d coilect the renta. Any rents Lender collectc shall bo
<br /> applied first to the costs of managing the property, inciudinp court costa and ettorneys' feeo, commisalons ta rantai aqente, and any other
<br /> neceasary releted expenses.The remafning amount of rents wili then apply to payments on the secured debt as provided in Covenant 1.
<br /> 8.L��t�holds•Condomintumr,Plmn�d Unit D�v�loptn�nU.Borrower agrees to comply with the provlsions of any leeso if thie deed of trust ia on ."�
<br /> a leasehold.I�this deed of truat Is on a unit in a condominium or a plannod unit development, Borrower will perform eli of Borrower's du�ioa ��r:•
<br /> under the covenants,by-laws,or regulatlons of the condominlum or planned unit development. - -_
<br /> 9. Authorfty of L�nd�r to P�rfo�m for Bonown. If 8orrower falls to peHorm any of Borrower's duties under this deed of trust,Lender mey =_-
<br /> � peHorm the dutles or cauee them to be performed. Lender may sign 9orrower's name or pay any amount If necessary for performance. If any ;�;�=-`
<br /> construction on the properiy Is d(scontinued or not carried on in a reasonable manner,Lender may do whatever is necessary to protect Lender's • --
<br /> securiry interest in the property. This mey indude completing the construction, ,;���'��
<br /> Lender's tailure to perform will not preciude Lendar from exercising any oi ite other rights under the law or this deed of trust. "'"Y�-�;"'
<br /> , -,:
<br /> Any amounts pald by Londer to protect Lender's security intereat wfil be aecured by thia deed of trust.Such amounta wili be due on demand �Y�
<br /> � and will bear interest from the date of the peyment until peid in full at the interest rate in effect on the securad debt. ,,,;,i
<br /> ,:. 10. D�fwit�nd Acc�I�raUon. If Borrower fails to make any payment when due or breaks any covenants under thie deed of trust or any �� +
<br /> oblipation secured by this deed of trust or any prior mongage or deed of truat, Lender may accelerate the meturity of the secured debt and . „�'���
<br /> demand immedlate peyment and may invoke the power of sale and any other remedles permitted by applicable lew.
<br /> � .ara.�� � -
<br /> � � 17.R�qu�st for Notta�of D�hult.It is hereby requeeted that copies ot the notices of dafault and sale be sent to each persan who Is a party :,�,�_
<br /> _ _ hereto.at the addroes of eech such pereon,as set forth herein. °'�:-�_�
<br /> 12.Pow�r of Sai�.If tha Lender Invokes the power of eale,the Truatee ehall firat record in the ofiice of the reglater of deeds of each county " �
<br /> whereln the trust property or some part or percel thereof Is situated a notice of defautt contalning the informetion roquired by law.The Trustee �ti�
<br /> shail also mai) copiea of tho notice of defeult to the Borrower,to each pereon who is a perty hereto, and to other persons aspreecribed by
<br /> appltceble law. Not less than one month sker the Trustee records the notice of default or two months if the trust property ls �ot in any =
<br /> , incorporated city or vlllage and ls used In farming operations carrfed on by the truetor,the frustee ahell give public notice of eele to the peraons _ - -�_
<br /> and i�the manner prescribed by appplicabie law.Trustee,without demand on Borrower,shall seli the property at public auctlon to the h(qhest
<br /> � bidder.If required by the Farm Homestead Protactfon Act,Trustee shnll offer tho property in two ueparate ealea es requfred by appliceble law. - -
<br /> ,� Truetee may poatpone eale of ali or any parcel of the property by public announcement at the time end place of eny prevfoualy scheduled s�le. -- _
<br /> . � Lende►or Ite daelgnee may purchase the proprrty et any sale.
<br /> Upon recelpt of paymant of the price bid, Truetee shall deliver to the purchaser Trustee's deed conveying the property. The recitialt contafned In
<br /> Truatee's deed ehall be prime facle evldlence of the truth ot the statements contalned thereln.Trustee ahali apply 2he proceedt of the sals in the
<br /> e- followinp order: Ia) to ail expenses of the sale, Including, but not Itmfted to, reaeonable Truetee'a feea, rea�onable ettorney's feea and
<br /> � reinitatement teea;(bl to ell numa secured by thla deed of trust,and(c)the baiance,if any,to the persons lepally entitled to receive It.
<br /> '.' 13.Fa�eto�un.At Lender'a optbn, lhis deed of trust may be foreclosed in the manner provide by eppilcable Iaw for foreclosute of mortgaqes
<br /> on ro�l property.
<br /> � 14.Imp�etlon.Lender mey enter the proparty to inspect it if Lender gives Borrower notice beforehand. The notice muat st�te tha reasonabta - —
<br /> ceuae for Lendar's Inspectton.
<br /> �� 16.Cond�mnation.Barrower assIpns to Lender tho proceeds of eny award or clalm for damagea connected with e condemnaUon or other teking
<br /> �� secur ty egYroemenL the property.Such proceeds will be applfed as provided in Covenant 1.This aesignment in subject to the termt of any pNor _
<br /> � :: --
<br /> #� . � --
<br /> 18.Wdwr.By exercisinp any remedy available to Lender,Lender does not give up any rights to ietor use any other romedy.By rat exercising "`' __ _
<br /> any remedy upon Borrower's default,Lender does not waive any right to later considor the event a defauit if it happene apein. __=�T _ '
<br /> 17. Jdnt and S�vnal LI�WIIty; Co-sipn�n; Suce�s�ors and Assiyns Bound. All duties under this deed of trust are�oint and eeveral. Any , _---�
<br /> Borrower who co•slgns this deed oi trust but doea not co-sign the undedying debt inatrumentis) does so only to grant and convey thet ��= _
<br /> Borrower's intereat in the prope►ty to the Trustoa under the terms of this deed of trust.In addition,such a Borrower agrees thet the Lender end -- --
<br /> any other Borrower under this deed of trust may extend,modifY or make any other changes in the terms of this deed of trust or the secured �". . ���"°
<br /> debt without that 8orrower's consent and without releasing that Borrower from the terms of this deed of trust. �1'�,�-, = �.
<br /> . •_• rs�:.
<br /> c •tv�c•: •�.:•
<br /> The duties and benefits of thia deed of trust ahnll bfnd and bonefit tho successors and assigns of Lender and Borrower. �_ p�.a-,c••.
<br /> r��� ;:�i;=:
<br /> 18.NoUc�.:lnless otherwise required by law,any notfce to Borrower shall be given by delfverfng it or by mailing it by certified mail addressod to � � •
<br /> Borrower at the p+operty address or any other address that Borrower has gIvon to Lender. Borrower wili give any notice to Lender by certiffed
<br /> mail to Lender's address on page 1 of this deed of trust,or to any other address which Lendor has designated.Any other notke to Lender shall � �. . .:�•�+'�';:.:
<br /> ibe sent to Lender's addresa as stated on page 1 of thls deed of trust, ,,. . .; `Q1'.".
<br />_ � Any notice shail be deemod to have beon given to Borrowor or Lender when givon in the menner stated above. '
<br /> + 19.Tr�naf�r of th�Prop�rty or a B�rnRcial Intantt in th�Borrow�r.If ait or eny pArt of the property or any interest in it ia eold or tranaferred
<br /> I without Lender's pnor wrltten consent, LondAr may domand immediate peyment of the securod dobt. Londor moy slso demend Immedlate
<br />- payment it the Borrower is not a natural person and a beneficfal interest in the Borrowor is sold or transforred. However, Londor may not
<br />' � damand payment in tho nbovo situations if it is prohiblted by federal�aw as of the date of this deod of trust.
<br />� � 20.Reconv�yanc�.When the obligatan secured bV this deed of trust has been paid, and Londer has no furthor obiigation to make advances •
<br />- under the instrumente or agreernents secured by this deed of trust, the Trustee shall, upon written request by the Lender,reconvey the trust I
<br /> property. The Lender shall deliver to the Borrower, or ta Borrower's successor in interest,the truet deod and the note or othor ovidenCe of the
<br /> obligation so satisffed.Borrower shall pay any recordatlon costs.
<br /> � _..
<br />— tl. sYCG�ttvf INii��. �tlnuaf� tl[ Lvnutl��b ot�iwtq rrtay rotnWe i�uoitftl a(ni eppv���i a eui.�eeeJi iit�eino iiy �ii6i, �iioiiniy O�rV�Jy 3i i,io �-� � - � -
<br /> subatitution of trustee as required by applicable law,and then,by filing the substitution of trustee for record in the ofiice of the reglster of deeds � �
<br /> . of each county in whieh the trust p►operty,or some part thereof, fa eituated.The successor trustee, without conveyance of the property, shall
<br /> succeed to all the powor,duties,authaity and title of the Trustee nemed in the doed of trust and of any succeusor truetee. i
<br /> T . �.
<br /> - fpege 7 0/71
<br /> BANKERS S�SiEMS.�NC.ST CLOUD.MN 68301�1 800 D97 2J41�FONM OCP M7G NE 6i19i91
<br /> I
<br /> ]
<br /> �,
<br /> - __ _
<br />
|