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<br /> COVENANTS 98� ,��.j1�2� y • •-"
<br /> , 1. Paym�nts. Borrower agroes to mako all payments on the secured debt when due. Unlesa Borrowor and Lender a reo ot erw eo, an � �s.�".�„
<br /> payments Lender recalvos 4tom Borrowor or fqr Barrowor's beneflt will be appllod first to any amounte Borrower owes on tha secured debt _._..
<br /> oxclusive of Intere�t or principal,secpnd to intoreah and then toprf�cipal.If pertial prepayment of the secured debt occura for any reason, It wfil =--
<br /> not reduce or excute any scheduled payment untll theaeaured dehtjs paid In full. _-
<br /> � 2. Cl�im�Apoln�t Tltle�Borrower wlII pay all taxpe,ase9sAment4;afid other cherpee attributnbie to the proparry whon dun ond will defend title ,;�:;,;
<br /> to the proporty a�penat any claims which would Innpulr the flen of thls deed of irust.Lender may roquire Borrowor to ossiyn any rphts,claimc or ,,,,..
<br /> dofansos whlch 6arower may hnve apainst partiea��vho eappiy lebor or matorials to irnprove or melntaln tho property. _-
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<br /> 3. Intunna�. Borrowor wiil koop tho property inaured undor torme accepta6le to Lender at Borrower's expense and for Londer's bonofit.Ail
<br /> . Ineurence pollctos efiall Include a e�tandard mortgege clause fn favor of Londer.Lender will be named as losa payee or ae the insured on any such ����"
<br /> insuranco policy. Any Insurance proceode may be o�plfed,within Lender's dfocretion,to either the restaretlon or rnpnir of the damaged property _
<br /> or to the socurod dobt.If Lander requires mortgage nsurance,Borrower agroes to meintafn such insurance for as long as Lender requires. -
<br /> ' 4.Prop�rty. Borrowar will keep the proporty in good conditlon and mako all ropalrs reasonebly necessary. -'
<br /> `-"" 6.E» �nses.Borrawer agrees to pay all Lender's ox enses.Insiudin reasoneble attorne e'fees,it Borrower broaks an covenaMS in this deed `��' �
<br /> .. � of trust or in any obligation secured by thia deed of puat.Borrower wiil pay these amounts to Lender as provided in Covenant 9 of this deed of .�`Y�
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<br /> B. Prlor S�curity IM�r�tt�. Unless Borrower flrst obtalns Lender's written conaent,Borrower will not make or permit any chnnpea to any prior _N
<br /> � aecurfty Interests.Borrower wfll perform ail of Borrower'e o611getfona under any prior mortgage, deed of trust or other secunty agreoment, �
<br /> � including Borrower's covenants to make payments whqn due. �`'".
<br /> ! 7.Auiynm�nt of A�nt�and Proftts.Borrower assigns to Lender the rents and profits of the property.Unlees Borrower and Lender have agreed � --
<br /> i otherwlse in writing, Borrower mey coliect and retafn the ronte as long as 8orrowar is not in default. I( Borrower defaulta, Lander,LendeYs •' -°
<br /> � egent, or a court eppalnted receiver may tako possession and manage the property and cnilect the rente. Any rents Lender cWlects shall be 'r�
<br /> ; I applied firat to the costs ot managln�the property, including court costs and attorneys' foes, commissions to rental agents,and any other ='
<br /> neceaeary rolated ezpenses.The rema ning amount oi rents will then apply to payments on the secured debt as provided in Covenant 1. �a"=-
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<br /> i 8.Lus�holdr Condominiums;Pl�nned Unit Dwdopm�nb.Borrower agrees to comply with the provisions of any leese if this deed ot trust ia on �w F--
<br /> a Ieasehoid. Ir this deed of trust ia on a unit in a condominium or a planned unit development, Borrower wfll perform ail of Barower's duties �k�.�-
<br /> � I under the covenants, byIewa,ar regulations of the condominfum or planned unit development. — �=
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<br /> � 9. Authartty of L�ndsr to P�rform for Borrowa. If Borrower fails to�perform any of Borrower's duties undor this deed of t�ust, Lender may
<br /> 1 perform the duties or cause them to be performed. Lender may alen 6orrower's name or pay any amount if necessary far perfamance. If any ____
<br /> � construction on the property is disCOntinund or not carried on in a rnasonabie manner,Lender may do whatever is necessary to pratect Lender's - �-
<br /> ; I security interest intha property.This may Inctude compieting the construction. =Y_
<br /> Lender's fsflure to perfarm will not preclude Lender from exercisinp any of its other rfghts under the law or this doed of trust. �u,�,:
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<br /> Any amounts paid by Lender to p�otect Lender's security interest wiit be secured by this deed of trust.Such amounts wili be due on demand �'��`?''
<br /> + ..} and wlll bear Intereat trom the date of the payment until pald in full at the interest rete in effect on the aecured debt. °_ `.
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<br /> � �.� 10. OtfUUlt �nd Acc�I�r�Uon. It Borrower fails to make any payment when due or breaks any covenante under this deed of truat or any � �
<br /> obligation secured by this deed of trust or any prior mortgage or deed ot trust, Lender may acceierate the maturiry of the secured debt and . 4` �"-•
<br /> � demend immediate payment and may invoke the power of sale and any other remedies permitted by applicable lew. •: ;��_
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<br /> � 11.Rtqu�at for Nntic�of D�fauit.It is hereby requested that copfes of the ratices of default and saie be sent to each peraon who is a party � i�=
<br /> hereto,at the address of each euch person,as set forth hereln. �l —
<br /> 12.Pow�r of Eai�.If the Lender invokes the power of sale,the Trustea shaN firat record In the oftice of the register of deeds of each county •��
<br /> wheiein the trust property or same part or parcei thereof is situated a notice ot default containing the informetfon required by taw. The Truatee ±�'
<br /> . — 1tFfAII NICO mnil r.npiaa ef tha nntiea nf dnfeult tn thn Rorrnwwr 10 PACF1 (1N/Rf10 who i�a perty hereto. and to other persons ae prescrfbed by _
<br /> , eppliceble law. Not leas than one month after the Trustee reaorda tho notice of default ar two months if the trust property is not in any �y�-
<br /> incorporated city a village and Is used in farming operatlons carried on by the trustor,the frustee ahall give pu6lic notice of sate to the pereons ,,.�.
<br /> � and In the manner prescribed by appplicable law.Trustee,without demand on Borrower,shall sell the property at public auction to the highest w--
<br /> bidder. Ii requtred by the Farm Home&tead Protection Act,Trustee ahall offer the property in two separate sales as required by applicable law. ��;�
<br /> Trustee may postpone sale of all or any purcel of the property by public announcement at the time and place of any previously scheduled sele. �7j�;
<br /> Lender or Its designee may purchase the property at any sale, �;_
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<br /> � Upon receipt of payment of the price bid,Truatee shali deliver to the purchaser Trustee's deed conveying the property.The reciti�a contained in � ,�=,
<br /> �j Trustee's deed sheA be prima facie evldience of the truth of the statements contalned therein.Trustee shall apply the proceeds of the sele in the
<br /> foliowfng order: lal to all expenaes of the saie, tncluding, but not Iimited to, reesonebie Trustee's fees, reasona6le attornay's fees and
<br /> �; reinatetement feer,(b1 to all sume aecured by thts deed of truat,and(c)the balence,If any,to the pereons legally entltled to receive it.
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<br /> k 13.Fonclosurs.At Lender's option,this deed oi trust mey be foreclosed in the manner provide by applicable law for toreclosure of mortgeges
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<br /> on real proporty.
<br /> 14.Inspsction. Lender mey enter the property to Inepect ft If Lender gives Borrower notice betorehand.The notice must state the reasonab�e
<br /> � cause for Lender'sin�peCtion. '
<br /> 18.Cond�mneiion.Borrower aseigns to Lender the proceeds of any award or clafm for damages connected with a condemnation w other taking
<br /> , I of all or any part of the property.Such proceeds wili be applied as provided in Covenant t. This ass�gnment fa subject to the terms of any prior F'�
<br /> security agreemeM. [ '--�
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<br /> 18.Waivar. By ezazcising any remedy avaflablb to Lender,Lender does not give up any dghts to later use any other remedy. By not exercising �� ""°'�"---
<br /> � eny remedy upon Borrower's defauit,Lender does not waive any right to iater eonsider the event a detauit if it happens again. �'�"
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<br /> i 17. Jofnt end Swtrai Llebility; Co-sipners: Sucaostors end Avaigns Bound, All duties under this deed of trust aro joint and several. Any �•�
<br /> Borrower who ca•signs this deed of trust but does not co•sign the u�derlying debt instrument(s) doea so o�ly to grant aM convey ihat �"��°�._ -_
<br /> Botrowor's Intereat in the property to the 7rustee under the terms of this deed of trust. In addition,such a Borrower agrees that the Lender and
<br /> „ i any other sorrower under thfs deed of trust may extend,modffy or make any other changes in the terms oi this doed of trustor the securod ��•-,
<br /> debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust, ,-:�?+�'�'�`'�n=•
<br /> The duties and benofits of thls deed of trust shall bind and benefit the successors and assigns of Lendor and Borrowor. �°'�A�''' �
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<br /> 18.Notic�. Unless otherwise requiied by lew,any notice to Borrower ohall be B�ven by delivoring it or by mafiing it by certiffed mai addressed to ��''' ;,�,�„
<br /> Borrower at the property address or any othor address thet Borrower has given to Lender. Borrower will grve eny notice to LeMer by certiffed . ":` ,r!r�.
<br /> mafi ta Lender's address on page 1 of this doed oi trust,or to any othor address which Londer hes designoted.Any other notica to Lender shall ' '
<br /> be sent to Lendor'e oddress os stated on page 1 of this deed of trust. , `��f" �
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<br /> Any notice shall be doomed to have beon flivon to Borrower or Lender when grven in the men�er stated above. ,._ '"
<br /> 19.Transter of th�Proparty or e Banaflclal Inters�t In ths Borrow�t. If all or any pert of the property or any intereat fn it fs sold or transforred
<br /> without Lender's pifor written consent, Londer may demand immedfete payment of the aecured debt. Londer may also dernend Immodiato
<br /> payment if the Barower is not a netural porson and a beneficial interest in the Borrowor is sold or transferred.However, Londer may not
<br /> demand paymont in the obove situations if ft is prohibited by fedoral law as of the dato of this deed of trust. .
<br /> 20. Reconveyance.Whon tho obligation secured by this deed of trust has boen paid, and Lendor has no further obligetion to make advances
<br /> under tho instrurnents or agreements secured by this deed oi trust, the Trustee shall, upon written request by the Lender,reconvey the trust
<br /> property.The Lender shell tleliver to tho Borrower, or to 8orrower's successo� in interest,the trust daed and the note or other evidence of the
<br /> obligation so satislied.Borrowe�shall pay any recordation coats.
<br /> 21. Succeasor Trustee. Lender, at Londer's option, may• remove Trustee and appoint a suceessor trustee by irst, mailing a copy of th8
<br /> substitution of trustee as roquirod by opplicable law,end then,by filing tho substitution of trusteo for record in the office of the repister of deeds
<br /> � of oar,h county in which tho trust proporty, or some part thereof,is sicuated.Tho successor tnistee, without conveyance at tho property,ehall
<br /> succeed to all the Dower,duties,authorftv and title of the Trusten namnd in tho dood of trust end of:�nv sucrossor tnixtaa
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<br /> OANKENS S�STEMS.iH[.Si CLOUD.MN 56JUt 11 800 397 134L FOHM OCP MT6 NE 61t9i91 I
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