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<br /> COVENANTB ��� ������ .
<br /> 1. P�ym�nt�. Borrowor aproea to make ell payments on the secured debt when due. Unlesa Borrower an nder a�ee any +
<br /> i paymente Lender recelvea from Borrower or ta Borrower's benefit wlil be applied firat to any amounts Borrower owea on the secured debt
<br /> excluUve ot intereet or principel, second to Interest,end then to princlpei.If partfal prepayment of the secured debt occurs for any reason, it wiil
<br /> not roduco or oxcusa any 6cheduled payment untll the secured deCt le peld In full.
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<br /> 2. Cl�lms Apaintt Tltl�.Burrower will pay all taxos,assos�munts,end oFhor chargea attributahlo to the propony when duo and wiil delend tftle
<br /> I to tha proporty ngelnat any claims which wouldimpalr the 1len �ehw�odemet rfels�to Imepaove o�r mraintafnBherow�eefi assign any rghts,cloima or � '�..
<br /> { d�fonees which Borrower may have apainst parties who supp y m P P Y• -
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<br /> 3. Imurwrto�. Borrower wili keep the propo:tynsured under terms acceptable to Lender at Borrower's expeneo and for Londer's benefit.All ��
<br /> � insuranco palicfes ahall include e atandard mortpege clauee In favor of Lender.Lender will be named es loss payee or ae the insured on any such • -
<br /> � or6ta tho�seeured debt�If L nder Pequiresemortg ge Insu�renceit Borra erragre�esrtoimaintaentsuch insuren etfor es Iongias Lendere oquires roperty —
<br /> � 4.Prop�rty.Borrower will kcop tho property inpood condit�on nnd make ell repeire rensonably necessery. , _-'�'
<br /> , �+ af t ust o��in anyrobl gatlon securedYby thla deed of trrust Botro�wer�will pay these amo nt to Lenderpas provided kn Covenant 9 of thiahdeed of � . '�_�._
<br /> itrust. � `- --
<br /> , 8. Prior S�curity Int�n�t�. Unleas Borrower firet obtafns Lender's writton consent, Borrower wlll not mako or permit any change� to eny prior , �•s��".
<br /> I securlty interests. 8orrower will perform all of Bwrower's obligationa under any prior mortgape, deed of truat or other security agroement, __
<br /> including Borrower'e covenonts to make payments when due.
<br /> i 7.Atsl�nmmt of timta�nd Profltt.Borrower eseigns to Lendar the renta and profits of the proporty.Unloss Borrowor and Lender have aUreed _
<br /> otherwise in wrlting, Borrower may collect and retain the rents aa long as Borrower Is not in default. If Borrower defaults, Lender,Lender's
<br /> adent or a court appolnted receiver may take poasesslon and manege the property and ooltect the rents. Any renta Lender collecte sheil be �
<br /> � appiied first to the costs of maneging the property, includln caurt costs and ettorneys'fees, commissions to rental agents,and any other ,.,�_
<br /> { necessary related expenses.The remaining arnount of rents wRl then apply to peymenta on the securod debt as provided M Covenent 1. , 'ip.
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<br /> ; 8. L�n�hoids•Condomintum�;PlMnnad Udt D�v�lopm�nU.Borrower agrees to comply with the provisfons of any leaso if this deed of trust(s on +,J�.:
<br /> � a leasehold. I�this deed of trust Is on a unit„a condominlum or a plenneJ unit dovolopment, Borrower will parform all of Borrower's dutiea ,
<br /> under the covenanta,bylawa,or repuletiona of the co�dominium or planned unit development. r. ,�;
<br /> • 9. A�rthorlty of L�nder to P�rta�m for Bonowe. If Borrower falln to perform any of Borrower's dutiea under thia deed of trust, Lender may <�:�;�;;;
<br /> pe�fam the dutles or cause them to be perfcumed.Lender may eipn 9orrower's name or pay any emount If neceasary tor performanw. If any :y::�,.
<br /> t � conetruction on the property la discontinued a not carrled on in a reasonable manner,Lender may do whatever la nocessary ta protect Lender's •-
<br /> } security Interest in the property. This may include compieting the conetructlon. '>�y�;.,'E_�_
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<br /> Lender's fallure to pertorm wlli not preclude Lender from exarcising any of ite other rights under the luw or this deed of trust.
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<br /> { I Any omounts paid by Lender to protect Lender's security intereat will be secured by thfe deed of truat. Such amounts wiii be due on demand ��:`.�"�`
<br /> � : , and wii! beer intoreat from the date of the payment untii paid in full at the interest rate in effeat on the secured debt. <-.
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<br /> 10. D�hult �nd Acod�r�tton. If Barrower fa�c to make any payment when due or breeks any covenants under thia deed of truet or any ,
<br /> ` � 1 obligetion secured by this deed of trust a any prlor mortgage or deed of trust, Lender may accelerate the maturity of tha secured debt and ;' .
<br /> I demand immediate paymont end may invcke the powet of sale and eny other remedles permftted by applicable iaw. '�i`°•
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<br /> � � 11.R�qw�t for NotiCt of D�tault.It is hereby requested that coples of the noticea of default and sale be sent to each person who is a perty y ;�fr, •�_��
<br /> I hereto, at the address of each such person, aa set forth herein. ��-
<br /> _ �� 12.Pow�r of 5�1�.If the Lender Invokea the power ot aele, the Trustee sheli firat record in the office of tha register of deeda of each county "' �'�q
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<br /> wherain!hs trust property rr�oma pwr�or pxcel thereof Is situated a notice of default containing the informatio�required by law. The Trustee ;�
<br /> � shall eiso mail coples of the notice of defauk to the Borrower,to each person who ia a party hereto, and to other penons as preecribed by
<br /> appNceble Iaw. Not Iess then one month after the Trustee records the notice of default, or two months if the trust properry fa not in any �'�,.
<br /> incorporeted city or viliage and is used in farming oporotlons carrled on by the truator,the Trustee shail give public notico of sale to the persona ,.,�
<br /> � and In the menner prescrlbed by�apppiicable lew. Trustee,without demand on Borrower,ahall seil the property at public auction to the highest ��
<br /> bidder. if required by the Farm Homestead Protectlon Act,Truatee shall offer the property in two separete sales as required by applicable iaw. �.,,
<br /> 7rusteo mey postpone sale of ail or any parcel of the property by public announcement at the time and plece of any previously ncheduled sale. !F.�-�
<br /> Lender or Its deaignae mey purchase the property et any sale. �"
<br /> Upon recelpt of payment of the prlce bld,Tr.;atee ahali deliver to the purchaser Trustee's deed conveylng the property.The recitlels contained In ��
<br /> Trustee's deed shell be prime facle evidfence ol the truth of the statements contained thereln. Truatee shali apply tha proceeds of the sale In the
<br /> � • foltowing order: (a) to all expenaea of the eale, Inciuding, but not Iimited to, reesonable Truatee's fees, reesonabie attorney'a feea end
<br /> ' reirotatement fees;(b1 to aii cums secured bythis deed of trust,and (c)the belance,If any,to the pereons tegally entltied to recelve it. --
<br /> 13.Fonclown.At Lender's optlon,this devd of truat may be farec�osod In the menner provide by applicable lew for foreclosure of mortgapea =_ __
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<br /> f� 14.Insp�ation. Lender may enter the properry to inepACt it if Lender gives Borrower not�e beforehand.The notice must etate the roesonable __
<br /> cauee for Lender's Inspection.
<br /> < �I 16.Cond�mmUon.Borrower asslgns to Lender the r4ceede of any award or claim for damag es connected with u condemnetion ur other taking ---
<br /> s, of all or eny part of the property.Such proceeds wiP be appiied as provided in Covenent 1.Thls assignment Is subJect to the terms of any prior
<br /> ; secur�ty aereement. r �-��„ _
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<br /> � ' 16.Waiwr. By exercising any romedy avaflade to Lender,Lender does not give up any rights to iater use any other remady. By not exercising
<br /> • r,ny remedy upon Borrower's default,Lender does not waive any right to later conelder the event a default if it happens agein. __ _
<br /> 17.Joint end S�v�ral U�bil1�y Co•siQn�rs:Sueeassors and Auipns Bound. All duties under this deed of trust aro jolnt and several. Any _
<br /> �I Borrowar who co•signs this deed ot truat but does not co•sign the underlying debt inatrument(s) does so only to grant and convey that
<br /> Borrower's interest in the property to the Trustee under the terms of thls deed of trust. In addition,auch a Borrower agroes that the Lender and „���r
<br /> any other Borrower under this deed of trust may extend,modifv or meke any other changes in the terms ot this deed of trust or the secured
<br /> debt without that Borrower's consent end without releasing that Borrower irom the te�ms of this deed of trust, _"y�� . .�
<br /> Theduties and benofits of this deed of trust ahall bind and be�efftthe successors and assigns of Lender end Borrowar. :�'�"`�•• • `,��`
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<br /> 18.Notia. Unlesa otherwise required by law,any notice to Borrower shall be gfven by deliverf�g ft or by maiiing ft by cenified maii addressed to '`!�'��� '�''�`,��"�''`
<br /> Borrower at the property address or any other address that Borrowor has given to Lender, Bprrower w�ll give any notice to Lender by certiffed ���'�•' "
<br /> � mall to Lender's address on page i of this deed of trust,or to any other address which Lender has designated.Any other notice to Londer Bhall �
<br /> be aent to lender's address as stated on page 1 of this doed of trust. �
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<br /> � Any notice shell be deemed to have been given to Borrower or Lender when given In the mnnner stated above. �
<br /> i7 9.Tremfer of ths Propsrty or a Beneficlel Intsraat In the Borrower.If atl or any part of the property or any interest In it is sold or transterred :
<br /> without Londer's prior written consont, LeMer mny demand immodiato paymont of the secured debt. Lender may elso demend Immedlate
<br /> ' � peyment if the Borrower is not a natural person and a beneficiai interest in the Borrawer is sold or transferrod. However, Lender may not
<br /> demand payment fn the above sftuations if it�e prohfbitod by foderal law as of the date of thfs dood of trust.
<br /> - 2a.Reeonveyence.When the obligation secu�ed by this deed of trust has been paid, and Lender has no further obligation to make advances
<br /> under the inetruments or egreoments securod by ihis deed of trust, the Trustee shall, upon wnrien request by the L.ender, reconvey the trust ,
<br /> ' property.The Londer shall deiiver to the Borrower,or to Borrower's successor in intorest,tho trust deed and tho note or other evidence of the
<br /> obhgetion so eatisfiod.Borrowor shall pay anyrecordation costs.
<br /> - 21,Suceeasor Ttustes. Lendor, at Lender's o�tion, mey removo 7rustee and appoint e successor trustee by first, mailing a copy of the
<br />- substitutlon of trustee as required by applicable aw,and then,by���in�the substitution of tructee for record in the office of the register of deods
<br /> - of aach countv in which the trust proporty,a some part thereof,is situated,The successor trustee,without conveyance of the property,shall
<br /> succoed to all the power,duties,outhor�ty ano t�tte ot tne i rusteo namea m tne aeod ot trust anu ot Any succoasor trustoe. ` '-
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<br /> BANlERS S�STEMS.�NC.ST CIOUD,MN 6GJ01 11 600 79y 1J�11�ONM OCP Mi6 NE 6�19�91
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