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<br /> coveNatuTS 9�'° 1�.1��.iZ� ''���--
<br /> � 1. Paym�nt�. Borrower eproos to make ail peyments on the socured debt when due. Unless Borrower end Lender agree atherw se, any -
<br /> payments Lender raceives from Borrower or tor Borrower's benefit wlll be applied first to any amounis Borrower owes on the secured debt
<br /> exciuslve of Interest or principel,eecond to interest,end then to principal.If partiel prepayment of the securad dsbt occurs for any reaeon,it w41 f.-�
<br /> 1 not reduco or oxcuae any schoduled payment untli the eecured debt is paid In full. ' �;•,�,,:_;--
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<br /> Z.Cl�ims Ay�inat TIU�.Borrowe►will pay ell ta:�es,escesamonta, and othor chargos attrfbutable to tha property whan due and wil defend title
<br /> daf nses which08orrower n�ay�have ega nl et padrtl apwho 4 pplY/ebor8or mat nals to improve orymeintein8ho propertyassign any rights,clsims or ` ,, .
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<br /> 3.Insur�nc�. Borrower wfll keep thn property insured under tsrms acceptabie to Lender at Borrow�r'e expense and for Lender's benefit. Ali _� —_
<br /> inaurance policies sheli Include a stendard mortgage clauae in favor of Lender.Lender will be namAd es loas ayee or ae+he insured on any such
<br /> insurance policy.Any incurance proceeda may be e�plled,within Lender's discretion,to elther the restoration a repair of the damegod property ��y�'
<br /> or to the secured debt.It Lender requlre�mortpage nsurance,Borrower aprees to malntain such ineurance for es long ae Lender requiros. .-��''T
<br /> �, i 4,prop�rty.Borrawer will koop tho proporty in pood condltlon end make ail repelrs reosonably necessary. –
<br /> �"• I 6.Exp�ns�s.Borrower agrees to pay ell Lander's expenaes,including reaeonebie attorneys'feea, ii Borrower breaks 4ny covenanta in this deed I _
<br /> of trust or in any obiigatlon secured by thfs deed of truet.Borrower wlll pay these emounts to Lender as pravided in Covenant 9 of thia deed of
<br /> itruat.
<br /> � 8.Prior S�curity Int�n�t�.Uniess Bortower firat obtains Lender's wrltten conaent, Borrower wlll rat meke or Rermit any changes to any prbr
<br /> IIncludi g Borrower's�cov nanteito make peym nts�wh ner�'s�oblipetions under any prior mortgage,deed of truat or other security agreement, ,'-
<br /> 1 7.As�ipnm�nt of R�nu�nd Proflte.Borrowar asaigns to Lender tho ronts and profits of the property. Unless Borrower and Lender have agreed °�,
<br /> otherw�ae in writing, Borrower mey collect and retain the rents as long as Borrower is not in default.If Barower defautts, Lender, Lender's
<br /> agent, or a court appolnted receiver mey tako poasession and manage the property and coliect the rents. Any rents Lender cdlects shali be
<br /> ' nec�essary related expensesf Ths emalning amount of renits wlll then apply to payment on the socured debt as p ovided ingCovena td,any other
<br /> 9.L�at�hoids•Gondominiums;Ptsnntd Unit Dsvdopm�nts.Borrower agrees to comply with the provisians of eny lease if this deed of trust is on
<br /> � a leasehold. I�this deed of trust Is on a unit in a condominium or a planned unit development, Borrower wYl perform ali of BorrowePs duties `
<br /> under the covenants,bylawa,or regulat�ons of the condomfnlum or planned unit devalopment. �-
<br /> 7 9.Authority of L�nd�r to P�rform tor Borrow�r. If Borrower falis to�perform a�y of Borrowor's dutiet under this deed of truet, Lender mey __
<br /> petform the dutlee or ceuae thom to be petformed.Lender mey elgn Borrower's namo or pey eny emount if neaeesary for parfamance. If any �•
<br /> construction on the property ie discontinued or not carried on in a reasonable manner,Lender may do whetever is necessary to protect Lender's i�•,_
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<br /> � security Interest in the property. This mey inciude compieting the construction. _
<br /> � .! I 4ender's failure to perform will not preclude Lender irom exercising any of its other rights under the law or this deed of trust. _
<br /> I and w II beereintei estYfromt he date of the peyment untili paidtin full atiltheelntereat�rate in�etf ect nftha eecured debt unts will be due on demand
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<br /> � 10. D�f�uk�nd Aao�i�rotloo. If Borrower fafla to make any payment when due or breaka any covena�tn under this deed of truat or any —
<br /> obllgetion secured by thla deed of trust or any prior mortgage or deed of trust, Lender may accelerate the maturity of the secured debt and
<br /> demend Immedfate payment and may invoke the power of seie and any other remedles permitted by appllcable law. __
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<br /> � 11. R�quat for Notie�of D�f�ult.It ia hereby requested that copfes of the notices of default end salo be eent to each person who is a party ' �_ -
<br /> hereto,et the addreas of each such pereon,es set forth herein.
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<br /> ; 12. Pow�r of Sal�.If the Lende�Invokes the power of sale,the Trustee shali ftrst record in the office of the reglster of deedg of each county ��,�_
<br /> - wharotn thc trusL property o►e^me rnr►or percel thereof is situeted a notice of default containing the Information required by law.�ecribedtb `r
<br /> T � shall also mafi coples of the notice of defauit to the Borrower, to each person who ia n yotiy Yotai�,arid:o a2her persons a. r Y _ _'
<br /> epplicable law. Not leas than one manth after the Truatea records the notice of default or two mooths If the tru�t propetty is not in eny fa,,;
<br /> I incorporated cfty ar vfllage and is used In farming operations carried on by the truetor,the frostee eheY glve publk notice of sale to the persona „r�j.
<br /> and In the manner prescribed by apppliceble Iaw.Trustee,wlthout demand on Borrower,ahall seA the property at public euation to Ilcabteglawt
<br /> t bidder.If required by the Farm Homentead Protection Act,Truatee sheli offer the prope►h�the time aoazde lace lof eny�p eviousby schaduled eeie. ,���
<br /> ��blic annou�cement at P :,
<br /> j Trustee may postpone saie of all or any parcel of the property by p ��,
<br /> { Lender or Ita designee may purchaao the property at any sele. �
<br /> i U on recelpt of e ment oi the prlce Md,Trustee ehall deliver to the purchaser Truatee's deed conveyinp the property.The recltials contained in x
<br /> Trustee's deed she�l be prima facle evidlence of the truth of the statements conteined therefn.Trustee�hall epply the proceeds of the sele in the
<br /> refns e�tement feese�lbl to lall ums secu ed by this�deed of�truetuand lclithet balance,if any bto he peeeone gegaily e t tled�to recelve It,fees and ��— _
<br /> �' 13.For�closun.At Lender's option,thls doed of trust may be foreclosed in the manner provide by applicable law for foreclosure of mortgages �_
<br /> on real property.
<br /> t 14.Insp�atlon. Lerder may enter the property to inspect it if Lender gives Borrower notico befwehand. The notice must state the reasonable
<br /> � ceuse for lsnder'e Inapection.
<br /> • 16.Cond�mmdon.Borrower assig�ns to Lender the proceeds of any award or claim for damages connected with a condemnation or other teking _
<br /> of all or any part of the property.Such proceeds wili be applied as provided In Covenant 7.This assignment Is subject to the terms of any prfor �`�,_-
<br /> � : I security agreement. F_ry=.
<br /> � � 16.Waiver.By exercising any remedy availeble to Lender,Lender doas not give up any rights to later use eny other remedy. By not exercising �
<br /> � any remedy upon Borrower's defauit,Lender does not waive any right to later consider the event a defeult if it happena agaln. �"�—,
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<br /> 17. Joint and Swer�l U�bIAtY: Co-�ipnert; Succ�ason snd A�sipns Bound. All duties under this deed of trust are Jdnt and several.Any �„___
<br /> ! Borrower who co•sfgns this deed of trust but does not co•sign the underlying debt instrumentlsl doos so only to grent end convey that �__ ,____ _
<br /> Borrower's intetest In the property to thA Trustoe under the terms of this deed of trust.In addition, such a Borrower agrees that the Lender and ��-
<br /> any other Borrowar under this deed of trust may extend, modify or make any other changes in the terms of this deed ot trust or the secured � -`
<br /> � � debt wlthout that Borrower's consent and without relaasing that Borrower from the terms of this deed of truet. ��y�-. �
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<br /> The duties and benefits of this deed of trust shali bind and benefit the successars and assi�ns of lendor and Borrower. - r'
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<br /> 18.Notic�.Unleas otherwise required by law,any notice to Borrower shall be givon by delivering it or by meiling it by certified mail addressed to , r•, ,..,_
<br /> � Borrower at the property address or any other oddress thot Borrower has givon to Londar.Borrower wllt give any notice to Lender by certified . _
<br /> mafl to Lender's address on pay�o 1 of this deed of trust,or to any other addresa which Lender has deaignated.Any other notice to Lender ahall ''f.+:':;
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<br /> be sont to Londer's address as stated on page 1 of this deed of trust, _ �'v,•
<br /> � Any notice shall be deemed to have been given to Borrower or Lender when given in the menne►steted above.
<br /> � 19.Tronsf�r oi the Property or e Bemflcial Intenat in th�Borrow�r.If all or any part of the property or any interest in it Is sold or transferred
<br /> ; without Lender's prfor written consent, Lender moy demand Immediate payment of the secured debt. lender may also demand imrnodlate
<br /> demnndtpiaymenB in the ab ve situatlons�if Ites p ohibted by f ederal lew as of the deterof his daed�of uust nsferred.However,Lendor may not
<br /> 20.Reconveyence. When the oblfgation securad by this deed of trust has been paid, end Lender has no further obligat�on to make advances
<br /> ' under the instruments or egreemonts socured by thla doed of trust, the Trustee shall, upon writton requoet by the Lender, reconvey the trust
<br /> property.The Lender shell deiiver to tho Borrower, or to Borrower's successor in interost, the trust deed and the note er other evidencv of the
<br /> � obligation so satisfiod.Borrower shall pay any rocordation costs. ,
<br /> 21. Sucaessor Truntee. Lender, at Lender's oPtion, mey remove Trustee and appoint a successor trustee by first, mailing a copy of the
<br /> substitution of trusioe as required by appliceble law,and then,by filing the substitution of trustoo for record in the otfice of the register of deeds
<br /> nf aar.h r.ountv in which tho ttust property,ar same pnrt thereof,is situated.The suCCesSOr trustee,without convoyance of the proporty,shall
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<br /> succeed to ali the power,dutios,authonty ena mie oT cnv�rusive namod 6�i��o daa��f:�..a.�••....• � �-------• •---- I -
<br /> lOnge 1 oI 21 '
<br /> BANKERS SYSTFMS.iNC.St CLOVD.MN G6J01 11 800 J97 13411 FORM OCP MT6 NE 6�19/91 I
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