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<br /> COVENANTS 98� �E Ig�,�S � �-��
<br /> I 1, P�ym�nU. Borrower aprees to make all paymenta on the secured debt when due. Unless Borrower and Lender agree otherwisa, eny • , ` ____
<br /> ps ymenta Lender recelves fram Bwrower or Tor Borrower's benefit wAI be applled first to any amounts Borrower owes on the secaed debt ,
<br /> not�reduce or�excueee�any�ischeduled poyment tuntll ih5a�ursd d4kli��p i�in{�u�jl���e p n y m e n t o f t h e a e c ur ed debt occurs for any reaeon, it wlll _ _�
<br /> i 2.CINm�Ap�inn TIU�.Borrowe►wili pay ail ta�tes,euMtifldhtc;�ah�'other ehar'Aes attnbutebie to the property whon duc+end will delend title `r-=°_
<br /> , to the property ep alnat any cldms whlch would ImpD(r ths'I�01 this d�et!ot.VUSt,Lendor may requiro Borrowor to aselgn any riphts,claima or _L•,.
<br /> defnnses which 8orrower may have agalMt p�riks who cupp y labor or matenalc to improve or malntain tho property.
<br /> '� 3. Inturano�. Borrower w�il keep the property Insured under tarms acceptable to Lunder at BorroweYs expente and tor Lender's benofit.All • _ -
<br /> insurence policies ahall Include e stendard monyege cleuse In favor of Lender.Lender wlll bo named as losa payee or aa the fnsured on nny such
<br /> Insurance poliay.Any inaurence procend��1ay bee Ins�urence�t Borrower agre�ea to�meintain sehhnsu8ance for as long�es Lende(arequiree roperty _
<br /> � �I or to the tecured debt.If Lender requirea mort . ---
<br /> I 4.Propnty.Borrower wfll keep the property in good condition and make all repalrs raesonably nece�sary. _
<br /> ' � � I fi.Exp�ntts.Borrower agrees to pey ell Lendor's expenaea,includtnp reasonable enorneys'fees,if Borrower breeks any covenants i�n Ihis deed _�_ ---
<br /> of truat or in any obligetlon seCUred by thls deed of trust.Borrower will pay these amounte to Lende►ea provided I�Covenant 9 of thif deed of
<br /> ' I trust.
<br /> � B. P�la S�cur)ty Intaab.Unleas Borrowor first obtains Lender's written consent,Borrower will not meke or permit any changes to eny prior .a _
<br /> securlty Interestt.Borrower will perform all of Borrower's obligatlons under any prior mortgage,deed of trust or other aecurlty agreement, ,
<br /> � including Borrower's covenante to meke peymente when due.
<br /> � 7.Astlpnm�nt of R�ntt�nd Protit�.Borrower assigns ta Lender the rents and profits of the praperty.Unless Borrower and Lendar heve apreed
<br /> � otherw�se In writing, 8orrower mey aollect and retain the rents as!ong as Borrower ts not In default. If Borrowor dotaults, Lender,Lender'o
<br /> •� agent,or e eourt appointed receivor mgay take poseesalon angd manage the property end collect ihe rents.Any ronts Lender callects shall be
<br /> II neco�ssaryselat d expenaeaf?he tomeining amount of rentsdwill then apply to payments on tha secured debt as prov ded�in9Covenantd'any other
<br /> S 8.L�t��holds•Condominiunu;Pimn�d Untt D�v�lopm�nta.Borrower ap9reas to comply with the provisions of eny Iease If this deed of uust fs on
<br /> underthe�covenaints,by lawsuor regulatfons of the co�ndom nlum or pianned unit development�t, Borrower wlll peHorm ail of Borrower's dutles __
<br /> I8. Authority of Und�r to P�rform for Borrowe. If Borrower feila to�pertorm any of Borrower'a dutiea under this deod of truat, Lender mey
<br /> ' porform tho dutles or ceuse them to be pe�formed.Lender mey slpn Borrower's neme or pay eny amount If neceseary for performance. if any ;
<br /> security Intereat In the properrytlThis�mey include comple�ting the conatruct onmanner,Lender mey do whatever la nocoseary to protect Lender'e '"�
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<br /> Lender's faiiure to perform will not preclude Lender from exerclsing any of Its other:Ights under the law or thla deed of truet.
<br /> +� and wl I bear8inte�reatYiromt he dape�of the payment untfli paldtln full eti�the Interestaate In�oNecx oifthe aecured debt unts will be due on demand _
<br /> � �?.i 10. D�fauh �nd Acad�radon. If Borrowor fails to make any payment whan due or breaks any covenants under thfs deed of truat or any :,-_�
<br /> de�mend immedlate paym�ent and m y�invoke the power of sale end any other remedfeedparmitted by�appilaeble lawurity of the aecured debt end Y �
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<br /> „ � hereto�et the addresa of e eih such�pe eonreas setQforth hereln.copies of the notices of default and sale be sent to each pereon who is a pa►ty =___ �__
<br /> � 12.Pow�r of 8��. If the Lender invokea the power of sale,the Trustee shall firet record In the office of the reglster of daeds of eech county `„��
<br /> � whoreln the trust property a some part or percel thereof is eituated a notice ot defeult containlnp the Informatlon requlred by law. The Trustee _;���i_
<br /> _� annU oieo r�aii ccplss of tha noticc at default to the Ro�►�War, to each Qerson who is a partY hereto, and to other persons as preacribed by -- - - ��
<br /> ' applicabie law. Not lesa than one month after the Trustee rocords the notice of default or two months if she truei p�upn'ry is rat U:sny _{: _ • -��-
<br /> incorporated city or vfllege�nd ia used in farmfnp operatlons carried on by the trustor,the frustee shall piva publlc notice of sale to the pereons _
<br /> ; and In the menner preacribad by�appplicable law.Truateo,without demand on Borrower, ahall sell the proparty at public auction to�pb�oglewt :r_
<br /> � bidder. If requlred by ths Farm Fiomesteed Protectlon Aot,Trustee sheil otfer the property In two separete salee as required by aPP __.,
<br /> • Trustee may poatpona sale of ali or any parcel of the property by public announcement at the time and place of any prevlousiy acheduled sele. _
<br /> j L e n d e r o r I t s d e e l g n e e m a y p u r c h a a e th e pro p e rt y at an y sale. 'g�
<br /> i Upon receipt of pa ment of the price bld,Trustee shali deliver to the purchaser Truatee's deed conveV�ng the property.The recitlels contained in �,
<br /> �� followlnp o ederel 1�to peilmexpenaes�of the�a lee lnc iu d inph bu tenot I i m l t e dn t o��r e e a o n a b l eT T N a t e eBSa f e e apl r e a 6 o n e b l e a t t orne yi6feea and t����
<br /> �� refnotatement fee�; (b)to all suma eecured by thia deod of tmst, and lol the balance,If ony,to the percon�Iepaily entitled to receive it � _
<br /> 4" 13.Fonclosun.At Lender's optlon, this deed of truat may be toreclosed in the manner provide by appliceble lew fa foreclosure ot mortgsgss `�_Y
<br /> �, on reel property. -
<br /> � � 14.Insp�oUon.Lender may enter the property to fnspect it if Lender gives Borrower notice befaehend. The notiee must state the reasonable
<br /> , cause for Lender'e inspectlon.
<br /> 16.Cond�mn�Uon. Borrower asel ns to Lender the proceeda of any eward or cleim for dameges connected yvitf�a candemnetion or other takinp
<br /> , af all or any pert of the property.�uch proceeds will be app��ed as provided in Covenant 1.Thie essignment fs subJect to the terms of any prior
<br /> � � security agreement. - _
<br /> � 18.Watwr.By exercising any remedy available to Lender,Lender does not give up any rights to Iator use any other remedy. By not exercising -.-.-.—__
<br /> � � any remedy upon Botrower'e default,Lender doea not walve any right to leter conelder the event a defauit if ft happens agaln. _.
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<br /> 17. Jdnt and Sw�nl Ll�bilitt►•Co-sipn�rs; Sucea�ors and Asdpm Bound. All dutfes under thia deed of truet ere Joint and severei. Any -
<br /> � Botrower who co-slgns thie deed of trust but doea not co•sign the underlying debt inatrumant(el doea so only to grant end convey that -_
<br /> Borrower's intereat in the property to the Truatee under the terma of this deed of truat. In addition, such a Borrower agreea that tho Londor end _'_- _
<br /> any other Barrower under this deed of trust may extend,modffv or make any other changes In the terms of this deed of truat or Ne secured V;��a,.
<br /> debt without that Borrower'a coneent and without releesing thet�Borrower irom the terms of thia deed of trust. f�.._ �,=r
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<br /> The duties and benefita of this deed of trust nhall bind nnd benefit the successors and asslgns of Lender and Borrower. :,�;:. r.
<br /> 18.Nodc�.Unless othorwiae required by law,any notice to Borrower ahali be qiven by dolivering it or by mailfng it by certified meii addressed to .�., �:��,
<br /> Borrower at the property addrass or any other address that Borrower has gfven to Lender.Borrower wfil pive any notice to Lendar by certified -�'t. :�..�,i, :,
<br /> mail to Lender's addresa on page t of tf�is deed of trust,or to any othor eddrese whlch Lender hes designeted.Any other notice to lender shell ,.��
<br /> be sent to Lender's address es stated on page 1 ot this deed of trust. ..
<br /> Any notice shell be doemed to have been gfven to Borrowor or Lender when given(n tho manner statod above. " ' ' .��
<br /> 19.T►ensier of the Property or�BeneBo(a�Mtenit In ths Borrower,It all or any part of the proporty or any intereat in it is sald or tranofarrod . �
<br /> without Lender's prior writton consont, Lender may demend immediate payment of tho socwod debt. Londer may also demand immediate
<br /> payment if the Borrower is not n naturai person and a baneficiel intereat in the Borrower fa sold or transferred.However,Lender may not
<br /> demand paymont in the above situations if it is prohibited by fedorai law as of the date of this doed of trust.
<br /> 20.Reconv�yancs. When the obligation secured by this dood of truet has been paid, and Lender has no funher obligatfon to mAke advances
<br /> under the instruments or agreements secured by this deed of trust,the Trustee shall, upon N�ritten request by the Lender, reconvoy the trust
<br /> propnrty.The Lender shall deliver to the Borrower,or to Borrower's successor in fnterast,tho trust deed end tho note or other evidonce of the
<br /> obligation so satisfled.Borrower ehail pay any recordation costs.
<br /> 21. Succsssor Tru�t��. Lendor, at Lendor's option, may rernove Trustoe and appoint a successor trustee by first, maiiing a copy of the `
<br /> substitutfon of trustee as required by applicebin law,and then, by filin�the substitutfon ot trusteo for record in the o(fice of ihe regiater of deeda I
<br /> � of each county in which the trust property,or some part theroof,fs s�tunted.Tho succassor t�uatee,without conveyance of the propotty,shall l
<br /> ..00.�.,,all thn r,�w.,r.dutiea.euthoritv und titie of the 7rustoo nemod In the deed ot trust and of any successor truetee.
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<br /> BANKER$S�STEMS.INC-.5T CLOUR MN 66301 Il 800�997 1[l411 FORM OCP MT6 NE 6/19/91 .
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