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<br /> COVENANT8 �t,�� ��F�.L2l�
<br /> � t. P�ymmts. Borrowe► adeea to make all paymonte on the sacured debt when due. Uniese Bortower and Lender aflree otherwiae, any
<br /> poymente Londor rocolvos Irom Borrower or far Borrower's benefit wfll be applied first to eny amounta Borrower owoa on thc� socurod dobt
<br /> � not roduce or excuste anyiecheduled paymenttunt I the�secured debt is�pa�id j�}�j�el propaymont of tho securod debt occurs for any roasnn, it wili i u
<br /> 2.Cls{m�Ap�lnst 7id�. Bor�pw�r wfll psy all taxas,�aaessments,and other charpes attributeble to the property wh9n due and wlll dofond titlo r~
<br /> .I to the property apalntt sny clalme whtah w0uld Impefr the iien of thle deed of truet.Lender may requlre Burrower to�ssipn nny rl�hts. claims or —
<br /> � �efenser,which Borrowe�may heve epelnat pertie4 who aupply labor or materlals to Improve or memtain tho proporty. I
<br /> � � 3.Inturano�. Borrower will keep the property Inaured under terms accepteble to Londer et Borrower'e expense and for Lender's benefit. All I u
<br /> insurance pollcies ahall I�sclude a stenderd mart ago cleuse in favor of Lender.LeMer wlll be named aa loas payee ar es the ineured on any such I
<br /> � or o the eecu�red debt� If Lender equi eesmortge8e P e�urance�t Borrowerrag e�es�to�melntafntcuchhnsurancetfor as long�as l.endere equeQ&roperty
<br /> 4.Prop�rty. Borrower wiil keop lhe property ia eood condition and make all repafra reasonably necaesary. -
<br /> � ' 6.Ex�m�s.Borrower agrees to pay all Lender's expenses,inciuding reasonable ettorneys'fees,if Borrower breaks any cuvenants in this deed
<br /> ' of trust a In any obllgetion secured by this deed of trust.Borrower will pay these amounts to Lender ae provided in Covenent 9 of this deed ot
<br /> trust. , ,.;
<br /> �{ 6.Prior S�audty Int�nst�.U�less Borrower first obtains Lender's written consent. Borrower will not make or permit any chanpes to any prior ' .,:� _
<br /> I secuNty Interests. 8orrower will perform all of Borrower's obligations under any prior mortgege, deed of trust or other securitY agreement, •., ' •
<br /> including Borrower's covenants to meke payments when due. ,:•�n IY�.==?�:==.
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<br /> 7.Assipnm�nt of Rmts and F'roflu.Borrower assig�s to Lender the rents and profits of the property.Unlesa Borrower and l.ender have agreed _{:,.,=
<br /> otherwise in writing,Borrower may collect and retain the renta as long as Borrower Is not in default.If Borrower defaults,Lender, Lender's
<br /> agent, or a court eppointed receiver may take poesession and manage the property and aollect the rents.Any rents Lender coilects shall be •
<br /> applied fkst to the costs of managing the property, Including court costs and attorneys' fees, commissiona to rental agents, and any other __
<br /> necessary related expense�.The remaining amount of rents will then apply to payments on the secured debt as provided In Covenant 1. •�.�:,,�,...
<br /> u�leeseholdal�this deed ofmtaivat�snon a unip in a condomineum orea planned unitmSevelo�pmentpBorrower will pe orm�allhof Bo rower s dutles
<br /> under the covenants,by-laws,or regulatlons of the condomtnlum or planned unit deveiopment.
<br /> 9.Authority of L�ndtr to P�rform tor Borrow�r. If Borrawer falis to�perform any of Borrower's duties under this deed of trust, Lender may
<br /> pertorm the dutiea or cauae thom to be peHormed. Lender may eign Borrower's name or pay eny amount if necessary for performence. If any ..
<br /> security IMere t in the prop rtyaThis�may include completing the constructionmanner,Lender mey do whateWer is neceasary to protect Lender's '
<br /> � Lender's failure to perform will not preclude Lender from exorcising any of its other righta under the Iaw or this deed of truat. .�.'�`�,"
<br /> Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust.Such amounts wilt be due on demand F:
<br /> � � and will bear interast irom the date of the payment until pafd in full at the intorest rate in effect on the secured debt. .�
<br /> 10. CJ�hult �nd Accd�ntlon.If Borrower fails to maka any payment when due or breaks any covenants under thls deed of trust or eny �� �;
<br /> oWlgation secured by thia deed of trust or any prior mortgage or dead of trust,Lender may accelerate the maturity of the secured debt and (�,��
<br /> • demand immedfate peyrnent and may invoka the power of seie and any other remedles permitted by appliaeble law. ' 4 �
<br /> 11,R�qu�st for Notic� of Dsf�ult.It is hereby requested that copies of the natices of default a�d eale be sent to each person who is a party ^`��� 4==""�
<br /> hcrcta,at Lhe addrees ot earp q�.��h pr+ra�n,es set forth herein. _�a�`�'����:;_
<br /> 12.Pow�r of Sd�.If the Lender Invokes the power of sele,the Trustee shell firet record in the office of the reglater of deeds of each county ' ',t;�
<br /> wherein the trust property or some part or parcel theruof is situated a notice of default containing the informetion requirad by law.The Trustee
<br /> ahall also mail coples of tho notice of default to the Borrower,to each person who is a party hereto,and to other peraons as prescrfbed by �I;,ti•,-
<br /> appiicable law. Not lass than one month after the Trustee records the notice of default, or two months if the trust property is not In eny , ;r;_
<br /> incorporeted c(ty or viilage and is used In ferming operotiona cerrled on by the truetor,the Trusteo shall give public notice of seie to the persons `h_
<br /> and in the manner prescrWed by appplicabie law.Trustee,w�thout demend on Borrower,ehell sell the property at public auctbn to the hfghest �-;:
<br /> bidder.If required by the Parm Homestead Protection Act,Trustee shail offer the properry in two seperate saies as required by applicable Iaw. ,.
<br /> Trustee may postpone sale of eil or any parcel of the property by public announcement at the time and place of any previously scheduled sele. �:_
<br /> Lender or its designee may purchase the property at any saie.
<br /> Upon receipt�t payment of the price bid,Trustee ahall deliver to the purchaser Trustae's deed conveying the property.The recitiels contained in
<br /> Trustee's deed shell bo prima fecie evidience of the truth ot tha stetements contained therein.Trustee shell apply the proceedn of the eale in the
<br /> . rei stat ment fees��lb) tolall sums secu ed by ihls�deed ofl trustuand(cll hetbalance,eif eny t�o he peesons eepally entft ed toeeceive it.f ees and —_ --
<br /> 13.Foreclosun.At Le�der's option,thia deed of trust may be forecloaed in the manner provide by applicable law for foreclosure of mortgeges _ ___
<br /> on real property. ' _
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<br /> 14.Imp�atlon. Lender mey enter the property to inspect it if Lender gives Borrower notice beforohend. The notice must atete the reasonable -:_�uW
<br /> ceuse for Lender's Inspection. _
<br /> 16.Coml�mn�Uon.Borrower assigns to Lender the roceeds of any award ar claim for damages connected with a condemnetlon or other taking ,-_ _
<br /> of ell or any part of the property. Such proceeds wiP be applied as provided in Covenant 1.This assignment Is eub�eat to the terms of any prior __ `
<br /> security agreement.
<br />_ } 1g,Waiv�r.By exercisinp any remedy avaflabie to Lender,Lender doea not give up any rfghts to later use any other remedy.By not exercising �i�---=--
<br />_ - sny remedy upon BorrowePs default,Lendar does not waWe eny right to later conaider the event a default if It happons ogaln. '��o!!�!���-
<br /> 17. .Ddnt and Sw�rwi U�billty; Co•siynea; Suawssors and Aulyn� Bound. AII dutles under this deed of trust are joint and several. Any ._�-
<br /> Borrower who co•signs this deed of trust but does not co-sign the underlying debt instrumentls) does so only to grant and convey that - _ _ _
<br /> Borrower's interest in 4he p►operty to the Trustee under the terma of thie deed of trust.In addition,such a Borrower agrees that the Lender end '?', _
<br /> ' any other Borrower under thla deed of trust may extend,modify or meke eny other changea in the terms o f t h is dee d o f trus t or t h e se cured •. ; � *�T
<br />- debt without that Borrower's consent and wlthout releaeiny that Borrower from the terms of thfs deed of trust. �:;1!' -
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<br /> The dutlos and benefits of this deed of trust sheli bind end benefit the successora and assigns of Londer and Bo�rower. A•, `-�,fi'�,'-', '
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<br /> l 18.Nodc�.Unless otherwisa requirod by law,any notice to Borrower ahall be given by delivering it or by mailing it by certified meil addressed to ^��• .
<br /> Borrower at the property address or any other oddress that Borrowor has given to Lender. Borrower wtll give any notice to Lender by certified �•.±�-, ,
<br /> - mail to lender'R addresa on page 1 of thie deed of ttust,or to any other address whfch Lender has designated. Any other notice to Lender shall . ,
<br /> - � be sent to Lender's addreas as stated on page 1 of this deed of trust. .
<br /> ' Any notice ahali bo deomod to have beon given to Borrower or Lender whon given in tho menner stated above.
<br /> 19. Tnnafar of th�Propttty or s Bsn�Hcfal Intsrest In Me Borrowsr.if ail or any part of the property or any interest in it fs soid or transterred
<br /> without Lender's prior writton coneant, Londor may demend immediete payment of the secured debt. Lendor may also demand immediate
<br /> dand paymen8 n the ebov situationsr If ipes prohibted by federal law as of tho do orof this doed lof trustansforred. Howover, Lender may not
<br /> � 20. R�conv�yenc�.Whon the obligation socured by this doed of trust hae been puid, and Lender hos no further obligotfon to mako advances
<br /> ' undor tho instrumonts or egreoments securoA by this doed of trust, tho Trustee shali, upon written requost by the Lendor,reconvey the trust �
<br /> - propony. Tho Londer shall dohvor to the Borrowor,or to Borrower's successor In fnterost,tho trust deed and the note or other ovidence of the
<br /> obligation so satisfiod. Borrower shali pay any recordation costs.
<br /> . : _ . . . " "'_"" '_'.�.�� 1... i:..� r�eilin� u nnnv n� fhG . .._...._......_.
<br /> 21. Succeawr Truttee.Londor, nt Lenttor's opuon, may remove �ruscso enu apNV�ni O DYb4000V� .. .. , � - -
<br /> substitut�on ot trusteo as roquirod by npplicablo law,and thon,by filing the substitutfon of t�ueteo for record�fn the offico ot the register of deeds ,
<br /> of oach county in w{iich tho trust proporty, or somo part thoroof, is situatod. !he succossor trustoo,without conveyanco of the propetty,shnll
<br /> succoed to all the powar,dutios,+�uthority and title of the Trustoo numed in tho dood of trust ond of any successor trustee. �
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<br />� BANKERSSV57EMS.INC.ST CIOUD.MN56J01 11 800 397 53411FONMOCPMi6HF6�19.91
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