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<br /> 1. P�ym�rtts. Borcov+er agrees to make ati paymants on the secured dobt when due. UNoss Borrower and Lender agres otherwise, any - � _
<br /> paymenta 1.ender receives hom Bonower ar for Bonower's bertefrt wiil De apptied first to any amounts Bonower owes on iho secured debt : �
<br /> oxduswe o4 interusY or prinapal,second to interest,and then to p►inCipa9:N partisl prepayment of tho secured dabt occurs for any reason,�t wdl f '
<br /> � �ot redace or excuse any seheduted payment unol the secured de6t is paid m tu1t. !
<br /> 2.Ctalma Agatnst 7itts.BorrewM wSfl pay aff taxes,ess6ssmeots,and other eharges amibuta6le io the property when due and will defend title � � °`-
<br /> to the Droperty agaipst azry claims ififdt ivouFd trtf�air tbo lien ot this deed of trust.Lender may roqu�re Borrower to assign any nghts,Gaims o► • ' . :��
<br /> defe�ses wfuch 8ortowei map have 8gainat parties Wh0 supply la6or or materials to�mprave or maurtam the property. [ ' '_
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<br /> 3.Insurar�es. Bortower v�dll �eap the property insured under terms aceeptable to lender et Bonower's ezpense and for Lender's benatit. Atl . • _
<br /> . msurance policies shall indude a standard mortgage dause in favor ot Lender.Lender will be named as toss DaYee or as the ins��red on any auch --
<br /> insurance policy.Any insurance proceeds may be apptied,within Lender's d"ssaetion,to either the restoration or rapair of the Camaged property � '
<br /> or to the secured debt.lf Lender requires mortgage u�surance,Barrower agreea to maintain such insurance for as tong as Lender requires. i ..
<br /> 4.Frcyetty.Borcower will keep the property in good conditioo and make a0 ropairs reasonably necessay. � � :.
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<br /> 6.6�onsoa.Bortower agrees to pay atf Lenders e�cpenses,inciuding reasonabls attorneys'fees, if 8orrower breaks any covenants in this deed Y
<br /> � ' of trust or in any obSigation secured by this deed of trust.Bortower vnll pay these amourts to Lender as provided in Covenan2 9 of this deed of .
<br /> trust. , .
<br /> 6.Prior Securky(rRU�sb.Untass Borrower first obtains Lender's wriKen conseat,Bonower will not make or permit any changes to any prior �, �
<br /> • ' security interests.Bartower v+nll perform all of Bortower's obfigations nndsr any prior mortgage,deed of Vust or other securrty egreement. ,
<br /> indudng Borrower's wvanants to make payments when due. .
<br /> T.Asstprururtt of R�rt4 and Profib.Borrower assigns to L3ndar the rerits and profits of the property.Unle�Bonower and lender have agraed , .
<br /> ' otharwise in writing, Botrowet may collect and retain Me rertts as Iong as Borrawer�s not m dafauk. It Borrowar defaults,Lender, Lende�'s . .
<br /> agent,or a court appoirrted receiver may take possession and manage the property and collect the rents.Any rents Lender collscts shall be
<br /> applied first to the casts of managing th3 property, including court costs and attomeys'fees, commissions to rerrtal agents, and any ather .
<br /> neeessary related expenses.The►emaming amount of re�ts will then appty to payments on the secured debt as providad in Covenant 1.
<br /> � '•Y��.
<br /> 8.I.�esoholds•Cont2omTntuma;Pla�med Unft QevoiapmQnta.Bnrr¢vver agrees to compIy with the pravisions of any teasa'rf this deed of uust is on
<br /> • a leasefiold.If this deed of trust is on a unit in a eondominium cr a planned unit davelopmem, Barcowor will perform aU of BonoweYS duties . ' " ` .
<br /> �> under tfie covenants,by-taws,or regulations of the condominium cr planned unit developme�t. . ` �
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<br /> 9.Authority ot Lend�r to Per(orm far 6orrowv. If Borrower fails to perform:,cn!of BoROwar's duties under this deed of trust, Lendsr may ., „ : •`
<br /> perform ttea du��ar cause them to bo perfwmc:d. Lender may slgn Borrower"s name or pay any amoum'rf necessary for pertormance. If arry •- " ��� ��• --
<br /> construcdon en tf-.e�:roperty is diswntinued or nct car►ied on in a reaso�able manner,Lender may do whatever is necessary to protect tsnder's � , -
<br /> secimty intesest in�.*,e property.Thfs may indude compleUng the constniction. �
<br /> , , Lendc3's faluro tn perform wili not predude Lender trom exercurr�any of its other rlghts undar the law or this deed of trust. . . . - �.�.. -
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<br /> amounte paid by Lender w protect LendePa seauity irtterr�st will be seeured by this deed of trust.Such amounta will 6e due on demand
<br /> an witl bear Irtterest hom the date of the paymortt until paid in fult st ths Irrterest rate in eifect on the secured deDt. � �',r��J
<br /> 10. O�ta�dt and AccN�wtlon. Ii 8orrower fails to make any payment when due or breaks any covanartts ur:�er this deed of trust or any -'{�`� ,`
<br /> ' obtigation sewred by this deed o!uust or any prior mortgage or deed of trust,lendar may accalerate the cr.r<.-'uriiy of the secured debi and � .� _ • _ ,�s:.�.�,�,
<br /> demand immediete paymertt and may invoke ths powar of safe and any other remedles permitted by applicat'r�r�a. '1S ,
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<br /> 11.R�qu�st for Nottc�of Dsf�f4.It is hereby requested that copiea of the noticea of defauh and eate be sent to each person who is a party � ,. •�' ;�_•.•°-: ,
<br /> hereto,at ths addresa of each such�erson,as set forth herein. � ' ' ,�., : � .
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<br /> 12.Paw�r ot S�.[f the Lender invokea the pu�r of sale,the Trustes shatl iv�,2 record in the office of tPcQ ra�ster of deeda of each county � �'�,,
<br /> wharein the trust pra�erty or some part or parec�H.�-eof is situated a notice c�ec.�'auft eontaining the inform�a�s required by taw.The Trusseo , � �� . �'. _
<br /> shall also mait caG�es pf the notice o4 defautt ts'!'rz Sorrower,to each perscR nfio is a party hereto, and�ac'ier persona as pres 'cn�S�; ' ` " "
<br /> applicable taw.t�tsi fess ffian one mortth after ti�Frustea records the nobca af detauk,or two monttu 1 7`n trust property is nat �x-a.rq `; ___
<br /> . � inwrporated city ar village and ic used in farming a:.eradons car►ied on by the truator,tha Trustee shall giva��1.:notiee of sa3 to the persans ;;�,'�'''�.>��';' '
<br /> - and in U:e ma�ner presuibed bV appplicabla law.Trustee,withc:rt demand on Bonower,shall sell the property at public sirt3i to the hlghest �,�
<br /> blQder.If roqu"ve0 by the Farm Homestead Proteetion AcK.Trustee shall ofter the property in two separate satas as requlre9�v appticabte taw. ;;�_. � `��� -
<br /> Trustee may postpone sale o!a11 or any parcet cf!!�e proparty by public announeemant at the time and ptaco et any previous7y scheduted sale. • Il
<br /> Lender or ita designee may purchase the property 4..any sate. ' L ' �
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<br /> Upon receipi of paym ertt of the price bid,Tnt�:siall Celiver ta the purchaser i:JStee's deed conveying the p:oyerty.?he recitials coMeined in •Y !�t ,
<br /> Trustee's deed ahafl be prima facie avldience of C`.a truth of the statemertts wntained tharain.Trustee shall apply ffie proceeda of the sale in tha ._,,,,,..
<br /> ' fottowing order. (a) to all expensas of the sale, includiag, but not limited to, reasonable Trcrstee's faes, ransonable attomey's fees and ;�i= �
<br /> : . reinstatemont fees;(b)to aIl sums securod by this deed of trust,and(c)tho balance,if any,to x`,��ersons Iegalty entitfed to receivo it. � •r�°� , ,;�.�
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<br /> , 13.Fonefosur�.At Lender's optian,tHis deed of trust may be forectosed In the manner provtde by appticabte law for toreGosure of mortgages �� • �_
<br /> • on real proparty. • �..'�'3��'
<br /> , 14.InswcUon.Lender may eMer the property to inspect it if Lender gives Borrower notice betorehand.The noUCe must atate the reasor.a�,1y .,:., .
<br /> ceuse for Lendera inspectlon. . .,�._,�`���•
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<br /> �� 76.CondNmatlon.Bortower asstflna to Lender the proceeds ot a^y awerd or Gaim for Eama9ea connectoA wJth a condemnaUon or other taking �,�,,
<br /> of atl or any pert of the property.Such proceada will bo apptied�yrovFded in Covenant 1.This assipnmem is subJect to the terms of any p►ior � �••
<br /> security agreemant. ,
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<br /> ` 18.Walsr�a By exercisin an remed avallable to Lender,Lender does noi ive u an d '�'"`��'� 'r' �
<br /> g y Y g p y ghts to later use any other remedy.By not exercisng �..,r��'-��..,'
<br /> �`'' any remedy upon Bortowere defauh,LenQar does not walve any right to Iater consider the event a defautt if it happens again.
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<br /> 17.Joint�nd S�wwi Uahiliiv; Co-alIInsn; Suee�saon and Asslyn� Bound. All duties under thia deed of vust are jolrtt and ceveral. Any •:.; -: ,: ` ��•
<br /> i Barrowar who co-slgna thls deed ot trust but doea not co-sign the undertS�'ng debt instrumentls) doea so only to grant and convey that ' `�' '� •
<br /> . ,� Borrower's interest ln the property to the Trustee under the terms of this deed oi truat.In adCi�:,�,such s Borrower agrees that the Lender and �f�.;;�� _-�---�-_��_�_��.'r�__:
<br /> any oiher Bo�owe�under thla d�as oi trust may extend, moditv or make any other ehanges•,*rhe terme of thie deed of trust or the cecured �,,
<br /> f debt wtthout tfiat Banowar's cons�i and wlthout reteasiag that Borrower from Mce terms of th�s deed of uust. •� �}'".'�. , . '. ��_
<br /> , .� Tho duties and benoFrta of this Qeed of trust shall bind and banefit the succe�-.a,x:o and asaiyns of Lendor and Borrowar. . ' ��,
<br /> � ',� 18.HWc�.Untesa othe►wlse required by law,any notice to Boaower shelt be yvan by deUvering it or by maiting h by certifled maif addressed to � ..
<br /> 8a�owor et the prope►tyr address or any other ad�ess that?aere�cver has given to Lender.Bortower�viU gfve any notice to Lender by eortifled � .
<br /> c.�il w Lendor's addrasa on page 1 of thfs deed of trust,or m a-5v��her addresa vuhich Lender has designated.Any other notice to Lender ahall �
<br /> ..;� Da serrt to Lender's addresa aa stated on page 1 of tNs deed ct�uu�t. , � ___
<br /> Any noUce shall be deemed to have been ywen n 6qrtowar or Lendor when gaan in the manner stated abova.
<br /> •-:�, t9.Trinsf�x of d»Pr a�B�fld�trmasst in t}�Bortowu.If atl cr o^ p tty y �'
<br /> without Lender'e prlor�an consent, Lender may Qemand Immediata paymenZeof thehsecu ed debt.aLender�ay atso dnmandimmeC:a o �1�''.
<br /> paymont if the Botrower IS not a noturat person a�d a beneticial interost in the Borrower Is sotd or Vansferred. Howevar, Londe►may not � , ,� .
<br /> domand payment in tho abova sttuatlons if it is prohibitoC by feCeral law as of the dato of th;s C�ed of trust. � •
<br /> 20.Rreanv�yar►c�.When the obligeUon secured by thls deed o}trust has been paid and Lende►has no furthar obligation to make advantes � -
<br /> under the insVUmenta or agreements seeured bY thls deed of trust,the Trustro shalf upon writtan request by the Lender,reconvay the trecst •
<br /> _ property.Tho Lender shalt deliver to tha Bor►owea, or to Borrower's successar��interost,tho Lrust deed and the note or other evldenco ot tfie � ��.
<br /> obhgation ao satiafled.Bonowet ahall pay any rer:datlon eosta. . , '
<br /> i 27. Suce�saor Trust�e. Lender, at Lender's option, may remove Trustee and appoint a successor truatee by firat, maiting a copy ot the { , -
<br /> � subatitWon of trustee as required by appticable law,and then,by filin�the substitution of trusteo for record in the oHlce of the regiater of deeda k
<br /> � o!eoch county in which the trust property,or some part thoreof, is sttuated.The successnr trustee,without conveyance of the proporty,shaU � .
<br /> succead to all the power,duties,authonty and trtte of the Trustee named in the deed of ttust and of eny successor trustee. �..-__.
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<br /> � BANKEflS SYSTEMS.INC-.ST ClOUD.MN 6E301 Il�800 397•I3�11 F01LM OCP�MT6 NE 8/�9/97 � � - -'
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