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<br /> � COVENANTS 98•� �I��;�•'3�5 I .
<br /> 1 1. P�ymmts. Borrower agrees to make all payments on the secured debt when due. Udass Borrower and Lender agree otherwise, any ''
<br /> payments Lender receives from Borrower or for Bonower'o benefit wiil be eppliad first to any amounts Borrower owes on the secured debt
<br /> � exclusrve of Interest or pr��cipel,socond to intereat, and then to principal.If partial prepnymqnt of the secured debt occurs for any reason, it will , _
<br /> ; not reduce or oxcueo aPy schpdulad peyment until the r�ecured dobt fs Paid in full. i _
<br /> � 2.Cl�ims Ap�inst Tid�.BorYovrier wIM pay SII taxe�, as`essments, and other charges atinbutable to the property when due and will defend title
<br /> to the property againat any cleims vJhich'would Impair thA lien of this deed of truet.Londer may require Borrower to assfgn any rights,clafms or a
<br /> idefenseo whlch Botrow�t may have aAainst pertles who supply labor or meteriels to improve or ma�ntam the proporty. . R
<br /> 3. Inaurenc�. Borrower will keep the property insured under terms acceptable to Lender at Borrower's oxponse and tor Lender's benetit. AII
<br /> ; insurance policies aheil include e standard mortgape cluuse in favor of Lender.Lender wA be named as loss payee or as the insured on any such -
<br /> � insurance policy. Any insurance proceeds mey be applied,wfthin Lender's diacretion, to either the reatoration a ropav of the damaged property -
<br /> or to the secured debt. If Lender requires mortgage insurance,Borrower agreea to maintain such insurance for as ionp as Lendet reyuires. _
<br /> � 4.Propsrty.Borrower will keep the property in good condition and make all repairs reasonably necessary.
<br /> � 6.Exp�m�s.Borrower agrees to pay ell Lender'a expenses,including reasonabie ettorneys' fees,if Borrower breake any covenanta in this deed ,
<br /> � of trust or in eny oWigation secured by this deed of trust.Borrower wfli pay these amuunts to Lender as provided in Covanant 9 of thfs deed ot
<br /> i ttuet.
<br /> � 8.Ptior Secudty Intereeta.Unless 6orrower first obteins Lender's written consent,Borrower wili not make or permit any chenges to any prior ,
<br /> seCUrfty interests. Borrower wlli perform all of Borrower's obligations under any prior mortgage, deed of trust a other security agreement,
<br /> � including Borrower's covenants to make payments when dua. .;�"�' .
<br /> 7.Auipnment of Rents end Proflts.Borrower assfgns to Lender the rente and protits of tho property. Unless Borrower and Lender have agreed .;':�l��n
<br /> otherw�se in writing, Borrawer may collect and retain the rents as long aa Borrower is not in default. If Borrower defeults, Lender,Lender's ���
<br /> Fpent, or n cnu�t sppofnte�l re�e�vs:r may take pnssecsion and mana�e the p�openy and colloct the rents. Ary ronta Londor collocts shall bo
<br /> � applfed ffrst to tho costs oi managing the propeny,inciuding caurt costs and attorneys' fees, commissiona to rental agents, nnd any other __
<br /> nocessary reiatod expenaes.The remelning amount of rents will then appiy to payments on the secured debt as provided in Covenant 1,
<br /> 8.L�auholds•Condominiums;Pl�nmd Unit Devdopm�nt�.Borrower agrees to comply with the provisions of any lease if this deed of trust is on ' �r--- "'�—�
<br /> , � e Iewaehold. I�this deed of trust is on a unit in a condominium or a qlanned unit devebpment, Borrower wfll perform all of Borrower's dutios
<br /> under the covenants,bylews,or regulations of ihe condominium or plenned unit development.
<br /> ' � 9. Authority of L�nd�r to P��form tor Borrow�r. If Borrower fails to�perform any of Borrower's duties under this doed of trust, Lender may
<br /> porform tho duties or cause them to be porformed.Lender mey eign 8orrower's name or pay any amount if necessary for performance. if any
<br /> I construction on the property fa discontinued or not carried on in a reasonable manner, Lender may do whatever iE necessary to protect 4ender's
<br /> I security interest in the property.This may include completing the construction.
<br /> � Londer's failure to perform wiil not preciude Lender irom exercising any of its other rights under the law or this deed of trust. „
<br /> ! Any amounts paid by Lender to protect Lender's security interest will be socured by this deed of trust.Such amounts wiil be due on demand ,
<br /> � i and will bear interest irom the date of the payment until pafd in full at the interest rate in effect on the secured debt. '' .
<br /> . i 10. Datault a�d Accsisntion. If Borrower fails to make any payment when due or breaks any covenants under this deod of trust or any
<br /> obligation securod by this deed af trust or any prior mortgage or deed of trust,Lender mey accelerate the maturity of the secured debt and
<br /> . � demand imrtiadiate payment and may invoke the power of sele and any other remedies permitted by applicable law.
<br /> { 11.R�qusst for NoUca of Uefault. It is hereby requeated that copies of the notices of default and eaie be sent to each pereon who is a party ••
<br /> hereto,at the address of each such person,as set forth herein.
<br /> _ °i 12.Power uf^o6iG.it tha Lardor tn�c�C�thC p'tlet Of �eIC, !hB Ttu9te9 chgll fl�5t rwcMd in thn office of the reqlste� ot deed6 of each COUr1ty _ _
<br /> wherein the truat property or some part or parcel thereof Is situated a notlae of defauit containfng the informetion required by lew.The Trustee �,,3 ;.
<br /> shall also mall copes of the notice ot default to the Borrower, to each person who le a perty hereto,and to other persona as prescribed by � ,
<br /> �i appllGable law. Not less than one month efter the 7rustee records the notice of defeult,or two months if the trust property is not in eny �.
<br /> ,i incorporated city or viliage and fe used in farming operations carried on by the trustor,ihe Trustee shali give publlc notice of sele to the pereone . .•� - .l.y
<br /> and in the manner prescribed by appplicable law. Trustee,without demand on Borrower, shall seli the property at public euction to the highest ',-,�
<br /> bidder.If required by the Farm Homestead Protection Act,Trustee ahall offer the property in two separate seles as requfred by appliceble lew. , 'k.,
<br /> � Trustee mey postpone sale of all or eny parcel of the property by public announcement at the tlme and place of any previously scheduled sale. -y .
<br /> Lender or its designee may purchase the properry at any seie.
<br /> � Upon receipt of payment of the price bid,T�ustee shall deliver to the purchaser Trustee's deed conveying the property.The recitials contained in ��'' '
<br /> Trustee's deed shall be prima facle evidinnce of the truth of the statemonts contained therein.Trustee shell apply the proceeds of the sale In the � . _
<br /> � foilowing order: lal to ali expenses of the sele, including, but not Ifmited to, reaaonable Truatee's fees, reasonable attorney's fees and ��.,
<br /> � reinetatement fees;lb)to ali sums sacured by tNs deed of trust,and(c)the balance, if any,to the peisons Iegaliy entitled to receive it. . :.
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<br /> # 13.Fonalotu►�.At Lender's option,this deed of trust may be foreclosed in the manner provide by applicablo Iaw for foreclosure of mortgages ';,y�{
<br /> 1 on reai property.
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<br /> �� 14.�e��psc8on. Lender maV enter the property to inspect it if Lender gives Borrowet ratice beforehand.The notice must state the reasonable �
<br /> � cause for LendePs inspection. ���t
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<br /> 16.Cond�mnadon.Borrower assigns to Lenderthe procoeds of any awurd or clalm fordameges connoctod with a eondemnatfon or other taking �;�ey�_"�:
<br /> ot all or any part ot the property, Such proceeds will be applied»s provided In Covenant 1.This assignment Ia sub�ect to the terms of any prior ,,;,,_..�_ _
<br /> security egreement. "� � �`
<br /> 18.Weiver.By exercising any remedy available t�Lender, Lender does not give up any rights to later uae any other remedy,By not exercising
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<br /> r any remedy upon Borrower's default,l.ender does not walvo any right to later consfder the event a default if it happens apain. �,`„.�,���
<br /> a.�..�..'ad��rc^"". ,.
<br /> 17. Jolnt and 5werai Uabillty; Co•aignen; Suocsse�rs and Assipns Bound. All duties under thfs deed of trust ere jofnt and several, Any -.q__���=-
<br /> Borrower who co•signa this deed of trust but daes not oo•sfgn the underlying debt instrumentls) 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,such a Borrower aflrees thet the Lender and j;,,����,�y-
<br /> any other Borrower under this deed of trust may oxtend,modify or makA any other changes in the terms of this deed of trust or the secured �•,y�•,s,� �
<br /> debt without thet Borrower's consent and without releasing that Borrower from the terms of this deod of trust,
<br /> sro..
<br /> The dutios and benefita of thie deed of trust shall bind and benefit the successors and assigns ot Lendor end Borrower. ;
<br /> 18.Notica.Unless otherwise requfred by lew,any notice to Borrower sheli be given by delivering it or by mafling it by certified mail addressed to '
<br /> Borrower at the property address ar any othor eddress that Borrower has given to Lender.Borrower wtll give any notice to Lender by certified
<br /> mail to Lender's address on pege 1 of this deed ot trust,or to any other address which Lender has designatod. Any other notite to Lender shall �
<br /> be sent to Lender's address as stated on pnge i of this doed of trust.
<br /> Any notico shall be doamed to have been givan t� Borrowor or Lender when given in the manner stated above.
<br /> i 18.Trensfer ot the Property or e Beneflclal (ntlreat In ths Borrower. If all or any part of the property or any interest in it is soid or transterred
<br /> witfiout Lender's prior written consenY, l.ender may demand immediate payment of tho secured debt. Lender may elso domand immediate
<br /> payment if the Borrower is not a naturel pereon and a boneficfal fnterest in the Barower is sold or transferred. However, Lender may not '
<br /> demand payment in the above situetio�s if it is proh�bited by federal law as of the date of this deed of trust.
<br /> 20. Reconveyence.Whan the obligation secured by this doed of trust has been paid,and Lender has no further obiigation to make advances
<br /> undnr the instrumonts or agreemenis socured by this deed of trust, the Truetoe shall,upon written request by the Lender,reconvey the trust
<br /> property. The Lender shall daliver to tho Borrowor,or to Borrower's successor in interest,ihe trust dood and tho note or other evidence of the
<br /> , obligation so satisfied.Borrower shall pay any recordation costs.
<br /> 21. Succeaaor Trustee. Lendor, at Londer's option, moy romova Trustee and appant e successor trustee by first, mailing a,copy of the
<br />_ �„tie�:����b..,oi�.�m�oe ne.am�un�f nv anni�rahln law.and thnn.bv fllina the substitution of trusteo for reeord in the office of the repietar of deeds �. .
<br /> of each county in which the trust proporty, or some part theroof,is situeted. The successor trustee, without conveyance of the property,shail r ' ' '
<br /> succoed to all tho powcr,duties, authonty end utie of the Trustee named in the deed of trust and of any successor trustee. I
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<br /> B�NKFASS�51fM5.INC.ST ClPUO.MN 5G101�1800 791274UFONMOCPMTGNi G�19�91 �
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