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<br /> ' COVENANTS 98`� '����,,`35! '
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<br /> � 1. P�ym�ntt. Borrower egreea to meke all payments on the eecured debt whon due. U�leas Borrowor and Lendor eproe atherwise, any W
<br /> payments Londor recelves from Bcrrowor or for 8orrowet'e benellt wfli he appliod first tu any emounts Borrower owes on the secured debt
<br /> excluswe of intorast ur princfpal,seaond to intereat,and then to pnna�pal. If partlal propoVment o1 tho eocurod dobt occurs for nny ronson,it v�ill r-_
<br /> not reduce or excuse nny scheduled peyment untll tho eocurad dobt ia pald m}ull. � �=_:
<br /> � 2.Cl�lms Ay�inst TIH�.Borroynref wiil pay eN tax�s,�caqe8mants,and o[hur charpes nttributnbla to the proparty Whan dun nnd wdl dot�nd trtin I �,j
<br /> to the property e elnst any clalma wh�ich would Impair the Ilen oe�i�d mAtO�lals to Impr�ove or malntmn thorproperty��sipn nny nphts,cla�ma or T
<br /> idefenses which�orrower may.heve e elnst pertles who{updY r
<br /> I 3. Itttunnc�. Borrower wlil keep the proparty Ineured undor terme acceptrble to Lendnr at Borrowor's axponso nnd tor Lnndor's bonofit. All '
<br /> insurance pollcies shell Include e standard mort e8e cleuee in tavor of Lander.Lender will be nemod aa loex peyao or as tho Insured on any such '
<br /> � orsto the seclured debt�If Londor oqul osBmottpa0u Innlu n�c��Borrowee e{�re�osrto�meinta�n suchhneurancetfor us lonp n3 londore oquvo�roporty I
<br /> 4.Prop�rty.Borrower wfll kaep the property in good conditi�n and make nll repairs reeaonably necossary. ! __
<br /> 6.Expentst.Botrower aprees ta pay aY Lender's expenses,including reasonable attorneys'(eos,d Borrower breaka any covenants in this dood I _
<br /> of trust or in eny obiipatlon secured by this deed oi trust. Borrower will pey these amounts to Lender ae provided in Covonnnt 9 of this deod oi _`
<br /> . trust. 'r�
<br /> 8. Prlor S�cutity Intn�su. Unless Borrower first obtalns Lender's writte�der ent� Bior mortgagen deedeof trustratotherc ecurltytaproomerntr � ---�
<br /> security interests.Borrower wfli periam aN of Borrower's obligationa u Y P �
<br /> including Borrower's covenants to mako payments when due. __
<br /> 7.Aulpnm�nt of R�nts�nd ProftU.8orrower aaaigna to Lender the rents end profits of the property UMess Borrower end Len�ar have agreod
<br /> otherwise in writing, Borrower mey collect and retain the rents as long es Borrower is not in default.If Borrower defauits, Lender, Lender's
<br /> agent, or a court appointed recelve�may teke posseselon and manage the property and coilect the rents. Any rents Lunder collects shall be
<br /> applled first to the cost6 of inenaging the property, Inciuding court costs and attotneys' feen, commiesions to rontal agents, and any other
<br /> � necessary related expenses.The remain�ng amount of rents wfll then apply to payments on the secured debt as provided m Covenant 1. _—��
<br /> � 8.L�as�holdr Condominlums;Plsrtn�d Untt D�vdopm�nt�.Borrower agreea to comply with the proviafons of any loase if this deed of trust is on
<br /> � undee the�cov#na�nts,bylaws�uor roguletions of thec o d�iinium or planned unft developmant nt,Borrower will perform all of Borrowor's duties
<br /> I9. Authortty af l�nd�r to Pnform for Borrow�r. If Borrower falls to perform any of Borrower's duties undet thia deed of trust, Lender may
<br /> � con truction on'the prroperty Is dlecontnued or not car ied on in a reasonableemanner,Lender mny do whatevereiseneceesaryto p•ect Lender's
<br /> socurity interest in the property.Thia may include completing the construction.
<br /> ' Lender's faflure to pertorm will not preclude Lender from exercising any of Its other rfghts under the Iaw or this deAd of trust. ;�
<br /> i Any amounts pefd by Lender to protect Lender's security interest will be secured by this deed of trust.Such amounts will bo due on demand •
<br /> � and wiil 6ear interest from the date of the peyment until pa�d in full at the interest rate in eNect on the secured debt. -
<br /> � 10. D�fau�t�nd Aaa�l�rAdon. If Borrower falis to meke any peyment when d�e or breaka any covenants under this deed of trust or any
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<br /> obligetion secured by thia deed of truat or eny prior mortgege or deed of trust, Lender may accelerate the meturity of the secured debt and T
<br /> 'i demand immediate payment and may invoke the power of seie and any other remedies permitted by applicable law. �.
<br /> � 11.Rsqw�t for NoUce of O�fault. It is hereby requested that copies of the notices ot default end sale be sent to each person who is a perty
<br /> I hereto,at the address of oach such pereon,as set forth herein. .: ' :'
<br /> 12.Pow�t of SQ�.If the Lender invokes the power of sale,the I ruetee shail iirst rewrJ 6�iY�oif�ca ot tl:a ra�i:ter ot deeds of ear..h county _ � ,_f-
<br /> wheroin the trust property or somo pert or parcel thereof is situated a notice of defautt containing the information req�nred by law.The Trustee ; 3,�
<br /> shall also mail copies of the notice ot default to the Borrower,to each person who is a party hereto,and to other persons as prescrlbed by ti�£' �•'�
<br /> applicable Iaw. Not less than one month efter the Trustee records the notice of default, or two months if the truat property is not in any t
<br /> incorporated city or vilinge and ia used in farming o�perations carried on by the trustor,the Trustee sholl give pub�ic notice of saie to the per3ona .���t�:�r -��'
<br /> and in the manner prescribed by appplfcable Iaw.Trustee,without demand on Borrower,shell seli the property at publb auction to Iicable9iawt '�.�
<br /> bidder. If required by the Farm Hamestead Protection Act,Trustee shall oNer tho property in two separate sales ae requlred by app
<br /> Trustee may pastpone sale of ali or any parcel of the property by public announcement at tho time and piace of any previously scheduled saie. �;
<br /> Lender or its designee may purchasa the property at any sale. � �
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<br /> Upon recelpt of peyment of the price bfd,Truetee shnii deliver to the purchaser Trustee's doed conveying the ro The recltiais contained in
<br /> Trusteo's deed shall be prima facfe evidfence of the truth of the statements contained thereln.Truatee aheil apply the proceeda ot the sale in the t,- �.
<br /> rei st�atement feese)lb)to'all sums aecu ed by this�deed ofitrust,�and Icl�thet baiance 8if any tlo t e pereonseegelly entitlod�toeeceive it,feea and �
<br /> 13.Ronclotun.At Lender's option,this deed ot trust may be(oreclosed In the manner provide by applicable law for foreclosure of mortgeges '�Z�_
<br /> on real property. a•, ' ;
<br /> � 14.Insp�ction.Lender may enter the property to tnspect it if Lender gives Borrower notice beforehand. 7he notice must state the reasonable A.;
<br /> cause for Lender's inspectfon. �==_- -
<br /> 16.Cond�mnsUon.Borrower assfg na to Lender the proceeds oi any award or clalm for damages connected with a condemnation or other taking �'�',"�,: _
<br /> of all or any pert of the property. Such proceeds will be appifed as provided in Covenant 1.This ussignment is subJect to the terma ot any prlor �,,;,•,�.
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<br /> � security agreoment. _���±;r�
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<br /> i 18.Wdwr. By exercising any remedy avaiieble to Lender,Lender does not give up an rl hts to later use eny other remedy. By not exercisinp •x•�
<br /> any remedy upon Borrower's defauit,Lender doea not waive any right to later considor ihe evcsnt a default ff it hnppens again. ;'.,'�,'���`°-
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<br /> 17. Joint and Sw�ral Llabil{ty; Co•itqners: 3uccessors and Assipns Bound. All dutles under this deed of trust are joint and several. Any .-7�—
<br />- i Borrower who co•signs thls deed ot trust but doea not co•sign the underlying debt instrumentls) does so only to grant and convey that
<br /> ! Borrower's interest fn the property to the Trustee under the terms of thia doed of trust.In eddition,such a Borrower agreea that the Lender and �"O -.w.ars
<br /> any other Borrower under this deed of trust may extend,modiry or make any other chenges tn the terms oi this deed of trust or the secured , - •Y� .�r�'. �
<br /> - j debt without thet Borrower's conaent and without releasing that Borrower from the terms of this deed of trust. - �.;
<br />- Tho dutios and bsnefite of this deed of trust ahail bind end be�e(it the successors and aesigns of Lender and Borrower, • -�,, ,
<br /> 18.NoUcs.Uniess otherwise requireA by lew,eny notice to Barower shall be given by deUvering it or by muiling ft by certifiad meil addrossod to �
<br /> = Borrower at the property address or eny other eddress that Borrower hes given to Lender. Borrower will give any notice to Lender by certified
<br /> i mail to Lender's address on page 1 of this deed of trust,or to eny other address which Lendor has desfgnated.Any other notice to Lender shall
<br /> be sent to Lendar's address as stated on pege 1 oi this deed of trust.
<br /> � Any notfce shall be doemed to have been given to Borrov+er or Lender when giver in the menner stated abovo.
<br /> 19.Transfer ot ths Property or e Bmeflclel Interett in the Borrower. If all or any part of the property or nny interest�n it�s sold ar transferred
<br /> without Lender's prior writton consent, Lo�der may demend immediate peymont of the sacured debt. Lender may alno demand immediato
<br /> � demandtpayment�nrtheaabove situauons ef ipes prohibted by fedetal lewras of the daterof his dettdlof trust nsferred. However, Lender may not �i
<br /> 20. Rsconveyancs. When the obliqetion secured by this deed of trust has been paid, and Lender has no further obligation to make ndvances
<br /> under the instruments or egroements securad by this deed of trust, the Trustee shall,upon written requoat by the Londer, reconvoy the t�ust i
<br /> - property.The Lendor shall deliver to the Borrower,or to Borrowor's successor in interest,the trust deed and the noto or other evidence of tho �
<br /> obligation so satlsfied.Borrower shall pay any recordation costs, ,
<br /> 21. Succeaaor Trustee. Londer, at Lender's.option, maY remove Trustee and appoint a successor trustee by first, mailing a,copy of the
<br /> ..s�...e�ee i....ornr`I in tha nfffra nf thH fH�I6L0f O}d88d6
<br /> substitution of trustee as requuecf by appncaae�aw,e�d innro Ly 9�1�r�y:�a o::bs:�:::::�::... .•�-•-- •-• •--- -
<br /> of each county in which the trust proporty, or some part thereoT, ia situatod.Tho successor trustee,without conveyance of tho property,shall
<br />� succeed to all tha power,duties, authority and titlo of the Trustoe named in the deed of trust and of any successoi trustee.
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<br /> lpA80?017)
<br />� BANKkRS SvSTEh15.�NC.51 ClOUO.MN 54701 1�800I97�7411 FORM OCPMTO NF 6��9 91
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