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<br /> COVENANTS �8"� ����.'��9
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<br /> 1. P�ym�nts. BorrOwer agroea to make all payments on the secured dobt whan due. Uiilasa Borrownr and Londnr :��roo otharwiau, nny
<br /> i paymonts Lender recefves f!om Bortowar or Tor Borrower'e benofit wdl be applied fvst to any amounts Borrowor owns on tho securud debt , �s
<br /> , exciusrvo of intereat or principal,second to intorest, and then to pr�ncipol.If partiel prepaymont of the secured dobt occur6 lor any raoson,it wdl
<br /> � not reduco or excuao any schoduled payment until tho securod dobt ia paid in full. �
<br /> 2.Cl�ims AqNntt Tid�.Borrower wlll pey ell taxes,ae�seesment6, and other r.hergoa ottributable to the property whon duo and will dofend titlo ,,•1_
<br /> ' to the property a9 ainst any cleima which would impair thelie�o(this deed of trust.Lender mey requira Borrower to assifln any riphts,claims or ,_,
<br /> - defenses which 9orrower may have afleinst parties who supply lebor or materials to improve or mamtain the property.
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<br /> , 3. Iniur�nc�. Borrower will keep the property Insured under terms accepteble to Lender at Borrower's expenae and for Londor's banofit. All
<br /> �naurance policiea shall Include e atendard mortgage cleuae In favo�of Lender.Lender wiii be named as loss payee or es the Ineured on eny such -
<br /> � insurence policy.Any Inaurance proceeda may be applled,wiihin Lender'a discretion,to either the restoration or repair of tha damagod property ,
<br /> I or to thn socurod dobt.If Londor raquiroa mortpnpe insuranee, 8orrower agrees to maintein such ineurance for as long as Lender roquves.
<br /> i 4.Prop�rty.Borrower wlll keep the property in pood condiNOn and make aii repaira reasonably necessa:y.
<br /> I 6.Expem��.Borrower agreea to pay all Lender'e expenset,i ncluding reasonabie attorneya'fees,if Borrower breaks any covenants in thfs deed •
<br /> � of trust or m any obligatlon secured by this deed of tmst.Aorrower wiil pay these amounts to Lender ae provided in Covenant 9 of this deed of =s_
<br /> trust. '' .,
<br /> 8. Pdor S�cudty Intsrau. Udess Borrower firat obtains Lender's written consent, Borrower will not make or permit any chenges to any prior • �;r�;�
<br /> security interests. Borrower will perform ali of Borrower'e oWigations u�der any prior mortgege, deed of trust or other security agreement, _�-�,�:
<br /> including Borrower's covenants to make payments when due. ' �'���°
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<br /> 7.Anipnm�nt of R�nts�nd Proflt�.Borrowar assigns to lender the rents and profits of the property.Unless Borrower and Lender have ugreed i-���
<br /> othe�wise in writing, Borrower may coliect and retaln tha ranta as long as Borrower is not in default. If 8orrower defaults, Lender, Londor's
<br /> ' � agent, or a court appotnted recefver may take possession and manage the property and coilect the rents. Any rents Lender collects shall be _
<br /> applied fvst to the costs of manaping the property,including court costs and attornays' fees, commlesions to rental agents, and any other
<br /> I necessary related expenscts.The romaining amount of renls will ihen apply to paymonts on the secured debt as provided in Covenant 1. --
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<br /> � 8.L��t�t�dds•Condominium�;Plann�d Unit Dw�lopma�r.Borrower agrees ta comply with the provisions of any Iease if this deed of trust is on . ,
<br /> a Ieasehoid.I�this deed of trust la on a unit In a condomhium or a planned unit development, Borrower wfll pertorm all of Borrower's duties
<br /> under the covenants,bylawa,or regulations of the condominium or planned unit development.
<br /> ' 9. Authority of L�nd�r ta P�rform for Borrow�r. If Bor�owa�tails to porform any of Borrower's dutles under this dend of trust, Lender mey
<br /> perform the duties or cause them+�be performed.Lendar may sign Sorrower's name or pey any amount ff necessary for performanca. If any �--
<br /> � constructfon on the property is discontinued or not cerried on In e teasonable manner,Lender may do whatever ia necessery to protect Lender's
<br /> security interest in the property.This may Include completing the conetructfon.
<br /> I Lender's failure to perform will not preclude Lender from ezercising any of its other rights under the law or this deed of trust.
<br /> � Any omounts paid by Lender to protect Lender's security interest wfll be secured by thls deed of truat. Such amounts will be due on demand
<br /> antl wiii bear interest from the date of the payment until paid in fuli at the interest rate in eftoct on the secured debt.
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<br /> . ' 10. D�fault and Accd�ration. If Borrower faNs to make any payment when due or breaka any covenants under this deed of trust or any
<br /> obiigation secured by this deed of trust or any prior monpage or deed of trust, lender may accelerate the maturity of the secured debt end
<br /> � demand immediate payment and may invoke the power of aale and any other remedfes permitted by applicabie law.
<br /> � 11. R�qu�st for NoUo�of D�fwit.It ia hereby requested that copies of the noticee of defauit and sale be sent to each peraon who is a party
<br /> � hereto,at the addresa of each such person,as aet tonh herei n. ,� `�
<br /> -� 1T. Pown ot SN�.If the Lender Invokes the pawet ot aeie, tne Truatae shatl tirst rewrd�n the office of tne repiater of deads oi nnch wuniy --
<br /> wherein the truat property or aomo part or parcel thereof Is sftuated a notice of default contalning the informatlon required 6y law, The Trustev '�.�,�",'�'F: r;,
<br /> ahall alsa mafl copfes of the notice of default to the Borrower,to each person who Is a party hereto, and to other persons as prescrfbed by -
<br /> appllcable law. Not leas than one month after the Truetee recorde the notice of default or two months If the truat praperty Is not in any .� �.y
<br /> incorporated clty or vlllage and is used In farming operatbns carried on by the trustor,the�rustee shall glve public notice oi sete to the persons ..;, .
<br /> . I and In the manner prescribed by appplfcable law. Trustee,witfaut demand on Borrower,shall aell the property at public auction to the highest �.�(,
<br /> bidder. If requfred by the Farm Homssteed Protect(on Act,T�uatee shall offer the property in two separate sales as roqufred by appllcable law. ?" •
<br /> ± Trustee mey postpone sale of all or any parcel oi the p►aper ty by publlc announcement at the tlme and place of any prevlously schoduled sale. x�
<br /> Lender or Its deslgnoo may purchase the property at any ede. .'r. ,
<br /> Upon recelpt of payment of tha price bld,Trustee shall deive�to the purchaser Truatae's deed conveylng the property.The recftlals contalned In
<br /> Truatee's deed shall be prime facie evidience of the truth of tha statements contained therein.Trustee shall epply the proceeda of the eale In the
<br /> following order: fa) to elI expenses of the sale, InclutFng, but not limfted to, reesonable Trustee's fees, reasonable attorney's fees and
<br /> reinstatement fees;tb)to aIl sums secured by this deed dtrusL and(cl the balanca,If any,to the persons legally entltled to recelve It. ---
<br /> 13.Fonclosur�.At Lender's option,thls deed ot trust rney be foreclosed in the manner provlde by appNcable law for forecloaure of mortgages n �,�-��
<br /> on real property. `~
<br /> � 14. Insp�adon.Lender may enter the property to inspect it if le�der givea Borrower notice beforehand.Tho notice must state the reasonable � ` °
<br /> , cause for Lender's Inspection. �*�tl�t'�.�
<br /> 16.Cond�mnaUon.Borrower assfgnn to Lender the proceeds of any award or cleim for damagea connected with a condemnatbn or other taking R'��-
<br /> of all or any part of the propotty.Such proceeds wfll be epplied as provided in Covenant 1.This esslgnment is subject to the terms of any prlor __ - -
<br /> security egreement. •;!w_.=�
<br /> 16.Wefv�r. By erorcising any remedy available to Lender,Lender does not give up any rights to later use any other remedy.By not exerclsing ;.�',;
<br /> any remedy upon Borrower's default,Lender does not wane any right to later consfder the event a default if it happens egaln. � ��
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<br /> 17. Jolnt snd Ssvsral LIablYty; Co•�tyn�rs; Succetan md Asslyns Bound. AII dutiea under this deed of trust are jolnt and several. Arry "_-
<br /> Borrowar whu co-slgns thls deed of trust but does �ot co•slgn the underlying debt inatrument(s) does so only to grant and convey that ";��ti�s°�y,
<br /> Borrower's Interest in the property to tho Trustee under tho terms of thls deed of trust.In addition,such a Borrovier agrees thet the Lender and � -:,«°.�
<br /> eny other Bortower under this deed of trust mey extend,modify or make any other chenges in the terms of thls deed of trust or the secured ` '��- ��' •
<br /> debt without that Borrower's consont and without releasing Lhet Borrower trom the terms of this deed of trust. ' ���
<br /> The dutles and benefits of this dead of trust shell bind andbanefit the successors and assigns of Lender and Borrower. '. '
<br /> � 18.NoUce.Unless otherwise required by law,any noticeto Borrower shall be glven by dellvering It or by mailfng it by certlfled mafl addressed to i ,
<br /> Borrowar at the property address or any other address 1Mt Borrower has given to Lander.Borrower wdl give any notice to Lender by certifled .
<br /> mail to Lender's eddress on page 1 of thls deed of trust,or to any other address which Londer has deslgnated.Any other notice to Lender shall
<br /> be sent to Lender's eddress as ststed on page t of this deed of trust.
<br /> Any notice shall be daemed to have been given to Borrower or Lunder when given in the manner stated above. '
<br /> 19.Traneter of ths Propsrty or a Bsneftclel Intersat In th�6orrowsr.If all or any part of the property or any interest in ft is sold or transforred
<br /> without Lender's prior written consont, Lender may demand immediate payment of the socurod debt. Londer may alsu demand immediate
<br /> payrnent if the Borrownr is not a natural p9rson arW a bereficial interest �n the Borrowor is sold or transfarred. However, Lender may not
<br /> demand payment In the abovo situations if it is prohibitedby fmleral law as of the dnte of this deod of trust.
<br /> 20. Reconveyence. When tha obligatlon securod by this deed of trust has been paid, and Lender has no further obligation to meke advences �
<br /> undor tho instruments or agreomonts secured by this doed at trust the Trustee shall, upon written request by the Lender,reconvoy the trust
<br /> property. The Lender shall dehver to the Borrower,or to8orrower's successor in interest,the trust deed and the note or other evidence of the
<br /> j obligation so sat�sffed.Borrower shall pay anyrecordationcosts.
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<br /> j 21. Suecesaor Truatee. LoMer, at Lendor's option, rnay removo Trusteo end appoint a successor trustee by first, mailing a copy of the
<br /> t suOSUtution oi trustee as reqwred oy appiicanie iaw,antiunsn,uy iiiiny iiin euvoiiioi�vn vi i�uainn ior row�v in ii�e a�iiioo v�i�o ioyioio�vi u6oua -
<br /> I of oach county in which the truat property, or some pc�rt Ihareof, is situated. The successor trustee,without conveyance of the proporty, shall ,
<br /> ' succood to all the power, duties,authordy and title of tFie Trustee named in the deed of trust end of any successor trustee.
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<br /> BANKEAS SVSiEMS.INC.St CLOW.MN 6G301��80C 797 734uFORUOCVAti6 NE G/79�91
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