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<br /> COV�NANT51 g�'� �.�'�C��7
<br /> 1. Paynt�rtt�. Borrower aprees to meka ell peymonte on tho aecurod debt whon duo. Unlasa Ootrawor and Londor oproo otharwlno, uny � „ -
<br /> peymonto Londor rocalvc�a trom Borrovror or Tor Horroe��r'o bono4lt wlll bo oppllod Ilrrt to any umounto 6orrowor owoe on tho encurod debt i
<br /> exciusive of Intereet or prl�clp�Ie e� ond to,intqett iend�h�n ta princlpel.It peKlel propaymont of tlie socurod dobt occurw for eny rooeon,it wl;l _
<br /> � not reduco or excut�sny oCffatlulo�peymo�t untll t�e n�cu ed debt le paid In full. •
<br /> , �.CINm�Ap�i�at TiU�.Bo�towa wlil paY all texet,aofesa�lne�t�, end otfier cherpea at4ribu4able to tha property when due and Nill detond tltlo , '-
<br /> to the pruperty apeinet eny elnime whtch wo�^ld Impelr Me Aun o}thle deed oi truat.Lendar mey roqulrn Burrov+er to eeolpn eny rlphte,elalms or . ^
<br /> de}ensee whlch Bonowar msy heve apalnst pertlee who eupply Iebor or meteriale to Improvs or malntein tho proporty. _
<br /> � 3.lnsss�ence. �orrower wlll keep the proparty insured under terme acceptabte to Lender et Bor►ower's expense end for lender'e benotft. All • :" _
<br /> Insurnnco pnlicles eht111 Include e etenderd mort ape clause In favor o}Lender.Londer wlll be namod as loea peyee o►as tho Insurod on any such �
<br /> or�to the,ec�ured debtl If Lenderiequtrei6moa rt p�ge P nsurince�t eorrower�apre�earto�malntaln such InBUrence for aa lonp�es Lendern equtres�oporty ; , .
<br /> � 4.Prop�rty.Borrower wlli koep tho property in pood condltlon ard mako all ropalra reasonably nocossai y. ., "
<br /> ,.:a+" , -
<br /> � ' .,,� " 6.Exp�ntt�.Borrower agraes to pey ell Lender's expenaea,Includinp reaeonablo attorneys'feea,If Borrower breeks nny covananta In thle deed
<br /> of trust or In eny abilgetlon eocurad by thla deed of trust.Borrower wdi pay theso amounte to Lender as providod in Covenent 9 ot thie deed of �
<br /> truat. •
<br /> 8.P�loe S�curity Intsra�tY.Unlaaa Borrowor firat obtafna Lender's wrltten conaent, Borrower wiil not meko or permit any changes to eny prlor ' �• `
<br /> security Intereete. Borrower wlll perform ell of Borrower's obllgetlona under eny prlar mortpage, doed ot trust or other security eproement. ���_.:,.: _
<br /> � Inctudinp Borrower's covenents to make paymente whon due. •.=��, ..� '• t.,
<br /> � 7.Aesi t of Rrnta ahd Proftn.Borrower aealyns to Lender the rente and profite ot tha pmperty. Unfesa Borrower nnd Lender have apreed . ��;� _�'`
<br /> otherw te in wrltinfl, Borrower msy colleat end retein the rent�ea long ee Borrowar la not In de}t�uit. If Borrower dafaults, Lendnr, Lender's ,,s;;,,__
<br /> �� epent, or�court appointed recelver msy teke poesesolon end manege the property and coileat the rente. Any rento Londer colleato ahuil be ` ",�_.�
<br /> epplied fint to the co�t� ot mempinp the p►operty, Iscludinp cou►t coate end ettorneye' fesa, commltsione to rental apente, and eny othor r ��_�__
<br /> �� '� neceu�ry ret�ted expansss.The remsinlnp emount of ronto wili then appty to payments on tha secured debt ae provided in Covenant 1. ,;.�—WS-
<br /> 8.l.��s�hoW�•Caxlominiumo:PI�Md Unit D�vNopm�nt�.Borrowee apreea to comply with the provisione of any leese i4 thfs deod of truat I� �. -
<br /> e lea�ehold.1�this deed of trust ia on a unit in a condor�}tnlum or a planncd unk dovaloprttent, Borrotver wiil peHorm ell of BorrowePs d dea '.��°•a:_• _____
<br /> , ��I under the covensnta,bylews,or rogulatlona ot the condominium or planned unit development. 1 -'-',_
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<br /> 8.Authorlty of L�ndu to P�rform for Barow�r.If Borrower fails to�perform any of Borrower'o duties under thia deed of truet, Lender may � ?�`j�:;�,.:
<br /> peHorm the dutlea or cause them to 6e pe�formad. Londer may stpn 8orrower's neme or pay eny amount If necessary for performence.If any �� ,�Z,, .. --
<br /> conttruction on the property ia dlscontinuad or not carrlad on In a reaeone6le mannar, Lende►may do whatover le neCeseery to protect Lender'e ,. �,7�. �
<br /> .� � �ecurlty Interest In the property.This mey include completing the conatructlon. ��L i:`""'''�
<br /> ��`-c`�",;'.�':.
<br /> Londe►'e hllura to pertarm wlli not praciudo Lender trom exercising eny of Its other riphts under the law or thia deed�f truet. �� ,+��*
<br /> � Any�mounts peld by Lender to protect Lender'a security intereat wili be secured by thla deod of truat.Such emounts will be due on domand
<br /> � ond wlil beer Interest from:he dste of ths paymen2 until pafd in ful!et the Interoat rate in eHeat un the securod debt. �. __
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<br /> 10. D�twk�nd AccN�r�lon. If Borrower tella to make eny payment whan duo or breeke any covenente under thla deud of truet or eny v
<br /> = ohligstian�ecured by this deed of trutt or eny prior mortgage or deed of t►uat, Lender may cccelerate the meturity of tha secu.ed deDt and �_
<br /> a � dem�nd Imm�di�te paymsnt�nd mey Invoke Me power of sale end any other�emedles permitted by applicabte lew.
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<br /> • -�.'� 71.R�qw�t for Notic�of D�fwtt.It Ia hareby roqueated that copies o�the noticea of dafauit and selo be sent to e3ch porson who i�a parry �.
<br /> * hereto,et the eddross of esch auch paraon,as aot fortn heroin. —
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<br />`" � � S2.Powe oi Sal�.If thd Lendor Invokee the power of ente, the Truatee shall flret rocord In the office of the register af doodn of each county
<br />�� �� wherein tho trust property or some part or parcel thereof is situated a notiCe of de4ault conteining the information required by Iaw.The Trustee
<br />�.r"""• chslt alao mail coplea oi the notica of default to the Borrower,to each person who le e pa►ty hereYO,and to other parsona ea prescribed by -
<br /> s not In any
<br /> (t;, appilcable lew. Noi losa than one month after the Trustee roCO�da tho notice ot dafeult or two months ff the truat propertY 7 __
<br /> � !�:�r Incorporated city or vlilape end is uaed In terminfl o�eretions carried on by the trustor,the fruatee ehall ptve public notice of sele to 4he peraons
<br /> ;� and In the msnner prescNbed by�eppplicable law.Truetoe,without demand on Borrower,ehall sell the propar¢y at public�uctlon to the hiphett _
<br /> bidder.It requirod by tha Ferm Homestead Protuatfon Act,Truatee aheil oNor the property in two seperete euloa ae required ay epplicaDia law.
<br /> • Trustee may poatpone eale of ell or eny parcet o}the property by pubiic ennouncement et ths time nnd place of anV previously acheduled eal�. �
<br /> • Lende�o�Its detlqaea may purchese the proporty at any salo. �
<br />� Upon receipt of pavment of the price 61d,Trustee st�all daliver to the purchaser Trustea'�dsad conveyfnfl the property.The recitials contelned In ����
<br /> � Trustae's tlesd thall be prim�tacie evldlence of the truth of the stetemente cantatned therein.Trustee shall eppty the proeeede of the eale In the
<br /> . �. followinp wder: (a) to �II expenses of the sele, Includinp, but not limlted to, reaeoneble Trustee'e fees, reesonable ettorney'e fee� �nd
<br /> . �j reinet�tement feea;(b)to all sums eecured by thta deed of trust,end(c)tF�e balance,it any,to the pereons legelty entitied to rece(ve it. �
<br />'";,..� . � , • 19.Fu�clown.At lender'a option,thle deed af truat may be forecloeed in the manner provide by appllcabte lew for foreatoture of mortgayes ��
<br />-'�,.�;•,.:,,;� on real property.
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<br />�;:� ;• , , 14.Imp�aUon.Le�de:mey e�ter the property to Inapeat It If Lender gives Borrower notice beforehend.The notice muat state the rsaeanabla
<br />�vcr� .. , . i., ceuse for Lendsr's Intpsatlon.
<br />-t� ° � �"::; �' 16.Cand�rtmltlon.Borrower aaalgna to Lendor the proceeda of eny awerd or sleim tor damapea connooted with s condemnetfon or other tekinfl
<br /> x,::;� . . � P Thie aesi
<br /> _,.�r • : :,t o}ell or�ny part of the property.Such roceeda will be applied ea provlded In Covenent 1. pnment Is tubJeat to the terms of eny prfor
<br /> - security�groemont.
<br /> �_'r'::c.,, .
<br /> 18:Walvw•BY exercisiag any rsmedY eve!table to Lender,Lendor does not Blvo u nny dphte to leter ueo eny other romedy.By not exsrclalnp __ _�
<br />";�:�.,���.• ; any remedy upon Borrower's defeutt,Lender doea not welve eny ripht to lator consPder the event e default if it heppena epaln.
<br />_'' 17. Jolnt�nd S�v�tN LI�y�y Co•�tpn�n; Succ�sson �nd Assipn� Bound. All dutiea under thic deed of trust ere Jolnt and severel. Any °
<br /> ,;��"•••� g�nower who co•dpna thi s deed of truat but doea not co•alpn the underi in debt Insttumontls) does w oniy to prant end convey t hat
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<br /> ,,,,,,„,. ._ Bonower'e interoat(n the property to the Trusteo under the tarme of thia dee o trust.In additian,such a Borrownr agrees that 4he Lender end
<br /> -,.u�,�. -- any otMr Borrower under this deed of trust mey extend,madi{y ar make eny othor chanQee In the terma of th(a daed of truet or the secured
<br />,fi;t•°"•e�F�a. dobt without thet Borrower's eonsent end without releaainp that Eorrower from the termf of thie deed of truat. _;
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<br /> '1+' Tt►e dutiet�nd benefite ot thts doed of truat shall bind and benefit the succosaors and esslpna of Lender end Borrower.
<br /> °`� � ::r' 16.Hodc�.Unleas oYherwiae requlrod by Iaw,any notice to Borrower shall Ea given by detivarinp It or hy meifinfl it by certitled mail eddressed to
<br />- „. ., ;:.',•;;; '„ Borrowsr et 4he propsrty eddres�or eny otAer eddreas thet Borrower haa given to Lender. Borrower wlli qivo eny notice to Lender by cenified �— —�
<br /> mail to Lendsr's eddres�on page 1 of thls deod of truct,or to eny othc�r eddress which Londor has desipnatad.Any othav r�otics to Lendsr shall = ,,,
<br /> be ssnt to Lender'e addreos as stated on papo 1 of thla deed of vust. �� ..----�._--
<br />_ � Any notice ehall be deemed to have been gtvan to 8orrower or Lunder whon piven In tho mannsr ststed ebc�ve. t"�:'�'�"""°'°'-
<br /> �' �'��;�r�z:
<br /> ��f 19�t�fi�r of tM Propwty or�B�naflcial Int�nst In th�Borrow�r.If all or any part of tho proportV or eny intorost In It fa sold or tranaferred �
<br /> without Londer'e prior written consent, Lender may damand Immodlate poymont of tho aocured debt. Lender moy also demand Immedleto ���..j��-•�=-���
<br /> G peyment if tho Borrower la not a netural pernon end a benoficial intaroat In tho Borrowor la sold or transforrod. Howovor, Londer may not •:��;�;��w.,
<br /> w
<br />_ •.s .! demand paYment in tho ebovo situations It It Is proh{bitod by fodorai law es of tho dato of this doud of hust. " ;'�x�,y,�:J, -
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<br /> 20. R�conv�yanc�.When the o6ligatlon securod by this deed of trust has boen patd,end Lendet has no further obligation to mako advances ,�_._:
<br /> } undor ths instrumente or e0reomenta aecured by thla daod of trust,tha Trustoo shnll,upon written requoat by the Lender,reconvey the truat � �• � "+=":'�'"
<br /> • 1 properry.The Lender shall dellver to the Dorrower,or to Borrowor's auccossor In intorest, tho trust deed end tho note or othor ovidence of tho �-'-��-'� �
<br />� .?-' _ oLligetion eo satlefied.Borrower shell pay eny recordatlon aoets. ��'` �
<br /> 21. S��cc�r�a Trus 6endar, t I.ondor's option, meV romove Truetoo end nppolnt e aucCesaor truatee by flrst, malllnp o copy ot tho - ' ,�
<br /> substitutlon of VuBt�i Ptl�d�+eppllcabie law,and than,by filing thu substitution of trustoo for rucord In tho oNice of the repieter of deede ,
<br />- of each cou�ty In whlch the trus!property.or some part thoraof,la oltuatod.Tho suCCOascr trustoo,without convoyanCO of tho proparty,shnll
<br />- • succeed to ell the power,dutlea,authority end titto o t t ho Trustoo namo d In t he doo d o f trus t cn d o f ony succosso r t ro e t e e. "
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<br /> - � BANKEflB CYSTEMB.�NC.,9T.CLOUD.MN 68307 It•L00•397-21411 FORM OCP�MTO-NE E/t018t _ ��
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