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<br /> COVENANTS �� ���'1
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<br /> � 1. Peyment�. �orrowor a0rooa to mnko all psymon¢o on the eocurod dobt whon duo. Unloso Oorrowor nnd Londor r.proo otha�wlao, any
<br /> ppymonto Londor roc�olvon from Bonownr or for porro�vor'n bonofit wlll bo oppllod firot ta ony amounta Dorrowo�owos on the aocurod dobt _
<br /> oxclualvo of Intarent or prinafpnl,eecond to Intoront,nnd thon to prfnctpnl. If pArtlel prepoyrnont ot tho eocurod dobt occuro for uny roa0on, it wlil
<br /> nat roduco or oxcusa ony eahodulad paymont untll tho anaurod dobt Is pnid In full.
<br /> a.Ci�im�Apsimt Tid�.Borrnwar wili pay all tezos,essoaemente, end other charpee attrlbutoble to the property whon due and�vill do}ond titfe
<br /> to the proporty n9 alnet nny clalma whlch would Impalr the Ilon o}thle dsod of trust. Lendar may repulre Borrower to eselfln eny rl�hts,cleime or _
<br /> de}enaee which Borrower may hev9 egelnat partlea who eupplV lebor or mntorlole to improve or mamtaln tho prpporty.
<br /> � 3.lasurence. Borrower will keep the property Inaured undar terme acceptabte to Lender et Bor►ower's exponse and for Lendor'e 6enefit.All _
<br /> , � InsurnnCn policloa ohell Include e etenderd mort9eno cleueo In favor of Londer.Landor wfll bo namod ae tose pnyeo or os tho inaurod on any auch
<br /> J ornto the eecuretl debtf If LenderPequireeemortpe8e P s�urence�t Borrowor�epre�ei to�malntain euch Ineurence�for as lonp�as Lendera equirea roporty
<br /> rb.Prop�rty.Borrower wili koep the property In good condltlon and m�ke eil repelrn roaeonebly neceeeery.
<br /> 6.Fjcp�n��i.Borrower a�reea to pey eil Lender'n exptlneea,Inciud�ng reaaonable ettorneye'iaei, if Borruwer breake eny covenente fn thla deod , ._ ��
<br /> ' of truat or In any oblipatlon aecured by thli dee�of truat.Borrower will pay thete amounte to le�der as provfded In Covenant 9 of thla dead of
<br /> truat.
<br /> � 6.Prior 8�eurity In4�raau.Unloss Borro�vcr firat obtafnn Londer'e written consent, Oio�mortpege�daed�of trustroritottie�csecu�rety oproemerntr :
<br /> security Interoats. Borrowor wlll perform all of Borrower'e obtipations under any p
<br /> I includinp Borrowar'e covenants ta meke payments when due. �:' " �
<br /> � r� ti;i.`�'r`°��' ��.
<br /> 7,Asst�nm�nt of R�nt��nd ProflU.Borrowor essigns to Lendar the ronts end profits of the proporty. Unless Borrawer end Lender have egredd '�.;,��.;,,�,�.,n.,
<br /> othorwfee in writinp, 8orrower may colloct and rotein the rents as lonfl oa fiorrower la not In dafault. Ii Barrower defauito, Lander, Lendor's `-i-r -�-�-
<br /> ° � apnnt, or a court nppolntod rece(ver may teke posaosslon and monego tha property end collcct the rente. ltny rents Lender collects shall be ___
<br /> applled flrst to tho costs of inenading tho propartq, inciuding court wste and attomeys'feea, commfsalons to rontai agente, and any other `�sfi:��:-:---_
<br /> I necessary related expenses.The rema�niny emount of rente wflt then epply to peymente on the eecurod debt as provided fn Covonaot 1. �'k����=-- -
<br /> :.1 8.L�asaholds:Ccndort►Iniums:Pl�nn�d Udt D�vdopmonts.Borrower agrees to comply with the provisiona of any lease if this dovd of trust is on � , --
<br /> undor the�co onants,byInweruor regulations of tho co domin um or piennod u in t development��' 9orrowar will perform all ot Borrowor's dutfea _
<br /> � 9.Authaity of L�ndar ta P�rform tor Bortowe. if Barrowor faila to�Re►form any of Borrower's dutiee under thie deod of truat, Lersdnr may � 1 _
<br /> � parform tho dutfes or cause tham to bo periormed.Londer mey siQn 9or►ower'e name or pay eny amount ff necessary for performence. If eny _ _
<br /> � security Interest in the propartyaThfs�mey In lu�e completinp the conestructlonmanner,I.ender may do whetever Is necessary to protoct Londer's _-_ - -
<br /> � Lender's faflure to perform wfll not p�eclude Lender from exercising any of its�ther rights under the law or this deed of truet. ��r -- --
<br /> .�����.�:��.
<br /> ' Any amounts paid by Lendor to protect Lender'e eecurity fntereat will be ae:ured by this deed of uust.Such amounts will be due on damend ,,. :, ���
<br /> � and wiil bear interest iram the date of the payment un4fl paid in fuli at 4he intereat rote in eHect o�the secured debt ;c��,�,:
<br /> �•� 10. D�t�utt �nd AccN�ntlon. If Borrower fa�a to meke any payment when due ot breeke any covanente under thfs deed of trust or any %J���
<br /> � ab llgat fon secure d by t h l s d e s d o f tr u s t o r a n y p r i o r m o rt g a pe or deed of trust, Lender ma y accelerate tho maturity of the secured debt end
<br /> � � demand immedlate peyment and mey Invoke the pawer of sele and any othar remediee permitted by eppliceble law.
<br /> __ _ _ ____�.sJ 9 t.R�aiaat fa Notic�of O�huft.It Is hareby requested thgt copiea of the noUces oi dafuult end saie be sont to each person who is a party ��,r
<br /> �• hereto,et the eddress of ear.h such peraon,as sat iorti�narain.
<br /> 12.Pow�r of Bv�.If the Lender invokes the power of sete,the Trustee shall firsi record in the office of the repiater ot daeda of each county
<br /> wharein the uust property or some part or parcel thereof is eituatad a notice oi dafauit containing the informatton required by law.The Truatee �.
<br /> ' shell atso meil copiea of the notfce of default to the Bor�ower,to each person who is a party hereto, end to other persona ea preecribed by *� :t
<br /> ' � appltcable law. Not less thnn one month after the Truatae records tha notice of dafsuit or two montha ii tho truat property is not in any ,,,
<br /> incorporeted city or villape and Is used in farminp operatlona carried on by the trustor,the fructae shall give pubtic notice ot sale to the percons
<br /> and in the mennar proscribed by�eppplicable few. Truetee,without domend on Borrawer,shall cell tha prope►tyr at pub:ia auctiun 4o the hiphest
<br /> ^ bidder.If required by the Farm Homostead Proteation Act,Trustee ehall oNer tM property in two seperate salea as required by applicable lew. 5;:� _
<br /> Trustee mey pontpone eele ourchese the property at any sele Y by public announcemonc at the time and place of eny prevlously scheduled eele.
<br /> • Lender or ita deefgnee may p
<br /> • Upon receipt of payment of the Qrice bid,Trustea shetl deliver to tha purchaser Trustee's deed conveying the property.7he recitlala contained in
<br /> Trusteo's deed ahall be prims facle evldience of the turth of the atatoments conteined thereln.Trustee shall apply the proceeds of the eale In the
<br /> rolnstete e t teesallb)to�all sumassecu ed by this�deed ofi trust and Ic)the b lanco elf any,bto t e peisons Iagaily entitt d�to�receive ft.fees end --
<br /> 13.Foreclown.At Lender'e option,this dead nf Vust may be foroclosed in the menner provide by appitcable lew for foreciosurrt of mortgagea ��y.�r
<br /> on real property. —
<br /> ' • , 14,Intp�ctioo.Lendor mey enter the property to Inspect It if Lender givoe Borrower notice beforehand.The natice muat ntate tho reesonable __
<br /> - `•; � ceuse for Lender'o Inspection.
<br /> 16.Cond�rtm�don.Borrower asalg�ns to londer the proceeda of eny ewerd or cleim for dameges connected with a condemnadon or other teking =_-
<br /> ' ��r.i.. o}ell or cny peK of the property.Such proceeda wili be epplied es provided In Covenant 1.This eesipnment is subject to the termo of any prior ___
<br /> y `� secutfty apreemz�t. _ _ _
<br /> � 18.Walw►.By exercis(ng any remedY evailablo to lendar,Lender doas not Qive up cny riphte to later uae eny oiher remedy.By not exerclainp _
<br />-- , � any remedy upon Borrower's defeutt,Lender does not waive a�y right to later cansider the ovent a deteuit It it happons again. _
<br /> -' 17. Jdnt �nd S�v�rr U�bilitv: Co•�ipnx�: 8ucs�aoro md daipn� Bwnd. All dutiee under thic deed of trust are Jofnt and severel.Any e _
<br /> Borrower who co•sipns thiu deed of vuat but does not co-siyn the underlyiny dabt instrument(s) doea so only to prant and convoy that .,�
<br />�:^, � � � Borrower'o Interest in the property to the Tru�toe under the terms of this deed of trust.In eddiUon,such e Borrower apreea that the Lender and €,;��„e4-
<br /> � any other Borrower under this deed of trust msy extend,modiiv or meke eny other changea In the terme of this doed of trust or the secured ��ccu;��,-
<br />-� - debt without that Borrower'e coment end without releas(ng thet Eortower irom the terme of thls deed ot truat. ��_���� _
<br /> •, ,. :e
<br />}Y 1 The dutie�and benelrtn of thfe deed of trust shaif bind end bonefit the succeasoro and eaelpna of Lendor end Borrower. _ ___�----
<br /> 18.Nmic�.Unless otherwise required by lew,eny notice to Borrower shall be givon by delivering It or by meiling it by certified mall addreased to ":�'�'��-
<br /> - Uorrower et the pro�erty eddrose or eny other nddross thet Borrower hea given to Lender. �orrower will give eny notico to Lendar by cortifie� ----_ =�
<br /> mefl to Lender'e addreaa on page 1 of tfNe deed of trust,or to any othor addreas which Lender hes designated.Any othor notice to Londer shalt '"==-� k`
<br /> � be sant to Londor'i addross as stated on psge 1 of thls deed of trust. T , {
<br /> �•_.
<br /> Any notice shall bo deemed to have been pivan to Elorrowar or Lendor when Afven in tho menner otated abovo. ��� ._;'E•r'?1!1�,�,:���.
<br /> • t�,. �,:;.�, .
<br /> 19.Treneter of th�PropKty a�6�1k1r Int�r�K in tM Borrotiv�►.If ell or any part of the propertv or eny Interesi in It Is sold or trsnsferrecl :�•°:Q��::,;:�;;3�-• "
<br />- without Lnnder's prior written consent, Lender may demand irnmedfete payment of the aecured debt. Lender mey eiso demand immediato .,�
<br /> - payment if the Borrowar la not e naturet pe�son and a 6enoficiel inieroat in tho Borrower Is sold or trenaferrod. Howovor, Lender may not , . ;`�f74�'.::.-
<br /> " demand payment In the a4ove skuallons if it is prohibfted by federol lew ea of the date of thie deed oi trutt. , ° .
<br /> .wi:�.��
<br /> 20. R�eonv�yanc�.When the obUgation secured by thia deed of trust has boon pald end Lender haa no further oblipation to meke edvances •. � •
<br /> under tM Inatruments or egreements securnd by thia deed of uust,the Trusteo shalf upon xn(tten requeat by the Lender,rrtconveY the trust
<br /> propetty.Tfta Lendor ehall dolivor to the Borrower,or to Borrower's succossor In intorost, tha cruat doeJ and tho�oto or othor evidance of OZe
<br /> ,_-_-- obl(gation eo satistiod.Borrower sheli pay any rocordatlon coste.
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<br /> 21. Susc�ssor Truste�. Lender, at Lender's o�tlon, may romovo Trustoo ond appoint o succeasor trustoe by first, mailinp a copy of tha
<br />� substftution ot trustee ea raquired by epplicablo aw,and then,by filfn�the substitution of trustQO for rocord in tho offico of tho rogistor of doads
<br /> of each county in which thu trust property, or somo part thereof. IS 8 LU810fI. TIlO 611CC9660I UUSI00. without convoyanco of tho proporty,Ghalt
<br /> succeed to oli tho powor,dutios,avthority and titlo of tha Trustoo namod in tho dood of trust end of any auccessor trustoo.
<br /> _ I fPSps 7 of 7.1
<br /> I OANNEA4 SYSTEIAS.INC..6T-CLOVD.MN 68701 fl�ppQ�797•Z�N 1 FORM OCP�MTQ-NE E/13/91 _ _ -
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