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<br /> 1 CQVENAN'1'3
<br /> 1, Paymont�. Borrownr nprooe to moko nll pnymnnts on tho socurod dobt whan duo. Unloas Uo�rowor end Londor oflreo othorw�ea, ony
<br /> pnymonto Londor rocoivoa from Oorrqwor ov for Horrov�o�('s bonofit will ho nppliod rirat to nny nmounta 6aiowor owos on tho aocurad dubt
<br /> oxclusivo of Interest or princlpal,nbcancl to Intrrast,anrl,tt(en to principal.If pnrtial propoymont of tho aocuroddobt occurs for any ronaon,ft wdl
<br /> not roduco or oxauso�ny scheAuletf peyment y�ntll th0 sec4rod debt ie puld in full. • ,
<br /> � 2.Cl�lm�Ap�in�t Titl�.Bof1pv�tpt,wlll ppy all tuxea,as6ecemento, and othor cherqee ettrlbutablo to tho propmty when due and will do�ond titio
<br /> to tho property a ainal eny•l�lelrt►�whlch would impalr the Iien of thle deed of trust.Londor may roquire Borrowor to aseipn any riphte,clelms or
<br /> � detonses whlch�orrowlr mey heve epainst pnrties who supply labor or matorlals to Improvo or malntoin tho property.
<br /> ' 3.Insunnc�. Borrowar wfll keep the property Insured under terme eccaptobio to Lender at Borrower'e expense end for Londer's bonefit. All „ __
<br /> insurenco policloe shall includo a otandnrd mortgupa clauso In fevor of Lander.Lendar wfli bo nemod as loss peyoe or ae tho insurod on any such . .
<br /> � insurence poliCy.Any Inaurance procoede may be appl�od,w�thm Lendar'e discretion,to either the rostomtionor rapoir of tho damnpod propmty
<br /> � � or to the secured dabt.If Lender requlres mortgape Inaurance,Borrower egreas to melntafn euch Insurence forea lonp as Lender roquirea.
<br /> 4.P►op�rty.Bor�ower will keop tho proporty In pood condition and meke ali repalrs reesonabiy�ecqssery. ��
<br /> _,. .
<br /> '"� 6.Facpm��s.8orrower egreea to pay ell Lender's expensos includinfl reasonablo enorneys'foes,If Barrower breaks any covenants in this deod
<br /> " of ttust or in any oblfgation secured by this deod oi trust.�orrower wlll pey thase emounts to Lender as provided in Covenant 9 of thin deod ot
<br /> t�ust. •
<br /> 8.Prtor Secudty Interetts. Unlesa Borrower first obtains Lender'6 written consent,Borrower wfll not meke a parmit nny changos to any prior �
<br /> secu�ity interests.Borrower will perform all of Borrower's obligetfons under any prior mortpape, deed of uust or other secunty agroement, Y_;� -;
<br /> � includlnp 8orrower's covenante to meke peyments when dus. ,. '
<br /> 7,As�lonment of R�ote end Profit�.Dorrower asslens ta Lender the ronts and profite of the property. UnlESSeBorrower and Lender havo agreed . �'"�a�,:
<br /> otherwfso in writing, 8orrower may coilect and retaln the rents as long as Borrower ia not in defnuit.If Barower defaults, Lender, Londer's ?"''`'-`—
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<br /> • agent,or a court eppolnted rocoivor may tuke possossion and mannpe tho property and coilect tho rents,Any rente Lender collecte sheli be ,,�_,.
<br /> apptied first to the costs of manapinp the property, including court coste and attomeys' foea, cammissions to rental agents, and eny other .��___
<br /> necessary related expenaes.The remaining amount of rents will then epply to paymants on tha secured dobt es provided in Covonant 1. � •' '---
<br /> f . .,r..
<br /> � 8.L��»holdt•Condomin(umt;Pt�d Unit n�vNopm�nu.Borrower a8rees to compIy with the provislona ol my lense if thla deed oi truat is on °'' '�;
<br /> a ioaeehold.If thfs deed of truat Ia on a uNt In a condomintum or a ptannad ursit deverlopment, Borrower will perform eli of Borrower's dutiea _ `_ ________
<br /> � under the covanaMS,bylawe,or repulations of the eondominium or pienned uNt development. ;�v-
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<br /> ' 9.Authority of L�ndsr to P��form for Borrow�r. If Borrower felts to�Rerform any of Borrower's dutiee undor this dsed of trust, Lender may
<br /> porfotm the dutiea or cause them to be poriormed. Londer may sign Borrower's neme ar pay eny amount Ilnacessary tot performonce.If any
<br /> ft construction on the property is discontinued or not cerriod un in a reasonable menner, Lender may do whatever is neceasary to protect Lender's r '-�
<br /> � secur(ty intereat in the property.This mey Includa completing the conatructfon. �"^�;^S° _
<br /> -� ':,`"'' -
<br /> ' � Lender's failure to perform wiil not precludo Lender from oxercising any of its other riphte under tho law or!Nt deed of trust, 3�
<br /> .'�`!`:,`��'�`�'{�
<br /> Any amounts paid by I.ender to protoct Lender's security intereat wili be secured by thla deed of trust.Such amounte will ba due on demand r..�,;��
<br /> „ and wlll boar intarest from the date of the payment until pald in fuil at the Interest roto in efteat on the aecu rod deht. •
<br /> � 10. D�fauit and Accal�r�Uon. If 6orrowar fails to make eny payment when duo or breaks any covenante undAr this deed of trust or any _���.,��, , °
<br /> � obligation secured by this deed of trust or any prior mortgage ar doed of trust, Lender meV accelerate the maturity of the secured debt and � •
<br /> • � demand Immediate payment end mey Invoke the power of aale end eny other remedibs permftted by appucablelaw. : '�
<br /> ��_ 11. R�qu�st fa NoUae oi D�huft.It le horeby requested that copies of the noticoe of default end enle ba eeni to each persan who le a party t ��=
<br /> d. — hereto,et the adorass of eacn euch pnreon, na eni iuiti�i�nreni. '�'�'��--- �-'i�
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<br /> x. 12. Powe�ot Sd�.If the Lender invokes the power of eaie, the Truatee ahell first record In tho oftice of the register of deede of each county 1�.. �� -
<br /> • �_ wherein tho truat proporty ar some part or percel thereof Is situeted e notice of defautt conteining the inform�tion raquired by law.The Trustee ; .
<br /> ehall also mall coplea of the notice of default to tho 8orrower, tu eech peraon who is A pa►ty hereto,and to othor persons es prescribed by
<br /> � '" applicebla lew. Not losa than one month after tha Truateo recorde tha notice of defauit, or twa montt�e It the truat property Is not in any �.� __�
<br /> incorporated city or viliega and is used In ferming operationa carrled on by the truetor, the 5'rustee ehali gfve public natice of sale to the persona •=
<br /> `,' and in the mennqr prescribed by eppplfcable law.Trusteo,wfthout demend on Borrower,eheli sell the propeity et public auctlon to the highest •`gi
<br /> � biddor,If required by the Farm Homestead Protection Act,Trustee shall offer the property in two Beparete eUss ea reQuired by epplicable lev�. _-
<br /> . Trustee may postpone eate ot ail or any parcel of the property by publiC announceme�t at the tlme and pl�Ce ot any previousiy scheduled sale. �
<br /> Lender or its deafynee may purchase tho property at any aele. �
<br /> Upon receipt ot payment of the price bid,Truatee nheil daliver to the purchaser 1'rustee's deed conveying tt�ep►operty.The recitlels conteined in �+~�
<br />- Trustee'o deed shell be prima facie evidience of the truth ot the stetements contained tt�eroln.Trustee ehall appiy the proceeds of tho sale in the
<br /> foilowiny order: (a) to ell expensea of the sate, Including, but not Iimited to, reasonable Truatee'n fee�, reesonebte attorney'e feea end —
<br /> reinatatement feee;lb)to all suma secured by thls deed of truat,and(c)the baiance,If eny,to the porsons Iepaily entitied to recalve it. �
<br /> 13. Fw�cloiur�.At Lender's option,thia deed of trust mey be foreclosed In the manner provide 6y appllcable law for foreclosure of mortgapee ��
<br />- , �.F� on reai property.
<br /> ' 14. intp�ctlon. Lender mey enter the property to inspect ft if Lender gives Borrower notice beforehend. The notice muet state the reaaonabte -
<br /> w •i • ceusa for Lender's Inspectian. -
<br />- � - � i6.Cond�mnation.Borrower essigns to Lender the roceeds of any eward or claim for demagea connected with e condemnetion or other taking '
<br /> _ .�y- o}all or a�y part of tha property.Such proceede wIP be applied as provided In Covenant 1.This asslgnmentb mubJect to the terma of eny prlor -
<br /> secu►ity egreement. -----
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<br />�t,::•."`",' 18.Wvv�r.By exercisiny any remedV availablo to Londer, Landor dooc not pivo uC a�y dght�to later usa eny other rcmedy.By net exercisinfl =_���
<br /> ;�.� :y any remedy upon Dorrower's default,Londer does not waive any right to leter consider tho avent e default if ithappens egatn. -
<br /> �:_- 17. Jdnt �nd 3�wral U�bNity; Co•iipn�n; Sucaeaion�nd Assiyni Bou�d. AII dutiea under thla deed of t�ust aro joint and soverei. Any �
<br /> --� �� , Borrower who co•signs this deed of ttust but doe9 not co•sign the undsrlyin0 debt Instrument(s) Ocas ao only to flrant and convey that -
<br />_�•'^�"°' Borrower's Intereat in the praperty to the Truatee under the terma of thfs dead of trust.In additfon,such a Borrower agreee that the Lender end i:�-�_�_ _
<br /> � '� � eny other Borrower undor thle deod ot trust may extend,modifv or meke eny other chenges I�the terma of thla deed of trost or tho secured -__- - -
<br /> , ,, debt without that Borrower'e consent and without reloasing thet Borrower fro:n the torme of this deod of t�uet ___�
<br />�� .r • The dutioe end Aenefks of this deod of trust ehall bind and benefit the succeasors and asslgns of Lender and Borrowor, ---__-_ _ _
<br /> � 18.Notic�.Untes�otherwisa ra uired b lew,an �otico to Borrower shall bo iven b dolfverin it or b meiGn it b certlfied maii addreased to ,'°"�°"""'°'°""'�'�'
<br /> . � q Y Y 8 Y 9 Y 9 Y �,aia�u�
<br /> Borcower et the�roperty eddrese or any other addresa thet Borrower hes given to Lender.Borrower will eive any notico to Lender by cortifiod 4te•
<br /> r mall to Lender's eddross on page 1 of thla deed ot truat,or to nny othor addross which Londor�as designated. Any other notice to Lendor sha0 ��j'�_�i_�____r__'r'-:
<br /> a� � -- -
<br /> } be sent to Lentler'e addross ae stated on pege t ot thfs deed of truat. 4,.;•�"��r.�vt�a�;�`
<br /> ` ' li;,�-�.-'y'�7'o'�'.'?
<br /> ? Any notice shall be deemad to have been given to Borrower or Londer whan givon in tha manner stated above. '=''y., y•.�lS,E••,,;�-
<br /> • f.e. �+:i-; � ..
<br /> � � 19.Tnnst�r af tM Prop�ety or�B�n�flcfd Int�ntt M th�Borrow�r.It ell or any part ot the propertY a any interest In it fa sold or trensierred :•'��i=;F,�,,��,;,�;�
<br /> �; wtthaut Lender's prfor written consent, Lender may demand Immedfate payment of the socu�ed dobt. Landor may also domand immediete ��.��:�: .,�•
<br /> � peyment if the Borrower is not a natural person and a beneficial intereat In the Borrower Is sold or trarote�red. Hawever, lender mey not _•'��.
<br /> , demand payment In the ebove situotiona if it fe prohfbited by foderal!ew os of tho dato of this deed of trusl. '°.!+T"�+�' '�,:." •
<br />- 20. R�conv�yance. Whon �ho obtigatfon securod by this dood of trust hae beon paid, and Londor hes no lurther obligation to make advences .,���;�s;;;•-�" ' '
<br /> under tho instruments or agroements eocured by this deod of trust,tho Trusteo shatl,upon written reqtieatby the Londer,reconvay thp truat �t� . �,
<br /> .• property. Tho Lender sholl deliver to ths Borrowor,or to Borrowor's succossor in interost, tho trust doed and the note or other evidence of tho � ' ,
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<br /> obli0atlon so sati9fied.Borrowor shall pay any recordation coats. �
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<br /> 21. Sucoator Truata�. Landor, nt Lnndor's option, mey romovo Truatoa end eppoint a succossor truetee by firet, maiiing a copy of the
<br /> substitution of trustoe as roquired by applicablo law,and thon,by filing tho substitutio�of trustoo for rocordin tho offlca of tho rogistor of doode
<br /> ,. of each county In which the trust property, or some part thereof, is sftuated,The succossor truatoo, without convuynnco of thn prrporty, ehnll ��
<br /> succeed to all the power,duttea,authority and titla of tho Truetoe nmm�d in the dood of trust end of eny successor trustoe. .
<br /> � IPepe 2 0l 21
<br /> = DANKE(iS SVSTEMG,WC..ST CLOUO.MN 60307 I1�t00-987•7��11 F011M OCP M�p�NE 0178r81 �
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