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<br /> COVENANTS 97-��12�4 ��_ �
<br /> 1. P�ym�nt�. Borrowor aprooe to mako all paymonta on tiio socured dobt when due. Unlese Borrower end Lender eflree otherwise, any
<br /> pnymonto Londor rccuivoa(rom Borrower or tor Oorrowor's 6nnofit will bo opplfad Ilret to any amounts Borrowor owea on tho aocurod dobt -
<br /> � not�roduco or�oxcuso uny�echodulod peymont until the Ba u►ed debt le�pald In full�� p�opaymont of tho aocurod dobt nccurs tor any roaoon,It wlll p�
<br /> 1 .
<br /> ! 2.Ctdme AQe!n�t TIUe. Borrovfer v:11i pay ntl taxcs,a��6tsments, and other chereos attrlbu4ahle to the property whon duo ond v1111 defend titlo w•_
<br /> Ito the praperty e�patnet any c!alms whlch would Impal► tl��i°I/ebor o�r meterlele to Improe e orYmalnterin thorpraportyascipn any rlflhte,cleime or �
<br /> � defenaes whlch 9orrower may have epelnet pertiea who�upp y `
<br /> 3. Intw�nc�. Borrowtr wlll keep the praperty Insured under terms ecceptnble to Lender at Botrower's expenae and for Lendar'� benefit. Ail �•
<br /> � i Inaurance policfoe ehall include a etandard mortpage clau�e in favor o}Lende►.Lender will be namod es loea payeo or as tho inaurod on any such . �
<br /> •• i insurance polioy.Any{nsurenco pwcoods rnn�,I bo nppliad,withln Lendar'e discrotion,to elther the restorntion or ropalr of the damaged proporty
<br /> or to the eecured debt.If Lundor req��iree mortpage Insurence,Borrowe►epreea to melnteln such Inaurance for as lonp ae Lender requlree. � _
<br /> .,, 4.Prop�rty.Oorrower will keop the property in pood conditinn and make ell repafrs reaeonabfy naceseery. _
<br /> 6.ExpKn�s.Borrower agrees to pay all Lender's ezpansea, Includiny reanoneble attornays' fees,i}Borrower breaks any covenants In this deed . -
<br /> of truet or in eny obllgatlon sacurod by thle deed of trust.Borrowar will pey these amounts to Lender es provlded In Covenant 9 oi this deed of -
<br /> truet. . '
<br /> 8. Pdor S�curlty Int�nstf.UnleRS Borrower firat obtains Lender's written consent, Borrower will not make or permit any chenges to eny prlor s
<br /> security intereste. Borrower wiil perform ell of Borrowbr'a obllgatians undor ony prlor mortpngo, dood of trust or other security aUroement, ' . -
<br /> � Inoluding Borrower's covenante to make paymente whendue.
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<br /> 7.Aul�nm�nt ot Pi�ot��nd Profth.Borrower asslpns ta Lender the renta and profits of the property.Unless Borrower end Lendar heve agreed ;:��va:�;
<br /> otherwfoo in writing. Borrower may collect and �ataln the rente as long as Bo�rower ia not In defauit. If Borrower defeults, Lender, Lender's '-=�—
<br /> � agent,or a caurt appointed receiver may take passeseion and manage the property end colloat tho rente.Any rente Lender collecte shail be ,. ,•����_---
<br /> epplied flrst to the coste of inenaging the property, int�udinfl court costs and attomeys' feos, commissiona to rentai agente, and nny other . ;___�_;:°
<br /> necessary reiotod oxpenses.The remefning amount of ►ents will then epply to paymente on the securod debt as provided In Covenant 1. �,�___
<br /> 8.Lost�holdr Condominlums;Plenn�d Unit D�v�lapmenu. Borrower egreos to comply with the provisiona of any leaso if this daed of trust fe on � �,�•,
<br /> a teaeshoid. I�thls dood ot trust ia on a unit In a condomin{uro ur e plenned unit develop�nnnt. Borrower wili pertorm ail of Borrower'a dutles
<br /> - under the covenants,by-laws,or repulationx of the condominlum or plennad unit deveiopment. :�._ - -
<br /> 9. Authority of L�nd�r to P�riorm for Borrow+r. If Borrower teiis to�perform any of Borrower's dutiea undar this deed of trust, Lender may . �.�•� �"=
<br /> perform the duties or cauae them to be performed,Lender may slgn eorrower's name or pay any amount if neceasery for performance. If eny � . _
<br /> �� constructlon on tho property is discontinued or not ca�►led on In e reasonabte menner,Lender may do whatover lo necessary to protect Lender's n 4��_
<br /> security Interect In the property.Thla mey include completing the canstructlon,
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<br /> ; � Londer's fallure to perform will not prectuda Len der irom axarc is ing eny o f I t e o t h e r r i g h t s u n d e r t h e l a w o r t h i s d o e d o f t r u s t. �
<br /> Any emounts pafd by Lende►to protoct Lender's securiry interest wlll be secured by thla daed of uust.Such amounts will be due on demend �'_:�`��
<br /> end wlil bear Intereat from the date ot the payment uniil paid In full et the Interest reto In effect on ths secured debt, _
<br /> ��� 10. D�iwit end Accd�n8on. If Borrower falle to make any peyment when due or breake any covenants undor this deod ot trust or any :��3=%
<br /> obligetion secured by thla dead of trust or any prlor mortgape or deed of truat, Lender may accelerate the maturity ot the secured dobt end ;;. ' �:
<br /> � demend immediate peyment and moy Invoke the powerof sale and any othor tam9dies�erm�tted by applicable law. �,�
<br /> 11.R�qu�st fa Nodc�of D�f�uit.It ia hereby raquested that coples of tho notfcos of dofault�end sale be sent to eech person who Is a party ;�.
<br /> � __=_ — ho:ata,a2:hs addrsse 4t eflct�a�!r.h�n►aon,ae aet forth hetein.
<br /> 12.Pow�r of B�I�.If the Le�der invokos the power o4 tele,the Trustee ehall first record in the oNice of tho repiater of deeds of each county
<br /> + wherein the trust property or some part or parcel thereof is eltueted a notice ot deteult contalning the informetion requlred by lew.The Truetee , •
<br /> ' �; shall etso meil coples of the notice of default to the Barower,to eaeh peraon who Is a party hereto, and to other persona es preacribed by ..., .'
<br /> applicabte law. Not lesa than one month efter the Trustee reco�de the notice of default, or two montha ii the trust property la not in eny • ;4,
<br /> �'.:;; Incorporeted clty or vfllepe end la used in terming o�peratbns cerried on by the truetor,the 7ruatee shall givo pubtia notico ot eale to the persons :f _.
<br /> end In the menne►prencribed by_apppllcablo lew.Trustee, without demend on Borrower,ahall�aell the property at publlo auatlon to the hlgheet
<br /> �',� bidder.If requlred by the Farm f�omeateed Protectlon Act, Truetee shell offer the property in two separate ealea ae requlred by appliceblo law. +�
<br /> . Trustee may poatpona Baie of eii�r any parcel of the property by publia ennouncement et the time end plece of eny previously scheduied sale. � .
<br /> � Londer or ite dealgnee may purchase the property at anysale.
<br /> Upon receipt ot payment of the prics bid,Truatee shall deliver to the purchaser Trustao's daed�onveying the property.The rocitiais contalnod In �
<br /> Trustee'a daod shall be prlme facie evidience ot the truth o�the etntemonts conteined thereln,•Truotee shall epply tho proceede ot the sale In the _
<br /> relnsWatement}ees�'Ib)tolall eums 6ocurnd by thle�dead off trusLuend(a)�the balnnce�Ii any-�t�o he persona/epa�ly entitled to receive�t,fuas end — _
<br /> 13.Fa�cloiun.At Lendar's option,this deed of uust may be foreclosed tn the menner provlde by appiicable law for foreclosure of mortpages ��
<br />� • on reel property.
<br /> . 14.InspwUon. Lender may enter tho p�operty to Inspect it if Lender gives Borrower noti�e beforohend.Tho notice muet etate the reasonable �:_ .
<br /> , " ceuse for Lender's Inspectlon. ��-
<br />- �� 16.Co�mnetlon.Borrower asslg�ns to Lender tha proceoda of any eward or cleim for demegea connected with a condemnation or other taking = --
<br /> of ail or eny part ot the property. Such proceeda wlll be applled as provided In Covenant 1.This assignment le eubject to the terms of any prlor �
<br /> secudty egroement. _
<br /> - • 78.W�iva►.By exerclsing eny remedy availeble to LeMer, Lender doea not givo up any rights to Iater uso any�thor romody.By not oxorcising !`�-°__ ___
<br /> any remedy upon Borrower's default,Lendor doea not walve eny rlght to Iater aonsider the event e defauit if R happens agein.
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<br /> �� � 77. Joint �nd SWH�I LI�; Co•sip►Nn; Succasa� and Assipna Ba��d.All duties under this deed of trust ere Joint end severel. Any �_
<br /> �„.':.:� Bqrrower who co•algna thin eed of truat but daes not Co•sign the underlying debi Instrument(s) daea eo only to gtant and convey that a:�•_-
<br /> •- Borrower's intereat In the property to the Trustee underthe terme of this deod og truat.In eddition,such a Borrower egrees that the Lender and
<br />- �� �� eny other Borrower under this deed of trust mey extend, modifv or make erly otherch8ri�9e in the terme ot YAfe doed oi truet or the eecurod --
<br /> ' x debt wtthout that Borrawer'a conaent end without reteailne thet�orrower from the terme ot this deed of truat.
<br /> " � The duties end beneflte of thia deed of trust shell bind end beneift tha successors and assigns of Lender and Borrower. :,—� r_�
<br /> • � 18.NoUc�.Untesa otherwise requlred by law,any notlu to Borrower shall be given by delivering it or by malling it by certified meil addreased to :°.;�:_"";'- °'�
<br /> - Borrower et the praperty addrese or any othor addrese that Borrower has gIven to Lender.Borrower wiil give eny notice to Lender by certifled �
<br /> _ ql' rrrnil to Lender's addresa on pepe 1 of thia deed of truat ur to eny other address whlch Lender hae dosipnated.Any other notice to Lendnr shall i:�1 �.-'
<br /> bo eent to Lender'4 addreas et steted on pege 1 of thia doed of t�uat. .`°"���,
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<br /> Any notice shall be deemed to have been piven ta Borrower or lender when given in the maMAt steted ebovo. �� "'
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<br /> 18.Tnnsf�r ot tM Proputy a o B�tict�f IntK�tt In th�Borrow�r. It oll ar eny part of the property or eny Intereat In it is sotd or transferred � ����,,,.
<br /> - r d en cansent Londor may domend Immediete peymont of the eecurod debt. Londer mey also demand immedlato "�+�''�-�,`
<br /> without Lender's prlo w tt •
<br /> payment tf the Borrower is not a netural person end e beneflcial Interest in the Borrower Ia sold or tranaferrad. However, Lender may not '°';=.i`�'-
<br /> • demand payment fn the above eituetfons tf It fa prohibitad by foderal law as ot the dato of thla deed oi trust. ., . '��� ,
<br /> 20.R�conv�yanc�.Whon tho oblipatton secured by tNs Ceed of trust has boen paid, and Londor has no further obligntion to meke edvancos • ���
<br /> � under the instruments or egreements secured by thie dead of trust, the Truetee ehall,upon written request by the Lender,reconvey the truat
<br /> property.The Lender shall delivor to the Borrower,or to Borrower's succossor fn interoat, the truat dned ond the note or other evidence of the „
<br /> obll�etion so setlafied.Borrower shall pay any rocordatbn coata.
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<br /> 21. Succ�ssor Tru�t�e. Lender, 8t L�ndO►"8 O�tIOn, mey remove 1 ruFtee enai appoini a succossor iruaioo oy iirsi, maiiing a capy vi ino ----`-- -=- �------ �
<br /> - substitutlon oi trustee as requfrod by appllcoblo aw, and thon,by filing the aubatitutlon of trusteo tor record In the offlco of the roplstor of deeds
<br /> of oach county In whlch tho truat proporty,or some put�heroof,Is aftuated.The auccoasor trustee,wfthout conveyance of the properry,shall
<br /> succeod to ell the power,dutiee,authority and titlo of the Trustoe namod In the dead of trust and of uny succassor trustoo, ,
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<br /> - I DANKERS 6Y6TEMS.INC.,6T.CIOUD.MN 66701 11•800487-7�41 1 iORM UCV�MT6-NE 6/18181 • ,� � ��.•1.1.•. _ . ;
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