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<br /> 97- �.6�,39� ` _
<br /> COVENANT9 �-
<br /> 1. Peymsnn. Borrowor uproos to mako all paymento on tha eacurod dobt wiien duo..Unloae Bottower ond Londor aproo othorwloo, any �
<br /> paymonts Londor rocoivon irom Borrowor or for Borrowor's banufit wiil o dpptiad tfrot to ony pr�oupte Oorrowor owao on tho eocurod dobt �
<br /> excluslve of Intereet or principal, second to Intoreat,and thon to princlpal. f p��tl+�predAymqnt ot th6 eucured debt occure for eny reason, it wlll c�
<br /> not reduce or excuse any scheduled peymont untll the oecurod debt le pal In full ' , . , ._
<br /> � 2.Ctalms ApMntt Tttl�.8orrower wlll pay ell taxea, aesaeements,and ott�e�.Gh�fpbb�sttribufablo to th�pr vparty when due end wlll defend title
<br /> to the property agelnat eny clalms whlch would Impalr the I:on of this deed oi truat.I.ender mey requlre Borrowar to eealan eny riphto,clelma or -
<br /> � defen6es whiCh 8orrower m�y have againet partlee who supply labor or meterlale to Improve or malntaln the property.
<br /> 3. In�uranc�. Borrower wili keop the property Intured under terme accepteb!e to Lender et Borrower's expenao end for Lander'e benefit. All
<br /> Inauranco pollcloo Ghall Inciudo n etnnderd mort0epa cleueo In favor of Lender.Lender willbo nemed as loae payoe or ae the Ineurod on eny euch
<br /> � Inaurance pollay.Any Insurence proceeda may be applled, witldn Londar'�dincre[lon,to elther the roe[oraticn or repair of the Aamepad propnrty
<br /> �
<br /> or to the sacured debt,If Lender requlre�mortgeps Insursnce, Borrower egree�tw mtintdn suoh Insurencc+}or ae long ee Lender requtres.
<br /> �, A.Propnty,Borrownr wlll keep thn propdrry in pood condltlon and m�ks all repalre reesonebly neceseery.
<br /> � 8.Exp�n�n. 8orrowsr sflrees to pay eil Lender'�expenao� Includlnfl reeaoneble ettorneyr' tnee,If 8arrower brneke eny covenants In thfa deed
<br /> of trwt or In eny obltpatlon�ecured by thle deed ot truet. �orrower wlil pay these emnunte to Lender es provlded In Covenent 9 01 thln dead of
<br /> truet. " .
<br /> � 6.P�lor B�curi2y Int�tat�.UnleQO Oorrower fir4t obtatna Lcndor'n writton coneent,Borrower wlli not make or pormit eny changea to eny prlor
<br /> � securlty Intereit�. Borrower wltl perform sll ot Borrower't oblipntlone under any prior mong�pe, deed of truet cr other aecunty apreoment, '
<br /> Includinp Borrower'�covemnt�to m�ke payment�when due.
<br /> 7.Autynm�nt of Rsnt���d ProAt�.Uor►ower easlgna to Lender the rente and profite of the propoKy.Unleae Borrower and Lender have agreod ;'�,��¢"•`
<br /> -� .•�u4..w
<br /> • otherwlse In writinp, Borrower mey collaot end rotein tha ronte ea lonp ea Borrower ia not In default. if Borrower defaulte, Lender,Lender's -`"'=-
<br /> agent, or e court appolnted rocelvor may take posdesslon end manepe the properry and collect the rents. Any rente Lendor collecte ehatl be �=.�:._
<br /> applied firet to the coete o} menapin the property, Inciuding court Goets end attorneye' feea, commiselons to rental apents, end eny other ;�c-r!!'
<br /> neceseary retated expensoe.The remaQninp emount of rents wfll then apply to paymente on the secured debt as provided in Covenent 1. ;'"�"'
<br /> � 8.LNUtwida•Condominfum�;Pl�d Unk aw�lopm�nt�.Borrower agrees to comply wtth the provlelona ot any leese if thls deed of trust fa on _
<br /> a leesehold. If thla daed of trust Is on e unft in e condominium or a piam�ad wiit Oeveiopment,dorrowar vrllt perform afl of Borrowor'a dutlea
<br /> under the covennnto,by-lawa,or ragulations of tho condominium or plenned unit devetopment. ,
<br /> 9.Authority of L�nd�r to P�rform for Borrowu. If sorrower falis to perform any of Borrower'e duties under thia deed of trust,Londer mey �
<br /> oa st uatlon ontithe prroperty le discontin ed or not aarled on in a roa onahleeman er, Lender may do whatever�senecesaB yto prote tcLondnr's _
<br /> = � security Interaat In tha properry.Thla msy Inctude completing the canotructiom ,• -__
<br /> � Lender's fallu►e to pertorm wfil not preclude Lender f►om exercising any of Its other riphts under the law or thfa dood of trust. �
<br /> t Any emounte pald by Lender to protect Lender's security Interest wili be aecured by thle deed of trust. Such amounte wlil be due an demand
<br /> � j antl will bear interoat irom the dete of the peyment until pald f�fuil at the interest rate in aHeat on the secured debt. '
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<br /> � ? 10. D�f�ult �nd Aoa�i�r�LOn. If Borrower faile to make eny payment when�due or broake eny covenente under this doed of truet or any — _�
<br /> � oblipstlon secured by thfs deod of truat or any prior mortpape or deed of truat, lendtlq m�y occelerote the meturity of the eecured dobt end �
<br /> y demand immedl�te payment end may Invoke the power oi iale and any other remedlea q�rmitted by appiiceble Iaw. �
<br /> yt. •,�.
<br /> — 17.R�n�oit for Notic�of D�f�uk.It io hereby requested thet Copioa of the no4ices of defauit and eala 6e sent to each pereon who l8 a party �
<br /> • ��� hereto,st the eddreas of each such person,ae eet forth heretn.
<br /> 12.Pow�r ot Sd�. If the Lender invokea the powe� of sale,the Truatee shall firat rocord in the office of the rogister of deeda of each county
<br /> wherein the t►ust property or eome part or parcel thereof la situated a notice ot defeult Containing the fnformation required by lew.The Truotoe
<br /> ehell elso ma8 copies of the notice of de�ault to the Borrower,to each person who le�e�party he�eto, and to other persons as prescrihed by -�
<br /> • epplicebto law.Not lees than one month aftar the Truateo ►ecorde the notica of default or two montha if the trust property la not In eny
<br /> ' fncorporated city or villsge end ia used in farming operetioru carrled on by the truetor,the fruatee shell give public notica of oele to the peraone —
<br /> , �, end in the mAnner preic�ibed by�appplicable lew.Truetee,without demand an Borrower,shell sell the property at public auction to the hlghett :�
<br /> bidder.If requirsd by the fum hlomestead Proteotlon Aet,Trustee sheli otfer the property•in two sepa►ate Qales as required by epplloebte lew. �^
<br /> � Truntee mey postpons sale of ell or eny percel of the property by pu6lia announcement et the time�nd plece of any prevfouely echedulad tele. � i ';>
<br /> Lender or Its denipnee may purchase the property et any sde.
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<br /> � Upon recelpt of payment of tha price bid,Trustee shall doliver to the purcht+ser Truetoe'e deod conveyinp the property.The racitiala contalned In '•
<br /> Truatee'e deed ehall be prima faale evidlence of the truth of the�tetements contained thorofn.Trusta�ehall appiy the proceeds of the sale In the �-
<br /> �� foilowing order. (e) to all expen�ee of the ssie, Includlnp, but not Iimited to,reesoneble Trustee's feea, reesoneble nttomey's fae� �nd ��>
<br /> ' retn�tstement teea;(b)to ell sumi secured by thle dead af trust,end(c)the beler►ce,if eny,to the penona togally entttted to receive it. �;- _
<br /> �.h!;r,� a�:
<br /> �` 13.For�ebwn.At Lender's option,this deod of trust may be toreclosed In the menner provide by epplicabte lew tor foroctoaure of mortgepea �;��_�,
<br /> on reai property.
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<br /> ,• '� 14.Imv�etion.Londer may enter the property to inspeet it if Lender givee Borrower notice beforehend.The notice muet atate the reaeoneble ���T n
<br />-_ ceuae for Lender'e Inapectian. • �� �A
<br />� 16.Cond�mnatlon.Borrower esaigns to Lender the proceeda�f any award or clalm for dart�ages connected with a condemnetion or other taking yy�i:;__��
<br /> of ell ot any part of the property.Such procaode will be applied es provided In Covenent 1.Thie asslgnment is aubJoat to the terms of eny prlor ;�
<br /> securlty aqreement. '�`�
<br /> l� , 1G.�dciva. E3y exerclelrtg nny romadY avallahlo to Lando►,Landor dnes not give up any►ighte to leter use anY other remedy. t3y not exercleir�g •'�:�-_
<br /> ��� eny remedy upon Borrower's defeult,Lendar does not waive eny rieht to tater aornldee the event e deteuit If tt happens again. ;-- _
<br /> ' � 17. JNnt�nd S�v�rr LIaWNri• Co-siprnra; �cc�ssors �nd Asslpn� Bound. X1tl duttea under thie deed of trust are jalnt end several. Any `'_�� -
<br /> Borrower who co•siyns thla deed of trust but doan not co-alpn the underlyinh•dbbt'Inatetirtientisl doea so only to grant and convey that r;�'�'�_
<br /> , Borrower'e interost fn the property to the Truatee under the terms of thtn deed ofwsY:In'eddition, auch a Borrower apreoa that the Lender nnd ; � •�.-'";
<br /> eny oth�r Bosrower under thie deed of truet mey eMenct,modif�r or maks any other cfleri�ee in the term�ot this daed of trust or the seoured :J,,-... ^ '
<br /> debt without th�t Battowar's conoent end vAthout roleesinp that Borrower hom the termq�Qf•th�a deed of trust. •"��•'"?"=4—=�-;?
<br /> , �1.,. '>'w'r:.(4 jfG.'
<br />— . r � The dutiee and benefite of this deed of t rust s h e i l b i n d a n d b o n e f i t t h e e u c c e s s o r s a n d e s s ig n a o f L e n d e r a n d B o r ro w e r. N,.S�?��;��
<br /> � 18.Notic�.Unlase otherwlae requlrod by law,eny notice to Borrower ehall be given by deiiJmr(ng it or by maiifng it by cert{fled mall eddrenaed to � +�' '�"'
<br /> � Borrower et the property addrae�or anY other eddrese tTut Borrower has givon to Lender.8o�rqwer wiU give eny notice to Lender by certified • • -'i�'� •
<br /> . mail ta Lender'�eddreas on pngo 1 of thle deed oi nust,or to eny other eddress which L�entlsr has designeted.Any other notice to Lender shalt , .
<br />— be eent to Le�der's adciresa ea etatod on page 1 ot 4hla deed of trust. , ..
<br /> Any notice shall be daemed to have 6oen plven to Borrowar or Lander when given in the merVneY§tated above. � .. ,
<br /> � 19.Tromhr of ffi�Pirop+rty w a Ban�fteisl IMe�st in th�Borcow�r.If ail or eny pert of tHb'pfoperry or any intereat In It le sotd or transferrod
<br /> without Londer'e prior �vritten consent, Lender may domand Immodfete payment of tho securod dobt. Londer may atao demend immedlate
<br /> paymont if tho Borrower la not a naturel person end a beneficfal Interest In the Borrov�er Is eold or trenaferred. However, lender may not
<br /> demand payment In the above situations If It la prohibited by tederal law ae of the det�ot thls deed of truat,
<br /> 20.R�conv�yana�. When the obllgation secured by thts detd of trust has been pnid end Lender has no furthbr obligatlon to meke advances •
<br /> undor the inatrumentn or egreements eecured by thla dpad of truat,the Trustee ehalf,upon written requeat by the Lender,recanvey the trust ,
<br /> - proporty.The Lender ehell deliver to the Borrower, or to Borrower'e eucceasor in Intereat, the trust deed end the note or other evidence of the
<br /> oblloation eo satiefied,Borrower shell pey any recordetlon coste.
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<br /> 21. SUCC�if01 TN�tN. Londar, et I.ander'e o�tlon, may remova Trustee end �ppolnt a succeaoor trustee by }Irst, mnllinp e copy of the
<br /> oubatitutlon of trustee ae�equlred by eppllcebie ew,end then,by fllin�the subFtitutfon of truateo for record in tha office of the reqlstor of deeda
<br /> of each county In whiCh the truat properry, ar eomo part thoreof, la s tuated.The euccoasor truatee,without conveyanco of the property, ehall
<br /> succeed to all the power,dutles,authority end titlo of tho Truntee nAmed In tho olecd of trust end of eny euccesnor trustee.
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<br /> BAHKfAS SY6TEMS.INC..6T.CLOUD.MN 60901 It•800•987•13411 FOANOCP�MT(FNE E/19�81 ��- . .
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