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<br /> COVENANTB ��,.� �/9��� " .
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<br /> 1. P�ym�nt�. Dorrower epree� to �neke eu paymente on the �ecured debt when due. Unlese Borrowe►end lender tpree otherwl�e,any •
<br /> paymonte Londor ror.civoa (�om Borrawu►or for porrowor'n bonotft will bo appllnU flrnt to nny nmounte 8orrowor owo!o�tho saturod dabt "
<br /> oxcluafvo oi Into�ont or princlpol,oocond to Intoroet,ond thon to princlpnl.I}partlal propaymont of tho aocurod dobt nccun lor nny►aoton,it will
<br /> not roduco or oxcuso ony schodulod peymont untli tho aocurud dobt Is pald in tull,
<br /> 2.Cl�ima ApNnst Yltl�.Barrower wlll pey etl taxes,ae�oeemonts, and othor chargee ettributable to the property when due end will defa�dtftio •
<br /> to the property sG�Inst eny clslm�which would Impelr tha Ilen of thle deed of trust.Lender mey requi►e Bor�ower to essipn ony riphtt,clalme or
<br /> defen�es whlch 8orrower mey have egefnet partle�who lupply lebor or materihls to improve or malnteln the prope►ty,
<br /> 3. (nturllnc�. Borrower wlll keep the property Insured under terms acceptable to Lender at Borrower'e expenae and fa Lender's benatit.All .
<br /> Inaurence pollclea�heil Include a ntanderd mongage clause in favor of Lender.Lender wlll bo named as losrs payea or as the insured on any such
<br /> inauranco pollcy.Any Inaurance proceeds mey be applled,withln Lendar'e diacratlon,to oither the roetoretion or ropelr ol lha damapad proporty
<br /> or to the secured dobt.If Ler�dor requires rtwrYgage ineuranca,Oorrower agrooa to maintain such insuranco for as lunp as Lender requires.
<br /> 4.Prop�rty.Borrowe►wili keop the property in good conditlon end meke all repeire reasonably necnasary. ' '`��
<br /> 6.Exp�ns��.Borrower agreea to pay all l,ender's expensea, Including reasonubie attorneys'feos,If Borrower 6reake any eovonants Inthis deed
<br /> of trust or In any obilgetlon aecured by this deed of trust.Borrowet wlll pay theso emounte to Lendar as provided in Covene�t 9 of tNS deed af � ..
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<br /> 8.Pdor S�cudty Int�n�U. Unloae Borrower first obtains Londer's written consent, Borrower wlll not make or pe�mit an�changes to uny prior •;•J�..�-
<br /> security Interests. Borrower will perfarm ell of Borrower's obligatfons under any prlor mortgage, deed of tmst or othor security egreement, .��rL�,�:=
<br /> Including BorroweYs covenente to make payments when duo. • - _-
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<br /> 7.Aulgnmmt ot RsnU end Proflts. Borrowor asaipns to Lender the renta and profits of the property.Unlesa Borrower ard Lender have aprsed ""�i"�=
<br /> otherwise in writing, Borrower may coltea and retein the rents as long ae Borrower(a not in default.If Borrowor dafeults, Londer,Lando�'s -
<br /> . agent,or a court eppointed recelver may take possesslon and manage the property and collect tha rents. Any rants Lender collects shall bo
<br /> , applied first to the coate of managin� the praperty, Including court coets and attornoys' fees, commiseione to rental eqo�ts, ond any other
<br /> necessary reietod exponsea.The rema ning amount of rents will then apply to payments on tha socured debt as providod In Covenant t. � _
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<br /> 8.L����hddr Condominiums;Pl�n��d U�(t D�v�lopm�nta.Borrower agreea to comply with the provisiona of any leaso if this deed of trust ie on , _
<br /> a leaaehold. I�thla deed of trust le on a udt in a condominium or e plonned unit development. Borrower wlll Nerform al of Borrower's duUee =
<br /> • under the covenante, AyInwe,rn reflulatloni of the condominium or planned uNt development. , —
<br /> � 9. Autho�ity of L�nd�r to P�rform ta BotrowN. If Botrower fells to�p�rform�ny of Bor►owar'�dutl��undu thU d�ed of tru�t, Llndsr miy
<br /> p�Horm th�dutl��or ow�a them to bs padormed.Lsnd�r m�y�Ipn 9orrow�r'�n�me or p�y�ny�mount If n�ceu�ry for parlorr.n�nc�. II�ny
<br /> ; comtruotlon on tha proputy I�dbcontlnued o�not aurl�d on In�nawn�bl�m�nne►,Lmcla m�y do wh�tsver Is n�cesury to prot�ct Lsndn'� ��_
<br /> �ecurity Intonxt(n th�proporty.Thi�m�y Include completin�th�con�tructlon, �� .
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<br /> "� L�ndn'�f�liure to p�rform wlll not praciud�L�nd�r from�xerclilnp�ny o}It�oth�r rlpht�under th�i�w or thl�deed of tru�t. "'I
<br /> � Any�mount�p�ld by Lmd�r toprot�or.L�nder'�ucurity Intu�st will b��taund by thl�d��d o}tru�t.6uch�maunts wlp b�dus on dam�nd �•r���
<br /> �nq will bnr Int�n�t from th�U�t�of the p�ymmt untll pdd In full�t th��nter�it nt�In�fhat on ths ucurad dsbt. ,
<br /> �. 10. DNwk �nd AocMe�tlon. If 8orrow�r falb to m�k� �ny p�yment whm duo or bre�k� �ny coven�nt�under thi�deed ot tru�t or my ��+�'«` -;
<br /> obilp�tlon o�cund by thb d�sd of trutt or my prlor mortflapl or deed of trwA.lend�r m�y accetsrate the maturiry of the �ecurod debt md b� '+=
<br /> „ d�mo�d Imm�dl�t�prym�nf snd m�y Invok�the power of�de�nd any other r�rrNdl�s.ptlrmltted by appilcabla I�w. '
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<br /> . � 11.Requnt fa Nodc�of D�f�ult.It 1� henby requested that cople�of the noticsi ot dei�ult md�ate be eent to each person who b a puty ;• �
<br /> hersto,�tthe�ddre�s a}s�ch such psrson,�s eetfonh herein.
<br /> 12.Powa of SY�.If the Lender invoke�the power of aele,the Trustee ehall tirst record In the office of the regieter of deoda of each county
<br /> , whsreln the truet property or some part o►percel thereof la eltueted a notice of defau(t containing the iniormetion roqui�ed by lew. The Trwtee -
<br /> ehall�leo meil coples o}the notice of defwlt to the Borrower, to each person who la•a party hereto,and to other par�ons ee preccribed by ��
<br /> eppliceble law. Not lesa than one month akar the Truetee recorda the notice of default,or two months If the wst properry ia rat In eny
<br /> Incorporated city or viilefle nnd le used in ferming operetione ccrrled on by the t►untor,the Trustee shell pivs public notice of sale to the per�om ,�3
<br /> snd in the m�nner prescribed by�apppilcable law.Trustee,without demand on Borrower,shall seil tha properry at publia roctlan to tM hlpMst .-
<br /> bidder.If required by the Farm Homestead Protection Act,Truatoa ehall offer the property In,two separate aalea a�requMed by eppllceble lew.
<br /> Trustee mey poatpone eale of all or any parcel of the property by publlo announcament at the ttme and place of any prevbusly acheduled cate. �
<br /> Lender or its de�tpnee mey purchese the property et any eele. ��..�
<br /> Upon recelpt of peVment of the price bid,Truatee chell deliver to the purchaser Trustee'e deetl conveying the properry.The recltiels conteined in
<br /> Truitee'o deed shdl bo prima facle evidience of the truth of the etatements contained therefn.Trustee shell appiy the proceede of the wla Inthe
<br /> .. fotlowinp order: (a� to ell expensea of the sele, tncluding, but not Ifmited to, reasonablo Trustee'e teea, reaboneble nttornay'e feas end - �
<br /> refnatatement feea;(b)to aIl sume secured by thle deed of trust,and(c)the batence,If any.to the persons legelly en�tlod to roCelvo it.
<br /> 13.Foreclosun.At Lender's optlon, thls deed oi truat may be foreclosed In the manner provide by appllcable lew ta foreclosure of mortgegea �.,f��'
<br /> -� � • an roat property.
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<br /> 14.In:p�ctlon.Lender may enter the property to inapect(t if Lendor givea Borrower notice beforehand,The notice muat state the reasonabte —
<br /> cause for Lender'e Inspection. _
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<br /> � 16.Cor►d�mn�flon.Borrower eaelana to Lendctr tha proceeds of any eward or ctaim for damag ea conneoted with a condarmeiion or other teking ' —
<br /> of ait or any part of the property.Such proceeda wlli be applied es provided In Covenent 1.7hia aeBlgnment le subJea ta the terms of eny prior =-
<br /> • security epreement. —
<br /> 18.Welver.By exercising eny remedY ave,lable to Lender, Lendar does nut give up eny Nghte to leter uae any other ramedy. Br not cxcrclbing „���-- '�'--"r`—�
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<br /> � �" . ' eny remedY u�un Borror�er e default. Lendar docc not watvo any rteht to le2cr consldar tha evsnt a defauit tf{t hap�ena e�bin. - ---_---_---=—=__--
<br /> . 17. Jdnt �nd 8worN UaWNri� Casipn�n;Succ�tsa� md Asslpni Bound.'All duties under thie deed of trust ero Jalnt end severel.Any ;'
<br />_,. Borrower who co-alpna this deed of trust but doee not co-tipn the undertyInp debt Instrumentlal does so only to grmt end convey that �`��
<br /> . Borrower's Interest In the property to the 7rostee under the termi ot this deed�of.truet�In'etlditlon,such e Borrower�pree�that the Lender end �;'�---�-��----
<br /> � eny other 8orrower under this deed of truet mey extend,modif�or make any�dthei chhN�e�"tn the terma of this deed al trust or the sacured ----_ ---
<br /> debt without thet Borrower's conaent and wRhout releasing thet Borrower trom the term9 0�this deed of trust, �
<br />- , The dutles end beneHte of thie deed of trustehall bind and benefit the auccessors and assigns of Lendor end dorrower. �;',-s�,�a,=�f
<br /> 18.Notlo�.Unless otherwiae roqulred by lew,any notice to Borrowor shail bo given by detiverinp it or by maiiing It by certllkd mait addrnssed to ���w�'�t� '
<br /> Borrower et the property addreaa or any other addreae that Barrower has given to Lender. Borrower wlll give any notice to Lender by cartifled • �``. *+. �
<br /> mall to Lender's edtlresa on page 1 of thfe deod of trust,or to eny other addreae which LBnder has dosipnated.Anyotharnotice to Lender ehall "`�-�`=•��•�-�'��"�`
<br /> bo oent to Lender's addrosa e8 eteted on page 1 of thia deed of truet. • '-�'r-�- "��'�-•
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<br /> Any notice ehell be deamed to heve been given to Borrowor or Landor whon givan in the menner steted above. " � � " �
<br /> 19.Tn�sf�r of tN�Prop�rty or�B�nMcial int�nst in th�Bwrow�r.It all or any part ot the propertv or eny intereat In it is sold cr vansferred ''
<br /> without Lender's prior written consent, Lender mey demend immedlate payment of the secured debt. Lender rney also demend immedlate
<br /> �aymont It tho Botrower is not a naturel person and e beneflclal intorest In the Borrower fa sold or transferred.However, Lender may not � �
<br /> demsnd payment in the ebove situatiana it it ls pmhibited by faderel law ee of tho dete of thfe deed of truat. • � ' -
<br /> 20.R�conv�yaoo�.When the oblipatlon securod by thfa deed of trust ha� been peld end�Lender haa no tunher ab�gatbn io make�dvences ��
<br /> . undor the inatrumente er apreemente eecured by this deod of uuat, the Trustee shalf upon written requeat by the Lender, reconvey tha wst
<br /> , property. The Lendor�hell deliver to the Borrower,or to Borrower'e successor In Interwet,the truat doed end the note or othor ovidonee ot thn •
<br /> . • oblipatlon eo setlafled. Borrower ehoil pay airy�ecordation eoate.
<br /> -_ _._ 21. Buec�t�a TruetN. Lender, ot Lender'e ontlon. mav romove Truatea end an�tr,r n o���oaoo�. e.,�e.e.ti., r�.. ...�u...._ ___. _...._ ' --.---- --_ -
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<br /> �--'� eubatitution of trueteo ee roqulred by applfcebio lew,and then,by fflinq the eubatitu�lon of trusteo for record in the oftice ol the registor of deede . •
<br /> of eech county In whlch the truat p�operty,or some part thereot, ie artuetod.The succosaor trustao, without convayanco of tho property,ehall
<br /> succeed to all tha power,dutios,euthority and tftle ot the Trustoo namod In tho duad of trust and of any auccassor truetee.
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<br /> , BANKEHS SV6TEMS.INC..6T.CLOUD.MN 66301 Il-80Q797•T3411 FORM OCP�MT(}NE B/18/91 � � • . ,
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