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<br /> COVENANTS , �/� ���4�0 `
<br /> 1. Paym�nU. Borrowor aprono ta meke all pnymonta on tho aocurod dobt whon duo. Unlosc Borrowor and Lendor aprno otharwiso, ony ,
<br /> peyments Londor roceive�,lrom Bntroaver or ior orrower's bonefit wlll be applled first to any amounts Bor►owor owos on the secured debt
<br /> oxclueive of IntereBYOr'p'1 Gpol�t�Cantl ta Wete t, and then to princlpal.If partial prepayment of thu socured debt occurs for any roason, it will
<br /> not roduce or excu �dh��phadu�ed�eytneqquntl the aecurod debt ia pald In full.
<br /> 2.Cialms ApMnst• t��8or�owe►V+iN'p8y ell tLxes, sesesamen+e, end other charpoe attributablo to the property when duo and will defend tttlo
<br /> � to the proparty a e nai enK Galma which wou�d i�npair the Ilen of this deed of trust.Londor may requiro Bnrrower to aseipn any riphta,claims or
<br /> defenaos whlch�orrowor may have ogafnat partlea who suppiV labor ar meterials to Improve or maintaln the property.
<br /> • 3. Ineura�co. Dorrowor will Isoop tho proporty Insurad undor torme ecceptebie to Londer et Bo►rowor's oxpensa and for Londor's bonofit. All �.
<br /> insurence policles ehell include a standerd mortpepe ciauee In fevor o}Lnndar.Lender wlll be named as loae peyee or ae the Insured on any euch
<br /> inaurance pollcy. Any Ineurence proceeds mey be epplled,wfthln Lender's discretion,to elther the reetoration or repelr of the dameged properiy � ,
<br /> or to the aocured dobt.If Lender requlro�mortgeQe Ineurance, Borrower epreoa to malntain such ineurance tor ee lonp na Lender roquires.
<br /> .•�•��^� 4.Proputy.Borrower wlll keep the property In pood condition and make all repalre reasonably nacoeesry.
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<br /> B.ExpMNS.Borrower egreee to pey etl Lendet'e oxpensee,I�icludlnp reaeoneble attorneye'feee, H Borrower breeke any covenante In thle doed
<br /> o}truet o►In my abllpotlon eecured by thl�deed ot tnnt.Bonower will pey theee amounte to Lender ee provSded In Covohent 9 ot thle doad ol .
<br /> truat.
<br /> A. Prla 8lcusity Int�n�tc. Unle�o Borrower tlret obtdn�4ender'� written consent,Uorrower will not meke or permit ony chenpea to eny prlor =_
<br /> eecurity Intore�ts. Borrower wlll perto►m di of Borrower'e abllpetione under nny prlor mortflepe, deed of truat or nther eeeurity apraomont. .
<br /> Inoludinp 8orrowar'�Covensnt�to meke p�ymunt�when due, •;�'
<br /> 7.Anlpnmmt ot R�nt��nd Proflt�.Borrowor eidpm to Lender tho ront�and proflts of the proporty. Unlae�Borrower and Londer havo epreod .�. .
<br /> otherwfeo In writlnp, Oorrower may colloot end re4eln tho renU eo lonp as Uorrower ie not In delault.If Oorrowor dafaulte, Lendor, Londor's =
<br /> apent, or a court eppalntod racelver mey tako poteeeeton end manepe the property and colloct the rents.Any ronte londor calloata ehell Bn _.:_
<br /> nec ieary�elated expenees}The remelninp mount o}renti wlll thentapply to peymente on the eocur d dlebt ns porovlded fn�Covennnt 1�ny othor ^Y ,q: _
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<br /> � Y.L�n�hoid�t Condomiduma Pl�nn�d Udt D�v�lopmMt�.Borrowor� roea to compty with the provisions oi sny lenoe H 4h1�daed of truat la on . ;;'"
<br /> undsr the�co Iensnte by liwi or rep litiani of the con ominlum or ple�nanpd unit devalopmentnY, 8orrowe►will pertorm ail of Borrower'e dutiea ,_
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<br /> 9. Authority o}L�nd�r to P�rform for Borrow�►.If Borrower falie to perform nny of Borrower'e dutiea under this dned of truat, Lendor may .-
<br /> perform ths dutle�or esuss them to be perfo�med. I.ender may tign 8orrower's neme or pey eny emount If neceesery for performance. If any •'��
<br /> conatruotlon on the property Is discontinuad or not aarried on in e reasonabte manner,Lendar mey do whatever lo neceosary to protect Lender'o
<br /> eecurity Intereat in the property.Thle may Include completinp the r,onetruatfon. _
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<br /> Lender's tallure to perform will not preclude Lender from exercising eny ot Its other righte under the law or this daed of trust,
<br /> , �� Any amounto paid by Lender to protect Lender'�security Intarest will be socured tiy this deed of truat. Such amounte will be due an demend -_
<br /> antl wfil bear interest from the date of the payment until paid in fuil at the interest rete in oNect on the seeurod debt. -
<br /> ' � � 10. D�fwlt md Acc�i�nflan. If Borrower falls to meke any payment when due or breake eny covanants undor this deed of trust or any --,�
<br /> � � obligation secured by thie doed of trust or any prior mortgage or deed of trust, Lender may accelerate the meturity of the secured debt and
<br /> _�; demend immediate paymant and mey Invoke the power of sole end eny other remedlea permitted by epplicable lew.
<br /> � 11.R�qu�st fa Notic�of D�fwk.It Is hereby requested that copies of the (IOL�C88 O1 d018U1t 8rltl 8818 bB 88f1t t0 eBCh p8I80f1 WYlO 18 8 pBRy _
<br /> �•- hereto,et the address of each such person,as set forth herein.
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<br /> '� 12.Pow�r of SN�.If the Lender invokws the power of sale, the Truetee shall first record In the oNice of the regfster of deodc of eech county
<br /> . ��- wharein the trust property or eome part or parcel thoreof Is eftueted e notice of defeult contelning the information required by law.Tha Trustee _
<br /> shall aiso mall copies of the notice of default to tho Borrower,to oach person who is a party hereto,and to othor persone as prescribed by
<br /> applicabte tow. Not lesa than ane month afcor the Trustee recorde the notice of default, or two months If the trust property is not in eny
<br /> Incorporated city or viliago and Is used in farming operetionn carried on by the trustor,the Trustee shall give public nottce of sele t�the pereons _
<br />- and In tho manner prescribed by�eppplicable law.Trustee,without demand on Borrower,shell sell the property et publlo auction to the highoet -�
<br /> �' bidder.If requlred by ths Farm Homestead Protectlon Act,Trustee shall offer the property in two separate salea as required by applicabte law. _
<br /> Trustee may poatpone sele ot ell or any parcel of the property by public announcement et the time and place of any previoualy echeduied sale. _
<br /> . � Lender or its dosignee may purchase the property et eny eale. -
<br /> • Upon roceipt of paYment of the price btd,Tru�tee shall deiiver to the purchaser Trustoe's deed conveyinp the property.The recitiala contained In
<br /> Trustoe's deed shall be prime tacfe evidience of the truth of the stataments contained theretn.Trustee shall apply the proceeds of the sele in the
<br /> followinp order: (a) to all expenses of the seie, inctuding, but not Ifmited to, reasonable Truatee's feea, reasonabte ettorney'e tees and
<br /> refnatetement feea;(b)to all eums aecured by thla deod of truat,nnd(c)the baiance,if any,to the persons legelly entitiad to recelve it.
<br />':`�,� 13.For�elo�un.At Lender's option,this deed of trust may be foreclosed in the manner provide by applicabla law for foreclosuro of mortgagos ��
<br />�,�� ,..,.;.;. on real property.
<br />�':r"}Y'_.""";'.'�' � 14.Insp�cdon. Lender mey entar the property to inspect It if Lender gives Borrov�er notice beforehand. The notice must stete the reesonable -
<br />=l.,�:•�c•:.:•.,�,. cau�e for Lender's inspection. _�
<br />�' ° � =� 16.Condomnatlon.Borrower eselgns to Lender the proceeds of any eward or claim for damagoa eonnected with a condemnetlon or other taking ��
<br />-- , � of all or any pnrt of the proporty. Such procoeds v+ill ba apptiad as providod(n Covonant 7.Thla aesignment Is eubJect to the terms of eny prlor `
<br /> -- socurityagreement E--�: =.--
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<br /> ��' 18.Wdwr.BV exorcising any remedy available to Lander,Londer does not give u�eny righte to later use eny other romedy. By not exercising r�
<br />— ="1-• eny remedy upon Borrowe►'s detauit,lender does not waivo eny right to later cons der the event a default if it happens again. P_
<br /> '�•'!^t^'• 1'7. Jdnt a�d S�v�r�1 LIaMIlty Co•tipn�n; Succ�asoss �nd Atstpn� Bound. All dutiea under thls dead of uust are Jolnt and severel. Any E ,
<br /> ° -'':;w; Borrower who co•sipns this deed of truat but doea not co-siyn the underlyfng debt Instrumentlsl doea so oniy to prant and convey that
<br /> •��•-� Borrowor'e interest In the property to the Trustee under the terms of this deed of trust. In additlon,such a Borrower agrees that the Londer and �'.;-.
<br /> --� any other Borrower under thla deed of trust mey eMend,modifv or meke any other chenAea in the terms of thls deed af trust or tho secured
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<br /> debt without that Borrower's consent and wfthout releaeing thatborrower from the terms of thfs deed of truat.
<br /> " The dutiea end banefite of thls deed of trust shall bind and benofit the euccessora and aestgns of lender and Borrower. _____
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<br /> • 18.NoUc�.Unless otherwise required by lew,any notice to Borrower shall be given by deliverinfl it or 6y mellinp it by cortified mail addrossod to n,�•„�,n_��_
<br /> Borrower at the properry addross or any other eddress that Borrower has givon to Lender. Borrower will pive any notice to Lender by certifled ;s�a--�-�__:
<br /> � mefl to Lender's addrese on page 1 of this deed of trust,or to eny other acldross which Lender has designated.Any othor notfce to Lender shall :r.se+P��s�=^�
<br /> ; be sent to Lender's address as stated on pago 1 of thfs deed ot trust. •'�" '�"""_
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<br /> i Any notico shell bo doemad to have been 4iven to Borrowor or Londer when given In the manner eteted ebove. �"°>j�t3�'�`°�
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<br /> 19.Tnmf�r af th�Prop�rty a�B�fleiM inteat In th�Borrow�r.If all or any port of the propertv or any intorest In it is sold or transferrod . .A.:°:,;;��;;±=:;
<br /> � ' withuut Lender's prior wrftten consent, Lendor may demand Immodlato paymont of tho aocurod dobt. Lendor may also demand immodinto ••
<br /> paymont If the Borrower is not a netural person and a beneficlal intereat In the Borrower Is sold or t�ansferrod. However, Lender may not - .. ...;:�,`,'
<br /> „ demand payment In the abqva eituatlons i}It is prohibitod by fodernl law es of tho date of thia daed of trust. � _ :
<br /> 20.R�conv�yanc�.When the obtiflatlon secured by thfs dood of truat has boen pafd, and Landor has no furthor obligation to mako advancoa .
<br /> undor tha Instrumente or agreamonte sacured by thfs deod at trust,tho Trustoe ehall, upon writton requoet by the Londor,roconvey the trust ,
<br /> --- aroportV.Tho I.ender shell deliver to the Borrowor, or to Borrowor's succossor In Intorost,the trust deod and tho noto or othor ovidonce of tho
<br /> - oblfgation aa sattafiod.Borrower anau pay eny rocordacio�cosie. � -
<br /> 21. Succ�ssor Trust��. Lender, at Londor's optlon, may romovo TrustQe and appoint a succaesor truetoo by firet, mailing a copy of tho •
<br /> substitution of trustoo as required by appliceble low,and thon,by tiiin�tho substitution ot trustoe far rocord in tho offico of tho ropfstor of doods
<br /> of oach county in which tho truat proporty,or somo purt thoreof, ia e tuated.The successor trustuo,without conveyance of tho proporty,shall
<br /> succeed to ell tho powar,dutles,authority and titlo of the Trustoo nemed in tho doed of trust and of any succoosor trustee.
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<br /> fpege 2 01?1
<br /> BANKEHS SYS7EM5,INC..ST.CLOUD.MN 6G791 11•E00•38T•I3471 FOAM OCP•MT6�NE 8119/91 _ � _ �
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