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<br /> {+ 7. Paymesrts. Brrtower agrees to make ail payme� on the sacured de6t wfien dua. Unless Bormwer and Lender agree atherwise, any
<br /> � � I payments Leoder receives from Bonower or for Bortower's be�efit wi0 be appiied first to any ama�Horrower owes on the secured debt � ..
<br /> � exdusive af irrterest or principal,second to irrterest,and then to principal.M par�al prepayment of the secured Qebt occurs tor any reason,it wili ,
<br /> .. _ � not reduce or excuse any seheduled payment urtil the sacured debt is paid in tull. ,
<br /> � 2.Ctaims Against TfBa.Borreur�r wiU p2Y a!1 t�es,aSS�ssmeMS,and other charges attributabte to the property when due and wiil defenA UUe _ .
<br /> to Ute properN agalffst arry ctaims WhiaA amutd impair tfie Cen of tfiis deed of bvst.Lender may require Bo�ower to assign eny Nghts,ctaims or
<br /> , � defenses wh3ch Bor�owe�n�have,�aai�yptujies.vvhu�upp►y labor ar materials m improve or ma�rttain the property. � , � �
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<br /> 1 3.Insurance.Bonawer'wi(1 keep ffie property insured unde►terms acceptabie to Lender at Bonower's expense and for Lender's benefit. Ap `
<br /> . insurance po5cies shail inctude a standard moRgage elausa i�tavor of Lender.Lender wiil be named as toss payee or as the insured an any sueh
<br /> • �� insurance paGcy.Any insuranee proceeds may 6e applied,within Lenders Qisaetion,to either the restoration o►repair of the damaged properry ' . �•
<br /> . �' . .�1 er to tha secured debt.If Lendar reqeiires morigaga�asueance,Borrower agrees to maintain such insuranee to►as iong as lender reqeeires. � �
<br /> - � ` 4.Praymty.Borrower will keep the property in good eonditian and make all rapabs reasanably necessary. �
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<br /> - . � 6.Eicpttnsea.Borrowet aareea to pay ali Lender's expenses,inciuding reasonabie attorneys'fees,if Borrower breaks any covenants in this deed ,,�'_ � ��
<br />- _ -�- - — . ot trust w in aay abligadon sectued by this deed af uust.$otrower�nnl�pay these amouMS to lendei es provided in Covanant S oi this deed ot --- � - - -
<br /> trust. ,
<br /> ' . ' 8.Priot Soeudty Irrtmrests.UNess Borrowar flrst obtains Lender's mitten eonsent,Barrower wiil not make or pe►mii any changes to any prior • • •
<br /> ' _ . i securlty interests. Borrower will perform ail pf Borrower's obtigatians under any prlor mortgage, deed oi uust or other seeurity agreement,
<br />- { incNding 8orrower's eovenants to make payments when due. . -
<br /> � 7.Aaalgnm eirt o!RoMs and Proffta.Bortower assigns to ls�nder tha rems and profits of the property.UnFess Bortower and Lender have agreed - ��r��
<br /> _ ' otherwfse in w►iting,Bor►ower may coitect and retain the rems as tang as Borrower is not in defauR. If Borcowe�defaults, Lender,Lender's " .
<br /> . age�t,or a court appointed reeeiver maq take possession and manage the property and collect the rents.Arry rents Lender coltecLS shall be �
<br /> . applred first to the costs of managin8 tha property,inctuding court tosts and attomeys'fees, commissions to rental agents, and airy olher ' '`
<br /> '' neeessary retated e�enses.The remaming arnount of rema will then appty to payments on the secared debt as provided in Covenant t. ;" _�w:;','�
<br /> � " 8.Leaseh�de•CondamtnTums;WaMed Unit CeveloptaeMa.Bortower agr8es to comply with the provfsior►s of any t3ase�f this deed ot Wst is on � ''" � '
<br /> _ • � , a IeaseAold.1�this deed of Vust is on a unit in a wndominium or a planned unit develapment, Bortower wiit perform all o}Bortower's dutles �� 7�:.:,;�--
<br /> � , , urtQer tfie eovenants,by-►aws,or regulatiarts of the condamfiium or planned unit devetopmenL � ` -
<br /> � 9.AuthorHy ot Lender to Perfarm for Bortower.If Bonower faifs top erform any of Bartowefs dudes under this dBed of trust. Lender may . ` —
<br /> � • perform the dWes or cause them to be perfarmed.Lender may sign 8ortower's name or pay aml amouM if necessary for perfortnance.1f any • °' _�-_
<br /> �': . `. cor+sbucdan an ifie property is discontinued or not carried on in a teasonaDle manner,LenQsr may do wAaieves is necesaery to praect LenQer's � +•r==r
<br /> secutity interest in the praperty.This may include wmpteUng the wnstrucdon. .,>;.:;-'�'"
<br /> ` Lenders faHure to peAorm will not preclude Lender from exercising any of its other rights unQes the law or ihis deed of uust. ���r_;:�;;�
<br /> ��� Any amour►ts paid 6y Lender m protect Lender's sacurity i�terest wAi be secured by this deed of trus�Such amourtts vm11 be due on demand �1 —
<br /> . ' i antl witl bear interest hom ths date of the payment urrtll paid in fult at the interest rete in effect on the seaued de6t ��
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<br /> 10. Oefa�dt and AccsleraUon. if Borrower faits to make any payment when due or breaks any covenants under this daed of trust or amr �'" �_�-:.
<br /> ' i obtigation secured by this deed of trust or any prior mortgage or deed of trus4 Lender may accelerate the maturity of the secured debt and E- �
<br /> �� -� demand immediate paymerrt and may inwke the power of sate and arry other remedies pertnitted by appGcable law. 4� '
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<br /> • � 11.Request tor Iltatlee of Qefa�dt ft is hereby requasted thet copies of the notices of detauit and sate be sent to each person who is a party - - ��?i f
<br /> hereto,at the address of eacfi such person,as set forth herein. `' �
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<br /> • 12.Power of Sffie.if the lender invokes the power of sate,the Trustee shall first recard in the office of the reglster of deeds oi eaef►courtty t !�r_�_i
<br /> , - whereln the trust property or some part or parcei theteof is situated a notice ot detauit containing tfie irtfortnadon tequited by Iaw.The Trustee • ���,��
<br /> shaU aiso mail copies of the notice of defauit to tQe Bonower,to each person who is a patty heretv, and to other persons aspreslxibeA by r:.�,;�.,�;
<br /> ' � appticabte taw.Not tess tAan one month after ffie Trustee►ewrds the novice of defautt,or two months if the Vust property ia not in any � � '��' . - �
<br /> . incarparated city or viltage and Is used in farming operations canied on by the trustor,the Trustee shall give public notice of sate to the persons • ; �'
<br /> •- and in the manner prescri6ed 6 appD���bte law.Trustee,witfiout demand on Boaower,shall sell the ro e � '{
<br /> y p p rty at pubtic auction to the highest : .�:
<br /> t, bidda�.It requhed by the Farm Homestead PratecNon Act,Trustee shall oHer the property i��,vo sepa►ate sales as required by applicable law. • `;�.'�..l�
<br /> , Trustes�may postpone sale ot all or a�ry parcel of the property by pubiic announcement at tha time and ptace of any previousty scheduled sale. • ;"�
<br /> � . , i Lende►o►iis desig�ee may purchase tAe proDerty at eny sa►e. •
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<br /> � - Upon receipt of payment ot the price bid,Trustee shaU deliver to the purchaser Trustea's daed conveying the property.The recitiala contalned ln • �-, r.�y.
<br /> - - Tnutee'e dead shalt be prfma facia evldience of the Vuth of the statemants comalned therein.Trustee shaii appty the proceeds ot tfie eele ln the
<br /> , , ':; toltowing order: (a) to ail expenses ot the sale, inciud(ng, but not limited to, reasonable Trustee's fees, reasona6le attomey/s fees and ' ~ •�-
<br /> ,, reinstatement tees;(b)to all sums secured by this deed of trust,and(c)the batance,if any,to the pe�sons legalty enthfed to receive It. � , ,s.,.;;��
<br /> ' 73.Foreefosure.At Lender's aption,this deed of trust may be torectosed in the manner provide by appiicabta law for foreclosure of moKgages ` "'''
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<br /> . . ., on teal property. .�. . _
<br /> 14.(n�pecdon.Lender may enter the properiy to inspect it N Leoder gives Bonower notice 6etorehand.The notiCe muat stete the teasonable �' ?�`
<br /> � cause tor Lender's inspection. ,. '���'_;
<br /> 16.Cundemnadan.Borrower assigns to Lender the proceeds ot any award or ctaim tor damages eonnecte0 wRh a candemnation or other taking � ,, ; � R
<br /> � ot all or any part ot the p�operty.Such proceeds will be applied as proviQed in Covenant 1.This assignment is subjeet to the terms of eny prior {:.� • -
<br /> security agreement. .
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<br /> � 78.Weiveu By exercising any remedy aveilabte to Lender,Lender does not give up any rights to tater use anV otifer remeQy.By not exercising '�`
<br /> .'° � any remedy upon Borrowers dofault,Lender doea not waive any right to tater consiQet the event a delauR if lt happens again. .. `.� `
<br /> 17.Johrt�d 8everai UabitiM, Co-stgnera; Sueeeasas en0 Aastgn9 Bound. AI� duties under this deed of wst are Joint and severat.Any . .
<br /> Borrower who co-signs this deed of trust but does not co-sign the under{ying debt instrumen!(s)does so onty to gtant and convey that �
<br /> •,,`.` _ Bortower's inte�est in the propercy to the Trustee under the terms of this deed of Vust In aQditton,such a Borrower agrees thaR the Lecider and
<br /> � any other Bonower under this Ceed of trust may extend,madity or make any other changes in the terms o!thia deed of trust or the seeured ' . �
<br /> � debt without that Borrowers consent and without�eleasing that Borrowar irom tfie terms of thia dee0 of dust. � ' - '
<br /> ' ' , . The duUes and benetits oi this deed of trust shall bind and beneflt the successots and assigns of Lender and Borrower. . • ' ..
<br /> ' , 18.Notice.Unisss otherwise required by law any notice to 8orrower shall6e given by delivering it or by mailing it by certitleQ maii addressed to •
<br /> Bonower at the property address or any othor address that Borrower has gIven to Le�der.Borrower witl giva any noUce to Lender by certified �
<br /> • ' mait to Lender's address on page 1 of thia deed of trust,or to any other addtesa which Lender has designated.Any other notice to Lender shall � �
<br /> i� 4 � be serrt to Lender's aQdress as etated on page 1 of thia deed of uust.
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<br /> .. � Any notice shali be deemed to have been given to Bnrrower or Le�der when given in the manne►stateC above. ' .
<br /> ' 19.Transfer o!the Property or a BenofldN toterest in the Bonowei.If ail or any part of the prapeny or any Intorest in It la soid or transforred '
<br /> � , wlthout Lender's prior written consent, Lender may demand immedlate payment of the secured debt. Lendet may also demand immediate
<br /> � payment if the Borrower ia not a natural person and a beneflcial Intereat 1n the Borrower is sotd or transterred. Howover, Lender may not �
<br /> demand payment in the above situations if it ia prohibited by foderal law as o}the date of this deed of ttust. .-
<br /> �- 20.Raranvoyanco.Whon the obiigation secured by this deed oi trust hes been paid,and Lender ha9 no further obiigation to make aQvancee � �
<br /> • . undet the lnstruments or agreementa secured by this deed of trust,the Trustee ahail,upon written request bV the Lender,reconvoy tho trust •
<br /> _ property.The Lender ahaii deliver to the Borrower,or to Borrower's successor in intereat,the bust deed and the note or other evldence of the
<br /> , obllgation so satisfled.Botrower shail pay any tecordation costs. •
<br /> � 21. Suecessor TruatCe. Lpedor, aj Lender's optlan, may remove Trustee and appoint a successor truste9 by firat, mailing p copy o1 the
<br /> • substitution of trustoe as r�'quired Ay'applicable law,and then,by flting the substitution of trustoe!or record in the office o}the register of doeds � •
<br /> of each county in which the trust property,or some part tAareof,is s�tuated.Tho succossoi bustee,wrthout conveyance of the proporty,shall ' •
<br />• succeed to aIl the power,duties,authority and titlo of tho Trustee namod in the deed ot trust and of any successor trustoo. ; •
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<br /> �-! BANKEi15$VSTEMS.INC.ST.CLOUD./dN 58�01 11-806397•23071 FORM OCP�MTpNE 8/1991
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