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<br /> , � 1, payme�ts. Borrower agrees to make ail payments on the setured debt when due. Untess Borrower and lender agree othetwise, any � � ; �
<br /> paymems Lender reaeives ham BvROwer or fuc Bortower's benefit uvil)be appiied tirst to eny amounts 8orrower owes on the secured debt , �r
<br /> � exctuswa of iMerest or principal,secand to imarest,and then to prinapal.H partlal prepayment of the secured debt occurs for any reason,rt wili
<br /> - � not reduce or excuse any schedu[ed paymert urttit the secured debt is paid in fufi. ; ti .�,
<br /> . ' 2,Ctaim�Againat TiUe.Sor�wst a�vil!paY alt'ta�tes�a�9essmeots,and other charges attributab�e w tha property when dua and will detend titte � • . . _
<br /> ' to the prope, 8ga[n s t 8►ry c i s i m s�r l l i C b!w m t�Q!�f i P a i r t A e I i e rt o f ffi i a d e e d o f t t u s t•t-ender ma y re quire Borrawer to assign arry rights,daims or
<br /> dafenses wh�Boaow�r rt�}y t�ave 8aain�t pa¢!e?whoisupply lahor or materiats to improve or mamtam the property . "'.<
<br /> � 3.tnsura�ce.Bonower wlif Reep tne pTdpe`rtyi fnsiued under terms acceptable to Lender at Borcower's expense and for Lenders benefit. AI! � -
<br /> insurance palicies shatl inelude a standard mort age dause in favor of Lender.Lender witl be�amed as Ioss payee or as the insured on any such 'f` .
<br /> ` ��e secured debt If lende►r�e+yuires mo i9a9e Pn�su�e�ce.��o er e�ees to mairit in such insur�ence fo as long as Lendef reequires roperty �
<br /> ` q,property.Borrower wiU keep ttie property in good wndition aAd make all repairs reasonably necessary� : `
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<br /> � 5.E�anses.Borrower agrees to pay aIt Lenders expenses,i�ctuding reasonabta attorneys'fees,if Bor�ovrer breaks any covenants in ffiis deed �.,_': . _.
<br /> � -- - of uust or in any obfigabon secured by tt�is deed of trus4 Barrawer wdt pay these emounts to Leader as provided in Covenant 9 of this deed of _ z,_ .
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<br /> _ . . � 6.Fttar Secmity(rtteresls•Untess Borrowet first obtains Lender's written consenL Bonower will not make or permit any ct�anges to any prior ` `
<br /> + security interests. Banower will perform atl of 8ortower's obligaUOns under any prior mortgage, Eeed of uust or oiher security agreement, � -
<br /> � Including Bortower's covenanta to make payments when due.
<br /> ` . i 7.Assi�ma�rt of Rerts end Frofrte.Bonower assigns to Lender the rents and profits ot the property.Untess Borrower and Lender have agreed r ' -- .'��, �:
<br /> otnerw�se m writing, Bortower may coltect and�etain the rents as long as Bortower�s not in defautt If Barrower defautts, Lender,LenQeYs `
<br /> • � � ` ' agertt,or a court appoirtted receiver may take possession and manage the prapertV and collect the reMS.Any rents Le�der cotteets shatl be �,
<br /> � neDf�sary ralated expen�sesfThent mainin�g amourrt of e�wifl then appty to payments o Uie ec ued ebt a�s p�ro�ded in�ve�a tdtany other ; _ _
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<br /> - ' 8.Leasehalds;Candaminlians•Ptaened Unit Deveto�me+ne.Borrower agrees to compty with the Oro�ions of any lease'rf this deed of vust is on `:s- � _ -
<br /> - a leasehotd.If this deed af bvst is on a unix in a condom�nusm or a planned unit davetopmaM,8artower will perfarm all of Bonower's duties , _
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<br /> � under the cavenarsts,by-laws,or regu laRions o f t he con do m i n i u m o r p l a n n a d u n i t C evato p mertt. � ����-•�` �=��'•
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<br /> 9.Authosiil►of Leader to Per[orm tor Bottowes.If Bortawer tails to pertorrt►any of Bortower's duties under this deed of uust. Lender may .- -
<br /> ;.ti . pe�farm the duties pr Cause ihem to be pertortned.Lender may sign Borrowers name or pay aoy amount'rf oeeessary for perfortnance.If any ; .: �-••
<br /> . sonsVUCaon on the property is discontinued or not carried on in a reasonabte manner,Lender may do whatever is necessary tn protect Lender's �; � .
<br /> �_• , securitY irtterest in the pmperty.Tltis maY includa compteting the construction- . `'Z e4±-
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<br />;i Lender's fai�ure to perfortn will not preclude Lender from exercising any of its other rights under the law or this deed of Vust. , �' -�
<br />`��� • ^ Any amounta paid bV Lender to protect Lendefs security interest will be secured by thls Qeed of trust.Such amourtts w�71 be due on demand �_'_'____ .'��"
<br /> and uvi�l bear interest irom the date of the paymeM untif pa�d in tull at ffie inter�si rete in eftect on the secured de6t . �_�
<br /> ` � 10.Oetmdt end AeeeteraUon. If Borrower fails to make any payment when due or breaks any eovenarrts under this deed of Uust or any �__h •
<br /> obGgation secured by ffiis deed of mcst ar any ptior martgage or deed of Vust,Lender may acceterate the maturity ot the secured debt and � .• .•
<br /> - ' demand immediate paymerrt and may immke the power of sate anQ any othe�ramedies permitted by app1i�able law. .- ,;��. .�.;_,
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<br /> �• ' 77.ReWest for Noftce of Cefault h is hereby requested that copies of the notices oi defau(t and sale 6e serrt to eaeh person who is a parly - o ;�,:
<br /> ' � herato,at the address of each such person,as set forth herein.
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<br /> 12.Vower of Sale.tf the Lender invokes the power of sate,tha Trustee shall first record in the oifice of the register of deeds of eaeh couniy :
<br /> � wherein the vust proDertlr or some parc or parcel thereof is situaced a notiee of defautt containing the irrtormation required by law.The Ttustee , i;;�'-��;
<br /> • shall atso mail coptes af the notice ot defauh to the Bortower,to each person who is a parry i�ereto, and to other parsans as presctitred by '�` ••
<br /> � applicabte Iaw.Not less than one month after the Trustee records the notice of defauk,or two morths if tha trust property is not in arry �, 'r; • � �,,�__,
<br /> �%'. incorporated eity or village and is used In farming oparations cartied on by the trustor,the Tnistee sAaI1 give Dublic noUce of sale to the persons y ---
<br /> ' ahd in the manner prescnbed by appplicable taw.Tnutee,without demand on Borrower,shall sel!the propertlr at Public auction to the higfiest '�.•e; �d�`��
<br /> bidder.Ii required by the Ferm Homestead Protec6on Act,Trustee shall offer the property in two separate sales as required by applicabte law. ;,��-.:"
<br /> Tnistee may postpone sate of all or any parcel of the property by pubtic announcement at tha Ume and place of any previouslY scheduled sale. j,.�,;'
<br /> � Lender or ks designee may purchase the property at any sate. , -
<br /> • Upon tacei�t of peym ent of the price bid,Truatee shall deliver to ffie purchaser Trustee's deed wnveying the property.The recitiats carrtained in •• : f;;•�'
<br /> ' 7ruste0's deed shall he prima facie evidience of the uuth of the statementa conteined there'm.Trustes shall appty the praceeds of the sale in the .�,s�:_
<br /> � � fallowing order. (a) to all expenses of the sale, including, but not Iimited to, reasan�ble Trustee's fees, reasonabte ettomeyrs fees artC ._ .
<br /> � reinstatament fees;lb)to all sums secured by this deed oi Vust,and(c)the balance,if any,to the persons Iegalfy entitled to receive R. ;k��T°_
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<br /> � �• 13.Forecfosnre.At Le�ders optlon,this deed of tiust may be forectosed in thn manner provide 6y applicable taw for foreclosure ot mortgages .'�;.'.,;
<br /> � • .. c on real property. � . ` �'�
<br /> � 14.tnsDectlon.Lender may eMer the property to inspect it if Lende►gtves Bonor+rer nodce betorehand.Tha notice must state the reasonable • ���,�;
<br /> , ' �' cause far Lender's inspectlon. •
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<br /> , ` ' � �; 15.ConQemnaUon.Bortower assigns to Lender tha.proceeda of any award or claim for damag es connected with a condemnatlon or other taktng , ,��,—
<br /> of all or arry part ot tfie property.Such proceeds�nnll be apptied as provideA in Covenant 1.This essignment is subject to the terms of any prlor - . .�,�_
<br /> �:.. : � security agraement. .
<br /> , � a V�emedy up n Borrowers defaulta Lender does ot weiv eny right tolategicansider Lhe event e detauft if R happena againY��not exetcising . _-
<br /> ; 17. JoiM and Soveral Uabmty• Co-sfgnera; Sueeessow�d Aastgna Bound. All dutiea under thls deed ot Vust are Joint and several. Any � �.
<br /> . ' :1 Bonower who co-aigns this deed of uust but dooa not co-sign the underlying debt insttument(s) does so only to grant and convey tfiat • ; �
<br /> � Borrower's interest in the property to the Trustee under the tetmtva of this deed oi trust.In addition,such a Bottower agrees that the Lender and
<br /> � � debt witho�that Borrowersiconsent and withouYt reteasing that 9orr weifrom he terms of thts d ea of trust this deed ot uust or the secured , ,
<br /> ' j Tha duNes and beneflts ot thls deed o!uust aha11 bind and benefit the successors and essigns ot Lendet and Borrower. , , �
<br /> � ` 18.111oUee.Unfess othorwlse required by law,any notice to Borrower ahall be given by delivering it or by mailing it by cettified mail addreased to • �
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<br /> Borrower at the property eddress or anY other address that Borrower has gIven to Lender.Bonower witl give any notice to Lander by cartified ,
<br /> � mail to Lender's address on page 1 of thls deed of trust,or to any other address which Lender has designated.Any other noiice to Lender shall
<br /> :: �� be sent to Lender's addresa as stated on page 1 of this deed of uust. • . �
<br /> Any notice ahall be deemed to havo been given to Borrower er Lender whon given In the manner stated above. '
<br /> � 19.Tronsfer of tho Droperty or a 8eneflclal Interest in the Bortowev.If al1 or any part of the property ot eny interost In it is sold or Vansferred • '
<br /> wRhout Lender's prior written consent, Lendet may demand immediate payment of the secured debt. Lender may also demand immediate ,
<br /> , � d mandtpaymert�n�the above sttuations�if lf is p ohib�ed by federal law as of the date�of thes dead�of trusLnsferred. However, Lendar may not .
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<br /> 20.Reconveyenee.When the obligation secured by thla deed of ttust has been paid,and l.snder has no turther oblipation tc+make aAvances _ __ _____.
<br /> I uader the instruments or agreements sacured by thls deed of ttust,the Trustee shall,upon wntten requost by the Lender,reconvey the trust . _. . .
<br /> properry.The Lender ahall detiver to the Borrower,or to Borrower's successor in interest,the trust deed and the note or other evfdenco of the
<br /> obligatlon so satisfied.Borrower shall pay any�ocordation costs.
<br /> : � � � 21. Successar Truswoa�tender„�t Lender's option, may remove Trustee and appoint a succesaor trustee by first, mailing a copy o} the � .".
<br /> substitution of trus£ee aa tepuired y applicabts law,and then,by filing the substitution of trustee tor tecord in the office ot tho registar of deeds
<br /> ! of each county in which the trust property,or some part thereof,is situated.The successor trustee,without conveyance of the property,shall
<br /> �, • � succeed to all the power,duties,authority and titto of the Trustee named in the deed of trust and o}any successor trustee. ; :
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<br /> � Ipage Z ol 21 �
<br /> � � � BANKEPS S�STEMS.INC.ST C10U0.MN 56301 lt 800 397 23411 FORM OCP MTGNE B/19%91 - _ . '
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