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COVENANTS ��` �����
<br /> 1. Payments. Borrower agrees to make all paymen�s;�n th4 secu�eil 8e6t.whe" due. Unless Borrower and Lender agree otherwise, any
<br /> payr�eMlts Lender receives from Borrower or fa� Borrow r's�'f3bnefit wili be appiied first to any amounts Borrower owes on the secured debt
<br /> �exclusive of interest or principal, second to inter3est, end then to pri�cipal. If partial p�epayment of the secured debt occurs for any reason, it wili
<br /> not reduce or excuse any scheduled payment until the se��}eb�,��ep�d J�.�����,«�y
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<br /> 2. Claims Against Title. Borrower will pay all taxes,�assessments, and other�charges attributable to the property when due and will detend title
<br /> to the property against any ciaims which wouid impair the lien of this deed of trust. Lender may require Borrower to assign any rights, claims or
<br /> defenses which Borrower may have against partiea who suppiy labor or mater�als to improve or maintain the property.
<br /> 3. insursnce. Borrower will keep_the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit. All
<br /> insurance policies shall include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or as the insured on any such
<br /> insurance policy. Any insurance proceeds may be aPplied, within Lender's discretion, to either the restoration or repair of the damaged property
<br /> or to the secured debt. If Lender requirea mortgage msurance, Borrower agrees to maintain such insurance for as long as Lender requires.
<br /> 4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary.
<br /> 5. Expensss. Borrower agrees to pay all Lender's expenses, including reasonable attorneys'fees, if Borrower breaks any covenants in this deed
<br /> of trust or in any obligation secured by this deed of trust. Borrower will pay these amounts to lender as provided in.Covenant 9 of this deed of
<br /> trust.
<br /> 6. Prior Security Interests. Unless Borrower first obtains Lender's written consent, Borrower will not make or permit any changes to an
<br /> security interests. Borrower will perform all of Borrower's obligations under any p�ior mortgage, deed of trust or other security agreement,
<br /> includinp Borrower's covenants to make payments when due. Y prior
<br /> 7.Assi�nment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Uniess Borrower and Lender have agreed
<br /> otherwise in writing, Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's
<br /> agent, or a court appointed receiver may take possession and manage the property and collect the rents. Any rents Lender col�ects shall be
<br /> applied first to the costs of managina tha property, includtng court costs and attorneys' fees, commissions to rental agents, and any oiher
<br /> necessary related expenses. The remaining amount of rents will then apply to payments on the secured debt as provided in Covenant 1.
<br /> 8. Leaseholds•Condominiums; Planned Unit DevNopmeMs. Borrower agrees to comply with the provisions of any lease if this deed of irust is on
<br /> a leasehold. If this deed of trust is on a unit in a condominium or a planned unit development, Borrower wili perform all of Borrower's duties
<br /> under the covenants, by-laws, or regulations of the condominium or pianned unit development.
<br /> 9. Authority of Lender to Psrform for Borrower. If Borrower fails to perform any of Borrower's duties under this deed of trust, Lender may
<br /> perform the duties or cause them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any
<br /> construction on the property is discontinued or not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's
<br /> security interest in the property. This may include completing the construction.
<br /> Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed of trust.
<br /> Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust. Such amounts will be due on demand
<br /> and will bear interest from the date of the payment until paid in full at the interest rate in effect on the secured debt.
<br /> 10. Dafault and Accelerotion. If Borrower fails to make any payment when due or breaks any covenants under this deed of trust or any
<br /> obligation secured by this deed of trust or any prior mortgage or deed of trust, Lender may accelerate the maturity of the secured debt and
<br /> demand immediate payment and may invoke the power of sale and any other remedies permitted by applicable law.
<br /> 11. Requast for Notice of Default. It is hereby requested that copies of the notices of default and sale be sent to each person who is a part
<br /> hereto, at the address of each such person, as set forth herein.
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<br /> 72. Power of Sale. if the Lender invokes the power of sale, the Trustee shall first record in the office of the register of deeds of each county
<br /> wherein the trust property or some part or parcel thereof is situated a notice of default containing the information required by law. The Trustee
<br /> shall also mail copies of the notice of default to the Borrower, to each person who is a party hereto, and to other persons as prescribed by
<br /> applicable law. Not less than one month after the Trustee records the notice of default, or two months if the trust ro ert
<br /> incorporated city or village and is used in farming operations carr(ed on by the trustor,the Trustee shai�
<br /> and in the manner prescribed by a P P Y is not in any
<br /> bidder. If required by the Farm Homesteadf Pro ectlonSAct, Trustee shall of ernthe pr perty hnitwoisepapate s s�e as�requi ed tby pp1 cableglawt
<br /> Trustee may postpone sale of all or any parcel of the ro ert b
<br /> Lender or its desi nee ma p p Y Y public announcement at the time and place of any previously scheduled sale.
<br /> 9 y purchase the property at any sale.
<br /> Upon receipt of payment of the price bid, Trustee shali deliver to the purchaser Trustee's deed conveying the property. The recitials contained in
<br /> Trustee's deed shall be prima facie evidience of the truth of the statements contained theroin. Trustee shall apply the proceeda of tha sale in the
<br /> following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and
<br /> reinstatement fees; (b)to all sums secured by this deed of trust, and(c)the balance, if any,to the persons legally entitled to receive it.
<br /> 13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in the manner provide by applicable law for foreclosure of mortgages
<br /> on real property.
<br /> 14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable
<br /> cause for Lender's inspection.
<br /> 15. Condemnatlon. Borrower assigns to Lender the proceeds ot any award or claim for damages connected with a condemnatfon or other taking
<br /> of all or any part of the ro ert Such proceeds will be a lied as rovided in Covenant 1. This assi nment is sub'ect to the terms of an
<br /> security agreement. p p Y� PP p
<br /> 9 � y prior
<br /> 16. Waiver. By exercising any remedy avai�able to Lender, Lender does not give uP any rights to later use any other remedy, By not exercising
<br /> any remedy upon Borrower's default, Lender does not waive any right to later consider the event a default if it happens again.
<br /> 77. Joint and Several Liability; Co-signers; Succesaors and Assigns Bound. All duties under this deed of trust are 'oin
<br /> Borrower who co-signs this deed of trust but does not co-sign the underlying debt instrumentls) does so onl to
<br /> Borrower's interest in the property to the Trustee under the terms of this deed of trust. In addition, such a Borrower agr es that he Lender nd
<br /> any other Borrower unde► this deed of trust may extend, modify or make any other changes in the terms of this deed of trust or the s cu eat
<br /> debt wlthout that Borrower's consent and without releasing that Borrower from the terms of this deed of trust.
<br /> The duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Lender and Borrower. d
<br /> 18.Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed to
<br /> Borrower at the property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certifie
<br /> mail to Lender's address on page 1 of this deed of trust, or to any other address which Lender has designated. Any other noti
<br /> be sent to Lender's address as stated on page 1 of this deed of trust, d
<br /> Any notice shall be deemed to have been given to Borrower or Lender when given in the manner stated above. 0e to Lender shall
<br /> 19. Transfer of the Property or e Baneficial Interest In the Borrower. If all or an y
<br /> without Lender's prior written consent, Lender may demand immediate payment of the secured debt. Lender may also demand immed'
<br /> payment if the Borrower is not a natural person and a beneficial interest in the Borrower sr olcl orVansferredSHowever,OLender msferred
<br /> demand payment in the above situations if it is prohibited by federal law as of the date of this deed of trust. iate
<br /> 20. Reconveyancs. When the obligation secured by this deed of trust has been paid, and Lender has no fur aY not
<br /> under the instruments or agreements secured by this deed of trust, the Trustee shatl, upon written request by the Lender, reconve the
<br /> property. The Lender shall deliver to the Borrower, or to Borrower's successor in interest, the trust deed and the not'e9oriotheo make advances
<br /> obligation so satisfied. Borrower shall pay any recordation costs.
<br /> 21. Succeaaor Tr�stsq� L•ender at lender's option, may remove Trustee and a evidence ofrthe
<br /> substitution of tru�tee a3cr,eGtiir�d.b a licable law, and then, by filing the substitution of trustee for record in th
<br /> of each county in which the trust property, or some part thereof, is situated. The successor trusteeow'thout conveyance of the e�copy of the
<br /> succeed to all the power, duties, authority and title of the Trustee named in the deed of trust and of any successor trustee f the register of deeds
<br /> P operty, shall
<br /> BANKERS SYSTEMS,INC.,ST.CLOUD,MN 68301 (1-800-397-2341)FORM OCP-MTGNE 8/19/91
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