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<br /> 1. Peymertta. Borrower agrees to msko all payments on the secured debt vfien due. Unleu Bortower and Lendsr agree otharvvise, any . , r
<br /> paymonta Lendar receives frorn Borrowar or for Bortower's benofit wi!I be applisd flrst to any amounts Bor►ower owes on the secured debt � . R ...
<br /> exclus�va of mterest or principal,second to interest,and ihen to ptttsc�al.tf partfal prepayment of the secured debt occurs for any reason,it wiil � _
<br /> not reduce or excuse eny scheduled paymerrt until the secured debt is pa�d in fu11. � ±��
<br /> (�j 2.Cleims Ag�?nat TN1e.Bonower wiU pay all taxes,assessments,and other chargas atvibutable to the Oroperty when due and will detend trcie � • :��,
<br /> • m ma property against anY ctalrr r.'lt:tfi�rau:d ir.sp�ir ths'»ei jabor or materiais to mpr�o e or ma nta n the p opertya��gn any rights,Gaims or � _ _ _ _-_.
<br /> � � defenses which Borrowar may have against parties who supp y
<br /> � � 3.Insuranc�. Bortower wiil keep the property insured under terms acceptable to Lender at 8onower's expense and for Lender's beneft_Ail . � ^ �
<br /> � insurance policies shalt includa a standatd mortgage Gause in favor of Lender.Lender wiI!be named as toss Dayee 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 repav of the damaged proparty , , - _
<br /> or to the secured debt.If Lendar requires martgage insurance,Bortowar agreas to maintain such insurance far as long as Lendet requires. �.. —
<br />_ -_ 4.PiroDerty.Borrower will keep the property in good condition and make atl repairs reasonably necessary. � - , � � ' _
<br /> .'� 5,Expenses.Bottower agrees to pay aIl Lenders expenses,including reasonable attomeys'fess,if Borrower breaks any covenants in i his dee d , t—.�—_ �
<br /> � of trust or in arsy obtigation secured by this deed of trust.Bonower w�ll pay these amounts to Lender a.a provided in Covenant 9 of this deed of
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<br /> �,�,�� 6.Prior Security Irtteresta.Unless Borrci�*a:firs't obtains Lender's written consent,Borrower will not rt:aae or permit any changes to any prior .,.,�.,.,. _ �
<br /> security irroarests•Bovower will perfom z:l of Bortower's obGgations under any priar mortgaSe, deed of ttust or other secunty agreement. _
<br /> ,.��._� inctuding Borrower's eovenants to make�aymertts when dua. t , ' ' ,
<br /> Unless Borrower and Lender have agreed � `�` '' �
<br /> ' 7.Aasi�uneM of Renb ar+d Profib.Bortower assigns to Lendsr the rents and profits of the proGorty t • --_�-�"
<br /> • ot4�ervv�58 in wri6ng. Borrower may collect and retein the reMS as Iong as Bonowar�s�ot in defauR. If Bonower defautts, Lender, Lender's � _ - -
<br /> agerrt,or a court appointed receiver may take possession and manage the property and coltect the rents.Any rents Lender coltects shall be , � --
<br /> oece�ssary elated expensesf The raman inp amount of rents will then apDty to paymenrts o°theeseatred debt as pOrovi ed ingCo enan d'any other ` , . _- ._
<br /> ' 8.l�asahaids•Condomintums;Plenned Unft Develapmertts.Borrowev agrees to comPIy wrth the prows�ons of any lease d th�s deed of Vust�s on ��-*-�.�-.�
<br /> under the�CO ena ta by lawe oi eBuiaUOns ot tbe ea d m n m or ptanned unh devetopment�t. Borrower w�Il perform aU of BorroweYs duties ....,�,,_,_ _
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<br /> 9.Attthodty of lfndv to PMorm tor Borrow�r. If Bartower te��a to porform any of Bartowor's dutlea under thla deed of Wat, Le�dnr mey � , .;��`
<br /> pertorm the dutles or eause thom to b9 pertormed.Le�dot may afgn Borrawer's neme or pay any emount if necesaary to�perlormane9.If any ,.
<br /> SecuritY Intoroat In the propartyaTh s mey incluQe eomtptot p the eo structlonmenner, Lender moy do v�fiatovor is�oeosenry to protoet londer'e ` � "_�'�
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<br /> Londar'e fatluro to peAorm will not proctu4o Londor hom oxerclslt�p eny of ita othor riflhts under the law o�this dsed of trust. �—
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<br /> �. �f.� and will Ceerainterest homdthe d e o4 the payment until paid n tull at�,theelnt re t�rete i�ieHect on ths secured debt u��W���bo due on demand �- ���.
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<br /> 10. O�faWt�nd Acesl�tttlon. If Borrowet fa�ls to make eny payment when due ot breaks any covenants under this deeC of trust ar any ,. - � �
<br /> Cbllflatlon securad by Mia deed of trust or any prior mongage or deed ot vusL Lender may accelerate the maturity of the secured debt and '�'
<br /> demand Immsdlate payment and mey in�oke the power of sale and any othar remedies permitted by applicable law. • �.
<br /> � 11.R�quoat ta�Kotlee oT CofFwR.It is hareby requested that copies of the�otices of default and sate be se�t to each person who is a party `' ����- � ..
<br /> � hereto,at the address of each sach person,as set forth herein. � •s
<br /> 12.Pown of Sale.If tha Lender invokes the power of sale,the Trustee shall first record in the office of the regiscer of deeds of each county � � �• �
<br /> whereln the trust p+operty or some part or pucel thereof is situated a notice of default containing the information required by�aw.The Trustes _•, _ �� . __
<br /> shall also mail capies of the notice of dafauR to the Bonower,to each person who is a party hereio, and to other persons as prescribed by , , , ., , _
<br /> applicable law. Not lass tfian one month after the Trustee records the notice of default, or two months if the trust property is noY in any � � �.,�,., �; ,
<br /> ' incorporatad citY or viltaga and is used in farming operations carried on by the trustor,the Trustee shall giva public notice of sale to the persons ' ,,,£.,:.. ,;�_� 4 �4
<br /> and in ffie mannet prescabed by�appplicabte law.Trustee,without demand on Borrower,shall sell the property at pubGc auction to the tughest . 1 , .
<br /> � bidder.If required by the Farm Homestead Protection Aet,Trustes shatl oNer the property in two separate sales as required by appticable law. � d ,�,•
<br /> T►ustee may postpone sate of all or any parcel of the property by pubtie announcement at the time anJ place of eny previousty scheduted eals. ";' :li.,
<br /> ,: 4 Lender or its designee may purchase the pTOperty at any sale. � •a�•; �a�'-� � . �
<br /> � . Upon receipt of payment of the priee bid,Trustee shall deliver to the purchaser Trustee's deed convayiog the property.The recitiats corrtained'm �'• � s� .: �
<br /> ' f Trustee's deed shall be prima facie evidience of the Vuth of tfie atatements contained thereio.Trustee shall apply the proceeds of the sale in the ���,F.::
<br /> ' following ordw: ia) to al e:.�enE� of the sats, includinq, but not limRed to. reasonah►e Trustee's fees, reasonable attomeyre fees and _ . �- -
<br /> reinstateme►R tees;(b�to all sums seu:�ed by this deed of trust,and ic)the balance,if any,to the persons legalty entitied to receive it. ,,•,
<br /> ' 13.Forecto�ar�.At Lendar's option,tt:s daed of trust may be forectosed in the manner provide by ag�Iicabto law for forectosure of mortgages .,.,.;f�r.�, ;y��•�
<br />� `� onrealproDertY• �3iM •y�'-c�. ` .
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<br /> 14.tnsy�etton.LenQer may ertter the propetty to inspect it it Lender gives Borrower notice beforeriand.The notiCe must state the reasonab!e �� ?t!:��m.:�=,�.� .
<br />. cause for Lendere inspection. ���'a�
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<br /> 16.CanQ�rt�ta�tloo-•Bortower asslgns to Lender the proceeds of any award or claim for damages eonnected with a condamnation or other taking - "
<br /> . ' of a11 or any part oi tho property.Such proceeds will be applieC as provided in Covenant 1.This ass3gnment is subject to the terms of any prior ''-'�•°-`�`�,,,,'�.•
<br /> security a�eemerrc. �
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<br /> 18.Walvas.BY ezercising any remedy availabte to Lander,Le�der Ooes not give up any rights to Iate►use any other remedy.By not exercising �,q�� ;�.,. ,,,.�,
<br /> any remedy upon Borrowers defauSt,Le�der does not waive any right to later consides the event a defauft if it happens again. ,"�•�,�y�.� �,_,__.,.,
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<br /> � 17.Jolrtt�nd Ssv�nl Lia�rtv; Co-s1��n;Sueassora and AssiQns Bound. AO dutsas under this deed of vust are jnint and sevaral. Any ' >. _...— --
<br /> Borcower who co-sign�s tfiis deed of truat but does not co-slgn the unde�t�iag de�t inatrumentls) does so only to g►ant and convey that � :�` ��.'.`
<br /> ' Bqnower's interest in the properiy to tha Trustee under tho terma of this deed of uust.In addition,such a Bonowar agrees that the Lender and '
<br /> . ' any other Borrovrer under tfiis deed of trust may extend,modify or make any othar changos in the terms of this deed of truat or the secured � �:,4� �`�_-��M;�.=
<br /> . debt without th8t Borrower'S consent and without roleesing tfiat Eonower trom tho terms o!this deed of trust. �,e�`: . ���•
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<br /> The dutles and benofits of this deed of trust shall bind and benotit the auccessors and assigns of Londer and Bonower. , �.
<br /> 18.Lilotics.Unless othecwise required by law,eny notice to Borrower shatl be given by delivering R er by maiting it by certifled mail addressed to • � .� ' ,
<br /> Bonowet et the property addresa or any other addross that Borrower hes given to Lendor.Bonowur wtll giva any notice to Lendor by certified
<br /> mail to Lender's eddress on page 1 of this dead of trust,or to any other address which Lender has designeted.Any other notico to Le�der shall
<br /> be sent to Lender's address as stated on page 1 oi this deed o4 uust. , _
<br /> Any notice shatl be deemad to have beon given to Bonower or Lender when given i�the manner atated above. � „ ' _
<br /> � 19.Transfsr o!tM Prop�rty a�B�fldal hrt�re�t In tM BorrowN.lf atl or any part of the proper4�►or any interest in it is sold or transterred ,' °—�-
<br /> without Lertder's pnor wrltten consent, Lende►may domand immediate paymont ot iho seeured abt Lender may elao demand immediate .
<br /> paymant if the Botrower is not a natwal person and a boneficial interest in the Borrower is sold o�Uansferred. However,Londer may not ., �. ,
<br /> demand payment in tha above situatlone if it is proh�biteA by fodoral Iaw as of the date of this Oood of t�uat. . .
<br /> 20.R�COnv�yanes.When the obliflation soturefl by this deed of trust has beon paid, end Lende►has no further obt�gst�on to make aAvances ' �.
<br /> . undor the i�strumente or egreement9 secured by this Oeod of trust,the Trusioe shall,uDOn written requost by tho Londer,roconvoy the trust . --
<br /> obhgetion so satisfiedSBorrowiereshelltpay any ecordatior.8 osts.er's 6ueeossor in interost,tho trust deed and the noto or othor ovldence ot the
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<br /> 21. Suee�ssor Tntat��. Londer, at Londe�'s option, may romovo Trustee and appoint a suteessor trustae by fust, maili;ig a copy of the .-
<br /> substitutlon ot Vustee as roquired by applieablo lew,and then,by filinfl tho substiiution ot Vustee tor record in tho ofhoo of tho registnr o1 doads ' • �� '
<br /> of oach county in which the Vust properiy.or somn pnrt thereof,�s srtueted.Tho suceessor trustoe, without eanveyanco 01 the properiy,sheD �':--"
<br /> � succeed to etl tho power,6uties,authonty and titla ot tho Trustee nam�d in tha doed of trust and of any successor trustno. _
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<br /> � BMIKEi15 SYSTEMS.�NC.ST.CLOUD.MN 58301 it�BOP397 73411 iORM OCP�MT(L NE 8�199� ___ �
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