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<br /> COVHAQNTS ��/ �0��� ( --.-( �r.�
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<br /> 1. Paymetrts. Borrower agrees to rraake all payments on the secursd debt when due. Unless Borrower und Lendar agres othenvise, any f � •
<br /> payments Lender receives from Bortower or for Bortowar's benefit witi be applied first to any amauMS Borrower owes on the sewred debt � _
<br /> exdusive of interest or prinapal,seeond to interest,and ttfen to prirtcipal.if partial prepayment of the secured debt ocwrs for any reason,it wiil f • �
<br /> not reduce ar exwse any scheduled paymem until the secured debt�s paid in full. , . -
<br /> 2.paima Ayalnst T(tle.Bortower,yiiU pey efl taxes,esses�rments,and other charges attributable to thepr operty wfien due and wiil defend title i
<br /> �. to the property ag ainst any claims which weutd itnp,�lf'ff�e lien of this deed of trust.Lender may require Bonower to assign any rights,claims or . .
<br /> defenses whieh 8or►ower may haye against parties Mrho s�pply labor or matenals to improve or maintain the property. . � , •
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<br /> 3. Inaureneo. Borrower will keep the property insutad under terms acceptabie to Lender at Borcower's expense and for Lender's benefit. AII � t �
<br /> insurance po►ieias shall include a standard mortgage ciause in favor of Lender Lender wili bs named as toss payae or as the insured on any such ! . _
<br /> � insurance pohcy.Any insurance proceeds may 6e apphed,within LendePs disdetion,to either the rgstaration or repa�r of the damagad property _
<br /> or to the sewrad debt.If Lender requires mor4gage msurance,Borrower egrees to maintain such insurance for as long as Lender requires. ,
<br /> 4.Property.Borrower will keep the property in good condition and make alt repairs reasanably necessary� ' �
<br /> 6.E�nsea.Borrower agraas 2o pay all Lender's expansss.incl�ding reasonable attomeys'fees,'rf Borrower breaks any covenants in this deed ; _, �
<br /> of trust or in any obligation secured by this deed of ttust.Bortower w�ll pay these amounts to Lender as provided in Cavanant 9 of this deed of ;
<br /> Vust. f • �
<br /> � 6.Prior Securlty Inistesta.Unleu Borrower first obtains Lender's written consent, Bor�ower will not make or permit any changes to any prior � � .
<br /> security interests. Borrower wilt perform all of Borrower's obligations under any prior mortgage, deed of trust or other securrty agreement,
<br /> including Banower's covenartts to make paymerns wfien due. �
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<br /> 7.Aaslgnmtrtt of R�MS end Rofits.Bonower assig�s to Lendar the rents and profrts of tha property.Unless Borrower and Lender have agreed •
<br /> � otherw�se m vniting, Borrower may coltact and retain the renu as long as Bortower is not in defauR. If Barrower defaults, Lender, Lender's � ,
<br /> � agent, or a court apAOmted reeeiver may take possessio�and manage the property and collect tha rents.Any rents Lender collects shall be . :_,-
<br /> � � applied forst to iho costs of managing the proporty, inctudin� coart ca^LS and 2itameys'fees,com.missicns�rertta!agents,and any othar
<br /> necessary related expensss.The rema�ning amouM of rents will then apply to payments on the secured debt as provided in Covenarrt 1.
<br /> i 8.Le�s�hatds•Condomidurtu;Plannad Unit D�vetopmortta.Bor►ower agrees to comply with tha pravisions of any lease if this�Eed of ttust is on `�'.,;,,,�,�;
<br /> a leasehald.If thta deed ot trust is on a unft in a condominium or a ptanned unit devalopmem,Barrower will perform all of Bonower's duties , -
<br /> under the covenarrts,by-laws,or regulations ot the eondominium ot planned unft davelopmenL . ,
<br /> • 9.AuUtortty of Lsndar to Parfarm tar Bortow�r. If Borrower fails to perform any of Borrowers duties under this daed of trust, Lender r.aay � � �
<br /> . perform the duties or cause them to be performed. Lender may eign Borrawer's name or pay any amount ff�ecessary for performance.lf a�y *
<br /> � ' constructian on the yroperty ia discon6nued or not carried on in a reasanable manner,Lender may do whatever is necessary to protect Lender's .- --
<br /> � security interest in the property.This may include compleUng Ute wnsOVCtion. • . • -
<br /> i 1 LendeYS failure to perform wilt nat predude Lender from exercising eny of its offier righLs undar the law or ffiis deed of trust. _.. ._�pr-'^-
<br />' • ' � Any amourtts paid by Lander to protect Londer's security interest wilt be sewred by this deed of Vust. Suth amounts will be due on demand .' ��-
<br /> i and witl bear Interest from the date of ffie payment until paid in full at the interest rate in eftect on the secured debt. . -
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<br /> 10. Dstauft�nd AccetaaUor►. If Bortower faits to make any payment when due or breaks any covenants under Mis deed of bust or any s ., :�
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<br /> ' � obligation sewred by this deed of trust or any prior mortgage or deed of trust, Lender may ecceterate the maturiiy of the secured debt and • . � ,-� ,
<br /> ; : demand immediate paymerrt and may invoka the powar of sale a�d any other remedies pertnitteA by appticable law. ., �r�.�r�l�
<br /> i 11.R�qu�st tor P1o8ce of DefaulA It is hereby requested that copies of the natices of detauft and sale be sent to each person who is a party , , � r'�� ?�� :
<br /> � h e r e t o,a t t h e a d d r e s s o f e a c h s u c h p e r s on,a s s e t fo rt h herein.
<br /> ' 12.Pow��ot Sal�.If the Lender invokes the power of sale,the Trustee shall first record in tha office of the register of deeds of each coumy � t =
<br /> � wherein the trust property or some part or parcel thereof is situated a notice of defautt containing the informetion required by law.The Trustee 's+•�"'i
<br /> � shatl atso mail copies of the natice of dafault to the Bonower, to each person who is a parry hereto, and to other person9 as prescri6ed by , �+• •'
<br /> � ,� ' appliceble law. Not less than ona znonth after the Trustee records the notice of default, or two months if the trust property is not in arry �-� �
<br /> � • inwrporated city or village and s csad in farming operations canied on by the trustor,the Trusiee shall give public noUce o!sale to the persons �� ;'
<br /> � and in the manner prescribed by appplicable law.Trustee,without demand on Borrower,shall sell the property at public auction to the highest ;.��T,;�. 4�
<br /> ; Eidder.If required by the Farm Homestead Proteation Act,Trustee shall offer the propsrty in two separate setes as requued 6y applica6le taw. . ,� _ .
<br /> Trustee may postQane sate of att or any parce!of ttie property by pubtic announcement at the time and place of any preaously scheduted s�. `� �
<br /> • Lender or its desiF.-.sa may purcbase the properry at any sate. ���� � �
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<br /> Upon�eceipt of paymertt of ffie prlce bid,Trustee shall detiver to ffie purchaser Trustee's daed conveying the property.The recapals contained in __� ,.�.
<br /> � Trustae's deed shall be prima tac(e evidience of the truth of the stetemonts contained therein.Trustee sfiall apply the proceecs of the safe in the . �.S: �
<br /> " foltowtng order: (a) to atl expenses of the sale, inctudinQ, but not limited to, reasonablo Trustae's fees, reasonabte attomey's fees and � � •.:<�.�,
<br /> reinstatemont fees;(b)to alt sums soarod by this dood of trust,nnd(c)the 6alanc8,if any,to the persons Iegalty ertitled to receive rt. �
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<br /> � 13.Fondos�aa.At Leeder's option,this deed of trust may be foreGosed in the manner provide by appticable law for foreclosure of mortgagos � �r,"�__
<br /> on�eal property. �•�
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<br /> - 74.Ins��cUon.Lender may enler the property to inspect it if Lender gives Bonower notice beforehand. The notice must state the reasonable ". ''-��J—
<br /> � . cause for Lenders inspection. -
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<br /> 16.Cond�rtufadon.Bortower assigns to LenQer the�roceeds of any award or claim for damag es connectad with a condemnation or otiier taking '!���`,+�
<br /> of a(I ot any paR of the proparty.5uch procaeds wi 1 be applied as provlded in Covenant 1.TAis assignment ia subject to the terms o}any prior ,
<br /> • security agreement. �'�;';'
<br /> 78.Walvar.By exercising any remedY evailable to Lender,Lender doea not e�ce up eny righta to later use any other remedy.By not exercis:ng ��� ��
<br /> • any remedy upon Bortower's detault.Lender does not waive any rlght to later consider the event a defauit if it happens again. �"-�-"�'����`
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<br /> ' 77. JdM uM Swual Ua6Ntw, Co-sl�arr, Succ�sson and Aa�lpns Bound. AII dutias under this deed of trust are joint and sevaral. Any .-��,..�-�
<br /> Borrower who casigns this deed o}vust but does not co-sign the underlv1ng debt instrume�tls) Qoas so only to grent and convey that �
<br /> • 1 Bortower's ir►tereat in tfle properry to the Trustee under the terma oi thls deed of trust. tn addition,such a Borrower agreea that the Lender and '` �
<br /> ' arty othe►Bortower unde►this deed of trust may extend, modi�or make any other changes in the terms o}thla deed of trust or the se�.�.^ad .• ..
<br /> • dabt wlthout that Eanower's consent ond wlthout reteasing that onowar from the torms o!thl9 deed of trust. �'
<br /> ' ,;I The duties and tre.rfrte of thls deed of vust shatl bind and benefit the suceessara end assigns of Londer and Bonower. , . : . � �
<br /> ' I 18.Natk�.Unlesa oiherwise reGuired by law,any notice to Bonowar shall be given by delivering it or by mailiny it by certifled maft addressed to �
<br /> Borrower at the property addrass or aoY other address that 8onower has given to Le�der.Borrowar wiil give any notice to Lender by certifiad
<br /> mail to Landara addross on page t of thia dead of truat,or to any oihor addresa whieh londer has designated.Any other notice to Lender sf�atl
<br /> � bo sent to Lender's address es stated on page 1 of thla deed of trust. , •
<br /> � A�y noUce shalf 6e deemed to have been given to Borrower or Lendor when giv,�.�i�tha manner statod above. � . -
<br /> 19.Transto of th�Propvty or s Ben�fleiv hft�rsat In the Bonowu.If all or any part of the property or a�y iMerest in it is sotd or Venstened -
<br /> . without Lender's prior written conse�t, Lender may demand i:r:madlate payme�t of the securod debt. Lender may also C::�and immediate . �
<br /> � peyment if the Borrowor is not a natural person and a beneficial interest in the Borrower is sold or transferred. Howeve►, Lendsr may nof ,
<br /> demand payment in the above situaUon9 if it is prohibked by federal law as of the date ot this deod of bust. .
<br />� 20. Reeonve}nnse. When the obligation secured by this deed oi trust has been paid, and Lendet has no furthe►obligation to make advar.ces � '
<br /> under the insuuments or agreements secured by this deed o}trust, the Trusteo shall, upon written tequeat by the Lender, reconvey the trust
<br /> . pro�erty.The Lendor ahall deUver to the Borrower,or to Borrower's successor in interest,the Vust deed and the note o►other evldence of the � . � i
<br /> obllgatlon so satisfied.Bonower shatl pay eny recordation costs. �,
<br /> � 21. Sute��sor Trustes. Lendor, at Lender's option, may romovo Trustee and appoint a successor uusteo by first, mailing o copy of the
<br /> substitvtion o}Vustee as required by appticable law,and then,by filing the substkution of trustee fo►recosd in the oNice of the registet of deeds
<br /> ; o!oach county In which the uust proporty,or some part thereof,is situatod.The succossor trustee,without conveya�ce of tho proporty,shall
<br /> succoed to all the power,dutbs,authonty and titte of the Trustoe nemad in the deed of trust and of any succossor trustee. -
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<br /> BANKEiiS SVSTEMS.1NC..ST CIOUD.MN 88301 11 BOP397��3411 FORM OCP�MT6NE 8/7997
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