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<br /> , COVEldAHT3 • ' ,
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<br /> • 1. Peymesne. Borrower agreos to maEce all payments on tha secured debt when duo. Unloss Bo►►ower and Landor agrea othe►wise, ony � ��
<br /> peyments Lender raceives hom 9orrower or for Bonawer's benefrt will be appliad first to any amounts Bonowar owos on the aecured debt _
<br /> exclusive of ietarest ar principat,socond to interest,and then to principaf.ff partial prepayment ot the secured debt ocwra tot 8ny reason,rt wili � �
<br /> � not reduce or excuce any seAeQutad Dayment until the secured debt is pa�d�n tufi. ;
<br /> �
<br /> 2.Gaims Apstn�t Tkf�.Barrower wili�ny ell taxss.esaessmente,and other chargea attr�butablo to the proporty when dua and will defend tiUo ,
<br /> to the proparty aga�nst 8ny dyms Wlush wouid impa'v Yne i'ren ot tizis Qeed of Vust.Lender may ra�urr�Sorra•rr�r tc r.s:gn any nght9,claims or F -`
<br /> defea588 which Borrowat may have against partie8 who auppty tabor or matenats to improve or mpmtain tho property. � � , �•
<br /> ° 3.Insunnu. Borrower will kee0�9 P�operty insured under tarms accep2tsDte to Lender at Bonower's expense and tor Len�er's benefit. AU � �
<br /> insurance policis5 ahall indude a atandatd martgage clause in favor ot Lender.LendBr will be named as loss payae or es the insured on any such � .
<br /> i�surence pot�cy.Any insurance procaeds mey be applied,within Lender's disaetion,to aither the restoration or repair ot the damagad properry , �
<br /> or to the eecured dabt.If Londer re�uires mortgags msurance,Borrower 8grees to mamtain such insurance for as long as Lendar requires. i
<br /> , 4.Pro{3�rty.Borrower will keep the property in good w�dition and make all repairs reasonabiy nece�sary. 4 '
<br /> 6.Eup�ns�a.Bonower agress to pay a�l Lender's experues,induding reasonebte attomeys'fees.if Bonower breaks any covenarus in this dead
<br /> ot trust or in eny obtigation satured by this deed of trust.Bonower will pay these amounts to Lender as provided in Covenant 9 of this daed of � , .
<br /> trust. ' �
<br /> g,pdpr$�curlty I�tarYSti.Unless Bortawar Cirat obtains Lender's written consent, Borsower will not make or permit any changes to any prior �.
<br /> • securiiyr iMarests. Borcower will perform all of Borcower's obligatians under any prior mortgage, dasd of trust or other sewrity agreemeM, , .
<br /> inGuding Bonower's covenents to make payments when due. •
<br /> � 7. of R�MS ufd Pcofits.Bortower assigns to Lender the re�ts and profits of the property. Unless Bonower and Lender have agreed � , __ __
<br /> ? othe se in writing.Ba►rower may co��ect and retain the rertts as long as Borrower is not in default.If Bortowet defautts, Lender. Lender's _
<br /> � , ; agont,or a court appourted receiver may take possess�on and manage the property and collect the rents. Any rems Lender collects shall be �•
<br /> � applied fvsi to the costs of managmg the property, inGuding eourt costs and attorneys' feas, commissians to rentaf agenis,and any ot4�ar , _
<br /> � necessary related expenses.The rema�mng amount ot rents will then appry to payments on the aecured debt as provided in Covenant 1. _ .�^.�,
<br /> , � g.���a{���pm�uuna;ptermo�1lrztt p�valopm�nb.Bortower agrees to compty with the provlsions of arry lease if this deed of trust is on -��-�::¢-.
<br /> a Ieasehold.11 thia deed of truat is on a unit in a condommlum or a planrted unit development,Bartower will perFotm all of Borrowor's duties �
<br /> under the tovananta,by-lawa,or regulations of the eondominium or plannad unit Qevalopmerrt. � �`� �q
<br /> !� 9.Autfiority of L�nd�r to PMfwm fa►Bwrow�r. If BoROwer fails to pertorm eny of Borrower's duties under this deed of trust,lender may : ��:
<br /> . { perfartn ffie dutiea or cause them to be pettotmed.Lender may sign Bonowars name or pay any amaunt if necnssary for performance.If any ; . : ,_ ____
<br /> j construcUon on the properry Is discorrtinued or not carried on in a reasonabte manner,Lender may do whataver is necessary to protect Leader's �-, _
<br /> � sewrity inierest in the property.This may indude complating the eonsuuction.
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<br /> Lender's failure to psAorm will not prectude LenQer irom exercising any of its other rights under the law or th+s deed of trust. � � � "4i-'"g:
<br /> Any amourrts paid 6y Lender to protect Lender's security interest will de secured by this deed of tn�st.Such amounts will be due on demand ���'�.
<br />' and will bear interest trom the date of the paymertt uMil paid in full at the interest tate in eHect on the sewred debt. ;
<br /> 10. D�lwtt and AeeN�►aUon• �f Borrower fails to make eny payment when due or breaka any eovenants under this deed of trust or any _1 �
<br /> ' obliyation sacuted by this deed of uust ar any prlor mortgage or deed of trust, lender may accelerate the mawrity of U�o secured debt and :t�':-:=
<br /> demand immediate paymsnt and may invoke the power of sala and any other remedlea permitted by appticable law. :
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<br /> • 11.R�qu�at for Notle�o!O�teidL It is hereby requested that copies of the notice9 of default and sale be seM to each person who is a patty � : _
<br /> . hereto,at the address of each such person,as set fortM herein. � : " , ,
<br /> ' '� 1Z Powa of Sv�.tf the Lender i�vokea the power of sate,Uro Trustee shall first record in the office of the reglster of deeds ot each county ' �
<br /> � whorein the trust properiy or some part or parcel thereof is situated a notice of defauK containing the InformaUon requtred by Iaw.The Trustea �
<br /> ehall a►so mail copies of the notice of default to the Bonower,to each person who is a party hereto,and to othar parsona as prescribed by •
<br /> i applicable law.Not less than one month after the Trustee recorda the notice of defau8,or two mamfis it the trust Oropertyr is not in any �' :
<br /> i�corporated city or villaBe and ts used in tarming operaUons canied on by the trustor,the Trustee ohall fllve public not�ce of sale to the persons .: ": :_
<br /> � and in the manner prescribed by apppticable law.Trustee,without demand on Borrawer,shall sell the prope►ty at pu6lia auction to the highest '.. � �
<br /> -; ! bldder.H required by the Farm Momestead ProtecUon Act,Trustae shall oNer the property in two separata sales as reqs:7ed by applicable law. � `'i
<br /> i Truatne may poatpone sa�a of atl or any patcet of the prt�;tY by publie announeement at the time and place of eny preaiously scheduted sale. �` '
<br /> ,. 1 Lender or its dastgnee may purchase the praperty at any sata. ��,
<br /> Upon reeeipt of paym ent of the price bid,Trustee shall detiver to the purchaser Truatee'e deed conveylng the property.The recitia►s contalned in �i� ` �
<br /> � Truatee's Qeed shalt be prlma tacle evidiance of the tnrth ot the atatements conteined theroin.7rustee shall apply tho proc�eds ot the sale in the s+ °_-_
<br /> following order: (a) to a1I e�WOnsea of ffie sate, inGuding, but not Iimfted to, reasonable T►ustee's fees, reasonable attomey�s feea and ��- "`—
<br /> � reinstatemertt tees;(b)to a:l sums secured by thls deed of trust,and lc)the halance,if any,to the persons lagalty entitled to recelve it. , '�';�"�
<br /> 13.FoneJosur�.At Lende�s option,this deed ot truss may be foreclosed in the manner provide by appliceble law for foreelosure of mortgages • ���`,�,I '
<br /> on reaf property. ' �'�
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<br />� 74.tnsu�etlnn.lender may enter the proazrtV to inspect it if Lender gives Borrower notice betorehanE.The notice must state the reasonable � . '�=-�
<br /> •.., � causa for LenGafs in�pection. I_ �"�'��`�
<br /> � 16.ConQomnaUon.Borrower asatgns to Loader the procee�s oi any award or clalm tor damagea connected witA a condemnatlon or o:2iar tekinp '.' '��
<br /> ot a�l or any part of ffie�roperty.Such proceeds wlll be a,D�ied as provided in Covanant 1.Thls ass(gnment ls sublect ta the terme of any prior ' _ _
<br /> securlty egreemerrt. �� "-
<br /> ' 18.Walv�r.BY exerdcing any remedY availabte to Lender,Lender does not give up any rights to later uso any other remedy.By not exercising �.`��•l�'9^-.�•._
<br /> any remedy upon Borcowere defauk,Lender does not waive any right to tater consider the event e defauk if it happens again. '��''
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<br /> 17,JWM u�d S�v�at UabWlill: Co-slQnsn: Suec�sson�nd Atslyns Bound. Atl dutlea under thls desd of ttust are jolnt and sevarat. Any , �'v�� _
<br /> Bonowe► who co-slpns thls deed of truat but does not co-eipn the underlying debt insuument(s1 Qoea so onty to grant and coavey that ,
<br />' Borrower's interest in the proyerty to the Trustee undar the terma of this deeA of uust.In addiUon,such a 6orrowor agreea tfiet tho LenCer and ' _
<br /> any othor Borrower under this deed of truat may oxtond,moditv or make any other changes in the terma of this deed of Vust ot the secured ' �[: _
<br /> . debt without that Borrowor's consent and withuut reteasing that�orrower trom the terms of this deed of uust. . •
<br /> The duties and baneAta of thls deed of tre:st ahall bind and benefft the suecessors and assigns of Le�dsr and Borrower. � • . _
<br /> 18.NoUca.Unleas otherwlae requlted by taw,any notico to Borrower sha11 be given by detivering it or by maiting It by ce►tlfied mail edCreaaed to � ', .'
<br /> � Honower et the properN address or anY other addresa that Bottower has given to Lender.Bonowe►will giva any notice to Lender by certtfled . , . —
<br /> mail to Lender's adCress on pape 1 ot thla deed of trust,or to any other address which Lender has destgnated.Any other notice to Lendar shall
<br /> be sent to Lender's address as stated on page 1 of thta deed of truat. . .
<br /> iAny notice shatl be deemed to havs been glven to Borrower or Lender whsn ptven in the mannar stated above. . • �
<br /> ; 19.T►ansin of tlu Propety or�Bxwflcial Int�nst in th�Borrowa.H all or any part of the propertll or any iMereat In it Is solA or transtened � �
<br /> •5 wlffiout Lender's prior written consent, Lender may demand immodiate paymoM of the secured debt. Lender may atso demand immediato
<br /> . Qamandtpa}m�eM in the ebove situaUo sr i?ii is prohibfted by federel law as of t e da e�of his deed�of or�g ansferred.However, Lendor mey not . ,. .
<br /> 20.Rscom�yanc�.When the obllpation secured by thla deed of nust has been paid.ar,d Londer has no furthor obtiganon to meko odvancoa '
<br /> , undor tho instrumente or agreementa securod by this deed of trust,the Trustoe ahall,uDon wrltten requeat by the Lender,reconvay the Vust � _..
<br /> property.The Lender shall Celivar to the Borrowet,or to Borrower's successor 1n intorest,the trust deed and the note or other evidenco of the
<br /> • obligatlon so satistied.Borrower ahall pay any recordation costa. . .
<br /> ' Z1. Suee�ssw Trusta�. Londer, at LendePs o�lon, may temova Trustee and appoint a successor trustee by first, mailing a cc�v of the "
<br /> substituUon of trustee as required by appticable aw,and thon,by filing the substltution o!trustee fa rewtd i�tho office of the register of daeds
<br /> of each county in wnich the uust property,or some part thereof,is situated.The succeasor truatee,wtthout conveyance of the proparty. shall � r
<br /> sueceed to aIt the power,duties,authority a�d trtte o!the Trustee named in the deed o!trust and of any successor trustee. `
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<br /> � BANKFAS SYSTEMS.INC..ST.ClOUD.MN 58301 ft�806397-230fl FORM OLP�MT6NE 8i19/91 _ ' •
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