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<br /> � �o��►�S ���.� . . . � �_
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<br /> � 1. Payments. Borrower agreea to make all payments on tha secured debt when due. UnlesE Borrowor and lender agree othervvise, any � '� �;'
<br /> � paymonts Lender recewes from Borrower or for Borcower's benefit witi be applied first to any amounta Borrawer owes o�tha secured debt � �_
<br /> oxcius�ve of�nterest or pnncipal,sacond to mtere8t,and then to princ�pal.If partial prepayment af the seeured debt occurs for any reason,rt w��l ,
<br /> nat reduce�r excuse any scheduled payment until the socured dabt is pa�d m full. � . • �
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<br /> 2.p�ma Agalnst Titls.Bor►owor wii!pay a11 taxes,essessments, and other charges atv�butable to the property when due and wdl detend title � ,k.-
<br /> to the Droperty ag ainst eny claims which wauld irnpafr the lien of this deed of uust•Lender may require 8orrovrer to assign any nghta,C�aims or ,_
<br /> defeoses which Bonower may have against partias who suppiy labor or materials to improve or mamtam the property. � � ,
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<br /> 3. fnwranea. Borrower wfll keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit. All ; ' . . - • -
<br /> ' ' msuranco poticies shall incfude a standazd mortgago clause in favor ot Lender.Lender wiil be named as loss payee or as the insured on any such ; . „ -
<br /> insurance pohcy.Any insurance proceeds may be appiied,viithin Lender's disaetion,to efther tfie restoratian or repair of the damaged property •
<br /> ' or to the secured debt.If Lender requires mortgage insurance.Borrower agrees to maintain such insurance for as long as Lender requiras. . .
<br /> 4.Piropert}r.Borrower will xeep tha propertY in good condition and make aIl repairs reasonabty necessary. � � � ' , -
<br /> 5.Eapenscs•Borrower agrees to pay all Lender's expenses,including reasonabte attorneys'fees,rf Bortower breaks any covenants in[his deed ,- - -
<br /> , of trust or in any obligation secured by this deed of uust.Bonower will pay these amounts to Lender as pravided in Covenant 9 of this deed of ,
<br /> trust. � .
<br /> 6.Prlor Saeuriry IMereste•Untess Bortowe�first obtains Lender's written consent, Borrower will not make or permk any changes to any pric� .
<br /> sac.uity inte+ests. Bonower will perform sII of Bonower's obligations undar any prior mortgage, deed of ttust or other security agreeme= , • ; �.,._
<br /> including Borrowet"s covananu to make payments when due. � ; ' , _ "
<br /> ' 7.Aasignment of Rerts and Pratits. Borrower assigns to Lender the rerrts and orofits of ths property. Unless Borrower and Lender have agrezd • �
<br /> ' otherwse m writing, Borrower may col:eci and retain the rertts as long as Borrower is not m dafault.If Bonower defautts,Lender,Len�ar's
<br /> ' agent,ar a coart appo;med receiver may take posssssion and manage the pro�erty and coltect the rents.Any renu Lender collects shal7 ha
<br /> � applied first to the ccsts of managin�the property, includi�g court costs and attorneys' fees,commissions to rental agents, and any other , . _,
<br /> necessary related expenses.The remaimng amount of rents will then apply to payments on the seared debt as provided in Covenartt 1. , _ `_,
<br /> t 8.Leaseholds•CondorNniums:Planned Unit bevetopments.Borcower agrees to comply with the provisions of any lease�f this deed of trust is on V"�����
<br /> a Ieasehald. If this daed af truat is on a unit in a condummium or a ptam�eJ m�it devalopman4 8orrower wil!pnrtorm all af Borrower's duties :-�_ -�s`
<br /> under the wvenarrts,by-Iaws,or regulations of ffie condominium or planned unit davelopment. '� . .
<br /> 9. Attthodty of Lender to Parform for Banowu. !f BoR�wer tails to periorm any of Borrower'e duties under this deed of trust. Lender may . . • ' „;;,�ti .-"
<br /> perform the duties cr esuse them to 6e parfortned.Lender mey sign Bortower's name or pay any amaunt if nece&sary for performance. It any •�
<br /> � � consVUetion on the property�s Eiseontinued or not pnied oo ie a reasnnable manner,lender may do whatever ia necesaerY to protect Lender'8 =�`�`
<br /> • ' � security interest in t he property Th is may inc lu de eomp lo ting t ho co n s t ru c tl on. . : '' ' _
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<br /> Le�dor's Iailure to perform will not proelude leader trom exeve��inp any oi Ite other tiphta undo►tAa law ar thte deed of trust. �"�' '"��. '
<br /> Any amounte pald by Londor to protmet Londar'e 4eeurlty mterest wdt Ce secured by thio dood ot trust.Sueh mm��n4e w�U bo duo on domand � `
<br /> ' and witl boar Intoroat(rom tho dete of t�e poymont unt�l paid m full et the mteroat iate�n ef/oct on lha sewrod dabt. . • - ��=�w�-:,�
<br /> � 10. Osta�Ot �nd Acaaf�ratlan. If 8orrowor foita to mako any paymont when duo or broaka uny covenante undar this dead of truat or eny � �.�" .�
<br /> � obltgotion sacured by this deed of t�utt or any pnor mortgage or deed of Uust,lon4ar may acceterate tfio maturity of the securad dobt and F-��F•�i�,., p
<br /> ' ' demand immadiite peymnnt and mny invako th0 powat ot 9elo and arry athor romodio9 parm�tted by epplicabb taw. ��; "';
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<br /> • 11.R�qu�at tor NoUe�of O�tautt.ti ia heraby requeated that coD�es of tho not�cea of defautt and sale be sent to eaeh person who is a party !
<br /> • ' � hereto,at tAe adQresa of each such person,ae set forth herein. - �
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<br /> ' 1Z.Powu of S�I�.If the lender invokes the power of sale,the Trustee ehall first record in the o�ce of the register of deeds of each county . "
<br /> � , wherein ths truet property or some part or parcel thereaf is situated a notice af default coniaining tfie information required by law. The Trustee � � �� � , _
<br /> ; shall etso mall copies of the notice ot defautt to the Bortower, to each parson who is a party Fiereto,and to other pereons as prescribed by �,.. ,. �
<br /> • �. applicabla law.Mot lesa than one month after t he Trustee recor ds t he no tice o f de f au f t, o r t w o m onths if the trust pro pe r ry is not in an y � �
<br /> � 7 incorporated ciry or vitlage and is used in farming operations cartied on by the trustor,the Trustee shall give pubtic notice of sate to the persons � �' +
<br /> • and in the manner prescnbed Gy appplicabte law.Trustee,without demand on 8orrower,chall sell the property at pubtic auction to the highest , , ��'
<br /> biQder. If required by the Farm Homestead Protection Act,Trustee shalt offer tha property in two separate sales as required by appGca6le law. •;�
<br /> Trustee may vostpane sate of aIl or any parcel of tfie property by pubtia announcement at the time a�d ptace of any previousty scheduled sale. �Z -_,_
<br /> � Lender or its designee may purchase the propertY at any sale. ,�°, ` ��
<br /> Upon receipt of paym ent oi the p!ice 6id,Trustee shall deliver to the purchaser Trustee's deed conveying the property.The recitials conteined in - - �; � �
<br /> tNStee's deed shall be prima facie evidience ot the truth of the stateme�ts contained therein.T.ustee shall apply the proceeds ot the salo in the _
<br /> � foltowing order. (a) so all expenses oi the sale, inciuding, but not limited to, reasonable Trustee's faes, reasonable attorneys fees and _ �:�_��Le �-
<br /> reinstatement fees;Ib)to all sums seared by thls deed of uust,and(c)the balance,if any,to the Dersons Iegally entitled to receive it. �� -
<br /> 13.Par�elosun.At Lender's option,thia deed of trust may be foreclosed in the manner provide by applicable law for fareclosure of moRgages n^' � _
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<br /> � on real property. �=� •
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<br /> 14.Insp�cNon.Lender may enter the property to inspect it if Lender gives Bonower notice batorefiand.The notice must state the reasonable .� ��-'e���'
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<br /> cause for Lander's inspection. •'�� - �-
<br /> � 1fi.Condemnadan.Bottower assig�ns to Lender tfie proceeds of any award or clalm for damages connected with a condemnavon or other taking ��� �
<br /> of all or any part of tha property.Such proceeds will be apptied as provided in Covenant 1.This assignment is subject to the terms of any prior :��,�
<br /> ` seCUrity tgreement. � ���
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<br /> ' 16,Walwr.By exercising any remedv avaitable to Londer, Lender does not give up any rights to latet use any other remedy.By not exercising ���` ���
<br /> . • arty remedV upon Bortower's default,lender daes not waive any right to later consider the event a default if it happens again. '"�� �� ` ----
<br /> • 77.Jdnt ar�d Sovsrat LlabUity Co-al�ero; Sueeeaaora end Assigna Bound. All duties under this deed of trust are joint and severel. Any ' ... � .�
<br /> � Bortower who co-si8ns this deed of vust but does not co-sign the underly n'ng debt iosuumantls) does so only to gram end convey that -•, —a
<br /> Bo►rower'e interest in the property to the Trustee under the terms of this deed of trust.In addition,such a Borrower agrees that the Lender and � �;:,�'���� �-'��°
<br /> �•� anV other Borcower under this deed of trust may extend,modify or make any other changes in the terms of this deed of trust or the secured ••- ��•��� ��� '
<br /> debt without that 8ottower's consent end without releasing that Borrower from the terms oi this deed of trust. ��
<br /> The dutles and benetita of this deed ot trust shall bind and benefit the successors and assigns¢t Lender and Bor►ower. �.
<br /> 18.Hotlu.Unlesa otherwlse requir�d by�aw,any notice to Borsower shall 6e given by deliver.ng it or by mailing it by ceRif�l mail addressed to .. � �•--
<br /> Borrower at the pro�erly address er any other address that Boraower has given to Lender.Borrower w�ll give any notiee to Lende�by certified .. �—
<br /> meil to Lendor's addreas on page 1 of this deed of trust,or to any oiher eddres3 which Lender has designateA.Any ather notiCe to Lendar shall ., . . .
<br />- ' be sent to Lendor's address as stated on page 1 of this deed of uust. . —
<br /> Any notice shall be deemed to have been given to Borrower or Lender when given in the manner stated abova. •
<br /> 19.T►aruf��of th�Prop�rty or�Bemfleld Interost In tho Barrower.(t all or any part o!tho property or any interest in it is sold or uanstetted . .•
<br /> without Lender'e priot tivritten eonsent, Lender may demand immediate payment of tfio secured dobt. Londor may also demand immediate
<br /> payme�t if the Borrower is not a natural peraon and a deneticial Interest m tho Borrower is sold or transierrad. However, Lender may not
<br /> demand payment in tho above situations if it Ia proh+bitod by faderal law as of the Cate of thia deed of trust. ,
<br /> 20.R�eOtnnyane�.When the obligation secured by this deed oi trust has been paid,and Lender has no furthor obligation to make advancoa ' . ' f �
<br /> undar tho instrumenta or agreomenis secured by this daod of trust,tha Trustee shall,upon writtan request by the Londer,reconvey the trust � ��;
<br /> property.The Lortdot shatl deliver to the Borrower,or to Borrower's successor in interest,the trust deed and the note or other evidence of the . -
<br /> obhgation so eatisfiad.Borrowor shall pay any recordation costs.
<br /> 21.Sucasso� lrusts�• Lendor, at Lender's optlon, may romove Trustee and appoint a suctessor trustoo by first, mailing a copy o1 the � -
<br /> ' Bubstitution of trustee as required by appliCable law,end th2n,by fAing the substitution of trustee far record in the oiffce of the reg�stor of deeds � � '
<br /> I ot each county in which the trust proDerty,or some part thereof,is situated.T�e successor truetee,without conveyance of the property,shall . �
<br /> j succeed to all the power,duties,authority and title of the Trus:ee named in the deed of trust and ot any successor trustee. • �
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<br /> � Ipa,�o 10!?/ � '. . .
<br /> BANKERS SYSTEldS.MC..Si CLOUO.MN 56301 11�806397�23411 FOHM OC7�MTGNE 6/1997 I �
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