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<br /> ` � COV�HTS ���i���e� -- . - �- - �R=-
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<br /> i 1. Psymer+ts. Bonowe► agrees to maka a�i paymants on the secured debt when due. Untess Borrower and Lender agree otherwise, any
<br /> ' i paymerrts Lender roceivea fvom Borrower or fot Bonower's benefit will bs appiied first to any amou�ts Borcower owas on the secured debt • , ' -_•._
<br /> j exctusrva ot interest or prinCipal,sttcond to irtterest,and than to pnnaipal.If partia!prepaymerrt of the sew►ed debi occurs for any reason,it will - , � �
<br /> not reduce or excuse any scheduled paymant urttil the secured debt�s paid in full. '`
<br /> 2.Gelma Apatnst TEIt�.Bottower wifl pay all texes,asseasment9,snd othar charges attnbutabte to the property when due and will defend title � . �
<br /> ' ' to the propertY against any Ctaims wh;ch woutd impair the lien of Yhis deed ot Vust.Lender may require Borrowar to assign any righta,claims ar .
<br /> � defanses which Bortower may have against parties who supAN�zbor or materials to improve or mamtain the property. , ,
<br /> � 3,Inswant�. Borrower wfll keep the property insured under terms acceptabte to Lender at Borrower's expense and for Lender's 6enefit.All � , , �,-
<br /> insurence policiss shall include a standard mortgage elause m fevnr of Londer.Lendor will be named as loss payee or as thg insurad on any SuCh j _
<br /> � . insuranCe policy.Any insurence ptocoeds may bo epplied,within Lendei s disttetion,to either the restoration or repa�r of the damaged proporty r
<br /> � or to the socured debt.If Lender reqwres mongaga msuraneo.Borrower egrees to ma�ntam such msuronce for as tong as Lender roquires. ! , •
<br /> - ' 4.P►OpBtty Bocrowor will keep the O�operty in good condition and mako all repaas►easonably necessary. } .- '
<br /> ' S.Expenses.Bortower agrees to pay all Lender's e�senses,mcluding reasonable attomeys'tees,if Borrowe�hreaks any covenartts in this Cead � �` - `�
<br /> of trust or in any obligation secured by tfiis deed of trust.8ortower�nnll pay these amounts to Lender as proviQed in Covenant 9 of this deed of 1 ; . �
<br /> trust. � .�.'
<br /> I �
<br /> S.Prtor Secudty IrtUrtsTS.Unlesa Bonower first obtains Lender's written consent, Borrower wilt not make or psrmit any changes to any priar ' �_ . . ,
<br /> security interests.Borrower will perform aIl of Borrower's obligatians under any prior mortgage, deed of trust or other secunty agteement. , •��'_
<br /> i�cluding Bonower's aovenants to make payments when due. ,-
<br /> 7.Asstprtmsnt of Rerrts and Profita.Bartawer assiBns to Lender the rents and profits of the property.Untess Bortower and Lender have agreed ,.' ••. �. _ -
<br /> • otherwrse�n wriLng, Bartower may collect and retacn the rents as tong as Bonower�.s not m defauft. If BoROwer defaults, Lender, Lendar's . .�-.�„�,,;,.�,.—
<br /> ' agent, or a caurt appointed receiver may take possession and manage the property and cotleM the rents.Any rents Lender collects shall be
<br /> applied first to the costs of managin4 the propercy, indudng court wsts and attorneys' fees, commissions to rental agents, and any other , ` � __
<br /> necflssary related expenses.The remsming amount ot rents will than apply to paymenta on Uie secured debt as provided in Covenart t. �- ,.. ;�
<br /> 8.Uasehdda•CondomTniuma:Plannod U:�it O�vdoymerrts.Bortovrer agrees to comply with the pravisions of any lease ff this deed of uust is on ' , -;�:v.:��-`�
<br /> ��
<br /> a teasehold.If this deed of trust is on a unit in a condom�nium or a planned unit developmant,Borrower will perform all of Bonower's duties c.�,,,�:Y.,,.;.4
<br /> under the covenartts,by-laws,or regulations of the condominium or planned unit development. � _
<br /> 9.Authorityr of Londer w Pefiorm tor Borrower• ff Bonower fails to perform any of Bonower's duties under this deed of trust, Lender may � . .' _-
<br /> peAorm tha duties or cause them to be perfarmed.Lender may sign Bonower's name or pay any amouM if necessary for performance.If any =.~�
<br /> cansuuction on tha property is d�scontioued or not carried on in a reasonable manner,Lender may do whatever is necessary to protect Lender's `r= '
<br /> security interest in the property.This may include completing the construction. • '� .�'k'°`�'t_
<br /> Lenders failure 4o perform will not prectude Lender irom ezercising any of its other rights under the law or this deed of uust• ' '_s_''�."
<br /> V��- '—
<br /> Arty amounts paid by Lender to pratect Lender's security interest will be secured by this dead of trust. Such amounts wiU be due on demand . � _�;r�g;
<br /> and witl bear interest from ffie date of the payment unUl paid in full at the interest rate in effect on the secured deht. .
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<br /> i0.Oetautt and Accd�rs8on. If Bortowar faits to make any paymeM when due or breaks any covenants under this dead of trust or a�y ,
<br /> obligation secured by this deed of trust or any prio� mortgage or deed of uust, Lender may accelerate the maturity of ffie secured debt and �,. F�'S�;}�'
<br /> � deman9 immadlate payment and may i�voke the power of sale and any other remedios permitted by applicabte law. _ 4- �,
<br /> re uested that co ies of the notices af defauR and sale be sent to each person who is a party ,_"t( * :� �. W
<br /> s 71.R�quest fos Noties of�sia�dt k is hereby q D -
<br /> hereto,at the adQress of each such person,as set fo►th herein. ' ' ' `�'
<br /> •r F.
<br /> 72.Pow�r a!Sai�.If the Lender invokes the power of sate,the Trustee shafl first record in the offlce of the register of deeds of each county - � ;;.�;` ,"
<br /> wherein the trust properry or some part or parcet theraof is situated a notice ot default containing the infortnation required by taw.The Trustae • � :
<br /> shall also mal copies ot the natice ot defautt to the Bortower,to each person who is a party hereto, and to other persons as prescribad by - � '�' ,
<br /> � applicable law_ Not less than one month after tha Trustee records the notice of dafault, or two months if the trust property is noi in arry � ;,'
<br /> incorporated city or village and is used in farming opsrations canied on by the Vustor,the Ttustee shall give pubtic notice of¢ate to the parsons : : . �
<br /> and in the manner prescnoed by apppticable law.Trustee,without demand on 8onower,shall sell the property at public auctio�to the highest �I`��, -
<br /> • hidder. If required by the Farm Homestead Protection Act.7rustee shall offer the property in two separate sales es requirod by applicable Iaw. �.,,. , � ��� (, —�
<br /> Trustee may pastpone sale of alt or any parcel ot tho property by public announcement at the time and place of any pre�iausly schaduled sate. -„�;:.._
<br /> Lender or its designee may purchase the proparty at any sate. �=r•• � �
<br /> � :��,;., r
<br /> Upon reeeiDt of paym ent o!the pdce bld.Trustee shaU deliver to the purchaser Trustee's deed convey(ng the propeRy.The recitiats contained in �.-;��. •��; �
<br /> Trostee's deed shat�be prima fade evidience of the truth ot the statements coMained therein.Trustee shall apply the proceeds of the sate in tho t;..;...._....
<br /> fotlowing arder. (a) to all exper�ses of the sale, including, but not limited to, reaso�able Trostee's tees, reasonabte attorney's fees anu � ; . :.�
<br /> rein..�tatemerR fees;4b)to all s��ms secured by this deed of trust,and(c)the batance,if any,to the persons legally entitted to receivo it. . 4��
<br /> 73.Fonelosure.At Lenders option,this deed of bust may be foreclosed in the manner provide by appticable law tor foreclosure of mortgages ��, ����
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<br /> ' on real property. t"''``��. �r��`��
<br /> 14.Insp�etian. Lender may erttet the proDerty to inspect it if Lender gives Borrower notice beforehand.The notice must state the reasonable �'�m''•��-
<br /> cause for Lender's inspection. �: �w�'-=��
<br /> 16.Cond�mnatton.Bonower assigns to Lender the proceeds of any award or claim for damag es connocted with a condemnetion or other taking ,;� �}.�'- -
<br /> of all or any part ot the property.Such proceeds will be apylied as provided in Covonartt 1.This acsignment is subjeci to the terma of any prior x .��.,,--
<br /> �� security agreement. ' ��_.
<br /> 18.Watvsr.By exercising any remedv evaitable to Lender,Lender does not give up any righte to Iater use any otfier remoQy. By not exercising ���"�� �:.
<br /> any remedy upon Borrowefe defauft,Leoder does noi wafve any rlghi to later wnsider the eveni a default i!it happens again. '�'�'�93�r,�W-_,_
<br /> 17.Jdrrt�nd S�vxal LtabIIitv Co-styne►a; Succ�ssan end Asstyns Baund. All duties under this deed ot uuat are joint and several. Any �"`�-J
<br /> �u«�:
<br /> � Borrower who ca-signs thia deed o}trust but doas not co-sign the underlving debt insVumentls) does so only to grant and convey that '�`���•
<br /> � Bortower's interest in the property to the 7rustee under the terms of thfs deed of trust.In aCdition,such a Borrower agrees that the Lender and •� �!'
<br /> • any other Bonower under this deed of Vust may extend,modifv or make any other changes in the terms of this deed o}trust or the aecured �
<br /> � debt without that Borrower's consent and without releasing tAat Bonower t►om the terms of this deed o!Vuat. '•'�=-
<br /> ' Tha Qutles and benefits of thia deod of Vust shall bind and be�efit the successora and assigns of Lender and Bonower. ' '
<br /> 18.NoUa.Untess otherwise required by law,any notice to Borrower shall be given by delivering R or by,mailing it by certified mail addressed to .. � .
<br /> Borrower ot the property addresa or any other address that Bonower has glven to Lendar.Borrower w�ll give eny notice to Lender by certified _ . • _ _
<br /> ' mail to Lender's addresa on page 1 0}tfiis deed of Vust,or to any other address whlch Le�der has de8ignated.Any other notice to Lender shall � . _ . . . . ---
<br /> ' be sent to Lender's aQdress aa atatod on page 1 of thie deed oi uust.
<br /> Any notice shall be deemed to heve beon given to Bo�rower or Lendet when given in the manner stated above. ' _
<br /> ' 19.Transfy of tM Propety or�B�flclal trrt�nst In U»Borrowar.If atl or any part of the prapertv o►any interest in it is sold or translerred , � ,
<br /> wlthout Londer's prior written consent, Lender moy demand immediate payment o} the seeuted dobt. Lander may also demand immad3ate . _
<br /> demandtpaymenein tho abovo s uationsri Ii e p oAibidted by fede►al law as of the datorof this dood�of tr�ustansferred. However, Lender may not
<br /> • t . . —
<br /> 20.R�eonv�ysRC�.Whon the oDligatlon aecured by thle deed of trust has been pald and Lender has no furthe�obligatioo to make advantes
<br /> undor the instruments or aqreements secured by this deed o}trust,the Yrustee shalf upon written roquost by the Lender,rewnvay tha uust �• �
<br />� p►oDortyr.The Lendar sholl delivar to tho Borrower,o►to Borrower's successor I�interest,tho trust dood and the note or other evldence of the ,
<br /> obllgatbn so sadsfied.Bonower shall pay any rocordation costs. ,
<br /> . �
<br /> 21. Sutc�ssor Trust��. Lender, at Lender's option, may romovo Trusteo and appoint a successor trustao Dy flrst, mni8ng a copy of the . _
<br /> S substitution ot truatoo as roqulrod by appllca6le law,and tAen,by filing thp substitution of trustoe for reeord in the oftice of she registor o}dnede •
<br /> of oneh county in which tho truat proporty,a some part thereof,is srtuated.The suceossor trustoo,without convoyance of tho property,shall +
<br /> '; succeed to aQ tho power,dutios,authority and t�tlo of tho Trustee named In the deed of trust and of any successor trustee. r ' �
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<br /> BANKEAS SV9TEMS.INC,SL ClOUD,MN 56301 I7�800.397•73471 FORM OCFMTI�NE 8�1991 i �'�
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