|
.. , � . . ` . . . _ . . . . ..�-.�, . _ -.
<br /> � _"__--"__' ' � E.. .._ � ,. � .+''
<br /> Z
<br /> f �T''
<br /> COVENAN7S � F : ''=�
<br /> 1. Paymenta. Borrower agrees to make all payments on the secured dabt when due. Unless Borrowai� Len�a�g��ib���ise, any � , _
<br /> payments Lendw receives from Borcower or for Borrowei s benefit will be appiied first to any amounts Borrower owes on the secured dobt � ,
<br /> exclusrve of iMer qr,ptin ,�c p1r�j to intergst,and then to principal.If partial propayment of the secured debt occurs for any reason,it wili F �
<br /> not reduce ar ez se any s��r3 payp�ent uriU7 th`e 5ecured debt is paid in full. p .
<br /> Y • � .
<br /> 2.dafms Aqai 'RU•.'Bortouvef tnifN'da�/�1t taxes,a��sessments,and othar charges attributable to the property when due and will defend title ;
<br /> to the praperty a ains�r$ctaitns whlch.woyld Jmp��the lien of this deed of trust.Lender may require Borrower to assign any rights,dafms or ; ,
<br /> defenses wh�ch may dave�againsi pacL85.. o supply labor or materials to improve or ma�nta�n the property. � .
<br /> r.
<br /> 3.Insurance. Borrower will keep the property insured under terms aeceptabte to Lender at Borrower's expense and for Lender's benefrt. AII 'r
<br /> insurance poliaes shall inctude a standard mortgage dausa in favor of lender.Lender will be named as loss payee or as the ihsured on any such , �
<br /> �nsurance policy.Any insurance proceeds may be appl�ad,within Lender's discxetion,to eRfier tfie restoration or repair of the damaged property
<br /> ot to the secured debt.If Lender requires mortgage msurance,Barrower agrees to maintain such insuranee for as long as Lender requires. ,
<br /> � 4.Pro�serty.Bono�ver wil!keep the property in good condition and make all repairs reasonably necessary. .
<br /> 6,Eupensea,Bartower agrees to pay all Lender's expenses,induding reasonabla attorneys'tees,if Bonower breaks any covenants in this deed ' . . ,
<br />' • of trust or in any obligation secured by this deed of trust.8orrower�nnit pay these amounts to Lender as provided in Covanant 9 of this deed of
<br /> • Vt,st. .
<br /> i � . .
<br /> 6.P�ior Seeurity Irtteresta.Unless Bortower Frst obtains Lender's written consent, Bonower will not make or permit any changes to any prior , � �
<br /> � security interests. Borrower will perfortn aII of Borrower's obligations under any prior mortgage, deed of ttust or other sewnty agreement, � , • • ._
<br /> inCluding Borrower's covenants to make payments when due. [ •
<br /> 7.Assignmerti of Rertte and ProfiLS.Borcower assigns to Lender the rents and profits of the proper[y.Unless Borrower and Lender have agreed r� .
<br /> otherwise in writing. Borrower may collect and retam the re�ts as long as Bonower is not m default. If Borrower dafaults, Lender. Lender's �
<br /> - agent,or a eourt appointed receiver may take possession and manage ffie property and collect the rents.Any re�ts Lender coltects shall be .. -
<br /> apptied first to the costs of managing the property, includin� court costs and attorneys' fees, commissions to rental agents, and any other , - ;
<br /> nacessary retated expenses.The remaimng amount of rems uvill than apply to paymenu on the secured debt as provided in Covenant 1. _ •
<br /> � 8.Leasehotda;Condominiums;Planned Unit Developmerns..Bo�TOwer agrees to comply with the provisions of any tease A this deed of trust is on " ���
<br /> a teasehold.If this deetl of trust is on a untt m a condommium or a planned unit tlevelopment,Borrower wdl parform all of Borrower's duties �
<br /> � under the covenertts,by-1aws,or regulations of the candominium or planned unit developmerrt. - . i
<br /> 9.Autfinri2y of Lendsr to Per[ortn Tar Bortower.If 8orrower fails to perform any of 8orrower's duties under this deed of trust, Lender may � '�
<br /> perfortn the duties or cause them to be perfarmed.Leader may sign Bonowers name or pay any amauM'rf necessary for performence.If any _
<br /> ' construcOOn on the properry is discontinusd or not cartied on in a reasonable manner,Lender may do whatever is necessary to protect Lender's �• ;:.
<br /> securiry imerest in the property.This may inGude completing the construction. . � �.• -
<br /> . �;. .
<br /> Lendefs faiture to peAorm will not preclude Lender from exercising arry of its other►ighta under the law or this desd of trust. •: ..; �- '��•=-=
<br /> . '�--=—
<br /> Any amounts paid by Lender to protect Lender's securit}I interest will be secured by thi,deed of Vust.Such amounts will be due on demand t '.� :_
<br /> and wi0 bear interest irom the date of the payment until paid in full at the interest rate in affed on the seeured debt. ! ' _ +;�; -
<br /> • 10. Dafautt end Aecsletation. If Borrower fails to make any payme�t when due or breaks any wvenanu under this deed of uust or any i . .' t r.
<br /> oDligation secured by this deed of trust or any prior mortgage or daed of trust,Lender may accelerate the maturRy of the secured debt and � • ;_"y,,;��;•
<br /> demand imme diata payme�t an d may invo ke t he Dower o f sa le an d a n y o t h s f r e m e d i e s p e r m i t t e d b y a p p l i c a b l e l a w. � „ . `
<br /> ` 11.Requost tor Notice o4 DafauN.It is hereby requested that copies of the notices of defauft and sals be sent to each person who is a party ,t��:.•�
<br /> hereto,at the address of each such person,as set forth herein. � `
<br /> f .
<br /> 12.Pow�r of Sals. If the Lender invokes the power of sale,the Trustea shall first record in the office of the register of deeds of each county . '. , '.; e
<br /> wherein the Vust property or some part or parcel thereof is situated a notice of defauR containing the information requirad 6y law.The Trustee : ; �'; , .
<br /> shall also mail copies of the notice of default to the Borrower, to each person who is a party hereto, and to ather persons as presctibed by .
<br /> t appticabte law.Not less than one month after the Trustee records tha notice of detault, or two months ff the trust property is not in any � ''" t;
<br /> incorporated cityr o�village and is uaed in farming operations canied on by the trustor,the Trustee shall give public notice of sate to the persons � :.:
<br /> and in the menner presd�bed by appplicable taw.Trustee,without demand on Bortower,shall sell the property at public auction to the highest . ., � ._; � '
<br /> bldder.If required by the Farm Homestead Protection Act.Trustee shall offar the property in two separate sates as required by apD���ble law. .. , �y
<br /> Trustee may postpo�e sale ot all or any parcel of the property by p:iblic announcement at the time and place of any previously scheduted sele. •.+�" `�
<br /> Lender or its designee may purchase the propert}r at any sale. • ; ��
<br /> Upon receipt of payment of the price bid,Trustee shall detiver to the purchaser Trustee's deed conveying the property.The recitials contained in '` � � -
<br /> Trustae'c deed shall be prima facie evidience of the truth of the statements contained therein.Tnutee shall apply the proceeds of the sate in the � �� " _� � '•{;� �,_
<br /> foltowing order: (a) to alt expenses of the sale, including, but not Iimited to,,Ieasonable Trustee's fees, reasonabte attorney's feea and , -
<br /> reinstaiement fea�;(b)to all sums secured by this deed ot trust,and lc)the batance,if any,to lho persons Iegally er�titlad w recefve U. � _ . -.�_
<br /> 7�'`-�;--
<br /> 13.Foreclosta�.At Lander's option,this deed of Vust may be foreclosed in the manner provide by applicable law for foreciosure of mortgages �' . '�;,"f-_ .
<br /> on real property. � . `��:,.
<br /> 14.Insp actlon.Lander may enter the property to inspect it ii Lender gives Borrower noUce beforehand. The notice must state the reasonabte '�
<br /> cause for Lender's Inspection. . � --'�£=�`
<br /> 76.Cand�mnatian.Bortower assigns to Lender the proceeds of any award or claim for damaqes connected wlth a condemnation or other taking � 4,
<br /> of aIl or any part of the p►oporty.Such proceeda will be applied as provided in Covenant 1.This assignment is subject to the tetma of arty prior ::'�--�
<br /> . security agreement. ---
<br /> � 18.Waiver.By exercising any remedV available to Lender,Lender does not give up any rights to later use any other remedy.By not exercising : ' ` �y��
<br /> any remedy upon Bonower's defauSt,Lender does not waive any right to later cons�der the event a dafault if it happens again. �
<br /> f 17.Jolnt and S�v�nl UaEtlity• Co-atgnsra: Sueasaora end Aa�Ipns Baund. All duties under this deed of trust are joint and several. Any . �.+��•'-.•
<br /> � Borrower who co-signs thla deed of trust but does not eo-sign the underlying debt instrumeMls) does sa anty to gtant a�d convey that �
<br /> Borrower'e interest in the property to ffie Trustee undor the terma of thla deed of trust.In addition,such a Borrower agrees that the Lender and
<br /> any other Bonower under this deed of Vust may extend,modify or make any other changes in the terms of this deed of trust or the secured
<br /> debt without that Borrower's consent and without releasing that Borrower trom tho terms of this deed of trust. .
<br /> The dutiea anA benefits of this deed of trust shatl bind and bene�t the successors and assigns of Lender and Borrower. ' .
<br /> 18.NoUcs.Unless otherwise required by law,any notite to Borrower shalt be given by delivering it or by mailing it by certifled mail addressed to -
<br /> Borrower at the praperty address or any other eddress that Borrower has given to Lender. Borrower will give any notice to Lender by certified . • � �
<br /> mail to Lendar's address on page 1 of thls deed of trust,or to any other address which lender has designated.Any other notice to Lendet shall , ■
<br /> be sent to Lender's addtess as steted on page 1 of this daed of trust. : .' . . -
<br /> _ Any notice shall be deemed to have been given to Borrower or Londer when given in tha manner stated above. � • �
<br /> 79.Transfar of tfi�Prop�rty or�Ben�flclat trrt�nst in tfi�Borrowu. Ii all or any part of the propertY or any interest in it is sold or transferred
<br /> without Londer's prior written consent, Lende� may demand immediate payment of the secured debt. Lender may also demand immediate . •
<br /> payment if the Borrower ia not a natural person and a beneficial interest in the Bonower is sold or transferred. However, Lender may not .
<br /> demand payment in the above situations if it is prohibited by federal taw as of the date of thia deed of trust. � •
<br /> 20.Reconvayance.When the obligation secured by this deed of trust has been paid,and Lender has no further obtigation to make advances
<br /> under the instroments or agreements secured by this deed of trust, the Trustee shall,upon written requast by the Lender, reconvey the vust ; _
<br /> property.The Londer shall deliver to the Bonowar,or to Borrower's successor in interest,the trust�ieed and tha note ot other evidence of the k .
<br /> obligation so satisiied.Borrower shall pay any recordation costs. � .
<br /> � 21. Succeator Trustee. Lender, at Lender's option, mey removo Truatee and appoint a successor trustee by first, mailing a copy of the
<br /> substitution of trustee as required by applicable law,and then,by filing the substitution of trustee for record in the office ot the register o1 deeds
<br /> of each county In which the trust property,or some part thereof,is situated.The successor trustee,without conveyance ot the property,shall j -
<br /> ; succoed to all the powar,dutie8,authonty and t+tle ot the Trustee named in the deed of trust and of any successor trustse. ' �
<br /> �
<br />_ �
<br /> 1 lpago?0121 -
<br /> BANKEP$SYSTEMS.�NC..ST LLOUD.MN 58307 11�800 397�73a71 FORM OCP MT6NE 8�19.91
<br /> .1 �
<br /> ; -
<br /> , =-
<br /> . �__
<br /> . - - :..:.::.�.T...---� .
<br /> . ; ; . . .. : . . . : � . � . . � . .. . � : � . . .. �. . ..
<br />. .. � ' - .. _ ' ', ' -...., .L: - .�' . � y � �J1:i�.k- - . . 1 � '.. �i .
<br /> . . . . . . . . . . . . ... . . . ,. -'t• . ..
<br />
|