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<br /> ' `� 1. Paymonts. Borrower agrees to maka ali payments on the secured debt when due. Unless Bortowbr and Lender agree otherwise, any � : :
<br /> payments Lertder recaives hom Bortower or for 8onower's benefit will be applied first to any amounts Bortower owes on the secured debt –_�,-
<br /> exctusive of mterest ar princ�pal,seconC to mterest,and than to principal.if partial prepayment of the secured debt accurs for any reasoo,it will �__
<br /> not re6uce or excusv miq s��ilpaVrrt.ntratit ecured debt is pa�d m fuii. • ` ' � .:•'�q�
<br /> ; .a [+"i=a. ( : '• ` ` , �
<br /> 2 qalms A 1 Titt�.'Borrowe �sy all I es�a essments,anC other charges amibutabte to the property when due and will defend title :'k
<br /> td the proper.�ty a m any fms w�hi�h wDU�d�rr�pa+ tha tfan of this deed of wst.Lender moy require Borrower to assign any rights,claims or � • .
<br /> � ' detenses wh�ch nov�isr iney hgfie ngartest p�tid9 Wl�o suppty labor or matenals to improve or ma�ntain the property. ` _
<br /> 3.In9uesncs. BorrovJCr will keep the propsrty insured under terms acceptabte to Lender at Bovower's expense and for Lender's benefit.All � � : -___
<br /> � insurancu policies shall inCtude a standard mortgage clause in favor of Lender.Lender will be named as toss payee or as the msured on any such `, ,�.:°:
<br /> insurance poliCy.Any insurance proceeds may ba app(ied,within Lender's discrefion,to either the restorafion or repa�r of the damaged prop�ty
<br /> � or to the secured debt.If Lender requfres mortgage msurance,Borrower agrees to maintain such insurence for as Iong as Lender requ�res. . . ,
<br /> 4.Property.Bonov�er wilt keep the property in good condition and make all repairs reasonably necessary. � • , .
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<br /> 5.Exqsmes-Borrov�er agress to pay all Lender's expenses,including reasonable attameys'fees,if Bonower breaks any covenartts in this deed . --
<br /> of trust or in any oAligation secured by this deed ot trust.Bottower�nnll psy these amounts to Lender as provided in Covenart 9 of ihis daed of � - .
<br /> ttust. . • •
<br /> 6.Prior Securily tnterssb.Unless Bortower first ohtains Lendar's written coosen4,Bortower wil!nat make or permit any changes to any prinr , � , ,_
<br /> security inierests. Borcower will perform atl of Borrowers obligations under any prior rrtortgage, deed of trust or other securrty agreemerrt, ° , � „
<br /> ;� intiuding Borrowar's cov�naats to make paymanu when due. - __:_ -__--_ _.
<br /> 7.Aaal�nnmetrt of Renb end Profits.Borrower assigns to Lender the rerrts and profrts of the property.Unless Sorrower aad Lender have agrasd �_
<br /> m
<br /> otherw�se in miting, Borrowar may colleCt and retam ffie rerrts as long as 8onower�s not�n defa�tt. tf Bonower defaufts, Lender, Lender's . , . ;�'
<br /> agent,or a court appomted receiver may take possession and manage the property and coltect the renu.Any rents Lender collects shall be
<br /> applied first to the wsts of managing the property, including court cosYS and attomeys'fees,commissfons to rental ageMS, and any other . ."�_,.
<br /> necessary related eapenses.The rema�ning amourt of re�ts v+n"II then apply to payments on the secured debt as provided in Covenant 1. •
<br /> ' 8.Leaaeholds•Candominfuma;Wanns6 llnft Deve(opmerrts.Bortower agrees to comply with the provisions of any lease if this deed of trust is on �_'""-. .��"�
<br /> 'r a leasehold. If ifiis dead of tnut is on a unit in a condominium or a ptanned unit devebpmerrc,Bonower rvill perform all of 6orrower's duties . - _ _
<br /> under the wvenants,by-laws,or regulations oi the condominium or planned unrt development. , . �
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<br /> 9.Authortty of L�nda to Pertorm tor Borrowar.If Bortower fails to perform any aF Bonower's duties undar this deed of trust,Lender may , �f::
<br /> perfortn the dutfes or cause them ta be psrformed.Lender may sign BorroweYS name or pay any amount if necessary for performance.If any
<br /> construction on the property is discorninued or not carried on in a reasonable manner,Lender may do whatever is necessary to protect Lender's . � . .
<br /> security interest in the property.This may include completing the construction. ` _ ��-
<br /> � Lender's faiture to perform will not preclude LenEet trom exercising any of its other rigMS under the law or this deed ot trust. . � �
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<br /> Any amounts paid by Lender to protecc Lander's security interest will be secured by this deed of trust.Such amounts witl be due on dema�d ' - - ;s:r�--�,��
<br /> ' and witl bear interest f►om tfie date of the paymerrt until paid in full at the interest rate m effect on the sec.•red debt ;
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<br /> 10. Deta�t and AceNstsdon. If Borrower fails to make any payment when due or breaks arry covenants under this deed of trust or any ' � ' ' r
<br /> obligation secured by this deed of uust or any prior mortgage or deed of wst, Lender may accelerate the maturiry of the secured debt and ! • .E•'�:?�,f3 ''. ---
<br /> demand immediate payment and may invoke the power of sate and any other remedies permitted by applicable law. � . �''�; �
<br /> 11.Request for Notlee of Defa�t.It is hereby requesto0 mat cop�es of the noUCes of detault and sate be seni to each person who is a perty f �� �� i'` -� � .1'r
<br /> hereto,at the address of each such person,as set torth herein. f ; :'�I . . .
<br /> 12.Power o!Safe.�f the Lender invokes the power of sale,the Trustas shall first record in the ofHce ot the register of daeds of each county I � _�� �- —
<br /> wherein the trust property or some part or parcel thereof is situated a noUce of defautt containing the informatfon required by law.The Trustee
<br /> shall atso mail capies of the notice of detault to the Barrower,to each person who is a party hereto, and to other persons as prespibed by . #Y,• ' . .�
<br /> a licable law. Not less than one month after the Trustee records the notice of default, or two month�if the Vust property is not in any •�•1�":;
<br /> incorporated city or village and ts used in farming operations carried on by the trustor,the Trustee shall give public notice of sate to the persons . i� �
<br /> • and In the manner prescnbed by appplicabte law.Tnistee,without demand on Borrower,shall sell the property at pubtic auction to the highest ` ' —
<br /> bidder.If required by the Farm Homastead Protection Act,Trustee shalt ofter the property In two separate sales as required by applicabte Iaw. • `� :.�t;
<br /> Trustee may pos[pone sala of att or eny parcel of the property by public announcement at the time and place of any previously scheduled sale. R� �� _
<br /> Lender or its designee may p�nchase the property at any sale. � ����i .
<br /> :; Upon recelpt of paym ent of the price bid,Trustee shatt Eelivar to the purchaser Trustee's deed conveying the property.The recitials contsined in - _
<br /> ' �� Trustea's deed shall be prima facie evidience of the truth of the statements cootained therein.Trustee shafl appfy the proceads ot the aete in tha – .-•� .�t 4.,.��:
<br /> • followio8 erder. la) to atl expenses of the sale, including, but not limited to, reasonable Trustee's fees, reasonable attorney�s feos and ��=;;ti-�-_-.-
<br /> reinstatement fees;(b)to atl sums secured by this deed of trust,and(c)the balance,if any,to the persons legalty entiUed to receive�t.
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<br /> 13.Foncfos�ue.At Lender's option,this deed of trust may be farec►osed in the manner provide by appticabte law for 4orectosure of mortgages . .
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<br /> . on rea!properry.
<br /> 14.(nsp�edon.Lender may eMer the property to inspect it if LonQer gives eonower notice beforehand.The notice must state the reasonabta � ��I�,:�
<br /> �.� cause for Lender's inspection. .-��
<br />, 15.Ca�d�mnatton.Borrower asstgns to Lender theproeeeds of any award or claim for dama�es connected with a condemnation or other taking � : ' . �
<br /> • of all or eny part of ffie property.Such proceeds will be applied as provided in Covenant 1. his assignment is subject to the tarms of any prior
<br /> sewrity agreament. ��`� �
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<br /> ' 18.Watva.By exercising any remedv available to Lender,Leoder does not give up any rights to later use an other remedy.By nof exercising ``�+..
<br /> _ any remedy upon Borrowar's defauR,Lender does not walve any right to latet consider the evertt a defauR if it Kappens again. , . ,,._,��,_
<br />� 17,Jo[rt and Sw�n! LlabOfri; Co-si��ra; Succsa.son and Asalpna Bound. AII duties unQer this deed of trust are joint and several. Any �y�•- E�� �
<br /> • Botrower who casigna this deed of trust but does not co-sign tho undarlying debt inst�umentlo) does so only to grant a�d connQV that . ",,.: �
<br /> Borrower's intereat in the property to t he Trustee un der the terms of this deed of uust.In addiUon,such a Bonower agreos that the Londer and , ;�'ti �
<br /> � any other Bortower under thls deed of trust may extend,modify or make any other changes in the tarms of this deed ot uust or the secured
<br /> debt without that Borrower's consent and without roleasing that Borrower from the terms of this deed of trust. • • - �""� •
<br /> The duties and benefits of thls deed of trust ahall bind and benefit the successors aod assig�s of Lender and Borrower. ' . , �:-�r.
<br /> 18.Noflcs.Unless oiherwlse requitad by law,any notice to Borrower shall be given by delivering it or by mailing it by cercified mail addressed to • . . ��"
<br /> Bottower at the property eddress or any other addrera that Bonower haa given to Lender.Bottowe►will give any notice to Lender by cartified
<br /> mail to Lender'o adQresa on page 1 of this deed of uust,or to a�y othar addresa whlch Lenda►has Qesignated.Any other notice to Lender shall •�
<br /> ; be sont to Lender's address as statod on page 1 0}thls deed of trust. .
<br /> ,j Any notice shall be deemed to have been given to Borrower or Lendar when glven in the manner statad above. • . _
<br /> � 19.Ttanefe�of th�Prop�Ry or a Beoa�teid Irrterest in the Bonower.If ell or any part of the propertv or any interest in it is suld or transferred .
<br /> � wvithout Lender's pNor wtitten consent, Lender may demand immediate paymeat of the secured debt. Londer may also demand immediate �W
<br /> payment i}the Borrower is not a natural person and a beneficial interest in tho 8orrowor is sold or transferred. However, Lender may not
<br /> j demand payment in tho above situations it it is prohibited by federal law as of the dato of this deed oi trust.
<br /> j 20.R�camrsyartcs.When the obtigation secured by thls deed of trust has been paid,and Lender has no turther obligation to make advances � . � �;
<br /> ; under the instruments or agreements secured by thia deed of trust,the Trustee ahall,upon written request by the Lendar, reconvey the t►ust
<br /> propetty.The Lender shatl deliver to the Borrower,or to Borrower's succossor In intorest,the trust desd and the note or other evidence of the '
<br /> obUgation so satistied.Borrower shall pay any recordatlon costs. ; � �-,
<br /> • 21. Sueceasot Truatee. Lendar, at Lender's o tion, may remove Trustee and appoint a successar trusteo by firat, meiling a copy of tiva . .
<br /> substitution oi trustee as required by appticable Paw,and thon,by filing the substitution of trustea for rocord in the oftice ot the reflister of deeds . �'
<br /> ot each county in which the trust property,or some part thoreof,is situate�.TAe successor trustee.without convoysnce of the property,shall __
<br /> succeed to all the power,dutie3,authority and btle of the Trustee named in tho deed of trust and of any successor trustee. � ' '
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<br /> � IPage 10/?I ' �;-:
<br />� 1IJ BANKERS SVSTEMS.IHC.ST CLOUD.MN 58301 Il�S�P397 23611 fOflM OCP MT(LNE 811991 � '
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