|
. , . .� �. . . ' F t 5�
<br /> � �� ���o �" • � � _:- . _=.
<br /> ': cou�uardTS � , _ . __. .,_ �g�
<br /> 1. PaymeMa. Bonower agrees to make all paymants on the secured debt when due. Untess Borrower and lender agree otherw�se, any � , .`:r4�_.
<br /> ' payments Lender receives from Bonower or for Borrower's benefrt vrill bs app��ad first to any amounts Borrower owes on the secured dsbt i .
<br /> exclusive of irtterest or principai,�eco:�d to i:.ta.a�.�Z t!'bn�C�?aRa.•!f Fertis!DsePayment of the 5ecurFxi debt occurs for any reason, it wll ; , ___
<br /> � , not reduzo or exwse any schedutad Rsymant urttilthe seWred debt�s pBid in fuN. t � `
<br /> 2.qNms Against Titte.Borrower ati11 pflY�Il�t�xes,es5essmetris,and other charges amibutab!�to the property when due and wifl defend titla � ..��_
<br /> � ' da enses wtu�chaBonower may�hav aga nst part s�who supply�abor oa materiats o,mp ove orYma nta,n Bherp opertya��gn any nghts,cla�ms or + ,y
<br /> � �—
<br /> 3.Insurance. 8orrawer wBl kesp the praparty insurod undsr ierrtu acceptabte to Le�der at Borrower's expense and for Lender's benefit.All
<br /> insurance policies bhall inctude a standard mortgage clause in favor of Lender_Lender wilt be named as loss payee or as the insured on any such • _
<br /> insuraoce pohcy.Any insurence proceeds mey be applied,within Lender's discretion,to either ffie restoretion or repav of the damaged property =—
<br /> or to the secured debt.It Lender requires mortgage msurance,Borrowar agrees to maintain such insurance for as long as Lender requ�res. , i
<br /> 4.Ptoperty.Bortowar will keep Yhe property in good condition and make all repairs reasonably necessary. � . • ' �`
<br /> 5,F�cpenses.Bonower agrees to pay alI Lender's expenses,including reasonab�e atiorneys'fees,if Bonower breaks any covenants in this deed :
<br /> of trust or in any obligaUOn secured by this deed of trust.Bonower w�tl pay these amounts to lsnder as provwded in Covenant 9 of this daed af � ., - ---
<br /> • trust. r .
<br /> 6.P►ior Seeurity�rtterests.Untess Bonower first ob2aPns Lender's written consent, Bortower wi0 not make or permit any changes to any prior � ' , .
<br /> security interests. Bortowet will peAorm alt of 8orroweYs ob!igatians under any prior martgage, deed of trust or other secu►itY agreement, �
<br /> including Borcowar's covenaMS to make payments when due. —
<br /> 7.Assl�vnst�Y ot Rertts and Ptofib.Bortower assigns to Lender the rents and profrts of the property.Unless Bonower and Lender have agreed ` . . ... ,�-,.
<br /> ' otherwise in writing, Bonower may collect and retain the rents as lony as Bortower is not �n default. tf Barrowar detaults,Lender, Lender's � �. ,
<br /> agent,or a court appointed receiver may take possession and manage the property and collect the rents. Any rents Lender collects shall be , . .. _
<br /> • � app��ed first to the costs of managin�the property,including coun costs and attomeys' fees, commiss�ons to rental agents, and any other
<br /> necessary related expenses.The remaming amount of rents v�n�ll then apply to payments on the secured debt as provided in Covenant 1.
<br /> r �
<br /> ' ; 8.Leaaeholds•Condomintums:Planned Unit Developmertts..Bortower agreFss to comply wrth the provisions of any lease if this deed of trust is on , ' � �•�
<br /> � a leaseFmld.If this deed of trust is on a unit in a condommium or a planned unit development, Borrower will Ferform all of 8orrower's duties . "
<br /> under the Covanar�ts,by-laws.ar regufarions of ri:e condominium w planned unit development. , ,. �;
<br /> . � 9.Quthotity of L�rtder W Psrfortn fm Borrmwer. If Borrower faits to perform any of Borrower's duties under this deed of trust, Lender may
<br /> 1 perform the duties or cause them to be performed.Lender may sign Bortower's name or pay any amoum if necessary for performance. If any ,,
<br /> j censtruction on the properry is discontinued or not carried on in a reasonable manner,Lender may do whatever is necessary to protect Lender's • �'�=
<br /> ; securfty interest in the property.This may include completing the construction. _
<br /> j Lenders failure to perform wilt not preclude Lendsr trom exercising any of its other rights under the law ar ffiis dead of bvst. ' � . ��;z_;;��"
<br /> � Any amounts paid by Lsnder to protect Lender's security irrterest will be secured by this deed of trust.Such amounts will be due on demand � �-,,: _
<br /> . and will beaz interest from the date of the payment nntil paid in full at ths interest rate in effect on the secured debt. • ,.��:__
<br /> "-;.;� --.
<br /> 70. Defautt end Accelerallon. If 8orrower fails to make any payment when due ar breaks any covenants under this deed of trust or any i . �' ''" `
<br /> '' obligation secured by this deed of bvst or any prior mortgage or deed of trust, Lender may accelerate the maturityr of the secur9d debt and � __. ;r'�v,';�� . ,
<br /> . ; demaad immediate paymeM and may i�voke the power of sale and any other remedies pertnitted 6y applicable 18w. ` �# �- �-
<br /> 17.Requeat far Notiee of Detatdt.It is hereby requested tbat copies of tne nouces of defauk and safa ba seai io aacl�aerso��wtro is a pariy �-'-'-_`�-''�` ' -
<br /> � � hereto,at the address of each such person,as set forth herein. � �.-`
<br /> 12.Power of Sds.If the Lender invokes the power of sate,the Trustee shafl first record in the o�ca of the register of deeds of each county � ' T:
<br /> ' . wherein the trust property or some part or parcel thereof is situated a notice of dafault containing the informaUOn required by law.The Trustee ' �
<br /> � shall also mail copies of the notice of default to the Borrower,to each parson who is a party hereto, and to other persons as prescxibed by ,:��.•�� %j _
<br /> applicable law. Not less than one momh after the Trustee records the notice of defauk, or two months if the trust propsrtY�s not in any �
<br /> incorporated city or vitlege and is used In farming operations canied on by ths trustor,the Trustee shall give public notice of sate to the persons . t.� � �' ' '�
<br /> and in the manner prescnbed by appplicabta law.Trustee,without demand on Borrower,shall sell the property at public auction to the highest ' � ��,_
<br /> b i d d e r.I f r e q u i r e d b y t h e F a r m H o m a s t e a d Protection Act,Trusteo shall oHer the property in two separate sales as requ�red by applicabte law. A;;t 5� ,
<br /> T r u s t ee ma y po s t pone sate of all or any parcel of the property bY Pubtic announcement at the time an d p tace o f any previous ty sc he du l e d s a l e. ;�.�,-A� �
<br /> Lender or its des'�gnee may purchase the property at any sale. . --
<br /> .��." ' �
<br /> UDOn receipt of paym ent of the prlce bid,Trustee shatl detiver to the purchaser Trustee's deed convaying the properry.The fecitials eorttained in f�. •
<br />� Trustee's deed shall be prima facie evidience of the uuth of the statements contained theretn.Trustee ahall apply the proceeds of the sale in the -- •�� -:1' ,,$,
<br /> ' fottowing order. (a) to all expenses of the sale, Including, but not timited to, reasonable Trustee's tees, reasonable attomsy's fees and '
<br /> relnstateme�t fees;lb)to all sums secured by this deed of trusL and(c)the balance,if any,to the persons Iegally entitled to receive it ; '-,,;,.
<br /> .'=�r-.,---._;
<br /> r . ir�•
<br /> 13.Fonctos�us.At Lender's option,this deed of trust may be foreclosed in the manner provide by applicabte law tor foreclosura of mortgages =.{� ,
<br /> . . on real property.
<br /> • 14.fnsp�etion.Lender may enter tfio property to inspsct it if Lender flives Borrower notice beforehand.The notice must state the reasana6le � � "���
<br /> �.��,� _—
<br /> . cause for Lender's i�spection. , . , ��
<br /> � 15.CondsmnsUon.Bonower assig�ns to Lender the roceads of any award or claim for damages connected with a wndAmnaUon or other taking � '•�_�'�~. . �J
<br /> o}atl o►any part of the property.Such proceeds wiP bo applied as provided i�Cove�ant 1.This essignmant is subject to the terms of any prior ��__ s�
<br /> security agreement. • � i
<br /> . .�'.R','�.'J.��-
<br /> • 78.Waivm.By exercisiog any remedv availabte to Lendar,Lender does not give u�any righta to later use any other remedy.By not exercising ' �. _-
<br /> any remedy upon Borrower'e default,Lender doas not watve any right to later eons dor the event a defauk if it happens egain. •
<br /> :-'a,.,�"";'--
<br /> 17. Joint�nd S�varal LiabIIitv; Ca-si�n; Succauors and Assl�a Baund. All duties u�der this deed of uust are joint and several. Any —
<br /> Bonower who co-signs this deed oi trust but does not co-slgn tha underlying debt instrumentls) does so onty to gra�t and convey that � .'�►�... .�
<br /> Bonower's interest in the property to the Trustee under the terms of this deeA of trust.In addftion,such a Bottower agrees that tho Lender and
<br /> ��� any other Borrower under this deed of uust may extend,modfir or make eny othor changes in the terms of this deed of uust or the secured . � •
<br /> '� debt without thet Borrower's consent a�d witfiout releasing tfiat Borrower hom the terms ot this desd of trust. � '
<br /> The duties and beneflta of thia deed of Vust shall bind and benefit the successors and assigns of Lender and Borrower. • � '
<br /> ! 18.NoUa.Untess otherwlse required by Iaw,any notice to Borrowe►shall be given by dolivaring it or by mailing it by certified mail addressed to •
<br /> BonorJer at tha property address or any oth9r addross that Borrower hes given to Lender.Bonower wtll give any notice to Lender by cerGfied _
<br /> mail to Lender'e address on page 1 of this deed of uust,or to eny other address which Lender has designated.Any other notice to Le�der shatt ' , r-
<br /> �, be sont to Lender's addrosa aa atated on page 1 of this deed of trust. -
<br /> Any notiee shall be deemed to have been given to Borrower or Lender whon given in the manner stated a6ovo. , � _
<br /> 19.Tran�ter of tM Property or a BeneflelN Interest in tfi�Bonow�r. If all or any part ot the property or any interest in it is sotd or transferred
<br /> � without Lender's prior wrrtten consont, Ln�der may demand immediate payment of the secured debt. Lender may also demand immediate .
<br /> payment if the Borrower is not a natural person and a beneficial interest in the Borrower is sotd or transferred. However, Lender may noi � —�
<br /> demand paymont in the above situationa if it Is prohibited by federal law as of the date of this deed of uust. �
<br /> • 20.Reconvayanes.When the obtigation securad by this deed of trust has been paid,and Lender has no further obligatton to make advances
<br /> undor the insttumants or agreements secured by this deed of trust, the Trustee shall,upon written request by the Lender,reconvey the trust �
<br /> property.The Lender shall deliver to the Borrower,or to Borrowor's successor in interest,the trost deed and the note or other evidence of the � �"'
<br /> obligatlon so sati�fied.Borro�n:or shall pay any recordation costs. �
<br /> 21. Sueeessor TNatae. Lendor, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the `� �
<br /> Substitution ot Vustee as requirad by apA��cabte taw,and then,by filing the substitution of trustee for record in the oNice of the register of deeds i • __
<br /> oi each county in which the trust property,or some part thereof,is s�tuated.The successor trustee.without corveyance of the property,shalt . . � —
<br /> succeed to all the power,duties,authonty and titte of the Trustoo named in the doed of trust and of any successor trustee.
<br /> �
<br /> ���
<br /> � Ipago 2 0!21 �.-
<br /> .� BANKEHS SYSYEMS.INC.ST.CLOUD,MN 563J7 11 800��97�23411 FORM OCV�MT6NE 8/19/91 _ ' � ' �
<br /> �
<br /> i �
<br /> � .+��:
<br /> _._.,.:�...�._.. - � . � � : : � �, . �� . � � _� � . : � � � . . . � � �t: . ..
<br /> ,_� � ?� . �� •'1s^.-.. � . • . �".'��---7^—'_ ' , . • .. ' -.... =,
<br /> - � • . . .. � ... . . .:l'.'",,.,.y.^.i..- ��.' _
<br /> . .. . � . . � ., . . _ . . , :� t ..i -� _ .••���� . . . . . ., • • • �je.' - �)� . .j�... . .. , . . ..•
<br />
|