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<br /> cov�an�7s �7� ����� ' , ' . .-
<br /> 7. Psymertta. Borrower agrees to make all pay�nents o� the secured debt when due. Unless Bonower and Landsr agrae otharwise, any � .. • , = �
<br /> � paymenu Lender receives hom Bonower or for Borrower's benatit wiRl be applied first to any amounts Borrower owes on the seoured debt : . '�—
<br /> exciusive of interest or prinCipal,second to ir�terest,artd then to pr(napal.it partiai prepayment of the secured debt xcurs for any reason,it wll '' �,7�
<br /> , not reduce or ezcuse any scheduted payment untii the secu►ed debt is pe�d�n fuil. • • ••,�--
<br /> ' 2.dNma Agatnst Trtte.6orrower wiil pay all taxes,assessments,and other charges attributable to the property when due and will defond tiUe � yr
<br /> i to tha property against any claims which woutd impair the lien of this deed of trust.Lender may require Borrower to assign any rights,claims ar � '"�
<br /> �! defenses wh�ch Bortower may have against partie9 who supply labor or materials to improvo or mamta�n the property. . ' . ', � �
<br /> • ' 3.Insurane�. Bonower wil! keep the property insured under terms acceptable to Lender at Borro+�rer's expense and for Lender's benefit.All ` �j
<br /> . msurance policies shall includs a standard mortgape clause in favar of Lender.Lender�vill be named as lass payes or as the msured on any such � ;R_�
<br /> insurance policy.Any insurance proceads may be apptied,within Lender's disc►etion,to either the restoration or repair of the damaged property • � ' -
<br /> or to the secured debt.If Lender requires mortgage msurance,Borrower agrees to maintain such insurence for as long as Lander requires. � �
<br /> . 4.Property.Borrovler will keep the property in good wndition and make alI repairs reasonably necessary.
<br /> - 5.Expensea.Bonower agress to pay atI Lender's expenses,inGuding reasonable attorneys'fees,if Bonower breaks any covenants in this desd • � �
<br /> uf uust or in any obligation secured by t�is deed of trust.Borrower will pay thase amoums to Lendar as provided in Covenant 9 of this deed of � ' �
<br /> trusi.
<br /> . 1
<br /> 6.P�tor Saatrity lMeresta.Untess Borrower first obiains lender's written consent, Borrower will not make or permit any changes to any prior • ' ' , .
<br /> security interests. Borrower will perform all of Bonower's oWigations under any prior mortgage, deed of trust or other security agreemeM, � . `
<br /> including Borcower's covenants to make paymsnts when due. � ' � �
<br /> - � 7.Fusignmeni oi�Ser�and t�roffp.eonower assigns to Lender the rents and profits of the property.Unless 8ortower and Lender have agreed [ � -"
<br /> atherw�se in writing, Borrower may wllect aM retain the rents as long as Borrower is not m defauft. If Borcower defaults, Lender, Lender's �
<br /> agent,or a court appomted receiver may take possession and manage the properry and collect the rertts.Any renis Lender collects shall be ; ' � �
<br /> applied first to the costs ot managiny the property, indu�ng court costs and attomeys'fees, commissions to rental agsnts, and any other • �
<br /> necessary ratated expenses.The remam�ng amount of rents will then apply to payments on the secured debt as provided in Covenant 1. : ,'
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<br /> 8.i.easeholtfs•Condaminiums;Planned Unit Osvdopmertts.Bonower agrees to comply with the provisions of any lease if this deed of bvst is on • ' ' ' "'�'�� '�i
<br /> a Ieasehold.If this deed of uust is on a unit in e condominium or a pla�ned unit development, Bortawer will perform all of Bonower's duties i
<br /> under the covenants,by-laws,or regulations of the condominium or ptanned unit davetopmeM. � � � •
<br /> 9.Authority o}Lender to Perform ior Bortower.If Borrower tails to perform any of Bonower's duties undet this deed ot trust, Lender may � .
<br /> perform the duties or cause them to be pertormed.Le�der may sign Bo►rower's name or pay any amaunt if necessary for parformance.If a�y ! .
<br /> construction on the praperty is disco�tinued or not carried on in a reasonable manner,Lender may do whataver is necessary to protect Lender's � ' � � � �
<br /> sewriry interest in the property.This may include completing the consuuction. ;� _
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<br /> Lender's failure to perto►m will not preclude Lende►from exercising any of its other riAhts under tha law or this deed of Vust. .. � , ;- �, �
<br /> . Any amounts paid 6y Lender to protect Le�der's security interest will be secured by this deed of uust.Such amounts will be due on demand � . "��';.'����'
<br /> and will bear interest from the date of ttvi payment until paid in fult at the interest rate m effect on the secured debt. -u'•
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<br /> 10. Defauit and/leeelaraUon. If Bortower faits to make any payment when due or breaka any cavenants under this deed of trust or any � ., r• �'
<br /> •. . obligation secured 6y this deed ot trust o►any prior mortgage or deed of uust, Lender may aeeelstata the maturity ot the secured debt and =�`-�;.:.7:�.�� �=
<br /> �• demand immedlate payment and may invoke tfie power of sale and any other remedies permitted by applicable law. � , - °e
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<br /> i 71.Re�cest for Notic�af O�fiwh.It is hereby requeated that copies of the notices of dafautt and sate 6e sont to each person who is a party �
<br /> hereto,at the adfiese of each such porson,as set forth herein. �► _
<br /> 12.Pow�r of S�t�.If the LenQer invokes the power of sale,the Tru3tee shall(Iret record in the oN!ce of the reglater of deeds of each counry �� �r: •
<br /> wheroin the uuat properry or some part or parcel thereof ia situated a notice of defauk contaiNng the informaUon requtred by law.The Trustee . .��:� ^�.•,, ,i �r;
<br /> , shatl atso mail cople�of the notice of defauh to the Bonowar,to each person wAa ie a party hereto, and to other persons as prescribed by • •
<br /> applicable law. fYot lesa than one month after the Trustee records the notice of default,or twa months it the trust propeKy ia not in any '� :j .
<br /> incorporated city o►village and ia uaed In tarming o�peraUons canied on by the trustor,the Trustee ahall give puDlic notice at sate to the psrsons •"�i ':i �_-
<br /> and in ths manner p�oscribed bp appplicable law.Trustee, without demand on Banower,shall sell the property at pubtic auction to the highest ' • 1
<br /> blddar.If required by the Farm Homesteud Protection Act,iruatee shall ofter the property in two separate sa:ea as reQuued by applicabte law. - '?x ' f
<br /> Trustee may poatpone sate of aIl or any parcel ot the property by public announeement at the time end ptace of any previausly schedulsd sate. - `;� � -
<br /> , Lender or ite desig�ee may purchase the proporty at any sate. s.:
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<br /> ;� Upon receipt of pa�rtne�t of the price bid,Trustee ahalt delivar to the purehaser Trustee's Aeed conveyfig the propeRy.The reciUats contained in •!', •
<br /> • Trustee's deed sha11 be ptima facie evidience of the uuth of the statements wntainod Merein.Trustee shall apply tha proceeds ot the sale in the �� ,_,>!s'��
<br /> ), following order: ia) to ell expenses of the sate, including, but not limke� to, reasonable Trustee's tees, reasonable attornetifs tees and . �- "�
<br /> f reinstatement fees;{b)to all sums sewred by thla deed of trust,and(c)the batanco,if any,to the persons legally entitted to receive it. �. � -_
<br /> �� 13.For�c(own.At Lender's option,Yhis deed of trust may be forectosed in the manner provide by applica6lo law for for�closure of mortgages -� . �T�,'��-
<br /> on real propert}r. r=��
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<br /> 14.►nswcUon.Lender may enter ths property to inspect it if Lender gfves Bonower notice betorehand. The notice must state the reasonabfe ' ��=e�i�
<br />• cause far lender's inspection.
<br /> 16.Condamnatton.Borrowsr assigns to isnder the proceeds of any award or ctaim for dameges connectod wlth a condemnation or other taking ��;.
<br /> of all or any part ot the property.Such proeeeds will be applied as provided in Covenant 1.Thla asaignment ia subJect to the terms of any prior :, ,�,
<br /> aeanity agreement. •
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<br /> 18.Watvar.By exercising any remedy available to Lender, Lender does not give u any rlghts to latar uso any other temedy.By not exerclsing •
<br /> any remedy upon 8oaower's defauR,Lertder does not waive any right to later consPder the evant a Qefautt if it happens again. �� ,;,�� �_:
<br /> 77. Joltrt end Sawnl Uabiitty: Co-si ---�_;•—
<br /> �n; Sucusson and Assiyna Bound. AII dutles under thie deed of trust are joint and several. Qny
<br /> , 8onowe► who co-signs this daed of uust but does not eo-sign the underty n'ng debt instrument(s) does so only to grant and eonvey that �'�•
<br /> Borrower's interest ln the property to the Trustes under the tem�s of thls deed ofuust.In addition,such a 8orrower agraes t�at the Lender and - �- •.�,c-
<br /> any other Borrower under thia deed of trust may eMend,modiiy or make any other cnangea in the terms of this deed of vust or the secured „i,.
<br /> debt without that Bonower'e consent and without relaasing that Bonower irom the terms of thia deed of trust.
<br /> The dutles and benefita of this deed of Vust shall bind and bonetlt the sucaassors and assigns ot Lender and Borrower. ,
<br /> 18.Notics.Untess othorwise required by taw,any notice to Borrowar shatl be glven by deltvering it or by mailing it by certitied mail addressad to '
<br /> Bonower at the proparty address or anY other addresa that Bortower has given to Lender.Bonower will glve any notice to Lender by certitied � '
<br /> mail to Lender's adtlresa on pape 1 of thls deed o}trust,or to any other address whlch Lender has designated.Any other notice to Lender enalt
<br /> tre sent to Lender's adQresa as stated on page 1 0!this deed of trust. . � • . .
<br /> Any noUce ahall be deemed to have been given to Borrower or Lender when given in the manner atated abova. • �
<br /> 19.Tnnsf�r of tM Propxty or�B�nsftctal Irtt�ntt In th�Barrowu.if eIl or any part of the propertY or any interest in it ls sold or uansfened �
<br /> without Lender'e prior wrltten consent, Lender may damand immod7ate payment oi the sacured debt. Lender may atso demand Immedlate � • ��
<br /> payment if the Bonower ie not a natura) person and a beneficial Interest in tho Botrower ia sold or transterrad. Howovor, Lender may not �
<br /> demand payment in tho abovo situations if it is prohibitod by tede�al lav�as of the date of this deed of trust. � '
<br />� 20.R�conv�yant�.When the obligation secured by this deed of trust has been pald, and Lender has no turther oblfgation to make advancos f �
<br /> under the instruments or agreemente secured by this deed oi trust,the Trustoe shall, upon written request by the Lender,reconvey the trust �• �
<br /> property.The LenGer sha11 delivor to the Borrower,or to 8orrower's successor in interest,the trust deed and the note or other evide�co of the
<br /> obLgation so eotisflod.Borrowar shall pay any recordation costs. ; . .. ' �'
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<br /> 21. Succsssor Trustss. Londor, at Lender's option, may removo Trustee and appolnt a succossor trustee by flrat, malling a copy of the � �
<br /> substitution o}trustee es requtred by appliceble law,and then,by filing the substitution of trustee for record in the office of the register of deeda '
<br /> of eeCh county in which the trust proporty,or some part thereof,is situated.The successor trustee,without conveyance of the property,shell i '
<br /> succeed to all the power,dutios,avthority and trtle of the Trustee named in the deed of trust and of any successor trustee. •
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<br /> IPago?0121 �
<br /> . BANKERS SYSTEMS.MC..57 CLOUD,MN 56�07 I7�806397•I3411 FORM OCP MTGNE 9/1991 . '
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