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<br /> 1. FsymsMe. Bortowar agrees co make aii paVments on the sscured debt when due. Unless Bortower and Lender agree otherwise, any ,�
<br /> � payments l..enrler receives from Bonouver or 1or Borrower'a benefit will 6e appiied first to any amounts Borrower owes on the secured debt Y
<br /> 1 exctusrve of interest or prineipal,second to interast,and then ta principal.If Rartial prepayment of th9 secured debt occurs for any►easan,it wdl � _
<br /> not reduce or excu�e-ery►s���8 �ed debt is paid in full.
<br /> 1 -� �.F....��..��_ �� YA�
<br /> � 2.Ctdms Apainat Ti$e:Bortower�vsr�l paV�Il f�Q g'���sments.and other charges attributable to the Bproperty when due and will defend titie
<br /> to tAs p�opercy aq�inst[�1y,ClaimS�h�i wbUldSm Whine Iiel aab r o�r mat ristrs o imnr�o e or maQrrta n the P oPerty�ign any rights,daims or � '
<br /> 1 defanses which BQrrouddr ma�/A"�ve s �1��• 0 supP Y P . ,< -
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<br /> Z 3.Insurance- Bonower wiil keep the propertY��5�►ed under terms acceptable to Lendar at Boaower's expanse and for Lender's bene fi t.A i i '�
<br /> insurance policies shall incNde a standatd mortgage clause in favor of Lender.Lender will be named as loss payee or as the insured on any such
<br /> � or t th secured de�If Le�der�equ iessmortgage ins�urance��8orrower agreas ta mainrain�such insurance for as long as L.ender requues r�De� �, .. __ _ - i•-�,__ : :
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<br /> ; 4.Property.Bortower will keep the property in good cond'Rion and make alI repai�s reasonabfy necessary. ��:
<br /> . .'� b.Espensea.BoRCwer agrees to pay att Lender's expenses,induding reasonable attomeys'fees,if Bonowar 6reaks any covenants in this deed � r _ ,
<br /> of trust or In any obligation secured by this deed of trust.Borrowflr wtll pay these amounts to Lender as provided in Covenant 9 of this deed of 1
<br /> � trust.
<br /> � g.pdoi Sactufiy[rttsreats.Unless Borrower fiast obtains Lender's written consertt, Bottower wifl not make or permit any changes ta any prior �':� � - � • . .-
<br /> ' security intarests.Borrower will pertorm all of Bonowers obtigations under any prior mortgage, deed of vust or other securtty agreemant, , _ ,
<br /> ` including Bonowar's covenants to make payments whe�due. , ... ;.
<br /> 7.Assi�t of RsMs and Profitt.Borrower assigns to Lender the rents and proftts of tBe property.Untess 8orcowar and Lender have agreed . �,p:;.�
<br /> � '�, otherw�se m writiog, Bonowe►may cotlect and retain ffie reote as long as Bonower is not m default. If Borrower dafaults, Lender, Lender's .�•:"=�:+"w��;,.
<br /> agesrt,or a eourt appomted receiver may taks possession and mana�e the propstty and cotlect the rents.Any reMS Lender colleCta shall be � , -,�;
<br /> � apptied first to the costs of managine the propertV. �nc�udina court costs and attomeys'fees, commissions to rerrtal agents, and any other +_ . ,. :____
<br /> necessary related expenses.The remammg amount of rents wdl then apply to paymenu on the secured debt as provided in Covenant 1. __. ..�
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<br /> 8.Leaseholds-Condominiums:Flannad Unft OeveJopmerrts.,Borrower agrees to comply with the provisions of any I�ase if this deed of uust is on , ,- .�+�F�r-=,--
<br /> a leasehoid.if tfiis deed of uust is on a unrt in a condom�rnum or a planned untt development, 8orrower w�i6 pertorm a1i of Bonower's tluties � ' ,:,
<br /> � under the wvenants,by-Iaws,or ragulaUons of tf:a condominium or planned unit developmen� . . . _ :
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<br /> 9.Authority of Lender to Parform tor Bcaow�r. If Bortower fails to perform any of BoROwer's duties under this deed of uust, Lsndet may , y..�.�
<br /> . - perfarm the duties or cause them to be performed.Lender may sign 8orrower's name or pay any amouM if necessary for perfarmance.If any ,. r_:,�.>_.-;'�-
<br /> constructlon on the property is discontinued or not carried on in a reasonable manner,Lender may do whatevar is neeessary to proteet Lenders >•,�*«-. " _
<br /> security interest in the property.This may i�cluds compteting the canstruction.
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<br />�i:�•� � Lender's failure to parfarm will not preclude lsnder nom exercising a�y of its other rights undar the law or this deed of uust. ___ , ,_.
<br /> ' Any amowtts paid by Leodar to(�rotect Lendet's security interest wllt be secured by this deed of trust.Such amounts will be due on demand . 1���--
<br /> , and will bear irtterest from the date of the payment until paid in fu11 at the interes[rate in effect on the secured debt. �
<br /> 10. Del�lt and AecateraUon. If Bonawer fails to make any payment when due or breaks any covenants under this deed of uust or any '` •�� �`j!��
<br /> ' obligatlon secured by this de�ed of vust or any prlor mortgage or deed of irust, Lender may accelerate the maturity of the secured debt and � �}� :�
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<br /> - - damand immsdiate payment end may invoke tfie power of sale and any other remedies permitted by applicable law. �_ , •�`.:
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<br /> ' 11.Ryqssast!et l�lotice of OefavTt.It is hereby�equested that copies of tfie notices ot defautt and sate be sent to each person who is a party . _. ��_ _,� _:
<br /> � � hereto,at the address of eaeh such person,as set forth herein. °"
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<br /> ' 72.Power of Sd�.�t the Lendar invokes the power of sate,the Trustee shall first record in the o�ce of the register of deeds of each county „�,.�,�'�+;
<br /> � wherein the trust property or some part or parcel ther�of is situated a notice of defautt conteining the i�formation required by law.Tha Trustee •..,�,,.... � �
<br /> ereta, and to other persons as rescribed by �-:
<br /> shall atso mail copies of the noUce of defauh to the Borrower,to each person who Is a party h Q -°`'�`""" � : _
<br /> appticable law. Not Iess th�n one month after the Trustoe records flia notice of defauft,or two momhs'rf the uust property�s not in any . ,i , , i.
<br /> incorporated ciiy or villago and is used in farming oparatlons carried on by the trustor,the Trustee shall g(ve public notice of sate to the persons �.Y__ ,
<br /> and in the ma�ner prescnbed by appplicabfa law.Trustee,without demand on Bonower,shall sell the property at public auction to the highest � -
<br /> bldder.ff required by the Farm Homestead Protectlon Act,Trustee shalt offer the property in two separate sales as raquired by applicabte law. ; ',`it :
<br /> � Trustse may postpone sate of atl or any pareel of the praperty by public annou�cement at the time and place of any prevlousty scheduled sale. ��.
<br /> , ,; Lender or its designee may purchase the property at any sate• �� :' ' ,
<br /> • :;� Upon receipt of paym e�t of the price bld,Trustee shalt deliver to the purchaser Trusiee's deed conveying th0 property.The recitials contatned In ' "';' :,�•- -�� 'r._
<br /> TNStea's deed shall be prlma facia evidlenae of tfie uuth of the stateme�ts contained therein.Trustee shall apply the proceeds of the sale in the . • -
<br /> tollowtag order: (a) to atl expenses of the sale, Inctuding, but not Iimited to, reasonable Trustoe's tees, reasona6le attorney'c fees end {;�d�:-_
<br /> � rahs�tatament feao;fb)to aU sums eoeured by thta dead of uust,a��d icl the batance,if any,to the persons legatty entitled to receive it. :,.���-
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<br /> 73.Fonetawr�.At Lender's optlon,this deed of trust may be foreolosed in the ma�ner provlde by appticabto Iaw for foreclosure of mortgages r,
<br /> � on real property. „ ��� ��-
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<br /> ` 14,Inso�ctlon.Lender may e�ter the property to inspect�t if Lender givos Borrower notice betorehnnd.The notice must state the reasonable = __
<br /> �.._'• caus�for Ler+der's inspection. �� `
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<br /> 15.Cond�mnaUon.Borrower assigns to Lender tha proceeda of any award or claim for damag es connected witb a condemnaUon or other taking �'_"-= - ---
<br /> of all or any paR of the propertY.Such proceeds will be applied es provided in Covenant 1.This a�slgnment is subject to the terms of any prior _ _ __
<br /> security agreemant. �
<br /> � ,��„eL,p";,"°.
<br /> 16.Watvu.By exercising eny remedy avaitable to Lender,Lender does not give up any rights to later use any other remedy.By not exerclstng "� �M�
<br /> ' any remedy upon BorrowePS default,�.endet Coes not waive sny right to later consider the evant a defeuft if it happens agaln. '��n:_T_
<br />" � 77. Jdrrt tnd Swaal Uabilitv; Co-slyn�n;Succ�uon and Astipn�Bound. All duties under this deed of trust are joint and several. Any ""�"•
<br /> Borrower who co-signs this deed of uust but does not co-sign the underlying aebt instrumentfa) does so onty to grant and convey that � ��r���"�`. -
<br /> Borrowet's interest in the property to the Tmstee undar the terms of thls deetl ofYrust.In addition,such a Borrower agrees that the Lender and .�,.::�.;:�_,::� �•
<br /> � ' any other Borrower undet thia deed of trust may extend, modi�or make any ot hor c hanges in t ho term s o f t hi s d e ed of trust or the secutad �::'-��,;,p��.
<br />. debt without that Bonower's wnsent and wfthout reteasing that orrowar irom the terms of this deed of troat. ,.•,. ..,
<br /> :?sr,-.��,_... ::,.,. '
<br /> The dutles and benefits of this deed of bust ahall bind and 6e�efit the suecessors and assigns of Lender and 8orrowet. ' � •
<br /> ;�..�.,,y;,,.�^:�`-."''itE'" .:
<br /> � 18.NoUc�.Untess otherwlse required by law,any notice to Borrower shall be gtven by delivering it or Gy mailing ft by certiHed mail addtessed to . . -� -. . •
<br /> • Borrower et the property addreas or enY other address that Borrower haa given to Lender.Borrower will give any notice to Lender by certified .,;..,„;:,..;,__,.. .
<br />' • mail to Lender's addross on page 1 of thls deed of trust,or to any othor address which Lender has Cesignated.Any other notice to Lender shall ..,.�_:_.�,
<br /> bo sent to Lendets addresa as stated on page 1 of this deed of Uust. : : �
<br /> Arry notice sfiall be deemed to have been gtven to Borrower or Lender when given In the manner stated above. _ ' '
<br /> 19.Trenste►of th�Propety or e B�n�flclal tnt�r�st tn th�Bortow�r.I}aU or any part of the propeRy or any interest in it is sold or transferred _,- -
<br /> wiihout Lender'e priar written consent, Lender may domand immediate payment of the secured debt. Lender may also demand immediate �
<br /> payment if the Bonower is not a naturel person and e beneticial interest In the Borrower is sold or transferred. However, Lender may not
<br /> demand payR+ent In the ahova Fituatinns ii it Is prohibited by�eAe!al law as of tho date o!this dQed of trvst- ! _
<br /> 20.Aeconveyance.Whan iho obligatlon securnd by thls deed of trust has boan paid, and Lender has no further obligation to make advances � � � �
<br /> under the Insiruments or agfeements secured by thia deed of trust,the Trustee shall, upon written request by the Lender,reconvey tho trust . , �
<br /> - property.The Lender shalt detiver to the Borrowor,or to Borrow9r's succeasor in interest,the trust dead and the�ote or other evidence of the •
<br /> � obligation so sattsfied.Borrower shall pay any recordation costs.
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<br /> 21. Succesaor Trustes. Lender, at Lender's option, may remove Trustee enA oppofnt a successor trustee by flrst, mailing a copy of the ` � �
<br /> � subatitution of trustee as required by applicable law,and then,by filing the substitution of trustoe for record in the offico of the regfster of doeds f �
<br /> of each courrty in whieh the trust property,or some part thereot, is situated.The succossor trustee, without conveyance of the proporty,shatl f
<br /> succeed to all the power,duties,authonty and tttte of the Trustee named in the deed of trust and ot any successor trustee. � .
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<br /> • BANKEi1S SYSTEMS.WC..ST.ClOUO.MN 68301 It-800.397•Y3411 Po8M OCP�tdTC�NE 8�79/91 _ ___ � , .
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