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. � A- 1t��1Q2 Unless otherwise agreed in writing, all insurance proceeds sha11 be applied to the restoration or rep r 2Sf the Property or to the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principal shall not e�ctend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Grantor. If the Property is acquired by Beneficiary, Trustor's right to any insurancepo licies and proceeds resulting from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition. 20. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a sepazate agreement, Trustor will not be required to pay to Beneficiary funds for ta�tes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCiTMENTS. Trustor will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any additional documents or certifications that Benefic;ary may consider necessary to perfect, continue, and preserve Grantor's obligations under this Security Instrument and Beneficiary's lien status on the Property. 22. JOINT AND INDIVIDUAL LIABILITY? CO-SIGNERS; SUCCESSORS AND ASSIGNS BOiJND. All duties under this Security Instrument are joint and individual. If Trustor signs this Secwity Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Trustor's interest in the Property to secure payment of the Secured Debt and Trustor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Beneficiary and Trustor, Trustoragrees to waive any rights that may prevent Beneficiary from bringing any action or claim against Trustor or any �arty indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-achon laws. Trustor agrees that Beneficiary and any party to tlus Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt wrthout Trustor's consent. Such a change will not release Trustor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficial. 23. APPLICABLE LAW; SEVERABILITY• INTERPRETATION. This Security Instrument is governed by the laws of the �urisdiction in which Beneficiary is locatec�, except to the extent otherwise required by the laws of the�urisdiction where the roperty is located. This Securrty Instrument is complete and fully integrated. This Secwity Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or imphedly permits the vaziations by written agreement. If any section of this Security Instrument cannot be enforced according to rts terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular sha11 include the plural and the plwal the singular. The captions and headings of the sections of this Secwity Instrument aze for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 24. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a successor trustee without any other formality than the designahon m wrrtmg. The successor trustee, without conveyance of the Property, sha11 succeed to all the title, power and duties confened upon Trustee by this Security Instrument and applicable law. 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it b first class mail to the appropriate party's address on page 1 of this Securrty Instrument, or to any other address designate�in writing. Notice to one trustor wnll be deemed to be notice to a11 trustors. 26. WAIVERS. Except to the extent prohibited by law, Trustor waives a11 appraisement and homestead exemption rights relating to the Property. 27. OTHER TERMS. If checked, the following are applicable to this Security Instrument: �Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 0 Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. 0 Fixture Filing. Trustor grants to Beneficiary a security interest in all goods that Grantor owns now or in the future and that are or will become fixtures related to the Property. This Secwity Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. �Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] � Condominium Rider 0 Planned Unit Development Rider 0 Other ------------------ 0 Additional Terms. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. � _.__... r//� � /� � y . ` � '�-S/� __ 05/12/99 ---- --- --------- 05/12�99 ----- . (sig 're) JAMES P PETERSEN (vate) (Signature) D BRA E PETERSEN (Date) ACKNOWLEDGMENT: STATE OF NEBRASKA , COiJNTY OF _____HALL }ss. --------------------- 12TH MAY 1999 �'°di"�'a'� This instrument was acknowledged before me this da of__________________ ---------- y by __________ JAME3 P PETERSEN and DEBRA E PE R$EN HUSBAND AND_WIE'E _________ . ----------------------- -----------,- -- My commission expires: ' -----_._. -- -- --- --- �� ENERAI N01ARY•S1ale ol Nebreska ub�;�� TERRI L.NIEMOTH My Comm.Exp.1uly 15,2000 0 1994 Bankera Systema,Inc.,St.Cloud,MN(1-800-397-2341) Form RE-DT-NE 10/27/97 (p8g@ 4 0/4) �-C165(Nq(aeoe�.08