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200300006 .. Application # 0121481923 Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or in the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principal shall not extend 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, Truster's right to anyy insurance policies and proceeds resulting from th damage to the Property before e acquisition shag w pass Beneficiary to the extent of the Secured Dchi immediately before the acquisition. 20. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Truster will not be required to pay to Beneficiary funds for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor will provide in 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 Beneficiary 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 BOUND. All duties under this Security Instrument are joint and individual. If Truster signs this Security Instrument but does not sign an evidence of debt, Truster does so only to mortgage Truster's interest in the Property to secure payment of the Secured Debt and Truster does not agree to be personally, liable on the Secured Debt. If this Security Instmment secures a guaranty between Beneficiary and Trustor, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or clam against Trustor or any parry indebted under the obligation. These rights may include, but are not limited to, any anti - deficiency or one-action laws. Truster agrees that Beneficiary and any party to this Security firmament may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Truster's consent Such a change will not release Truster from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Truster and Beneficial. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instmment is governed by the laws of the Vsdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instmment is complete and fully integrated. This Security Instnunent 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 nnplhedly permits the variations by written agreement If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security hunrument are 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 designation in writing. The successor trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred 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 by first class mail to the appropriate party's address on page I of this Security Instrument, or to any other address designated in writing. Notice to one truster will be deemed to be notice to all lmstors. 26. WAIVERS. Except to the extent prohibited by law, Toaster waives all appraisement and homestead exemption rights relating to the Property. 27. OTHER TERMS. If checked, the following are applicable to this Security Instrument: 0 Line of Credit. The Secured Debt includes a revolving line of credit provision. Although die Secured Debt may be reduced in a zero balance, this Security Instrument will remain in effect until released. Q Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. Q Fixture Filing. Truster 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 Security 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, E:1 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 = Planned Unit Development Rider = Other Additional Terms. SIGNATURES: By signing below, Truster agrees to the terms and covenants contained in this Security Instrument and in any anachments. Touter also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ✓1Y �.��?C? LER 0(Dow) SCiOCHEKKAIER / ? w) (Slgoa µd( HARRY D SCHOCHENMAIER (pare) (Sigmma) COLLE45N J BCHOCHENMAIER (pale) �..,.0 .......:.......rl.. . p �n STATE OF Ner�}uiQM, , CO TY OF u�vr ... This instrument ARRY was acknowledged R an me this 'ham day of by BARRY D BCHOCHEEIMAIER and COLLEEN J SCHOCHENMAIER My commission expir 61 lggi n NEPAL NOTARY -Slate of NeDhaska �,JV1 Nobu,?l N CATRINA M. SHUDA 0 m,o,�,y e„el,r1 My Comm. Exp. Aug. ).2003 0 1994 Bankers Spleens, I, 3t Cloud MN (I SM39Y430) Form RE -0FNE 102797 (page 4 of 4) ®C165(NE) (9sM)