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Application # 0121485163 200300399 Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to 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 any insurance policies and proceeds resulting from damage in 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 separate agreement, Truster will not be required to pay to Beneficiary foods for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Truster will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem reasonably necessary. Tmstor agrees to sign, deliver, and file any additional documents or certifications that Beneficiary may consider necessary in perfect, continue, and preserve Grantors obligations under this Security Instrument and Beneficiary's lien status on the Property. 22. JOINT AND INDIVIDUAL LIABILITY; COSIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instmmem are joint and individual. If Trus[or signs this Security'mommem but does not sign an evidence of debt, Tmstor does so only to mortgage Toaster's interest in the Propery w secure payment of the Secured Deb[ and Tmstor does no[ agree to be personally liable on [he Secured Debt If this Securty Instrument secures a guaranty between Beneficiary and Tmstor, Truster agrsea to waive any rights that may prevent Beneficiary from bringing any action or claim against I unnir or any party indebted under th e obligation. These rights may include, but are no[ limited to, any anti - deficiency or one - action laws. Truster agrees that Beneficiary and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any catdence of debt without Tmstor's consent. Such a change will not release Trus[or from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Truslor and Beneficial. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the Jurisdiction in which Beneficiary ie located, except to the extent otherwise re aired by the laws of the jmisdicdon where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement Any section in this Secuoi[y Instrument, stmchmen[s, or any agreement related to the Secured Debt that comlicts with applicable law will not be etfechve, unless that law expressly or tmphedly permits the variations by written agreement If any section of this Security Instnunent cannot be enl'orcc according to its terms, that section will be severed and will not affect the emorceability 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 Inswment are for conveniewe only and are not to he used to interpret or define the terms of this Security Ins[mment. 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 fast class mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. Notice to one tmstor will be deemed to be notice in all trustors. 26. WAIVERS. Except to the extent prohibited by law, Truster waives all 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. Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. Fixture Filing. Truster grants to Beneficiary a security interest in all goods that Grander 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. = 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 attachments. Truster also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. (Signamrq P 5 DIINN G (Date) (Slgnemn:) (Dale) ACKNOWLEDGMENT: p e� STATE OF _fj Lb �SU _.... ,COUNTY OF �L }ss. Ilndca a This instrument was acknowledged before me this „. _ I D day of 11.Q ryi-L. ,`,4br'C ..... by._PAUL S DUNNING My commission expires: =2M ehrazka UDA 10,2003 (N.., wm,m Qi 19M 9ankere Systems, Inc., 51. elm0, MN (1 000 397 2341) roni REM-NE 1M7N7 (Pago 4 014) ®C165(NE) ryeoel