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200301760 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 atuount of any payment. Any excess will be paid to the Grantor. If (he Property is acquired by Beneficiary, Trusto['s right to any insurance policies 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 separate agreement, Trustor will out be required m pay to Beneficiary funds for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor 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 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- STGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument arc joint and individual. If Trustor signs this Security Instrument but does nor sign an evidence of debt, Trustor does so only to mortgage IFaster'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, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim against Truster or any party indebted under the obligation. These rights may include, but are not limited to, any anti - deficiency or one - action laws. Trustor 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 evidence of debt. without Tractor's consent. Such a change will not release 'Trustor from the terms of ibis Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficiary. 23. APPLICABLE LAW; SEVERABHdTY; INTERPRETATION. Phis Security Instrument is governed by the laws of the jurisdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instnunenl is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to [lie Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or hnpliedly permits the variations by written agreement_ If any section ref this Security Instrument cannot be enforced according to its terms, that section will he several 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 Instrument are for convenience only and are not to he used to interpret or define the temis of this Security Instrument. Time is of the essence in this Security Instrument. 24. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may froni time to tine 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 m all the title, power and duties conferred upon 'Trustee by this Security Instrumentd 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. Noliee to one tmstnr will be deemed to be notice to all rustocs. 26. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisemeat and homestead exemption rights relating of the Property. 27. OTHER TERMS. If checked, the following are applicable to this Security InstrurnenC ❑ Line of Credit. The Secured Debt includes a revolving line of credit prevision. Although tlm Secured Debt may be reduced to a zero balance, This Security lusLuNllellt will remain in effect until released. ❑ Coustruction Loan. This Security Instrument secures an obligation incurred for the construction of an Improvement on the Properly- ❑ Fixture Filing. Tmstor grants to Beneficiary a security interest in all goods that Grantor owns now or in the future and that arc or will become fixtures [eluted to the Property. ''his 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 (his Security heirnment. [Chick all applicable boxes] ❑ Condominium Ride[ ❑ Planned flail. Development Rider ❑ Other ................... ............................... ❑ Additional Terms. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument: and in any attachmenttss. Truster alsano ge s receipt of a copy of this Security Instrument on the date stated on page 1. (S gnamre) MICHAEL J. MCGAHAN (llara) C. MCGAHAN (Dole) ACRNOWLEDGMEN : I STATE OF NE08AUA ...... ............................... COUNTY OF ........ —I..... ..............................[ ss. This instrument was acknowledged before me thin ..... 20TH....... day of ................ ROVEM6ER- 2002 ......... .. by MICHAEL J..MGGAHAN..THACYG.MCGAHAN. AS HUSRAMl ANO WIFE. .. My commission expires: // (N Pobtic) E orIj� n 1996 Bankers sym—, Ire., 3c e—d MN Form PE DT NE 1;3012002 /pdgP 4 Of 4) 6EIHUl N01ANY • d Nedaslo ANGELA RAE JANSSI MY Comm. Em. Nor 26,208