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200302621 D. Tmstor shall immediately notify Beneficiary in writing as Noun as Truser has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 12. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a sepamm agreement, Truster will not be rcyuirul to pay In Beneficiary funds for taxes and insurance in escrow. 13. JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual, If Tmstor signs this Security Instrument but does not sign an evidence of debt, Tmstor does so only to mortgage Toaster's interest in the Property to secure payment of the Secured Debt and 'Prosier does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Beneficiary and Tmstor, Truster agrees to waive any rights that mayy prevent Beneficiary from bringing any action or claim against Truster or any patty indebted under the obligation. Thecc rights True include, bur are not limited to, any anti- deficiency, or one - action laws. 'fhe duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficiary. 14. SF,VERABDdTY; INTERPRETATION. This Security Instrument 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 the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly 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 tnstmment. 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 be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument, 15. 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. 16. 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 1 of this Security Instrument, or to any other address designated in writing. Nance to one rmstor will be deemed to be notice to all tmstors. 17. WAIVERS. Except to the extent prohibited by law, Truster waives all appreiscment and homestead exemption rights relating to the Property. 18. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 19. APPLICABLE LAW. This Security Instrument is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. 20. 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) C Assignment of Leases and Rents = Other 21. C CONSTRUCTION LOAN. This Security Instrument is a construction security interest which secures an obligation incurred for the construction of an improvement on the Property. 22. 1 ADDITIONAL TERMS. SIGNATURES: By signing below, Freston agrees to the terms and covenants contained in this Security Instrument and in any rchments. Truster also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. (Slpnamre Y N ALLEN (!late) (sipneture) ICAY ALLEN (Dem) ACKNOWLEDGMENT STATE OF Nebraska , COUNTY OF Hall }s. " °`e "1inib This instrument was acknowledged before me this4th day of N.areh 2003 by LARRY N ALLEN, KAY F ALLEN n �\ My commission expires I GENERAL NCTAHYState of Nebraska TAMMY B. P BDY t Peelle) My Comm. Esp. tae- 1—syoams (page 4 of 4) - G45511YEI �ssoaeos