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200303124 Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Seemed Debt, whether or not that due, at efoiary's option. Any application of proceeds to principal shall not extend or postpone the due date of the schatuled 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 resu Zing from damage to the property before the acquisition shall pass to Beneficiary to the extern n the Secured Debt immediate) 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 finds for taxes and insurance in escrow. 21. FINANCIAL REPORT- AND ADDITIONAL DOCUMENTS. Truster will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem reasonably necessary. Truster 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 Properly. 22. JOINT AND INDIVIDUAL LIABILIT Y; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Sex:unly instmntent are joint and individual. If Truster sites this Security hurumenl but does no[ sign an evidence of debt, Truster does so only to Mortgage Trustor's interest in the Property to secure payment of the Secured Debt and Tcus[or does no[ agree to be personally liable un the Secured Debt. If this Security Instmment secures a guaranty between Beneficiary and Trustoq Truster ap'ees [o waive any rights that may prevent Beneficial from bringing any action or claim against Truslor or any party indebted under the obligation. These rights may me ode, but are not limited to, an anh +deficiency or one - action Taws. Truslor aI_ h at Rnacileiary and any party to this Security Instrument may eictend, modify or make any change in the terms of this Security Instrument or any cvidcncc of debt without Tmsto['s conswt. Such a change will not release Truslor frmn the terms of this Security lns[rumenl. The duties and benefits of this Sex:unty InstrumevI shall bind and benefit the successors and assigne of Truslor and Beneficial. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This 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)urisdiction where the Properly 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 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 nmpliedly permits the variations by written agreement. If any section of this Securityy 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 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. 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 arty other address designated in writing. Notice to one trustor will be deemed to be notice to 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 instrumcol: E::] 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 Grantor owns now or in the future and that are or will become fixtures rclalcl 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 covert and agrecmenls of each of the riders checked below are incorporated into and supplement . and amend the terms of this Security Instrument. [Check all applicable boxes] 0 Condominium Rider I _J Planned Unit Development Rider E=I Other _ . 0 Additional Terms. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any attachments. 'I roster also acknowledges receipt of a copy of this S nit Instm on the date stated on page 1. fj�� Mar 14.21103 _ _ _ _ �Q-- - — __ _ _ ldar]4.2093 ____ (signature) Diane Semm (Dale) (Signature) Dale Semm (Date) ------------------------ Mar 14.2003. ----- - - - - - -' (Slgnaiu iel (Date) (signature) ACKNOWLEDGEMENT (Indfleduap STATE OF IVR-Ul - CO MY OF This instrument was ac eledgeel before me is by -i AAe :2e Kr11✓L__ Y✓ My comm enolres LARRY WILHELM Nlhaelp - ©199E beri ioaiv, Ii it Cloud MN 080034].2341) Four REDTan 101➢/9] ® -CI 6 a IN E)(4 8 0 s). 02 --------- ------ MUJ4.200a___ (pate) (Notary Public) (pg7e 4 of 4)