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200304023 <br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to <br />the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principal shall not <br />extend or pustpoue the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid <br />to the Grantor. If the Property is acquired by Beneficiary, Truslor's right to any insurance policies and proceeds resulting <br />from damage to the Properly before We acquisition shall pass in Beneficiary to the extent of the Secured Debt immediately <br />before the acquisition. <br />20. ESCROW FOR TARES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustur will net be <br />required to pay to Beneficiary funds for taxes and insurance in escrow. <br />21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Truster will provide to Beneficiary upon request, any <br />financial statement or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any <br />additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantor's <br />obligations under this Security Instrument and Beneficiary's lien status on the Property. <br />22. JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS, SUCCESSORS AND ASSIGNS BOUND. All duties under <br />this Security Instrument are joint and individual. If Truster signs this Security loarumenl but does not sign an evidence of <br />debt, Toaster does so only to mortgage Toasto[ s interest in the Property to secure payment of the Secured Debt and <br />Truster does not agree to he personally liable on the Secured Debt. If this Security Instrument secures a guaranty between <br />Beneficiary and Trustur, 'I rustot agrees to waive any rights that may prevent Beneficiary from bringing any action or claim <br />against Trustur or any party indebted under the obligation. These fights may include, but are not limited to, any <br />anti - deficiency or one - action laws. Toaster agrees that Beneficiary and any party to this Security Instrument may extend, <br />modify or make any change in the terms of this Security Instrument or any evidence of debt without Toaster's consent. <br />Such a change will not release Toaster from the terms of this Security Instrument. The duties and benefits of this Security <br />Instrument shall bind and benefit the successors and assigns of Toastor and Beneficiary. <br />23. APPLICABLE LAW; SEVERABH.ITY; INTERPRETATION. This Security Instrument is governed by the laws of the <br />jurisdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where <br />the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may act be <br />uneuded or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to <br />the Secured Debt that conflicts with applicable law will not he effective, unless that law expressly or iurpliedly permits the <br />variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that <br />section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever ward, <br />the singular shall include the plural and We plural the singular. The captions and headings of the sections of this Security <br />Instrument arc for convenience only and are not m be used to interpret or define the terms of this Security Instrument. <br />Time is of the essence in this Security Instrument. <br />24. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a <br />successor trustee without any other formality than the designation in writing. The successor trustee, without conveyance of <br />the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Security Instrument and <br />applicable law. <br />25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by marling it by first class mad <br />to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. <br />Notice to one tmstor will he drxaned to be notice to all trusters. <br />26. WAIVERS. Except to the extent prohibited by law, Tmstor waives all appraisemenl and homestead exemption rights <br />relating to the Property. <br />27. OTHER TERMS. If checked, the following are applicable to this Security Instrument: <br />W Line of Credit. I'he Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be <br />reduced to a zero balance, this Security Instrument will remain in effect until released. <br />W Conslruetlon Loan. This Security Instrument secures an obligation incurred for the construction of an improvement <br />on the Property. <br />❑ Fixture Filing. 'I'ruslor grants to Beneficiary a security interest in all goods that Grantor owns now or in the future <br />and that are of will become fixtures related to We Property. This Security Instrument suffices as a financing <br />statement and any carbon, photographic or other reproduction may he filed of record for purposes of Article 9 of the <br />Uniform Commercial Cade. <br />❑ Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and <br />amend the terms of this Security Instrument. [Check all applicable boxes} <br />❑ Condominium Rider ❑ Planned Unit Development Rider ❑ Other ................... ............................... <br />❑ Additional Terms. <br />SIGNATURES: By signing below, Tractor agrees to the terms and covenants contained in this Security Instrument and in any <br />attachments. Toaster also acknowledges receipt of a copy of this Security Instrument on the date slated on page 1. <br />��r� <br />(9 {Eaawm) 1 <br />W�Bf ( nte) (3ik�wtt�HWnr Data) <br />ACKNOWLEDGMENT: ^e ,- <br />S'1'ATE OF _ _ e�`�' ......_ C'(�.UNTY OF .... .. s mmx,n4x. .._ } as. <br />Una.iaoaJ PL\ n <br />This instrument was acknowledged before me this �( ,.... day of .... `S R <br />by HerrXA.HuWJ. Vicki L, kluter.HUSband aM 1Nifg... ........ .... ..�� 1' ,. ....,, 4p e .......... <br />My commission expires: S - Z (� 200 <br />... ..........y(c.'. iJ. �.......... <br />F jy' SJ 1996 PxnYars ayxmmxlnc.a,. Llwtl. MN "M`om-e 1/302004 -I^.• mV `f Ipage 4 of 4) <br />OF <br />