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200304375 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 pa ert nor change the amount of any payment. Any excess will be aid to the Grantor. If the Property is acquired by Beneficiary, Trustor'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, Tnrstor will not be required to 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 m cial statement or information Beneficiary ay deem reasonably necessary . '1 roster 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- SIGNERS, SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Trustor signs this Security Instrument but does not sign air evidence of debt, Trustor does so only to mortgage Trustor's interest in the Property to secure payment of the Sccurcd Debt and Trustor does not agree to be personally liable on the Secured Debt. It this Security Instrument secures a guaranty between Beneficiary and 'frustor, 'Lmstor agrees to waive any rights that may prevent Rcncficiaarryy from bringing any action or claim against Trustor or any party indebted under the obligation. 'these rights may include, but are not limited to, an y anti- deficiency or one - action laws. Truster agrees that eficiary and any party to this Security Instrument may extend, modify or make may change in the terms of this Security Instrument or any evidence of debt without Trustor's consent. Such a changge will not release Trustor from the terms o this Security Instrument The duties and benefits of [his Security Instrument shat] bind and benefit the successors and assigns of Trustor and Beneficial. 23. APPLICABLE LAW; SEVERABILITY• INTERPRETATION. This Security Instrument is governed by the laws of the ]urisdiction in which Beneficiary is locateri, except to the extent otherwise required by the laws of the juristhetion where the Property is located. This Security Instrument is complete and fully mteyrated. 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 Seemed Debt that conflicts with applicable law will not be effective, unless that law expressly or imphedly permits the variations by written agreement. If anyy section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not an 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 designanon 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 1 of this Security Instrument, or to any other address designated in writing. Notice to one trustor will be decal to he notice to all trustors. 26. WAIVERS. Except to the extent prohibited by law, Trustor 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 himument secures an obligation incurred for the construction of an improvement on the Property. 0 Fixture Filing. Trustor grants to Beneficiary a security interest in all goods that Grantor owns now or in the forme and that are or will become fixtuies 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 agreernents of each of the riders checked below are incorporated into and supplement and amend the terns of this Security Instrument. [Check all applicable boxes] 0 Condominium Rider = Planned Unit Development Rider = Other ED Additional Terms. SIGNATURES: By signing below, Trustor 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. ';! %per'^ ( / ��-�C_eA� �. 4 -2 -03. �A.(!G<-eq �, !, 4_2_03 (sigamoa) MELVIN W PAULSON (oats) (Signal REBECCA L PAULSON (Data) ACKNOWLEDGMENT STATE OF Nebraska , COUNTY OF Hall )ss. nwNawo This instrument was acknowledged before me this 2nd. _ _ d of April 2003 by MELVIN W PAULSON. REBECCA L PAULSON My commission expires: GENERAL NOTARY -Slate of Nebraska KATHLEEN A. SCMIACHTEn (NOrary rubric) My Comm_ Esp May 21, 20b4 0 1994 emaaa System,, 1 a St. Cioua. MN (1 .300 -397 2a41 ) roam swr.sE IORV62 (page 4 of 4) ®-C16llEl (9 808).02