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200306534 19. INSURANCE. Trustor shall keep Property insured against lass by fire, flood, theft mid other hazards mid risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Beneficiary requires. The insurance tamer providing the insurance shall be chosen by Truster subject to Beneficiary's approval, which shall not be unreasonably withheld. If'] torsion fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "loss payee clause" Trustor shall immediately notify Beneficiary ofcancellation or termination ofthe insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Truster shall immediately give to Beneficiary all receipts ufpaid premiums and renewal notices. Upon loss, Trustor shall give immediate notice to the insurance carrier and Bcncficiary. Beneficiary may make proof of loss if not made immediately by Trustor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair ofthe Property or to the Secured Debt, whether or not then due, at Beneficiury's uption. Any application ofproceeds to principal shall not extend or postpone the due date ofihe scheduled payment nor change the amount of any payment Any excess will be paid to the Grantor. Ifthe Property is acquired by Beneficiary, I'mstor's right many insurance politics 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 not be required m pay to Beneficiary funds for taxes and insurance in escrow. 5657 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Tmstor will provide to Beneficiary upon request, any financial statement or information Beneficiary rimy 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 Property . 22. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument arejoint and individual. If Trustor signs this Security Instrument but does not sign an evidence ofdcbt, Trustor does so only to mortgage Truster's interest in the Property to secure payment of the Secured Debt and 'I'rustnr does not agree to be personally liable on the Secured Debt, Ifthis Security Instrument secures a guaranty between Beneficiary and Trustor, Trustor agrees to wuive any rights that may prevent Beneficiary from bringing any action or claim against Trustor or any party indebted under the obligation. Thcsc rights may include, but are not limited lo, any anti - deficiency or one - action laws. Trustor agrees that Beneficiary, and any party to this Security Instrument may extend, modify or make any changes in the terms ofthis Security Instrument or any evidence of debt without Trustee's con sent. Such a change an l l not release' I rester from the terms of this Security I nstrument, I'he duties and benefits ofthis Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficiary. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws ofthejurisdiction in which Beneficiary m located, except to the extent otherwise required by the laws of thejunsdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement, Any suction in this Security Instrument, attaelunents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or implicdly permits the variations by or ten 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 ofihe remainder ofthis Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings ofihe sections ofthis Security Instrument are for convenience only and are not to be used to interpret or define the terms ofthis Security Instrument. Time is of the essence in this Security Instrument 24. SUCCESSOR RUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a successor trustee without any formality other 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 parry's address on page I of this Security Instrument, or to any other address designated in writing. Notice or oneTrustor will be deemed to be notice to all torsions. 26. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating to the Property. Expew— ® 1994 Hanker S,wmr, In,, St Cloud, MN Fomi USB- REDT -NF_ 9/42001 (page 5 of o)