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200306674 D. Trustor shall immedinlcly notify Beneficiary in writing as soon as Trustor has reason to believe there is any ppending 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 separate agreement, Trustor will not be required to pay to Beneficiary funds for taxes and insurance in escrow. 13. JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties undur this Security Instrument are joint and individual. 11' Trustor signs this Security Instrument bur dues not sign an evidence of debt, Trustor does so only to mortgage Trustor's interest in the Property to secure payment of the Secured Debt and Truster does not agree to be personally liable on the .Secured Debt. If this Security Instrument secures a u2ranty between Beneficiary and Trustor. Truslor agrees to waive any rights that may prevent Beneficiary from ringing any action or claim against Truslor or any party indebted under the obligation. Than: rights may include, but are not limircd bn, any anti - deficiency or one - action laws. The duties and benefits of this Security Instrument shall bind and hcncfit the successors and assigns of Truslor and Bcncf icir ry. 14. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agrermcnl. Any section in this Security Instrument, avachmcnls, or any agreement related to the .Secured Dula that conflicts with applicable law will not bu cffcctive, unless that law expressly or impplie ])' peanuts the variations by written agreement. If any section or this Security Instrument cannot he cnl,).d am,rding to its toms. that section will he suvcrcd 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 c'onvenicme) only and are not t 1 be used to interpret or define the terms ol'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 Irustee and appoint a successor trustee without any other formality than the designation in writing. Thu successor trustee, without conveyance of the Property, shall succeed to all the tills, 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 app party's address on page I of this Security Instrument, or to any otrepriam address designated in writing. Notice to one trustor will be deemed to he notice to all trusto s. 17. WAIVERS. Except to the extent pruhihitcxl by law, Trustor waives all appraisement and homestead exemption rights relating to the Property. IS. LINE OF CREDIT. The Securexl Debt includes a revolving line of credit Although the Secured Debt may be reduced nn a zero halancc- this Sorority Instrument will remain in effect until released. 19. APPLICABLE LAW. This Security Iaslrumen is governed by the laws as agreed to in the Secnrel Debt. except to the extent required by the laws of the 'jurisdiction where the Property is locatel, and applicable federal laws and rcgulatiotu. 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. lChcek all applicable hoxcsl l A Assignment of Leases and Rents = Other 21. =CONSTRUCTION LOAN. This Security Instrument is a construction scuurity interest which secures an ohligation incurred I'or the construction of an imprev rrunt on the Property. 22. = ADDITIONAL TERMS. SIGNATURES: By signing hclow, Trustor agrees to the terms and covenants contained in [his Security Instrument and in any atwchnients. Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. t�az_�_� =�� ._____. 5/19/03 __.`J 0,yv�Qp,,L1,_f ty 5 /19/03 6,na1urUGALEN E GEEDES taste) (Slgnawre) T21i[EEA R GERDES (Da¢) ACKNOWLEDGMENT STATE OF NEBRASKA .000N'lYOP HALL .___ -__ ss. This instrument was acknowledged before me this 19TH day of MAY, _2003 by GALEN E GERDES AND TAMERA M GERDES, HUSBA AND WIFE, My commission cxpirus GENERAL NOiARYStale of NeCtaska "THLEENA. SCHIACHTER Ncmry FENiq .6 M, Comm. Eq. May 21, 2004 (D 1ovaBv 5e o'n, n, i emus.vrvro - moor -zrm NE li4111 (poge4ot4) ,Q-C466(NF) rroar;nv