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<br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the ProFerty or to
<br />the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principa shall not
<br />extend or postpone the due date of the scheduled pa meat nor change the amount of any payment. Any excess will be paid
<br />to the Grantor. If the Property is acquirer) by Bene reiare, Trstor's right to any insurance Dolicies and proceeds resit ling
<br />from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately
<br />before the acquisition.
<br />20. ESCROW FOR TAXES AND INSURANCE.. Unless otherwise provided in a separate agreement, Truster will not 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. Tmstor agrees to sign, deliver, and file any
<br />additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantors
<br />obligations under this Security Instrument and Beneficiary s lien status on the Property.
<br />22. JOINT AND INDIVIDUAL LIABILITyj CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under
<br />this Security Instrument are joint and individual. if Truster signs this Security Instrument but does not sign an evidence of
<br />debt, Tmstor does so only to mortgage Trustor 's interest in the Property to secure payment of the Secured Debt and Truster
<br />does not agree to be personalty Kahle on the Secured Debt. I this Security Instrument secures a guaranty between
<br />Beneficiary and Trustor, Trustor agrees [o waive any rights that may prevent Beneficiary from bringing any action or claim
<br />against Truster or any party indebted under the obligation. These rights may include, but arc not limited to, any
<br />anti - deficiency or one - action laws. Trustor 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 Trusim's consent.
<br />Such a change will not release Trustor from ms the ter of this Security Instrument. The dirties and benefits of this Security
<br />st
<br />Inrument shall bind and benefit the successors and assigns of Tmstor and Beneficial.
<br />23. APPLICABLE LAW; SEVERABILITY• INTERPRETATION. This Security Instrument is governed by the laws of the
<br />7. diction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where the
<br />Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be
<br />amended or modified by oral agreement. Any section in this Security Instrumcnt, attachments, or any agreement related to
<br />the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly 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 used,
<br />the singular shall include the plural and the plural the singular. 'Me, captions and headings of the sections of this Security
<br />Instrument are for convenience only and we not to he used to interpret or define the terms of this Security Instrument. Time
<br />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 m writing. The successor trustee, without conveyance of
<br />the Property, shall succeed to all the title, power and duties conferred upon Tmame 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 mailing it by first class mail to
<br />the appropriate party's address on page I of this Security Instrument, or to any other address designated in writing. Notice
<br />to one trustor will be deemed to be notice to all initials.
<br />26. WAIVERS. Except to the extent prohibited by law, Trustor waives all appmisement and homestead exemption rights
<br />relating to the Property.
<br />27. OTHER TERMS. If checked, the following are applicable to this Security Instrument:
<br />0 Line of Credit. The 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 />71 Construction Loan. 'Phis Security Instrument secures an obligation incurred for the construction of an
<br />improvement on the Property.
<br />0 Fixture Filing. Tmstor grants to Beneficiary a security interest in all goods that Grantor owns now or in the future
<br />and that are or will become fixtures related to the Property. This Security instrument suffices as a financing
<br />statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of
<br />the Uniform Commercial Code.
<br />U Eiders. The covenants aid agreements of each of the riders checked below are incorporated into and supplement
<br />and amend the terms of this Security Instrument. (Cheek all applicable bu l
<br />71 Condominium Rider 0 Planned Unit Development Rider 0 Other
<br />Additional Terms.
<br />SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any
<br />attachments. Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1.
<br />vL, Z/ / "l %�� VjJYU6� .J' FeKIdF✓v �—/ OC
<br />(Sirnamre) KEVIN E PEARSON (Date) (Signature) ONJA J PEARSON (Dam)
<br />ACKNOWLEDGMENT:
<br />S'fATEOF Nebraska ,COUNTY OF Hall }ss.
<br />11,1111. "l This instrument was acknowledged before me this 9th day of January 2002
<br />by Kevin E Pearson and Sonja J Pearson, Husband and Wif
<br />My commission expires:
<br />GENERAL NOTARY-State ol NahroB,Vt C
<br />ANNETTE STUOREV IN.,ary wa=r
<br />My Cause Ety, NOV. 13, 2002
<br />©,e ,.m.. PC.. s, n—, on 1 80 397- 214 n PC IM aeo orvL, orz»ei (page 4 of 4)
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