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200201685 Application 4 012091678E Unless otherwise agreed in writing, all hrauranee proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, wherbcr 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 payment nor change the amount of any payment. Any excess will be paid to the Grantor. If the Property is acquired by Beneficiary, Truster's right to anyy 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, Truster will not be required m pay to Beneficiary fronds for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Tnismr will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem reasonably necessary. Tmstor agrees to sign, deliver, and file any additional documents or certifications that Beneficiary may consider necessary in perfect, continue, and preserve Grantor a obligations under this Security Instrument and Beneficiary's lien slams an the Property. 22. JOINT AND INDIVIDUAL LIABILITY; COSIGNERS; SUCCESS016 AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Truster signs this Security Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Truster's interest in the Propyerty to secure payment of the Secured Debt and Tmstor does not agree to be personally liable on the Secured Dcbt. If tlus Securh Instrument secures a guaranty between Beneficiary and Truster, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or dohs against Truster or any pazty indebted under the obligation. These rights may include, but are not burned to, any anti - deficiency, or otre- action laws. Tmstor agrees that Beneficiary and any party to this Security Instrument may extend, modify or make any change in the terms of ads Security Instrument or any evidence of debt without Trustur's consent, Such a change will not release Tmstor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Tmstor and Beneficial. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the Kisdiction in which Beneficiary is located, except to the extent otherwise reported by the laws of me jurisdiction where the Properry is located. This Security Instrument is an led, and fully integiated.'Chis Security Instrument may not be amended or modified by oral agreement. An section in this Security Instrument, attachments, or any agreement related tit the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will M; severed 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 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 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 Instmmen[ 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 fathomed, or to any other address designated in writing. Notice to one tmstor will be deemed to be notice to all toasters. 26. WAIVERS. Except to the extent prohibited by law, Truster waives all appmisement and homestead exemption rights relating TO the Property. 27. OTHER TERMS. If checked, the following are applicable an this Security instrument: Q Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a acro balance, this Security Instrument will remain in effect until released. 0 Construction Loam This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. C] Fixture Filing. Tmstor grants to Beneficiary a security interest in all goods that Grantor owns now or tin the future and that are or will become fixtures related to the Property. This Security Instrument suffices as a financing aa[ement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Cade. 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. [Check all applicable boxes] E:] Condominium Rider 0 Planned Unit Development Rider 0 Other ... .............. _. . E--1 Additional Terms. SIGNATURES: By signing below, Truster agrees to the terms and covenants contained in ads Security Instrument and in any attachments. Truster also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. !7 Sign I BILil'no�w�� ...... 3�(Da G1,�q _. ...... .......�3�6�o) (Sign ICE. (Dal) (S�6na ) Y S MOWTNKEL (Dale) ACKNOWLEDGMENT: STATE OF A 1 r' s k k , COUNTY OF I- 14 L L- }ss. nMIViMJ) . is This instrumen .acknowledged t was acknowledged before me this ly ti~ day of by BILL L MOWINKEL and 201 JO MOW KE My commission expires um VOTARY-M of K&zkd D.1Mistlm FaF Dant42ma trvowr vuynl 0 1990 aNk09 Sol—, Inc. at Claud, MN n- aW 3972aan FO" REOT NE 162]/9] (i&ie 4 0.r 4) (=- 165(NE) t9emn