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Application # 0120976493 200204570 Unless otherwise agreed in writing, all insurance proceeds shall be applied m 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 ppoostpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Granor. if the Property is acquired by Beneficiary, Tnrstor's right to anyy insum ce 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, Tmstor will rut be required to pay to Beneficiary funds fur Ones and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Tmsmr will provide in Beneficiary upon request, any financial sra ment or information Beneficiary may deem reasonably necessary. Tmstor agrees m sign deliver, and file any additional documents or certifications that Beneficiary my consider necessary to perfect, continue, and preserve Grantor a obligations under this Security Instrument and Beneficiary's lien slow on the Property. 22. JOINT AND INDIVIDUAL LIABILITY- COSIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instnunent are joint and individual. If Tensor signs [his Security instrument but does rut sign eo evidence of debt, Truser does so only o mortgage Tmsmr's interest to the Properly to secure payment of the Secured Deb[ aritl Truser does rut agree o be personally liable on the Secured Debt. If this Securrt Instrument secures a guaranty between Beneficiary and msur, Truser agrees to waive any rights that may prevent Benetyuiary from bringing any action or claim against 7}uator or any party indebted antler the cbhgatlwi, TTese rights ivay' include, Uut arc not limited to, any and- deficiency or ore- action laws. Tmsmr agrees chat Beneficiary and any Party to Nis Security Instrument may exOnd, modify or make any change m the terms oP thu Security Lsstrunrent or any evidence of tlebt without Tmsmr's coriaent. Such a change will no[ release Tnu:or from the terms of this Security Instmmen[. The duties and berefin of this Security Inswmen[ shag 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 ] urisdiction hi which Bereficiary ta located, except to the ez[ent otherwise requred by the laws of the jurisdiction where the Property is located. This Securely instrument ta complete and fully inOgrah:d. This Security Instrument may no[ be amended or modified by oral agreement. An section in this Security hummunt, attachments, or easy agreement related n the Seemed Debt that conflicts with applicable law will not be effective, unless that taw expressly ter unp redly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according u its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, Use singular shall include the plural and the plural the singular. The capdons and headings of the sections of flits Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Immanent. Ti is of the essence m Tim 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 wasting. 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. appropriate Unless otherwise addresseonq aredI of this notice shall be , or to any lotherraaddress desiagnated in wrtiting.alloncdto one npiietor will be deemed to be nonce to all tnistors. 26. WAIVERS, Except to the extent prohibited by law, Tmstor waives all appmisement and homestead exemption rights relating to the Property. 27. OTHER TERMS, if checked, the following are applicable m this Security Insimmenu Q Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced in a zero balance, this Security Inamora t will remain in effect mnil released. E-1 Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. Fixture Filing. Tmstor grants to Beneficiary a security interest in all goods that Grantor owns now or in the future and that are or will become fixtures related u 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 agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security instrument. LChec : all applicable boxes] 0 Condominium Rider El Planned Unit Development Rider =Other .... .... ..... ..... .... .,.... ,..... , ... Additional Term. SIGNATURES: By signing below, Tmstor agrees to the terms and covenants coruained in this Security Instrument and in any anachur,ids. Truster also acknowledges receipt of a copy of this Security instrument on to' date stated on page 1. (� uvel OlrGI,A. `r7 S .:TH ACKNOWLEDGMENT: j (,t',, , (STATE OF E1JQpf j,(i,'`�,uGL.. ... , COU TY OF f ko, rrAA ' ,7 . q g ��nn ...... } This instrument was acknowledged before nin this _ _ , I I day of i-C}iAu/ ,... L U7L as. .. .... DOUGLAS W SMITH ..., ..:.. _. ........ by lZi L NOTARY -Stets of Ndtsstd n My commission exp CATRINA M. SHUDA luaury nrmml fumm. Fxp. Aug. 10.2003 © im ii.nbn sy,tama. I... at 0-A NN (1 BD]a9h239n FOnIi RE- - NE IW7197 (Page 4 of 4) (0�7CIWNE) (KNO)