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200205835 Uor ess otherwise agreed in writing, all insurance P oceeds shall be applied to the restoration or repair of the Properly or to the Secured Debt, whether or not then due, at Beneficiary's option Any application of proceeds to p[incipaL 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, Trusto,'s right to any insurance policies and pproceeds resulting from damage to the Property before the acquisition shall pass to Beneficiary W the extent of the Secured llchi immediately before the acquisition. 20. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not be required to pay to Beneficiary funds for tuxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Truster will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any additional documents or codifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantor's obligations under this Security Instrument and Beneficrary's lien status on the Property. 22. JOINT AND INDIVIDUAL LL4BILFPY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual, if' 'f[uslor signs this Security Instrument but does not sign an evidence of debt, Trustor does so on] yy m mortgage Tmstur's interest in the Property to secure payment of the Secured Debt and Trustor dues not agree to be personally liable on the Secured Debt If this Security lustrunient secures a guaranty between Beneficiary and Trustor, Tmstor agrees to Waive any rilihts that may prevent Beneficiary from bringing any action or claim against Trustor or any party indebted under the oblgatiuu. These rights may include, but are not limited to, any anti - deficiency or one - action laws. Truster agrees that Beneficiary and any party to this Security Instrument may extend modify or make any change in the terms of this Security Instrument or any evidence of debt without Tmstu['s consent. Such a Chun will will net release Trustor front the terns a this Security Instrument. The duties and benefits of this Security Instrummnt stall bind and benefit the successors and assigns of Truster and Beneficial. 23.. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. Phis Security Instrument is governed by the laws of the jurisdiction in which Beneficiary is located, except to the extent . otherwise required by the laws of the jurisdiction where the Property is located. This Security Iastrument is complete and fully integrated. This Security Instrument may not be anteuded or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Securest Debt that conflicts with applicable law will not he effective, unless that law expressly or impliedly permits the variations by written agmcmcut. If a%y section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will nor alfeel 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 We essence to 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 Instrument and applicable law. 25. NOTICE. Unless )Ihcrwiw 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 nn page I of this Security Insrunent, or to any other address designated in writing. Notice to one trust., will be deemed to be notice to all tmstors. 26. WAIVERS. Except to the extent probibited by law, Trustor waives all appraisement and homestead exemption rights relating to the Property. 27. OTHER TERMS. If checked, the fnllnwing are applicable to this Security Instrument: • Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, Win Security Instrument will remain in effect unit[ released_ • Constmcfinn Loan. This Security Instrument secures an obligation incurred for the construction Of an improvement on the Property. ❑ Fixture Filing. Trustor 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 W the Property. 'this Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may he filed of reared 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 [Check all applicable boxes] ❑ Condominium Rider ❑ Planned Unit Development Rider ❑ Other _... _.......... .... ._____.__._._._... ❑ Additional Terms. SIGNATURES: By signing below, Trustor agrees In the terms and covenants contained in this Security Instrument and in any attachments. Truster also acknowledges receipt of a copy of this Security Instrument on the date slated on page I. Larry's Steel an Welding, htc.� (Dsw) (3gnawm) (Dirt) (slgn3wre) (Date) ACKNOWLEDGMENT :''�`y9y�Y��`; Sy�Lla.rs SnBtrckno led_ bent. ofthiL Larry s..5.. el.am - -_. .......) ss. ..... n,w su�.it This instrument g ... rr{ h .. y... iag., Inc ...... My commission expires: 7 -19_QS 1 1994 eanken5 rte., St e-1, MN[ 130038]- 23411 Fore, 11 rT n11I21'91 Wd 6ENE. NOTARY Say anti !Page 4 cf 4) JACQUELYN) PC n;K' My Carom W Juy 19 .IIJS