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200207301, Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Proparty or to the Secured Debt, whether or not then due, e[ 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 Bene iciary, Trustor's nghr to any insurane here. and yroceeds resulting from daimge to the Property before the acquisition shall pass to Beneficiary [o he extent at he Secured Debt immediately heforethe the 20. ESCROW pay FOR TAXES i � des for es and mess otherwise provided in a separate agreement, 'rrustor will not be 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem reasonably necessary . I rustur agrees to sign, deliver, and file any obligations additional under t s or Security atti. that 12,eftnefc drys cicnsstu son the Propertyet, continue, and preserve Grantor's 22. JOINT AND INDIVIDUAL LIABILM' CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Trustor signs this Security I im -ument but does not sign an evidence of debt, Truster, does so only to mortgage Trustor'8 interest in the Property to secure payment of the Seem cxl Debt and'trustnr does not ogre to be personally fable on the Secured Debt. I£ this Security Instrument secures a guaranty between Beneficiary and 1'rustoy Truster agrees to waive any rigtits that may prevent Heneficrary Gom bringing any action or claim against Truster or any party indebted under the obligahoy These rights may include, but aze not hurried to, an anti - deficiency or one -action laws. Truster agrces that Beneficiary and any party to his Sceurity Isstrument may extend, modify or make any change m the terms of [his Security Instrument or any evidence Of debt without Tarsier's consent. Such a �han6re will not release Truslor Gom the terms of this Security Insrument. The duties and benefits of this Security Instrument .shall bind and benefit the successors and assigns of Tmstor and Beneficial. 23, APPLICABLE LAW; SEVERABll,1TY' INTERPRETATION. This Security lnstrumrnt is governed by the laws of he Iurisdidion in which Aeneficiary is located except to the extent otherwise required by [he laws of the jurisdiction where he Property is located. This Sceurity Instrumeyynt is complete and fully integrated. This Security Instrument may not be the Secw ed Dehtr tl� conflicts nn�applic bleslaw willinnt be emti'rec�ve,suNe enthattllaww excpressly oryi pliallynper rits�the variations by written agreement If an section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Sceurily Instrument. Whenever used, he 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 he 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 Aencficiazyy' s ggonnption, may from time to time remove Trustee and appoint a the Property, trustee without arty other formality ho er add idu[ ors conferried upon Trustee by his Security Instrument v and n in the Property, ehal] succeed to all the title, p 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 l of this Security Instrument, or to any other address designated in writing. Notice to one uustor will he deemed to be notice to all trusters. 26. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating to he Property. 27. OTHER TERMS. If checked, the following 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, this Security Instrument will remain in effect until released. Q Construction Lou.. This Security instrument secures an obligation incurred for the construction of an improvement on the Prup dry, 0 Future 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 to the Property. This Security Instrument suffices as a financing statement and airy carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of he Uniform Cormnereial Code. =1 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] C] Condominium Rider L:3 Planned Unit Development Rider 0 Other Additional Terms. SIGNATURES: By signing below, 'frustor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Truster also acknowledges receipt Of a ropy of this Security Instrument on the date stated on page 1. (signamre)MICHEAL R PHILLIPS (Date) (si,onO)BONITA R PHILLIPS (Date ACKNOWLEDGMENT: STATE OF Ar �WR_fJS'X /1 ,C U TYOF /-///-/ Z_ :ad�.;dwn '1' his instrument was acknowledged before me this & _ _ .__'_'dPay of TL[� 2¢u2 by!Y!!cd�BL AC FRZLG.tI' "Is - - -- - l /uSezi My COmmi &.ion expires: GENEPeI NOiANY Stale of Nebraska Irvmary rabic) My Comm, Ev Mry 21, 2004H © 1 99 emueu S Wcms.Inc. s,. cloud. MN (1 .9003099341) ioim RE ET RE 10 I17N7 po9p 4 of 4) - CIa51NEl (111,)01