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200210775 Unless otherwise agreed in writing, all insurance proceeds shall he applied to the restoration or repair of the Property or to the .Secured Debt, whether or act 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 he paid to the Grantor. If the Property is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Deb[ i cdiately before the acquisition. 20. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Tmstor will not be required to pay to Beneficiary funds for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. 'Truster will provide to Beneficiary upon request, any financial statemem or infurrnation Beneficiary may deem reasonably necessary. Trustur agrees to sign, deliver, and file any additional docamems or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantor's obligations under this Security lmstrameat and Beneficiary's lien status on the Property. 22 JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Tmstor signs this Security Instrument but does not sign an evidence of debt, Tmstor does so only to mortgage Tructor's interest in the Property to secure payment of the Secured Debt and Truster does not agree to be personally liable on the Secured Debt If this Security Instrument secures a guaranty between Beneficiary and Trustuq Tmstor agrees to waive any rights that may prevent Beneficiary from. bringing any action or claim against Truster or any party indebted under the obligatica. These rights may include, but are rot 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 Insitutnenl or any evidence of debt without Trmstor's cousent- Such a change will ant retrace Tricolor from the terms of this Security Instrument The duties and benefits of this Security Iustroemu shall bind and benefit the successors and assigns of Truster and Beneficiary . 23. APPLICABLE LAW; SEVERABILIPY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Bcucficiary is located, except to the extent otherwise required by the taws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. this Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any egreernem related to the Secured Debt that conflicts with applicable law will act 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 be 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 am not to he used to interpret or define the terms Or this Security Instrument. Time is Of the essence in this Security Instrumeut, 24. SUCCESSOR TRUSTEE. Beneficiary, al Bcacficiary'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 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 I of this Security Instrument, or to any other address designated in writing. Notice to one trustor will be deemed to be notice to all trustors. 26_ WAIVERS. Except to the extent prohibited by law, Tmstor waives all appraisement and homestead exemption rights relating to the Property. 27 OTHER TERMS. If checked, the following are applicable to this Security Instrument: ❑ Lure 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_ ❑ 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 to 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 Cade. ❑ Riders. The Covenants and agreements Of each of the riders checked below are incorporated into and supplement and amend ale terms of this Security Instrument ]Check all applicable boxes] D Condominium Rider ❑ Planned Unit Development Rider ❑ Other ......................... ..__................... fl Additional Terms. SIGNATURES: By signing below, Truster agrees to the leans and covenants contained in this Security Instrument and in any attachments. Truster also ark ... Merges receipt of x enpy Of this Security Instmmenl On the dale stated on page 1. (s run rre) Wllnam C: Carson war =) (�€ rmre)Mery tan arson Date) ACRNOWLEDGMF,NT: STATE GP NahroAR ...... ......... , COUNTY OF Hall .... .. . ... ...} as. This instrument was acknowledged before rim this .......18111 .... day of by William C..GarspO;MafV.AOR Gallon. HMISRAd.and Wife ..... .. ...... My commission expires OTANKG>te of NeaNSta GENERAL N II MICHELLE L. HUNT , r t U) Mf Can.E . m. Aug 16 2007 (page 4 of 41 e-:rth 9tssa aank.r: av :,.mv m..