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200210367 Unless otherwise agreed in writing, all insurance yroceeds shall be applied to 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 postpone the due date of the scheduled paytfm��t nor change the amount of any payment. Any excess will be ppaid to the Grantor. lithe Property is acquired by Bene t£ciary, Tmstor'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 Debt 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 taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem reasonably necessary. 1 rustor agrees to sign, deliver, and file any additional documents or certifications that Beneficiary many consider necessary to perfect, continue, and preserve Grantor's obligations under this Security Instrument and Beneficiary s lien status on the Property. 22. JOINT AND INDIVIDUAL LIABILITY; CO -SIG this Security Instrument arejoint and individual. If I debt, Trustor does so only to mortgage Tustor's inte does not agree to be personally liable on the See Beneficiary and Trustor, Trustor agrees to waive any against Trustor or any party indebted under the i anti- deficiency or one - action laws. Trustor agrees th modify or make any change in the terms of this Se, Such a c e will not release Truman from the ter: Instrument s all bind and benefit the successors and a 7ESSORS AND ASSIGNS BOUND. All duties under is Security Instrument but does not sign an evidence of arty to secure payment of the Secured Debt and Trustor this Security Instrument secures a guaranty between r prevent Beneficiary from bringing any action or claim ese rights may include, but are not limited to, an and any party to this Security Instrument may extend, tit or any evidence of debt without Trustor's consent. ity Instrument. The duties and benefits of this Security or and Beneficial. 23. APPLICABLE LAW; SEVERABILITY- INTERPRETATION. This 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 Instrument is complete and Fully mtcgrated. This Security Tnsmurnent may not be amended or modified by oral agreement Any section in this Security Instrument, attachments, or any agreement related to 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 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 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 Beneficiar '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 so" 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 1 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, Trustor waives all appraisement and homestead exemption rights relating to the Property. 27. OTHER TERMS. If checked, the following are applicable to this Security Instrument: Q Line of Credit. The Seemed Debt includes a revolving line of credit provision. Although the Seemed Debt tray be reduced to a zero balance, this Security Instrument will remain in effect until released. 0 Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. Fixture L'Bing. Trustor grants to Beneficiary a security interest in all goods that Grantor owns now or in the future and that are or will become £enures related to the Property. This Security Instrument suffices as a financing striumeril 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 die terms of this Security Instrument. [Check all applicable boxes] = Condominium Rider 0 Planned Unit Development Rider 0 Other _ Q Additional Terms. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. 1C -3 -0, a 10 -3 -02 (Signanme) RICK LEE WATSON (Data) (sixamra) B WATSON (Date) Will NgD]`:/ 0 DI11f]a101a I STATE OF Nebraska , COUNTY OP Hal _ )as. Qn01idun1l This instrument was acldrowledged before me this 3rd day of Ct t obe r , 2002 by Rick Lee Watson and Ann D. Watson, Husband and Wifc _. My commission expires: March 7, 2005 eYetRllAl 1ERINE aMa _ C � \S GTNENINE 1 (eotarr ran5 Mic.Nl Exp, 0Ia94SmmeisSysteme. ina.st a000, MN(I- 800 3a)- 2341) form RE U1 FEE m2)Ri (pege4ot4) - C1651NEl (9Sa3).02