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200211320 Application q 0121222196 Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or in the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds m 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 Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage m the Property before the acquisition shall pass to Beneficiary a die extent of the Secured Debt immediately before the acquisition. 20. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Truster 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. Truster agrees to sign, deliver, and file any additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Granmr's obligations under this Security Instrument and Beneficiary's lien status on the Property. 22. JOINT AND INDIVIDUAL LIABILITY; COSIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Truster signs this Security Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Truster's interest in the Property m secure payment of the Secured Debt and Trustor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Beneficiary and Truster, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim against Trustor or any party indebted under the obligation. These rights may include, but are not limited to, any anti- deficiency or one - action laws. Trustor 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 Trustoc s consent. Such a change will not release Truster from the terms of this Security Instrument The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficial. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Beneficiary is located, except m the extent otherwise requned by the laws of the jurisdiction where the Properly is Iwated. This Security Instrument is complete and fully integrated. s Security Instrument may not be amended or modified by oral agreement. Any lecnom in (Ibis Security Instrument, altachmcuts, or any agreement related to the Secured Debt tut conflicts with applicable law will no[ be effective, unless tut law expressly or implhedly permits the variations by written agreement If any section of this Security Instrument came[ be enfomed according m its terms, that section will be severed and will no[ alfecC the eMerrest, of the remainder of This Security Ins[rumcut 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 ml to be used to interpret or define the terms of this Security Instrument Time is of the essence in this Security I aso min 24. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time in time remove Trustee and appoint a successor trustee without any other formality than the designation in writing. The successor tmstce, 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, my notice shall be given by delivering it or by mailing it by first class mail to the appropriate parry's address on page 1 of this Security Instrument or to any other it designated in writing. Notice to one trustor will be deemed to be notice in all trustors. 26. WAIVERS. Except to the extent prohibited by law, Truster waives all appraisement and homestead exemption rights relating to the Property. 27. OTHER TERMS. If checked, the following are applicable to this Security Instrument: 0 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. ED Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. 0 Fixture Filing. Truster 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 Properly. 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 [Check all applicable boxes] El Condominium Rider = Planted Unit Development Rider =1 Other (] Additional Terms. SIGNATURES: By signing below, Truster agrees to the terms and covenants contained in this Security Instrument and in my attachments. Truster also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. /Ml, Pry. /3w) R �,WS 3 oZ _. -- (Signature) R EY M J SON (pate) (Sfguahvsc) PEARL A JOE ON (Den) ACKNOWLEDGMENT: STATE OF ,COUNTY OF Inr,' }ss. "n°nduih This instrument was acknowledged before me this 16 day of by RODNEY M JOHNSON and PEARL A JOHNSON My commission expires: �� EMI ATR14A State S UDtaska l� f�- Gomin Ex M,,g 1 2003 mealy a) My Comm. Exp. Aug. 10, © issa mnsers systems, Inc. St, Owa, rn 1)Fo HEer -n'Ei 1.1 (page 4 of 4) ®- C165(NE) (saom