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2002 1FriFia "Application $ 0121124515 200208070 Unless otherwise agreed in writing, all insurance prweeds shall be applied m 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 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 ionic extent of the Secured Deb[ 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. Trustor agrees to sign deliver, and file any additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantors 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 Tm mr signs this Security Instrument but does not sign an evidence of debt, Truster does so only to mortgage Trustor's interest in Ore Proppeerly m secure payment of the Secured Debt and Trustor does not agree to be personally liable on the Secured Debt. If Ws SCounty Instrument secures a guaranty between Beneficiary and Trustor, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim against Trietar or any party indebted under the obligation. These rights may include, but are not limited to, any anti -deficiency or one -action laws. Tmstor anodes that Beneficiary and any party to Ibis Security Instrument may extend, modify er make any change in the terms of am Security' Instrument or any evidence of debt without Trusmr's consent. Such a change will not release Truster from the terms of this Security Irnarument. The duties and benefits of this Security instrument shall bind and benefit the successors and assigns of Truster and Beneficial. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security InsWment is governed by the laws of the Jurisdiction ¢I which Beneficiary is ]ceafed, except to the extent otherwise required by the laws of the jurisdiction where the Property E located. This Security Instrument E complete and fu By integrated. This Security Inswmen[ may not be amended or modified by oral agreement. Any section m this Security instrument, a[tachtnents, or any agreement related to the Secured Debt mat wMic[s with applicable law wdl not be effeel[ve, unless that law expressly or unphedly permits the variations by written agreement If any section of this Security Instrument cannot S enforced according to its terms, that section will be severed and will not affect the enforoeability of the remainder of this Severity Instrument Whenever used, the singular shall include the plural and the plural the stoguIn, The captions and headings of the sections of this Security Inswmea are for convenience only and are not m be used to interpret or define the terms of this Security lusttvment. Time Is of the essence m Nis 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 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 Rage 1 of this Security Instrument, or m any other address designated in writing. Notice to one truster will be deemed to be notice in all tmsmrs. 26. WAIVERS. Except to the extent prohibited by law, Trustor waives all appointment and homestead exemption rights relating to the Property. 27. OTHER TERMS. If checked, the following are applicable m 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, Nis Security Instrument will remain in effect until released. L-3 Construction Loan. This Security Instrument secures_ an obligation incurred for the construction of an improvement on the Property. - 0 Fixture Filing. Tmstor grants in 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 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] 0 Condominium Rider 0 Planned Unit Development Rider = Other ... _ „ ...................... 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. C>� %t ELLIOT 5 SCHNEIDER (Date) (Signature) D SCHNEIDER (Signature ACKNOWLEDGMENT: N Lp STATE OF This instrument was ac�wledg COUNTY C) O u"a""a °no ed before me this by ELLIOT D SCHNEIDER and JUNES SCHNEID R .............. My commission expir ERAI NOiAA'IStat. al NdgA GATBINA MASHUdD2 My cc nln. Eep. 9 © 1994 Bankers Systems, Inc., 51, Cloud MN )1800]9] 2941) Form RE OT -NE 1MrIW �® C165(NE) (9909) OF tv �}p day of .�._GU ✓T-� _.. (Notary goals) (pogo 4 of 4)