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200212 -541 Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secmed Debt, whether or no[ [ben due, at Beneficiary's option. Any application of proceeds to principal shall not extend or postpone begin date o£ the scheduled pa ent nor change the amount o£ any payment Any excess will be paid to the Grantor. If the Property is ac aired by Beneficiary, Traitor's right to any in ohcmes and proceeds resulting from damage to the Property before the acquisition shall pass to Beneficiary to the extent ofpthe 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. Trustm agrees to sign, deliver, and file any additional documents or certifications that Beneficiary may 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- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Trustor signs this Security Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Trustor's interest in the Properly to secure payment of [he Secured Debt and Trustor does not agree to be personally liable on [he Secured Debt IY' this Security Instrument secures a guazanty between Beneficiary and Trustor, Trstor a ees to waive any ri is that may prevent Beneficiary from bringing any action or claim against Trustor or any party inbred under the ob i6ation. These rights may include, but are not limited to, an anti- deficiency or one -action laws. Traitor 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 T:ustor's consent. Such a change 'It - 0 t release Traitor from the terms of this Security Instrument. The duties and benefits of this Security Iammunent shall bind and benefit the successors and assigns of Trstor and Beneficial. 23. APPLICABLE LAW; SEVERABD.ITY; INTERPRETATION. This Security Insumnent is governed by the laws of the rsdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where the perty is located. This Security Instrument is complete and fully integrated. This Security Instrument stay 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 imphedly permits the variations by written agreement. If any section of this Security Irrational cannot be enforced according to its terms, that section will be severed and will not atT ect 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 Beneficiary's option, may from time to time remove Trustee and appoint a successor trustee without any other formality than the designation m 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 a address on page 1 of this Security Insttvrnrnt, 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, Traitor waives all appraisemem and homestead exemption rights relating to the Property. 27. OTHER TERMS. If checked, the following are applicable to this Security Inummisent: E-1 Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may he reduced to a zero balance, this Security Instrument will remain in effect until released. E-I Cdostruction Loan. This Security hmstrumeut secures an obligation incurred for the construction of an improvement on the Property. Fixture Filing. Traitor 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 Code. Q Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the term of this Security Instrument. [Check all applicable boxes] = Condominium Rider = Planned Unit Development Rider = Other 0 Additional Terms. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Traitor also acknowledges receipt of a copy of this Security Inetfumen[ n thee date stated on page 1.� L ___ (6. o) JERRY E THORNE (Dam) (signawrej BEVEA THORNE (Dare) ACKNOWLEDGMENT: STATE OF NE , COUNTY OF Hall )ss. (1ntlivitliap This instrument was acknowledged before me this 6th dayof November 2002 by Jerry E Thorne and Beverly A Thorne, Each in his and her own right My commission expires: an tas s ous/� /Eof each other ANNEi7E t7gyi (Nomey Public) f0'Canm.6p fiey23, x701 © 1991 Bunk— Systems, Inc., St Cloud AN (1-600-97 -2011) Form RE DT NE 10R7f07 (p4724 of 4) IWC165(NE) (9806).02