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<br />200503881
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance or the violation of any Environmental Law.
<br />12. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not be
<br />required to pay to Beneficiary funds for taxes and insurance in escrow.
<br />13. JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under
<br />this Security Instrument are joint and individual. If Trustor signs this Security Instrument but does not sign an evidence of
<br />debt, Trustor does so only to mortgage Trustor's interest in the Property to secure payment of the Secured Debt and
<br />Trustor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between
<br />Beneficiary and Trustor, Trustor agrees to waive any rights that may prevent Beneficiar from bringing any action or claim
<br />against Trustor or any party indebted under the obligation. These rights may include, but are not limited to, any
<br />anti - deficiency or one - action laws. The duties and benefits of this Security Instrument shall bind and benefit the successors
<br />and assigns of Trustor and Beneficiary.
<br />14. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security
<br />Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or
<br />any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly
<br />or tinpliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced
<br />according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security
<br />Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of
<br />the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of
<br />this Security Instrument. Time is of the essence in this Security Instrument.
<br />15. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiaryy's option, may from time to time remove Trustee and appoint a
<br />successor trustee without any other formality than the desi nation in writing. The successor trustee, without conveyance of
<br />the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Security Instrument and
<br />applicable law,
<br />16. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail
<br />to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing.
<br />Notice to one trustor will be deemed to be notice to all trustors.
<br />17. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights
<br />relating to the Property.
<br />18. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a
<br />zero balance, this Security Instrument will remain in effect until released.
<br />19. APPLICABLE LAW. This Security Instrument is governed by the laws as agreed to in the Secured Debt, except to the
<br />extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations.
<br />20. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and
<br />amend the terms of this Security Instrument.
<br />[Check all applicable boxes]
<br />❑ Assignment of Leases and Rents ❑ Other .............................................................. ...............................
<br />21. ❑ CONSTRUCTION LOAN. This Security Instrument is a construction security interest which secures an obligation
<br />incurred for the construction of an improvement on the Property.
<br />22. ❑ ADDITIONAL TERMS.
<br />SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any
<br />attachments. Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1.
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<br />(Signature) CHARC TE M SCHI CK .
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<br />ACKNOWLEDGMENT: n �y (1
<br />STATE OF ..........1.. �! 4!!U`r:�01........... , C UNTY OF ....... V. } ss.
<br />(Indr "dual) This instrument was acknowledged before me this ...
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<br />by JON.W SCHROCK,.JR,_C•HARLOTTE•M SC�ROCK. J(J,f•••,••••,•,,,,,,, .
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<br />My commission expires:
<br />(Notary Public)
<br />GENERAL, NOTARY• Stada � ►�t1ra tIu
<br />CAIRINA M. DELQSN
<br />ply Comm. Ems• Aug ?o() T '
<br />L—Cl M © 1994 Bankers Systems, Inc., St, Cloud, MN Form OCP- REDT -NE 1/31/2003 (page 4 of 4)
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