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200512437
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Last modified
12/21/2005 12:02:52 PM
Creation date
12/21/2005 11:58:58 AM
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DEEDS
Inst Number
200512437
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<br />... '! <br /> <br />200512437 <br /> <br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to <br />the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principal shall not <br />extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid <br />to the Grantor. If the Property is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting <br />from damage to the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately <br />before the acquisition. <br />20. 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 />21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor will provide to Beneficiary upon request, any <br />financial statement or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any <br />additional docwnents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantor's <br />obligations under this Security Instrument and Beneficiary's lien status on the Property. <br />22. JOINT AND INDMDUAL 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 Seeured 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 Beneficiary from bringing any action or elaim <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. Trustor agrees that Beneficiary and any party to this Security Instrument may extend, <br />modify or make any change in the terms of this Security Instrument or any evidence of debt without Trustor's consent. <br />Such a change will not release Trustor from the terms of this Security Instrument. The duties and benefits of this Security <br />Instrument shall bind and benefit the successors and assigns of Trustor and Beneficiary. <br />23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the <br />jurisdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where <br />the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be <br />amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to <br />the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the <br />variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that <br />section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, <br />the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security <br />Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. <br />Time is of the essence in this Security Instrument. <br />24. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a <br />successor trustee without any other formality than the designation 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 />25. 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 I 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 />26. WAIVERS: Excepftollieexte-nTprolilbReat'-y raw, Trustor waive-s - ail appraisement alliChomestead -exemptlon -aghts <br />relating to the Property. <br />27. OTHER TERMS. If checked, the following are applicable to this Security Instrument: <br /> <br />D Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be <br />reduced to a zero balance, this Security Instrument will remain in effect until released. <br />D Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement <br />on the Property. <br />D Fixture Filing. Trustor grants to Beneficiary a security interest in all goods that Grantor owns now or in the future <br />and that are or will become fixtures related to the Property. This Security Instrument suffices as a financing <br />statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the <br />Uniform COIillllercial Code. <br /> <br />D 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. [Check all applicable boxes] <br />o Condominium Rider D Planned U nit Development Rider 0 Other .................................................. <br />o Additional Terms. <br /> <br />SIGNATIJRES: 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. <br /> <br />"'~"-"""""-"--'----'----"""'--"--~"--""--p--""'."---..~..--...................................../!/~ <br />~::.":'::'~'\~S:i:::: +/'::::?:':(:::}~i"..:.)..:.:~...:::;:'::'::-':H::'::::::::::'-}?H?:')~~::::~:::::::::'::'Ir~ t? ,5 <br /> <br />.t. ......................... ............................. .............. <br />(S gnature) BONITA S KEN NED (Date) <br /> <br /> <br />ACKNOm:T~~T' H H H H~(oAk!lH H H H' COUI<J,Y OF H ~ <<;t H Hll ""'.::- H H H H H) " <br />(IndIVidual) This instrwnent was acknowledged before me this ..........\. J....... day of ..... .I\J.V. V..... O\-VU:J.................... <br /> <br />~y~~;,:~~~~~~~~lQ' ~~5~~gN~RY................... .CtLihA., I J ~..... O~..........,. <br /> <br />~(NotarY Pllblic) '\'-1 <br />~ @1994 aanke.. Systems, Inc., St. Cloud, MN Form RE-DT-NE 1/3012002 (page 4 of 4) <br /> <br />ii~i~~""~)l!. <br /> <br />(Signature) DENNIS E KENNEDY (Date) <br /> <br />J;GEMEML NOTARY. ........... <br />SARAH A. kEMU'" <br />CcIlnln. Oli. 25, 2001 <br />
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