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. , ',\ 200602160 , T -.. '-. Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Deed of Trust. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard" mortgage clause" and, w here applicable, "beneficiary loss payee clause." Trustor shall im mediately notify Beneficiary of cancellation or term ination of the insurance. Beneficiary shall have the right to hold the policies and renewars. If Beneficiary requires, Trustor shall im mediately give to Beneficiary all receipts of paidprem iums and renewal notices. Upon loss, Trustor shall give im mediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor. Unless Beneficiary and Trustor otherw ise agree in w ritin~, insurance proceeds shall be applied to restoration or repair of the Property damaged if the restoration or repair is economically feasible and Beneficiary's security is not lessened. If the restoration or repair is not econom ically feasible or Beneficiary's security would be lessened, the insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to Trustor. If Trustor abandons the Property, or does not answer within 3 D days a notice from Beneficiary that the insurance carrier has offered to settle a claim, then Beneficiary may collect the insurance proceeds. Beneficiary m a-.r use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The 3D-day period w ill begin w hen the notice is given. Unless Beneficiary and Trustor otherw ise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage to the Property before the acqUisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition. B. Trustor agrees to maintain com prehensive general liability insurance nam ing Beneficiary as an additional insured in an amount acceptable to Beneficiary, insuring against claim s arising from any accident or occurrence in or on the Property. C. Trustor agrees to maintain rental loss or business interruption insurance, as required by Beneficiary, in an amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing), under a form of policy acceptable to Beneficiary. 22. NO 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. 23. FINANCIAL REPORTS AND ADDITIONAL DOCUM ENTS. Trustor w ill provide to Beneficiary upon request, any financial statement or information Beneficiary may deem necessary. Trustor warrants that all financial statements and information Trustor provides to Beneficiary are, or will be, accurate, correct, and complete. Trustor agrees to sign, deliver, and file as Beneficiary may reasonably request any additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Trustor's obligations under this Deed of Trust and Beneficiary's lien status on the Property. If Trustor fails to do so, Beneficiary may sign, deliver, and file such documents or certificates in Trustor's name and Trustor hereby irrevocably appoints Beneficiary or Beneficiary's agent as attorney in fact to do the things necessary to com ply with this section. 24. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Deed of Trust are joint and individual. If Trustor si~ns this Deed of Trust but does not sign the Evidence of Debt, Trustor does so only to mortgage Trustor's interest In the Property to secure payment of the Secured Debt and Trustor does not agree to be personally liable on the Secured Debt. Trustor agrees that Beneficiary and any party to this Deed of Trust may extend, modify or make any change in the terms of this Deed of Trust or the Evidence of Debt without Trustor's consent. Such a chan~e w ill not release Trustor from the terms of this Deed of Trust. The duties and benefits of this Deed of Trust shall bind and benefit the successors and assigns of Trustor and Beneficiary. If this Deed of Trust secures a guaranty between Beneficiary and Trustor and does not directly secure the obligation which is guarantied, Trustor agrees to waive any rights that may prevent Beneficiary from bringln~ any action or claim against Trustor or any party indebted under the obligation including, but not lim ited fo, anti-deficiency or bne~actibn laws. 25. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Deed of Trust is governed by the laws of the jurisdiction in which Beneficiary is located, except to the extent otherw ise required by the law s of the jurisdiction where the Property is located. This Deed of Trust is complete and fully integrated. This Deed of Trust may not be amended or modified by oral agreement. Any section or clause in this Deed of Trust, attachments, or any agreement related to the Secured Debt that conflicts with applicable law w ill not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section or clause of this Deed of Trust cannot be enforced according to its term s, that section or clause w ill be severed and w ill not affect the enforceability of the remainder of this Deed of Trust. Whenever used, the singular shall include the plural and the plural the singular, The captions and headings of the sections of this Deed of Trust are for convenience only and are not to be used to interpret or define the terms of this Deed of Trust. Time is of the essence in this Deed of Trust. 26. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a successor trustee by an instrument recorded in the county in which this Deed of Trust is recorded. The successor trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon the Trustee by this Deed of Trust and applicable law. ~ 01993.2001 Bankers Systems, Inc., Sl. Cloud, MN Form AGCQ-RESI-NE 1/17/2003 .-C595(NE) (0307).01 ~ Loan Number 1667056 --- () (page 6 of 8) \ Ii---