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200606061 Unless otherwise agreed in writing, all insurance proceeds shall be applied to 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 wiII be paid to the Grantor. If the Property is acquired by Beneficiary, Tmstor'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. ." 20. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Tmstor will not be required to pay to Beneficiary funds for taxes and insurance in escrow. . 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Tmstor wiII 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 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 Instmment are joint and individual. If Tmstor signs this Security InstmIl1ent but does not sign an evidence of debt, Tmstor does so only to mortgage Tmstor's interest in the Property to secure payment of the Secured Debt and Tmstor does not agree to be personally liable on the Secured Debt. If this Security lru;tmment secures a guaranty between Beneficiary and Tmstor, Tmstor agrees to waive any rights that may prevent Beneficiaty from bringing any action or claim against Trustor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Tmstor agrees that Beneficiary and any party to tlt.is Security lnstmment may extend, modify or make any change in the terms of this Security Instmment or any evidence of debt without Tmstor's consent. Such a change will not release Trustor from the terms of this Security Instmment. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of tmstor and Beneficiary. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instltlment is governed by the laws of the jurisdiction in which Beneficiary is located, except to the extent otherwise required ~ the laws of the jurisdiction where the Property is located. This Security Instmment is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instmment, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instmment cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instmment. Whenever used, the singular shaH include the plural and the plural the singular. The captions and headings of the sections of this Securily 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 Tmstee 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 k or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or to any ()ther address designated in writing. Notice to one trustor wiII be deemed to be notice to aH tmstors. 26. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating to the Property.' 27. OTHER TERMS. If checked, the following are applicable to this Security Instrument: [XJ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although. the Secured Debt may be reduced to a zero balance, this Security Instrument wiII remain in effect until released. [XJ Construction Loan. This Security Instrument secures an obligation incurred for the constmction of an improvement on the Property. o Fixture Filing. Trustor grants to Beneficiary a security interest in all goods that Grantor owns now orin the funlre and that are or wiII 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. D 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] D Condominium Rider D Planned Unit Development Rider D Other .................................................. D Additional Terms. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Trustor also cknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ...............~Q~~C2~~ (g~'t~ ) () C' (', .~ " . /t... W~lMJ::.. .<... .;XJ1.~~..:... ....... .(P13o/~& (Signature) AMY E. ffHULTZ (Date) (Individual) ACKNOWLEDGMENT: STATE OF N.~6BASl<A...................................., COUNTY OF H4ll...............................................} ss. This instrument was acknowledged before my tNsi..;.; ...30TH....... day of ................. ..JllN~. ~nQ6. ~................. by J.QI:IN. P. .SCll.U~ H; AI).\X .E.. .SCHUlTZ, JllIS.Q~N.Q .4~.Q WIF.UPJtJ:m '4/dWROS. . . . . . . . . . . . . . . . . . . . .. .. .. .................................... . My commission expires: 94 23.261'1&" ,./* ~,1'1- ,J 00 'i( ( eJ ...... .......... <-::> STEVE POPPE ~M @1994 Bankers Systems, Inc., St. Clou~. MN Form RE-DT-NE 1/3012002 e 4 of 4)