|
<br />200606251
<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 documents 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 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 Beneficiary from bringing any action or claim
<br />against TrusIQr 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 temlS 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 Instrwnent cannot be enforced according to its terms, that
<br />section will be severed and will not affect the enf'orceability 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 tenns of this Security Instrument.
<br />Time is of tbe 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 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 trustor~.
<br />26. WAN ERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights
<br />relating to the Property.
<br />27. OTHER TERMS. If checked, the following are applicable to this Security Instrument:
<br />
<br />o Line of Credit. The Secured Debt includes a revolving line of credit provision. Altbough the Secured Debt may be
<br />reduced to a zero balance, this Security Instrument will remain in effect until released.
<br />o 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 Commercial 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 tbis Security Instrument. [Check all applicable boxes]
<br />D Condominium Rider D Planned Unit Development Rider D Otber...................,......"".........,..........
<br />D Additional Terms.
<br />
<br />SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in tbis Security Il1Strwllent 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 />fs(~~~~u........... .74:0 7si;;."';;BA;;Yu ;1,,~uuu.... 7?j!,;.;of..
<br />
<br />ACKNOWLEDGMENT: f) ~ \
<br />STATE OF N.~eRA&~A................."""""""""., COUNTY OF .."" ~"" ~ "t,)..""..............,,,,,,,,,,,,,.} ss.
<br />(In<livklual) This instrument was acknowledged before me this....... .14TH,...... day of .................. . JU.LY...zo.aa ...................
<br />by A~eERJ.4 oM. .&T !\NGE; .El4RRY A..SJMJ.(~E..~. M4RRIEQ P~~SON. . . . . . . . . . . . . . . . . . . . . . . . . . . ./, . . . . . . . .. . . . ./ . . . . . . . . . . . . . . . . .
<br /> . . . . . . . . . .. .
<br />
<br />My commissionexpir s: 6 GEN~r::~~:~~~ ....~-{';I!~~e..[.&f?~.......................
<br />
<br />~ '" Comm. &po Aprilll. 2010 ;f' ./ (Notary Public)
<br />
<br />~ @'994 Banko,. Systoms, Inc., St. Cloud, MN Form RE"OT-NE 1130/2002
<br />
<br />(page 4 of 4)
<br />
|