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<br />200509824
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<br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Prorerty or to
<br />the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principa shall not
<br />extend or postpone the due date of the scheduled payment nor cliange 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. .
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<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.
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<br />21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENrS. Trustor will provide to Beneficiary upon request, any
<br />financial statement or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, dehver, and file any
<br />additional documents or certifications that Beneficiary ma~ consider necessary to perfect, continue, and preserve Grantor's
<br />obligations under this Security Instrument and Beneficiary s lien status on the Property.
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<br />22. JOINT AND INDIVlnUAL LIABILITYi 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 Trustor
<br />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 Trustor or any party indebted under the obligation. These rights may include, but are not limited to, any
<br />anti-~eficiency or one-action !aws. Trustor agr~es that ~eneficiary and any party to this Security. Instrument n~ay extend,
<br />modIfy or make any change 111 the terms of thiS Secunty 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 Beneficial.
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<br />23. APPLICABLE LAW; SEVERABILITY' INTERPRETATION. This Security Instrument is governed by the laws of the
<br />iurisdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where the
<br />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. Time
<br />is of the essence in this Security Instrument.
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<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.
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<br />25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to
<br />the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. Notice
<br />to one trustor WIll be deemed to be notice to all trustors.
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<br />26. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights
<br />relating to the Property.
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<br />27. OTHER TERMS. If checked, the following are applicable to this Security Instrument:
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<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
<br />improvement on the Property.
<br />D l.i'ixture 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
<br />the Uniform Commercial Code.
<br />D Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement
<br />and amend the terms of this Security Instrument. [Check all applicable boxes]
<br />D Condominium Rider D Planned Unit Development Rider D Other
<br />D Additional Terms.
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<br />~..(L~
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<br />(Signature) LARSON CONSTRUCTION, INC.
<br />DAVID L LARSON, PRESIDENT
<br />ACKNOWLEDGMENT: _ .,...)
<br />STATE OF Nebraska , COUNTY. Qf Hall ~ ~ __ __ _ __ __ __ __ }sS.
<br />(Individual) This instru~e~t ~a~ -a~k~~~ledg~d -b~f~r~-~~ thi~3_~~~ }~fu ~ day of J~ _~QQ~ _ _ _ _ _ _ _ _ _ _ _ ~ _ _ _ _ __
<br />by ~~?9R _G.Q~~~ltg9TION ,J;!J<; ~ _ ~ _ P]\Y.J;.~ _J;. _~~~?9R,_ _:E?~~~!~~!f.l'.' PAVII? .... k ~l',RJtQ~ _ _ _ _ _ _ _. .
<br />My commission expires: "'. _.......... . _ ~.~
<br />~~~~- ~-- -.
<br />.J::GEIERAlIOTARV-State of kbraska (Nut Public)
<br />CATHERINE J. SHUf\TLEFF
<br />My Comm. Exp. '3. \~ t:."'\
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<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.
<br />
<br />e. ~/
<br />(S~,;."';,,) DAV':~~... ...... ,\, \~.~~
<br />
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<br />(Dale)
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<br />Ex:['5e~ 0 '994 Sarlkers Systems, Inc.. St. Cloud, MN Form RE.DT.NE 1/30/2002
<br />G@-C165INE) (03011
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<br />(page 4 of 4)
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