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�0110442�
<br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property
<br />or to the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principal
<br />shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any
<br />excess will be paid to the Trustor. If the Properly is acquired by Beneficiary, Trustor's right to any insurance policzes
<br />and proceeds resulting from damage to the Property before the acquisitiott shall pass to Beneficiary to the extent of the
<br />Secured Debt immediately before the acquisition.
<br />20. ESCROR' FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not
<br />be required to pay to Beneficiary funds for taxes and insurance in escrow.
<br />21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor wi11 provide to Bene�ciary upon request,
<br />any financial statement or infornnation Beneficiary may deem reasonably necessary. Trustor agrees Yo sign, deliver,
<br />and file any additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and
<br />preserve Trustor's obligations under this Security Instrument and Bene�iciary's lien status on the Property.
<br />22. JOINT AND INDIVIDUAL LIA.BII.ITY; CO-5IGNERS; 5UCCESSORS 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 Yhe Secured Debt and
<br />Trustor does not agree to be personally liable on the Secured Debt. If this Security Instrurnent secures a guaranty
<br />between Beneficiary and Trustor, Trustor agrees to waive any rights that may prevent Bene�iciary from bringing any
<br />action or claim against Trustor or any party indebted under the obligation. These rights may include, but are not liznited
<br />to, any anti-de�ciency or one-action laws. Trustor agrees that Beneficiary and any party to this Security Instrument may
<br />extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Trustor's
<br />consent. Such a change will not release Trustor from the terms of this Security Instrument. The duties and bene�its of this
<br />Security Instrument shall bind and benefit the successors and assigns of Trustor and Bene�ciary.
<br />23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Sacurity Instraznent is governed by the laws of
<br />the jurisdiction in which Bene�iciary is located, except to the extent otherwise required by the laws of the jurisdiction
<br />where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may
<br />not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any
<br />agreement related to the Secured Debt that confiicts with applicable law will not be effective, unless that law e�ressly
<br />or impliedly pernuts the variations by written agreement. If any section of this Security Instrument cannot be enforced
<br />according to its terms, that section will be severed and will not affect the enforceability of the remainder of this
<br />Security Instrument. Whenever used, the singular shall include the plural and the plural the singttlar. The captions and
<br />headings of the sections of this Security Tnstrument are for convenience only and are not to be used to interpret or
<br />define the terms of this Security Instrument. 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
<br />a successor trustee without any other formality than the designation in writing. The successor trustee, without
<br />conveyance of the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Security
<br />Instrument and applicable Iaw.
<br />25. NOTICE. Unless otherwise required by law, any norice shall be given by delivering it or by mailing it by first class
<br />mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in
<br />writing. Notice to one trustor will be deemed to be notice to all trustors.
<br />26. WAIVERS. 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 />❑ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt
<br />may be reduced to a zero balance, this Security Instrument will remain in effect until released.
<br />❑ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an
<br />improvement on the Property.
<br />❑ Fixture k�ling. Trustor grants to Beneficiary a security interest in all goods that Trustor owns now or in the
<br />future and that are or will become fi�ures related to the Property. This Security Instrument suffices as a
<br />financing statement and any carbon, photographic or other reproduction may be filed of record for purposes
<br />of Article 9 of the Uniform Commercial Code.
<br />❑ Riders. The covenants and agreements of each of the riders checked below are incorporated into and
<br />supplement and amend the terms of this Security Instrument. [Check all applicable boxes]
<br />❑ Condoaunium Rider ❑ Planned Unit Development Rider ❑ Other ..........................................................
<br />❑ Additional Terms.
<br />SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in
<br />any attachments. Trustor also acknowiedges receipt of a copy of this Securiry Instrument on the date stated on page Z.
<br />�
<br />.... .... .. ... `... .. ....
<br />......... �.. . ...............�. .`�.. ..�.(... . . ... . . ..... ...............................................�.....�.. ./.l
<br />(Signature) Date) (SignaYure) (Date)
<br />ACKNOWLEDGMENT:
<br />STATE OF ......... COUNTY OF ............ ......................................... } ss.
<br />.................................... ..
<br />(Ina��a�) TYus instrument was acknowledged before me this .....� . ............ day of ....June�., 2011,,,,,,,,,,_,,,,,,,,,,,,,,,,,,,,,,,,
<br />by ....�:en , L .,, Smith„ and „Thomas,,E...r�?�l.'� r . .?�f �.. &..�1�?F.�l�.... ....... ................................. .
<br />My commissian--expires: 4/6/12
<br />�'1�.�TA�•$�Qf� . ....... ............:�taryPublic) ...... . ...........................
<br />GERAtD A JOHtdSORI
<br />11}+C�n. 6�• Ap� 6, 2012
<br />E�"' OO 1994 Bankers Systems, Inc„ St. Cloud, MN Fortn RE-DT-NE 1/30/2002 (page 4 of 4J
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