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�01106115 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 Bene�ciary'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 paymeni. Any excess will be paid to We Grantor. If the Property is acquired by Bene�ciary, Trustor's right to any insurance policies and proceeds resulting from dunage to the Property 6efore the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition. 20. ESCROW FOR TA�S AND INSURANCE. Unless otherwise provided in a sepazate agreement, Trustor will not be required to pay to Beneficiary funds for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCiJMENTS. Trustor wlll 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 LIABII.ITY; CO-SIGNERS; SiJCCES50RS AND AS5IGNS BOUND. All duties under this Securiry Instrument are joint and individual. If Trustor signs this Securiry Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Trustor's interest in the Property to secnre payment of the Secured Debt and Trustor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranry between Bene�ciary and Trustor, Trustor agrees to waive any rights that may prevent Beneficiary from btinging 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. Trustor agrees that Beneficiary and any party to this Security Instrument may extend, modify or make any change in the terms of tltis Security Instrument or any evidence of debt without Trustor's consent. Sach a change will not release Trustor from the terms of this Securiry Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficiary. 23. APPLICABLE LAW; 5EVERABII.ITY; INTERPRETATION. This Securiry Instrument is governed by the laws of the jurisdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdictiou where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or mod�ed by oral agreement. Any section in this Security Instrument, aitachments, 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. Tf any section of this Securiry Instrument cannot be enforceci according to its terms, that seccion will be severed and will not affect the enforceabiliry of the remainder of this Security Instrument. Whenever used, the singutar shall include the plural and the plural the singular. The captions and headings of the sections of this Securiry Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Tinte is of the essence in this 5ecuriry Instrument. 24. SUCCESSOR TRU5TEE. Beneflciary, at Beneficiary's option, may from time to time remove Trustee and appoint a successor trustee without any other formality than the designation in writing. The successor trustee, without conveyance of the Property, shall s�cceed to all the title, power and duties conferred upon Trustee by this Securiry Instrument and applicable law. 25. NOTICE. Unless otherwise required by law, any notice sha11 be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Securiry Instrument, or to anq other address designated in writing. Notice to one trustor will be deemed to be notice to a11 trustors. 26. WAIVlERS. Bxcept 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 Securiry Instrument: [7 Line of Credit. The Secured Debt iucln@es a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Securiry Instrument will remain in effect until released. L7 Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ❑ Fixture Filing. Trustor grants to Beneficiary a securiry interest in all goads that Grantor owns now or in the future and that are or will become fixtures related to the Property. This Security Instrumenc suffices as a financing statement and any carbon, photographic or other reprodaction may be flled of record for purposes of Article 9 of the Uniform Commercial Code. ❑ Riders. The covenants and agreemeats of each of the riders checked below are incorporated into and supplemenC and amend the terms of this Securiry Instrument. jCheck all applicable boxes] O Condominiwm Rider ❑ Planned Unit Development Rider ❑ Other .................................................. ❑ Additional Terms. SIGI�1ATi7RES: By signing below, Trustor agrees to the terms and covenants contaitted in this Security Tnstrument and in any attachments. Trustor also acknowledges receipt of a copy of this Security Instrument on the dat� stated on page 1. ......... .$�-�.`... �:..�-�� ............... �:-1. �.-.1.� . .��.�.�..f"�......�. �............�: l�-/./ (Signature) SCOTT E. PIERCE (Date} gnature) ANGE C. PIERCE (��) ACRNOWLEDGMENT: STATEOF (�Qh�askfl ....................................... CO Y OF HALL...............................................} ss. �"�'�`� This instrument was acknowledged before me this ... . Oih........ da. of .. . . . . ...... . August.2Qt.t .. ..... . . ......... .. .... . by SGOT.T. �, PI�RC� AN�iE4A.G.. PIERG�,.HUSBANO.AI�U �N1EE ........ .... ....... ...... ........... . ... ........ ....... . ...... ....... ... . . My commission expires: 0&3a2014 . ... .. . . . ................. .. .. ........ ................. (Notary Publlc) iERESA PICHtEfl �"' O 1994 Bankers Syatems, Irx., St. Cloud, MN Form RE-DT-NE 11 l2002 fpa9e 4 of 41 �w ��•�� T�RESl1 P�iIER Ca�. 30,ZOi4