Loading...
HomeMy WebLinkAbout875925 i Space A!5ove This Line For Recording Data ';: MORTGAGE D?Jith Future Advance Clause) - DATE AND PARTIES. The date of this N'ortgage (Security Instrument) is September 6, 2001. The parties and their addresses are: MORTGAGOR: JERRY L, NELSON P 0 BOX 1 27 GROVER, Wyoming 83122 " JULEEN M. NELSON P O BOX 127 GROVER, Wyoming 83122 LENDER: ~:' FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 314 S Washington PO Box 1620 Afton, Wyoming 83110 '! 83-0162601 1. CONVEYANCE. For good and va uabie consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mor.,gagor s performance under this Security InstrUment, Mortgagor grants, bargains, conveys, mortgages and warrant¢ to Lender, with the power of sale, the following described property: SEE ATTACHED EXHIBIT "A" The property is located in LINCOLN County at HIGHWAY 89, GROVER, Wyoming 83122. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party paymei'~ts made to crop producers and all existing and' future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described (all referred to as Property). Thils Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminal~.i~d in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The t~'~ital principal amount secured by this Security Instrument at any one time will not exceed 879,479.28. This limitatii0n of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security instrument to protect L¢:nder's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security nstrdment will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No.! 64002784, dated September 6, 2001, from Mortgagor to Lender, with a maximum,credit limit of $79,479.28 with an interest rate of 7.95 percent per Year and maturing on September 6, 2006. One or more of the debts sei:ured by this Security instrument contains a future advance provision. B. Sums Advanced. All sums adva[lced and expenses incurred .by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees thai.: .ali payments under the Secured Debts will be paid when due and in accordance with the terms of the Secure;~, Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior securi':y~ interest or encumbrance On the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. JERRY L. NELSON Initials Wyoming Mortgage ~1996 Bankers Systems, Ino., St. Cloud, MN WY/4BrsndieMO0505900003326017090§01Y 69'7 B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. ,O. Not'to. allow any. modification or extension of, nor to request any future advances under any note or agreement secured by the lien docume~t withodt Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgagor ~will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges re at ng to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due-and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to ti;~e Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assigi'i!!ito Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who .'.~upply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at its opt!on, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation of, or ;':;bntract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed bTifederal law governing the preemption of state due-on-sale laws, as 8. WARRANTIES AND REPRESENTATIOI,~iS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery, i~f this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a part¢!.: : 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably nei',~essary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor Will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to thre Property. No portion of the Property will be ~' · removed,~ demohshed or materially altered without Lender's prior written consent except that Mortgagor has the right to remove items of personal property comprising a part of the Property that become worn or obsolete, provided..that such personal property is replaced with other personal property at least equal in value to the replaced personal property, free from any title retention device, security agreement or other encumbrance. Such replacement of personal property will be deemed subject to the security interest created by this Security Instrument. Mortgagor wilt not partition or subdivide the Property without Lender's prior written consent. Lender or Lender's agents may, at Lende:"s option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at the time of or before an inspectiCn specifying a reasonable purpose for the inspection, l:~,ny inspection of the Property will be entirely for Lender's benefit and Mortgager will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, withou~':notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortga,~:'o:r's name or pay' any amount necessary for performance. Lender's right to perform for Mortgagor will not create ~=niobligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not ca~"ried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Pr:~l~erty, including completion of the construction. 11. ASSIGNMENT OF LEASES AND REI~iTS. Mortgagor grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, tlit.'.le and interest in and to any and all: A, Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as Leases). B. Rents, issues and profits (all referred=,to as Rents), including but not limited to secur, ity deposits, minimum rent, percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance Premium contributions, liquidated damages following 'default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights i~nd claims which Mortgagor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. In the event any item listed as Leases or Rents is determined to be personal property, this Security Instrument will also be regarded as a security agreement ~ Mortgagor will promptly provide bender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the R~nts so long as Mortgagor is not in default. Except for one lease period's rent, Mortgagor will not collect in advance any future Rents without Lender's prior written consent. UPOn default, Mortgagor will receive Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Amounts collected will be applied at Lender's discretion to payments on the Secured Debts as therein provided, to costs of managing, p?o[ecting and preserving the Property and to any other necessary related expenses incl,uding Lender's attorneys' fees and court costs. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument and effective as to'third parties on Mortgagor's default when Lender takes an affirmative action as prescribed by the law of the state where the Property is located. This assignment will remain effective during any period of redemption until the Secured Debts are s~.tisfied. Unless otherwise provided by state law, Mortgagor agrees that Lender may take actual possession of th,.!; ?roperty without commencing any legal action or proceeding. Actual possession of the Property is deemed i::o occur when Lender notifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgagor's .tenants pay all Rents due or to become due directly to Lender. On receiving the notice of default, Mortgagor.w II endorse and deliver to Lender any payments of Rents. JERRY L. NELSON Wyoming Mortgage fnitials ~_~ WY/4BrandieM00505900003326017090601Y ©1996 Bankers Systems, Inc., St. Cloud, MN r'age z ' Mortgggor warrants that no default exists un'er the Leases or any applicable landlord law. Mortgagor also agrees to maintain, and to require the tenants to 'comply with, the Leases and any applicable law. Mortgagor will promptly notify Lender of any noncompla~c,~. If Mortgagor neglects or refuses to enforce compliance with the terms of the Leases, then Lender may .'opt to enforce compliance. Mortgagor will obtain Lender's Written authorization before Mortgagor consents tO sublet, modify, cancel, or otherwise alter the Leases', to accept the surrender of the Property covered by suc:h ii.eases (unless the Leases so require), or to assign, compromise or encumber the Leases or any future Rents. !'~ Lender acts to manage, protect and preserve the Property, Lender does not assume or become liable for its 'maiintenance, depreciation, or other losses or damages, except those due to Lender's gross negligence or intentional torts. Otherwise, Mortgagor will hold Lender harmless and indemnify Lender for any and all liability, loss Or damai~le that Lender may incur as a consequence of the assignment under this section. 12. DEFAULT. Mortgagor will be in default i~ any of the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency or Bankruptcy. Any egal ientity obligated on the Secured Debts makes an assignment for the benefit of creditors or become insolvenf, either because its liabilities exceed its assets or it is unable to pay its debts as they become due; or it pet tio~qs for protection under federal, state or local bankruptcy, insolvency or debtor relief laws, or is the subject of.~a petition or action under such laws and fails to have the petition or action dismissed within a reasonable pei:'tOd of time not to exceed 60 days. C. Death or Incompetency. Mortgagor ~iies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails' tO Perform any condition or to keep any promise or covenant of this Security Instrument. · E. Other Documents. A default occurs ~r~der the terms of any other transaction document. F. Other Agreements. Mortgagor is in d~ei~ault on any other debt or agrgement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makC~S"any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a,.¢6aterial fact at the time it is made or provided. satisfy' or H. Judgment. Mortgagor fa s to ' - appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a ?anner or for a purpose that threatens confiscation by a legal authority. " 's name or assumes an additional name without notifying J. Name Change. Mortgagor change~ i~Mortgagor Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the, 'transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of the Proi~erty declines or is impaired. M. Insecurity. Lender reasonably believkS that Lender is insecure. 13. REMEDIES. Lender may use any and 'all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf .'!~vill be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a c'?aim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time' schedules or other notice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrumeiat in a manner provided by law upon the occurrence of a default or anytime thereafter. If there is a default, Trustee will, in addition to any other permitted remedy, at the request of the Lender, advertise and sell the Property as a whole or in sepqrate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, titi',ie and interest of Grantor at such time and place as Trustee designates. Trustee will give notice of sale including ti!'i.te time, terms and place of sale and a description of the Property to be sold as required by the applicable law in e~:~iect at the time of the proposed sale. ' Upon sale of the Property and to the ext!~nt not prohibited by law, Trustee will make and deliver a deed to the Property sold which conveys absolute titl¢~i to the purchaser, and after first paying all fees, charges and costs, will pay to Lender all moneys advanced for r~:il~airs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and intc~;!'est on the Secured Debts, paYing the surplus, if any, to Grantor. Lender may purchase the Property. The recitals .i,n any deed of conveyance will be prima facie evidence of the facts set forth therein. ~ ' All remedies are distinct, cumulative and ;'iot exclusive, and th:e Lender is entitted to all remedies provided at law or equity, whether or not expressly set fortiis; The acceptance by Lender of any sum in payment or partial payment' °n the Secured Debts after the balance i~'. due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to rec'!'uire complete cure of any existing default. By choosing any one or more of these remedies Lender does not give ~p Lender's right to use any other remedy. Lender does not waive a default if Lender chooses not to use a rec~edy. By electing not to use any remedy, Lender does not waive Lender's right to later,consider the event a default and to use any remedies if the defaolt continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses ¢,f collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasir~g the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee of the Lender. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from the date of payment until pa'id in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent per~mitted by the United States Bankruptcy Code, Mortgagor agrees to pay JERRY k. NELSON Initials Wyoming Mortgeg~ P~-~ WY/4BrandieMO050590000332601709,0601Y ~1996 Bankers Systems, Inc,, St. Cloud, MN ,~,c~-~" the reasonable attorneys' fees Lender ipd,urs to collect the Secured Debts as awarded by any court exercising iurisdictior] under the Bankruptcy Code. ::, 15: ENVIRONMENTAL LAWS AND HAzAI~DOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehen¢ive Environmental Response, Compensation and Liability Act (CERCLA), all other federal, state and local laws, ' regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public ~'l~iealth~ safety, welfare, environment or a hazardous sUbStance; and (2) Hazardous Substance means any toxic, r~!..~ioact ve or hazardous material, waste, pollutant or contaminant which has characteristics which render the sub:~tance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includ,.-:!$, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "t'.~;~zardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agree;!~!::that:i' A. Except as previously disclosed, and ~'.t!iiknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported, manufa!d!tured; treated, refined, or handled by any person on, under or about the Property, except in the ordinary cours~!~'iof business and in strict compliance with all applicable Environmental B. Except as previously disclosed and ~;,r.i:knowledged in writing to Lender, Mortgagor has not and will not cause, contribute to, or permit the release of a~ny Hazardous Substance on the Property. C. Mortgagor will immediately notify"Eender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of any Environmental'Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance.with Environmental Law. D. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has no knowledge of or reason to believe there is any pending' er threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located o~, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Moitgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any such:" pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but not the: obligation, to participate in any such proceeding including the right to receive copies of any documents relatin:~'to such proceedings. E. Except as previously disclosed and:~'~cknowledged in writing to Lender, Mortgagor and every tenant have been, are and will remain in full compli~rt~e with any applicable Environmental Law. F. Except as previously disclosed and ~mknowledged in writing to Lender, there are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump' or well will be added unless Lender first consents in v~'ri:ting. G. Mortgagor will regularly inspect the!Property, monitor' the activities and operations on the Property, and confirm that all permits, licenses or a~Provals required by any applicable Environmental Law are obtained and complied with. , ;' H. Mortgagor will permit, or cause ar~y~tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records at any. ?~aasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, under or;.~bout the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has beL",'n released on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in compli.at~ce with applicable Environmental Law. I. Upon Lender's request and at any '.l:ime, Mortgagor agrees, at Mortgager's expense, to engage a qualified environmental engineer to prepare an e~'i~,'ironmental audit of the Property and to submit the results of such audit to Lender. The choice of the enviro~nmental engineer who will perform such audit is subject to Lender's approval. J. Lender has the right, but not the ob!igation, to perform any Of Mortgager's obligations under this section at Mortgager's expense. K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Mortgagor will indemnify and hold Lender and Lender's successors or assigns harmless. 'from and against all losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including without limitation all costs of liitigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lende,r's discretion, Lender may release this Security Instrument and in return Mortgagor will provide Lender with collateral~ of at least equal value to the Property secured by this Security Instrument without prejudice to any of .L~nder's rights under this Security Instrument. L. Notwithstanding any of the 'la~guage ~ontained in this Security Instrument to the contrary, the terms of this section will survive any foreclosgre or s~tisfaction of this Security Instrument regardless of any passage of title to Lender or any disposition by Lender.cf any or all of the Property. Any claims and defenses to the contrary are hereby waived. ~ ? ' 16. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mor~tgagor authorizes Lender to iim:ervene in Mortgager's name in any of the above described actions or claims. Mortgagor assigns to Lender thi~, proceeds of any award or .claim for damages connected with a condemnation or other taking of all or any ;~art of the Property. Such proceeds will be considered payments and will be applied as provided in this Securib/ I"istrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agr. i~;ement or other lien document. 17. INSURANCE. Mortgagor agrees to k~e?::, the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this im~u~'~nce in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unre~s0nably withheld. JERRY L, NELSON Wyoming Mortgage Initials WY/4BrandieMO0505900003326017090601Y ©1996 Bankers Systems, Inc., St. Cloud, MN All ins,urance policies and renewals will incluc:a a standard "mortgage clause" and, where applicable, "loss payee clause." If required by Lender, Mortgagor agi;ees to maintain comprehensive general liability insurance and rental loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lender' as an additional insured. The rental loss or business interruption insurance must be in an.amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing.)' Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Progerty or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgago!'s rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of d~ancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's interest in the Property. This insurance may include coverages not originally required of Mortgagor, may be 'Written by a company other than one Mortgagor would choose, and may be written at a~ higher rate than Mortgagor could obtain if Mortgagor purchased the insurance, " 18. ESCROW FOR TAXES AND INSURANC['i. As provided in a separate agreement, Mortgagor agrees to pay to Lender funds for taxes and insurance in escrdw, 19. CO-SiGNERS. If Mortgagor signs thi!~ !!;eCurity Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgager's i~terest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be personal.lY"liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor iiil~'~lortgag°r agrees to waive any rights that may prevent Lender from bringing any action or claim against Mori!cj~gor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-defii~ciency or one-action laws. 20. WAIVERS. Except to the extent prohib ted by law, Mortgagor waives all homestead exemption rights relating to the Property, 21. OTHER TERMS. The following are aplqli~able to this Security Instrument: A. Line of Credit. The Secured Debts in.~lude a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, this!Secunty Instrument will remain in effect until the Secured Debts and all underlying agreements have been termi~{~ted in writing by Lender. 2.2. APPLICABLE LAW. This Security Instrument is governed by the .laws of Wyoming, except to the extent otherwise required by the laws of the jurisdi~ction where the Property is located, and the United States of America. 2.3. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgager's obligations under, this Security Instrument are independent of the obligations of any other Mo~tgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor, Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument {or the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 2_4. AMENDMENT, iNTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or mod ficat~on of this Security instrument is effective unless made in writing and executed by Mortgagor and Lender. ;This Security instrument is the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will sltill be enforceable. 25. iNTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience onlY;land are not to be used to interpret or define the terrns of this Security Instrument. 26. NOTICE, FINANCIAL REPORTS AND'' ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or m~iiling it by first class mail to the appropriate party',s address listed in the DATE AND PARTIES section, or to any otii'ter address designated in writing. Notice to one Rarty will be deemed to be notice to all parties. Mortgagor will i::,iform Lender in writing of any change in Mortgager's name, address or other application information. Mortgag(iir will provide Lender any financial statements or information Lender requests, All financial statements and;f'Informati°n Mortgagor gives Lender will be correct and complete. f,..~e any additional documents or certifications that Lender may consider Mortgagor agrees to sign, deliver, and necessary to perfect, continue, and prese~,'ve Mortgager's obligations under this Security Instrument and to confirm Lender's lien status on any Property. T mli;t is of the essence. SIGNATURES. By signing, Mortgagor agi'ees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of acopy of this Security Instrument. MORTGAGOR: JE~R~ I~//. NELSO p ULLEN M.'NELSON LENDER: First National 'Re g e,~, Vice'~Pr~sident JERRY L. NELSON Initials Wyomin0 Mortgage WY/4BrandieMOObO590OOO3326017ogo601Y ©1996 Bankers Systems, Inc., St. Cloud, MN ACKNOWLEDGMENT. (Individual) OF , OF ss. This instrument was acknowledged before, me this ~/~' day of ~.~.,~P'/Cf ,2.-/__2~/ '. by JERRY L. NELSON, and JULEEN M. NELSCI~4. ~ ' owledgment) ~ ~m~isf~n'~~ / (Lender OF OF This instrument was acknowledged beforetime this ~ day of .~_L~~ , ~(~ by Roger Coles as Vice President of First National Bank - West. - ~ ~'~a ry public) ' - JERRY L. NELSON Wyoming Mortgage WY/4BrandieMO0505900003326017090601Y ®1996 Bankers Systems, Inc., St. Cloud, 'MN F__x'j~" initials Page 6 .A tract of land lying.in th,~ S1/2N1/2~E1/4'of Section 32, Township 33 North, Range 118 WeSt, of the 6th P.M., Wyoming, more particularly described as follows: Beginning at a point whichl is North 1320.00 feet and West 295.00 feet from the Southeast Colrner of said Section 32 and proce~d%ng thence South 89 46' West,~ 517.59 feet; thence North 27 '01' Wes.t 472.50 fe~t; thence North 27 52' east .273.00 feet;. ,thence .EaSt 1155.'10 feet; thence South'S60.70 feet; thence west 30 feet; .thence North '165.00 feet; thence' West '265.00.feet; thence South 1'65.00 feet to the point of begir{.qing. ALSO: B~ginning at a poin'~i which is North 1320 feet and West 2240' .' feet from the same' Southeast Corher of Section 32 and proceeding thence'West 400 feet; thenc~ North 660.00 feet; thence East 400 feet; thence South 660.00~:I f~et to the. point of beginning. Also conveyed is an easement ofliright-of-way .for ingress and egress, 30 feet in width, and running from the Northeast'corner of 'the tract. of .land last described iE'lastward .along .the North boundary of remaining lands of granto~'~ to U.S. Highway 89. A tract of land lying in the Sl/2N1/2SE1/4 of Section 32, .Township 33 North, Range t18' West of the 6th .P.M.,' Wyoming, more particularly described as:~ollows: .BEGINNING a% a point which is North 1320 feet and West 2240 feet from the Southeast Corner of said Section 32 and proceeding thence North 660 feet, thence East to U.S. 89 Mighway right-of-way, thence along said right-of-way in. a Southeasterly direction to a point where the ri~ht-of-way and~the'beginning bearing running East and West 1320 feet North of the S.E.% Corner lies, thence West to the point of beginning, 'said tract being part o~ a certain conveyance to .Grantor, from Daisy Al Peterson and Edward Peterson, dated October 20,.1955, and recorded November 3, 1955, in Book 12 of P.~., Page '528 recording 'number 217201, and also any 'and all interests that the Grantors may have in.the possessory interest acquired therefrom. ~