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HomeMy WebLinkAbout919727 11/30-~ CO('696 RECEIVED 6/28/2006 at 10:12 AM RECEIVING # 919727 BOOK: 624 PAGE: 696 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Stata of Wyoming Spaca Abova This Una For Racording Data REAL ESTATE MORTGAGE (With Future Advance Clause) .1. DATE AND PARTIES. The date of this Mortgage;¡ is 06·20-2006 are as follows: and the parties and their addresse: MORTGAGOR: DAVID JENKINS, A SINGLE MAN P.O, BOX 3001 ALPINE, WY B312B o Refer to the Addendum which is attached and incorporated herein for additiQnal Mortgagors. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 990 W. BROADWAY P,O. BOX 7000 JACKSON, WY 83002 2. MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to securl the Secured Debt (hereafter defined). Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with th, power of sale, the following described property: LOT 37. ALPINE RETREAT SUBDIVISION NUMBER ONE, LINCOLN COUNTY. WYOMING, ACCORDING TO THAT PLAT FILED IN THE OFFICE OF THE LINCOLN COUNTY CLERK, The property is located in LINCOLN at LOT 37 ALPINE RETREAT SUBDIVISION (County) (Address) (City) (Zip Code) Together with all rights, easements, appurtenances. royalties, mineral rights, oil and gas rights, crops, timber, a diversion payments or third party payments 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 describel above (all referred to as "Property"). The term Property also includes, but is not limited to, any and all water wells water, ditches, reservoirs, reservoir sites and dams located on the real estate and all riparian and water rights associatet with the Property, however established, , ALPINE , Wyoming 83128 WYOMING, AGRICULTURALlCOMMERCIALREAL ESTATE SECURITY INSTRUMENTINOT fOR fNMA, fHlM~USE, ANO NOT fOR CONSUMERPURPOSES¡ (page 1 of ó 091.972'7 C00697 3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured De.Þt (hereafter defined) secured by thi: Mortgage at anyone time shall not exceed $ 46.800,00 . This limitation of amount does no include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges validly mad. pursuant to this Mortgage and does not apply to advances (or interest accrued on such advances) made under the term: of this Mortgage to protect Lender's security and to perform any of the covenants contained in this Mortgage. Futuf< advances are contemplated and, along with other future obligations, are secured by this Mortgage even though all or par may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitment to make additional 0 future loans or advances in any amount. Any such commitment would need to be agreed to in a separate writing. 4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following: A, The promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all extensions renewals, modifications or substitutions. (When referencing the debts below it is suggested that you inc/ud, items such as borrowers' names and addresses, note principal amounts, commercial revolving loan agreement'; maximum amount, interest rates, variable rate terms, maturity dates, etc.) PROMISSORY NOTE NUMBER 117304, IN THE AMOUNT OF $46,800.00 DATED JUNE 20, 2006. 8. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under an' promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Mortgag' whether or not this Mortgage is specifically referred to in the evidence of debt. C, All obligations Mortgagor owes to Lender, which now exist or may later arise, to the extent not prohibited by law including, but not limited to, liabilities for overdrafts relating to any deposit account agreement betweel Mortgagor and Lender. D, All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting th, Property and its value and any other sums advanced and expenses incurred by Lender under the terms of thi: Mortgage, plus interest at the highest rate in effect, from time to time, as provided in the Evidence of Debt. E. Mortgagor's performance under the terms of any instrument evidencing a debt by Mortgagor to Lender and an' Mortgage securing, guarantying, or otherwise relating to the debt. If more than one person signs this Mortgage as Mortgagor, each Mortgagor agrees that this Mortgage will secure a future advances and future obligations described above that are given to or incurred by anyone or more Mortgagor, 0 anyone or more Mortgagor and others, This Mortgage will not secure any other debt if Lender fails, with respect to sucl other debt, to make any required disclosure about this Mortgage or if Lender fails to give any required notice of the righ of rescission. 5. PAYMENTS. Mortgagor agrees to make all payments on the Secured Debt when due and in accordance with the term: of the Evidence of Debt or this Mortgage. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, groun' rents, utilities, and other charges relating to the Property when due, Lender may require Mortgagor to provide to Lende copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defenl title to the Property against any claims that would impair the lien of this Mortgage, Mortgagor agrees to assign t. Lender, as requested by Lender, any rights, claims or defenses which Mortgagor may have against parties who suppl' labor or materials to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other liel document that created a prior security interest or encumbrance on the Property and that may have priority over thi: Mortgage, Mortgagor agrees: . A, To make all payments when due and to perform or comply with all covenants. 8, To promptly deliver to Lender any notices that Mortgagor receives from the holder. C, Not to make or permit any modification or extension of, and not to request or accept any future advances un de any note or agreement secured by, the other mortgage, deed of trust or security agreement unless Lende consents in writing. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to bl immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or contract for any of thesl on the Property. However, if the Property includes Mortgagor's residence, this section shall be subject to the restriction: imposed by federal law (12 C,F.R. 591), as applicable. For the purposes of this section, the term "Property" alsl includes any interest to all or any part of the Property. This covenant shall run with the Property and shall remain il effect until the Secured Debt is paid in full and this Mortgage is released, ~ WJ (page 2 of ó , ~T~ ©1993, 2001 Banko" 5ystams, 'nc., 51. Cloud, MN For~O.c51-WY 1/16/2003 _ 0919727 :r. ,I") f"'\ 6 () 8 ,,' \) t .:J 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as ' corporation or other organization). Lender may demand immediate payment if (1) a Ireneficial interest in Mortgagor is soil or transferred; (2) there is a change in either the identity or number of members of a partnership or similar entity; or (3 there is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity, However Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Mortgage, 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a natural person (such as ' corporation or other organization), Mortgagor makes to Lender the following warranties and representations which sha be continuing as long as the Secured Debt remains outstanding: A. Mortgagor is an entity which is duly organized and validly existing in the Mortgagor's state of incorporation (0 organization), Mortgagor is in good standing in all states in which Mortgagor transacts business, Mortgagor ha: the power and authority to own the Property and to carryon its business as now being conducted and, a applicable, is qualified to do so in each state in which Mortgagor operates, B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by thl Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received all necessap governmental approval, and will not violate any provision of law, or order of court or governmental agency. C, Other than disclosed in writing Mortgagor has not changed its name within the last ten years and has not use¡ any other trade or fictitious name, Without Lender's prior written consent, Mortgagor does not and will not USI any other name and will preserve its existing name, trade names and franchises until the Secured Debt i satisfied. 11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and mak¡ all repairs that are reasonably necessary. Mortgagor will give Lender prompt notice of any loss or damage to thl Property. Mortgagor will keep the Property free of noxious weeds and grasses, Mortgagor will not initiate, join in 0 consent to any change in any private restrictive covenant, zoning ordinance or other public or private restriction limitin, or defining the uses which may be made of the Property or any part of the Property, without Lender's prior writtel consent, Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor or any othe owner made under law or regulation regarding use, ownership and occupancy of the Property. Mortgagor will compl- with all legal requirements and restrictions, whether public or private, with respect to the use of the Property, Mortgago also agrees that the nature of the occupancy and use will not change without Lender's prior written consent, . No portion of the Property will be removed, demolished or materially altered without Lender's prior written consen except that Mortgagor has the right to remove items of personal property comprising a part of the Property that becom, worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value t. the replaced personal property, free from any title retention device, security agreement or other encumbrance. Sucl replacement of personal property will be deemed subject to the security interest created by this Mortgage, Mortgago shall not partition or subdivide the Property without Lender's prior written consent. Lender or Lender's agents may, a Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property, Any inspection 0 the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgagor's duties under this Mortgage, or any othe mortgage, deed of trust, security agreement or other lien document that has priority over this Mortgage, Lender may without notice, perform the duties or cause them to be performed, Mortgagor appoints Lender as attorney in fact to sigl Mortgagor's name or pay any amount necessary for performance. If any construction on the Property is discontinued 0 not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in thl Property, This may include completing the construction, Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will no preclude Lender from exercising any of Lender's other rights under the law or this Mortgage, Any amounts paid b' Lender for insuring, preserving or otherwise protecting the Property and Lender's security interest will be due on deman¡ and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to tim. according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants tl Lender as additional security all the right, title and interest in the following (Property). A, Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the us, and occupancy of the Property, including but not limited to, any extensions, renewals, modifications 0 replacements (Leases), B, Rents, issues and profits, including but not limited to, security deposits, minimum rents, percentage rents additional rents, 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 a'nd claims which Mortgagor may have that in any way pertain to or are on account of the use 0 occupancy of the whole or any part of the Property (Rents). In the event any item listed as Leases or Rents is determined to be personal propèrty, this Assignment will also bl regarded as a security agreement. Ex¡5Ei?il: ©1993, 2001 Bankers Systems,lnc., SI. Cloud, MN Form AGCO-RES ,WY 1/16/2003 D#- (page 3 of ó 091.9727 CJC699 Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correc copies. The existing Leases will be provided on execution of the Assignment, and illi of the future Leases and any othe information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect receive, enjoy and use the Rents 'so long as Mortgagor is not in default, Mortgagor will not collect in advance any Rent: due in future lease periods, unless Mortgagor first obtains Lender's written consent. Upon default, Mortgagor will receiv, any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. When Lender so directs Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts collected will bl applied at Lender's discretion to the Secured Debts, the costs of managing, protecting and preserving the Property, an, other necessary expenses, Mortgagor agrees that this Security Instrument is immediately effective between Mortgago and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secure, Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may tak, actual possession of the Property without the necessity of commencing any legal action or proceeding. Mortgagor agree: that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mortgagor's default an' demands that Mortgagor and Mortgagor's tenants pay all Rents due or to become due directly to Lender. Immediatel' after Lender gives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor may immediatel~ notify the tenants and demand that all future Rents be paid directly to Lender. As long as this Assignment is in e,ffect, Mortgagor warrants and represents that no default exists under the Leases, an' the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the Leases t, comply with the Leases and any applicable law, If Mortgagor or any party to the Lease defaults or fails to observe an' applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with thl terms of the Leases, then Lender may, at Lender's option, enforce 'compliance, Mortgagor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Propert' covered by the Leases (unless the Leases so require) without Lender's consent, Mortgagor will not assign, compromise subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not assume 0 become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage protect or preserve the Property, except for losses and damages due to Lender's gross negligence or intentional torts Otherwise, Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender ma' incur when Lender opts to exercise any of its remedies against any party obligated under the Leases. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned uni development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, Dr regulations of th, condominium or planned unit development. . 1 5. DEFAULT. Mortgagor will be in default if any of the following occur: A. Any party obligated on the Secured Debt fails to make payment when due; B. A breach of any term or covenant in this Mortgage, any prior mortgage or any construction loan agreement security agreement or any other document evidencing, guarantying, securing or otherwise relating to the Secure, Debt; C. The making or furnishing of any verbal or written representation, statement or warranty to Lender that is false 0 incorrect in any material respect by Mortgagor or any person or entity obligated on the Secured Debt; D, The death, dissolution, or insolvency of, appointment of a receiver for, or application of any debtor relief law to Mortgagor or any person or entity obligated on the Secured Debt; E. A good faith belief by Lender at any time that Lender is insecure with respect to any person or entity obligated 01 the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired; F. A material adverse change in Mortgagor's business including ownership, management, and financial conditions which Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or G, Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to th, conversion of wetlands to produce an agricultural commodity, as further explained in 7 C,F,R, Part 1940, Subpar G, Exhibit M. 16. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notic, of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions. Subjec to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Mortgage in a manner provided b' law if this Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall becom, immediately due .and payable, after giving notice if required by law, upon the occurrence of a default or any tim, thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the Evidence of Debt, other evidence: of debt, this Mortgage and any related documents including without limitation, the power to sell the Property. A remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity whether expressly set forth or not, The acceptance by Lender of any sum in payment or partial payment on the Secure, Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver 0 Lender's right to require full and complete cure of any existing default. By not exercising any remedy on Mortgagor': default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again, ~ (page 4 of ó ~." © 1993, 2001 Bankers Systems, Inc., 51. Cloud, MN Form AGCO-RE5 ,WY 1/16/2003 ! '; 09:t972"? (.00700 17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covi/ñant in this Mortgage, Mortgagor wi also pay on demand all of Lender's expenses incurred in collecting, insuring, preserving or protecting the Property or il any inventories, audits, inspections or other examination by Lender in respect to the Property, Mortgagor agrees to pa' all costs and expenses incurred by Lender in enforcing or protecting Lender's rights and remedies under this Mortgage including, but not limited to, attorneys' fees, court costs, and other legal expenses, Once the Secured Debt is fully an' finally paid. Lender agrees to release this Mortgage and Mortgagor agrees to pay for any recordation costs, All sucl amounts are due on demand and will bear interest from the time of the advance at the highest rate in effect, from timt to time, as provided in the Evidence of Debt and as permitted by law, 1a. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law" means without limitation, the Comprehensive Environmental Response, Compensation and Liability Act [CERCLA, 42 U.S.C 9601 et seq,). all other federal. state and local laws, regulations, ordinances, court orders, attorney general opinions 0 interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and [2 "Hazardous Substance" means any toxic, radioactive or hazardous material. waste, pollutant or contaminant which ha: characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare 0 environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,' "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agree: that, except as previously disclosed and acknowledged in writing: A, No Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handle¡ by any person on, under or about the Property, except in the ordinary course of business and in strict complianct with all applicable Environmental Law. 8, Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on th, Property. C. Mortgagor will immediately notify Lender 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 0 any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedia action in accordance with Environmental Law, D. Mortgagor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, 0 proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2 any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender it 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 proceed in! including the right to receive copies of any documents relating to such proceedings. E, Mortgagor and every tenant have been, are and shall remain in full compliance with any applicable Environmente Law. F. There are no underground storage tanks: private dumps or open wells located on or under the Property and n· such tank, dump or well will be added unless Lender first consents in writing. G, Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirn that all permits, licenses or approvals required by any applicable Environmental Law are obtained and compliet with. H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the PrDpert' and review all records at any reasonable time to determine (1) the existence, location and nature of an' Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of an' Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Mortgago and any tenant are in compliance with applicable Environmental Law, I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualifiet environmental engineer to prepare an environmental audit of the Property and to submit the results of such audi to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section a Mortgagor's expense, K. As a consequence of any breach of any representation, warranty or promise made in this section, (1! Mortgago 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, includin! without limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns ma' sustain; and (2) at Lender's discretion, Lender may release this Mortgage and in return Mortgagor will provid, Lender with collateral of at least equal value to the Property secured by this Mortgage without prejudice to any 0 Lender's rights under this Mortgage, L. Notwithstanding any of the language contained in this Mortgage to the contrary, the terms of this section sha survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender or an' disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatened, by private or publi, entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain or any other means, Mortgagor further agrees to notify Lender of any proceedings instituted for the establishment of an' sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part of it Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims and t¡ collect and receive all sums resulting from the action or claim, Mortgagor assigns to Lender the proceeds of any award 0 claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds sha be considered payments and will be applied as provided in this Mortgage, This assignment of proceeds is subject to th, terms of any prior mortgage, deed of trust, security agreement or other lien document. ~M © 1993,2001 Bankers Systems, Inc., St. Cloud, MN Form AGCQ-RESJ,WY 1/16/2003 ~ (page 5 of ó ~J' ,uí· <.v·io.j.....,þf"'·j ~ .....1 It_' t Ç, r 0007rl 20. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonabJ' associated with the Property due to its type and location. Other hazards and risks may include, for example coverage against loss due to floods or flooding, This insurance shall be maintained in the amounts and for th, periods that Lender requires, What Lender requires pursuant to the preceding two sentences can change durin! the term of the Secured Debt, The insurance carrier providing the insurance shall be chosen by Mortgagor subjec to Lender's approval, which shall not be unreasonably withheld, If Mortgagor fails to maintain the coveragl described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Propert' according to the terms of this Mortgage. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause and, where applicable, "lender loss payee clause," Mortgagor shall immediately notify Lender of cancellation 0 termination of the insurance. Lender shall have the right to hold the policies and renewals, If Lender requires Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices, Upon loss Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if no made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration 0 repair of the Property damaged if the restoration or repair is economically feasible and Lender's security is no lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, th, insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid t, Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a nòtice from Lender that th, insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds, Lender may us, the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due, The 30-da' period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not exten' or postpone the due date of scheduled payments or change the amount of the payments. If the Property i acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to th, Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before th, acquisition. B. Mortgagor agrees to maintain comprehensive general liability insurance naming Lender as an additional insured il an amount acceptable to Lender, insuring against claims arising from any accident or occurrence in or on th, Property. C, Mortgagor agrees to maintain rental loss or business interruption insurance, as required by Lender, in an amoun equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed t, separately in writing), under a form of policy acceptable to Lender. 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not b, required to pay to Lender funds for taxes and insurance in escrow, 22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financis statement or information Lender may deem necessary. Mortgagor warrants that all financial statements and informatiol. Mortgagor provides to Lender are, or will be, accurate, correct, and complete, Mortgagor agrees to sign, deliver, and fil, as Lender may reasonably request any additional documents or certifications that Lender may consider necessary t, perfect, continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lien status on the Property. I Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortgagor's name an. Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact to do the things necessary tocompl' with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under thisMortgag, are joint and individual. If Mortgagor signs this Mortgage but does not sign the Evidence of Debt, Mortgagor does so onl' to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agre' to be personally liable on the Secured Debt, Mortgagor agrees that Lender and any party to this Mortgage may extend modify or make any change in the terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such ¡ change will not release Mortgagor from the terms of this Mortgage. The duties and benefits of this Mortgage shall bin' and benefit the successors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor and does not directly secure the obligation which i: guarantied, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim agains Mortgagor or any party indebted under the obligation including, but not limited to, anti-deficiency or one-action laws, ~::- ©1993, 2001 Ba"kars Systams.lnc.. St. Cloud, MN Form AG~O;~ESI-WY 1/16/2003 ~ (page 6 of Ii J~ I{j¡ ,\\ ()? ".- , ,/ v....J..J~J '. ÞL., ~ r- ,"\ {ì t"1 n 2 \",: U ,j í \. ~ 24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jurisdiction il which Lender is located, except to the extent otherwise required by the laws of -the jurisdiction where the Property i located, This Mortgage is complete and fully integrated, This Mortgage may not be amended or modified by or¡, agreement. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt tha conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by writtel agreement, If any section or clause of this Mortgage cannot be enforced according to its terms, that section or claus. will be severed and will not affect the enforceability of the remainder of this Mortgage, Whenever used, the singular sha include the plural and the plural the singular, The captions and headings of the sections of this Mortgage are fo convenience only and are not to be used to interpret or define the terms of this Mortgage. Time is of the essence in thi: Mortgage, 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail t, the appropriate party's address on page 1 of this Mortgage, or to any other address designated in writing. Notice to on, mortgagor will be deemed to be notice to all mortgagors. 26. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens an' assets and all homestead exemption rights relating to the Property. 27. U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Mortgage: o Construction Loan. This Mortgage secures an obligation incurred for the construction of an improvement on th, Property. o Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in tho future and that are or will become fixtures related to the Property. o Crops; Timber; Minerals; Rents, Issues and Profits. Mortgagor grants to Lender a security interest in all crops timber and minerals located on the Property as well as all rents, issues, and profits of them including, but no limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar governments programs (all of which shall also be included in the term "Property"), o Personal Property. Mortgagor grants to Lender a security interest in all personal property located on or connecte' with the Property. This security interest includes all farm products, inventory, equipment, accounts, documents instruments, chattel paper, general intangibles, and all other items of personal property Mortgagor owns now or il the future and that are used or useful in the construction, ownership, operation, management, or maintenance 0 the Property, The term "personal property" specifically excludes that property described as "household goods secured in connection with a "consumer" loan as those terms are defined in applicable federal regulation: governing unfair and deceptive credit practices. o Filing As Financing Statement. Mortgagor agrees and acknowledges that this Mortgage also suffices as ¡ financing statement and as such, may be filed of record as a financing statement for purposes of Article 9 of th, Uniform Commercial Code, A carbon, photographic, image or other reproduction of this Mortgage is sufficient a: a financing statement. 28. OTHER TERMS. If checked, the following are applicable to this Mortgage: o Line of Credit. The Secured Debt includes a revolving line of credit provision, Although the Secured Debt may bo reduced to a zero balance, this Mortgage will remain in effect until released, o Separate Assignment. The Mortgagor has executed or will execute a separate assignment of leases and rents, I the separate assignment of leases and rents is properly executed and recorded, then the separate assignment wi supersede this Security Instrument's "Assignment of Leases and Rents" section. o Additional Terms. ~: ©1993, 2001 Bankers Systems, Ine" St. Cloud, MN Form AGCO,RESI,WY 1/16/2003 ~ (page 7 of ó '.~?"IfiJ!"~" . .... -"'1 09Î,971c-'i! 000703 SIGNATURES: By signing below, Mortgagor agrees to .the terms and covenants c':fl.tained in this Mortgage and in an' attachments, Mortgagor also acknowledges receipt of a copy of this Mortgage on the date stated above on Page 1. o Actual authority was granted to the parties signing below by resolution signed and dated \ (Date) (Signature) (Date) (Signature) (Date) (Signeture) (Date) o Refer to the Addendum which IS attached and incorporated herein for additional Mortgagors, signatures ani acknowledgments, Ilndividua.1! ACKNOWLEDGMENT: STATE OF This instrument wa by My commission expires: , COUNTY OF efore me this 10 ~~~ } ss. SALLY L. MARTIN. Notary Public County of . State of Lincoln . Wyoming My Commission Expires September 13, 2006 STATE OF , COUNTY OF This instrument was acknowledged before me this by } ss, day of ¡Business or Entity Acknowledgment) 0 f (Title/sJ: (Name of Business or Entity) on behalf of the business or entity, a My commission expires: (Notary Public) ~M © 1993, 2001 Bankers Systems, Inc., St. Cloud, MN Form {}GÇ9;~ESJ-WY 1116/2003 (page 8 of [, _J