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HomeMy WebLinkAbout930420 State of Wyoming R CEIVED 6/15/2007 at 5:00 PM RECEIVING # 930420 BOOK: 662 PAGE: 285 JEANNE WAGNER OLN COUNTY CLERK, KEMMERER, WY This Line For Recording Data REAL ESTATE MORT AGE (With Future Advance Clause 1. DATE AND PARTIES. The date of this Mortgage is 06·1 ·2007 are as follows: MORTGAGOR: THOMAS E. HOFF PO BOX 3403 ALPINE, WY 83128 and the parties and their addresses rJ // o Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS DF THE STATE OF WYOMIN 990 W. BROADWAY P,O. BOX 7000 JACKSON, WY 83002 2. MORTGAGE. For good and valuable consideration, the receipt and sufficie cy of which is acknowledged, and to secure the Secured Debt (hereafter defined). Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: LOT TWO (2) OF ALPINE PINES SUB IVISION, RECORDED AUGUST 10, 1977 AT DOCUMENT NUMBER 496708, MAP NUMBER 208, IN THE OFFICE OF THE CLERK. LINCOLN COUNTY, WYOMING. ,1 The property is located in LINCOLN (County) , ALPINE at LOT 2 ALPINE PINES , Wyoming 83128 (Address) (City) (Zip Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all 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 t e future, be part of the real estate described above (all referred to as "Property"). The term Property also includes, b t is not limited to, any and all water wells, water, ditches, reservoirs, reservoir sites and dams located on the real est te and all riparian and water rights associated with the Property, however established. (p8fJe 1 of 8) ~. ~ © 1993, 2001 Bankers Systems. Inc" St. Cloud, MN Form AGCQ·RESI·WY 1/16/2003 WYOMING - AGRICUL TURAL/COMMERCIALREAL ESTATE SECURITY INSTRUMENT INOT FOR FNMA, FHlM ,FHA OR VA USE. ANO NOT FOR CONSUMER PURPOSES) 000286 3. MAXIMUM OBLIGATION LIMIT, The total principal amount of the Secu ed Debt (hereafter defined) secured by this Mortgage at anyone time shall not exceed $ 50000.00 . This limitation of amount does not include interest, loan charges, commitment fees, brokerage commissions, a torneys' fees and other charges validly made pursuant to this Mortgage and does not apply to advances (or interest accr ed on such advances) made under the terms of this Mortgage to protect Lender's security and to perform any of the ovenants contained in this Mortgage. Future advances are contemplated and, along with other future obligations, are se ured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, however, shall co stitute a commitment to make additional or 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 Ii ited to, the following: A. The promissory note(s), contract(s), guaranty(ies) or other evidenc of debt described below and all extensions, renewals, modifications or substitutions. (When referencing the bts below it is suggested that you include items such as borrowers' names and addresses, note principal am unts, commercial revolving loan agreement's maximum amount, interest rates, variable rate terms, maturity dates etc.; PROMISSORY NOTE #120088 DATED JUNE 12, 2007, IN THE AMOUNT OF $50,000.00 B. All future advances from Lender to Mortgagor or other future 0 ligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt e isting now or executed after this Mortgage whether or not this Mortgage is specifically referred to in the eviden e of debt. C. All obligations Mortgagor owes to Lender, which now exist or may I ter arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating t any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for i suring, preserving or otherwise protecting the Property and its value and any other sums advanced and expense incurred by Lender under the terms of this Mortgage, plus interest at the highest rate in effect, from time to ti e, as provided in the Evidence of Debt. E. Mortgagor's performance under the terms of any instrument evide cing a debt by Mortgagor to Lender and any Mortgage securing, guarantying, or otherwise relating to the debt. If more than one person signs this Mortgage as Mortgagor, each Mortga or agrees that this Mortgage will secure all future advances and future obligations described above that are given to r incurred by anyone or more Mortgagor, or anyone or more Mortgagor and others. This Mortgage will not secure any ther debt if Lender fails, with respect to such other debt, to make any required disclosure about this Mortgage or if Lend r fails to give any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees to make all payments on the Secured Deb when due and in accordance with the terms of the Evidence of Debt or this Mortgage. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, Ii ns, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lend r may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencin Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of t is Mortgage. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses which Mo tgagor may have against parties who supply labor or materials to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, dee of trust, security agreement or other lien document that created a prior security interest or encumbrance on the roperty and that may have priority over this Mortgage, Mortgagor agrees: A. To make all payments when due and to perform or comply with all c venants. B. To promptly deliver to Lender any notices that Mortgagor receives fr m the holder. C. Not to make or permit any modification or extension of, and not to request or accept any future advances under any note or agreement secured by, the other mortgage, deed 0 trust or security agreement unless Lender consents in writing. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare t e entire balance of the Secured Debt to be immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or contract for any of these on the Property. However, if the Property includes Mortgagor's residence, his section shall be subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purpos s of this section, the term "Property" also includes any interest to all or any part of the Property. This covenant s all run with the Property and shall remain in effect until the Secured Debt is paid in full and this Mortgage is released. ~M ©1993, 2001 Bankers Svstem5.lnc.. St. Cloud, MN Form AGCO-RESI-WY 1/16/2003 ~age 2 of 8) 000287 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an ntity other than a natural person (such as a corporation or other organization), Lender may demand immediate paymen if (1) a beneficial interest in Mortgagor is sold or transferred; (2) there is a change in either the identity or number of me bers of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the voting sto k of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is prohibited b law as of the date of this Mortgage. 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an e tity other than a natural person (such as a corporation or other organization), Mortgagor makes to Lender the followi g warranties and representations which shall be continuing as long as the Secured Debt remains outstanding: A. Mortgagor is an entity which is duly organized and validly existin in the Mortgagor's state of incorporation (or organization). Mortgagor is in good standing in all states in which Mortgagor transacts business. Mortgagor has the power and authority to own the Property and to carryon it business as now being conducted and, as applicable, is qualified to do so in each state in which Mortgagor op rates. B. The execution, delivery and performance of this Mortgage by M rtgagor and the obligation evidenced by the Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received all necessary governmental approval, and will not violate any provision of law, or rder of court or governmental agency. C. Other than disclosed in writing Mortgagor has not changed its na e within the last ten years and has not used any other trade or fictitious name. Without Lender's prior written onsent, Mortgagor does not and will not use any other name and will preserve its existing name, trade nam s and franchises until the Secured Debt is satisfied. 11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will give Lender rompt notice of any loss or damage to the Property. Mortgagor will keep the Property free of noxious weeds and rasses. Mortgagor will not initiate, join in or consent to any change in any private restrictive covenant, zoning ordinan e or other public or private restriction limiting or defining the uses which may be made of the Property or any part 0 the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claim , and actions against Mortgagor or any other owner made under law or regulation regarding use, ownership and occu ancy of the Property. Mortgagor will comply with all legal requirements and restrictions, whether public or private, with respect to the use of the Property. Mortgagor also agrees that the nature of the occupancy and use will not change witho t Lender's prior written consent. No portion of the Property will be removed, demolished or materially a tered without Lender's prior written consent except that Mortgagor has the right to remove items of personal property omprising a part of the Property that become worn or obsolete, provided that such personal property is replaced with ot er personal property at least equal in value to the replaced personal property, free from any title retention device, sec rity agreement or other encumbrance. Such replacement of personal property will be deemed subject to the security interest created by this Mortgage. Mortgagor shall not partition or subdivide the Property without Lender's prior writte consent. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpos of inspecting the Property. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no ay rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgag r's duties under this Mortgage, or any other 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. Mortga or appoints lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. If any onstruction on the Property is discontinued or not carried on in a reasonable manner, lender may do whatever is necess ry to protect lender's security interest in the Property. This may include completing the construction. Lender's right to perform for Mortgagor shall not create an obligation to p rform, and Lender's failure to perform will not preclude Lender from exercising any of lender's other rights under the law or this Mortgage. Any amounts paid by Lender for insuring, preserving or otherwise protecting the Property and Le der's security interest will be due on demand and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to time according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, ba gains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following Property). A. Existing or future leases, subleases, licenses, guaranties and any her written or verbal agreements for the use and occupancy of the Property, including but not limited to, any extensions, renewals, modifications or 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 char es, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages following d fault, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, ccounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have that in any ay pertain to or are on account of the use or 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 pe sonal property, this Assignment will also be regarded as a security agreement, ~ ©1993, 2001 BankarsSystams, Inc., St. Cloud, MN Form AGCQ-RESI-WY 1/16/2003 (page 3 of 8) ~ 0002~8 Mortgagor will promptly provide Lender with copies of the Leases and ill certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignme t, and all of the future Leases and any other information with respect to these Leases will be provided immediately aft r they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. M rtgagor will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender's written onsent. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents ith any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents from the Pr perty to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of managin , protecting and preserving the Property, and other necessary expenses. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any s atutory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed by state I w, Mortgagor agrees that Lender may take actual possession of the Property without the necessity of commencing an legal action or proceeding. Mortgagor agrees that actual possession of the Property is deemed to occur when Lender otifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgagor's tenants pay all Rents due or to become due directly to Lender. Immediately after Lender gives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor may immediately notify the tenants and demand that all future Rents be paid directly to Lend r. As long as this Assignment is in effect, Mortgagor warrants and represent that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law 0 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 to comply with the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortgagor negle ts or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's option, enforce complian e. Mortgagor will not sublet, modify, extend, cancel, or otherwise alter the Lases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's co sent. Mortgagor will not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior ritten consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or other loss s or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages due to ender's gross negligence or intentional torts. Otherwise, Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any party ob igated under the Leases. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property inclu es a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under t e covenants, by-laws, or regulations of the condominium or planned unit development. 15. DEFAULT. Mortgagor will be in default if any of the following occur: A. Any party obligated on the Secured Debt fails to make payment whe due; B. A breach of any term or covenant in this Mortgage, any prior m rtgage or any construction loan agreement, security agreement or any other document evidencing, guarantying, securing or otherwise relating to the Secured Debt; C. The making or furnishing of any verbal or written representation, st tement or warranty to Lender that is false or incorrect in any material respect by Mortgagor or any person or entit obligated on the Secured Debt; D. The death, dissolution, or insolvency of, appointment of a receiver or, 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 wi h respect to any person or entity obligated on 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 own rship, management, and financial conditions, which Lender in its opinion believes impairs the value of the Propert or repayment of the Secured Debt; or G. Any loan proceeds are used for a purpose that will contribute to exc ssive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as fu ther explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M. 16. REMEDIES ON DEFAULT. In some instances, federal and state law will re uire Lender to provide Mortgagor with notice of the right to cure, mediation notices or other notices and may establish t me schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and fo eclose this Mortgage in a manner provided by 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 become immediately due and payable, after giving notice if required by law, u on the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided y law, the Evidence of Debt, other evidences of debt, this Mortgage and any related documents including without Ii itation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is enti led to all remedies provided at law or equity, whether expressly set forth or not. The acceptance by Lender of any sum n payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure procee ings are filed shall not constitute a waiver of Lender's right to require full and complete cure of any existing default. y not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a efault if it continues or happens again. ~ © 1993. 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO-RESI-WY 1/16/2003 ~(~age 4 of 8) 0002~9 17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLEC ION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches ny covenant in this Mortgage. Mortgagor will also pay on demand all of Lender's expenses incurred in collecting, insur; g, preserving or protecting the Property or in any inventories, audits, inspections or other examination by Lender in res ect to the Property. Mortgagor agrees to pay all costs and expenses incurred by Lender in enforcing or protecting Lend r's rights and remedies under this Mortgage, including, but not limited to, attorneys' fees, court costs, and other legal xpenses. Once the Secured Debt is fully and finally paid, Lender agrees to release this Mortgage and Mortgagor agre s to pay for any recordation costs. All such amounts are due on demand and will bear interest from the time of the a vance at the highest rate in effect, from time to time, as provided in the Evidence of Debt and as permitted by law. 18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in his section, (1) "Environmental Law" means, without limitation, the Comprehensive Environmental Response, Compen ation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.L all other federal, state and local laws, regulations, ordinan es, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, envi nment or a hazardous substance; and (2) "Hazardous Substance" means any toxic, radioactive or hazardous materi I, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dang rous to the public health, safety, welfare or environment. The term includes, without limitation, any substances define as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental La . Mortgagor represents, warrants and agrees that, except as previously disclosed and acknowledged in writing: A. No Hazardous Substance has been, is, or will be located, transport d, manufactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and in strict compliance with all applicable Environmental Law. B. Mortgagor has not and will not cause, contribute to, or permit th release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or threaten d release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate fro nearby property; or (2) there is a violation of any Environmental Law concerning the Property. In such an even, Mortgagor will take all necessary remedial action in accordance with Environmental Law. D. Mortgagor has no knowledge of or reason to believe there is any ending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance I cated on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental La . Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any s ch pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but not the 0 ligation, to participate in any such proceeding including the right to receive copies of any documents relating to su h proceedings. E. Mortgagor and every tenant have been, are and shall remain in full ompliance with any applicable Environmental Law. F. There are no underground storage tanks, private dumps or open ells located on or under the Property and no such tank, dump or well will be added unless Lender first consents i writing. G. Mortgagor will regularly inspect the Property, monitor the activitie and operations on the Property, and confirm that all permits, licenses or approvals required by any applicable nvironmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, Lender or Le der's agent to enter and inspect the Property and review all records at any reasonable time to determine (1 the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) the exis ence, location, nature, and magnitude of any Hazardous Substance that has been released on, under or about t e Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Environmental La . I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified environmental engineer to prepare an environmental audit of the Pr perty and to submit the results of such audit to Lender. The choice of the environmental engineer who will perfor such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform any of ortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach of any representation, warranty r 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 remediati n costs, penalties and expenses, including without limitation all costs of litigation and attorneys' fees, which L nder and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this ortgage and in return Mortgagor will provide Lender with collateral of at least equal value to the Property secure by this Mortgage without prejudice to any of Lender's rights under this Mortgage. L. Notwithstanding any of the language contained in this Mortgage t the contrary, the terms of this section shall survive any foreclosure or satisfaction of this Mortgage regardle s of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any claims and d fenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give Lender prompt notice of any ac ion, real or threatened, by private or public entities to purchase or take any or all of the Property, including any easem nts, through condemnation, eminent domain, or any other means. Mortgagor further agrees to notify Lender of any proc edings instituted for the establishment of any sewer, water, conservation, ditch, drainage, or other district relating to 0 binding upon the Property or any part of it. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of he above described actions or claims and to collect and receive all sums resulting from the action or claim. Mortgagor a signs to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Mortgage. his assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. ~ © 1993, 2001 Bankers Systems, Inc., Sl. Cloud, MN Form AGCO-RESI-WY 1/16/2003 )t7. (page 5 of 8) 20. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss by fire, t eft and other hazards and risks reasonably associated with the Property due to its type and location. Other azards and risks may include, for example, coverage against loss due to floods or flooding. This insurance sh II be maintained in the amounts and for the periods that Lender requires. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debt. The insurance carrier providing the in urance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverag to protect Lender's rights in the Property according to the terms of this Mortgage. 000-290 All insurance policies and renewals shall be acceptable to Lender a d shall include a standard "mortgage clause" and, where applicable, "lender loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold t e 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 ender. Lender may make proof of loss if not made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, insuranc proceeds shall be applied to restoration or repair of the Property damaged if the restoration or repair is econ mically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible r Lender's security would be lessened, the insurance proceeds shall be applied to the Secured Debt, whethe or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may co lect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay the Secure Debt whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in writing, any applic tion of proceeds to principal shall not extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any insurance policies nd proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. B. Mortgagor agrees to maintain comprehensive general liability insura ce naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims arising f om any accident or occurrence in or on the Property. C. Mortgagor agrees to maintain rental loss or business interruption in urance, as required by Lender, in an amount equal to at least coverage of one year's debt service, and req ired escrow account deposits (if agreed to 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 be required to pay to Lender funds for taxes and insurance in escrow. 22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will rovide to Lender upon request, any financial statement or information Lender may deem necessary. Mortgagor warrant that all financial statements and information Mortgagor provides to Lender are, or will be, accurate, correct, and compl te, Mortgagor agrees to sign, deliver, and file as Lender may reasonably request any additional documents or certifica ions that lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Mortga e and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such docum nts or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorne in fact to do the things necessary to comply with this section. 23, JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND AS IGNS BOUND. All duties under this Mortgage are joint and individual. If Mortgagor signs this Mortgage but does not sign he Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of th Secured Debt and Mortgagor does not agree 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 a change will not release Mortgagor from the terms of this Mortgage. The d ties and benefits of this Mortgage shall bind and benefit the successors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor and d es not directly secure the obligation which is guarantied, Mortgagor agrees to waive any rights that may prevent Len er from bringing any action or claim against Mortgagor or any party indebted under the obligation including, but not limi d to, anti-deficiency or one-action laws. d. (page 60(8) Ex¡5fiìTl.M ©1993. 2001 Bankers Systems, Inc.. St. Cloud, MN Form AGCO-RESI-WY 1/16/2003 OOQ291. 24. APPLICABLE lAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jurisdiction in which lender is located, except to the extent otherwise required by the aws of the jurisdiction where the Property is located. This Mortgage is complete and fully integrated. This Mortgag may not be amended or modified by oral agreement. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressl or impliedly permits the variations by written agreement. If any section or clause of this Mortgage cannot be enforced according to its terms, that section or clause will be severed and will not affect the enforceability of the remainder of thi Mortgage. Whenever used, the singular shall include the plural and the plural the singular. The captions and headin s of the sections of this Mortgage are for convenience only and are not to be used to interpret or define the terms 0 this Mortgage. Time is of the essence in this Mortgage. 25. NOTICE. Unless otherwise required by law, any notice shall be given by d livering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Mortgage, or to any oth r address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 26. WAIVERS. Except to the extent prohibited by law, Mortgagor waives an right regarding the marshalling of liens and 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 f r the construction of an improvement on the Property. o Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. o Crops; Timber; Minerals; Rents, Issues and Profits. Mortgagor gra ts to Lender a security interest in all crops, timber and minerals located on the Property as well as all rents, ssues, and profits of them including, but not limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar governmental programs (all of which shall also be included in the term "Property") o Personal Property. Mortgagor grants to Lender a security interest i all personal property located on or connected with the Property. This security interest includes all farm products inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and all other items personal property Mortgagor owns now or in the future and that are used or useful in the construction, ownersh p, operation, management, or maintenance of the Property. The term "personal property" specifically excludes t at property described as "household goods" secured in connection with a "consumer" loan as those terms are defined in applicable federal regulations governing unfair and deceptive credit practices. o Filing As Financing Statement. Mortgagor agrees and acknowle ges that this Mortgage also suffices as a financing statement and as such, may be filed of record as a finan ing statement for purposes of Article 9 of the Uniform Commercial Code. A carbon, photographic, image or other reproduction of this Mortgage is sufficient as 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 be reduced to a zero balance, this Mortgage will remain in effect until r leased. o Separate Assignment, The Mortgagor has executed or will execute a separate assignment of leases and rents. If the separate assignment of leases and rents is properly executed a d recorded, then the separate assignment will supersede this Security Instrument's "Assignment of Leases and Re ts" section. o Additional Terms, ~ © 1993, 2001 Bankers Systems. Inc.. St. Cloud, MN Form AGCO-RESI-WY 1/16/2003 µ. ~age 7 of 8) OOD292 SIGNATURES: By signing below, Mortgagor agrees to the terms and cove ants contained in this Mortgage and in any attachments. Mortgagor also acknowledges receipt of a copy of this Mortga e on the date stated above on Page 1. o Actual authority was granted to the parties signing below by resolution igned and dated - /$'-07 (Date) ( (Signature) (Date) o Refer to the Addendum which is attached and acknowledgments. ACKNOWLEDGMENT: STATE OF WYOMING , COUNTY OF This instrument was acknowledged before me this (3ih by My commission expires: )-10-09 IIndlvlduall MARLENE FISH~R NOTARY PUql,.JC COUNTY OF . STATE OF LINCOLN WYOMING MY COMMISSION EXPIRES JANUARY 10, 2009 STATE OF , COUNTY OF This instrument was acknowledged before me this by (Business or Entity Acknowladgmant) of a My commission expires: ~ ©1993, 2001 Bankers Systems, Inc.. St. Cloud. MN Form AGCQ-RESI-WY 1/16/2003 (Signature) (Signatura) (Date) (Date) for additional Mortgagors, signatures and Cc { If'- ay of V<..vY\..Q ...Qcp ":i ayof } ss. } ss. (Title(s)) (Name of Business or Entity) on behalf of the business or entity. (Notary Public) (page 8 of 8) OnDER NUMBER: NrL-1399 EXHmIT "A" Jun 5 2007 02;k~nM ,P004/00S On.\~,?:o 3 I!JI\;.~ ",.-....... LOT TWO (2) OF ALPINE PINES SUBDIVISION, RECORDED AUGUST 1 0, 1977A T DOCUMENT NlJMBER 496708, MAY NUM:BER 208, IN THE OFFICg OF TIfE CLERK. LXNcOLN COUNTY WYOMING.