HomeMy WebLinkAbout931908
MORTGAGE
000076
Catherine J. Crier, Mortgagor, hereby grants, bargains, sells, conveys, confmns,
mortgages and warrants to Wyoming Ranch Holdings, LLC, a Georgia limited liability
company, Mortgagee, its successors and assigns, the real estate located in Lincoln
County, Wyoming, described as:
Township 30 North. Range 119 West of the 6th P.M.. Lincoln County.
Wyoming:
Section 2:
Section 3:
Section 11:
Sl/2NWl/4, SWl/4NEl/4, Wl/2SEl/4, SW1/4,
Lots 3 and 4;
El/2SEl/4, Wl/2SE1/4
NWl/4NE1/4
Sometimes hereinafter being referred to as the "Property," together with all and singw,lar
the fixtures, apparatus, equipment, tenements, hereditaments and appurtenances thereunto
belpnging or in anywise appertaining, including without limitation all buildings,
structures, improvements and affixed equipment, oil, gas, electric and other heating,
lighting, plumbing, air-conditioning, water and cooling apparatus and systems, oil
burners, stokers, thermostats, regulators, tanks, heaters, water softeners, filters, motors,
pumps, radiators, incinerators, grates, venetian blinds, window shades, mirrors, mantels,
hardware, globes, awnings, storm doors, storm windows, screen doors, screen windows,
arbors, rock gardens, fences, towers, antennae, gates, trees, and shrubs, now or hereafter
placed upon said land, all of which things shall be deemed to be parts of the realty
regardless of the manner in which they may be affixed to or upon the same or any part
thereof, and together with the buildings, structures and improvements now thereon or
hereafter erected thereon and all additions, alterations, improvements, and repairs or
replacements thereof and all property of like kind and character now or hereafter
acquired, installed in, affixed to, commingled with or substituted for any of the above,
and the proceeds of any or all of the above, or, used in connection with or placed on said
property.
TO HAVE AND TO HOLD: the same to the Mortgagee, its successors and
assigns forever. The Mortgagor hereby covenants with the Mortgagee that the Mortgagor
is lawfully seized of said premises ànd has good right to sell and convey and mortgage
the same; that the same are ftee from all encumbrances; that the Mortgagee, its,
successors and assigns, shall quietly enjoy and possess said premises and the said
Mortgagor will warrant and defend the title to the same against all lawful claims
whatsoever.
RECEIVED 8/6/2007 at 2:46 PM
RECEIVING # 931908
BOOK: 668 PAGE: 76
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000077
THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE
MORTGAGEE as follows:
1. This Mortgage is given to secure payment and the Mortgagor promises to pay
to Mortgagee $3.810.450.00 with interest, evidenced by a Promissory Note (hereinafter
the "Note") attached hereto as Exhibit "A" and incorporated herein by reference, and all
other amounts due thereunder and all extensions and renewals thereof, when and as the
same shall become due and payable. Each such payment shall be applied fIrst to the
payment of interest and any balance remaining after the payment of interest shall be
applied to the reduction of the unpaid principal balance.
2. Time is of the essence and if any amount which this Mortgage secures shall
not have been paid when due and shall remain unpaid for fifteen (15) days after notice
thereof as provided in the Note, or in case another event of default shall occur as
provided in the Note or this Mortgage, and if Mortgagor after receiving written notice
from Mortgagee demanding cure of such non-payment default fails to cure the same
within fifteen (15) days after such notice or immediately initiate steps sufficient to cure
such failure if more than fifteen (15) days are required for such cure, the entire
indebtedness may become due and payable at once at the option of the Mortgagee and
without notice; failure to exercise this option howsoever often shall not constitute a
waiver of the right to exercise it thereafter. If and when payment in full shall have been
made as provided for herein, then these presents to be void, otherwise to remain in full
force and effect.
3. Mortgagor will pay the indebtedness hereby secured promptly and in full
compliance with the terms of said Note and this Mortgage, and the time of payment of
said indebtedness, or any portion thereof, may be extended or renewed, and any portions
of the premises herein described may, without notice, be released from the lien hereof,
without releasing or affecting the personal liability of any person or for the payment of
said indebtedness then remaining unpaid, and no change in the ownership of said
premises shall release, reduce or otherwise affect any such personal liability, of the lien
hereby created. It is further agreed that the taking of additional security of any nature
shall not impair or release this Mortgage; and as a further security this Mortgage shall
become due and payable in full forthwith at the option of the Mortgagee upon the
occurrence of any of the following events:
(a) Mortgagor fails to make any payment when due.
(b) Mortgagor breaks any promise Mortgagor has made to Mortgagee, or
Mortgagor fails to perform promptly at the time and strictly in the manner
provided in the Note, this Mortgage or in any other agreement or loan
Mortgagor has with Mortgagee.
-2-
0000?8
(c) Any representation or statement made or furnished to Mortgagee by
Mortgagor or on Mortgagor's behalf is false or misleading in any material
respect.
(d) Mortgagor dies or becomes insolvent, a receiver is appointed for any
part of Mortgagor's property, Mortgagor makes an assignment for the
benefit of creditors, or any proceeding is commenced either by Mortgagor
or against Mortgagor under any bankruptcy or insolvency laws.
( e) Any creditor tries to take any of Mortgagor's property on or in which
Mortgagee has a lien or security interest.
(f) Mortgagee in good faith deems itself insecure.
(g) Mortgagor conveys, directly or indirectly, through transfer of legal title
or equitable title or otherwise, any interest in any collateral which is
intended to secure the rights of Mortgagee herein.
The acceptance of any payment on the Note by the Mortgagee shall not constitute a
waiver of this option, and consent to anyone such conveyance shall not constitute
consent to any subsequent conveyance or a waiver of this option.
4. The terms "hazardous waste," "hazardous substance," "disposal," "release,"
and "threatened release," as used in this Agreement, shall have the same meanings as set
forth in the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA") the Superfund
Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the
Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource
Conservation and Recovery Act, 49 U.S.C. Section 6901, et seq., or other applicable state
or federal laws, rules, or regulations adopted pursuant to any of the foregoing. Except as
disclosed to and acknowledged by Mortgagee in writing, Mortgagor represents and
warrants that: (a) During the period of Mortgagor's ownership of Mortgagor's properties,
there has been no use, generation, manufacture, storage, treatment, disposal, release or
threatened release of any hazardous waste or substance by any person on, under, or about
any of the properties. (b) Mortgagor has no knowledge of, or reason to believe that there
has been (i) any use, generation, manufacture, storage, treatment, disposal, release, or
threatened release of any hazardous waste of substance by any prior owners or occupants
of any of the properties, or (ii) any actual or threatened litigation or claims of any kind by
any person relating to such matters. (c) Neither Mortgagor nor any tenant, contractor,
agent or other authorized user of any of the properties shall use, generate, manufacture,
store, treat, dispose of, or release any hazardous waste or substance on, under, or about
any of the properties and any such activity shall be conducted in compliance with all
applicable federal, state, and local laws, regulations, and ordinances, including without
limitation those laws, regulations and ordinances described above. Mortgagor authorized
-3-
000079'
Mortgagee and its agents to enter upon the properties to make such inspections and tests
as Mortgagee may deem appropriate to determine compliance of the properties with this
section of the Agreement. Any inspections or tests made by Mortgagee shall be for
Mortgagee's purposes only and shall not be construed to create any responsibility or
liability of the part of Mortgagee to Mortgagor or to any other person. The
representations and warranties contained herein are based on Mortgagor's due diligence
in investigating the properties for hazardous waste. Mortgagor hereby (a) releases and
waives any future claims against Mortgagee to indemnity or contribution in the event
Mortgagor becomes liable for cleanup or other costs under any such laws and (b) agrees
to indemnify and to hold harmless Mortgagee against any and all claims, losses,
liabilities, damages, penalties, and expenses which Mortgagee may directly or indirectly
sustain or suffer resulting from a breach of this section of the Agreement or as a
consequence of any use, generation, manufacture, storage, disposal, release or threatened
release occurring prior to Mortgagor's ownership or interest in the properties, whether or
not the same was or should have been known to Mortgagor. the provisions of this section
of the Agreement, including the obligation to indemnify, shall survive the payment of the
Indebtedness and the satisfaction of this agreement and shall not be affected by
Mortgagee's acquisition of any interest in any of the properties, whether by foreclosure or
otherwise.
5. Mortgagor shall payor cause to be paid all taxes and assessments levied or
assessed against the premises, and shall comply with all recordation and other laws
affecting the security of this Mortgage at the expense of Mortgagor. Mortgagor agrees to
keep all buildings and other fixtures now or hereafter on the premises insured by
companies satisfactory to the Mortgagee against loss by fIre, smoke, water, windstorm
and other hazards (including extended coverage), including war damages when requested
in writing by the Mortgagee, in such amounts and form as the Mortgagee may require; to
deliver upon request to the Mortgagee the policies for insurance, with mortgage clauses
attached thereto, in favor of and in form satisfactory to the Mortgagee or its assigns; to
deliver to the Mortgagee all renewal policies at least ten (10) days prior to the expiration
of the existing policies; in case of the occurrence of a loss under any policy to give notice
thereof by mail to the Mortgagee, hereby authorizing and empowering the Mortgagee to
make proof of loss if the Mortgagor fail to do so, and to demand, receive and receipt for
monies becoming payable thereunder, and to payor cause to be paid to the Mortgagee the
proceeds of such insurance or any part thereof which at the option of the Mortgagee shall
be applied either in reduction of the indebtedness secured hereby or to the repair and
restoration of the property damaged.
6. Mortgagor will keep the premises free and clear of all other liens and
encumbrances which may be or become superior to the lien created hereby.
7. Mortgagor will not commit or permit waste on the premises, nor demolish nor
remove therefrom any building without the written consent of the Mortgagee; and will
keep and maintain the premises in good repair.
-4-
Ò00080
8. Mortgagor will pay all expenses and attorneys' fees incurred by the
Mortgagee, successors or assigns, for the protection of the lien of this mortgage or for the
collection of any amount due on the instrument which this Mortgage secures or for the
preservation of the property mortgaged.
9. Mortgagor will comply promptly, at the expense of the Mortgagor, with all
laws, statutes, ordinances and regulations affecting the premises in any manner
whatsoever.
10. Mortgagor will pay to or cause to be paid directly to the Mortgagee, for
application upon the indebtedness secured hereby, the full amount of any award or
compensation for the taking or damaging by condemnation proceedings under the power
of eminent domain of all or any part of the mortgaged premises.
11. In case of the failure of the Mortgagor to do so, the Mortgagee may make any
payment or perform any covenant herein to be made or performed by the Mortgagor, and
any payment so made or expense incurred in connection therewith by the Mortgagee shall
bear interest at the rate specified in the Note, and shall be immediately repayable by the
Mortgagor, and shall be impressed as an additional lien upon the mortgaged premises,
and this Mortgage shall thereupon secure the repayment of such advances with interest.
12. In case an event of default shall occur in making payments or performing any
other covenants or agreement required of Mortgagor as provided in the Note or this
Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, its successors
and assigns to foreclose this mortgage by advertisement and sale as provided by the
statutes of the State of Wyoming or to foreclose this Mortgage by judicial proceedings
and convey the same to the purchaser in accordance with the statutes of the State of
Wyoming, and out of the monies arising from such sale to retain all sums secured hereby
with interest and all legal costs and charges of such foreclosure and actual attorneys' fees
incurred by Mortgagee (or such other amount as shall be fixed by the Court in the event
of judicial foreclosure or receivership), which costs, charges and fees the Mortgagor
agree to pay. In case of the foreclosure of this Mortgage, the Mortgagor hereby
authorizes and empowers the Mortgagee, its successors and assigns, to effect insurance
upon the building and fixtures aforesaid for a period covering the time for redemption for
the sale of said premises under such foreclosure, and to pay the premium therefor and the
amount so paid shall be impressed as an additional lien upon said premises and shall be
secured by and be collectible as a part of this mortgage and bear interest at the rate
specified in the Note, from the date said amount is paid. In the event of a foreclosure,
Mortgagor hereby authorizes and empowers Mortgagee, its successors and assigns, to
bring an action against any person who claims an adverse estate or interest therein for the
purpose of determining such adverse estate or interest, and to pay costs and expenses
thereof together with actual attorneys' fees which amount shall be impressed as an
additional lien upon said premises and shall be secured by and collectible as a part of this
-5-
000081.
Mortgage. In case the proceeds from foreclosure sale are insufficient to pay the total
indebtedness secured hereby, subject to '3 above, the Mortgagor binds itself to pay the
unpaid balance, and the Mortgagee will be entitled to a deficiency judgment.
13. Upon commencement of any foreclosure, or at any time thereafter, and prior
to the expiration of the time for redemption from any sale of said premises on
foreclosure, any court of competent jurisdiction, upon application of the Mortgagee, or
the purchaser at such sale, shall, at once and without notice to the Mortgagor or any other
person, appoint a receiver for said premises to take possession thereof, to collect rents,
issues and profits of said premises during the pendency of such foreclosure and until the
time to redeem the same from the foreclosure sale shall expire, and out of rents, issues,
and profits to keep the premises in good repair and condition and to pay all taxes,
assessments, and special assessments, and to redeem from sale for taxes, assessments,
and special assessments, and to pay insurance premiums necessary to keep the premises
insured in accordance with the provisions of this Mortgage and to pay the expense of the
receivership, and said receiver shall apply the net proceeds to the payment of the
indebtedness secured hereby, and such receiver shall have all the other usual powers of
receivers in such cases.
14. In consideration of the sum of ten dollars ($1 0) and other valuable
consideration, the receipt whereof hereby is acknowledged, the Mortgagor hereby
assigns, transfers and sets over to the Mortgagee, its successors and assigns, the rent,
profits and income from the mortgaged property with full and complete authority and
right in the Mortgagee in case of default as provided for in this Mortgage and the Note to
demand, collect, receive and receipt for the same and to take possession·ofthe mortgaged
property without having a receiver appointed therefor and to rent and manage the same
from time to time and apply the net proceeds of such upon the indebtedness. Mortgagor
hereby assigns to Mortgagee all leases of the mortgaged property or any part thereof
which are now or may be in effect hereafter, such assignment to take effect immediately
in case of such default. Mortgagee is hereby authorized to take charge of the rental of the
above-described property and is hereby authorized to collect rents from said property, to
eject tenants for breach of their leases and to enter into leases with and lease said property
or any part thereof to tenants, to sue for unpaid rents in the name of the legal holder of
said indebtedness~ and is to receive for services in managing said property the usual and
customary fees for such service in effect in Lincoln County, Wyoming at the time said
services are performed.
Without limiting the generality of the foregoing, the Mortgagor further agrees as
follows:
a. Notice to Tenants. Mortgagee may send notices to any and all tenants of
the property advising them of this assignment and directing all rents to be
paid directly to Mortgagee or Mortgagee's agent.
-6-
000082
b. Enter the Property. Mortgagee may enter upon and take possession of
the Property; demand, collect and receive from the tenants or from any
other persons liable therefor, all of the rents; institute and carry on all legal
proceedings necessary for the protection of the Property, including such
proceedings as may be necessary to recover possession of the Property;
collect the rents and remove any tenant or tenants or other persons from
the Property.
c. Maintain the Property. Mortgagee may enter upon the Property to
maintain the Property and keep the same in repair; to pay the costs thereof
and of all services of all employees, including their equipment, and of all
continuing costs and expenses of maintaining the Property in proper repair
and condition, and also to pay all taxes, assessments, and water utilities,
and the premiums on fIre and other insurance effected by Mortgagor on
the Property.
d. Compliance with Laws. Mortgagee may do any and all things to execute
and comply with the laws of the State of Wyoming and also all other laws,
rules, orders, ordinances and requirements of all other governmental
agencies affecting the Property.
e. Lease the Property. Mortgagee may rent or lease the whole or any part
of the Property for such term or terms and on such conditions as
Mortgagee may deem appropriate.
f. Employ Agents. Mortgagee may engage such agent or agents as
Mortgagee may deem appropriate, either in Mortgagee's or Mortgagor's
name, to rent and manage the Property, including the collection and
application of rents.
g. Other acts. Mortgagee may do all such other things and acts with respect
to the Property as Mortgagee may deem appropriate and may act
exclusively and solely in the place and stead of Mortgagor and to have all
of the powers of Mortgagor for the purposes stated above.
h. No Requirement to Act. Mortgagee shall not be required to do any of the
foregoing acts or things, and the fact the Mortgagee shall have performed
one or more of the foregoing acts or things shall not require Mortgagee to
do any other specific act or thing.
15. Failure to exercise any right, power or options herein granted to the
Mortgagee, howsoever often shall not constitute a waiver thereof and shall not estop the
Mortgagee from exercising any such right, power or option at any time or upon any
subsequent default of the Mortgagor. All rights and remedies given or reserved to the
-7-
000083
Mortgagee herein shall be cumulative and may be exercised contemporaneously but the
exercise of one or more such rights or remedies shall not exclude or prevent the exercise
of its other rights or remedies.
16. The Mortgagor specifically warrants that she is fully authorized to enter into
this Mortgage, and that the acquiescence or approval of no other person is required for
her to enter into same on the terms found herein.
17. All warranties, covenants, promises, undertakings, agreements, rights,
powers, privileges, benefits, obligations and remedies imposed upon or granted or
reserved unto the said parties by this instrument shall survive the execution and delivery
hereof and shall respectively extend to and be binding upon the respective heirs,
executors, administrators, successors and assigns of said parties.
¡?f IN WITNESS WHEREOF, Mortgagor has signed and sealed this mortgage this
, day of August, 2007.
- ¿
Catherine J. Crier
SS
COUNTY OF
I cr- The foregoing Mortgage was acknowledged before me by Catherine J. Crier this
~ day, of ugust, 2007. Witness my hand 0 ¡cial seal. My commission expires:
()-, \ 5" '
JOSEPH BURGER
Notary Public, State of New York
Registration II o' BU4879676
Qualified In Vv'estchester County
My Commission Expires Dec. 15,2
II \II! \I 11"11/'
,I E ,.",
':to" ~ G R '~""
., ~ ......... 14" "
..- _, ... ..J.~',
... ~ ..~:~.' ~' .. \(,.. ..-:.
j a.. ! '.' A...~ [ì ( \ 0 :~
. . '" ~:...> . >- ,
;: W" "-.J ' --. -
: ø~ ~ ,. i;:' ;:--. ~
;. ~ V ,~'""V .·t-~
10·. 'ii;" ~'" ..'..1 ~
~ tJ1I). "i\~t~. .e .... '" ':.~
.0; -. .j~,_. 9· ( --. .~
~; . ....."'~......... o"{ .....~
, I" * ('-r ....~ ,,'"
I", \) , I~;' '-'"" ,\"
~ "1" f t ~, t'" ~" \
SEAL
-8-
uuuu8ÒpA-
PROMISSORY NOTE
$3,810,450.00
CHEYENNE,WYONITNG
AUGUST -,-, 2007
For value received Catherine 1. Crier, BORROWER, promises to pay to the order of
Wyoming Ranch Holdings, LLC, a Georgia limited liability company, LENDER, at Lender's
place of business in Atlanta, Georgia, the sum of $3,810,450.00 with interest at 5% percent per
annum payable by ann ual installments of interest only in the amount of $190,522.50 each
beginning on August k, 2008 and payable annually thereafter until August 1L-, 2010 when the
entire balance of principal and interest shall be paid in full. Each payment shall be applied first
to interest upon the unpaid balance of principal and the remainder to principal until the debt shall
have been paid in full.
Prepayments may be made with any annual installment. Time is of the essence and if any
amount shall not have been paid when due as provided in this promissory note (the "Note"), and
shall remain unpaid for 15 days after notice thereof, the entire indebtedness may become due and
payable at once at the option of the holder and without notice, and thereafter the unpaid principal
shall bear interest at the rate of seven percent (7%) per annum; failure to exercise this option
howsoever often shall not constitute a waiver of the right to exercise it thereafter. If this Note or
any annual installment or any amount due hereunder shall not be paid when due, the undersigned
agrees to pay reasonable attorneys' fees and all costs of collection. All makers, endorsers and
guarantors hereof severally waive presentment for payment, demand, protest, notice of protest,
notice of dishonor and notice of non-payment of this Note.
ADDITIONAL PROVISIONS. The undersigned Borrower agrees that the following
additional provisions (which shall serve only to expand the rights of Lender and not to restrict
the rights of Lender and obligations of Borrower as set forth above) shall govern this Note:
1. DEFAULT. Borrower will be in default if any of the following happens: (a) Borrower
fails to make any payment when due. (b) Borrower breaks any promise Borrower has
made to Lender. or Borrower fails to perform promptly at the time and strictly in the
manner provided in this Note or in any other agreement or loan Borrower has with
Lender. (c) Any representation or statement made or furnished to Lender by Borrower or
on Borrower's behalf is false or misleading in any material respect. (d) Borrower dies or
becomes insolvent, a receiver is appointed for any part of Borrower's property, Borrower
makes an assignment for the benefit of creditors, or any proceeding is commenced either
by Borrower or against Borrower under any bankruptcy or insolvency laws. (e) Any
creditor tries to take any of Borrower's property on or in which Lender has a lien or
security interest. (f) Lender in good faith deems itself insecure. (g) Borrower conveys,
directly or indirectly, through transfer of legal title or equitable title or otherwise, any
interest in any collateral which is intended to secure the rights of Lender herein.
2. LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, without notice, and
then Borrower will pay that amount. Upon default, including failure to pay upon fmal
maturity, Lender. at its option, may also, if pennitted under applicable law, increase the
rate of interest as provided above. The interest rate will not exceed the maximum rate
;\",1/
000083-8
pennitted by applicable law. Lender may hire or pay someone else to help collect this
Note if Borrower does not pay. Borrower also will pay Lender the costs incurred by
Lender in collecting this Note. This includes, subject to any limits under applicable law,
Lender's reasonable attorneys' fees and legal expenses whether or not there is a lawsuit,
including reasonable attorney's fees and legal expenses for bankruptcy proceedings
(including efforts to modifY or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services. If not prohibited by applicable law,
Borrower also will pay any court costs, in addition to all other sums provided by law.
Subject to the provisions on arbitration, this Note shall be governed by and construed in
accordance with the laws of the State of Wyoming.
3. COLLATERAL. This Note is secured by a Mortgage dated August _,2007 in favor
of Lender on certain real property located in Lincoln County, State of Wyoming, all the
terms and conditions of which are hereby incorporated and made a part ofthis Note. ,
4. ARBITRATION. Lender and Borrower agree that all disputes, claims and controversies
between them, whether individual, joint, or class in nature, arising from this Note or
otherwise, including without limitation contract and tort disputes, shall be arbitrated
pursuant to the Rules of the American Arbitration Association, upon request of either
party. No act to take or dispose of any collateral securing this Note shall constitute a
waiver of this arbitration agreement or be prohibited by this arbitration agreement. This
includes, without limitation, obtaining injunctive relief or a temporary restraining order;
invoking a power of sale under any deed of trust or mortgage; obtaining a writ of
attachment or imposition of a receiver; or exercising any rights relating to personal
property, including talång or disposing of such property with or without judicial process
pursuant to Article 9 of the Wyoming Uniform Commercial Code, W.S. I , 34.1-9-101 et
seq. Any disputes, claims, or controversies concerning the lawfulness or reasonableness
of any act, or exercise of any right, concerning any collateral securing this Note,
including any claim to rescind, reform, or otherwise modify any agreement relating to the
collateral securing this Note, shall also be arbitrated, provided however that no arbitrator
shall have the right or the power to enjoin or restrain any act of any party. Judgment
upon any award rendered by any arbitrator may be entered in any court having
jurisdiction. Nothing in this Note shall preclude any party from seeking equitable relief
from a court of competent jurisdiction. The statute of limitations, estoppel, waiver,
laches, and similar doctrines which would otherwise be applicable in an action brought
by a party shall be applicable in any arbitration proceeding, and the conunencement of an
arbitration proceeding shall be deemed to the commencement of an action for these
purposes. The Federal Arbitration Act shall apply to the construction, interpretation, and
enforcement of this arbitration provision.
5. GENERAL PROVISIONS. Lender may delay or forego enforcing any of its rights or
remedies under this Note without losing them. Borrower and any other person who signs,
guarantees or endorses this Note, to the extent allowed by law, waive presentment,
demand for payment, protest and notice of dishonor. Upon any change in the terms of
this Note, and unless otherwise expressly stated in writing, no party who signs this Note,
whether as maker, guarantor, accommodation maker or endorser, shall be released from
liability. All such parties agree that Lender may renew, extend (repeatedly and for any
PROMISSORY NOTE
Page 2 of3
OOO()S3--L>
. ,
'.
"
.y - . ,'¡, ..4 'þ.i
~ .~
length of time) or modify this loan, or release any party or guarantor; or impair, fail to
realize upon or perfect Lender's security interest in the collateral; and take any other
action deemed necessary by Lender without the consent of or notice to anyone.
THE UNDERSIGNED ACKNOWLEDGES HAVING READ AND UNDERSTOOD
THE ABOVE PROVISIONS OF THIS PROMISSORY NOTE. THE UNDERSIGNED
AGREES TO THE TERMS OF THIS PROMISSORY NOTE AND ACKNOWLEDGES
RECEIPT OF A COMPLETED COpy OF TI-IIS PROMISSORY NOTE.
DATED: August 1, 2007.
BORROWER:
t~
Catherine J. Crier
--
PROMISSORY NOTE
Page 3 of3