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HomeMy WebLinkAbout937386 RECEIVED 3/5/2008 at 3:49 PM RECEIVING # 937386 BOOK: 688 PAGE: 701 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000701. 6010816489 State of Wyoming Space Above This Line For Rueordlng Data REAL ESTATE MORTGAGE ¡With Future AdvanceClauso) 1. DATE AND PARTIES. The date of this Mortgage Is 02·282008 are as follows: and the parties and their eddresse. MORTGAGOR: EDGAR F. GARNER AND BARRARA B. GARNER, HUSBAND AND WIFE P.O. OOX 3194 ALPINE, WY 83128 o Refer to the Addet>dum which is attached and incorporaled herein for edditi<mai Mortgagors. LENDER: BANK OF JACK$ON HOLE ORGANIZED AND EXiSTING UNOEli THE LAWS OF HIE STATE OF WYOMING 990 W. BROADWAY P.O. BOX 7000 JACKSON, WY 83002 2. MORTGAGE. For good and valuable consideration, tho receipt end sufficiency of which is acknowledged, and to seCllro the Socured Dobt (hereafter defined), Mortgagor grants, bargains, convoys, mortgages and warrants to Lender. wilh Ihe power of sale, the following described property: LOT 9 OF STAR V,ll1.EY RANCH PLAT \7, lII CoLN COUNTY, WYOMING Aö DESCRIBED ON THE OffiCIAL PLAT FILED all MAY 3, 197B AS INSTRUMENT NO. 623641 OFTHE RECORDS OF THE LIIICOlt! COUNty CLERK. The property is located In Llt¡COLN at 1284 CEDAR CRm DRIVE 1Cc:urnyJ , ~IlIR VALLEY RANCH , Wyoming 83127 (Adth'O!I!;H (City) ¡lip CodlJ!i Together with all rights, easements, appurtenances, royalties, mineral nghts, oil and gas rights, CrOI)5. timber. all diversion payments or third party payments made to crop producers, and all existing and future improvement<;. structums. fixlures, and replacements that mey now. or at any time in tha futura, be part of the real estate described above (allreterred 10 as "Property"). The tarrn Property aleo includes, but is not limited to. any and all waler wells, water. ditches, reservoirs, reservoir sites and dan1s located on the real estate end all riparian and water rights associated with the Property, however established. WYOMING. AGRICUL TURALICOMMERCIALREAL EST A TE SECUmrY INSTRUMENT INOT ron rNMA. F~U'l. ANU NO} rOR CONSUMIRrU~I'OS¡S1 Ex/Siiii'f¡¡J¡: ; ! 19»:1. 2"'" 11,,,..,,8.."""., ,,,.. S.. (;1"uO. MN r",," AGeo.l1tSl·\VY 'illIl2'J()' ~ _ ri};j!/6 lot 8) 000702 3, MAXIMUM OBI.IGATION I.IMIT, The IQlal princip.1 amQUnl. of Ihe Secured Debt (hereafter defined; secured by Ihin Mortgage at anyone time shall nQt exceed $ JUO.QOU 00 ' This IImltaliQn Qf amounl does not include interest, IQan charges, cQmmitment feas, brokerage cQmmissiQns, attQrneys' fees and other charges validly made pursuant to this Mortgage and do as nQt apply to advances (or interest aceruod on such advances) made undor tM tarms of this Mortgage to protect lender's oectJritY and to perform any of the covenanta contained in this Mortgage. Future advances are contemplatad and, along with Qlher future obligations, are secured Þy this Mortgage oven though all or part may not yet be advanced. Nothing In this Mortgage, however, shall constitute a commitment to make additional or futuro loans or advances I" any.amQunl. Any such commilment would need tQ Þe agreed to in· a separ.to writing. 4. SECURED DEBT DEFINED. The term 'Secmed Debt" Includes, but Is not limited to, the following: A. The promissory t1Ote(sl, contract(s). guarantyliesl or other evidence of dnbt described below and all extensions, rdnewals, modificetions or subslitutions. (When fi¡forencing (he debts below it is StllJyoslrul (/181 yew Ì/w(tIde item.. ."/loh 8S borrowers' names. fwd ¡¡¡fdresses, nolo principal amounts, commercial revolving (mill IJgrel1ll1em's maximum nlJ1()lJot, irltflf(MI rlJlflS, variable rata terms, maturily etates, etc.1 rROMlssonv NOH 122088 DAlEO FEBRUARY 2B. znne IN THE AMOUNT OF IJOO,OOO.OO. B. AU f\/luro advanoes from lender to MQrtgagor or other future obligations 01 MQrtgagor. to lender under any promissQry note, CQntract, guaranty, or other evidence of debt existing now or executed after this Mortgage whether or not this Mortgage Is. specifically referrad to in the evidllJ1ca of debt. C. All obligations MQrtgagor QWOS to lendor, which now axlBt or may later arise, \0 the oxtont not prohibited by law, including, but not· limited to, ilabillûas fm ol/erdrafts relating to any deposit aCCQunt agraement between Mortgagor IInd lender. D. All additional sums advanced and expanses incllrred by Lender for insuring, preserving or othrJfwise protDcting tha Property and Its value and any other sums advenced and expensns incurred by lender under the terms of this Mortgage, plus imerest at the highest rato in oftp-ct, from time to time, aa provided in the Evidence ot Deb\. E. MortgagQr's performance under the terms of any instrument evidencing a dobl by 1\,10rlgagor to lander and any Mortgage secIJtin[ , guarantying, or otherwise rolaling tc) the debt. If more than Qne person signs Ihis Mortgage as MQrtgagor, eaGh Mortgagor agrees that this Mort\)age will secure ail future advances and luture Qbllgations desIJdbad above that are (liven to or incurred by anyone or mOle Mort\)agor. 0' anyone or more MortgaglJf and othare, This Mortgage will not socure any other debt if lender fails, with respect to such other debt, to make any required disclosure aboUl this Mortgage or if landor fail. to give any required notice of tho right of reacission. 6, PAYMENTS, Mortgag~>r agr..". to make all payments on Iho Secured Debt when due and in accordanca with the terms Qf the Evidence of Debt or this Mortgage. 6, CI.AIMS AGAIN,ST TITI.E, MortgagQr will pay all taxes, .assessments, liens, encumbrances, lease payments, ground rent$, utilities, and other oharges relating 11.1 the Property when due. Lender may require Mortga( or to provide to lender copies of all notices that such amDunts ·are due ( nd the receipts evidencing MortgagQr's payment. Mortgagor will defend titll) to U1e Proparty against any claims that wouid Impoir tho lien Df this Mortgage. Mortgagor agrees to assign to Lender, an requested by lender, any rights, claims .or defenses which Mortgagor may have against parties who supply labQr or matarials to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage. deed of trust, security agreement or Dther li,m document that creatr¡d " prior security Interest or enoumbranoe on the Property and Ihet may hl1ve priQrìt:y ovar this Mortgage, Mortgagor agrees: A. To make all payments when due and 10 perform or comply with all covenanta, S, To promptly deliver to lender any notk.as that Mortgllgor receives from tha hOlder. C. Not 10 make or permit any modification 01 extension of, and nOl to request or accept any future advanIJ"5 under any note or agreement secured by, the other mortgaga, deed of trust or security agreement unloss Lende, oonaents in writing. 8. DUE ON SALE OR ENCUMBRANCE, Lendar may, al Its option, declare the entire balance of the SeIJured Debt \0 be immediateiy due and payable upon the creation Qf any lien, encumbrance, transfer, or sale, or COll1:r8\;t for any of these on the Property, HQwever, if tho Property includes Mortgagor's residence, this section shall be subject to the reslrictions imponed bv federal law 112 C.F,R. 691), as applic;¡¡ble. For the purposrJs ·of this sectiQn. the term "PrQperty" also includes any interast to aU or any IJart of the ProporlY, This cOllenant 9hall run with the Property and shall remain in affect until Ihe Secured Debt is paid In full and this Mortgage is releasod. ~ .,.... '00' ~.,..,,,.....,_,,,_~ ,....".... ,,,,"'= ~ ~ ~ (pOgÐ 2 of 81 t,00703 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR, If Mortgagor is an entity other than a natural person (such as a corporation or other organization), Lender may demand immediate payment if 111 a beneficial interest in Mortgagor is sold or transferred; (2) there Is a change In aither the identity or number of members of a partnership or similar ontity; or (31 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 Mortgagc)r 18 an entity other than a natural person (StIch a" a corporation or other organization), Mortgagor makas to Lender the following warranties and representations which shall be continuing as long as the Sacured Debt remains outs landing: A. Mortgagor is an entity which is duly orgar"zed and validly existing in the Mortgagor's state of Incorporation lor organization). Mortgagor is in good standing in all states in which Mortgagor transacts hll.~íness. Mortgagor has the power and authority to own tho PrOIJerty and to Garry on its bwsine.ss as now being conducted and, as appliCftble, is qualified to do so in each state in which Mortgagor operateG. ß. The execution, delivery and performance of this Mortgage by Mortgagor and the obligatIon evidencad by the Evidence of Debt arc within the power of Mortgagor. have been dUly authorized, hava roceived all necessary governmental approval, and will not violate any provision of law, or order of cOllrt or govarnmental agency. C. Othar than disclosed in writing Mortgagor has not changed its name within the last ten years and has not used any other trade or fictitious name. Without Ler,der's prior written consent. Mortgagor does not and will not UGe any other nama and will praserve itG existing name, trade nemes· end franchises until the Secured Debt is satisfied. 11. PROPERTY CONDITION, ALTERATiONS AND INSPECTION. Mortgagor will keop the Property in good condition and make all rapairs that are reasonably necassary. Mortgagor will give Lendor prompt notice of any loss or damaga to the Property. Mortgagor will keep the Propørty free of noxioua weeds and grasses. Mortgagor will not initiate, join in or consont to any change in any private restrictive covenant, zoning ordlnanr.a or other public or private restriction limiting or defining the uses which may be made of the Property or any part of the Property, without Lender's prior written consent. Mortgagor will nodty Lender of all demands, proceedings, claims. and actions against Mortgagor or any otll('f owner mado under law or regulation røgarding use, ownership and occupancy of the Property. Mortgagor will .;ornply with all le(lal requirements and restrictions, whether public or private. with respect to the use of the Property. Mort\]agor also agrees that t/w nature of the occupancy and use will not change without Lender's prior written consent. No portion of tha property will be ramoved, demolished or materially altE!rød without Lender's prior written consent except that Mortgagor has the right to ramove itema of personal property comprising a part of the Property thst become worn or obsolete, provided that such personal property is replaced with other porsonal property at least equal in value to the replaced personal proporty, froe from any title retention davice, security agreement or othar encumbrance. SlIch replacement of personal property will be deemed subjact to the security interast created by this Mortgage. Mortgagor shall not partition or subdivide the Prop arty without Lendar's prior written consent. Lendar or Lander's agents may, at Lender's option, enter the Proparly at any reasonable time for the purpose of inspecting the Property. Any itlspection of 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 ony of M(}rtgagor's dutiøs 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. Mortgagor appoints Lendor as attorney in tact to sign Mortgagor's name or pay any amount necessary tor performance. If any constrllction on tho Property is dis<:onlinuec1 or not carried on in a reasonable manner, Lender mey do whatever is necessary to protect Lender's security interast "' the. Property. This may includa completing the construction. Lender's right to perform for Mortgagor "hall not create an obligation to perform. and Lende". failure to perforrn will nnl precludo Londor from exerci.lng any of Lender's other rights under the law or this Mortgage. Any amoull1S pilllj by Lender for insuring, pro"orving or otherwise proto"ting tho Property and Lender's .ecurity interest w/ll be duo on dern",,,! !lOd will baar interest from the date of the payment until paid in full at tho inlerest rata in effect from lime to t""a according to the tarms of the Evidence of Dahl. 13, ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains. conveys, mortgages and warrantß to I,ender as additional security all the right, title and intarest in the following (Property!. A, Existing or future leases, subleases, liconses, guaranties and any other writton or verbal agreements for the usa and occupancy of the PropÐrty, including but"ot limited to, any extensions, renewals, modifications or replecements (Leases). B. Rents, issues -and profits. including but not limited to, security deposits, minimum rents, percentage rents. additional rents, common area maintenahco charges, parldng charges, real estlltô taxes, other applicable taxes. Insurance premium contributions, liquIdated damages following default, cancallation premiums. "loss of rents" insurance. guas·, receipts, revenues, roy~lties. proceads. bonuses, accounts, contract rights, ganeral intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part ot the Proþerty (Rental. In the event any.itom listed as Leases or Rents is deterinined to be personal property, this Assignment will also be regarded as a security agreen,e,H. /~ & {Pdllo3ufel """'" .,- -, ~-,_. '..... '''". ~ ,_.~,~_.~ "",-, '95'\ ~ - 000704 Mortgagor will promptly provide Lender with copies of thClteases and willcClttifythese Leases are true Dnd correct copiea. The existing Lesses will bo provided on exocution of tne As!!lgnment, and áll of the future Leases snd any othor infòrmatlon wìth respoct to those teoses will be provid/ld immediately altettney ora exacuted. Mortgagor moy I:olloct. receive, enjoy and uso. tno Ronts so long as Mortgogo,ill not in de1eult. Mortgagor will tICIt collect in advanco any RontG due in futuro lease Ilariod$, unless Mortgagor flnt obtains Lender's written consent. Upon default, Mortgagor will recaive any Rents in trust for Lender and Mortgagor will not commingle the Rente with any othor funde, When Lender sO directs, Mortgagor will endorse and deliver any paymants of Rents from tha Property to Londor. Amounts collected will be applied at Lender's discretion to the Secured Debts, tho costs of managing. protecting and preserving the Ploperty, and other nec8ssnry expenses. Mortgagor agrees that this Security Instrument is Immediately effective between Mortgagor and Lender, This Security Instrument will remein effective during any statutory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual possession of the Property without the noceoslty of commencing any legal action or proceeding, Mortgagor agrees that actual possession of the Property Is deemed tG GCCUr when Lender noti11es Mortgagor of Mortgagor's default and denlands thet Mortgagorllnd Mortgagor's tenants pay 1111 Rents dUI> or tobacome duo directly to Lender. Immedietely after Lender gives Mortgagor the notice of døfault, Mortgagor agrees that either lender or Mortgagor may immodiately notify tho tonants end demand thetell future Rents be palddiroctly to·lander. As long as this Assignment is In effect, Mortgagor warrants and represents that no defeult exists under the Lesses, oml the parties subject to the Leases have not violated any applicable law on leases, licenses and IBlldlords and tenants, Mortgagor, at its solo cost and e.xpense, will koep, observe and perform, and requJreall other parties to thÐ LeÐses to comply with the Leases end any applicable law, If Mortgagor or any party t(] the Lease defaults or feils to observe any applicable law. Mortgagor will promptly notify Lender, If Mortgagor noglects or refuses to enforce compliance with the terms of the Leases, then Lender may, at: l.ender's option, enforce compliance, Mortgagor will not sublet. rnodify, extend. cancei, or otherwise altar tho LeaGes. or accept the surrender of the Property c(]vered by the Leascs (unless the l.easlls so require I without Ltmder's consent. Mortgagor will not assign, compromise, subordinatc or encdrnbor the Louses and Rents without lender's prior written consent. Lender does not as!Jurne or ba¡;otno liable for the Property's rnaintenance, deprec:iatiOI1, or other losses or dl1l11ages when Lender acts to marnlY". protcct or preserve the Property, except for 10311es end damages due to Lender's glOSS neglig,mce or "'tenuo""i lult,.. Otherwise, Mortgagor will indomnify Lender and hold Lender harmless for all liability, loss or damage that lonòer 1110Y incur when Lender opts to e~ercise any of Its remedies against eny party obligated und¡¡r the Leases, 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a t:ondoll1lnium or 0 planned unit development. Mortgogor will perform all of Mortgagor's duties under the covenants, by-laws. or regulation!! of the condominium or planned unit development, 15. DEFAULT. Mortgagor will be in default It any of the folJowíng occur: A, Any party obligated on the Secured Debt fells to make payment when due; ß, A breach of any term or covenant In this Mortgage, any prior mortgá(¡aOrany construction loan agreement, securitýagraef\Hmt or any other document elildancing, guarantying, securing or otherwise felating to the SecuJod Debt; C, The making or furnishing of any verbal or written represontatJon, statement or wilrranty to Lander Ihatls false or incorrect In any matarial respect by Mortgagor or any person or entitY óbliglltad on the Secured Debt; D. The death, dissolution, or insolvency of. appointment of It receiver for, or application of any debtor relief law to. Mortgagor or eny person or entity obligated on the Secured Debt; £. A good faith belief by Lender at any time Ihllt Lendar is insecure with Jaspect to any parson or entity obligated on the SemJred Debt or that the prospect of any payment is impaÎred or the valulI o·t the Property is impaired; F. A meterlal adverse change in Mortg6gor's business including ownership, management, and financial conditions. which Lende, in its opinion believes impairs the value of the Property or repayment of the Sflcured Dflbt; or G. Any loan proceeds ara used for a purp01le that will GOntribIJta to excessive erosion of highly erodible lend or to Iha conversion of wetlands to produca an agricultlJral coml11odity. as further explained in 7 C.F.R, Part 1940, SubparT G, ExhibitM. 1.6. REMEDIES ON DEFAULT. In somo Instancos, federal and state law will require lender to provide Mortgagor with notice of the right to cure, mediation notil,e8 or other notices and may establish time schedules 10r forecJosureactiona. Subject to these limitations. if eny, Lender may accelerate the Sacured Debt and foreclos6 thia Mortgage in a mannor provided by law if this Mortgagor is in default. At the option of Lender, all Dr any part of tha agraed foes and ch6rgea. accrued interest and principal shall bocomfl irnrnflcliately due and payable, after giving t10tica if reqUired by law, upon the occurrence of a default or anytime thareafter. In addition, Lender shall be entitled to all the remedies provided by lew. the Evidence of Dobt, other evidences of debt. this Mortgage and any related documents including without limitation, the power to Gell the Property. All remedies are distinct. cumulativa and not exclusive, and the Lender is entitled to all remedies provided at law or oquity, whether e~prflssly set forth or not. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after tho balance is due or is al;oelerated or after foroclosure proceedings are filed shall not constitute a waiver of Lender'ô right to require full and complete cure of eny existing der..ul!. i3y not oxercieinn any remedy IJn Mortgagor·" default. Lender does not waive l.ender's right to later consider the ovont a default if It continuos or happens again. _ "..'00' ........_. ". ,. ,..,.". ,.. ,.'",".., "._ ~ + ~ (pag" 4 '"~ 8) . :~~. 17, EXPENSES; ADVANCES ON COVENANTS; ATTOF\NEYS' FEEs; COLLECTION COSTS. E~cellt when prohibited by law, Mortgagln agreos to pay all ot Lender's expenses if Mortgagor breeches any covenant In .thiG Mortgage, Mortgagw wìlf also pay on demand all of Lender's Ðxpanses incurled In collecting, Insuring,preservingor protecting the Property or in anyírwentories, audits, IMpectlons or other examiJìetion by Lönder in respect to theProflerty. Mortgilgor agrees to pay 000705 all costs end expensesiJìclJrrad by Lander in anfo(oil1g or protecting Lander's rights and. remedias under this Mortgage, including,· but not limited to, a~orneys' feas, court·costa, and othor legal expenses. Onca the Secured Debt is fully and finally paid, Lender agrees to release this Mortgagè and Mortgagor agrees to pay tor any recordation costs, Ail sllch amounts are due on demand and will bear ¡ntorest from the time of the advance at the highest rato in effect, ·'rom time to timo, as provided in the Evid'mce of Debt and liS permitted by law. 1B. ENVIRONMENTAL lAWS AND HAZARDOUS SUBSTANCES. As used in this section, (11 "Environmental law" means, without limitation, the Comprehensive Environmental Response, Compensation and LlabìJity Act (CERClA, 42 U.S.C. 9601 et oOQ.I, all other federsl, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive lotters concerning the public health, safety, welfare, environment "r a hazardous substen<:e; and 121 "Hazardous Substance" means any toxic, radíoectiva or hezardous material, waste, pollutant or contaminant which has characteristics which render tho sub.tance dengerous or potentially dangerous to the public health, safety, welfare "r environment. Tha térm includes, without limitati"n, any substances defined as "hazardolllJ matenal," "toxic substance"." "hazardous waste" or "hazardous substance" undar ony Environmental Law. Mortgagor represents. WMrants and agrees that, except as previously disclosed and acknowledged in writing; A. No Hazardous Substance has been, is, or will be located, trensported, manufactured, treated, relined, or handled by any person on, under or a.b<)lJt the Property, except ill tlla ordinary course ot bwsiness and in strict compliance with all applicable Environmental Law. B. Mortgagor has not and will not cause, contribute to, or parmlt the relaase at any Hazardous Substance un the Property. C, Mortgagor will immediatøly notify Lendor il (1 J a release or threatened release of HozardOus Substance occurs on, undar or about the Property or migrates or threatens to migrate Irom nearby property; or 121 there Is a vi"lation of any Environmental Law concerning the Proporty. In such an event, Mortgagor will take all necessary remedial action in accordance with Envlt<mmental Law. D. Mortgagor has no knowledge of or reason to believe there is any pending or threatened .investigatlon, claim, or procElildlng at any kind relating to (1} any Hazardous Substance looated on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lander in writing as soon as Mortgagor has .reason to helieve there is ony such pending or thraatened invast.igation, claim, or proceeding. In such an aVent, Lender has the right, but not the obligation, to participate in any such proceeding 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 compllancø with any applic.able Environmental ~~ . F. There are no underground storage tanks, private dumps· or open wells located un (lr under the Property and r\o such tank, dump or well will be added unless Lender first consenl3 In writing. G. Mortgogor will regularly inspect the PropÐrlY, monitor the activities and operations on the Property, and confírm that all permits, ¡icansas or approvals required by any applicable Environmental Law are obtalnod and cmnp ¡"d with, H. Mortgagç¡r will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all reoordsat any reasonable time to determine (t) the existence, location and nature of any Hazardous Substonce on, under or about the Property; (21 the existence, 10ca1:/on, nature, and magnitude of ony Hazardous Substance that has been releued on, under or about the Property; or 13) whethol or not Mortgagor and any tenant are In compliance with epplicable Environmental Law. I. Upon Lendor'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 Property and to submit the results ot such audit to I.endor. Tha choice of the environmentul 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 at Mortga¡¡or's expense. K. As a consequence at any breach of any representation, warranty or promise made in this I,ection, (1) Mortgagor will indamnify and hold Landel and Lender's successors or assigns harmless from and against all losses, claims. demands, liabilitlas, d¡lmages, cleanup, reaponsa and remediation costs, penallies and expenses, includll19 without limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at lef'lder's disoretion, lendar may release this Mort.gage and in roturnMortgagor will p",vide Lender with collateral of at least aqua I value to the Proparty secured by this Mortgage without prejudice to any 01 Lender's rights under this Mortgage, L. Notwithstanding any of the language contained in this Mortgage to the contrary, the terms oj this sectIon shall survive af'lY loraclosure or satisfaction of this Mortgage regardless of any passagf. of title to I.endor or any disposition by Lender oj any or all of the Property. Any claims and defenses to the contrary are hereby waive,j 19. CONDEMNATION. Mortgagor will give Lender prompt notice oj· any action, real or threatened, by private or pUblic entities to purchase or take any or all of the Property, including any easements, through condamnatlon, eminant domain. or any other means, Mortgagor further agrees to notify Lender of any procaedJngs Instituted for the establishmont of anv 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 deacrlbed actions or claims and to oollect ond raceive all sums resulting from the actiol1 or claim, Mortgagor assigns to Lender theproceads of any award or claim for damagas connected with a .condemnation or .other ta~ing of all or any. part of thaProperty. Such procalldsshall be considered paymanls and will be applied as provided in thii! Mortgage. This assignment 01 proclleds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien dOCument, _ ,,~.~, ·"""·'''-.'''.·M~ ,_...,«.~ "'""~~ ~ IpD[¡U 5 ,,¡ ó') 20.. INSURANCE, Mortg~gor agrees to maintain insurance 88 follows: 000706 A. Mortgagor shall keep tho Property insured against loss by fire, theft end other hazards and risks reasor1sbly associated with the Property due to Its type and locetlon. Other hazards and tisk ¡may include, for example, coverage agsinst loss due to floods or flooding, Thislnsurancashall bemaintainedh1 the amounts and for the periods that· Lender requires, What Lendor requires pursuant to the preceding two sentences. can, .éhsnga. during tha tarm of· tho Secured Debt, Tho inlilur.ance carrier PrQvidlng the insUrahca shall be chosen. by Mortgagor suhject to Lender's øþþtQval, which shell· not'beunreasonably withheld. If Mortgagor falls to maintain tho coverage described above, Lender mey, et Londer'a opúon, obtain covllrage to protect Lender's rights in the Property according to the terms at this Mortgage. All insurance JlOlicios and ronowals shall be acceptable tu lender and shall Include a standard "mortgage clause" and, where applicable, "Iendor .Ioss payae clause," Mortgagor shall immediately notify Lender of cancellation or termination ot tho insurence. Lender shall heve the right 10 hpld the policies and renewals. If Lander requires, Mortgagor shell immedlatelygivo to I.amler all receipts ot paid premiums and renewal notices. Upon los$, Mortgagor shell giveimmadista notlco to the Insurance carrier snd Lender. Lender may make proof ot loss It not made·immedliJte y by Mortgegor. Unless Lander and Mortgagor otherWlsa agree in writing, insurancoproceedashall bs applied to restoration or repair of the Property damaged If the restoration or repllit Is IIcooomloally feasibla andLllnder's security 10 not lessened,. If tha restoration or raJ)air io not economically fee sible or I,ender's security wovld be lessened, tho insurance proceeds shall be applied to the Secured Dilbt, whether or not then. due, with any excess paid to Mortgagor. (fMortgagor abandons the Property, or does not answarwlthin 30 days a notice from Landar that the insurance carrier hoa offered to sottle a cluim, then Lßnder may coUact the insurance proceeds. Lendør may use the proceeds to rep¡¡lr or restore tha Property or to pay tha Secured Debt whether or nOT then due, Tho 30-day period will begin when the notice is given. Unloss Londor and Mortgagor othervvlao agree in writing, ~ny application of proceeds to principal shall not extend or postpone the due date of scheduled paymants or chanIJIt the amount of the payments, If rhe Property is acquired by lender, Mortgagor's right to any insurancs fmlicias and proceeds resulting from damage tIJ the Property before the acquisition shall pass to Lender to the extent of th6 Secured Debt immediately before ttw IIcqulsition. 8. Mortgagor agrees to maintain comprehensive gOlloralliahi\iIY insurance naming Lander as an addit.iorlBl insured II) on amount acceptable TO Lender, Insuring againsT ciallns arising frum any accident or occurrence in or Oil Ilia Property. C. Mortgagw agrees to meintain rental loss or business interruption insuranco, os required by Lender, in an amount aqual TO at least coverage of one year's debt service, snd røqIJirad escrow account deposits (if agreed to eepnratalyln writing), under a form of· policy acceptable to Lender. 21. NO ESCROW FOR ·rAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lenderfunds tor taxes ahd Insurance In osorow. . 22, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS, Mortgagor wJII provide to, Lender upon request, any financial statement or In!:ormation Lender may deem necessary. Mortgagor warrants that all financial statements and Information Mert¡Jagorprovidea to Lander are, or will be, /lcc:urate, correct, and complete. Mortgagor agrees to sign,delivor, and file as Lender may reasonably request any additional documents or certifications that Lender may consider necessary to perfect. continue, and preserve Mortgagör'sobligations iJhder this Mortgâge /lml·Lender's lien státueon the Property. If Mortgagor fails to dose, Lendar may sign, delivar, and filII such documents or certificates in M!lftgagor's name and Mortgagor hereby Irrevocably appoints Lender or Lender's agarlt as attorney In fact to do the things necessAry 10 com¡.ly with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mort¡¡aw,; ara joint and Individual, If Mortgagor signs this Mortgege but does not sign the Evidenoe ot Dabt, Mortgagor dons so onlv to mortgnge Mortgagor's Interest in the Property to secure payment of the Se()ured Debt and Mortgagor does not ogre" to be personally línble on the Secured Debt. Mortgagor agrees that Lender and any party to this Mortgage may extend, modify or make any chsnge in the terms of this Mortgage or the Evldenco of Dabt without Mortgagor's conaenL S"c:h a change will not raleaso Mortgagor from the terms of this Mortgaga. The duties and bonefits of this Mortgage shall bind and benefit the s"ccassors and assigns of Mottgagor and Lander. If this Mortgage seeurOB a guaranty between Lender end Mortgagor and does not directly securo the obligation which is guarantiod. Mortgagot agrees to waive any rights that may prevent Lender from bringing eny action or claim against Mortgagor or any party irllJebled under the obligation Including, but not limited to, anti-deficiency or one-action laws. Ex(~ttJ: 0 t993. .2.001 Ø'lfl~_«nl $y~tllr"Ió.I"'t~.. St. (;llIlId, MN Furm AGcrHU:·SI·WY 11111/100:): dd:~ (pI/110 6 at 8i 24, APPLICABLE LAW; SEVERABILITY; INTERPRETATION, This Mortgage is govornod by the laws of the jurisdiction In which Lendar is located. except to tho extent otherwise requìredby the laws of the jurisdiction where the Property is located. This Mortgage is complete and fully integrated. This Mortgage may not ba amended or modified by oral agroemant. Any section or chiusa in this Mortgage, attactlrnents. or any agreemant ralated to the Sa<:ured Dabt that conructs with applicable law will not be effectiva, unlass that law exprasaly or impliadly parmits the variations by Wll1l1.\l1 agreement. It any saction or clause of this Mortgaga cannot ba enforced according to its terms. that section or clause will bo severed and will not affect the enforceability of the remainder of this Mortgage. Whenever used. the singular shall includo the plural and the plural the nlngular. The captions and headings of the sections of this Mortgage are for convenience only and are not to be used 10 interpret or define the terms of this Mortgage. Time is of the essence in this Mortgage. 25. NOTICE. Unloss otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the approprlata party's address on page 1 of this Mortgage, or to any other 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, Mortgugor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Prolle/ty. 27. U.C.C. PROVISIONS, II checked, the following are applicable to, but do not limit. this Mortgage: [j¡J Construction Loan. This Mortgage secures 8n obligatl\)(\ incurred for the cunstruction of an inlprovemunt on the Property. [] Fixture Filing. Mortgagor grants to lander II seGurity interest in all goods that Mongegur owns now or Ir, the future and that are or will become fixtures related to the Property. [] Crop$; Timber; Mlnerala; Rents. Issues and Profits. Mortgagor grants to Lendor II security interest In ail crops. timber and minerals locatad on the Property as well as all renls. issuas. and profits of them includmg, but not limited to, all Consorvntion Reserve Program (CAP) and Payment in Kind (PIKI payments IInd sirnilar governmental programs loll of which shall also be Included in the term "Property",. o Personal Property. Mortgagor grants to Lender a se<.:urity interest in all personal property located un or connected with tho Property. This security interest includes all farm product¡¡, inventory, equipment, accounts. documents. instruments. chattel paper, general Intangibles, and all other Items of personal property Mortgagor owns now or in the "Illture IInd that are used or useful In the construction, ownership. operation, management, or maintenance of the Property. The term "personal property" specifically excludes that property described as "household goods" necured in connection with a "consumer" loan as those terms are defined in applicable federal ragulations governing unfair and deceptive credit practices. o FIling As Financing Statement. Mortgagor egraes and acknowledges that this Mortgage also suffices es a financing statement and as such, may be filed of record as Ð financing statement for purposes of Article 9 of the Uniform Commercial Code. A carbon, photugraphic, image ur other reproduction of this Mortgage is sufficient as a financing statement. 28. OTHER TERMS. If checked. the following are applicable to this Mortgage: [J Line of Credit, The Secured Debt includa5 a revolving line of credit provision. Although the Secured Debt may be reduced to a lero balance, this Mortgage will remain in effoct until releásec!. o SepÐ'Ðte Assignment. The Mortgagor has executed or will execute a eeparate assignment at leases and rent". If the separate assignment of leesGs and rents Is properly executed and recorded, then the separate ansignment wrll Gupe(s~d<J this SecuritY Instrumont's "A3signmont of Leases and Aents" section. [] Additional Terms, ""...... ...,. -. -~-..... ~Q-,,"" .- ~~-~ "..- ~ ~ (pagll 7 ,,/ 81 000707 ~ SIGNATURES: By signing billow, Mortgagor agrees to the torms and covonantG oontained in this Mortgage and in Imy U" 00708 attachments. Mortgagor also acknowledgas receipt of s. copy of thiuMort!]..g" on the date stated above on Pogo 1. o AcTual authority was granted to the parties signing below by resolution signed and dotod Enti1:y Ham,.: ~;;¿/-~ tl)t1t", ISlgl\Ot"'.1 fSignøture) IUðfM o Rofer to tho Addondum which is attached and incorporated herein for additional Mortgagors, signatures and acknowledgments, 'I.,~I ACKNOWLEDGMENT: STATE OI'-w¥eMlH&- Te.>¡(.AS . COUNTY OF This instrument was acknowledged blrforll me this ;2-') by My commission expires: ~;.5 day of r-- c:..-VJ } ss. -z,oO'S \\\\\11'1/1', ...,,\\ ,HOM II"" " _~S ..........':4ó' "... ~ ~.......~.'t-""'{ PUBl/ë". -:. ::: '::ì .' 0"'" '. ~ ~:~ \ = - . . - - . : - :: ~ :¢?: = - . . - ~ ... srATEor .... ~ .., ..... EX?\?>'é.~.., "tb ~ ........ ......... ~\:j'oJ ...' .-.:-- "'III -4 UG. " \' \,,,- STATE OF I q.c.":> 1/1""1\\\\ ,COUNTY OF This instrument was acknowledged befora me this Q c:¡ by "T12A-V ~ ') day of P c 1::1 ) ss. '"loo 11 11.11""1..11 "ffi,.tllT Açkl'fØ....'I"~iJY"MI' of o My. commission expirlts: ITIU.lsi) INurn. of BIJJt.iflttl$!& or Eml tV) on behalf of the businoss or amity. {Notary Publici l:xtiiììiJ: © 1U93, ?(lC)1 li-fmk:fI'. 6Y!lIIHl'.n, Inc., S1. CIOIld, MN Fum\ A,OCO·flESi..WY I{ )noo:~ (pogo 8 of 81