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Home My WebLink About938553 tl f~) '7 U r RECEIVED 4/29/2008 at 10:35 AM RECEIVING # 938553 BOOK: 693 PAGE: 103 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 6010816668 0001.03 StElte of Wyoming Spaçe Above Thi, Un. For ReCDrd"g Data REAL ESTATE MORTGAGE ¡With Future Advance Clause) 1. PATË AND PARTIES. The date of thi$ MortgOlge is 04-24-2008 are a$ follows: and the þarties and their addreSSlIs MORTGAGOR:.DOUGLASW. CHILDt Å MARRIED PERSON 1284 W. flINT MEADOW DRIVE, SUITE D KAYSVlllE. UT 84C37 o Refer to 'the Addendum which is attElched and ínoorporated herein for addi1;\onat Mortgagors. LENDER: THE BArlIK OF STAR VALLEY THAYNE BRANCH ORGANrzrn AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING P.O. BOX 928 113 PETalSEN pARKWAY THAYNE. WV 83127 2. MORTGAGE. For good and valuable consideration, the receipt and suffici8ncy of which is acknowledged, and to secure the Secured Debt (hereafter definedl, Mortgagor grant$, blllrgains, conveys, mortgages and warrants to Lender, with tha power of sale. the following described property: SOUTHWEST QUARTER OF THE NORTHEAST nUARTER OF SECTION 24, TOWNSHIP J4 NDRTH, RANGE 119 WEST DF THE 6TH P.M" LINCOLN COUNTY, WYOMING G 1;'\ a'l'; 427 tlAJIIA. 5Tf1EEi The property Is located in UNCOLN ¡Cgynty) , TliAYNE , Wyoming 83127 IAMrnsl (City) (Zip Ccxlo) Together with all rights, easements, appurtenances, royaltíes, mineral rights, oil and gas rightsr' crops, timber. all diversion payments or third party payments made to crop producers, and all existing and future Împrovements, structure.s, fixture:;;, and replacements that may now, or at; any time in the future, be part of the real estate described above (all referred to a:¡ "Property"). Thé term Property .¡¡Iso includés, but is nfJ't limited to, any and all water wells. water, ditches, reservoirs, reservoir sites and dams located on the real eSt8te and all riparian and water righ~ associated with ~ha Property,,·hOl/VêVer established. ' WYOMING. AGRlCUL TURAIJCOMMSIICIAt.AEAL ESTAr¡¡ SEcuRITY INSTRUMENT (NDTFDR FIMA, FIILMt, fHAOR VA \I$&, ANa NDTfDR tDNSUMEh PllRI'OaES (psg, 1 of 8) ~ II:) 199::1, z001 B~\~.rA SylõltlfT1l, Inc., 51. C1~\ld. MN Fotm I\GCo-FlËSI-WY 1/161200:1 D<- 0001.0.4 3, MAXIMUM OaUGATION I.JMIT. The total principal amount of the Secured Debt (hereafter definedl secured by this Mortgage at anyone time shall no~ exct!led $ 390000.00 . This limitation of .mount does not incllJde interest, loan ChtltQe3, commitment fees, brokerage commissions, attorneys' fees and other charges validly made pursuant to this Mortgage and does not app.ly to advences (or interest accrued on such advances) m~da under the terms of this Mortgage to protect Lender's security and to perform any of the covenants contained in this Mortgage. ':;uture adv.mce$ are contemplated and, along with other futurEl oblÎgations, are ncurad by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitment to make additional or future loans or ¡dvances in any amount. Any such commítment would nesd to DB ~greed to in a separate writing. 4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the foUowing: A. The promissory note(s}, oorWact(s), guaranty(ies) or other evidenoe of debt described below and all extenlilQnli, renewals, modifications or substi~1Íons. ¡When referencing the úebts below It Îs sC/ggestèd that you include irems such as borrowers' names and øúdressBs, note principa/sf11ounts. commerc;QI revolving loan agreement's maximum amoun(, În'ferssi r8tBs, variable rate terms, maturity dates, etc.) ONE PROMISSORY NOTE DATED 4-2.4-08 IN THE AMOUNT DF $390,000.00 B. All' future advancêG from Lender to Mortgagor or other future obligations of Mortgagor tQ lender under any promissory note, oontraot, guaranty, or other evìdence of debt existing now or exeouted after this Mortgage whether or not thís Mortgage is speoifioally referred to in the élfidehce of debt. C. All obligations Mortgagor owes to lender, which now exist or may later arise, to the extent not prohibited by law, including, bitt not Umited to, liabili~ies for overdrafts relating to any deposit account agreement between Mortgagor and lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or Dthcrw¡~e protecting 'the PrQP$rty and its value and Bny other SUM" .adva.nced and expenses incurred by LendAr under the terms of this Mortgage, þlu$ interest at thQ highest rate in effect, from time to time, as provided in the Evidence of Debt. E. Mortgagor's perf(Jrmancê unì:ter the 'terms of any instrument evidencing a debt by Mortgagor to LElnder and any Mortgage securing, guarantying, or otherwise relating to the debt. If more than one person signs this Mortgage as Mortgagor, each Mortgagor agrees that this Mortgage will se.cure all future advances and future obligations delòoribed above that are given to or inolJrred by anyone or more MO"rtgaQcr, or anyone or more Mortgagor and others. This Mortgage will not secure any other debt if lender fails. with respect to such other debt, to make any required disclosure about 'this Mortgage or if lender fails to givEI gny required notice of the right of rescission. 5. PAYMENTS. Mortgagor agree$: to make all payments on the Secured Debt when due and in õlocordance with the ~Ðrms of the Evidence of Debt or this Mortgage, G. CLAIMS AGAINST TITLE. Mortgagor will ptly all taxes, assessments, fiens. encumbrances, lease payment$, ground rents. utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidenoing Mortgagor's pgyment. Mortgagor will defend title to the Property :against any claims that would impair the lien of thís Mortgage. Mortgagor agrees tQ ~ssign to Lender, as requested by Lender, any rights, claims or defeMes which Mortgagor may have agains~ parties who supply labor or material; to improve or maintsin the Property. 7. PRIOR SECURITY INTERESTS. With regard to 8nY other mortgage, deed o'f trust, security agreement or other líen document that created a pr¡or~acurity intereM or encumbrance on tl'Ht Property and that may have priority over this Mortgage, Mongagor agrees: A. To make all payments when due ~J:1d to perform or comply with all covElnants. B. To promptly deliver to Lender any notices that Mortg<\gor receives from the holder. . C. Not to make or permit any modification or extension of, and not to request or accept any future advance; under any note or agreement .seçurl¡)d by, the other mortgage, deed of trust or séourity agreement unless Lender consElnts in writing. 8. DUE ON SALE OR i:NCUMBRANCE. I-ender may, .at its option, declare the II!1ntire balance of theSeourad Debt tQ be Immediately due and payable upon the creation of any lien, encumbrance, tranGfÐr, or sale, or contract for any of these on the Property. Howev9r, if the Property includes Mortgagor's residence. this section sháll be subject to the restrictions imposed by federal law (12 C.F.R. 591), a~ àþplicabIe. For the purposes of this section, the term "Property" also includes Elny interest to all or any part of the Property. Thi5 ¢oveni¡lnt ~hÐII run wi~h the ProPt!rty and chall remain in effect un1:iI the Secured Debt is paid in full and this Mortgage is relQ2Ced. (pagÐ 2 Qf 81 ~ C1993. 2001 B8nker.$y~"'ms.lnc. 5t. Caud, MN Farm AGCQ-Rf51-W'r' ¡/1G/:¿OO:,l þL; 0001.05 9. TRANSF~R OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as e corporation or other organizatioh), Lender may demand immediate payment if (,) a beneficial interest in Mortgagor is sold or transferred; (21 there iSi a change in either the identity or number of members of a partnership or simìlar entity¡ or {31 there fs a change in ownershìþ of mor. than 25 percent of the voting stock of a oorporatlon or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law 88 gf the date of this Mortgage. 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor iSi an entity other than a natural perSian (such as a corporation or other organization), Mortgagor makes. to lender the following warrantieSi 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 existing it} "the Mortgagor's state of incorporation (or orgal1izationl. Mortgagor is in good standing in all state.s in which Mortgagor trarwðcts business. Mortgagor has the power and authority to own the Property and to carry on iis business as now being oooducted and, 8S applicable, is qua!ified to do 50 in each state In which Mortgagor operates. 8. The exe¡¡ution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by the Evidence of Debt are within the power of Mortgagor, have been duly authorj~Eld, have re¡¡eived all naoessary government..) approval, and will not violate any provision of law, or order of court or governmo"tal agency. C. Other than dìsolosed in writing Mortgagor has not changed its name within the last ten years and has not used any other trade or fictitious name. Without Lender's prier written consent, Mortgagor does not and will not use any othl!Jr name and wiH preserve its existing n/Jme, trade names and franchises until the Seoured Debt Îs satisfied. 11. PROPERTY CONOITION, ALTERATIONS ANO INSPECTION. Mortgagor will keep the ~roperty in good condition and make ~II repairs '(hat are reasono.bly l1t!cessllry. Mortgagor will g[ve Lender prompt notice of any 10$$ Qr damage to the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor will not initiate. join in or consent to any .change in any privata restrictive covenant, zoning or~inõlnce or other pubtic or private reSitriction limiting or defining the us£s which may be made of the F'roperty or any part of the Proper1:y, without Lender's prior written consent. Mortgagor will notify lender of all demandSi, proçssdings, claims, and actions against Mortgagor or any other owner m;da under law or regulation rlgarding use, ownership and occupancy of the Property. Mortgegor will comply with all legal requirements and restrictions, whether public or private, with respect to tha use of the Pto)erty~ Mortg.gor OIlso agrl!les that the nature of the occupancy and USe will not ohanga wi-.:hòut lender's prior written COnBllnt. No portion of the Property will be removed, dem~lished or ma1:erilllly altered without Lene/er', prior written consent except that Mortgagor has the right to remove items of personal property comprising :I part of the Property that become wom or obsolete, provided that such personal property Is replaced with other personal property at least equal in value t(l the replacGc:f pørsonal property, frel!l from any title tetentìon device, security agreement or other encumbranoe. Such replacement of personal property will be deemed subject: to the séc\Jrity interest eluted by this Mortgags. Mortgagor ~ha" not partition or subdivide the Property without lender's prior written consent. Lender or L.ender's agent& may, at lender's option, enter 'the Property at any reasonable time for the purpose of inspecting the Property. Any inspection of the Property shaH be entirely for Lender's benefit and Mortgagor will il'1 no way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgagor's duties under this Mortgage, or any other mortgage, deed of trUst, security agrasment or other lien document that has priority over this Mortgage, Lender may, without notice, perform the d\.fties or cause them to be performed. Mortgagor .ppoints Lender as attorney in fact to sign MortQagor's name or pay any amount necessary for performance. If any construction on the Property is di.soontlnue(i or not oarried on in a reasonable manner, Lender may do whatever is neçesury to protect Lender's seolJ/'ity interest in the Property. This may i¡;lolude completing the construction. Lender's right to perform fer Mortgager shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of lender's other right$ under the law or thi$ Mortgage. Any amounts þElid by lender for inSiurj~g, preserving or otherwise protec1;Ïng the Property ;nd Utnder's security int.rest will be due on demand and will bear interest from the date of the payment until paid in fun at the interest rate in effect from time to time according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEAs¡;<S AND RENTS. MortQa~or "tl$o19n$, !¡Irants, bargains. conver.;. mortgagas and warrants to lender as additional security all the right, title and intefast in the fallowing (Property). A. Existing or future leases, subleases, licenses, guaranti8s and any other written or verbal agreements for the use and OCcupant:y of the Property. inoluding but not IImit$Q ~o, any extenslonG, renewals, modifications or replacements (Leases}. B. Rsl'1ts, issues and profits, ¡ncluding but not, limíted to, security deposits, minimum rents, perceotage rents, edditional ren'tS, common are" maintenance chargeSi/ parking charges, rear estate taxèS, other applicable taxes, insurance premium contributÎons, liquidated damages following default, cancellation premiums, "IOS$ 01 rents" insur..nce, guest reoeip't$, rav~nues, Ttlyaltiea, proceeds, bonuse¡¡¡, accounts, contract rights, general intangibles, and aU rights and Qraims which Mortgagor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property (Rents). . In the event ilny item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded I1S a security agreement, (page 3 of 8) ~N 1C11993. 2001 B""kor. Sys!.m., 1M.. $to Cloud. MN Fol'm AIJCQ-RESI.WY 1/1612003 OL- 00010G . MOr1:gagar will promptly pravid~ t.~mhH wÎ1:h çopiø~ of tne Le..ses ..nd will olitr1:ify t/lese leases are true and correct c.opies. The existing leases will be provided on IIxllcution of the Assig"ment, .and ¡¡If of the future leases and any other information with respeot to these Leases will be provided immediately after they are exeou1;ed. .Mortgagor may colleot, reoeive, enjoy and U9.S the Rents 80 long 11$ Mortgagor is not in default, Mortgagor will "01: Qollsct in advanQ& .any Rønts due in future lease periods, unless Mortgagor first obtains Lender's written consent. Upon default, Mortgagor will reoeive any Fhmts in trust for lender and Mortgagor will not commingle the Rents with any other fundI>. When Lender so clìrecu, Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts collected will be applied at lender's discretion to the Secured Debts, the costs of managing, protecting and preserving the Property. and other necessary expensœs, Mon921gor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Inl>trument will remaÎn EJffŒlc~ve during any staMory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may 'tôIke actual possession of the Property without the necessity of commencing any legal action or proceeding. Mortgagor agrees that actual possession of the Property is deemec:l to occur when lender notifies Mortgagor of Mortgagor's defaul~ al1c:t demands that Mortgagor and Mortgagor's tenants pay all Rents due or 'to become due directly to lender. Immediatelv after Lender gives Mortgagor the notice of default, Mortgagor agrees that ej1:her lender or Mortgl!!90r may immediately notify the 'tenan'(S and demand that all future Rehts be paid dírec:tly to Lender. As long as this Assignment is in effect, Mortgagor warrants snd represents thet no default exists under the Leases. end the parties subject to the leases have not violated any applicable law on leases. IfcensEl~ and landlords and tentlnts. Mortgagor, at its sole CDst and expense, wífI keep, observe <1nd perform, and require all other parties to the Leases to comply with the Leases "no any applicable law. If Mortgagor or any party to 'the Lease defaults or fafls to observe .any applicable law. Mortgagor will promptly notify Lender, If Mortgagor neglects or refuses to enforce compliance with the terms of the Leases, then Lender may, at lender's option, enforoEl oompliance. Mortgagor will not s:ublet, modify, extend, cancel, or otherwise alter the leases, or accept the surrender of the Property covered by the Leases {unless the Leases so require) without Lender's consent. Mortgagor will not '8ss(gn, compromise, subordinate or encumber the Leases and Rents without lender's prior written consent. Lender does not assume or . become liablG for the Property's maintenance. depreciation, or other losses or damages when lender acts tQ manQge. protect or preserve the Property, axcept for losses and damages due ~o Lendflr's gross negligence or intentional torts. Otherwise, Mortgagor wfll indemnify Lender and hold Lender harmless for all liability, 10$s or damage that lender may incur when Lender opts to exercise any of its remedies against any þarty obligated under the !-eases. '4. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes iii unit in a Clondominium or 8 planned unit development, Mortgagor will perform all of Mortgegor's duties under the covenants, by-laws, or regulatiQtls of 1;he oondomlnlum 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 when due; B. A breach of any term or covenant in thi$ MDrtgage, any þrior mortgage or any construCltion loan agreement, security agreement or "ny other document evidencing, guarantying, securing or ot;herwise relating to the Secured Debt;; . c. The making or furnishing of any verbal or written representation, statement or warranty to Lender that is false or il1correct in any material respect by Mortgagor or ..ny person or entity obligated On the Secl.lfed Debt: D. The death, dissolution, or insolvency of, appointment of a receiver for, or application of any debtor relief law 'to, Mortgagor or any person or entity obligated on the Secured Dsbt¡ . E, A good fðith belief by Lender at any time that Lender is insecure with 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 ownemhip. managemen't. and financial conditions, which Lender in its opinion believes fmpairs the value of the Property or repayment of the Seoured Debt; or G. Any loan proceeds arEl used for a purpose that will contribl,lte to -excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F,ft Part 1940. Subpart G, Exhibit M. 16. REMEDIES ON DEFAULT, In same Instances, federal and state law wfll require Lender to provide Mortgagor with notice of the right 1;0 cure, mediation notices or other nDtices and may establish time schedules for foreclosure actions. Subjeot to these limitations, if any. Lender may' âcoe'era.t~ the Secured Debt and foreolose this Mortgage in a manner provided by law if this Mortgagor is in defalJlt, At the option of Lender, all or any part; of the agreed f·ees and charges, accrued intl!!rest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default Qr ~nytìme thereafter. In addJtJon. Lender shall be entitled to III/ the remedies provided by law, the Evidence of Deb., other eVidences of debt, this Mortgage and any relatl\ld documents including without limitation, the power to ~ell th@ Property. ,All remedies are distinct, cumulative and not excJusive, and the lender is enti'tled to all remedies þrovlded at law or equity, whether expressly set forth or not. The acoep~nce by Lender of any sum in paymen.tor partial paymen~ on the S~cured Debt after the balance is due or is accelerated or after foreclosure proceedings are fll~d shall not constitute EI waiver ?f Lender's rIght to requite full and complete cure of any existing dl!1fault. By nOi exercising any remedy on M?rtgagQr s default, Lender doe$. not waive lender'; right to later CQnsider the event Q clli'lfault if it continues or happens again. (plt!)e 4 of 81 ~.. Iþ 1993, 20tH ~"k~r. Sys1Drra. I...~" $t, Claud. MN Form AGCD-RESl·WV 1/16/2003 þL 0001.07 17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of lender's eKpenses if Mortgagor breaches any QOVGnó1nt in this Mortgage. Mortgagor will also pay on demand all of Lender's expenses incurred ín collecting, insuring, preserving or protecting the Property or in any inventories, audits, inspections or other examination by Lender in respect to the Property, MortgaQor agrees to pay all costs and expenses incurred by lender ¡nenforcing or protecting Lender's rights and remedies under this Mortgage, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the Secured Debt is fully and finally paid, Lender agrees to release this Mortgage and Mortgagor agrees to pay for any recordation costs, All such <lrnounts are due on demand and will bear interest from the time of the advance at the highest rate in effect, from time to time, as provided in the Evidence Qf Debt and as permitted by law. 18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, m "Environmental Law" means, without /imitation, the COl'r'lþrehensive Environmental Re~ponse, Comþsnsation and L.iability Act {CERCLA, 42 U.$.C. 9601 et seq.J, all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters conCl!J'ming the pUblic health, safety, wl!Ihre, environment or a hazardous substanoe; and (2) "Hazardous Substance" means any toxic, radioactive or hazardous mat:arial, waste, pollutant or contaminant which has characteristics which render the substance dangerous or p01;emially dangerous to the public health, safety, welfare or enviror.)ment. The term includes, without limitation, any substances defined as "hazardous material," "toxic $ubstances," "hazardous waste" Qr "hazardous substance" undar any Environmental Law. Mortgagor repre$Elnts, warrant:! and agrees that, except as þrevíoU$ly disclosed and acknowledged in writing: . A. No Hazardous Substance has been, is, or will be looated, transported, manufactured, treated, refined, or handled by any person on, under or about the Property, except fn the ordinary course of business and in strict oompliance with eU applicable Environmental Law. S, Mortgagorha5 not and wiU not cause, contribute t.o, or permi~ the release of any Hazardou$ Substance on the Property I C. Mortgagor will immedia1:aly ]'1otify Lender if (1} a release or threatened release of Hazardous Substance OCCUr5 on, under or about me Property or migrates or threatens to migrate from nearby property; or (2) there is a violation 01. any Environmental Law conoerning the Property. In such an event. Mortgagor will take all neoessary remedial action in accord;mce with Enilfìronmental Law. D. Mortgagor has no knowledge of or reason to believe there is any pending or threatened Inve$tigation, claim, or proceedIng of any kind relating to {1' any Hazardous Substance IOQilted on, ul'lder or about the Property; or 121 any violation by Mortgagor or any tenant of any Environrruilntal law. Mortgagor will Immediately notify Lender in writing as soon 8S Mortgagor has reason to believe ther. is MY $uch pending or threatened investigation, claim, or proceeding. In such an event, Lender has the 'right, but not the obligatìon, 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 compliance with any applicable Environmental Law. F. There are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in wrIting. G. Mortg<lgor will regularly inSpBct the Property, monitor the activitIes and operations on the Property, and confirm that all permits, licenses or approvals required by any applicable Environm$ntal l-;;¡W are obtained and complied with. H. Mortgagor will permit. or cause any tenant to permit, Lender or Lender's agent to enter and inspllct the Property find review alt records at any reasonable tìme to døtermine (11 the existancB, location and nature of any Ha:;¡:ardous Substance on, under or abol.lt the Property; (2) the existence, location, natura, and magnitude of any Hazardous Substance th4lt has been released on, under or about the Property; or (3} whether or not Mortgagor and any tenant ere in compliance with applicable Envircnmental L4Iw. I. Upon Lender's request and <It ""ny time, Mortgagor agrees, at Mortgagor's expense, to engage a qualifiad environmental engineer to prepare an environmental audit of the Property and to Sl.Ibmit the results of such audit to L,ander. The choice of the environmental engineer who wèl/ perform such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform any of Mortgagor's obligQtions under this section at Mortgagor's éxpensB, K. As a consequence of any breach of any representation, warranty or promise mads in this section, (1) Mortgagor will indemnify and hold Lend9r and Lender's successors 'or assigns harmless from and "gaÎnst alllosses, claims, demands, liabílities, damages, oleanup, response and remediation 00$'\:$, penalties anö I!Jxpenses, including without lil'r'litation all costa of litigation and attorneys' fees, which Lender and Lender'l;: successors or assigns may sustain¡ and [21 ~t Lender's disorøtion, Lender may release this Mortgage and in return Mortgagor will provide Lender with ocllataral of ~t I.list equal value 'to the Property secured bv this Mortg<lge without prejudice to any of lender's rights under this Mortgage. L, Notwithstanding any of the language contained in this Mortgage to the contrary, the terms Of this section shall survive any foreclosure Qr satisfaction 01 this Mortgage regardless of any passage of title to lender or ¡my disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will giv$ Lender prompt notice of any action, real or threatened, by privateer public entities to purchase or take any or all of the Property, ¡neluding any eaumønts, through condemoation, eminent domain, or any ather means. Mortgagor further agrees to notify Lender of any proQeedings instituted for thD establishment of a~y sewer, water, conservation, ditch, drainage, or other district relating to (lr binding upon the Property or OIny part of It. MQrtgl;\gor authorizes Lender to intervene in Mortgagor's name in any of the above described acti~n5 or olaims and to collect Ælnd receíve all sums resulting from the action or claim. Mortgagor ai5~Îgns to Lender the proceeds of :any award or claim for damages connected with a condemnation or other taking of all or any part of ~he Property. Such pro~eeds shall be considered payments and will be applied ~s provided in thIs Mortgage. This a;signment of proceeds ítl subject to the terms of any prior mortgage, deed of trust, security agreement ot other lien document. (plIge 5 of 8) ~'" \Q 1983. ,"oal 8on~ere$y,,"",.ln"..St. Cloud, MN FDrm AGCO-AE51-WY 1111112003 t)L.- 20. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mbrtgagor shall keep the Property insured agains1 lo~s by fire, t:heft and other hazard$ <1nd risks rea;Qnably ë\$SOciat:ed with th~ Property due to its type and IQcation. Other hanrd$ and risks may include, for example, coveriil9~ against loss due to floods Dr flooding. This Insurance shall be maintained ill the amounts and for the periods that Lender requires. Wha't Lender requires pursuant to the preceding two sentences can ohange during the term of the Secured Deb't. 111e insurance cartier providing the Insurance shall be chosen by Mortgagor subject to Lender's approval, which sh<lll n01 þe unreasonably withheld. If Mortgagor fails to maintain the coverage described abovê, Lender may, <It L.ender's option, obtain coverage to protect Lender's rights in the Propsrty .according to the terms of this Mortgage. 000108 All insurance poficÎes and renewals shall be acceptable 1;0 lencter and shall include a standard "mortgage clause" and. where applicabrs, "lender loss payeë clause." Mortgagor shall immediately notify Lender of cancellation or termination of 'the insurance. Lender shall have the right to hold the policies and renewals. If lender requires, Mortgagor shall immedi;tery give to Lender all receipts I;)f paid premiums and renElwar notices. Upon loss, Mortgagor shall give immødiatB notice to the insuranoa carrier and Lender. Lender may make proof of less if not made immediately by Mortgagor, Unless Lender and MortgagQr othgrwisB agree in writing, insurance proceeds shall 'þe applied to restoration or repair of the Property dam<lged if the restoration or repaÎr is economically feasible ami Lender's security ¡& not lessened. If the restoration or repair is not economically feasible or Lender's security' would be lessened, the insuranoe proceeds shall be applied to thlt Secured Debt, whether or not then due, with any excess, paid to Mortgagor. If Mortgagor abandons the Property, or does not ansWer within 30 d:ws a notice from Lendsr that the insurance carrier has offered to settle a c/;im, then Lender may' collect the lrisurance proceeds. Lend!!r may use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then Ql.le, The aQ-day period will begin when the notIce is given. Unle:¡;s Lender and Mortgagor otherwise agree in writing, any iilppUo.nion of proceeds to princIpal shall not extend or postponll the due date of scheduled payments or change the amount of the payments. If the PrQperty i$ acquired by Lender, Mortgagor's right to any Inauranoø policies and proceeds r~u:ulting from damags to the Property before the acquisition shall pass to Lender to the extent 01 the Secured Debt: immediately before thg acquisition. B. Mortgagor ag'rees to maintain cpmprehensive general liability insurance naming Lender 8$ <In additional insured in an amount <loceptilble to Lender, insuring ~gainst claims arising from <lny accident or' occurrence in or on the Property. C. Mortgagor agrees to maintain rental loss or business interruption insurance, as required by Lender, in 811 amount equal to at least coverage of on~ year's debt servioe, and requirêd escrow account deposits (j'r agreed to separately in wríting), under a form of polioy acceptable to Lender. 21. ·NO ESCROW FOR TAXES AND INSURANCE. Unl!!s$ otherwise provided in a separate agrøement, Mortgagor will not bl! required to p'w to Lender funds for taxes and insurance in escrow. 22. FINANCIAL REPORTS AND ADDIllONAl DOCUMENTS, Mortgagor wIll provi~e to Lender upon reque$t, any financial statement or information Lender may deem nece~sary. Mottgegor warrants that all financial statQments and information Mortgagor provides to Lender are, or will be, accurate, èorreot, and complete. Mortgagor agrees to siQn, deliver, and file as Lender may reasonably reque$1; any additional document!! or certifications tha1; L!fnd~r may ccnsider necessary tQ perfect. continue, and preserve Mortgagor's obligation~ under thilOi Mortgage and Lender's lien status en the Property. If Mortgagor faili tø do so, Lender may sign, deliver, and file such documents or certificates in Mortgagor'$ /'lame and Mon;gagor hereby Îrrcvocðbly ~ppojnts Lender or Landar's agent as: :attorney in f;II:::t to do the things necs$sarv to comply with this :!cction. 2.3. JOINT AND INDIVIDUAL LIABILITY; CO.SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage are join'!; and indivídual. If Mortgagor signs this Mortgage but does not sign the Evidence of Debt, Mortgagor does sO onlv to mortgage Mortgagor's interest ill the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personallv liable on the Secored Deþt;. Mortgagor agr!lÐs that Lender end any 'p..r~ to this Mortgage may e¡«end, modify or make any change in 'the 'terms of this Mortgage or the Evidence of De};)t without Mortgagor's oonsent. Suoh a change will not release Mortgagor from the terms of this Mortgage. The duties and benefits of this Mortgage shall bind and benefit the succ:e$$ors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor and does not directly $ecvre the obligation whíoh is guarantied, Mortgagor agrees to waive any rights that may prevent Lender from bringing any aoticn or claim againn Mortgagor or Bny p..rty indebted ynder ~c obligation including, but not JImi1:ed to, anti-deficiency or one-action laws, ~~ 11:)1993. ZOO! f.nk.r~ $VAtam., 1M., 5t. CIQud. MN form AacO·REIII·WY 1116/Z0U3 DL- (ptlgff ô of 8) &.,...I"'\rc...lrw-,.,.w.... ....,."..., ..,..V....,..".......III,. ........I1......ll"'\r.VI'W.. IIII.¡) Iy.w...~a~w.", \!fUV'tilllICU uy ..lie '01',,"0 '-'I un;: JWIIOWlrwUVII IU which Lender is located, except to the extent otherwise required by the Jaws of the jurisdiction where the Propmrty is looated. This Mortgagt!\ is complete and fully integr~ted. This Mortgage may n01 be ~mended or modified by oral agrt!ll!Jmen-!;, Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effeotive, unless that law expressly or impliedly permlts the variatiQ"$ by written agreement. If any section or clause 01 this Mortgage cannot be enforced according to its terms, that section or clause will be sevÐred and will not affect the enforceabìlíty of the remainder of this Mortgage. Whenever used, the singular shall . include the plural and the ph,Jral the singular. The captions. and headings of the $ections of this Mortgage are for convanienca only and are not to be used to interpret or define the terms of this Mortgage. Time is of the essenoe in this Mortgage. 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by firs~ class mail to the appropriate party's address on page 1 Qf this Mortgage, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to a/1 mortgagors. 26. WAIVERS. Except to the extent prohibited by Jaw, Mortgagor waives any right regarding the m~rsh8J1ing of liens and assets and all homestead exemption rights relating to the Proper~y. 27. u.e.c. PROVISIONS. If checked, thi¡l fQIIQwing are applioable to, but !;Ie Mt limit, thi; Mortgage: D Construction loan. This Mortgage secures an obligation incurred for the construction of an improvement on the Property. o Fixture FlUng, Mortgagor grants to Lender a security intérest in all goods that Mortgagor owns now or in the future and that are or will beoome fixtures related to tho Property. o Crops; Timber; Mlnorals; Rents. Issues and PrDfits. Mortgagor grants tQ Lender à seourity interest in aU crops, timber and minerals located' on the Property as well as all rents. issues, and profi"ts of them including, but not limited to, all Conservation Reserve Progr.-m (CAP) a.nd Payment in Kind (PIK) payments ahd similar governmental programs fa!1 of which shall also be included in the term "Property"). o Petsonal Property, Mortgagor grants to Lender a security interest in all personal property IQcated on or connected with the Property. This sacurity intmrest includes all farm products, inventory, equipment, acoount;, documents, instruments, chattel paper, general ir11:angibres, and all other items of personal property Mortgagor owns now or in the futl,Jre and that are U3ed or useful In the construction, ownership, operation, management, or msíntenano$ of the Property. Tha term "personal proþerty" speoífic:ally exolud$S th~i prO:l9rty dsscribed as "household goods" secured ¡n conneotion with a "consumerw loan as those terms are defined in applicable federal regulations governing unfair and deoep~ive crmdit practices. o Filing As Anancing Statement. Mortgagor agree$ and acknowledges that this Mortgage also suffices as II finanoing statement and as suoh, may bEt filed of record as a final'1(:ing statement for purposes of Arti(:[e 9 of the Uniform Commeroial 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 Una of Credit. The Seoured 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 released. o Sepiu8te A$$lgnmønt. The Mortg<lgor has executed or will execute.. Sl\Iparate assignment of leasss and rents. If the separate IIssignment of leases and rents is I)roperly executed and recorded, then the separate assignment will suparied& this Security Instrument's "Asaìgnment of Leases and Rents" seçtion. D Additiona' Terms. ~ (jI)1BS3, Z001 SlIInun¡ Systema, Inc., St. Cloud, MN Form AClCo-lIeSI-WY 1/181:rooo L- (p/tge 1 of 8) 0001.:10 SIGNATURES: By signing below, Mortgagor agree$ to the terms iilnd covenants contained in thilò Mortgage and in any attachments. Mortgagor also acknowledges receipt of a copy of this Mortgage on th. date stated above on Page 1. o Açtual authority was granted to the parties signing below by resolution signed and dated ¡;¡"'*v Nama: .' ;kjg (I):ltt) ¡Slgnatura) fOW,) ¡Sfgnaturlt) (Oate) o Refer to tMe Addendum which ìs attaohÐd and incorporated hereín for additional Mortg;gQrs, ¡;ignatures and acknowledgments. !ln~lvId.,.l1 ACKNOWLEDGMENT: L ~ rI Lo.~ STATE OF~'O~ (ð.J.q ,COUNTY OF '..)vv--....-- - This instnunent was aoknowledged before me this 24TH by My commission expires: r ....~ ~.... ~.. ~,,¡;~;ÿ pGbii;........: I ,,<i'..r. \'¡o~". TFtENT 0 NELSO'N I I i1 ')'~ 2.'.'.'!.SouttJ Larkin Lane I I 3 ", ^ '1\ svitls. Utah ß4037 I : ~ . ':c;~ M, (.cnlmission E.xpires : ACIalow.t.:EDQŒ'1iI'1" I . /'¡r ,,;;.; wa ry .\. 2010 I : I ,,,. - Stateof~h_ ( A S:¡;';u'E 01i' U'l"Mt. M - _ n E;6tTNn- eF" n.. Nt' Y1'~ ~ ) ss . TRIS INSTRUMENT WAS ACKNOWEJIDGED BEFoRE ME THISfu DAY OF APRIL-;'. 2008 BY LAURIE LAIRD CHILD. £ _uMY_CoIDfiS~IOJ:i!_n:}r¡us;.u_ _____~~ I ,,"".~.i'- , Notary Pllblic: ~ ~ . : I'-:'~;:":~~\ T'RErIT D NELSON i I ¡ ~:8 1 Smr:h Larkin Lane I I 3: ] ';,,!,sville. Utah 84037 U NOTA PUBLIC :". .' .' '''; Cornmlsslo.~,~,xplres : ~ I ~. J ~ OF ,~~~: ,COUNTY OF ~...... M .~ 1~tr~m...,'t-wa~.eeJcn.oWI~ before me this ~2,. ~ day of .~ ~_[ ~U'1P LG.,rJ ~ } SS, day of A!!RIl. 2DD8 } SS.. (B".ln..~ ~r rnthy Ackno'YI.dil'!."" of (T/tlelal! ¡NAma af Buaines, 9r ¡ntlty) on behalf of th business or entity, <I My commission expires: ~ t1'11GQ~ ~nn1 RA"h,.I;.~f.m5,IMuSt.Cloud.MN F""",AIJ¢(J-I,\F,SI.WY 1/16/2003 (page 8 of 8)