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HomeMy WebLinkAbout943948 --<.,.;>, RECEIVED 12/212008 at 4: 11 PM RECEIVING # 943948 BOOK: 710 PAGE: 415 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 6010817335 OOû4j.5 State of Wyoming Space Above This line For Recording Data REAL ESTATE MORTGAGE (With Future Advance Clause) ,. DATE AND PARTIES. The date of this Mortgage is 11·28-2008 are as follows: and the parties and their addresses MORTGAGOR: ROGER SCHANZENBACH, A SINGLE PERSON 120 E. ESCALONES SAN CLEMENTE, CA 92672 o Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 / \0 I" ".\ \ ,/ .",t,l'''' 2. MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: SEE EXHIBIT 'A' ATTACHED HERETO AND MADE APART HEREOF \ í The property is located in LINCOLN at 522 PINE (County) , KEMMERER , Wyoming 83101 (Address) ICity) (Zip Codel Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers, and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"), The term Property also includes, but is not limited to, any and all water wells, water, ditches, reservoirs, reservoir sites and dams located on the real estate and all riparian and water rights associated with the Property, however established. WYOMING· AGRICUL TURAL/COMMERCIAL REAL ESTA TE SECURITY INSTRUMENT (NOT fOR FNMA, FHlMC. FHA OR VA USE. ANO NOT FOR CONSUMER PURPOSESI (page 1 of 8) ~M © 1993,2001 Bankers Systems, Inc" 51. Cloud, MN Form AGCO-RE51-WY 1/16/2003 Q,Oô41.6 3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter defined} $eoursd by this Mortgage Elt anyone time $h..11 not sxcøœd $ 112.000.00 . This limitation of amount does not include interest, loan charges, commitment fess, brokørag!!J commissions, attorneys' fees and other charges validly trlade pursuant to this Mortgage and does not apply to advances (or intere5t aocrued 01'1 suoh advaru::e.s) made under the terms o{ this Mortgaga to pratsc, Lander's søcurity and to perform any of the covenants contained in this Mortgage. Fl,lture advances are contemplated and, along with other future obligations, are secured by this Mortgage even though all or pan may not yet be advanced. Nothing in this Mortgage, however, shall oonstitute a commitment to makø additional or future loan$ or advances in any amount, Any such commitment would need to be agreed to in a separate writing. 4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following: A. ,he promissory nota(s). contract(sl, guaranty!ies) or other evidence of debt described below and all exten$iOM, renewals, modifìcations or sub5tit~ltion$. (When referencing the deb(s below it is suggested thar you incllJd~ items such as borrowers' names and addresses, note principal amounts, commercial revolving loan agreements maximum amount, interest rates, variable rBte terms, maturity d8tes, etc,) QNË PROMISSORY NOTE DATED NDVEMBER 29, 2008 IN THE AMOUNT OF $110,000,00 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender Ul"lder any promissory note, COl"Itract guaranty, or other evidence of debt existing now or executed after this Mottgage whether or not this Mortgage is specifically referred to in the evidence of debt. C. All obligations Mortgagor owes to Lendar, which now ¡¡;!list or may later ari$$'¡ to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D, All additional sums adva1ìced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and éXpen$es incurred by Lender Under the tørms of this Mortgage, plus ir¡tereM at the highest rate in effect, from time to time, as provided in the Evidence of Debt. E, Mortgagor's performance under the terms of any inMrument evidencing a debt by Mortgagor to Lender and any Mortgage securing, guarantying, or otherwise relating to the debt. If mora than OM person signs this Mortgage as Mortgagor, each Mortgagor agrees that this Mortgage will secure all future advances and future obligðtion$ described above that are given to or incurred by any OM or mare Mortgagor, or anyone or more Mortgagor and other$. Thi$ Mortgage w¡lInot seoure any other debt if Lel"ldar fail$, with respect to such other debt, to make any required disclosure about this Mortgage or if Lender fails to give any required notice of the rigl1t of rescission. 5. PAYMENTS. Mortgagor agrees to make all payments on the Seoured Debt when due and in aocordanoe with th!!1 terms of the Evidence of Debt or 1:hi$ Mortgage, G. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, Hens, encumbrances, lease payments, groul"1d rents, utilities, and other charges relating to the Property when due. lender may require Mortgagor to provide to Lender copims of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that woUld impair the liel"l of thi$ Mortgage. Mortgagor agrees to assign to Lender, as requested by Lel"1der, any rights, claims or defen5e$ which Mortgagor may have against parties who $Upply labor or materials to improve or maintain the Property, 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, seourity agreement or other lien document that created a prior security interest or encumbrance on the Property and that may have priority over this Mortgage, Mortgagor agrees: A. To make all payments whel'! due 81'!d to perform or comply with all covenants, B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to make or permit any modification or extension of, and not to request or accept any future advances under any note or agreement secured by, the other mortgage, deed of trust or security agreement unless Lender ,consents in writing. 8. DUE ON SAL.E OR ENCUMBRANCE. Lender may, 3t its option, deolarl!l the entíre balance of the Secured Debt to be immediately due end payable upon the creation of any lien, encumbrance, transfer, or sale, or contract for any of thœsa on thl!l Propeny, However, if the Property includes Mortgagor's residence, this section shall be subject to the restriotions imposed by federal law 112 C. F,R. 691), as applicable. For the purposœs of thi$ section, the term "Property" elso includes any interest to all or any part of the Property. This covenant shall run with the Property and shell rem$in in effect I,mti! the Secured Debt is p3id in full :!Ind this Mortgage is rêlaasr,:d. ~M ~ 1993.2001 Bonko.. Gys1oms. Inc., ~t. tloud. MN ~Qfm AGCa.FI£SI.WY '/1&/~~OJ (~1!i- 11!28!200~ ,c·;8 3078850002 n~NK OF STAR VALLEY D"\GE 04/14 OOô41.7 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor i$ an entity other than a na1ural þerson (suoh a$ a corporation or other organiz:1rtion), Lender may demand immediate payment if (1) a beneficia! interest in Mortgagor is sold or transferred; (2 there is a change in either the identity or number of members of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law as of the d..te of this Mortgage. 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a natural parson (such as a corporation or other organization), Mortgagor makes to Lender the following wammtíes and representations which shall be continuing a$ long as the Secured Debt remains outstanding: A. Mortgagor is¡ an entity which is duly organized and validly existing În thl!! Mortgagor's state of incorporation (or organization), Mortgagor is in good standing in all s1ates in which Mortgagor transacts business. Mortgagor has the power and authority to own the Property and to carryon its bU$ine91;\ as now being conducted and, as applicable, is qualified to do so in each state in which Mortgagor operates. B. The execution, delivery and performance of this Mortgage by Mortgagor and thg obligation evidenced by the Evidence of Oebt are within the power of Mortgagor, have, been duly authorized, have reoeived all MCS$$sry governmental approval, and will not violate any provision of law, Or order of court or governmental agency. C. Other than disclosed in writing Mortgagor has not changed its name within the last ten years and has not used any other trade or fictitious name, Without lender's prior written consent, Mortgagor does not and will not use any other name and will preserve its ex;s1ing name, trade names and franchises until the Secured Debt is satisfied. 11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will give Lender prompt notice of any 10s$ or damage to thl!l Property. Mortgagor will keep the Property free of t1CJxious we$ds and graases. Mortgagor will not initiate, join in or consent to any Change in 3r1Y private restrictÎve covenant, zoning ordinance or other pUblic or private restriction limiting or definillg the USes which may be mads of the Property or ..ny part of the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor or any other owner made under law or regulation regarding- U$EI, ownership ancl oocupanoy of the Property. Mortgagor will comply with all legal requirements and restriotions, whether pUblic or private, with respeot to the use of the Property. Mortgagor also agrees 1hat the nature of 1he occupancy and use will not change without Lender's prior written consent. No portion of the Property will be removed, demolished or materially altered without Lender's prior written consent except that Mortgagor has the right to remoVe iterns of personal property comprising a pan of 'the Prop¡¡trty th~t become worn or obsolete, provided that such personal property i$ replaced with other personal property at least equal in value to the replaced personal property, free from any title retention device, seourity agreemant or other enoumbranoe. Such replaoement of personal property will be deemed sl,Jbject to the seourity inters$t created by this Mortgage. Mortgagor shall not partition or subdivide the Property without Lender's prior written consen1. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in ho way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgag'or fails to perform any of Mortgagor's duties under this Mortgage, or any other mortgage, deed of trust, smcurity agreement or other lien docum!!!nt that has priority over this Mortgage, Lender may, without I'1Otice, perform the duties or cause thern to be performed. Mortgagor appoints Lender as attorney in fact to aign Mortgagor's name or pay any amoun1 necessary for performance. If any cons1ruction on the Property is discontinued or not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the Property. This may include completing tl1m construction. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lander from exeroising any of Lender's other rights under the law or this Mortgage. Any amounts paid by Lender for insuring, þreserving or otherwise protecting the Property and Lender's security interest will be due on demand and will bear interast from tha date of the pl,lyment until paid in full at the interest rate in effeot from time to time according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS, Mortgagor assigns, grants, bargains. conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the fQllowing (Property). A. Exi$ting or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the Use and occupancy of the Property, including but not limited to, any extensions, rel'!ewal$, modifications or replacements (Leases), 6. Rents, iMues and profits, including but not limited to, security depo$Îtç, minimum rents, percentage rents, additional rents, common area maintenance oharges, parking charges, real estate taxes, other applicable taxes, insurance premium cOl'1tributior'ls, liquidated damages following default, cancellation premiums, "loss of rents" insurance, gues1 receipts, revsnUEl$, rQyalties, proceeds, bonuses, accounts, contract righ1s, general intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or OIre on account of the uSe or Occupancy of the whole or any part of the Property (Rents). In the event any item listed as LQÇlses or ~ents is determined to be personal property, this Assignment will also be regarded as a security agreement. ~ @19~", 2001 6'r'I~..r.S~om., lno" St. Cloud, MN Fo,m AGCO·RESI·WY 1I1G/2003 (plige 3 of 8) ~ 00\)41S Mortgagor will promptly provide lender with copies of the leases and will certify these Lease!! are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all of the future Leases and any other information with respect to these Leases will be provided immedia1ely after they Glre executed, Mortgagor may collect. receive, enjoy and use the Rents so long as Mortgagor is not in default. Mortgagor will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender's written consent. Upon default, Mortgagor will receive any Rents in trust for Lendsr and Mortgagor will not commingle the Rents with any other funds. When Lender so dIrects, Mortgagor will endorse and dGliver any payment5 of Rents from the Property to Lender. Amount!> 00llQct0d will be applied at Lender's discretion to the Secured Debts, the costs of managing, protecting Çlnd preserving the Property, and other necessary expenses. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secured Dêb~$ arE! satisfied. Unless othe~wise prohibited or prescribed by I;t8t9 law, Mortgagor 8grees that lender may talee ðCtual possession of the Property without the necessity of commencing any legal action or proceeding. Mortgagor agreeS that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mortgagor's default Bnd demands that Mongagor and Mortgagor's tenants pay all Rents due or to become due directly to Lender. Immediately after Lender gives Mortgagor the! notice of default, Mortgagor agrees that either Lender or Mortgagor may immediately notify the tenants and demand that all future Rents be paid directly to Lender, A$ long as this Assignment is in effect, Mortgagor warrants and represents that nO defaul~ exists under the Leases, Bnd the parties subject to the Lease$ have not violated any applicable law on eB$es, licenses and landlords and tenants. Mortgagor. at its sole cost and expense, will kQQP, observe and perform, and require all other parties to the Leases to comply with the Leases and any 'applicable law, If MortgsQor Or any party to the Lease defaults or fail!> to observe any Bpplicable law, Mortgagor will promptly notify Lender, It Mortgagor neglects or refuses to enforce compliance with the terms of thQ Lease!>, then Lender may, at Lender's option, enforce compliance. Mortgagor will not $ublet, modify, extend, cancel, or otherwise alter the Lease!;, or acoapt the surrender of the Property covered by the Leases. (I,Inle5$ the Les5es so require) without Lender's const!:nt. M¢rtgagor \/ViII not assign, comprOmi$IiI, subordinate or Elnoumber the Leases and Rents without Lender's prior written donsent. Lender does not assume or become liable for the Property's m¡intenlilnce, depreciation, or other losses or damagsti when lender acts to m<lnE/ge, protoct or pre.serve the Property, except for losses and damages due to Lender's 'gross negligence or intentional torts, Otherwise. Mortgagor will indemnify Lender and hold Lender harmless for all liability, 10M or damage that Lender may incur when Lender opts to exercise any of its remedim: again$t any pôlrty obligated under the Leases. 14. CONDOMINIUMS: PLANNED UNIT DEVELOPMENTS. If the Property includms a unit in a cOl'ldominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws. or regulations of the condominium or planned unit development. 15. DEFAULT. Mortg$Qor will be In default if any of the following occur: A. Any party obligated on the Secured Debt fails to make payment when due; B. A breach of any term or covenant in this Mortgage, any prior mortgage or any construction loan agreement, security agreement or any other document evidencing, gUF.lrantying, securing 0/- otherwise rGlating to the Securad D~bt; 'c, The making or furnishing of any verbal or written representation, statement or warranw to Lender that is false or incorrect in any material respect by Mortgagor Or any person or entity obligated on the Seoured Debt; D. The death, dissolution, or insolvency of, appointment of a receiver for, or application of any debtor relief Isw to, Mortgagor or any person or entity obligated on the Secured Debt; E. A good f<lith belief by lender at any time that Lendar is insectJre with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired; F. A materiel adverse change in Mortgagor's busine..s including ownership, management, and financial conditions, which Lender in its opinion believes impairs the value of the Property or repayment of the Seoured Debt; or G, Any loan proceeds are used for a purpose that will cOl'Jtribute to excessive erosion of highly eroclible I.mo or to the convGr$ion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940. Subpart G, Exhibit M. 16. REMEDIES ON DE¡:;AUlT. In some instances. federal and state law will requÎre Lender to provide Mortgagor with notice of the right to oure, mediation notices or othQr notices and may establish time schedules for foreclosure actions, Subject to these limitations. if any, Lender may accelerate the Secured Debt and foreclose this Mortgage in a manner provided by law if this Mortgagor is in default. At the option of Lender. all or any p,'lrt ,of the agreed fees and charges, eccrued interest and principal shall bacome immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lènder $hF,lll be entitled to all the remedies provided by law, the Evidence of Debt, other evidences of debt, thIs Mortgage and any relF,ltli!d documents including without limitation, the power to sell the Property. All remedies are distinct. cumulative Sind not exclusiv~, and the Lender is entitled to all remedies provided at law or equity, whether expressly set forth or not. The acceptance by lender of any sum in paymel"lt or partial payment on the Securad Debt after the be lance is due or is acceleratèd or after foreclosura proceedings are fifed:!:hall not constitute a waiver of Lender's right to require full and complste Cure of any existing default. By not exerci$ing any remedy on Mortgagor's defRuh, Lender does no1 waive Lender'$ right to later consioer the event 3 dc:faul~ if h continues or happens ðgoih. ~ ~1993. 2001 B.n~.",Sy.t""".In<:.. $1, CI(lud. MN Fo'm ^GCO-t'\~:;I.WY l11BI2003 ("afJjJ,s 8J 11/28/200~ "~'28 3078850002 ~ANK OF STAR VALLEY ~~GE 06/14 OOû41.9 17. eXP~NSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of lender's expenses if Mortg<lgor bre<lchu any covenant in this Mortgage. Mortgagor will also pay on dem<lnd all of Le/"lder'$ expenses incurred in collecting, insuring, preserving or proteoti/'lg the Property or in any inventories, audits, inspections or other examination by I.endar in respect 10 the Property. Mortgagor agrees to pay all costs and expenses incurred by lender in enforcing or protecting Lender's rights and remedies under this, Mortgage, Including, but nl'1t limited to, attorneys' feea, court costs, and other legal expenses. Once the Secured Debt 19 fully and finally paid, Lender agrees to release this Mortgage and Mortgagor agrees to pay for any record<ltÎon costs. All such amounts are due on demand and will bear interest from the time of the advam:e at the highest rate in effect, from time to time, ;1$ provided in the Evidenoe of Debt and as permitted by law. 18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) wEnvironmental Law" means, without limitation, the Comprehensive Envíronmental Response, Compensation and Liability Ac't (CERClA, 42 U.S.C. 9601 e't seq./, all o'ther federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a ha;¡;ardous substance; and (2) "Hazardous Substance" means any toxÎc, radioactive or hazardous material, waste, pollutant or oontaminant which has characteristics which render the substance dangerous or potentially dangerou.$ 'to the publio health, safety, welfare or environment. The term includes, wÎthout limitation, any substances defined as "halardolls materia/, W "toxio sub$tances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that, I!Ixcept as previously disclosed and acknowledged in writing: A. No Hazardous Substance has been, is, or will be located, transported, manufactursd, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and in strict compii.mce with all applicable Environmental Law. B. Mortgagor has not and will not oause, contribute to, or permit the release of eny Ha2:ardous Substance on the Property , C. Mortgagor will immediately notify Lender if 11) a release or threatened release of Hazardous Substance occurs on, under or about the F'roperty or migrates or threatens to migrate from nearby prop~rty; or (2) there is a violation of any Environrnental Law concerning the Property. In such an event, Mortg~gor will take all necessary remedial action in accordance with Environmental Law. D. Mortgagor has no knowledge of or rsason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substanóe located on, under or about the Property; or (2) ;lny viola'tion by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reMon to believe there is any such pending or threatened invEl$tigation, olaim. or proceeding. In such an Bvent, Lender has the right but n011hs obligation, to participate in any such proceeding including the right to receive oopies of any documents relating to suoh proceeding$. E. Mortgagor and every tenant have been, are and shall remain in full compliance with any appHcable Environmental Law. F. There are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dtlmp or well will be added unless lender first consents in writing. G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or approvals required by any applicable Environmental Law are obtained and compliød with. H. Mortgagor will permit, or cause any tenant to permit Lender or l.sndør's agBn't to enter and inspect the Praperw and review all records at any rS3so/"lable time to determine (1) the existenCA, location and Mture of any Hazårdous Substance on, under or about the Property; (2~ the existence, location, nature, and magnitude of any Hazardous Substance tha't has been released on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Enviranm!!Jntal Law. I. Upon Lender's rfJques't and at any time, Mortgagor agrees, at Mortgagor's expenSEI, to engage a qualified environmental engineer to preþare an environmental audit of the Property and to submit the results of such audit to Lander. The choice of the environmental engineer who will parform suoh audit is subjeot to Lender',9 approval. J. lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense, K. As a QOnêequel'\oe of any bre$oh of any representation, warranty or prornise made in this !SectiQn, (1) Mortgagor will indemnify and hold Lender and Lender's successors or assigns harmless from and against all losses, claims, demands, liabílities, damage.s, cleanup, røsponsa and ramediation OO$t$, penalties and expenses, including without limitation all costs of litígatlon and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2.) at Lender's discretion, Lendet may release this Mortgage and in return Mortgagor will provide Lender with colla'teral of at least equal value to the Property secured by this Mortgage 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 terrns of this section shall $urvive any foreclosure or satisfaction of this MortgagÐ regardless of any passage of title to Lender or any disposition by Lender of any or aU of the Property. Any olaims and dafenses to the contrary are hereby waived, 19, CONDEMNATION. Mortgagor will give Lender prompt notice of any action, reel or threðtElned, by private or þublic entities to purchase or take any or all of the Property, including any eassment$, through condemnatÎon, emÎnent domain, or F,lny other means. Mortgagor further agrees to notify Lender of any prooeedings in.!ltituted for the establighment of any BBWer. wörter, conservation, ditch, drainage, or other district rslating to or bínding Upon the Property or any part of it. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims and to collect and receive all sums resulting fram the action or claim. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of thrt Property, Such proceeds shall be considered payment$ and will be applied as provided in this Mortgage. This ass;gl'1ment of proceeds is subject to the term3 of any prior mortgogc, deed of trust, $s(:l.Irity tlgreement or other lien document. (Pøg~8) ~~ I\!) 1993. 200111.nk... ~y.t.m..ln... ~t. CID\Jd. MN Form A<ÕÇQ·R5$I-WY 1'18/20Q3 000420 20, INSURANCE, Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss by fire, thet'( and other hazards and risks rassoMbly associated with the Property due to its typa and location. Other hazards ahd risks may include, for example, Coverage against loss due to floods or flooding. This insuranoe shall be maintained in the amounts and for the periods that lender requires. What lender requires pur!\uant to the preoeding two sentences can change during th9 term of the Seo~lred Debt. The insurance carrier providing the il'1suranoe $hall be chosen by Mortgagor subject to Lender'$ approval, whioh shall not be unreasonablywitMheld. If Mortgagor fails to maintain the coverage described above, Lender may, at lender's option, obtain coverage to protect lender's rights in the Property according to the terms of this Mortgage. All insurance polici9s :¡md r9newal$ $Mall be acceptable to lender and shall inctude a standard "mortgage clau$e" and, where applicable, " @Jnder loss payøe 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 rGquire$, Mortgagor shall immediately give to lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and L9nder. Lender may make proof of loss if not mad12 immediately by Mortgagor. Unless Lendør and Mortgagor otherwise agree in writin¡;¡, insurance proceeds shall be applied to restoration or repair of the Property damaged if tMe restoration or repair is economically feasible and lender's security is not lessened. If the restoration or repair is not economically feasible or lender's security would be IlIssensd, the insurance proceed.s sh,all be applied to the Secured Debt, whether or not then due, with any excess paid to Mortgagor, If Mortgagor abandons the Property, or doe5 1'\ot anSWer within 30 days a ng,tice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. lender may use the proceeds to repair or restors the Property or to pay the Secured Debt whether or not then due. The 30-day period witl begin when the notice is given, Unless lender and Mortgagor othQrwise agrè$ in writing, any application of proceeds to principal shall not extend or postpone the due date of scheduled paymen~s or change the amount of the payments. If the Property is acquir9d by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. B. Mortgagor agrees to maintain oomprehensive general liability insurance naming Lender as an additional insured in an amount acceptable to Lend12r, insuring against claims arising from any accident or occurrence in or on the Propl!lrty. C. Mortgagor agrees ~o maintain rental/oss or businê$s interruption ínsuram:e, as required by Lender, in an amount equal to at least coverage of one year's debt service, and required eScrow account deposits (if agreed to separately in writing), under II form of policy acoeptable to Lender. 21, NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 2.2. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to lender upon request, any financial statement or information lender may deem neceS$ary. Mortgagor warrants that all fina"Cial statements and information Mortgagor provìd9s to Lender are, or will be, accurat12, correct, ánd complete. Mortgagor agrees to sign, deliver, and file as Lend9r may reasonably request any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lièn status on the Property. If Mortgagor fails to do so. lender may sign, deliver, and file such docum9nts or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints lender or Lender's agent as attorney in fact to do the things necessary to comply with this seotion. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duti12$ under this Mortgage áre joint and individual. If Mortgagor signs this Mor~gåQe but does not sign the Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable On the Secured Debt. Mortgagor agrees that Lender end åny party to this Mor~gage may extend, modify or make any change in the terms of this Mortgage or thB Evidence of Debt without Mortgagor'$ consent. Such a change will not release Mortgagor from the terms of this Mortgage. The duties and benefits of this Mortgage sh..1I bind and benefit the III.Iooes50rs and assigns of MortgF.1Qor and Lender. If this Mortgage secures a guaranty between Lender and Mortgager and does not directly $ecure the oblígation which is guarantied, Mortgagor agrMS to waive any rights that may prevent LE!nder from bringing ..ny aotion or claim against Mortgagor or any party indebted undar the obligation including, but not limited to, anti-deficiency or ol'1e-action laws. ~ /C) '9~J, 2001 Bonk... Sy...",.. ...... S~, Cloud. MN ~o,'" AGÇQ-IIES .WY 't'GI200~ (page 6 of 8) /IlK . 11/28/200Q 1~'28 3078850002 ~ANK OF STAR VALLEY Pl\GE 08/14 OOü421 24. APPLICABLE lAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jurisdiction in which Lender is located, 8XCQpt to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Mortgage is complete and fully integrated. This Mortgaga may not be amanded or modified by cr:lll agreemBn1:. Any section or clause in this Mortgage, attachments. or any agreement related to the Secured Debt that conflicts with applicable law will not be øffectivB, unless that law axpra$~ly or impliedly permits thE! variation$ by written agreement. If any section or clause of this Mortgage cannot be enforced according to its terms. that section or clause will be severed and will not affect the enforceability of the remainc er of this Mortgage, Whenevar used, the singular shall include the plural and the plural the singular, The captions and headings of the sections of this Mortgage are for oonvenience only and are not to be used to interpret or define the 1;erms 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 first class mail to thm appropriate party's address on þage 1 of this Mortgage. or to any other address designated in writing. Notice to one mortgagor will be deemed to be noticE! to all rnortgagor$. 26. WAIVERS. Except to th& extent prohibited by law, Mortgagor waives any right regarding the marshalling of Hens and assets end all homestead exemption rights relating to the Property. 27, u,e.c. PROVISIONS. If checked. the following are applicable to, but do not limit. this Mortgage: o Construction Loan. This MOrig~g8 secures ;an obligation incurred 'for the construction of an improvement on the Property. o Fixture Filing, Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Proþet1y. o Crops; Timber; Min@rals; Rents. Issue$ and Profits. Mortgagor grants to Lender a security interest in all crops, timber and rninerals located on the Property as well as all rants, i$SUS$, and profits of them including, but not limited to, all Conserv<ltion Reserve Prograrn (CAP) and Payment in Kind (?IKI payments and similar governmental programs (all of which shall arsobe included in the term "Property"). o Personal PropeC1:y. Mortgagor grants to Lender II security ¡nt~reSt in all PQrsonal property located of'! or connected with the Property. This security ínterest includes all farm products. inventory, equipment. accounts, documents. instruments, chattel paper, general intangibles, and all other iterns of personal property Mortgagor owns now or in the futurQ and tMt are used or useful in the construction, ownership, oparation¡ management, or maintenance of the Property. The term "personal propl'my" specifically exoludes that property described as ~househo d goods" secured in connection with a "consumer" loan as those terms arQ defined in applicable federal regulations governing unfair and deceptive credit practices. o Filing As Financing Statement. Mortgagor agrees Bnd acknowledges that this Mortgage also suffic!!ls as a fiMMing statetnellt and as such, may be filed of record as a financing statement for purposes of Article 9 of the Uniform Commercial Code. A carbon, photographic, image or other reproduction of this Mortgage is sufficient as a financing statement. . 28. OTHER TERMS. If checked. the following are applicable to this Mortgage: i:XI Line of Credit. The Secured Debt Includes a revolving line of credit provision. Although the Secured Debt may be reduced to a 2:ero balance. this Mortgage will remain in effect until released. o Separate Ai5Signment. The Morigagor has executed or will execute a separate assignment of leasEls and rents. If the SE!parõltEl <:IMighrnent of leases and rents is proPQrly executed and recorded. then the separate assignment will supersede this Security Instrument's "Assignment of Leases and Rents" section. o AdditiDnal Term&. ~ @111113, 2001 B.nke", Symom.. In... ~t, C!QI,Io:!, MN FOfM AGCO·R~SIWY 1/lS/2003 (fJilg~ffi8J OOô422 SIGNATURES: By signing balow, Mortgagor agrees to the terms and COVEl1ìant$ contained in this Mortgage and in any attachments. Mortgagor <11$0 acknowledges receipt of a copy of this Mortgage on the date stated above on PagEl 1, o Actual authority was granted to the parties signing below by resolution $ig/"lèd $nd dated En1lty Namt!: /VA ~ Æ/v0L ¡Signø rø'ßOGER SCHANZENBACH /Iz~f' 10at!) (Si9M"'Cl,Jr~1 rO"t~1 ISignøture) 10ate! rSign:nur,, 10"181 o Refer to the Addendum which is attached and incorporated herein for additional Mprtgagars. signatures :md acknowledgments, flncflYldlJnll ACKNOWLEDGMENT; STATE QF {].¢fCIFb;€ /Ii I IT . COUNTY Of This instrummnt W8$ aOknOWledl;d before mQ thl$ ~~ by I2D. f -e,..- ð c t1 n 1?::..-f>1/1 b e:í C' ¿, My oommission expires: M.Þt f7, 2-U::>; ôR.riN~ } 58. :ay of tV0V~f>.,£ß < .'2-':"'" K" ~f~ INotary PUbliCI J. JEFFREY P. REYMOND ~ - COM"'. # 1578516 U) NOTARY PUII.IC.CAlIFORNIA (II ~ ORAIIGE COUNTY - .. ' My COIIII. Ell'. MAy 13, 2009 r STATE OF r COUNTY OF This instrument was <lcknowledged before me this by ) ss, d<lyof Inll"an"II' Qr F.nury A"~".WI'~I1"''lnU of à My commission expires: ¡ïìll@I!;/I INllme of I¡h'$ìn"$o; at Enlhyl on behalf of 1hEl bus.iness or entity. NotlrY PUblic) ~N ~, 993. 2001 B.nk.'. SVOItl'''$, Inc.. St. Cloud. MN F~rrn AGCO·RESI.WY 11' &/2003 (psge 8 af 8) 11/28/20pn '~'28 3078850002 1ANK OF STAR VALLEY nAGE 10/14 OOö423 NON..OWNER OCCUPANCY RIDER THIS NON-OWNER OCCUPANCY RIDER is made this 28TH day of NOVEMBER,2008 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Peed (the "Security Instrument" of tha same date given by the undersigned (the "8orrower"I to secure Borrower's Note to THE BANK OF STAR VALLEY, 384 WASHINGTON STREET, PO BOX 8007, AFTON! WY 83110 (the "Lender") of the Same date, and covering the Property described in the Security Instrument and locat8d at: 522 PINE, KEMMERER, WY 83101 [Property Address) In modification of and notwìthstanding the provisions of Section 6 of the Security Instrumel1t, 6orrower represents that (s he dOes not intend to occupy the property described in the Security Instrument as a principal residence. BY SIGNING BELOW, Borrower agrees to the representations Non-Owner Occupancy Aider. ~~ ROGERSC NlENBACH contained in this (SËAL Borrower (SEAL) Borrower Bankers Systems, Inc., St. ClolJd, MN Form NOO-R 6/16/2004 (page 1 of r J LEGAL DESCRIPTION EXlITBIT 'A' Order No: 6010817335 Lot 6 Blotk 15 ofKemmel'er, Uncolu County, Wyoming as described on the official plat of the records ofthe Lincoln County C!él'k. OOú424