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10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured brthis Mortgage granted by Lender to any successor in interest of Borrower
shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender
shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise
modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and
Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise
afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements
herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and
Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and
several. Any Borrower who co -signs this Mortgage, but does not execute the Note, (a) is co- signing this Mortgage only to
mortgage, grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not
personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may
agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortgage or the Note
without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest
in the Property.
12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice
to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed
to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided
herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address
as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed
to have been given to Borrower or Lender when given in the manner designated herein.
13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of the
jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this
Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict
shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and
to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein, "costs "expenses" and
"attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein.
14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the
time of execution or after recordation hereof.
15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's
option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights,
claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with
improvements made to the Property.
16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as
of the date of this Mortgage.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
this Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies
permitted by this Mortgage without further notice or demand on Borrower.
NON UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any
covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this
Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the
breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to
Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in
the notice may result in acceleration of the sums secured by this Mortgage. The notice shall further inform Borrower of the
right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other
defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender
at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further
demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to
collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not
limited to, reasonable attorneys' fees.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person
in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the sale
to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall
be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any sale. The
proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but
not limited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the
excess, if any, to the person or persons legally entitled thereto.
18. Borrower'sRight to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage
due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage
discontinued at any time prior to the earlier to occur of (i) the fifth day before the sale of the Property pursuant to the power
of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums
which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches
of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses
incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing
Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d)
Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in
the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such
payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if
no acceleration had occurred.
WYOMING- SECOND MORTGAGE 1 /80- FNMA/FHLMCUNIFORM INSTRUMENT
Page 3 of 4 Form 3851
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder,
Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under
paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and
payable.
Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the
expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver,
shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including
those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management
of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and
reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to account
only for those rents actually received.
20. Release. Upon payment of all sutras secured by this Mortgage, Lender shall release this Mortgage without
charge to Borrower. Borrower shall pay all costs of recordation, if any.
21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property.
Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has
priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any
default under the superior encumbrance and of any sale or other foreclosure action.
IN WITNESS WHEREOF, Borrower has executed this Mortgage.
a c (Seal) Jf)JYflJ7)tL 17`7 t c{Xt )1X L (Seal)
FRED T. LOWERY TAMMY M. WERY
Borrower -Borrower
(Seal) (Seal)
Borrower Borrower
(Seal) (Seal)
Borrower Borrower
STATE OF WYOMING,
The foregoing instrument was acknowledged before me this
Fred T. Lowery and Tammy M. Lowery
�,���1111 illitt l:,
,s.\,` 11 C my hand and official seal.
t'
l is§ion expires: Feb. 26, 2002
WHEN RECORDED MAIL TO:
LINEAR CAPITAL INC.
6700 EAST PACIFIC COAST HIGHWAY
#265
LONG BEACH, CALIFORNIA 90803
REQUEST FOR NOTICE OF DEFAULT
AND FORECLOSURE UNDER SUPERIOR
MORTGAGES OR DEEDS OF TRUST
TETON DOM= County ss:
(person acknowledging)
I WYOIIIIIIICOND MORTGAGE -l/80- FNMA /FHL-FORM INSTRUMENT
18th day of August 2000
(date
otary Public
T
779
by
(Space Below This Line Reserved For Lender and Recorder)
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