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HomeMy WebLinkAbout888490After Recordation Return to: KeyBank National Association P.O. Box 16430 Boise, ID 83715 (208) 525-6200 888490 BOOK ,51 ".-'~ PR PAGE HOME EQUITY LINE MORTGAGE LINcoI GARY ASH PATRICIA GOt :~ECEIVED COUNTY CLERK GARY ASH PATRICIA GOE : U ~NtXRR/ED i U, ¢MARRiED 320 PINE ST 320 PINE ST . A~p!NE, WY 83128 In consideration of the loan or other credit accommodation hereinafter specified and any future advances or: future (~bligations, as defined herein, which may hereafter be advanced or incurred and other good and valuable consideration, the receipt and isuffciency of which are hereby acknowledged, Mortgagor hereby warrants and mortgages to KeyBank National Association 4910 Tiedeman Road, ,Suite B, Brookl~m, Ohio 44144 , i ("Lender"), its successors and assigns, with power of sale and right of entry and possession all of Mortgagor's present and future e.~ rate, right, title and interest in and to the real property described in Schedule A which is attached to ths Mortgage and incorporated here!n bY this reference, together with all present and future improvements and fixtures; all tangbe personal property, including, without limitation, tall i ma~:hinery, equipment, building materials, and goods of every nature (excluding household goods) now or hereafter ocated on or used in conneqt on lwitt the real property, whether or not affixed to the land; all privileges, hereditaments, and appurtenances; all leases cerises and other agreementS; al rents, issues and profits; all water, well, ditch, reservoir and mineral rights and stocks pertaining to the real property (cumulatively "Properly'); until payment in full of all Obligations secured hereby, i Moreover, in fudher consideration, Mortgagor does, for Mortgagor and Mortgagor's heirs, representativGs, i succ-~ssors, and assigns, hereby expressly warrant, covenant, and agree with Lender, its successors and assigns as follows: 1. OBLIGATIONS. This Mortgage shall secure the payment and performance of all present and future ~ndebtedne s, liabilities, obligations and covenants of Borrower or Mortgagor (cumulatively "Obligations") to Lender pursuant to: (a) this Mortgage and the following promissory notes and other agreements: VARIABLE $48,500.00 02/26/03 02/26/33 0303816215310C 5601819655 agreements with Lender that refer specifically to this Mortgage (whethei: ex? ~d for the same or different purposes than the foregoing); (c) any guaranty of obligations of other parties given to Lender now or hereafter executed that refers to this Mortgage; (d) future advances, whether obligatory or optional, to the same extent as if made contemporaneously with the exec~ or extended to or on behalf of Mortgagor or Borrower. Mortgagor agrees that if one of the Obligations is a lihe of cr( shall continue until payment in full of all debt due under the line notwithstanding the fact that from time to time (but I- no balance may be outstanding. At no time shall the lien of this Mortgage, not including sums advanced to protect t exceedS 4R:500_00 ;and (e) all amendments, extensions renewals, modifications replacements or substitutions to any of the foregoing. ! As used in this Paragraph 1, the terms Mortgagor and Borrower shall include and also mean any Mortgagor or Borro,w. er if mc 2. REPRESENTATIONS, WARRANTIES AND COVENANTS. Mortgagor represents, warrants and covenants to Lender tt (a) Mortgagor has fee simple marketable title to the Property and shall maintain the Property free of all liens, Secu and claims except for this Mortgage and those described in Schedule B which is attached to this Mortgage and incor which Mortgagor agrees to pay and perform in a timely manner; (b) Mortgagor is in compliance in all respects with all applicable federal, state and local laws and regulations, in~ludi relating to "Hazardous Materials" as defined herein, and other environmental matters (the "Environmental Law government nor the state where the Property is located nor any other govemmental or quasi governmental entity nor are there any governmental, judicial or administrative actions with respect to environmental matters pending, Or t( knowledge, threatened, which involve the Property. Neither Mortgagor nor, to the best of Mortgagor's knbwledge, generated, re eased, discharged, stored, or disposed of any Hazardous Materials as defined herein, in connection witl' any Hazardous Materials to or from the Property. Mortgagor shall not commit or permit such actions to be! tak "Hazardous Materials" shall mean any substance material, or waste wh ch is or becomes regulated by any governme not limited to: (i) petroleum; (ii) friable or no'friable asbestos; (iii) polychlorinated biphenyls; (iv) those subst, designated as a "hazardous substance" pursuant to Section 311 of the Clean Water Act or listed pursuant to SectiOn 3 any amendments or replacements to these statutes; (v) those substances, materials or wastes def ned as a 'haZardou~ 1004 of the Resource Conservation and Recovery Act or any amendments or replacements to that statute; and (vi) th( wastes defined as a "hazardous substance" pursuant to Section 101 of the ComPrehensive Env ronmental Act, or any amendments or replacements to that statute or any other similar stat'e or federal statute, rule, in effect· Mortgagor shall not lease or permit the sublease of the Property to a tenant or subtenant whose operations of the Property with Hazardous Materials or toxic substances; (c) All applicable laws and regulations including, without limitation, the Americans with Disabilities Act, 42 U.S.(:;. SE regulations promulgated thereunder) and all zoning and building laws and regulations relating to the Property by vi municipal authority with jurisdiction over the Property, presently are and shall be observed and compled with 'in a rights, licenses, permits, and certificates of occupancy (including but not limited to zoning variances, special exceptio and final inspection approvals), whether temporary or permanent, which are material to the use and occupancy of~ the shall be obtained, preserved and, where necessary, renewed; (d) Mortgagor has the right and is duly authorized to execute and perform its Obligations under this Mortgage an th~ not conflict with the provisions of any statute, regulation, ordinance, rule of law, contract or other agreement Whicl m~ at any time; (e) No action or proceeding is or shall be pending or threatened which might materially affect the Property; and LPWY506 © FormAtion Technologies, Inc. (11/3/96) (800) 937-37996 ition of this Mortgage, made dit, the lien of this Mortgage efore termination of the line) ~e security of this Mortgage, re than one. at: ity interests, encumbrances ~orated herein by reference, ~g, without limitation, those ¢), and neither the federal filed a lien on the Property, the best of the Mortgagor's any other party has used, the Property or transported ~n in the future. The term atal authority including, but races, materials or wastes )7 of the Clean Water Act or ; waste" pursuant to Section se substances, materials or Compensation and Liability ordinance now or hereafter 'nay result in contamination ction 12101 et seq. (and all lue of any federal, state or I material respects, and all ~s for nonconforming uses, Property, presently are and ~se actions do not and shall y be binding on Mortgagor Page , of 5 ~'& /~ (0 Mortgagor has not violated and shall not violate any statute, regulation, ordinance, rule of law, contrac~ o materially affect the Property (including, but not limited to, those governing Hazardous Materials) or Lender'~s ,r pursuant to this Mortgage. i ! ! 3. PRIOR MORTGAGES. Mortgagor represents and warrants that there are no prior mortgages affecting anylpart df on Schedule B attached to this Mortgage which Mortgagor agrees to pay and perform in a timely manner. If there Mortgagor agrees to pay all amounts owed, and perform all obligations required, under such mortgages and the indebtedne,, 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN MORTGAGORS OR BORROWERS. In lhE lease, contract for deed or transfer to any person of all or any part of the real property described in Schedule A, or any beneficial interest in Borrower or Mortgagor (if Borrower or Mortgagor is not a natural person or persons but is a corpora partnership, trust, or other legal entity), Lender may, at its option, declare the outstanding principal balance Of the O1: thereon immediately due and payable. At Lender's request, Mortgagor or Borrower, as the case may be, shall furnish fodh all of its stockholders, members or partners, as appropriate, and the extent of their respective ownership interests.! 5. ASSIGNMENT OF RENTS. In consideration of the Obligations which are secured by this Modgage, Mortgagor al Modgagor's estate, right, title, interest, claim and demand now owned or hereafter acquired in all existing and future le extensions, renewals and subleases), all agreements for use and occupancy of the Property (all such leases and agree are hereafter referred to as the "Leases"), and all guaranties of lessees' performance under the Leases, together With other agreement which might .hts or interest in the Property le Property except as set forth are any prior mortgages then s secured thereby. event of a sale, conveyance, interest therein, or of all or any tion, limited liability company, ligations plus accrued interest a complete statement setting )solutely assigns to Lender all lses of the Property (including ments whether written or oral, :he immediate and continuing right to collect and receive all of the rents, income, receipts, revenues, issues, profits and other income of any nature n 3w or hereafter due (including any income of any nature coming due during any redemption period) under the Leases or from or arising out of~ the Property, including minimum rents additional rents percentage rents parking or common area maintenance contributons, tax and nsbranCe c3ntributions, deficiency rents, liquidated damages f~llowing default in' any Lease, all proceeds payable under any policy of insurance covering loss of rents resultino from untenantability caused by destruction or damage to the Property all proceeds payable as a result of a lessee's exercis; of an option to purchase the Property, all proceeds derived from the termination or rejection ~f any Lease in a bankruptcy or other insolvency proceeding, and all proceeds from any rights and claims of any kind which Mortgagor may have against any essee under the Leases or any occupants o~the Property (all of the above are hereafter collectively referred to as the "Rents") This assignment is subject to the right, power and authority giveh to the Lender to collect and apply the Rents. This assignment is recorded in accordance with applicable state law; the lien created by this assignmbnt is intended to be specific, perfected, and choate upon the recording of this Mortgage, a I as provided by applicable state law as amended from ti~e to time. As long as there is no default under the Obligations or this Mortgage, Lender grants Mortgagor a revocable license to collect all Rents !frorfl the Leases wher~due and to use such proceeds in Mortgagor's business operations. However, Lender may at any time require Mortgagor to clap,)sit all Rents into an account maintained by Mortgagor or Lender at Lender's institution. Upon default in the payment of, or in the performance of, a~ny of the Obligations Lender may at its option take possession of the Property and have, hold, manage, lease and operate the Property on terms land for a period of iime that Lender deems proper. Lender may proceed to collect and receive a Rents, from the Property, and Lender shall have ft~ll power to periodically make alterations, renovations, repairs or replacements to the Property as Lender may deem proper. Lender may apply all Rer~ts in Lender's sole discretion, to payment of the Obligation or to the payment of the cost of such alterations renovations, repairs and replacements ,~nd any expenses incident to taking and retaining possession of the Property and the management and ope'ration of the Properly. Lender may keep ~he Property properly insured and may discharge any taxes, charges, claims, assessments and other liens which may accrue. The expense and cost ~3f these actions may be paid from the Rents received and any unpaid amounts shall be added to the principal of the Ob gations. These amOunts, t( ~ether with other costs, shatl become part of the Obligations secured by this Mortgage. , 6. LEASES AND OTHER AGREEMENTS. Mortgagor shall not take or fail to take any action whch may causeior I withholding of any payment in connection with any Lease pertan ng to the Property. in addition, Mortgagor, WithoUt L shall not: (a) collect any monies payable under any Lease more than one month in advance; (b) modify any Lease; (c) interest or other encumbrance to be placed upon Mortgagor's rights, title and interest in and to any Lease or the amoun terminate or cancel any Lease except for the nonpayment of any sum or other material breach by the other party thereto. time any written communication asserting a default by Mortgagor under an Lease or purporting to terminate or cance promptly forward a copy of such communication (and any subsequent communications relating thereto) to Lender. All due to Morfgagor thereunder are hereby assigned to Lender as additional security for the Obligations. . 7. COLLECTION OF INDEBTEDNESS FROM THIRD PARTY. Lender shall be entitled to notify or require Mortga( (including, but not limited to, lessees, licensees, governmental authorities and insurance companies) to pay Lender an owing to Mortgagor with respect to the Property (cumulatively "Indebtedness") whether or not a default exists under lhi~ diligently collect the Indebtedness owing to Mortgagor from these third parties until the giving of such notification. possesses or receives possession of any instruments or other remittances with respect to the Indebtedness following the if the instruments or other remittances constitute the prepayment of any Indebtedness or the payment of any insurance Mortgagor shall hold such instruments and other remittances in trust for Lender apart from its other property, endors remittances to Lender, and immediately provide Lender with possession of the instruments and other remittances. Le~ required, to collect (by legal proceedings or otherwise), extend the time for payment, compromise, exchange or re!eas, otherwise settle any of the Indebtedness whether or not an Event of Default exists under this Mortgage. Lender shall not action, error, mistake, omission or delay pertaining to the actions described in this paragraph or any damages resultin the foregoing, nothing herein shall cause Lender to be deemed a mortgagee-in-possession, i i 8. USE AND MAINTENANCE OF PROPERTY. Mortgagor shall take all actions and make any repairs needed tO condition. Mortgagor shall not commit or permit' any waste to be committed with respect to the Property. Morfgagor si' compliance with applicable law and insurance policies. Mortgagor shall not make any alterations, additions or imprdverr Lender's prior written consent. Without limiting the foregoing, all alterations, additions and improvements made to the Pr beneficial interest belonging to Lender, shall not be removed without Lender's prior written consent, and shall be made at Mort. 9. LOSS OR DAMAGE. Mortgagor shall bear the entire risk of any loss, theft, destruction or damage (cumulatively "Loss or any portion thereof from any cause whatsoever. In the event of any Loss or Damage, Mortgagor shall, at the:optiOn Property to its previous condition or pay or cause to be paid to Lender the decrease in the fair market value of the affected Pr(: 10. INSURANCE. The Property will be kept insured for its full insurable value (replacement cost) against all haza:rds inclu by flood, earthquake, tornado and fire, theft or other casualty to the extent required by Lender. Mortgagor may obtain such companies as are acceptable to Lender in its sole discretion. The insurance policies shall require the insurance corr at least 3 0 days' written notice before such policies are altered or cancelled in any manner. The insuranc~ as a loss payee and provide that no act or omission of Mortgagor or any other person shall affect the right of Lender to be pertaining to the loss or damage of the Property. In the event Mortgagor fails to acqu re or maintain insurance, Lender be required by law) may in its discretion procure appropriate insurance coverage upon the Property and the iinsutanc payable and bearing interest as described in Paragraph 21 and secured hereby. Modgagor shall furnish Lender With evid the required coverage. Lender may act as attorney-in-fact for Mortgagor in making and settling claims under insurance 13 or endorsing Mortgagor's name on any draft or negotiable instrument drawn by any nsurer All such insurance assigned, pledged and delivered to Lender as further security for the Ob gatons n the event of loss, Mortgagor. sh written notice and Lender is authorized to make iproof of loss. Each insurance company is directed to make payments dir Lender and Mortgagor. Lender shall have the rght at its sole option to apply such monies toward the ObligatiOns for t~ and restoring the Property. Any amounts may at Lender's option be applied in the inverse order of the due dates thereof. ! 11. ZONING AND PRIVATE COVENANTS. Mortgagor shall not initiate or consent to any change in the zoning !pro~ affecting the Use of the Property without Lender's prior written consent. If Mortgagor's use of the Property is or b~comes any zoning provision, Mortgagor shall not cause or permit such use to be discontinued or abandoned without ;the 'prio Mortgagor will immediately provide Lender with written notice of any proposed changes to the zoning provisions or pri~ Property. 12. CONDEMNATION. Mortgagor shall immediately provide Lender with written notice of any actual or threatened cOnde proceeding pertaining to the Property. All monies payable to Mortgagor from such condemnation or taking are hereby a be applied first to the payment of Lender's attorneys' fees, legal expenses and other costs (including apPrasa condemnation or eminent domain proceedings and then, at the option of Lender, to the payment of the Obligations or th Property. 13. LENDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Mortgagor shall immediately provide L~ndE actual or threatened action, suit or other proceeding affecting the Property. Mortgagor hereby appoints Lender :as its at intervene in, and defend such ~ctions, suits, or other legal proceedings and to compromise or settle any claim, or' co~ Lender shall not be liable to Mortgagor for any action, error, mistake, omission or delay pertaining to the actions de§cril: damages resulting therefrom. Nothing contained herein will prevent Lender from taking the actions described in this Paragraph 14. INDEMNIFICATION. Lender shall not assume or be responsible for the performance of any of Mortgagor's 'obli Property under any circumstances. Mortgagor shall immediately provide Lender with written notice of and indemnif, shareholders, directors, officers, employees and agents harmless from all claims, damages, liabilities (including attoineyl causes of action, actions, suits and other legal proceedings (cumulatively "Claims") pertaining to the Property i(includin involving Hazardous Materials). Mortgagor, upon the request of Lender, shall hire legal counsel to defend Len~Jer frorr attorneys' fees, legal expenses and other costs incurred in connection therewith. In the alternative, Lender shall' be entil counsel to defend such Claims at Mortgagor's cost. Mortgagor's obligation to indemnify Lender under this paragraPh release or foreclosure of this Mortgage. ' LPWY506B © Form iogies, Inc. (11/3/96) (800) 93~-379g ;rmit the termination or the ~nder's prior written consent, ssign or allow a lien, security Is payable thereunder; or (d) If Mortgagor receives at any l any Lease, Mortgagor shall uch Leases and the amounts Ior to notify any third party ~, indebtedness or obligation ; Mortgage. Mortgagor shall In the event that Mortgagor giving of such notification or or condemnation proceeds, s the instruments and other der shall be entitled, but not ; any obligor or collateral, or ~e liable to Mortgagor for any therefrom. Notwithstanding ~intain the Property in good all use the Property solely in ents to the Property without )perty shall be subject to the ]agor's sole expense. or Damage") to the Property f Lender, repair the affected ;)erty. 'ling loss or damage caused urance on the Property from party to provide Lender with policies shall name Lender )aid the insurance proceeds ter providing notice as may e cost shall be an advance ence of insurance indicating ~licies, cancelling any policy licies shall be immediately ~11 immediately give Lender ~tly to Lender instead of to ~ward the cost of rebuilding isions or private covenants a nonconforming use under ~ written consent of Lender. 'ate covenants affecting the mnation or eminent domain ssigned to Lender and shall es) in connection with the restoration or repair of the with written notice of any rney-in-fact to commence, troversy pertaining thereto. ed in this paragraph or any in its own name. ations with respect to the and hold Lender and its fees and legal expenses), but not limited to, those such Claims, and pay the led to employ its own legal hall survive the termination, 15. T ~, ~oo~SSMENTS. Mortgagor sha pay all taxes and assessments relating to the Property when~de~s~eel~md~u~nht~l?~!i Yho~f ~L~t~due =nd immeaiately provide Lender evidence of 'payment of same. Upon the request of Lender, Mortgagor sha deposit with Lender each month Orle twelfth (1/12) of the estimated annual insuran~ce premium, taxes and assessments pertaining to the Property. So long as there is no defaultl thes~ mounts shall be applied to the payment of taxes, assessments and insurance as required on the Property. In the event of default, Lender shall ~v~ t~(~'ii~]h~'~'~'i i~'s"P~i~'~'"~; apply the funds so held to pay any taxes or against the Obligations. Any funds applied may, at Lender's option, b~[p lied in reverse order of.the due date thereof, be apIlied in reverse order of' the ~lue 1~6_. IN~SPEC, TION .OF P. ROPE. RTY; BO.OKS, RECORDS. AND REPORTS. Mortgagor shall allow Lender or:its age's to examine and inspect the r~roperty ana examine ~nspec[ ana make copies of Mor[gagor's books and records pertaining to the Property from time to time. Mortgagor shall provide any assistance required by Lender for these purposes. All of the signatures and information contained' in Mort(,agor's books and records shall be genuine, true, accurate and complete in all respects. Mortgagor shall note the existence of Lender's beneficial i~:terest in its books and records pertaining to the Property. Additionally, Mortgagor shall report, in a form satisfactory to Lender,' such informationl as Lender may request regarding Mortgagor's financial condition or the Property. The information shall be for such periods, shall reflect Mortgagor's! re(ords at such time, and shall be rendered with such frequency as Lender may designate. All information furnished by Mortgagor to Lender shall be true, accurate and complete in respects, and signed by Mortgagor if Lender requests. 17. ESTOPPEL CERTIFICATES. Within ten (10) days after any request by Lender, Mortgagor shall deliver to Lende, or any intended transferee of Lender's rights with respect to the Obligations, a signed and acknowledged statement specifying: (a) the outstanding I:alance on the Obligations; and (b) whether Mortgagor possesses any claims, defenses set-offs or counterclaims with respect to the Obligations and il so, the nature of such claims, defenses, set-offs or counterclaims. Mortgagor will be ~;'onclusively bound by any representation that Lender may male to the intended transferee with respect to these matters in the event that Mortgagor fails to provide the requested statement in a timely manner. 18. EVENTS OF DEFAULT. An Event of Default will occur under this Mortgage in the event that Mortgagor, Bor~3wer or any guarantor of any Obligation: ' , (a) commits fraud or makes a material misrepresentation at any time in connection with the Obligations or this iMortgag ;; (b) fails to meet the repayment terms of the Obligations for any outstanding balance; or (c) by any action or inaction, adversely affects the Property, or any right of Lender in such Property, including, but ~ot limited to, transfer of title to or sale of the Property without the permission of Lender failure to maintain required insurance or to pay taXes ion le Property, allowing the filing of a lien senior to that held by Lender, death of the sole Borrower obligated under the Obligations, allowing the :aking of the Property through eminent domain, or allowing the Property to be foreclosed, by a lienholder other than Lender. In addition, ian Ever of Default shall occur if, as a result of any of the following, the Property, or any right of the Lender in the Property, is adversely affected:: th Borrower, Mortgagor or any guarantor of any Obligations commits waste or otherwise destructively uses or fails to maintain the ProPerty' t ,es the Property in an illegal manner which may subject the Property to seizure, or moves from the Property; a judgment is filed agains~ th, Borrower, Mortgagor or any guarantor of any Obligation; or one of two Borrowers obligated under the Obligations dies. ' 19. RIGHTS OF LENDER ON EVENT OF DEFAULT. Upon the occurrence of an Event of Default under thisi Mo gat ~, Lender shall be entitled to exercise one or more of the following remedies without notice or demand (except as required by law):~ i (a) to declare the Obligations immediately due and payable in full, such acceleration shall be automatic and immediate if the Event of Default is a filing under the Bankruptcy Code; , (b) to collect the outstanding Obligations with or without resorting to judicial process; (c) to require Mortgagor to deliver and make available to Lender any personal property or Chattels constituting ;the =roperty at a place reasonably convenient to Mortgagor and Lender; i (d) to enter upon and take possession of the Property without applying for or obtaining the appointment df a race/er and, at Lender's option, to appoint a receiver without bond, without first bringing suit on the Obligations and without otherwise meeting ~ny , ~tatutory conditions regarding receivers, it being intended that Lender shall have this contractual right to appoint a receiver; (e) to employ a managing agent of the Property and let the same, in the name of Lender or in the name of Mor:gagor, and receive the rents, incomes, issues and profits of the Property and apply the same, after payment of all necessary charges and expenses, on account of the Obligations; (f) to pay any sums in any form or manner deemed expedient by Lender to protect the security of this Mortgag~ or to cure any default other than payment of interest or principal on the Obligations; ' (g) to foreclose this Mortgage; i (h) to set-off Mortgagor's Obligations against any amounts owed Mortgagor by Lender including, but noi limited to, monies, instruments, and deposit accounts maintained with Lender or any currently existing or future affiliate of Lender; and ! i (i) to exercise ali other rights available to Lender under any other written agreement or applicable law. ! Lender's rights are cumulative and may be exercised together, separately, and in any order. In the event that Lender stitutes an action seeking the recovery of any of the Property by way of a prejudgment remedy in an action against Mortgagor, Mortgagor waives ,e posting of any bond which might otherwise be required. Lender or Lender's designee may purchase the Property at any sale. The Property or y part thereof may be sold in one parcel, or in such parcels manner or order as Lender in its sole discretion may elect, and one or more exerc sas of lhe power herein granted shall not extinguish or exhaust the ~'ower unless the entire Property is sold or the Obligations are paid in full. i 20. SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE This Mortgage shall be considered a!fina~qcing statement and a fixture filing pursuant to the provisions of the Uniform Commercial Code (as adopted by the state where the Property is located) covering fixtures, chattels, and articles of personal property now owned or hereafter attached to or to be used in connection with the Property together with any and all replacements thereof and additions thereto (the "Chattels"), and Mortgagor hereby grants Lender a security inter'est in subi~ Chattels. The debtor is the Mortgagor described above. The secured party is the Lender described above. Upon demand, Mortgagor shall ma~e, execute and deliver such security agreements (as such term is defined in said Uniform Commercial Code) as Lender at any time may deem nec( ssary or proper or required to grant to Lender a perfected security interest in the Chattels, and upon Mortgagor's failure to do so, Lender is authorized t sign any such agreement as the agent of Mortgagor. Mortgagor hereby authorizes Lender to file financing statements (as such term is defined in sa Uniform Commercial Code) with respect to the Chattels, at any time, without the signature of Mortgagor. Mortgagor will, however, at any time Upon financing statements. Mortgagor will pay all filing fees for the filing of such financing statements and for the raffling th the opinion of Lender, by said Uniform Commercial Code. If the lien of this Mortgage is subject to any security agreeme in the event of any default under th s Mortgage ~11 the right, title and interest of Mortgagor in and to any and all of the Lender, together with the benefit of any deposit~ or payments now or hereafter made thereof by Mortgagor or the predec, Mortgagor in the Property. I 21. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender, at Lender's option, may expend funds (incl~ expenses) to perform any act required to be taken by Mortgagor or to exercise any right or remedy of Lender !under tf Mortgagor shall immediately reimburse Lender for all such amounts expended by Lender together with interest thereon described in any Obligation or the highest rate allowed by law from the date of payment until the date of reimburs~ included in the definition of Obligations herein and shall be secured by the beneficial interest granted herein.. If ~e beginning of publication of notice of sale, as herein provided, or in the event Lender shall, at its sole option, perm t.Mo~ Obligations after the beginning of publication of notice of sale, as herein provided, then, Mortgagor shall pay onidemand Lender in connection with said publication, including reasonable attorneys' fees to the attorneys for the Lender, and lhis all such expenses and fees. ' 22. APPLICATION OF PAYMENTS. All payments made by or on behalf of Mortgagor may be applied against the amou attorneys' fees and legal expenses) in connection with the exercise of its rights or remedies described in this Mortgage al remaining Obligations in whatever order Lender chooses, i 23. POWER OF A'FrORNEY. Mortgagor hereby appoints Lender as its attorney-in-fact to endorse Mortgagor's name documents pertaining to the Obligations or Mortgage. In addition, Lender shall be entitled, but not required, to Perfor~ document required to be taken or executed by Mortgagor under this Mortgage. Lender's performance of such action or shall not relieve Mortgagor from any Obligation or cure any default under this Mortgage. The powers of attorney de coupled with an interest and are irrevocable. ! 24. SUBROGATION OF LENDER. Lender shall be subrogated to-the rights of'ihe holder of any previous lien, ~ecu discharged with funds advanced by Lender regardless of whether these liens, security interests or other encumbrances have 25. COLLECTION COSTS AND A'rrORNEYS' FEES. Upon default by borrower or Mortgagor under the Obligations ar an attorney who is not a Salaried employee of Lender, Modgagor agrees to pay Lenders reasonable attorneys' f~es. ,Add pay all reasonable expenses incurred by Lender in foreclosing and realizing on the Property. i 26. PARTIAL RELEASE. Lender may release its interest in a podion of the Property by executing and recordin~ one or affecting its interest in the remaining portion of the Property. Nothing herein shall be deemed to obligate Lender to roi Property (except as required under Paragraph 34), nor shall Lender be obligated to release any part of the Property ifMo~ Mortgage. ~ 27. MODIFICATION AND WAIVER. The mod~flcabon or waiver of any of Mortgagor's Obligatons or Lender'sl rghts contained in a writing signed by Lender. Lender may perform any of Borrower's or Mortgagor's Obligations, delay or fail' accept payments from Mortgagor or anyone other than Mortgagor without causing a waiver of those Ob gat onsl or right shall not. constitute a waiver on any other occasion. Mortgagor's Obligations under this Mortgage shall not compromises, exchanges, fails to exercise, impairs or releases any of the Obligations belonging to any Mortgagor, B0rro~ rights against any Mortgagor, Borrower or third party or any of the Property. Lender's failure to insist upon strict Performa~ shaft not be deemed a waiver, and Lender shall have the right at any time thereafter to insist upon strict performance., 28. SUCCESSORS AND ASSIGNS. This Mortgage shall be binding upon and inure to the benefit of Mortgagor iand successors, assigns, trustees, receivers, administrators, personal representatives, legatees and devisees. LPWY506C © FormAtion Technologies, Inc. (11/3/96) (800) 937-3799 request of Lender, sign such ;reof at the times required, in ~t covering the Chattels, then ~hattels is hereby assigned to ;ssors or successors in title of ling attorneys' fees and legal is Mortgage. Upon demand, t the lower of the highest rate ,mont. These sums shall be )bligations are paid after the tgagor to pay any part of the all expenses incurred by the vlortgage shall be security for ~ts paid by Lender (including id then to the payment of the on all instruments and other n any action or execute any ;xecution of such documents ~cribed in this Mortgage are rity interest or encumbrance 3een released of record. d referral of this Mortgage to tionally, Mortgagor agrees to more partial releases without ~ase any of its interest in the Igagor is in default under this rider this Mortgage must be o exercise any of its rights or ~. A waiver on one occasion affected if Lender amends, Cer or third party or any of its ~ce of any of the Obligations Lender and their respective Page 3 of 5 29. NOTICES. Except as otherwise required by law, any notice or other communication to be provided under this shall be in writing and sent to the parties at the addresses described in this Mortgage or such other address as the parties may designate i in from time to time. Any such notice so given and sent by first class mail, postage prepaid, shall be deemed given the earlier of three (3)i after such notice is sent or when received by the person to whom such notice is being given. 30. SEVERABILITY. Whenever possible, each provision of this Mortgage shall be interpreted so as to be effective valid under applicable state law. If any provision of this Mortgage violates the law or is unenforceable, the rest of the Mortgage shall continue to be and enforceable. 31. APPLICABLE LAW. This Mortgage shall be governed by the laws of the state where the Property is located; U~lless applicable law provides otherwise, Mortgagor consents to the jurisdiction and venue of any court selected by Lender, in its sole discretion, Iocat that state. 32. NO THIRD-PARTY RIGHTS. No person is or shall be a third-party beneficiary of any provision of the Mortgage. in favor of Lender are intended solely for the benefit of Lender, and no third party shall be entitled to assume or consent to the modification of any provision of the Mortgage, in Lender's sole discretion. I 33. PRESERVATION OF LIABILITY AND PRIORITY. Without affecting the liability of Borrower, Mortgagor, or any any other person (except a person expressly released in writing) for the payment and performance of the O of Lender with respect to any Property not expressly released in writing, and without impairing in any way the interest of any person acquired or first evidenced by recording subsequent to the recording of this Mortgage, Lender maturity of the Obligations, and without notice or consent: release any person liable for payment or performancle make any agreement altering the terms of payment or performance of all or any part of the Obligations; exercise any right or remedy that Lender may have under this Mortgage; accept additional security of any kind for otherwise deal with any real or personal property securing the Obligations. Any person acquiring or recording in the Property shall be deemed, by acquiring such interest or recording any evidence thereof, to have conisented Lender. ! i 34. DEFEASANCE. Upon the payment and performance in full of all of the Obligations, Lender will execute l documents that may be required to release this Mortgage of record. Mortgagor shall be responsible to pay any costs of 35. RELEASE AND WAIVER OF HOMESTEAD. Mortgagor hereby relinquishes and waives all rights under and bY the State of Wyoming and covenants and agrees that Mortgagor is lawfully seized of said Property, that it is free from covenants to warrant and defend the title of said Property against the lawful claims of all persons whomsoever. ~ Spouse of Grantor upon the consideration aforesaid, does hereby release and forever quit-claim unto Lender, a~ homestead in and to the above granted Property. i 36. MISCELLANEOUS. Mortgagor and Lender agree that time is of the essence. Mortgagor waives presentmenti dishonor and protest except as required by law. All references to Mortgagor in this Mortgage shall include all than one Mortgagor, their Obligations shall be joint and several. This Mortgage represents the complete Mortgagor and Lender pedaining to the terms and conditions hereof. 37. ADDITIONAL TERMS: provisions of the Mortgage that Lender will waive or ~rantor of the Obligations, or without affecting the rights of this Mortgage over the either before or after the any part of the Obligations; from exercising or waive ~e Obligations; or release or of any interest of any nature all or any such actions by deliver to Mortgagor those rdation. of the homestead laws of encumbrances, and hereby ee, all his/her rights of ted for payment, notice of below. If there is more understanding between Mortgagor acknowledges that Mortgagor has read, understands, and agrees to the terms and conditions of thi., of an exact copy of same. IN WITNESS HEREOF, Mortgagor has executed this instrument either individually or has caused this instrument roi be name by its duly authorized representative .on the date of the acknowledgment. Datedthis 21 ,~- dayof F'Phr]]~'ry 2NN~ and acknowledges receipt and delivered in its MORTGAGO R:G,~R.¥ ASH MORTG!AGO~' PATRICIA GOE~ PATRICIA GOE MORTGAGOR: MORTGAGOR: MORTGAGOR: MQRTGAGOR: MORTGAGOR: LPWY506D (~ FormAtion ' , Inc. (11/3/96) (800) 937-3799 Page 4 of 5 , ,.~0C1,.,'~ , before me personally appeared to me known to be the person(s) described .in and who executed the foregoing instrument, and acknowledged 'that his/her/their free act and deed, including the release and waiver of the riaht of homestead. : Given under my hand and notarial sealthis ~. I dayo, ~ /~,~--~. eL,-- --~ ~_~, .~00.._~. ; A / / ~- ::i Cour,ty of ~ Slate of ~ My Commission Expires: d~/~ ¢ / ¢~- '~ Ur~coln ~ Wyo~ng · / ¢¢ My C'ommls-~t¢~ Explre~ Ma:c~ 29 7005 State of Wyoming ) ) SS: County of ) On this day of __, before me personally appeared to me personally known, who, being by me duly sworn, did say that he/she/they are the respectively, of said , executing the foregoing instrument, that isaid! ins1 , by authority of its the above signed person(s) acknowledged the execution of said instrument to be the free act and deed of said Given under my hand and notarial seal this day of My Commission Expires: RELEASE OF HOMESTEAD RIGHTS: State of Wyoming ) ) SS: County of ~'~ ) On this .~_._/L day of ~ N ,before me personally appeare~ ~ to me personally known, who, being by me duly sworn, did say that he/she/they are the i i respectively, of said , executing the foregoing instrument for p~rlx his/hedtheir homestead rights, acknowledged that he/she/they had been fully advised of his/her/their rights ahd the that he/she/they executed the foregoing instrument as his/her/their free act and deed. Given under my hand and notarial seal this day of My Commission Expires: LOT 6 OF THE REES SUBDIVISION, LINCOLN COUNTY, PLAT THEREOF. FIRST The following described real prope~ located in the County of ~INCOLN State ~f WYOMING AS J DESCRIBED ON THE OFFICIA~ AMERICAN TITLE ORDER N0:4028464 J BORROWER AND LENDER REQUEST THE HOLDER OF ANY MORTGAGE, DEED OF TRUST OTHER ENCUMBRA/~CE WITH A LIEN WHICH HAS PRIORITY OVER THIS MORTGAGE T( NOTICE TO LENDER, AT LENDER'S ADDRESS SET FORTH ON PAGE ONE OF TMISi MORTGAGE, OF AHY DEFAULT UNDER THE SUPERIOR ENCUMBR3%NCE AND OF ~ S~ OTHER FORECLOSURE ACTION. 024 rument was signed on behalf of said , and )tary Public ses of waiving and relinquishing ffect of signing, and acknowledged OR GIVE E OR THISDOCUMENTWASPREPAREDBY: KeyBank National Association / David G. AFTER RECORDING RETURN TO LENDER AT ITS ADDRESS DESCRIBED ABOVE. LPWYE06E © Forr,,~,,u,~ ¢~C,,nol0gies, Inc. (11/3/96) (800) 937-3799 '- FiShe taW Public )ming Page 5 of 5 he/she/they executed the same as otary Public