Loading...
HomeMy WebLinkAbout88996704017642 State of Wyoming 889967. BOOK '-I~J2QpR PAGE LlNrfOLr,! p, OLit.. T¢ Space Above This Line For Recordin REAL ESTATE MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage is 05-13-2003 are as follows: MORTGAGOR: and the part~ GEORGE LYNN BACKUS Ar,~D SHARON LEE BACKUS, HUSBAND AND WIFE P.O. BOX 5138 ETNA, WY 83118 [] 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 83-0315143 MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is acknov the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrar power of sale, the follow!ng described property: SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART I The property is located in LINCOLN at 101788 HIGHWAY (County) , THAYNE , Wyomin, (Address) (City) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rig~ diversion payments or third party payments made to crop producers, and all existing and Data es and their addresses dodged, and to secure ts to Lender, with 1he EI~OF 89 83127 (Zip Code) ts, crops, timber, all 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 - AGRICULTURAUCOMMERCIAL REAL ESTATE SECURITY INSTRUMENT {NOT FaR FNMA, FHLMC, FHA 0fl VA USE ANO NOT FOR CONSUME PURPOSES) (page 1 of ?) '393, 2001 Bankers Systems, Inc,, St. Cloud, MN Form AG('-: ::?,r'.:TM 6/612001 547 I~A×II~IUI~ OBLIGATION LII~IT. The total principal amount of the Secured Debt hereafter ~efined) secured by this Mortgage at any one time shall not exceed $304,§0D. B3 . This limitation of amount does not include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and o~her charges validly made pursuant to this Mortgage and does not apply to advances (or interest accrued on such advances) made under the terms of this Mortgage to protect Lender's security and to perform any of the covenants contained in this Mortgage. Future advances are contemplated and, along with other future obligations, are secured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitme~t to make additional or future loans or advances in any amount. Any such commitment would need to be agreed to in a .eparatewriting. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the followin. : A. The promissory note(s), contract(s), guaranty(s) or other evidence of debt described ;Iow and all extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include items such as borrowers' names and addresses, note principal amounts, commercial re¥olving loan agreement's maximum amount, interest rates, variable rate terms, maturity dates, etc.) ONE PROMISSORY NOTE gATED 5/13/03 IN THE AMOUNT OF ~304,§00.63 ~ M B. All future advances from Lender to Mortgagor or other future obligations of Oertxge~gu~erdtoa tL;rndt~~ Ul~/ido~~ aa~ey promissory note, contract, guaranty, or other evidence of debt existing now or f 's g whether or not this Mortgage is specifically referred to in the evidence of debt. C. All obligations Mortgagor owes to Lender, which now exist or may later arise to the exte~nt not prohibited by aw, incudng but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. incurred by Lender for insuring, preserving or otherwise protecting the D. All additional sums advanced and expenses Property and its value and any other sums advanced and expenses incurred by Lenderlunder the terms of this Mortgage, plus interest 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 instrument evidencing a debt by Mortgagor to Lender and any Mortgage securing, guarantying, or otherwise relating to the debt. ~ / If more than one person Signs this Mortgage as Mortgagor, each Mortgagor agrees that this Mortgage will secure all future advances and future obligations described above that are given to or incurred by any onle or more Mortgagor, or any one or more Mortgagor and others. This Mortgage will not secure any other debt if Lender fails, with respect to such other debt, to make any required disclosure about this Mortgage or if Lender fails to g~ve any required notme of the r~ght of rescission. PAYMENTS. Mortgagor agrees to make all payments on the Secured Debt when due and in accordance with the terms of the Evidence of Debt or this Mortgage.. CLAIMS AGAINST TITLE.. Mortgagor Will pay all taxes, assessments, liens, encumbrances, rents, utilities, and other charges relating to the Property when due. Lender may require Mortga copies of all notices that such amounts are due and the receipts evidencing Mortgagor's paymen title to the Property against any claims that'would impair the lien of this Mortgage. Mortga Lender, as requested by Lender, any rights, claims or defenses which Mortgagor may have ag~ labor or materials to improve or maintain the Property. ease payments, ground ]or to provide to Lender t. Mortgagor will defend ]or agrees to assign to ~inst parties who supply includes any interest to all or any part of the Property. This covenant shall run with the Prop effect until the Secured Debt is paid in full and this Mortgage is released. ~K~TM ~ 'Q93, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCn ocF' ~/v 6/6/2001 ,'rty and shall remain in (page 2 of 7) 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed' of trust, security 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 when due and 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 ~n writing. :at its otion d I t' immediately due and payable upon the creation of ~noYr , on the Property. However, if the Property includes t o imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of this section, tke term "Property" also 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an en;tity other than anal Jral person (such as a corporation or other organization), Lender may demand immediate payment if (1) a beneficial ' nterest In Mo~tgagor s or transferred; (2) there is a change in either the identity or number of members of a partnersh p or similar entity; or 13) there is a change in ownership of more than 25 percent of the voting stock of a corporation or si~milar entity. However, Lender may not demand payment in the above situations if it is prohJbited by law as of the date of ¼his Mortgage. 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a nat 'al person (such as a corporation or other organization), Mortgagor makes to Lender the following warranties and representatio~s which shall be continuing as long as the Secured Debt remains outstanding: A. Mortgagor is an entity which is duly organized a~d validly existing in the Mortgager's state of incorporation (or organization). Mortgagor is in good standing in all states in which Mortgagor transacts business. Mortgagor has the power and authority to own the Property and to carry on its business 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 Mortgager and the obliga:ion evidenced by the Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received all necessary governmental approval, and will not violate any provision of Law, or order of court or governr~ental agency. C. Other than disclosed in writing Mortgagor has not changed its name within the last ten y~:ars and has not used any other trade or fictitious name. Without Lender's prior written consent, Mortgagor doe; not and will not use any Other name and will preserve its existing name, trade names and franchises un[, the Secured Debt is satisfied. 11. PROPERTY CONDITION, ALTERATIONS AND INspEcTION. Mortgagor will keep the Property in g( id condition and make all repairs that are reasonably necessary. Mortgagor will give Lender prompt notice of any Icss or damage to the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgager will not initiate, join in or consent to any change in any private restrictive covenant, zoning ordinance or other public or private restriction limiting or defining the uses which may be made of the Property or any part of the Property, without _ender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor or a~y other owner made under law or regulation regarding use, ownership and occupancy of the Property. Mortgagor will comply with all legal requirements and restrictions, whether public or private, with respect to the use of the Property. Mor~gagor also agrees that the nature of the occupancy and use will not change without Lender's prior written consent. N~ portion of the Property will be removed, demolished or materially altered without Lender's Iprior written consent except that Mortgagor has the right to remove items of personal property comprising a part of thelProperty that become worn or obsolete, provided that such personal property is replaced with other personal property at east equal in value to the replaced personal property, free from any title retention device, security agreement or othe' encumbrance. Such replacement of personal property will be deemed subject to the security interest created by this Mort§age. Mortgagor shall not partition or subdivide the Property without Lender's prior written consent. Lender or Ler,der's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Prope, ty. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's insp ,~ction. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgager's duties under this M2rtgage, or any other mortgage, deed of trust, security agreement or other lien document that has priority over this M)rtgage, Lender may, without notice, perform the duties or cause them to be performed. Mortgagor appoints Lender as a :torney in fact to sign Mortgager's name or pay any amount necessary for performance. If any construction on the PropErty is discontinued or not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's s,~curity interest i~ the Property. This may include completing the construction. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failu"e to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Mortgage. ,ny amounts paid by Lender for insuring, preserving or otherwise protecting the Property and Lender's security interest ,il~ be due on demand and will bear interest from the date of the payment until paid in full at the interest rate in effe:t from time to time according to the terms of the Evidence of Debt. 13. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condomimum or a planned unit development, Mortgagor will perform all of Mortgager's duties under the covenants, by-laws, )r regulations of the condominium or planned unit development. 14. DEFAULT. Mortgagor will be in default if any of the following occur: A. Any party obligated on the Secured Debt fails to make payment when due; B. A breach of any term or covenant in this Mortgage, any prior mortgage or any construction loan agreement, security agreement or any other document evidencing, guarantying, securing or otherwise r~lating to the Secured Debt; C. The making or furnishing of any verbal or written representation, statement or warranty to ender That is false or incorrect in any material respect by Mortgagor or any person or entity obligated on the Secured Debt; · ' (page 3 of ?) ~,~.~'T~-:~ ..... ~93, 2001 Bar~kers Systerr~, Inc., St. Cloud, MN Form AG¢-~' 6/6/2001 D. The death, dissolution, or insolvency of, appointment of a receiver for, or application of Mortgagor or any person or entity obligated on the Secured Debt; E. A good faith belief by Lender at any time that Lender is insecure with respect to any pers the Secured Debt or that the prospect of any payment is impaired or the value of the Prop F. A material adverse change in Mortgagor's business including ownership, management, which Lender in its opinion believes impairs the value of the Property or repayment of the G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of higt~ conversion of wetlands to produce an agricultural commodity, as further explained in 7 C G, Exhibit M. 15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provid of the right to cure, mediation notices or other notices and may establish time schedules for for to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Mortgage law if this Mortgagor is in default. 9 ny debtor relief law to, on or entity obligated on ;rty is impaired; ~nd financial conditions, 3ecured Debt; or ly erodible land or to the F.R. Part 1940, Subpart ~ Mortgagor with notice closure actions. Subject in a manner provided by At the option of Lender, all or any part of the agreed fees and charges, accrued interest ant principal shall become immediately due and' payable, after giving notice if required bY law, upon the occurrence ~f a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the Evidence ~f Debt, other evidences of debt, this Mortgage and any related documents including without limitation, the power 4o sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies p~ovided at law or equity, whether expressly set forth or not. The acceptance by Lender of any sum in payment or partial/payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall ndt constitute a waiver of Lender's right to require full and complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues happens again. 16. EXPENSES; ADVANCES ON cOVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except hen prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this lortgage. Mortgagor will also pay on demand all of Lender's 'expenses incurred in collecting, insuring, preserving or protracting the Property or in any inventories, audits, inspections or other examination by Lender in respect to the Property. r~1ortgagor agrees to pay all costs and expenses incurred by Lender in enforcing or protecting Lender's rights and remedi;s under this Mortgage, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the S~cured Debt is fully and finally paid, Lender agrees to release this Mortgage and Mortgagor agrees to pay for any rec,~rdation costs. All such amounts are due on demand and will bear interest from the time of the advance at the highest ate in effect, from time to time, as provided in the Evidence of Debt and as permitted by law. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Envi onmental Law" means, without limitation, the Comprehensive Environmental Response, Compensation and Liability A;t (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, atto'ney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardc,us substance; and (2) "Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represer~ts, warrants and agrees that, except as previously disclosed and acknowledged in writing: A. No Hazardous Substance has been, is, or will be located, transported, manufactured, tree,ted, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and in strict compliance with all applicable Environmental Law. B. Mortgagor has not and will not cause, contribute to, or permit the release of any Haza alDUS Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardo~Js Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take a necessary remedial action in accordance with Environmental Law. I D. Mortgagor has no knowledge of or reason to believe there is any pending or threatenedI investigation, claim, 'or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an event, Lender.has the right, but not the obligation, to participate~ in any such proceeding including the right to receive copies of any documents relating to such proceedings: . E. Mortgagor and every tenant have been, are and shall remain in full compliance with any applicable Environmental ' ' I F. There are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in writing~ (page 4 of 7) ~..~M ~ ~'93, 2001 Bank~r~ Systems, lnc,, St. Cloud, MN Form AGC~ ~=¢~ ~,~v 6/6f2OO1 G. Mortgagor will regularly inspect the Property, momtor the activities and operations on th( that all permits, licenses or approvals required by any applicable Environmental Law are with. H. Mortgagor will permit, or cause any tenant to permit, Len~ler or Lender's agent to enter ar and review all records at any reasonable time to determine (1) the existence, Iocati Hazardous Substance on, under or about the Property; (2) the existence, location, nature, Hazardous Substance that has been released on, under or about the Property; or (3) wh~ and any tenant are in compliance with applicable Environmental Law. I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, environmental engineer to prepare an environmental audit of the Property and to submit tf to Lender. The choice of the environmental engineer who will perform such audit is subject d. Lender has the right, but not the obligation, to perform any of Mortgagor's obligations Mortgagor's expense. K. As a consequence of any breach of any representation, warranty or promise made in this will indemnify and hold Lender and Lender's successors or assigns harmless from and age Property, and confirm obtained and complied id inspect the Property )n and nature of any and magnitude of any :thor or not Mortgagor to engage a qualified e results of such audit :o Lender's approval. under this section at section, (1) Mortgagor inst all losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties an expenses, including without limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Mortgage and in return Mortgagor will provide Lender with collateral of at least equal value to the Property secured by this Mortgage w thlout prejudice to any of Lender's rights under this Mortgage. Notwithstanding any of the language contained in this Mortgage to the contrary, the ter~s of this section sba I survive any foreclosure or satisfaction of this Mortgage regardless of any passage of litle to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 18. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatenedI, by private or public entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain, or any other means. Mortgagor further agrees to notify Lender of any proceedings instituted for th~ establishment of any sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Pro arty or any part of it. Mortgagor authorizes Lender to intervene in Mortgagor s name in any of the above described ac [ions or claims and to collect and receive all sums resulting from the action or claim. Mortgagor assigns to Lender the pr( coeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Propert/. Such proceeds shall be considered payments and will be applied as provided in this Mortgage. This assignment of proc:eeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 19. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor sha~l keep the Property insured against loss by fire, theft and other hazards and risks reasonably associated with the Property due to its type and location. Other hazards and risks may include, for example, coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage . descri.b, ed .above: Lender, .maY; at Lender's option, obtain coverage to pro,oct Lender's ~ights in the Property according To the ~efms or this ~v~ortgage. . All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage c duse" .and,.where applicable, "lender loss payee clause." Mortgagor shall immediately notify LeAder ~ cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewalls If Lender requires 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 Lender. Lender may ma ce proof of loss if not made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, insurance proceeds shall be apl~lied to restoration or repair of the Property damaged if the 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 w,~uld be lessened, the insurance proceeds shall be applied to the Secured Debt, whether or net then due, witl any excess paid to Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notic~ 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 restore the Property or to pay the Secured Debt whether or not then due The 3g-daY period will begin when the notice is given. / ' - ' / Unless Lender and Mortgagor otherwise agree in writing, any application of proceeds to prir~c pal shall not extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired 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 in~mediateiy before the acquisition. ' ' 2001 Bankers SyPtem[, Inc., St. Cloud, MN Form AG~-~ 6/6/2001 (page 5 of 7) o5 I ~, Mortgagor agrees to maintain comprehensive general liability insurance naming Lender ~s an additional insured in an amount acceptable to Lender, insuring against claims arising from any accdent orl occurrence in or on the Property. J C. Mortgagor agrees to maintain rental loss or business interruption nsurance, as requiredJby 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 a form of policy acceptable to Lender. J 20. 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. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request any financial statement or information Lender may deem necessary. Mortgagor warrants that all financial statements and ~nformat~on Mortgagor provides to Lender are, or will be, accurate, correct, and complete. Mortgagor agree~ to sign, deliver, and file as Lender 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 lien ~tatus on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortnanor'~ Mo.,rtg.,a.gor he. reby irrevocably appoints Lender or Lender's agent as attorney in fact to do the things ne~:e.~sarT¢ w~tn m(s secuon. 22. JOINT AND INDIVIDUAL LIABILITY- CO-SIGNERS- SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage are joint and individual. I.f Mortgagor signs this Mortgage but does not sign the Evidence of Debtl Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and r~lortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees that Lender and any party to thi~ Mortgage may extend, modify or make any change in the terms of this Mortgage or the Evidence of Debt without Mopgagor's consent. Such a change will not release Mortgagor from the terms of this Mortgage. The duties and benefits of this Mortgage shall bind and benefit the successors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor and does not directly secur; the obligation which is guarantied, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation including, but not limited to, anti-deficiency or one-action laws. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the la~vs of the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the lurlsd~ctlon where the Property is located. This Mortgage is complete and fully integrated. This Mortgage may not be amended or mod~hed by oral agreement. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or mp edly perm ts lhevarations by written agreement. If any section or clause of this Mortgage cannot be enforced according to ts terms, that section or clause will be severed and will not affect the enforceability of theremander of this Mortgage Whenevejr used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Mortgage are for convenience only and are not to be used to interpret or define the terms of this Mortgage. Time is of the essence in this Mortgage. 24. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Mortgage, or to any other address designated in writ rig. Notice to one mortgagor will be deemed to be notice to all mortgagors. 25. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 26. U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Mortgage: [] Construction Loan. This Mortgage secures an obligation incurred for the construction of an improvement on the Property. [] Fixture Filing. Mortgagor grants to Lende[ a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. ' [] Crops; Timber; Minerals; Rents, Issues, and Profits. Mortgagor grants to Lender a securJity interest in all crops timber and minerals located on the Property as well as all rents, issues, and profits of them including but not limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar governmental programs (all of which shall also be included in the term "Property"). [] Personal Property. Mortgagor grants to Lender a security interest in all personal property ocated on or connected with the Property. This security interest includes all farm products, inventory, equipmentj, accounts, documents, instruments, chattel paper, general intangibles, and all other items of personal property Mortgagor owns now or in the future and that are used or useful in the construction, ownership, operation, manager~ent, or maintenance of the Property. The term "personal property" specifically excludes that property described as "household goods" secured in connection with a "consumer" loan as those terms are defined in applicl,ble federal regulations governing unfair and deceptive credit practices. (page 6 of 7,1 ~ ~ "~93, 2OO1 Bankers Systems, Inc,, St. Cloud, MN Form AGC~.~i,'~'¥ 6/6/2OO1 -- [] Filing As Financing Statement. Mortgagor agrees and acknowledges that this Mortgage also suffices as a financing statement 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 M~rtgage is sufficient as a financing statement. [] Line of Credit. The Secured Debt ~cludes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Mortgage will remain in effect until released. [] Additional Terns. Mortgage and in any attachments. IVlortgagor also acknowledges receipt of a copy of this Mortgage on the date stated above on Page 1. [] Actual authority was granted to the parties signing below by resolution signed and dated 27. OTFLER TERMS. If checked, ~he following are applicable to this M~rtgage: SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Entity Name: ~ignature) ! GEORGE LYNN BACKUS (Date) (Date) (Signature) SHARON LEE BAD(US (Signature) (Date) (Signature) [] Refer to the Addendum which is attached and incorporated herein for additional acknowledgments. ACKNOWLEDGMENT: Mortg[ (Date) gors, signatures and STATE OF WYOMING , COUNTY OF LINCOLN This instrument was acknowledged before me this 13TH day of I¥~AY, 2903 by GEORGE LYNN BACKUS; SHARON LEE BACKUS, HUSBAND AND WIFE My commission expires: (Seal) STATE OF , COUNTY OF This instrument was acknowledged before me this by Acknowledgmen[) of My commission expires: (Seal) ~-J~ ..... '93, 200 1 Bankers Systems, Inc., St. Cloud, MN Form ,~GC~'-TT-:';;' 61612001 tNotary Public) on be. half of (Notary Public) SS. SS. (Tide(s)) ama of Business or Entity) ~e busir~ess or entity. [page ? of 7J day of (N Legal Description: Exhibit "A" Parcel 1 A portion of the NVv%sw¼ of Section 11, T34N, R119W, 6~h P.M., Thayne, Lincoln County, Wyoming being more particularly described as ;or~h of ~llows: BEGINNING at the Northeast corner 'of said NW¼SW¼ of said SectJo 11 and running thence S 1"11 W, along the East line of said NW¼SW¼, 104.12 feet; thence S 50°15'28 W 267.00 feet, to a point in the Easterly line of H~ghway U,$. 89, said point lying in an approach to said Highway, being N 22°48, W i5,08 feet from a Highway Marker labeled 50' RT. sTA 1522 + 25.6: thence N 2°48, W, along last said Easterly line, 303.82; feet, to the North line of' s¢id I~ ~/¼SW¼; thence S 89°04'10'' E, along last said North line, 325.23 feet to the Point of BEGINNING, Containing 1.279 acres of land. Parcel 2 ~, portion of the NWF~W% of, Section 11, T34N, R119W, 6tn P,M,, North of Thayne, Lincoln County, Wyoming, being more particularly described a., BEGINNING AT A R-OINT ON THE East line of sam NW%SW%, said p, ,iht being S t~11' W 104.12 feat from the Northeast comer of said NW¼SW~, ;.; thence running S 1 °11' W, alorlg said EaSt Ifne, 708.72 feet to a point cna circ Jlar curve having a radius of 1959_88 feet; thence ~unning NorthWesterly, aJong last said curve, being also the Easterly line of Highway U.S. 89 and conca/e to the Southwest, through e central ~r~gle of 5~36'2'[" an arc dis(once of 19'~ .753 fee~; to a Highway Marker designating the CS of said curve and a tange~t thereto bearing N 18°15'43' W; thence continuing Northwesterly, along said Easterly line of said Highway along a spiral curve, the Long Chord of said spiral ~earing N 21°15'45" W a distance of 304.65 feet, to the ST of said curve desigr ated by Highway Marker labeled 50' RT. STA 1522+25.6; thence running N 2°48' W, ] along said Easterly line of said Highway, 75.08 feet, to a point in an said Highway; thence N 50°15'28" E 287.00 feet to the point of Containing 1.538 acres of land, more or less. approach to )EGINNING,