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HomeMy WebLinkAbout890976890976 BOOKS~4 PRPAOE ~'~1 6 RECEIVED LIN"'""uu,,-,, ~'''~ COUNTY CLERK Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is June 20, 2003. The parties and their addresses are: MORTGAGOR: CHARLENE M. SMITH A sole proprietorship D/B/A Sparkle City Dry Cleaners and Laundry 41 Glencoe Street Diamondville, Wyoming 83116 LONNIE D. SMITH A sole proprietorship D/B/A Sparkle City Dry Cleaners and Laundry PO Box 406 Diamondville, Wyoming 83116-0406 LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of America 801 Pine Avenue Kemmerer, Wyoming 83101 1. SMALL BUSINESS ADMINISTRATION. The Secured Debts secured by this lien were made under a United States Small Business Administration (SBA) nationwide program which uses tax dollars to assist small business owners. If the United States is seeking m enforce this Security Instrument, then under SBA regulations: A. When SBA is the holder of the Note, this Security Instrument and all documents evidencing or securing the Secured Debts will be construed in accordance with federal law. B. Lender or SBA may use local or state procedures for purposes such as filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using these procedures, SBA does not waive any federal immunity from local or state control, penalty, tax or liability. No Borrower or Guarantor may claim or assert against SBA any local or state law to deny any obligation of Borrower, or defeat any claim of SBA with respect to the Secured Debts. Any clause in this Security Instrument requiring arbitration is not enforceable when SBA is the holder of the Note secured by this Security Instrument. Sparkle City Dry Cleaners and Laundry _~__-¢// Initial Wyoming Mortgage WY/4XtguymonO0600000003657019061803Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~ Page 1 2. CONVEYANCE. For good and valuable consideratiOn, the receipt and sufficiency of whic-"h'is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: See attached Scedule C The property is located in Lincoln County at 16 Hwy 30 & 189, Diamondville, Wyoming 83116. 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 replacement,s that may :~ow, or at any time in the future, be part of the real estate described (all referred to as Property)'.. This Security 'Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $67,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No. 3888601945, dated June 20, 2003, from Mortgagor to Lender, with a loan amount of $67,000.00 with an interest rate based on the then current index value as the promissory note prescribes and maturing on June 1, 2013. B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 5: PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security Instrument. 6. 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, 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 'allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide, to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. ASSUMPTIONS. Subject to conditions and Lender's written approval, someone buying the Property may be allowed to assume this Security Instrument. Without written consent, Lender may declare the entire balance of the Secured Debts to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-on-sale laws, as applicable. 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as a corporation or other organization), Lender may demand immediate payment if: A. A beneficial interest in Mortgagor is sold or transferred. B. There is a change in either the identity or number of members of a partnership or similar entity. C. 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 date of this Security Instrument. Sparkle City Dry Cleaners and Laundry Initials Wyoming Mortgage WY/4XtguymonO0600000003657019061803Y ©1996 Bankers Systems, inc., St. Cloud, MN ~" Page 2 10. WA[IRAN'FIES AND [I£P[IFSFN/AIIONS. Mort§a§or makes to lender the followin§ warranties and representations which will continue as Ion§ as this Security Instrument is in effect: A. Power. Mort§a§or is duly or§anized, and validly existin§ and in §Odd standin§ in all iurisdictions in which Mort§a§or operates. Mort§a§or has the power and authority to enter into this transaction and to carry on Mort§a§or's business or activity as it is now being conducted and, as applicable, is qualified to do so in each iurisdiction in which Mort§a§or operates. B. Authority. The execution, delivery and performance of this Security Instrument and the obli§ation evidenced by this Security Instrument are within Mort§a§or's powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or §overnmental a§ency, and will not violate any a§reement to which Mortga§or is a party or to which Mort§a§or is or any of Mort§a§or's properly is subiect. C. Name and Place of Business. Other than previously disclosed in writin§ to [.ender, Mort§a§or has not changed Mort§agor's name or principal place of business within the last 10 years and has not used any other trade or fictitious name. Without lender's prior written consent, Mortga§or does not and will not use any other name and will preserve Mort§agor's existin§ name, trade names and franchises. 11. PFIOPERT¥ CONDITION, AI_TFRAIIONS AND INSPFCIION. Mort§a§or will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mort§a§or will keep the Property free of noxious weeds and §rasses. Mortga§or a§rees that the nature of the occupancy and use will not substantially chan§e without [.ender's prior written consent. Mort§a§or will not permit any chan§e in any license, restrictive covenant or easement without lender's prior written consent. Mort§a§or will notify lender of all demands, proceedings, claims, and actions a§ainst Mort§a§or, and of any loss or dama§e to the Property. No portion of the Property will be removed, demolished or materially altered without [.ender's prior written consent except that Mort§a§or has the righi to remove items of personal property comprisin§ a part of the Property that become worn or obsolete, provided that such personal property is replaced with other personal properly at least equal in value to the replaced personal property, free from any title retention device, security a§reement or other encumbrance. Such replacement of personal property will be deemed subiect to the security interest created by this Security Instrument. Mort§a§or will not partition or subdivide the Property without [.ender's prior written consent. [.ender or lender's a§ents may, at [.ender's option, enter the Property at any reasonable time for the purpose of inspectin§ the Property. lender will §ire Mort§a§or notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property will be entirely for Lender's benefit and Mortga§or will in no way rely on [.ender's inspection. 12. AUIHO[IlT¥ TO PF[IFO[IM. If Mort§a§or fails to perform any duty or any of the covenants contained in this Security Instrument, lender may, without notice, perform or cause them to be performed. Mort§a§or appoints Lender as attorney in fact to si§n Mort§a§or's name or pay any amount necessary for performance. [.ender's right to perform for Mortga§or will not create an obligation to perform, and lender's failure to perform will not preclude l_ender from exercising any of lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonabl0 manner, lender may take all steps necessary to protect l_ender's security interest in the Property, includin§ completion of the construction. 13. ASSIGNMENT OF I_£ASFS AND [IFNIS. Mort§agor assi§ns, §rants, bar§sins, conveys, mort§ages and warrants to lender as additional security all the right, title and interest in the following {all referred to as PropertyI. A. Fxistin§ or future leases, subleases, licenses, §uaranties and any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements {all referred to as [.easesl. B. [lents, issues and profits {all referred to as [lents}, includin§ but not limited to security deposits, minimum rent, percenta§e rent, additional rent, common area maintenance char§es, parkin§ char§es, real estate taxes, other applicable taxes, insurance premium contributions, liquidated dame§es following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract ri§hts, general intan§ibles, and all ri§hts and claims which Assi§nor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. In the event any item listed as [.eases or [lents is determined to be personal property, this Assi§nment will also be regarded as a security a§reement. Mort§agor will promptly provide lender with copies of the leases and will certify these Leases are true and correct copies. The existin§ [_eases will be provided on execution of the Sparkle City Dry Cleaners and Laundry Initials Wyoming Mortgage WY/4XtguymonO0600000003657019061803Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~"~r:~ Page 3 AssignmeriL, ,,,, all future Leases and any other i,,;~ ..... tion with respect to these Leases ...,. ua provided immediately after they are 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 Lender and Mortgagor will not commingle the Rents with any other funds. When Lender so directs, Mortgagor will endorse and deliver any Payments of Rents from the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of managing, protecting and preserving the Property, and other necessary 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 Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual 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 and demands that Mortgagor 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. As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the Leases to comply with the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's option, enforce compliance. Mortgagor will not sublet, modify, extend, cancel, or Otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so required) without Lender's consent. Mortgagor will not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserve 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, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the Leases. 14. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency. Mortgagor makes an assignment for the benefit of creditors or becomes insolvent, either because Mortgagor's liabilities exceed Mortgagor's assets or Mortgagor is unable to pay Mortgagor's debts as they become due. .' C. Business Termination. Mortgagor merges, dissolves, reorganizes, ends its business or existence, or a partner or majority owner dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default occurs under the terms of any other transaction document. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. dudgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by alegalauthority. d. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the ASSUMPTIONS section. L. Property' Value. The value of the Property declines or is impaired. M. Material Change. Without firSt notifying Lender, there is a material change in Mortgagor's business, including ownership, management, and financial conditions. N. Insecurity. Lender reasonably believes that Lender is insecure. Sparkle City Dry Cleaners and Laundry Initial Wyoming Mortgage WY/4XtguymonOO600000003657019061803Y ©1996 Bankers Systems, Inc., St, Cloud, MN ~ Page 4 '15. REMEDIES. Lender may use any and all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Secured Debts, including; without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to. any right to cure, required time schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make all or any par'[ of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lender will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Property and [hat Lender will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. The recitals in any deed of conveyance will be' prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to require full and complete cure of any existing default. By not exercising any remedy, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 16. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this Security In§trument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), all other federal, state and local taws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous 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 substance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported, manufactured, treated, 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. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has not and will not cause, contribute to, or Permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous 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 [he Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law. D. Except as previously disclosed and acknowledged in writing [o Lender, Mortgagor has no knowledge of or reason to believe there is any pending or threatened 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 Sparkle City Dry Cleaners and Laundry Initials Wyoming Mortgage W Y/4XtguymonO0600000003657019061803Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~,~-~r~" Page 5 has rea~u., L~, believe there is any such pending o~ ':,:.,;,~tened investigation, claim, or proceod'..,~. -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. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are and will remain in full compliance with any applicable Environmental Law. F. Except as previously disclosed and acknowledged in writing to Lender, there are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in writing. G. 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 complied with. H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records at any reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Mortgagor 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, to engage a qualified environmental engineer to prepare an environmental audit of the Property and to submit the results of such audit to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's 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 consequence of any breach of any representation, warranty or promise made in this section, (1) Mortgagor will indemnify and hold Lender and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and remediation' costs, penalties and 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 Security Instrument and in return Mortgagor will provide Lender with collateral of at least equal value to the Property secured by this Security Instrument without prejudice to any of Lender's rights under this Security Instrument. L. Notwithstanding any of the language contained in this Security Instrument to the contrary, the terms of this section will survive any foreclosure or satisfaction of this Security Instrument regardless of any passage of title 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 pending or threatened action by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. 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 the Property. Such proceeds will be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. i9. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. What Lender requires pursuant to the preceding sentences can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All i~surance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause." If required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lender as an additional insured. The rental loss or business interruption insurance must be 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.) Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquires Sparkle City Dry Cleaners and Laundry Initials'-~ Wyoming Mortgage WY/4XtguymonO0600000003657019061803Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~" Page 6 the Property in damaged condition, Moftgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's interest in the Property. This insurance may include coverages not originally required of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 20. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 21. CO-SIGNERS. If Mortgagor signs this Security instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor, 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. These rights may include, but are not limited to, any anti-deficiency or one-action laws. 22. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 23. FIXTURE FILING. Mortgagor gives 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 Property. 24. OTHER TERMS. The following are applicable to this Security Instrument: A. Additional Terms. Due on Sale: In the event said property, or any part thereof, or any interest in it, or if it is agreed that it will be in any manner or way, whether voluntary, involuntary, by the operation of law or otherwise, be sold, conveyed or hypothecated, all obligations secured by the Deed or Deeds irrespective of the maturity dates expressed in any Note or Notes, evidencing same, at the option of the Beneficiary, and without demand or notice, shall become due and payable. 25. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent otherWise required by the laws of the jurisdiction where the Property iS!-.!ocalted,, and the United States of America. 26. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor'~'obligati0ns,under this Security Instrument are independent of the obligations of any other MQrt§agor.. Lender may sue each Mor'tgagor individually or together with any other Mortgagor. Lender may release .any pa(~'of the. Property andMor~gagor will still be obligated under this Security Instrument for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 27. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or modification of this Security Instrument is effective, unless made in writing and executed by Mortgagor and Lender. This Security Instrum~'~t,:is'the'corh'pl~te and 'final expression of the agreement. If any provision of this Security Instrument is un~h'forceable, thenth~':unenforceab e provision will be severed and the remaining provisions will still be enforceable 28. INTERPRETATION. Whenever used, the singular inCludes the plural and the plural 'inc~ludes the singular. The section headings are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. 29. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in-writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lende~: any financial statemen.,ts or information Lender requests. All financial statements and information Moct~ag0r gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's Obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. Sparkle City Dry Cleaners and Laundry ~.~ Wyoming Morlgage Initia WY/4Xtguymon00600000003657019061803Y ©1996 Bankers Systems, inc., St. Cloud, MN ~'~--~' Page 7 SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. MORTGAGOR: Charl)~r)e/vl. Smith Charlene M. Smith, Owner Conn~ g. Lonnie D. Smith, Owner LENDER: Community Firs' N~a~al ~nk MarY Liv(~ ' -- / (Attest) ACKNOWLEDGMENT. (Individual) C' f s l This instrument was ackhowledged before me this Charlene M. Smith. ~ ~r ~.~. .~, This instrument was acknowledged before me this OF ~..lld~OZ~K/ ss. r-~q/2 f'~ day of ',..7-~/~ OF bttdc~t,J ss. ~04~ day of ~T~L i'LL Lonnie D. Smith. MY c~l (,~~,. ~--~.~ (Lender Acknow edg~_~~Jl~t~'~i~ J~ This instrument was acknowledged bef' ~ ore me this~p~- day of ,~ Mary Lively as ~. fl~d ~ ~ of Community First ~ational Bank. ommiss,o..x, r.s: ~~ ...... ~ I/~ , by by by Sparkle City Dry Cleaners and Laundry Wyoming Mortgage WY/4XtguymonO0600000003657019061803Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~' Page 8 JUN. 18. 2003 1~'41AM ® 0 ALTA COMMITMENT - 1982 - WY ; i . N0.990 P, 2 Commim~ent No.: FA 10144 M SCHEDULE C The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as follows: A tract of land located in the NE~ of Section 26 and in Tract 42 of.the Resurvey of T21N Rll6W of the 6th P.M., Lincoln County, Wyoming, being more particularly described as follows: COMMENCING at the Northeast corner of said Section 26 of the Resurvey of T21N Rll6W of the 6th P.M., Lincoln County, Wyoming; thence S 17o15' W, a distance of 2545.2 feet to a point being the Northwest corner of the Diamondville Cemetery Parcel as recorded in Book 24 of Deed at page 163 in the Office of the County Clerk, County Courthouse, Kemmerer, Wyoming; thence N 86022'00', E, a distance of 16.33 feet to a point; thence N 00°39'16" W, a distance of 249.40 feet to a point being the TRUE POINT OF BEGINNING; thence continuing N 00o39,16,, W, a distance of 151.62 feet to a point being on the Southerly right-of-way boundary of U.S. Highways 30N and 189; thence along said highway right-of-way line along the arc of a curve to the right having a radius of 1969.86 feet and a long chord bearing N 77°58'14,, W, a distance of 73.12 feet to a point; thence N 77:37'09" W, a distance of 11.94 feet along said highway right-of-way line to a point; thence S 12°04'13" W, a distance of 172.19 feet to a point; thence S 89°30'49" E, a distance of 120.92 feet to a point being the TRUE POINT OF BEGINNING. 11/91