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HomeMy WebLinkAbout878199 0301555~ ;:B~)OK_~PRPAGE 1 0fi - -- State of Wyon;ing - Space Above This Line For Recording Data ' REAL ESTATE MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage is 12-19.2001 ' ' are as follows: .......................................... and tile parties and their addresses MORTGAGOR: JA~ICE S I~UCK, A SINnt. E WOMAN .............................................................................. ......................... ..... ............................................................................................... [] Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. LENDER: 7.tt[.8.~N.K.QF. S.T..A~ Y. AL.[..Ey ......................... :. .................................................................... .3.8.4WASHIN~iI.'ON~TREET' '..'... i ......................................................................... '"'""..i... .................. ........... ..................................................................................... ............................................................................................................... MORI GAGE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, tile following described property: SEE EXHIBIT "A" ATTACHED HElmET0 AND MAD[ A PART HE~IEOF. The property is located ill ..................... LINCOLtq ......... i~,~;tj,5 .............................. at 8a542 HIWAY 8~ ............. i~[(a'rk's;5 ......................... AFT[IN " ............................................... Wyomfllg .......... fl.3. lJ.q ......... (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers, and all existing and future improvements, structures, fixtures, and replacements that may now, or at ~ly 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. ' 3. MAXIMUM OBLIGATION LIMIT. The total.principal amount of the Secured Debt hereafter d" ' .Mortgage at any one time shall not exceed $ 118 §S2 I0 .... ( eflned) secured by flus ...................................... 7' ' ~ms nmitation of amount does not include interest, loan charges, commitment fees, brokerage commissions, attorneys fees and other charges validly made pursuant to this Mortgage and does not apply to advances (or interest accrued on such advances) ~nade under the terms of this Mortgage to protect Lender'~ security and to perform any o.f the covenants contained in this Mortgage. Future advances are centemplated and, along with other future obligations, are secured by this Mortgage even though all or part may not yet be advanced. Nodfing in this Mortgage, however, shall constitute a commitment to make additional Or future loans or advances in any amount. Any such commitment would need to be agreed to in a separate writing. 4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following: A. The promissory note(s), coutract(s), guaranty(s) or other evidence of debt described below and all extensions, renewals, modifications or substitutions (Evidence of Debt)' PBOM SSOSY NOTE DATED 1211912001 N (e.g,, borrower's name, note amottnt, interest rate, malun'O, date) WYOMING AGR!COLTURAL/COMMERCAL MORTGAGE {NOIFORFI,~MA, FHLMC, FiiAOllVAUSi~,ANONOTFOitOONSUMERPURPO$£$} ~ (page I re;f G} ~2799 .... 'stern~, Inc., St, Cloud. MN fL800-397-234D Form AG/CC :':X- '.-7:~0/25/93 107 B. All future advances front Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Mortgage 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 extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Mortgage, plus interest a.t the highest rate in effect, from time to time, as provided in the Evidence o'f Debt. E. Mortgager'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 one 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 give any required notice of the 'rigiit 'of rescission. 5. PAYMENTS. Mortgagor agrees to make all payments on rite Secured Debt when due and in accordance with the terms of the Evidence of Debt or this Mortgage. ' 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities'i:: and other charges r~lating 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 Mortgager's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Mortgage. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses which Mortgagor may have against parties who supply labor or materials to improve or maintain tile Property. 7. PRIOR SECURITY 1 ' ~ ' NIERE$~IS. 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 in writing. ~: 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately 'due and payable upon the creation of any lien, encumbrance, transfer, or sale, or contract for any of these on the Property. Itowever, if the Property includes Mortgager's residence, this section shall be subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of this section, the'term "Property" also includes any interest to all or 'any part of tile Property. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Mortgage is released. 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. I1' Mortgagor is an entity other than a natural person (such as a corporation or other organization)~ Lender may demand immediate payment if (1) a beneficial interest in Mortgagor is sold or transferred; (2) there is a change in either the identity or number of members of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Mortgage. Ill. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a natural person (such as a corporation or other organization), Mortgagor makes to Lender the following warranties and representations which shall be continuing as long as tile Secured Debt remains outstanding: A. Mortgagor is an entity which is duly organized and 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 itt each state in which Mortgagor operates. B. The execution, delivery and performance of this Ivlortgage by Mortgagor and the obligation evidenced by the Evidence of Debt are within the power of IVlortgagor, have been duly authorized, have received all necessary governmental approval, and will not violate any provision of law, or order of court or governmental agency. C. Other than disclosed in writing Mortgagor has not changed its name within the last ten years and has no't used any other trade or fictitious name. Without Lender's prior written consent, Mortgagor does not and will not use any other name and will preserve its existing name, trade nantes and franchises until the Secured Debt is satisfied. 11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will give Lender prompt notice of any loss or damage to the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor 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 definiag the uses which may be made of the Property or any part of the Property, without Lender's prior writ'ten consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor or any other owner tnade 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. Mortgagor also agrees that the nature of the occupancy and use will not change without Lender's prior written consent. No portioi~ of the Property will be removed, demolished or materially altered without Lender's prior written consent except that Mortgagor has the right to remove items of personal property comprising a part of the Property that become worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value to the replaced personal property, free fi'om any title retention device, security agreement or other eacumbrance. Such replacement of personal property will be deemed subject to the security interest created by this Mortgage. Mortgagor shall (page 2 of 6) not partition or subdivide tile Property without Lender's prior written consent. Lender or Lender's agents may, at Lender's option, enter the Property at an}, reasonable time for the purpose of inspecting the Property. Any inspection of the Property shall be entirely lbr Lender's [inherit and Mortgagor will in no Wayrely on Lender's inspection. 12. AUTItORITY TO PERFOI~I. If Mortgagor hils to perform any of Mortgagor's dnties under this Mortgage, or any other mortgage, deed of trust, security agreement or oliver lien document that has priority over this Mortgage, Lender may, without notice, perform the duties or cause ~hem to be Imrlbrmed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. I1: any coustruction on the Property is disconthmed or not carried on in a reasonable rammer, Lender may do whatever is necessary to 'protect Lender's security interest in. the Property. This may include completing the construction. ~ender s right to pertkmn for Mortgagor shall not create an obligation to perform, and' Lender's failure to perform will not preclude ]Lea~er from exercising any of Lender's other rights ander ~e law:or this Mortgage. Any amounts paid by Lemler For insuring, preserving or otherwise protecting the Property aM Lender's securily interest will be due on demand and will bear interest h'om the (late of the payment until paid in fldl at the interest rate in effect fi'om time to time according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor grauts, bargains, conveys, and warran~ to Lender as additional security all the right, title and interest iu m~d to any a/id all: A. Existing or future leases, subleases, licenses, guaranties and any ogler written or verbal agreements for the use and occupancy of any portion of tim Property, including any exteasions, renewals, modifications or substitutions of such agreements (all referred to as "Leases"). B. Rents, issues and profits (all referred to as "Rents"), including but not limited to security de, sits, minimum rent, percentage rent, additional rent, cmmnon area maintenance charges, parking charges, real estate taxes, oOmr applicable taxes, insurance premium contributlous, liquidated damages following dehult, cancellatkm premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, geImral intangibles, and ali rights and claitns which Mortgagor 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. Mortgagor will promptly provide Lender wi~ true and correct copies of all existing and future Leases. Mortgagor may coll~t, receive, e~t~oy and use the Rents so long as Mortgagor is not in dehult. Except for one month's rent, Mortgagor will not collect in advance any Rents due in ih(ute lease periods, unless Mortgagor first obtains Lender's written consent. Upon dehnlt, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. A~9' amounts collected shall be applied at Lender's discretion to payments on fl~e Secured Debt as therein provided, to costs of managing the Property, including, but not lhnited to, all taxes, assessments, insurance premiums, repairs, and commissions to rental agents, and to any other necessary related expenses including Lender's attorneys' fees and court costs. Mortgagor agrees that tiffs assigmnent is immediately elt~ctive between dm paaies to this assignment and effective as to third parties on Mortgagor's dehult when Lender takes an affirmative action as prescribed by the law in the State . Wyoming, anti this assignment will remain effective during any redempt~n period until the Secured Debt is satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual possessiou of the Property without the, necessity of commencing any legal action or proceeding and Mortgagor agrees that actual possession of the Property is d~em~d to occur when Lender uotifies Mortgagor of the dehul{ and demands ~at Mortgagor and Mortgagor's tenants pay all Rents due and to become due directly to Lender. Immediately after Lender gives Mortgagor the notice of dethult, Mortgagor agrees that either Lender or Mortgagor may iunnediately notiI~ the tenants and demand that ali l~ture Rents be paid directly to Lender. On receiving the notice of default, Mortgagor will endorse and deliver to Lender auy payments of Rents. If Mortgagor becomes subject to a voluntary or invohmtary bankruptcy, then Mortgagor agrees that Lender is entitled to receive relief fi'om the automatic stay in bankruptcy for fl~e purpose of making this assignment eUective and enforceable under state and federal law and wi~in Mortgagor's bankruptcy proceedings. Mortgagor warrants that no dehult exists under fl~e Leases or any applicable landlord law. Mortgagor also warrants and agrees to maintain, and to require the tenants to comply with, the Leases and any applicable laxv. Mortgagor will promptly ~otify Lemier of any noncompliance. If Mortgagor neglects or refuses to enforce compliance with fl~e temps of the Leases, then Le~tder may, at Lender's option, enforce compliance. Mortgagor will obtain Lender's written authorization before Mortgagor ctm.sents to sublet, mo(lily, cancel, or otherwise alter the Leases, to accept the surremler of tim Property covered by sucli Leases (unless the Leases so require), or to assign, compromise or encumber O~e Leases or any future Rents. Mortgagor xvill hold Lender harmless and indemuily Lender lbr any m~d all liability, loss or damage that Lender may incur as a cxmsequence of the assignment under fliis section. !4. CONI)OMINIUMS; PLANNEI) UNIT DEVEI~OPMENTS. I~ the Property includes a unit in a condominkm~ or a planned unit development, Mortgagm' will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of lt~e condominium or [>lamed unit development. 15. I~EFAULT. Mo'rtgagor will be in default if any of tl~e following occur: A. Any party obligated on tlm Secured Debt fails to ntake payment when due; secnrity agreemel~t or any other document evideuciI g, guarantying, securing or otherwise rel'm'inv Debt; , , ..... ~ ...... oecure~ C. The nlakillg or furnishing of ally verbal or written representation, statement or warrauty t~ Lender tlmt is false or incorrect in any material respect by Mortgagor or any person or entity obligated on lhe Secured Debt; D. The death, dissolutlou, or insolvency oF, appointment of a receiver fbr, or application of ally debtor relief law to, 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 person or entity obligated on ll~e Secured Debt or ~hat the prospect of any payment is impaired or the value of fl~e Property is impaired; F. A material adverse change ill Mortgagor's business including ownership, lnaaagelneni, and financial coaOitions, which Lende~ in its opiniim believes impairs lhe value o[ ll~e Property or repayment of the Secured Debt; or G. Any loan proceeds are used for a purpose that will contribute to excessive erosion Of highly erodible land or to the conversion of wetlands to produce an agricultural cmnmodity, as further explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M. 16. REMEDIES ON DEFAULT. In sdme instances, federal and state law will require Lender to provide Mortgagor With notice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accel6rate the Secured Debt and foreclose this Mortgage in a manner provided by law if this Mortgagor is in default. At the option of Lender, all or any part of the agreed· fees and charges, accrued interest and principal-shall become immediately due and payable, after giving notice if required by law, upon the Occurrence of a default or anytime thereafter. [n addition, Lender'sha!l:be::entitled.~to all ~the'r~medies Provided by law, the. Evidence of Debt, other evidences of debt, this: Mortgage and any related documents including without limitation, the poWer, to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equlty, 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 alter foreclosure proceedings are filed·shall not 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 dehult, Lender does not waive Lender's right to later consider the eveut a default if it continues or happens again. 17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any Covenant in.this Mortgage. Mortgagor will also pay on demand all of Lender's expenses incurred in collecting, insuring, preserving or protecting the Property or in any inventories, audits, inspections or other examination by Lender in respect to the Property. Mortgagor agrees to pay all costs and expenses incurred by Lender in enforcing or protecting Lender's rights and remedies under this Mortgage, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the Secured Debt is fully and finally paid, Lender agrees to release this Mortgage and Mortgagor agrees to pay for any recordation costs. All such amounts are due ou demand and will bear interest from the time of the advance at the highest rate in effect, fi'om time to time, as provided in the Evidence of Debt and as permitted by law. 18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law" tneans, without limitation, the Comprehensive Enviromn.ental Respouse, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, 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 linfitation, any substances defined as "hazardous material," "toxic substances," 'hazmdous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, 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, 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 Enviromnental Law. · B. Mortgagor has not and will not cause, contribute to, or permit the release of any Itazardous 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 the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law. D. Mortgagor has no knowledge of or reason to believe there is any pendiug or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substauce located on, under or about the Property; or (2) any violation by Mortgagor or any tenant o[' 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. Mortgago[ and every tenant have been, are and shall remain in full compliance with any applicable Environmental Law. F. There are no underground storage tanks; private dumps or open wells located on or under the Property and no such tauk, 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 aud complied with. ' It. Mortgagor will permit, or cause any tenant to permit, Leuder 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 Snbstance on, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substauce 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 thne, 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 audi[ to Lender. The choice of the enviroumental 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 pronfise made in this section, (1) Mortgagor will indemnify and hokl 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 litigatiou and attorneys' fees, Which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may r('lease this Mortgage and in return Mortgagor will provide Lender with collateral of at least equal value to the Property secured by this Mortgage without prejudice to any of LendeFs rights under this Mortgage. · (pa~e 4of 6) 993 Banker,~ S¥~tem~, Inc.. St, Cloud, MN (1 ~800-397-2341} Fo~nl AG/CO-MfG-WY ! 0/25/93 L. Notwithsianding any of tile language contained in this Mortgage to the contrary, tile terms of this section shall survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any clai£ns and defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatened, 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 the establishment of any sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part of it. Mortgagor authorizes Lender to intervene itl Mortgagor's name in any of the above described actions or claims and to collect and receive all sums resulting from the action or claim. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such i~r6ceeds shall be considered payments and will be applied as provided in this Mortgage. This assigmnent Of proceeds is subject to the terms of any prior mortgage, deed of trust, security 'agreement or other lien document. 20. INSURANCE. Mortgagor agrees to maintain insurance as foilow~: A. Mortgagor shall 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 tile insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Mortgage. .:. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "lender loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of tile insurance. Lender shall have the right to hold the policies and renewals. 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 make proof of loss if not made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, insurance proceeds shall be applied 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 would be lessened, the insurance proceeds shall be applied to the Secured Debt, whether or not then due, with ally excess paid to Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notice 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 30-day period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of scheduled payments or change tile 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 immediately before the acquisition. B. Mortgagor agrees~ to maintain comprehensive general liability insurance naming Lender as an additional insured in an amount acceptable .to Lender, insuring against claims arising from any accident or occurrence in or on the Property. C. Mortgagor agrees to maintain rental loss or business interruption insurance, as required by Lender, in an amount equal to at least coverage of [)ne year's debt service, and required escrow account deposits (if agreed to separately in writing), under a form of policy acceptable to Lender. 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender. funds for taxes and insurance in escrow. 22. 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 information Mortgagor provides to Lender are, or will be, accurate, correct, and complete. Morfgagor agrees to sign, deliver, and file as Lender may reasonably request ally additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortgagor's hame'and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact to do the things necessary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND, All duties under this Morlgage are joint and individual. If Mortgagor signs this Mortgage but does not sign the Evidence of Debt, MOrtgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on tile Secured Debt. Mortgagor agrees that Lender and any party to this Mortgage may extend, Inodify or make ally change in the terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such a change wilt not release Mortgagor from the lterms of this Mortgage. The duties and benefits If this Mortgage secures a guaranty between Lender and Mortgagor and does not directly secure tile 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. 24. API'LICABI,E LAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Mortgage is complete and fully integrated. This Mortgage may not be amended or modified by oral agreement. Any section or clause in this Mortgage, attachments, or any agree~nent related to the Secured Debt that ceuflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section or clause of this Mortgage cannot !~'.' enforced according to its terms, that section or clause will be severed and will not affect tile enforceability of the remainder of this Mortgage. Whenever used, the singular shall (p~ge 5 of 6) © 19.r t~tom,, inC., st'. Cl~ud, MN {I-800-397-2341) Form AG/C>-. 10/25/93 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. 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first clas's mail to the appropriate party's address on page 1 of this Mortgage, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 26. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshall~g of liens and assets and all homestead exemption rights relating to the Property. 27. U.C.C. ~ROV~SIONS.. If ch~cke~i, the tbl. k'~wing are ai.,pttcable to, but do uot limit, this Mortgage: · ~ Construction Loan. This Mortgage secures an obligation incurred ... Property. for the construction of an itnprovement on the ~ Fixture Filing. Mortgagor grants to Lender a security interest in ali goods that Mortgagor owns now or in the ihture and that are or will becpme fixtures related to the Property. U Crops; Timber; Minerals; Rents, Issues, and Profits. Mortgagor grants to Leuder a security interest in all crops, timber and nfinerals located 0n the Property as well as all rents, issues, and profits of them includ~g, but not limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar governmental programs (all of wtiich shall also be included hi file term "Property"). ' ' ~ Personal Property, Mortgagor grants to Lender a security interest in all personal property located on or co~ected with the Property. This security interest includes all hrm products, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and all other items of personal property Mortgagor owns now or in file fiiture and fl~at are used or useful in the construction, ownership, operation, management, or maintenance of the Property. The term "personal property" specitically excludes flint property described as "household goods" secured in comlection with a consumer loan as those terms are defined in applicable federal regulations govern~g unhir and deceptive credit practices. ~ Filing As Iqnancing Statement. Mortgagor agrees and ac~owledges 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 off, er reproduction of this Mortgage is sufficient as a Iinancing statement. 28. OTItER TERMS. If checked, the following are applicable to this Mortgage: D Line of Credit. The Secured Debt includes 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 Terms ...................................................................................................... SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Mortgage and in any . attachments. Mortgagor also acknowledges receipt of a copy of this Mortgage on the date stated above on Page 1. ~ Actual anthority was granted to the parties signing below by resolution signed and dated ..................................... Entity Name: ......................................................... Entity Name: d JANICE S. BLJCK (Da~e) (Signalure) ................................... (Date) (Signature) (Date) (Signature) ................. (Date) · ~ Refer to the Addendum which is attached and incorporated herein for additional Mortgagors, signatures and ac~owledgments. ACKNOWLEDGMENT: oF cou 'rv o-/ ..... ' ....... {0~~io. t~o~'~.~uno 14: 2O~IJNTY OF . · ms instrument w~~~ .................................. bv "'~uS~utJctutu llle UIIS .................... day of ........ (Business ¢ ' ' ' ' ........................................... ' ............................................ or Endt) ..................................................... · ............................................. (Tide(s)) Ackm~wledgment) Of a ...................... . .................................. (Name of Bus ness or Em ty) My commission expires: .............................................................. on behalf of the business or entity. (Seal) (Noisy ~blic) ~ 1993 Bankma System~, Inc,, St. Cloud, MN {1-8OO-397-2341} Form AG/CO-MI'G-WY 10/25/92 ~'B~'g'innin~ at Point 1, which 'is NO*06;~, 423.2'fee= and 40 feet Eas= of ~he Wes= Quarl~er Corner of Section 6, T31N, RIlSW, '6th P.H., Wyom~ug and ~g ~ce from Po~ I, NooO6'w, 735.2 fee=~ ~ce East 420.3 fee=~ ~eace S~3 =2~'W,r 798. feet] ~ce West I00 feet back to Po~t 1 ~e Blace of beg~g, berg Trac= A of ~e Golf 'Co~se Trac=, Alton, P~o~ed address: