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HomeMy WebLinkAbout892689 RECEIVED LINCOLN COUNTY OLERK 8 '2689 03 2 1 PI1 I: 5 2 JEANNE WAGNER State of Wyoming S pace Above This Line For Recording Data REAL ESTATE MORTGAGE (With Futt:r--". Advance Clause) DATE AND PARTIES. The date of this Mortgage is 08-1z' ~.003 are as follows: and the parties and their addresses MORTGAGOR: RONALD L. MCKIM AND MARSHA P. MCKIM, HUS ,,.NC AND WIFE 5963 SOUTH 10LA WAY ENGLEWOOD, CO 80111 [] Refer to the Addendum which is attached and inct "~z;,~ted herein for additional Mortgagors. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF ~IE SLATE OF WYOMING 384 WASHINGTON STREET : PO BOX 8007 AFTON, WY 83110 83-0315143 . MORTGAGE. For good and valuable consideration, the '~. =ei[ct"~ ',J sufficiency of which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortgagor grants ~a~,ins, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: SEE SCH[ ' II~E ~ ATTACHED HERETO AND MADE A PART HEREOF The property is located in LINCOLi'ii at {County;' , ~ .. BEOFORn , Wyoming 83112 {Address} (City} (Zip Cods} Together with all rights, easements, appurtenances,'~)~altieS, mineral rights, oil and gas rights, crops, timber, all a ~ diversion payments or third p rty payments made t". i,~-rop producers, and all existing and future improvements, structures, fixtures, and replacements that may now, e' at any time in the future, be part of the real estate described above (all referred to as "Property"). The term Propert-y also includes, but is not limited to, any and all water wells, water, ditches, reservoirs, reservoir sites and dams Iocat,~d on the real estate and all riparian and water rights associated with the Property, however established. WYOMING - AGRICULTURAL/COMMERCIAL REAL ESTATE SECURITY INSTRI. ~ ~ E NT (NOT FOR FNMA, FHLMC, FHA 01t VA USE, AND NOT FOR CONSUMER PUI~POSES) (page I of 7) 685 MAXIMUM OBLIGATION LIMIT. The total princip3~ ,"~-;',~Jn[ of the Secured Debt (hereafter defined) secured by this Mortgage at .any one time shall not exceed $ 200,000;0~/~ . This limitation of amount does not include interest, loan charges, commitment fees, brokera~;,, commissions, attorneys' fees and other charges validly made pursuant to this Mortgage and does not apply to advance, (or interest accrued on such advances) made under the terms of this Mortgage to protect Lender's security and to per';~: .rm any of the covenants contained in this Mortgage. Future advances are contemplated and, along with other future =:~ :igations, are secured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortga'~e, h.;~vever, shall constitute a commitment to make additional or futura loans or advances in any amount. Any such, ~.,~'~-tm;¥?~'ent would need to be agreed to In a separate writing. SECURED DEBT DEFINED. The term "Secured E ~b!" inclL..I ;:., ;3ut is not limited to, the following: A. The promissory note(s), contract(s), guarailty(s):i: other evidence of debt described below and all extensions, renewals, modifications or substitutions. ~.,'./hen:';-ferencing the debts be/ow it is suggested that you include items such as borrowers' names and add.~,e$$es,' :~i. te principal amounts, commercial revolving loan agreement's max/mum amount, interest rates, variable rate ter.?~. , maturity dates, etc.) ONE PROMISSORY NOTE DATED 08114103 FOR THE AMOUNT OF $200,000.00 ~'~ B. All future advances from Lender to Mortgag~r ~I' other future obligations of Mortgagor to Lender under any Promissory note, contract, guaranty, or other e~'i~lence of debt existing now or executed after this Mortgage whether or not this Mortgage is specifically referr~i~ to in the evidence of debt. C. All obligations Mortgagor owes to Lender, which ~l~w exist or may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for ov~.r~lrafts re at ng to any deposit account agreement between Mortgagor and Lender. ' ' D. All additional sums advanced and expenses incun ~iJ by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums adv~-:~.;ed and expenses incurred by Lender under the terms of this Mortgage, plus interest at the highest rate in effe~i; from time to time, as provided in the Evidence of Debt. E. Mortgagor's performance under the terms, bf ar.~. ~n~trument evidencing a debt by Mortgagor to Lender and any Mortgage securing, guarantying, or otherwise rela,;~g to the debt. If more than one person signs this Mortgage as Mortg[~tor, each Mortgagor agrees that this Mortgage will secure all future advances and future obligations described above ;~,~lat are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. This Mortga[e %:~i~:no, t secure any other debt if Lender fails, with respect to such other debt, to make any required disclosure about this ~rtgage or if Lender fails to give any required notice of the right of rescission. . 5. PAYMENTS. Mortgagor agrees to make all payments o;.'~he 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 taxe assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Prolce-t wh,~n due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and [,-,~ .. ~:e~hts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would ira. ~:,ir. the lien of this Mortgage. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, clairns or d,.'.'!:~;nses which Mortgagor may have against parties who supply labor or materials to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS. With regard to any o]:t'~iJ - nortgage, deed of trust, security agreement or other lien document that created a prior security interest or ;,ncu~r:~,'ance on the Property and that may have priority over this Mortgage, Mortgagor agrees: A. To make all payments when due and to ;?-..orm c~ i:omply with all covenants. B. To promptly deliver to Lender any notio~ ':nat Mo .3.!e. gor receives from the holder. C. Not to make or permit any modification ¢~; ~xtens::i:3 (~;~, and not to request or accept :.any future adYance.s under any note or agreement secured by, the' ,~her ~.;~.?,ulage, deed of trust or se'curi(y~ agreement uhle'~s.Lender consents in writing. ~.. DUE ON SALE OR ENCUMBRANCE. Lender may, ~.t ,t ;"option, declare the entire balance of the Secured Debt to be immediately due and Payable upon the creation of z '.¥ i ~n, e~cumbrance, transfer, or sale, or contract for. any of these on the Property. However, if the Property includes ry. :r'(. '~;9or's residence, this section shall be subject to the restrictions imposed by federal law (12 C.F.R. 591), as appli. ;;. ~i For the purposes of this section, the term "Property" also includes any interest to all or any part of the Prope.' = ]'his covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this tv:!: ~ge is released. (page 2 of 7) ~*". © 1 .q93, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO-[~F~_~/~/'_ 61612OO! 9. TRANSFER OF AN ~NTEREST ~N THE MORTgAgOR. ~f IMo~i.~agor is an entity other than a natural person (such as a corporation or other organization), Lender may demand imm~.di..--te payment if (1) a beneficial interest in Mortgagor is sold or transferred; (2) there is a change in either the identit'., or ~vmber of members of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percen' ~f the ~oting stock of a corporation or similar entity. However, Lender may not demand payment in the above situaticns ~ ! it is prohibited by law as of the date of this Mortgage. 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mc-tga~'' is an entity other than a natural person (such as a corporation or other organization), Mortgagor makes to I.'.=.nd.-~' the following warranties and representations which shall be continuing as long as the Secured Debt remains outst',~."~d ?.g: ' A. Mortgagor is an entity which is duly organized ~,r~d validly existing in the Mortgagor's state of incorporation (or organization). Mortgagor is in good standing ir ~!i states in which Mortgagor transacts business. Mortgagor has the power and authority to own the Property ';~:':d to carry on its business as now being conducted and, as applicable, is qualified to do so in each state in w;".~ch Mortgagor operates. B. The execution, delivery and performance of thi~ Mortgage by Mortgagor and the obligation evidenced by the Evidence of Debt are within the power of Mor~?~gor, have been duly authorized, have received all necessary governmental approval, and will not violate an,,' pr,::~,'i-.,ion of law, or order of court or governmental agency. C. Other than disclosed in writing Mortgagor h~s no'~ changed its name within the last ten years and has not used any other trade or fictitious name. Without Lend;;, s prior written consent, Mortgagor does not and will not use any other name and will preserve its existing ~me, trade names and franchises until the Secured Debt is satisfied. 1 1. PROPERTY CONDITION, ALTERATIONS AND INSPECTIC ¢.!. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor ~/,'II give Lender prompt notice of any loss or damage to the Property. Mortgagor will keep the Property free of nox cus weeds and grasses. Mortgagor will not initiate, join in or consent to any change in any private restrictive corena!; zoning ordinance or other public or private restriction limiting or defining the uses which may be made of the Prope ;.; or any part of the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, p.'{ceedings, claims, and actions against Mortgagor or any other owner made under law or regulation regarding use, ow i,;rship and occupancy of the Property. Mortgagor will comply with all legal requirements and restrictions, whether pub :(~ or private, with respect to the use of the Property. Mortgagor also agrees that the nature of the occupancy and use wi[ 'lot change without Lender's prior written consent. No portion of the Property will be removed, demolish~:J or materially altered without Lender's prior written consent except that Mortgagor has the right to remove items of '~,'~rsonal property comprising a part of the Property that become worn or obsolete, provided that such personal property i:; :eplaced with other personal property at least equal in value to the replaced personal property, free from any title retention device, security agreement or other encumbrance. Such replacement of personal property will be deemed subje~:t to the security interest created by this Mortgage. Mortgagor shall not partition or subdivide the Property without Le~ rJer's prior written consent. Lende~ or Lender's agents may, at Lender's option, enter the Property at any reasonable firm for the purpose of inspecting the Property. Any inspection of the Property shall be entirely for Lender's benefit and Mo t.:.agor will in no way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perfon~ ,,i..:~y of Mortgagor's duties under this Mortgage, or any other mortgage, deed of trust, security agreement or other li~,~' document that has priority over this Mortgage, Lender may, without notice, perform the duties or cause them to be [ e"~'c-~med. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount-necessary for per'-,'m~.qce. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may do wLatever is necessary to protect Lender's security interest in the Property. This may include completing the construction, ~. , Lender's right to perform for Mortgagor shall not create ~ ob!igation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's o~he~'-ights'uader the law or this Mortgage. Any amounts paid by Lender for insuring, preserving or otherwise protectin§ 17,:i Prop¢.r',:y and Lender's security interest will be due on demand and will bear interest from the date of the payment .u'...'il paid !~ full at the interest rate in effect from time to time according to the terms of the Evidence of Debt. 13, CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If'~m '.'.~roPerty includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor,~,',; duties under the covenants, by-laws, or regulations of the condominium or planned unit development. : ".. ~ 14. DEFAULT. Mortgagor will be in default if any of the folloi~/i.qg occur: A. Any party obligated on the Secured Debt fails to ["~ke payment when due; B. A breach of any term or covenant in this Mort.pj.~ge, any prior mortgage or any construction loan agreement, security agreement or any other document evider~c:i~g, guarantying, securing or otherwise relating to the Secured Debt; C, The making or furnishing of any verbal or written rspresentation, statement or warranty to Lender that is false or incorrect in any material respect by Mortgagor or ~;~y person or entity obligated on the Secured Debt; 2001 Bankers Systems, Inc.. St. Cloud, MN Form AGC~,i~:~-, 6/6/2001 [page 3 of 7) D. The death, dissolution, or insolvency of, appc. in~?=l~nt of a receiver for, or application of any debtor relief law to, Mortgagor or any person or entity obligated or,,':h.~;Secured Debt; E. A good faith belief by Lender at any time that -,"e~?ler is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any r..~.,;;,, r. ent is ~mpaired or the value of the Property is impaired; F. A material adverse change in Mortgagor's b[~:i:' ;~s including ownership, management, and financial conditions, which Lender in its opinion believes impairs the ¢. lue of the Property or repayment of the Secured Debt; or G. Any loan proceeds are used for a purpose the, vv. lll contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agriculturai ?ommodity, as further explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M, 15. REMEDIES ON DEFAULT. n some instances, federal a;~ ~' state law will require Lender to provide Mortgagor with notice of the right to cure, mediation notices or other notices ~,l~l may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the St:ciured 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 . ~es and charges, accrued interest and principal shall become immediately due and payable, after giving notice if r~[~juired by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the ,~:medies provided by law, the Evidence of Debt, other evidences of debt, this Mortgage and any related documents ir.;~uding without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, am; t¢ne Lender is entitled to all remedies provided at law or equity, whether expressly set forth or not. The acceptance by !. ~'.nder of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after i'q.¢eclosure proceedings are filed shall not constitute a waiver of Lender's right to require full and complete cure of any ~.ixisting default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to late.r col ~ider the event a default if it continues or happens again. 16. EXPENSES; ADVANCES ON COVENANTS; .ATTORNEY'·: FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mc-';i'gagor breaches any covenant in this Mortgage. Mortgagor will also pay on demand all of Lender's expenses incurred i', collecting, insuring, preserving or protecting the Property or in any inventories, audits, inspections or other examinat!o~., by _ender in respect to the Property. Mortgagor agrees to pay all costs and expenses incurred by Lender in enforci,~ ., ~:otect;ng Lender's rights and remedies under this Mortgage, including, but not limited to, attorneys' fees, court cost...~, and other legal expenses. Once the Secured Debt is fully and finally paid, Lender agrees to release this Mortgage ar~ ~.. Mortgagor agrees to pay for any recordation costs. All such amounts are due on demand and will bear interest from. [~e t~me of the advance at the highest rate in effect, from time to time, as provided in the Evidence of Debt and as per ~'i~.~d by law. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SI,- :.~,TA~V ~;:~. As used in this section, (1) "Environmental Law" means, without limitation, the Comprehensive Envff;- ental E,~ ~ponse, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.}, alt other federal, state and ~,~v~, !aws,'.r~;;.l~ilations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public hea, i:h, safe.!i, ~elfare, environment or a hazardous substance; and (2) "Hazardous Substance" means any toxic, radioa,,;:ive or ~z-c,'dous material, waste, pollutant or contaminant which has characteristics which render the substance dan.r.o-ous (~,. potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitati¢:'h .'.3y ~,.'3stances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" un(I,. ~,3~ i..'nvironmental Law. Mortgagor represents, warrants and agrees that, except as previously disclosed and acknowled[..~a i!' .',vriting: A. No Hazardous Substance has been, is, or wi. b( I?c.ated, transported, manufactured, treated, refined, or handled by any person on, under.or about the Proper~ ~ ~'~ept in the ordinary course of business and in strict compliance with all applicable Environmental Law. " B. Mortgagor has not and will not cause, cont~'ii:~'!~ to, or permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (~ a r~lease or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threadiness 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'~.~lieve there is any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazz~d~us Substance located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any [nvironmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to beli?,,e there is any such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the ¢·ii'~'ht, but not the obligation, to participate in any such proceeding including the right to receive copies of any docun·-'~i~ts relating to such proceedings. E. Mortgagor and every tenant have been, are and :,'~;,b!i remain in full compliance with any applicable Environmental Law, F, There are no underground storage tanks, privat, ):~umps or open wells located on or under the Property and no such tank, dump or well will be added unless Ler..~,r first consents in writing. .. (page 4 of 7) ~u ~, ~993, 2001 Bankers Systems, Inc,, St. Cloud. MN Form AGCO-R. i.-WY 6/612001 . 688 G. Mortgagor will regularly inspect the Property, mo%tot the activities and operations on the Property, and confirm that all permits, licenses or approvals required I:,'~; aq¥ 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 Pro~erty; (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 wino will perform s.uch audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to :F'."form any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach of any represen:,';'..q, warranty or promise made in this section, (1) Mortgagor will indemnify and hold Lender and Lender's suc, s;'.-s or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response ;-~d remediation costs, penalties and expenses, including without limitation all costs of litigation and attorneys' "~es, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender r. la¥ re':~ase this Mortgage and in return Mortgagor will provide Lender with collateral of at least equal value to t ~.~..Pr-.~s."ty secured by this Mortgage without prejudice to any of Lender's rights under this Mortgage. L. Notwithstanding any of the language contain,'.~d ", this ~f..ortgage to the contrary, the terms of this section shall survive any foreclosure or satisfaction of this ? lortga.~ -egardless of any passage of title to Lender or any disposition by Lender of any or all of the Property:: Any c~:';';,s and defenses to the contrary are hereby waived. 18. CONDEMNATION. Mortgagor will give Lender prompt"mt!:~- of any action, real or threatened, by private or public entities to purchase or take any or all of the Property, ~:'~.lur'~ng any easements, through condemnation, eminent domain, or any other means. Mortgagor further agrees to notify ~ ~".~der of any proceedings instituted for the establishment of any sewer, water, conservation, ditch, drainage, or other c;., tfict relating to or binding upon the Property or any part of it. Mortgagor authorizes Lender to intervene in Mortgagors: 'name in any of the above described actions or claims and to collect and receive all sums resulting from the action or:-: aim. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation of, 6"!- er taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provid, ed !.'~..*.his Mortgage. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agrer':aedt or other lien document. 19. INSURANCE. Mortgagor agrees to maintain insurance as .;%llows: A, Mortgagor shall keep the Property insured again' :-:.t loss by fire, theft and other hazards and risks reasonably associated with the Property due to its type ar {:.10cation. Other hazards and risks may include, for example, coverage against loss due to floods or flooding. '"his insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carri~ p~oviding the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unrea:i~onably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's opti,;,~, obtain coverage to protect Lender's rights in the ProPerty according to the terms of this Mortgage. · ,. All insurance policies and renewals shall be acce']t~ble .~o Lender and shall include a standard "mortgage clause" and, where applicable, "lender loss payee ciaus~J." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have. :'ne 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 ins~iranCe carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. · ' Unless Lender and Mortgagor otherwise agree i~; wr{ting,' insurance proceeds shall be applied to restoration or repair of the Property damaged if the restoratioF or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not ecqq?mically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the Secur, e..d' Debt, whether or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, o( tloes not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, ti-eh Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or t~{ ~ay 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 .'" }itintj, any application of proceeds to principal shall not extend or postpone the due date of scheduled paymer'~' or.change the amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any i:~:.~.'~r~nce policies and proceeds resulting from damage to the Property before the acquisition shall pass to, Le,,~? t'o the extent of the Secured Debt immediately before the acquisition. . . ~u ~ 1 -C1~3` 2001 Bankers Systems, Inc., SI. Cloud, MN Form AGC~.~.P;~ (page 5 of ?) B. Mortgagor agrees to maintain comprehensive g~,i~ral liability insurance naming Lf~nder as an additional insured in an amount acceptable to Lender, insuring agair,~ claims arising from any accident or occurrence, in or. on the Property. ~.' C. Mortgagor agrees to maintain rental loss or bu,,'i ~'-,ss interruption insurance, as required by Lender, in an amount equal to at least coverage of one year's 'debi ;ervice, and required escrow account deposits (if agreed to separately in writing), under a form of policy acc[~,~tab e to Lender. 20. NO ESCROW FOR TAXES AND INSURANCE. Unless, od.~lrwi~e provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and nsur~r ce,! ,.',~scrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS 'Mortgagor will provide to Lender upon request, any financial statement or information. Lender may deem necessary. [ .~rtgagor warrants that all financial statements and information Mortgagor provides to Lender are, or will be, accurate; 'C.~iiTect, and complete. Mortgagor agrees to sign, deliver, and file as Lender may reasonably request any additional doc(~;q~;~ts or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's oblig@tions' ~.~der this Mortgage and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, delive: an()"iile such documents or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender c. , ,nder'l~:~gent as attorney in fact to do the things necessary to comply with this section. 22. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNER;.:';: SUCC~:'~;~'~,,RS AND ASSIGNS BOUND. All duties under this Mortgage are joint and individual. If Mortgagor signs this M ,.~.,,3a~oe ~:;~[ does not sign the Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property ~c ~-ec[?~ payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mort§~,3,cr e._~rees that Lender and any party to this Mortgage may extend, modify or make any change in the terms of this M(:;t~a~tw' or the Evidence of Debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms c' t;',~i~' Mortgage. The duties and benef ts of th s Mortgage shall bind ~.ender. and benefit the successors and assigns of Mortgagor, If this Mortgage secures a guaranty between Lender ..:'..! Mortgagor and does not directly secure the obligation which is guarantied, Mortgagor agrees to waive any rights t;,~;.il~nay prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation i~i~l~i~.g, but not limited to, anti-deficiency or one-action laws. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. ~"i'his 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 integra~z~. This Mortgage may not be amended or modified by oral agreement. Any section or clause in this Mortgage, at:-~chments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unles,'~.~hat law expressly or impliedly permits the variations by written agreement. If any section or clause of this Mortgage C~l~not be enforced according to its terms, that section or clause will be severed and Will not affect the enforceability of t[;~ remainder of this Mortgage. Whenever used, the singular shall include the plural and the plural the singular. The cs;]~ions and headings of the sections of this Mortgage are for convenience only and are not to be used to interpret or :,!~fine the terms of this Mortgage. Time is of the essence in this Mortgage. 24. NOTICE. Unless otherwise required by law, any notice s,i,[l be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Mortg2'ii~, or to any other address designated in writing. Notice to one mortgagor wdl be deemed to be not~ce to all mortgagors 25, WAIVERS. Except to the extent prohibited by law, Mc,,.'!gagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to th:~. i:;'roperty. 26. U.C.C. pRovISIONS. If checked, the following are .apphc.~le to, but do not limit, this Mortgage: [] Construction Loan. This Mortgage secures an c[,.~ation incurred for the construction of an improvement on the Property. '~ [] Fixture Filing. Mortgagor grants to Lender a sel.~jrity interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures rela:,- ? :.~ ',;ne Property. [] Crops; Timber; Minerals; Rents, Issues, and Pro~i~,~. Mortgagor grants to Lender a security interest in all crops, timber and minerals located on the Property as:.iel, as all rents, issues, and profits of them including, but not limited to, all Conservation Reserve Program (C,R~:i, and Payment in Kind {PIK) payments and similar governmental programs (all of which shall also be included in th(; :'{ errn "Property"). [] Personal Property, Mortgagor grants to Lender a .'~._rity interest in all personal property located on or connected with the Property. This security interest includ~ s .: I farm products, inventory, equipment, accounts, documents, instruments, chattel paper, general intangible'..'an i all ~)ther items of personal property Mortgagor owns now or in the future and that are used or useful in.~' .;ohs:ir ~r..t!?n, ownership, operation, management, or maintenance of the Property, The term "personal proper',;. Spe.c !--~' ~! excludes that property described as "household goods" secured in connection with a "consum~ ~;: .loan ..s those terms are defined in applicable federal regulations governing unfair and deceptive credit prac?;.-:.,' · 993, 2001 Bankers Systems, Inc., St. Cloud, MN Form AG ~a~?~;~i~_~,-_.Vy~.. 6/e/2ool 650 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 Mortgage is sufficient as a financing statement. 27. OTHER TERMS. If checked, the following are applicable to this Mortgage: [] Line of Credit. The Secured Debt includes a re~/olvi~." line of credit provision. Although the Secured Debt. may be reduced to a zero balance, this Mortgage will rem~:i', in effect until released. [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to tt,e terms and covenants contained in this Mortgage and in any attachments. Mortgagor also acknowledges receipt of e )py of this Mortgage on the date stated above on Page 1. [] Actual authority was granted to the parties signing I-~ ow by o;.olution signed and dated Entity Name: (Signature) (Date) (Signature) (Date) Hndividual} [] Refer to the Addendum which is attached and i i;:;orporated herein for additional Mortgagors, signatures and acknowledgments. ACKNOWLEDGMENT: STATE O~ C--Z:3~ e~ ~-' e,. -~ , ¢~L'.'UN'Fy 0 } ss, This instrument was acknowledged before me th'i; 14TH day of AUGUST, 2003 by RONALpPcTMCKIM; MARSHA P. MCKIM, HUSBAND AND WIFE M'y ~r~l~s'ion expires: ~ '.;-~,.. .... , STATE ~F-- ~i~(~t!r~,~ledged before me thi~:} by JAMIE D. '~'~L~ublic) ~. Notanj Public, Slate ol Colorado City and County of Denver , 930 Cook Street, Denver, CO 80206 Commission Expires December 4, 20 ~ , C~buNTY OF day of SS. (Business or Entity Acknowledgment} Of My commission expires: (Seal) (Title(s)) ? (Name of Business or Entity) on behalf of the business or entity. ~M ©~993, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGC~ i'~Y 61612001 (Notary Public) · (page 7 of 7) 69I The land referred to in this COmmitment is desc~..i!,ed as follows: Lots 6 and ? of the Townsite eJ~ ~edford Block 7 Second Filing, to the. Townsite of Bedford, Lincoln c'.:~.~'cy, Wyoming as described on plat filed August 14, 2003 as Instrumem' ~N!~. 892464 of the records of the Lincoln County Clerk.