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HomeMy WebLinkAbout895219Recording requested by: Wells:Faz§o:~Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A. P. O. BOX. 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT 895219 '..oo ¢541 .. p^ E 48 fi RECEIVED LINCOLN COUI',,ITY CLERK 'Stale of Wyomhtg' · . Space Above This Line Fur Recording Data REFERENCE #: 20032467000349 ACCOUNT #: o654-e54-o654~28- log8 MORTGAGE ~c t~-~,~ (With Furore Advance Clause) DATE AND PARTIES. The date of this Mortgage ("SecuriB~ InstrumenE') is 1 o / 07 ! 2003 and the parties, their addresses and tax identification nmnbers, if required, are as follows: MORTGAGOR: LOUIS E. LORETZ AND RUTH F. LORETZ, AS CO-TRUSTEES UNDER THE LOU AND RUTH L.ORETZ FAMILY 'TRUST AGREEMENT DATED FEBRUARY 15, 1096 [] If~checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER:Wells Pargo Bank, P. O. BOX 31552 BILLINGS, MT 59102 CONVEYANCE. For good and valualsle consideration, the receipt and suffi'ciency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrmnent, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described properly: LOT FORIY-FIVE (45) IN STAR VALLEY RANCH PLAT FOURIEEN (14) AS PLATTED AND RECORDED IN IHE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING. 4o The property is located in k I NCOLN at: 718 ALTA DR THAYNE, WY 83'~5°~''y) and parcel number of 35183140904500 together with all righ:ts, easements, appurtenances, royalties, ~mneral figlas, oil and gas fights, all water and riparian riglas, ditches, m~d water stock and all eMsting and fitture improvements, structures, fixtures, and replacements that may now or at any time in the future be pan of the real estate described above (all refen'ed to as "Prope~"). M~IMUM OBLIGATION L~IT. The total principal amount secured by this Secnnty Instmnlent at any one time shall not exceed $ 50,000.00 . This limitation of amotmt does not include interest and other fees and charges validly made pursuant to this Security Instrmnent. Also, this limitation does not appb, to advances made tmder the terms of this SecuriB~ Instrument to protect Lender's secnriW and to perform any of the covenants contained in tlfis Securi~ Instrmnent. SEC'U~D DEBT AND FUTU~ ADVANCES. The term "Secured Debt" is defined as follows: A. Debt recurred under the terms of the pronussory note, revolving line of credit, contract, guaranty or other evidence of debt dated 10 / o7 / 2003 together with all amendments, extensions, modifications and renewals, and having a 'ma'turity date of 10 / 0-//2043 B. All fnture advances from Lender to Mortgagor under such evidence of debt. All fiiture advances are secured as ff made on the date of this Security Instrument. Notlfing in this Security Agreement shall constitute a conunitment to make additional or fitture loans or advances which exceed the amount shown in Section 3. Any such conuuitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or othem,ise protecting the Property and its value and any other sums advanced and expenses recurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secnred Debt will be paid when due and in accordance with the terms of the Secured Debt and this Se~ curity 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 pa3mmnts 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 fim~re advances under any note or agreement secured by the lien docmnent 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 nun- 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 the Security Instrument. Mortgagor agrees to assign to Lender, as reqnested bv Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assigmnent or encumbrance, whether voluntal3', involm~taty, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in snch particular circumstances where exercise of such a right by Lender is prohibited by law._ 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary.. Mortgagor shall not commit or allow any waste, impairment, or deterioration of tbe Property. Mortgagor will keep the Property free of noxions weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not snbstantially change Without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Propem.:. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for fl~e purpose of respecting the Property.. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. II). AUTHORITY TO PERFORM. If Mortgagor fails ~o perform auv duty or aw of the covenants conlained in this Security Instrument, Lender may, without notice, perform or cause then! to be performed Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform, for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising an3' of Lender's other rights under the law or this Security Instrument. If auy construction on the Property is discontinued or uot carried on m a reasonable manner, Lender may take all steps necessaD' to protect Lender's security interest in the Property, including compleliou of the construction. ll. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to an}, and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including auy extensions, renewals, modifications or substitutions of such agreements (all referred to as ':Leases") and rents, issnes and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and fi~ture Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not m default under the terms of tiffs Security Instrument. Mortgagor agrees that this assignment is munediately effecti~e between the parties to this Security Instrument. Mortgagor agrees lhat this assigmnent is effective as to third parties when. Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal action and that actoal possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all fitture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not cmnnfingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that uo defanlt exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant 1o comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of an5' lease if this Security h~strument is on a leasehold. If the property is a mdt in a Condominimn Project or is part of a Planned Unit DevelopmenI ("PUD"), Mortgagor agrees to the followiug: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constitnenl Documents. The "Constituent Documents" are the: (i) Declaration orany other document which creates the Condominimn Projects or PUD and auy homeowners association or equi~alem enti .ty ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, wben due, all dues and assessments imposed pursuant to the Constituent D ocunlenls. B. Hazard Insm'auce. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the bazards Lender requires, iucluding fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance Coverage on the Prope~%~ is deemed satisfied to the extem that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common elemenls, any proceeds payable to Mortgagor are hereby assigued and shall be paid to Lender for application to the stuns secured by tlds Security Instrument, with any excess paid to Mortgagor. C. Flood Insm'ance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, antount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maimains a public liabili.ty insurance policy acceptable in form, amoum, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with an), condemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemuation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrmnent as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except 'after notice lo Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandomnent or termination of the Condominmn'~ Project or PUD, except/'or abandonment or temfination required by law in the Case of substantial destmctiou by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) an)' amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) lernfination of professional management and assmnption of self- managemem by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association nnacceptable to Lender. G. Remedies. If Mortgagor does not pay condonfinimn or PUD dues and assessmems when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of blortgagor secured by this Securi ,ty Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear iuterest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon uotice from Leuder to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debl fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of tiffs Securi .ty Instnunent or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is iusecure with respect to any person ~or enli .fy obligated on lhe Secured Debt or that the prospect of any paymenl or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. Iu some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these tiufitations, if auy, Lender may accelerate the Secured Debt and foreclose this SecuriB' Instrument in a manner provided by law if 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 doe and payable, ,'filer giving notice if required by law, upon the occurrence of a default or an)time there'mfter. In addition, Lender shall be emitled to all the remedies provided by law, the terms of the Secured Debt, this SecuriB, Instrument and any related docmnents, including without linfitation, 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 equity, whether or not expressly set. forth. The acceptance by Lender of m\y stun in paymeut or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings, are filed shall not constitute a waiver of Lender's rigbt to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it cominues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTOI~EYS' FEES; COLLECTION COSTS. Except when prolffbited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Moi-tgagor Will also pay on demand an}, amount incurred by Lender for msnring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in frill at the highest interest rate m effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, eaforcing or protecting Lenders' rights and remedies under tiffs Securi.ty Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. Tiffs Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS A.ND 'HAZARDOUS SUBSTANCES. As used in this section, (/) Environmental Law means, without lmfftation, the Comprehensive Environmental Response, Compensation and Liabili .ty Act (CERCLA, 42 U.S.C. 9601 et seq.), attd all other federal, state and local laws, re ,gulations, ordinances, court orders, attorney general opinions or interpretive letters concenfing the public health, safe[y, welfare, enviromnent or a hazardous snbstance; and (2) Hazardous Snbstance ;neans any toxic, radioactive or hazardous material, xvaste, pollutant or contanffnant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safe .ty, welfare or environment. The term includes, without limitation, at\¥ substances defined as "hazardous tnaterial," "toxic substances," "hazardous waste" or "hazardous substance" under inky Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Properly.. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain itl full compliance with any applicable Enviromuental Law. C. Mortgagor shall inunediately notit]¥ Lender if a release or threatened release of a Hazardous Snbstance occurs on, under or about the Property Or there is a violation of any Enviromnental Law concerning the Property. Itt such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall inunediately tmtify Len.der in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or tlueatened release of any Hazardous Snbstance or tile violation of any Environmental Law. 17. CONDEi~/NATION. Mortgagor will give Lender prompt notice of any pending or tl~reatened action, by private or publ,ic enlities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to inlervene irt Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for dmnages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments aud will be applied as provided in tiffs Security Instrument. Tiffs assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, securi .ty agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Proper.ty insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be xnaintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to mainlain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property accordi ng to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately noti~ Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals, ff Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give inunediate notice to tim insnrance carrier and Lender. Lender may mnke proof of loss if not made ilnmcdiately by Mortgagor. Unless othem, ise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Propem.~ or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone th.e due date of the schednled payment nor change the amount of atLv payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from datnage to the Property. before the acquisition shall pass to Lender to the extent of the Secured Debt inmxediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreetnent, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or i~fformation Lender may deem reasonably necessary. 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 Securi .ty Instrument and Lender's lien status on the Proper .ry. 21. JOINT AND INDIVID'UAL LIABILITY; CO-SiGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual, ff Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQI50D (10/ ~: Mortgagor does so only to mortgage Mortgagor's interest m the Property to secure payment of the Secured Debt and Morlgagor does not agree to be personally liable on the Secured Debt, If this Security lnstnmmnt secures a guaranty between Lender and Mortgagor, Mortgagur agrees to waive any rights that may prevent Lender from bringing any action or claim against Morlgagor or any part)., indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender m~d any proxy to tiffs Security Instrument may extend, modify or make any change in the terms of tiffs Security lnstrmnent or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of lifts Security lnstrumem shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is guverned by the laws of the jurisdiction in which the Property is located, except to the extent othem'ise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Secm:ity Instrument may not be amended of modified by oral agreement. Any section in this SecuriB' Instrumem, attachnrents, or any agreement related to the Secured Debt that cmfflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be mfforced according to its terms, that section will be severed aud will not 'affect the e~fforceabilit), of rile remainder of this Secnnty Instruutent. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrmnent are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. In the event any section of this Security Instrmnent directly comqicts with auy section of a certain Hmne Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of which I agree to by signing this Security Instmmem, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail tO the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to auy other address designated in writing. 24. \VAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security instrmnent: I-x-] Line of Credit. The Secured Debt includes a revolving line of credit provision. Althongh the Secured Debt may be reduced to a zero balmtce, this Security Instrument xvill remain in effect umil released. 1[~-1 Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [572-] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fire, re and lhat are or will become fixtures relates to tim Property. This Security Instmmem suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Cmmnercial Code. [N~-] Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrmnent. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of tiffs Security Instrmnent. l-x-1 Third Part), Rider ~ Leasehold Rider [NXq Other SIGNATURES: By signing below, Mortgagor agrees to lite terms alld Covenants contained in this Securi .ty Instrument and in any attachments. Mortgagor also aclomwledges receipt of a copy of this Security Instrument on the date stated on page 1. ~UTH F LORETZ, TRUSTB'-.E Mortgagor Date Mortgagor Mortgagor Date Mortgagor Date Mortgagor Date ACIG~rOWLED GMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before lne by this /~ ~ day of ~ d~-4-~9 ~ e F' Witness my hand and official seal. (SiD~ature o f Officer) My Commission Expires: .~---fl ACKN OWLED GMENT: (IndMdual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this day of Mortgagor Date (Seal) Wimess my hand and official seal. (Signature of Officer) Title of Officer) My Commission Expires: (Seal) 492 THIRD PARTY RIDER REFERENCE#: 20032462000349 ACCOUNT#: 0654-654-0664228- 1998 THIS THIRD PARTY RIDER is nmde on 10 / 02 / 2003, and is incorporated ired mid shall be deemed to ameud mid snpplement die Mortgage, Deed of Trust or Security Deed ("rite Security Instrmnent") given by the midersigned Trustee(s) to secure rile Secured Debt from LOUIS E LORETZ RUIH F LORETZ (the "Debtor") id Lender. With respect to rite Trust, tiffs Security Instrument constitutes a third party mortgage/deed of trust and grma of security interest by the undersigned as Trustee(s) of said Trust in the Property described in this Security Iustmment to secure the Note of the Debtor to the Lender. Consequently, references in the text to "Borrower" refer to the undersigned Trustee(s) and the Debtor if lhe comext in wltich the term is used so requires. Without limiting the generalily of the foregoing, the use of the term "Borrower" in the context of warranties, representations and obligations pertaining to die Property shall refer to the undersigned Trustee(s). The use of the term "Borrower" in the comext of the requirmnents under the Note shall refer to the Debtor. Except wilh respect to the obligation(s) of the undersigned as individuals, mid not as Trustee(s), with respect to the Secured Debt before the date first set forth herein above and the obligation(s) of the tmdersigned as individuals with respect to Secured Debt prior to the trm~sfer of the Property into the Trust, the Trust and lhe undersigned, as Trustee(s), are not liable for die debt evidenced by the Note and are a p;krty hereunder except insofar as their interest m the Properb, is nnide subject to rite Security Instnnnela. Fmther, revocation of lhe Trust, distribution of trust assels, or dealh of any Debtor shall constitute ali event of defimlt under the Secured Instrument. RUTH F LORETZ Trustee Trustee / .l~te Tnlstee Date' Trustee Date Trustee Date Trustee Date EQ3 I0~ (L0/2003)