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HomeMy WebLinkAbout895332895332 RECEIVED LINCOL_t,.,I COUNTY CLERK Space' Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is November 6, 2003. The parties and their addresses are: MORTGAGOR: M. LEE SCHWAB P O BOX 1121 AFTON, Wyoming 83110 TERRI L. SCHWAB P O BOX 1121 AFTON, Wyoming 83110 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 314S Washington PO Box 1620 Alton, Wyoming 83110 83-0162601 ~' 1. CONVEYANCE. For good and valu;~b:e consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the'following described property: SEE ATTACHED SCHEDULE "C" The property is located in LINCOLN Cour~tYat P O BOX 1269, AFTON, Wyoming 83110. 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 any time in the future, be part of the real estate described (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $289,950.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: A. Specific Debts. The following .debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No. 64003073, dated November 6, 2003, from SCHWAB LIMITED PARTNERSHIP (Borrower) to Lender, v, cith a maximum credit limit of $289,950.00 with an interest rate of 8.0 percent per year and maturing .on ,A,,.u. gust 9, 2004. One or more of the debts secured by this Security Instrument contains a future advance,:~.rovision. B. All Debts. All present and futur? debts from SCHWAB LIMITED PARTNERSHIP to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different type than this debt. If more than one person s gns this Security Instrument, each agrees that it will secure debts incurred either indiVidually or with others who may not sign this Security Instrument. Nothing in this Security Instrument constitutes'a commitment to make additional or future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security SCHWAB LIMITED PARTNERSHIP Wyoming Mortgage WY/4brandiemOO704400004066023 ~ 10603Y 789 Instrument. This Security Instrument will not secure any debt for which a non-possessory, non-purchase money security interest is created in "household goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive credit practices. This Security Instrument Will not secure any debt for which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose;" as defined and required bv f~deral law governing securities. C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that' all payments under the Secured Debts will be paid when due and in accordance with the terms of the Securec~ Debts and this Security Instrument. 5. 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 alt payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. MortgagO~ will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will' keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupant, S, and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any.,¢hange 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 Property. No portion 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 proper.ty is replaced 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 subject to tile security interest created by this Security Instrument. Mortgagor will not partition or subdivide the Property without Lender's prior written consent. Lender Or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender will give' Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. 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 will not create ~h obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following (all referred to as Property). A. Existing or future leases, sublease.,.~, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements (all referred to as Leases). B. Rents, issues and profits (all referred to as Rents), including but not limited to security deposits, minimum rent, percentage rent, additional rent,ilcommon area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium contributions, liquidated' damages following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, .and all rights and claims which Assignor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mor~tgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and corr~'~t 'copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and~i~ii~ny other information with respect to these Leases will be provided immediately after they are executedl "~ortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Mortgagor will not collect in advance any Rents due in future lease periods, unless SCHWAB LIMITED PARTNERSHIP .~,.A Wyoming Mortgage !~ Initials ~ ....~, -~- ~'.?~,',~..:',:'.... Mortgagor first obtains Lender's written consent. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. 'When Lender so directs, Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts,~ the costs of managing, protecting and preserving the Property, and other necessary expenses. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender' may take actual possession of the Property without the necessity of commencing any legal action or proceeding. Mortgagor agrees that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgagor's tenants pay all Rents due or to become due directly to Lender. Immediately after Le~der gives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor may immediately ,r~,otify the tenants and demand that all future Rents be paid directly to .Lender. As long as this Assignment is i,~: effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the Leases to comply With the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or fails to observe any app, licable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with' the terms of the Leases, then Lender may, at Lender's option, enforce compliance. Mortgagor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so required) without Lender's consent. Mortgagor will not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not assum, e or become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages due to Lender's gross negligence or inter~ional torts. Otherwise, Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the Leases. 12. DEFAULT. MortgagOr will be in default if any of the following occur: A. Payments. Mortgagor fails or Guarantor fails to make a payment in full when due. B. Insolvency or Bankruptcy. Any legal entity obligated on the Secured Debts makes an assignment for the benefit of creditors or become insolv~:J~t, either because its liabilities exceed its assets or it is unable to pay its debts as they become due; or it petiti~'ns for protection under federal, state or local bankruptcy, insolvency or debtor relief laws, or is the subject Of a petition or action under such laws and fails to have the petition or action dismissed within a reasonable period of time not to exceed 60 days. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor faiJs to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default occurs under the terms of any other transaction document. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor maizes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property i~ used in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Pr,operty Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to t~ transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. ~' ..... L. Property Value; The value of the Prbperty declines or is impaired. M. Insecurity. Lender reasonably believes that Lender is insecure. 13. REMEDIES. Lender may use any an, d, all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts, Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make all °r any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Secunty Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lender will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or-allowed a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Property,,'s title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, '¢~rough or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set fortl~therein. All remedies are distinct, cumulative and hot exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right tO require full and complete cure of any existing default. By not exercising any remedy, Lender does not waive L~n~ler's right to later consider the event a default if it continues or happens again. SCHWAB LIMITED PARTNERSHIP Wyoming Mortgage WY/4brandiemOOT044OOO04066023110603Y ;i,~ ©1996 Bankers Systems, Inc., St. Cloud, MN 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses. These expenses are due and payable immediately. If not paid immediately, th~se expenses will bear 'interest from the date of payment until paid in full at the highest interest rate in effect as p~ided.~.~, for in the terms of the Secured Debts. To the extent permitted by the United States Bankruptcy Code, MOrtgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehe~s ve Enwronmenta Response Compensation and Liab ity Act (CERCLA), all other federal, state and. local laws, regu at OhS, ordinances, court orders, attorney general opinions or interpretive letters concerning the public .health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and in strict compliance with all applicable Environmental Law. B. Except as previously disclosed and;;acknowledged in writing to Lender, Mortgagor has not and will not cause, contribute to, or permit the release ofi'.~y Hazardous Substance on the Property. C. Mortgagor will immediately notify~Lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of any Environmental LaW concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordan~.!~ with Environmental Law. D. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has no knowledge of or reason to believe there is any pending, or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any su~h~ 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 relat P,g to such proceedings. E. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are and will remain in full compliance with any applicable Environmental Law. F. Except as previously disclosed and acknowledged in writing to Lender, there are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in Writing. G. Mortgagor will regularly inspect {!1~'~ Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records at an~ reasonab e t me to determine (1) the existence, location and nature of ny Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Environmental Law. I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified environmental engineer to prepare an environmental audit of the Property and to submit the results of such audit to Lender. The choice of the envir'!bnmental engineer who will perform such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Mortgagor will indemnify and hold Lender and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including without limitation all costs ~ litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lend~ii's discretion, Lender may release this Security Instrument and in return Mortgagor will provide Lender with cbllateral of at least equal value to the Property secured by this Security Instrument without prejudice to any of Lender's rights under this Security Instrument. L. Notwithstanding any of the language contained in this Security Instrument to the contrary, the terms of this section will survive any foreclosure oC~atisfaction of this Security Instrument regardless of any passage of title to Lender or any disposition by Lend~'i~'of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 16. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any o~ all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to'~intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender ~he proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and SCHWAB LIMITED PARTNERSHIP Wyoming Mortgage Initial~'~ WY/4brandiem007044OO004066023110603Y ©1996 Bankers Systems, Inc., St. Cloud, MN will be applied as provided in this Securit"¥ Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 17. INSURANCE. Mortgagor agrees to k'eep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released, from this Security Instrument. What Lender requires pursuant to the preceding two sentences can change during the term of the SecUred Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unrd~'sonably withheld. All insurance policies and renewals will.include a standard "mortgage clause" and, where applicable, "loss payee clause." If required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lbnder as an additional insured.. The rental loss or business interruption insurance must be in an amount equal to :fit least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing'.) Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender.'of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insuYance to' protect Lender's interest in the Property. This insurance may include coverages not originally required?i~f Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANCE. As provided in a separate agreement, Mortgagor agrees to pay to Lender funds for taxes and insurance in escrow 19. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagq.r., Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor.., or any party indebted under the obligation. These rights may include, but are not limited to, any anti,-deficiency or one-action laws. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21. OTHER TERMS. The following are applicable to this Security Instrument: . A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, thi~ Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been term'inated in writing by Lender. 22. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 23. JOINT AND INDIVIDUAL LIABILITY~',AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obliga!i!ibns of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. ~Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 24. AMENDMENT, INTEGRATION AND SEVERAB LITY This Security Instrument may not be amended or modified by oral agreement. No amendment or m:gdification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender:" This Security Instrument is the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. . 25. INTERPRETATION, Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. 26. NOTICE, FINANCIAL REPORTS AN,D,!: ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or rri~iling it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any o~her address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortgagor will 'inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lender any financial statements or' information Lender requests. All financial statements an~i' information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SCHWAB LIMITED PARTNERSHIP Wyoming Mo,,gage ~' initial~,/~,~.~ WY/4br~ndiem00704400004066023110603Y '. ©1996 Bankers Systems, Inc., St. Cloud, MN " ~,~' i:;:': ' :: ::i,~ :: ::¥::;;::';: SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. M~C~-EE scHWAB Individually, Individually LENDER: '-"' First National Bank - West Ron Thomas, Alton Branch President ACKNOWLEDGMENT. (Individual) This instrument was acknowledged before me this M. LEE SCHWAB, andTERRI L. SCHWAB. My commission expires: (Notary Public) by (Lender Acknowledgment) This instrument was acknowledged before me this / ~ ~ day of Ron Thomas as Afton Branch President of First National Bank - West. M ycommissionexpires: (~otary Public) SCHWAB LIMITED PARTNERSHIP Wyoming Mortgage WY/4brandiemO0704400004066023110603Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~'~r~." Initialj~ ALTA COMMITMENT - 1982 - WY ?S4 Connnitment No.' FA 10059 M sCH :DtJL : C The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as follows: , Parcel 1 Lot 5 of the Jepperson Subdivision, Lincoln County, Wyoming as described on the official plat thereof. Parcel 2 That part of Lot 2 of Block 20 of the Original Townsite of Afton, Lincoln County, Wyoming, it being the intent to more correctly'describe part of that tract of record in the Office of the Clerk of Lincoln County in Book 344PR on page 244, as follows: Beginning at the northeast corner of said Lot 2; thence N 88o14,04,, W, 80.0 feet, along the north line of said Lot 2, to a corner; thence S 01°45'56,, .W, 61.9 feet to a corner; thence N 88'o14,04,' W, 2.5 feet, to the southeast corner of that tract of record in said Office in Book 332PR on Page 24; thence S 01045'56'' W, 66;3 feet along the east line of those tracts of record in said Office in Book 155PR on page 342 and in Book 261PR on page 342, to the southeast corner of said tract in Book 342; thence S 88°14,04" E, 82.5 feet, along the north line of that tract of record in said Office in Book 338PR on page 37¥ to a point on the east line of said Lot 2; thence N 01°45'56,, E, 128.2 feet, along said east'line, to the corner of beginning. 11/91