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HomeMy WebLinkAbout89636903018733 ~a.~ 896369 LIN00LN COUNTY Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. their addresses are: The date of this Mortgage (Security Instrument) is December 26, 2003. The parties and MORTGAGOR: FRANK B. BORDEN ?: As TRUSTEE KITTIE L. BORDEN As TRUSTEE Of the FRANK B. BORDEN AND KITTIE L. BORDEN, TRUSTEES, AND THEIR SUCCESSORS, FOR THE USES AND PURPOSES SET FORTH IN THE FRANK B. AND KITTIE L. BORDEN FAMILY 'TRUST' :'BETWEEN GRANTORS Dated , A Trust AND TRUSTEES, DATED THE 19TH DAY OF FEBRUARY, P O BOX 709 1997. THAYNE, Wyoming 83127 LENDER: FIRST NATIONAL BANK - WEST i. Organized and existing under the laws of the United States of America 314 S Washington PO Box 1620 !'" Afton, Wyoming 83110 83-0162601 1. CONVEYANCE. For' good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to'secure the Secured Debts and M0~tgagor'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 EXHIBIT "A" The property is located in LINCOLN CoUnty at HWY 89, THAYNE, Wyoming 83127. 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 .~%tal principal amount secured by this Security Instrument at any one time will not exceed $21,694.03. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrum~'nt'. Aisc, 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 Instr~nent will secure the following Secured Debts: A. Specific Debts. The following: ·debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No.'61010309, dated December 26, 2003, from Mortgagor to Lender, with a loan amount of $21,694.03 with an interest rate based on the then current index value as the promissory note prescribes and maturing on 3anuary 10, 2019. B. AH Debts. All present and future~'~[ebts from Mortgagor 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 signs this Security instrument, each agrees that it will secure debts incurred either individually or with others who may not sign this secudty 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 FRANK B. BORDEN AND KITTIE L. BORDEN, TRUSTEES, AND THEIR SUCCESSORS, FOR THE USES AND PURPOSES'SET FORTH IN THE FRANK a. AND KITTIE L. BORD Wyoming Mo,tgage WY/4brandiemOO704400004066013122603Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~" Initials i 3 3 security interest in the Mortgagor's pr!ncipal dwelling that is Created by this Security Instrument. This Security Instrument will not secure any debt'~i:'.for which a non-possessory, non-purchase money security interest is created in "household goods" in contraction 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 put, pose," as defined and required by federal law governing ~ecurit es. C. sums Advanced. All sums.advar~bed and expenses incurred by'Lender under the terms of this Security Instrument. '~' 4. PAYMENTS. Mortgagor agrees tha~ all payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured Debts 'and this Security Instrument. 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 all payments when due an"d to perform or comply with all covenants. B. To promptly deliver to Lender any ~0~tices 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. Mo~tgago, r will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other chargeS~,r relating to the Property when duel 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 o:l~tion, 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. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as a corporation or other organization), Lender may demand immediate payment if: A. A beneficial interest in Mortgagor is!,.sold or transferred. B. There is a change in either the iden~i~ty or number of members of a partnership or similar entity. C. There is a change in ownership 0f more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Security Instrument... 9. WARRANTIES AND. REPRESENTA.'F.',iONS Mortgagor makes to Lender the following warranties and representations which will continue as Iollg as th s Security Instrument is in effect: A. Power. Mortgagor is duly organized, and validly existing and in good standing in all jurisdictions in which Mortgagor operates. Mortgagor has the power and authority to enter into this transaction and to carry on Mortgagor's business or activity as it is now being conducted and, as applicable, is qualified to do so in each jurisdiction in which Mortgagor operates. B. Authority. The execution, delivery'.~nd performance of this Security Instrument and the obligation evidenced by this Security Instrument are within Mortgagor's powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency, and will not violate any agreement to which Mortgagor is a party or to which Mortgagor is or any of Mortgagor's property is subject. 10. PROPERTY CONDITION, ALTERAT].ONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all r.epaics that are ?.r'easonably necessary.. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Prope!~y. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the .occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictiv~ 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 ordamage 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 property 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 the security interest created by this Security Instrument. Mortgagor w.i].! 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. 11. AUTHORITY TO PERFORM. If Mortgagor fails to perfo[m any duty or any of the covenants'contained in this Security InStrument, Lender may, 'withos't notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortga'~l~or's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not create?an 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 FRANK B. BORDEN AND KITTIE t.. BORDEN, TRUSTEES, A~D THEIR SUCCESSORS, FOR THE USES AND PURPOSES SET FORTH IN THE FRANK B. AND KITTIE L. BORD Wyoming Mortgage ~'&' i nitials~"~'-;~ WY/4brandiemO0704400004066013122603Y ©1996 Bankers Systems, Inc., St. Cloud, MN ,~." Pa~e~2~ 3n 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 ~i~0Perty, including completion of the construction. 12. ASSIGNMENT OF LEASES AND R~NTS. 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, subleases, licenses, guaranties and any other written or verbal agreemenis 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 lall referred to as Rentsl, including but not limited to security deposits, minimum rent, percentage rent, additional renti~i!common area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance pr~'~ium Contributions, liquidated damages following default; cancellation premiums, "loss of rents" insurance, ~j'~est raceipts, 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 uti. Rents is determined to be personal property, this Assignment wi[[ also be regarded as a security agreement. Mortgagor wi[[ promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and ali future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enioy and use the Rents so Ion9 as Mortgagor is not in default. Mortgagor ~vill not collect in advance any: Rents due in future lease periods, unless Mortga§or f rst obtains Lender's wdtte~!;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 an,/ legal action or proceeding. Mortgagor agrees that actual possessio~i~of the Property is deemed to occur when Lender notifies Mortgagor of Mortga§or's default and demands that ~.~ortgagor and Mort§agor's tenants pay all Rents due or to become due directly to Lender. Immediately after Lehder 9ives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor may immediately notify the tenants and demand that all future Rents be paid directly to Lender. As Ion9 as this Assignment is ip effect, Mortgagor warrants and represents that no default.exists under the Leases, and the parties subiect to .t~e Leases have not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor, at it;~! 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. [f Mortgagor or any party 'to the Lease defaults or fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with the .terms of the Leases, then Lender may, at Lender's option, enforce compliance. Mortgagor will not sublet.~i,,modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by ~he Leases (unless the Leases so required) without Lender's consent. Mortgagor will not assign, compromise,'r'Subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not assume: or become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages due to Lender's gross negligence or intentional torts. Otherwise, Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the Lea~es. 13. DEFAULT. Mortgagor will be in defa~i,t if any of the following occur: A. Payments. Mortgagor fails to make}jla' payment in full when due. B. Insolvency. Mortgagor makes an assignment for the benefit of creditors or' becomes insolvent, either because Mortgagor's liabilities exceed Mortgagor's assets or Mortgagor is unable to pay Mortgagor's debts as they become due. ,~, C. Business Termination. Mortgagor ..n)erges, dissolves, reorganizes, ends its business or existence, or a partner or majority owner dies or is declared legally incompetent, D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default occur~!:,,under the terms of any other transaction document. F. Other Agreements. Mortgagor is int!~lefault on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor. I. ,Forfeiture. The:Property is used in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. tr ~i K. Property Transfer. Mortgagor a~rers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value, The value of the Property declines or is impaired. M. Material Change. Without first~i~otifying Lender, there is a material change in Mortgagor's business, including ownership, management, anal flnancml conditions. N. Insecurity. Lender reasonably believes that Lender is insecure. FRANK B. BORDEN AND KITTIE L. BORDEN, TRUSTEES, AND THEIR SUCCESSORS, FOR THE USES AND PURPOSES SET FORTH IN THE FRANK B. AND KITTII:: L. BORD Wyoming Mortga,a ,~;~! Ini,ials ~:~.~ ~ WY/4brandiemOO70440OOO4066013122603Y ~ ©1996 Bankers Systems, Inc.. St. Cloud, MN ~----------~" P.e~je 3 08h 63 , 2 3 5 14. REMEDIES. Lender may use any and all remedies Lender has under state or federal law Or in any instrument evidencing or pertaining to the Secured Debts, including, without limitation, the power to' sell the Property. Any amounts advanced on Mortgagor's beha[} will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a,cla m for any and all insurance benefits Or refunds that may be available on Mortgagor's default. Subject to any right to cure, required tin:i~ schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make~ all br any part of the amount owing by the terms of the Secured Debts immediately, due and foreclose this Security Instrument in a manner provided bY law upon the occurrence of a default or. anytime thereafter. Upon any sale of the Property, Lender ~/ill 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, :~hrough or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth; therein. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to require full and complete cure of any existing default. By not exercising any remedy, Lender does not waive 'Lender's right to later consider the event a default if it continues or happens again. 15. COLLECTION EXPENSES AND AT~'0..RNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses ~f;collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagdr 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, these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effect as p'~vided 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. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section; (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), all other federal, state and local law~.'i, regulations, ordinances, court orders, attorney general 'opinions or interpretive letters concerning the public'health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substance,'' "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agre.~:~ that: A. Except as previously disclosed andii'~knowledged 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 B. Except as previously disclosed and~.~cknow edged in writing to Lender, Mortgagor has not and will not cause, contribute to; or permit the release of ~iJ'ny 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~"ie 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 wilt immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but not tl~e obligation, to participate in any such' proceeding including the right to receive copies of any documents relati'i~g to such proceedings. E. Except as prewously d~sclosed an~!.acknowledged ~n writing to Lender; Mortgagor and every tenant have been, are'and will remain in full compl'i'.~hce 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 ~riting G. Mortgagor will regularly inspect {[~'e 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 apy tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records at an~ reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, under of' about the Property; (2) the existence, location, nature,, and magnitude of any Hazardous. Substance that has 'i~'een released on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Environmental Law. FRANK B, BORDEN AND KITTIE L. BORDEN, TRUSTEES, AND THEIR SUCCESSORS, FOR THE USES AND PURPOSES SET FORTH IN THE FRANK B. AND KITTIE L. BORD Wyoming Mortgage WY/4brandiemOO7044OOOO4066013122603Y , Initials~,~ ©1996 Bankers,.:.;. ';'Systems":': Inc., St. Cloud, MN F_,,<'~-"/~" ,~4 : :,? :,:,:, :::;71;::;;i:~; :' - . I. Upon Lender's request and at ang';:J'iime, 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 ~he environmental engineer who will perform such audit is subject to Lender's approval. ' ' J. Lender has the right, but not the ~:~'ligation, 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 °-if litigation and attorneys' lees, which Lender and Lender's succeSsors or · assigns may sUstain; and (2)at Lender's discretion, Lender may release this Security Instrument and in return Mortgagor will provide Lender with collateral of at least equal value to the Property secured by this Security Instrument without prejudice to any of Lender's rights under this Security Instrument. L. Notwithstanding any of'the language contained in this Security Instrument to the contrary, the terms of this section will survive any foreClosure or satisfaction of this Security Instrument regardless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 17. CONDEMNATION. Mortgagor will g'!~.e Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. ·Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or ad?¢..:..,,.~, part of the Property. Such proceeds will be considered payments and will be applied as provided n this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgag~r agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender. requires. This insurance will last until the Property is released from this Security Ini~'¢trument. What Lender requires pursuant to the preceding two sentences can change during the term of the Sec:~'red Debts. Mortgagor may choose the insurance company, Subject to Lender's approval, which will not be unreasonably 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 Lender as an additional insured. The rental loss or business interruption insurance must be in an amount equal to.'i~t least coverage of one year's debt ser.vice, and required escrow account deposits (if agreed to separately in writin]i.:) Mortgagor will give Lender and the insu~:~ii~ce company immediate notice of any loss. All insUrance proceeds .will be applied tO restoration or repair of theProperty 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 Lende~i~f cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's interest in the Property. This insurance may · include coverages not originally required of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance.· ,~. 19. ESCROw FOR TAXES AND INSUR/~NCE.~.~,. As provided in a separate agreement, Mortgagor agrees, to pay to Lender funds for taxes and insurance in escrow. 20. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Md'~tgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-d~:~iciency or one-action laws. 21. WAIVERS. Except to the extent prshJbited by law, Mortgagor waives all homestead exemption rights relating to the Property. 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 obligs~icns 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 SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender. ·This Security Instrument is the complete and final expression of ~he agreement. If any provision of this SecuritY Instrument is unenforcea'ble, 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 convenienceon!~'i and are not to be used to interpret or define the terms of this Security Instrument. FRANK B. BORDEN AND KITTIE L. BORDEN, TRUSTEES,/~) THEIR SUCCESSORS, FOR THE USES AND PURPOSES SET FORTH IN THE FRANK B. AND KIT]'IE L. BORD Wyoming Mortgage Initials WY/4brandiemOO704400004066013122603Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~-'~ le 5 237 26.-NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing.. Notice to one party will be deemed to be notice to all parties. Mortgagor will ~nform Lender in wr tng of any change in Mortgagor's name, address or other aPplication information. Mortga~r will provide Lender. any f nancial statements or information Lender requests. All financial statements an~: information Mortgagor gives Lender will be: correct and complete. Mortgagor agrees t° sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligat OhS under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURES. By signing, Mortgagor a~rees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of ~'!copy of this Security Instrument. MORTGAGOR: i.~" FRANK B'. BORDEN AND KITTIE L. BORDEN, TRUSTEES, AND THEIR SUCCESSORS, FOR THE USES AND PURPOSES.,,SET FO.I~-TH IN THE FRANK B. AND KIT,TIE L. BORDF. N FAHILY TRUST BETWEEN GRANTORS AND ~t . BO~. EN,'"TRUSTEE ,-.. ' 1997. KITTIE L. BORDEN, TRUSTEE ~.,. .:~t:~ LENDER: First National Bank - West Ron Thomas, Afton Branch President ACKNOWLEDGMENT. .~ (Business or Entity) . . . , ~.~ OF ss. This instrument was acknowledged befo.re me this ,,,~-~2''~- day of ,<~).~~ , ,;~-~::~ ~,~ by FRANK B; BORDEN and KITTIE L. BORDEN as TRUSTEE and TRUSTEE of FRANK B. BORDEN AND KITTIE L. BORDEN, TRUSTEES, AND THEIR SUCCESSORS, FOR THE USES AND PURPOSES SET FORTH IN THE FRANK B. AND KITTIE L. BORDEN FAMILY TRUST...BETWEEN GRANTORS AND TRUSTEES, DATED THE 19TH DAY OF FEBRUARY, My commission expires: ~ (_., 2.--~ r,, ~ 1997. (Notary Public) (Lender Acknowledgment) 5~-~ OF I'I,'V'O-"~?~Z' , This instrument was a/knowl~ed before me t(is ~ ? ~ day of Ron Thomas as Afton Branch President of First National Bank - West. My commission expires:]~p~ ~ ,, . [i.c?'~ SS, by FRANK B. BORDEN AND KITT E L. BORDEN, TRUSTEES. AND THEIR SUCCESSORS, FOR THE USES AND PURPOSES SET FORTH IN THE FRANK B. AND KITTIE L. BORD Wyoming Mortgage WY/4brandiemO0704400004066013122603Y ©1996 Bankers Systems, loc., St. Cloud, MN ~" Initials F~xhib it "A" That part of the NEIA of Section 23. T34N. RI 19W, within thc Incorporated Limits of the Iowa of Thayne, Lincoln County, Wyoming, it being the intent to more correctly describe that tract of record in the Office of the Clerk of Lincoln County in Book 200 of Photostatic Records on page 167, as follow~: BEGINNING al a ~pike on the west line of ~aid N'EM, S00°-03'-18"W, 913.61 feet from the northwest comer of said NE¼; thence N00°-03'-I 8"E, 62.00 feet, along said west linc, to a spike; thence S85o-49'-22"E, 177.16 feet to a point; thence N00°-I0'-Ig"E, 114,21 feet to a point on the westerly extemion of thc north llne of Ihal tract of record in said Office in Book 189 of Photostatic Records on page 614; thence S88°-48'-00"I![, 113.00 feet, along said exteosion, to the northwest pipe of'said tract; thence S00°-10'-19"W, 176.16 feet, along thc west line of said tract, to a pipe at thc southwest comer. ~hereof; thcncc NgS°49'-22."W, 290.04 feet, along an existing fence linc, in part, to thc S?IF~E OF BEGINNINC; thc BASE BEARING for dais survey is the west linc of the NE¼ of Section 23, T'34N, RI 19W, being N00°-03'-I each "comer" found as de.~eribed in the Comer Record filed in the Office of the'Clerk of Lincoln County; each "spike" marked by a 3/8" X 12" steel spike and refcremced by a 5/8" X 24" steel reinforcing rod with 2" aluminum cap inscribed, "SURVEYOR SCHERBEL LTD AFrON WY PLS 536g", with appropriate details; each '¥oint'~ marked by a 5/8" X 24" steel mlnforcing rod w/th a 2" Muminum cap inscribed. "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", with appropriate details: each "pipe" marked by a I" black iron pipe with a yellow pl~tic cap in$cribed '~PE/LS 698"; all in accordance with the plat prepared to bc filed in dm Office of thc Clerk of Lincoln County titled, "PLAT OF BOUNDARY ADJUSTMENT FOR CI-LARLES H. DANA REVOCABLE TRUST, DATED 8 AUGUST 1990 FRANK B. BORDEN AND KIT'rIB L. BORDEN IN TIlE NEV, SECTION 23 T34N R. I19W Mil-liN THE INCORPORATED LIMITS OF THE IOWN OF TH~YN~ LINCOLN COUNTY, WYOIVffNG', dated $ April ~ ~.~~N~~' 1995 and revised 7~9 9' // '} /]'''''~-''''~. ' II ~odi,eaUo, in any wa¥~ th'~x[9~ , ~c.~tioy tormlnal~$ liability of 'the .surveyor' 238