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HomeMy WebLinkAbout899564882821 State of Wyoming Space Above This Line For Recording Data REAL ESTATE MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage is .07-24-2002 are as follows: and the parties and their addresses MORTGAGOR: CRAIG L. KENDALL AND WENDY J. KENDALL, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETI ES 11028 280TH ST EAST GRAHAM, WA 98338 537-58-2612, 531-62-3202 [] Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 990 W. FIROADWAY P.O. BOX 7000 JACKSON, WY 83002 830-25-7173 MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and To secure the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: LOT 631.C, LAKEVIEW ESTATES, A SUBDIVISION IN LINCOLN COUNTY, WYOMING, AS LAID DOWN AND PLATTED ON THAT PLAT RECORDED IN THE OFFICE Of THE LINCOLN COUNTY CLERK. LOT 632-C, LAKEVIEW ESTATES, A SUBDIVISION IN LINCOLN COUNTY, WYOHING, AS LAID DOW'N AND PLATTED ON THAT PLAT RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLEPd(. CLK WJK The property is located in LINCOLN at 171 CENTER ST. (County) · ", ' ALPINE , Wyoming 83128 '(Addless) ' (Ciw) {Zip Code) Together with all rights, easement.s, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party ipayments 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 above (all referred to as "Property")) The term Property also includes, but is not limited to, any and all water wells, water, ditches, reservoirs, reservoir Sites and dams located on the real estate and all riparian and water rights associated with the Property, however established. WYOMING-AGRICULTUPO~,L/COMMERCIAL. . REAL ESTATEi SECURITY INSTRUMENT (NOr FOR fNMA. FH~OR VA ~ © 1993 2001 Bankers Systems inc., Si. Cloud, MN Form AGCO-RESI-W¥ 6f612001 t, ,/r..."-~. ' usE. AND j~-~40J~U~[R PURPOS[S) (page 1 of 7) 3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter defined) secured by this Mortgage at any one tirb'~.'sfl'~jl not exceedi'~ i~8,~5000 . This limitation of amoLlnt does not include interest, loan charge~s, coramitment fees, brokerage commissions, attorneys' fees and other charges valid y rrmde pursuant to this Mortgage and does i~ot apply to advances (o~ interest accrued on .such advances) made under the terms of this Mortgage to protect Lender's security and to perform any of the covenants contained in this Mortgage. Future advances are contemplated and, alorlg with other future obligations, are secured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitment to make additional er future loans or advances in any amoL~n[. Any such commitment would need to be agreed to in a separate writing. 4. SECURED DEBT DEFINED. The term ;"Secured Debt" includes, but is not limited to, the following: A. The promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all extensions, renewals, modifications or substitutions. [When referencing the debts below it is suggested tha¢ you include items such as borrowers' names and addresses, note principal amounts, commercial revolving loan agreement's maximum amount, interest rates, variable rate terms, maturity dates, crc.) PROMISSORY NOTE DATED 07-24-02 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, g~aranty, or other evidence of debt existing now or executed after this Mortgage whether or not this Mortgage is specifically referred to in the evidence of debt. C. All Obligations Mortgagor owes to Lender, which now exist or may later arise, to the extent not prohibited by law, including, but not limited tO, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and aqy other sums advanced and expenses incurred by Lender under the terms of this Mortgage, plus interest, at the: highest rate in effect, from time to time, as provided in the Evidence of Debt. E. Mortgager's performance under the terms of any instrument evidencing a debt by Mortgagor to Lender and any . Mortgage securing, guarantyiAg, or otherwise relating to the debL If more than one person signs this .Mortgage as Mortgagor, each Mortgagor agrees that this Mortgage will secure all future advances and future obligations described above that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and othei's. This Mortgage will not secure any other debl if Lender fails, with respect to such other debt, to make any required disclosure about this Mortgage or if Lender fails to give any required notice of the right of rescission. S. PAYMENTS. Mortgagor agrees to mi~ke all payments on the Secured Debt when due and in accordance with the terms of the Evidence of Debt or this Mortgage. 6. CLAIMs AGAINST TITLE.~ M(~tgag0r ~vill p'~y all taxes,' assessment's, 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 ~he receipts evidencing Mortgager's payment. Mor~gagor will defend title to the Property against any claims that would impair the lien of this Mortgage. Mor~gagor agrees to assign to Lender, as requested by Lender, ~ny rights, claims or defenses which Mortgagor may have against parries who supply labor or mamrials to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS. Wit~ regard to any other mortgage, deed of trust, security agreement or other lien document that created a pri0~ security interest or encumbrance on the Property and that may have priority over this Mortgage, M0r~gagor agrees: : A. To make all payments ~hen d~ue a~d to perfor'm or comply with al! covenantS. B. To promptly.de yer to Lender.:any notices that Mortgagor receives frpm ~he holder. C. Not to make or p~mi( ~fly mbdifiCAfi0n 0r eXmnsion 0f, an~ ~6t' m 'request or accept any furum advances under any ~ote or agreement secured by, .the other mortgage, deed of trus~ or security agreement unless Lender consents in writing. 8. DUE ON SALE OR ENCUMBRANCE. Lender m~y, at its option, declare the entire balance of the Secured DeEr m be immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or corm-act for any of these on the Property. However, if the Property includes Mortgager's residence, this section shall be subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of this section, the mrm "Proper~y" also includes any interest to all or any part of the Proper~y. This covenanl shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Mortgage is released. / .... [page 2 of 7) ~ ~ 1993,2OO1 Banker~ Sy~m~, In=., St, Cloud, MN Form AGCO-RESFWY 616/2001 ~~ ~'~ 2 4,9 9. 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 (1) a beneficial interest Jn Mortgagor is sold or transferred; (2) there is a change in either the identity or number of members of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment In the above situations jf Jt is prohibited by Jaw as of the date of this Mortgage. 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a natural person (such as a corporation or other organJzation),=rMortgagor makes to Lender the following warranties and representations which shall be continuing as long as the Secured Debt remains outstanding: A. Mortgagor is an entity which is duly organized and validly existing in the Mortgagor's state of incorporation (or organizadonj. Mortgagor is ~n good standing in all states in which Mortgagor transacts business. Mortgagor has the power and authority to own the Property and to carry on its business as now being conducted and, as applicable, is qualified to do~so in each state in which Mortgagor operates. B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by the Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received all necessary governmental approval, a~d ,:will not violate any provision ct law, or order of court or governmental agency. . C. Other than disclosed in writing Mortgagor has not changed its name within the Jest ten years and has net used any other trade or fJcddous'.name. Without Lender's prior w~Jtten consent, Mortgagor does no~ and will not use any other name and will preserve its existing name, ~rade names and [ranchises umiJ the Secured Debt is satisfied. 11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will give Lender prompt notice of any loss or damage to the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor will not initiate, join in or consent to any change in any private restrictive covenam, zoning ordinance or o~her public or private restriction limking or defining the uses which may be made ct the Property or any par[ of the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, c aims and actions against Mortgagor or any other owner made under Jaw or regulation regarding use, ownership and occupancy of the Property. Mortgagor will comply with all legal requirements and restr bdons, whether public or private, with respect to the use of the Property. Mortgagor also agree~ that the nature of ~he occupancy and use wi l not change without Lender's prior written consent. No portion of'the ProPerty will be'i'em~ved ."' . . d~moliShed'or ma~eriall? altered Wilhou't Lender's' except that Mortgagor has the righ~ to remove'items o prior Written consen't r "' H'uH~,~y, ~ree from any title rate Jo aa,,; ..... .,-~-~"'~'a~ property at least equal in va to replacement of personal proper~y will be deemed subjec~t n ....... c.,,,y agreement or other encumbrance. lhe seeurjly interest crea~ed, by this Mortgage. Mortgagor chtO shall not partition or subdivide ~he Proper~y without Lender's prior written consent. Lender or Lender's agents may, Lender's option, enter the Proper~y a~ any reasonable dine for the purpose of inspecting lhe Properly. Any inspection of the Property shall be entirely for I "' _ende[ s benefit and Mortgagor will in no way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgagor's duties under this Mortgage, o~ any other mortgage, deed Of trust, security agreement or other lien document that has priority over this Mortgage, Lender may, without notice, perform the dudes or cause them ~o be performed Mortgagor appoints Lender as attorney in fact [o sign Mortgagor's name or pay any amount necessary for Performance net carried on in a reasonable manner, Lender may do whatever is If ~n~, construction on the Pr. operzy is discontinued or Property. This may include completing.the construction, necessary to protect Lender s security interest in the Lender's right to perform for Mortgagor shall not create an obligation [o perform, and Lender's failure ~o perform will not preclude Lender· from exermsing any of Lender's other rights under the law or this Mortgage. Any amounts paid by Lender for ~nsurJng, preserving or otherwise protecting the Property and Lender's security interest will be due on demand and will bear imeresz from the date of the payment until paid in full az the interest rate in effect from time ~o [~me according ~o the ~erms of the Evidence of Debt. 13. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condomimum or a planned unit development, Mortgagor .will perform all Of Mortgagor's duties under the covenants, by-laws, or regulations, of .the condominium or planned unit development. 14. DEFAULT. Mortgagor will be in default if any of the following occur: A. Any party obligated on the Secured Deb~ rails'to make payment when due; B. A br~ach of any ~erm or covenant in this Mortgage, any prior mortgage or any construction loan agreement, secur ~y agreement or any other, document evidencing, guarantying, securing or otherwise rela~ing [o ~he Secured Debt; C. The making or furnishing of any verbal or written representation, statement or warramy [o Lender that is false or incorrec~ in any material respect by Mort~ago~ or any person or amity obligated on the Secured Deb[; ~ © 1993, 2001 B~nkars Systems. Inc., St. Cl~ud, MN Farm AGCO RESI-WY 6/6/200 I _~,~~:~ (page 3 of ?) D. Tho d~ath, dissolution; or insolvency of, appointment o$ a tOCOlVOr for, or application of any d~btot relief law to, Mort0aflor or any p~fson or ~ntit~ obli0at~d on tho S~cufod Debt: E. A flood faith belief bY L~nd~r a~.any tim~ that Lendo~ is ~nsocuro with rosp~c~ m any person or ~ntity obligated on the S~cur~d Dobt et that tim prospoct of any payment is impaired or th~ valu~ of the Property is impaired; F. A material adverse chan~o in ~ortDa~or's business includin~ ownership, management, and financial conditions, which L~nder ~n its opinion b~liews impairs G. Any loan proceeds am used fei a purpose that will conttibut~ conversion o[w~tlands ~oproduc~ anaodcu[tutal commodiw, as furthar~xplained in 7 C.F.fl. Parl 1940, Subpaft G, Exhibit M. lB. REMEDIES O~ DEFAULT. In some instances, federal and state few will require Lend~t to provido Mort~a0o~ with notic~ of the right to cure, mediation notices .ar other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Mortgage in a manner provided by law if this Morzgagor s in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable after giving notice if required by law, upon the occurrence of a defaul~ or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, ~he Evidence of Debt, e~her evidences of debt, this Mortgage and any related documents including without limitation, ~he power zo sell the Property. All remedies are distinct, cumulatiw:~' and not exclusive, and ~he Lender is enIided to all remedies provided az law or equity, whether expressly set forth or n.2L The acceptance by Lender of any sum in payment or'partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require full and complete cure of any existing default. By no1 exercising any remedy on Mortgager's default, Lender does not waive Lender's right to lamr consider the event a default if if continues or happens again, 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees ~o pay all of Lender,'s expenses if Mortgagor breaches any covenant in tills Mortgage Mo~tgagor will also pay on demand all of Lender's expenses incurred in collecting, insuring, preserving or protecting the Property or in any nventories, audits, inspections or other examination by Lender in respect to the Property. Mortgagor agrees to pay all costs and expenses incurred by Lender in enforcing or protecnng Lender's rights and remedies under this Mortgage, including, but not limited to, attorneys" fees, court costs, and other legal expenses. Once the Secured.Deb1 is [ully and finally paid, Lender agrees m release this Mortgage and Mortgagor agrees to pay for any recordation costs. ,All Such. amounts are due on demand and will bear interest from the time of the advance a~ the highest ram in effect, from t.ne ~o time, as provided in the Evidence of Debt and as permitted by law. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1)"Environmental Law" means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Ac~ {CERCLA, 42 U.S.C. 9601 et seq.), all other federal, stem and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letmrs 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 substances," "hazardous waste" or "hazardous-substarlce" u~der any Envii'onn~ental Law. [vlor[gagof represents, warrants and agrees that, except as previously disclosed and acknowledged in writing: A. No Hazardous Substance has been, is, or will be Iocamd, transported, manufactured, treated, refined, or handled by any person on, under or about the Property, except in ~he ordinary course of business and in strict compliance with all applicable Environmental Law. B. Mortgagor has not and will no~ cause, contribum m, or permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on, unde~ or about the Property of m~grates or threatens zo migrate from nearby property; or (2) Zhere is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law. MOrtgagor has no kn0Wlodge of or reason to believe there is anj pefiding or threatened investigation, claim, 9r proceeding Of any kind relating m'(1) an~ Hazardous Substance located on, Under or about tl~e 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 bel eve there is any such pond ng or threatened investigation, claim, or proceeding, tn such an event, Eender has the right, but not the obligation to parzicipam in any such proceeding including the right m receive cop~es of any documents relating m such proceedings. E Mortgagor and every tenant have been, are and shall remain in full compliance with any applicable Environmental Law. F. There are no underground storage ranks, private dumps or open wells located on or under-the Proper~y and no such tank, dump or well will be added unless Lender firs~ consents in writing. ~ ~ 10~. 2001 ~ank~r~ $~t~m~. Into. St. Cloud. ~ 0 ' 3 54 251 G. Mortgagor will regularly .inspect the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records at any reasonable time to determine (lJ the existence, location and nature of any Hazardous Substance on, tinder 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 compl'iiance with applicable Environmental Law. I.Upo. n Lender's request an~ at any time, Mortgagor agrees, at Mortgager's ex e environmental engineer to prepare an environmental audit of the Prone .... ~ ._ p ri.se, to engage a qualified to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's approval. r rty ,,,u tu submit the results of such audit J. Lender has the right, but 0et tl~'e obligation, to perform any of Mortgager's obligations under this section at Mortgager's expense. K. As a consequence of an~; 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, c aims demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including . without limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Mortgage and in return Mortgagor will provide Lender with collateral of at least equal value to the Property secured by this Mortgage without prejudice to any of Lender's rights under this Mortgage. L. Not.withstanding any of the ~anguage contained in this Mortgage to the contrary, the terms of this section shall survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 18. CONDEMNATION. Mortgagor will ~ive Lender prompt notice of any action, real or threatened, by private or public entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain, or any other means. Mortgagor further agrees to notify Lender of any proceedings instituted for the establishment of any sewer, water, conservation, ditch,' drainage., or other district relating to or binding upon the Property or any part of it. Mortgagor authorizes Lender to intervene in Mortgager's name in any of the above described actions or claims and to collect and receive all sums resulting from the action or claim Mort a o claim for damages conne~fS'd With a cohdemn'~¢;~,;, ~_,.__- · ' , . g g r assigns to Lender the proceeds of any award or be considered payments and will be applied as' provided in this Mortgage. '.This assignmer~t of proceeds is subject tO the .... ,, u~ uther taking of all or any part of the Property. S'uch proceeds shall terms of any prior mortgage, deed of trust, security agreement or other lien document. '. 19. II~SURAI~CE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably associated with tile Property. due to its type and location. Other hazards and risks may include, for example, coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the periods that Lender requires. The ~nsurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Mortgage. All ~nsurance policieS and renewals shall be' ecceptab e to Lender and shal! include a standard "mortgage clause" and, where applicable, "lender loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately g~ve to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give ~mmediaze notfce to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged if the res:rotation or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Insurance proceeds shall be applied to the Secured Debt, whether or not then due with an exce ,.: Mort~agor. if M'o~tga~0~ aban~fbr~s t~le' Pr~per'ty 0r does not ansWer w~'~h n '30 da's ' y ss paid to ins~ra:n'ce car*ier has 0ff~:e~l' to settle',~ cla'i~n tl~e -' - · · ' '., y a not ce from Le the pr, 9¢?ds to repair 6r ~esl~or~,:the P'ro',~ert,;'~: ~n Lena.er ~a.y collect the insurance' pr0ce'eds ~'~n~qler,that perloo will be,,;,~ ;-',~-;-';'~ ._: ., .. ~. y u~ ~o pay the ~ecured r~. .. -. ...... · ~u.er cnay .USe u .....,~-,, ,.u no~ce ~s g~ven. ",..whether or not then due. The. Unless Lender and Mortgagor otl~erwise agree in writing, any application of proceeds to Principal shall not extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired by Lender, Mortgager's right to any insurance policies and proceeds resulting from damage to tile Property before the acquisition shall pass to Lender zo the extent of the Secured Debt immediately before the acquisition. 1993, 2001 Bankefs Systems, Inc., St. Cloud, MN Form AGCO-RESI-WY 6/612001 [page 5 of 7) Mortgagor agrees to mai!atain comprehensive general liability insurance naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims arising from any accident or occurrence in or on the Property. C. Mortgagor agrees to maintain r~ntal loss or business interruption insurance, as required by Lender, in an amount equal to at leas! coverage of one year's debt service, and required escrow account deposits (if agreed to separately n writing), un.ret aformof policy acceptable to Lender 20. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND AD:31TIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem necessary. Mortgagor warrants that all financial statements and information Mortgagor provides to Lender are, or will be, accurate, correct and complete. Mortgagor agrees to sign, deliver, and file as Lender may reasonably request any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact to do the things necessary to comply with this section. 22. JOINT AND INDIVIDUAL LiABILiTY; CQ-SlGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage ale joint and individual. If Mortgagor signs this Mortgage but does not sign the Evidence of Debt, Mortgagor does so ol~ly to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees that Lender and any party to this Mortgage may extend, modify or make any change in the ter~s of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such a change will not release Mortgagor frorg the terms of this Mortgage. The duties and benefits of this Mortgage shall bind and benefit the successors and assigns of Mortgager and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor and does not directly secure the obligation which is guarantied, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation including, but not limited to, anti-deficiency or one-action laws. 23. APPLICABLE LAw; sEvERABiEiTYJ' i~':i:ERP'RETATION. This Mortgage is governed by the laws of the jurisdiction in which Lender' is locatedl except to' i~he extent otherwise required by the laws Of the jurisdiction where the Pioperty is located."' This Mortgage is 'complete and f.ully integrated. This Mortgage may-not be amended or modified by.oral agreeme, nt. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that conflicts with applicable law wil! not be effective, unless that law expressly or impliedly permits the variations bY written agreement. If any section Or cl~..Use ~f'this Mortgage cannot be enforced according to its terms, that section or clause will be severed and will not affect the enforceability of the remainder of this Mortgage. Whenever used, the singular shall include the plural and the plur,~l the' singular. The captions and headings of the sections of this Mortgage are for convenience only and are not to be used to interpret or define the terms of this Mortgage. Time is of the essence in this Mortgage. 24. 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 Mortgage, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 25. WAIVERS. Excep't t'~ the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and .all homestead exemp':ion rights relating to the Property. 26. U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Mortgage: [] Construction Loan. This MortGage secures an obligation incurred for the construction of an improvement on the Property. [] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become f xtures related to the Property. " [] Crops; Timber; Minerals; Rents, Issues, and Profits. Mortgagor grants to Lender a security interest in all crops, timber and minerals located on the Property,.as well as al! rents, issues, and profits of them including, but not - 'limited to, all Coriservation Reserve Program (CRP) and Payment ih Kind (PIK).payments and similar governmental programs (all of which shall als° be included in the term "Property"). [] Personal Property. Mortgagor grants to Lender a security interest in all personal property located on or connected with the Property. This security interest includes all farm products, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and all other items of personal property Mortgagor owns now or in the future and that are used er useful in the construction; ownership, operation, management, or maintenance of the Property. The term "perspna property" specifically excludes that property described as "household goods" secured in connection with 'a "consumer" loan as those terms are defined in applicable federal regulations governing unfair and deceptive credit practices. 1993, 2001 Bankers Systems, Inc., S1. Cloud, MN Form AGCO RESI-WY 6/612001 Filing As Financing Statement. Mortgagor agrees and acknowledges that this Mortgage also suffices as a financing statement and as such, may be filed of record as a financing statement for purposes of Ardcle 9 o¢ the Uniform Commercial Code. A carbon, photographic image or other reproduction of d~is Mortgage is sufficient as a financing statement. ' 27. OTHER TERMS. If checked, the following are applicable ~o this Mortgage: ~ Line of Credit. The Secured Debt includes a revolving line of credit provision. AlU]ouch the Secured Debt may be reduced m a zero ba ance, this Mortgage will remain ~n effect until released. ~ Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Mortgage and in any attachments. Mortgagor also acknowledges receipt of a copy of this Mortgage on the date stated above on Page 1. [] Actual authority was granted to tile parties signing below by resolution signed and dated__ Enlity Name; // CRAIG L. KENDALL {SignatureJ : ' - . " ' : .- , , WEND¥ J KE [] Refer to the Addendum which is attached and incorporated herein for additional Mortgagors, acknowledgments. ACKNOWLEDGMENT: STATE OF WYOM[NG , COUNTY OF ~_~-~ This instrument was acknowledged before me this 24TH by CRAIG L KENDALL- W _day of JULY 2002 ,, ~ , WENDY J, KENDA~SBAND AND WIFE. AS TENANTS BY ~ fvJy commlssmn expires: ~_ ,/,,~__o ~TIES _ _day of ( signatures and STATE OF , COUNTY OF This instrument was acknowledged before me this by_ -__ {flusines~ _ or Entity Ackn°wledomellt) Of a My commissmn expires: 1993 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO,RESI-WY 6/§/200 I SS. SS, (Tillels}} {Name.of Business Ar on behalf of the business or entity.' [Notary Publicl [page 7 of 7)