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HomeMy WebLinkAbout875242Recording requested by: WELLS FARGO BANK, N.A. R [, 0 [:.' [V ~. D LIN¢,,OLN OOUNTY OLERK When recorded return to: Wells Fargo Bank, N.A~ P, O. BOX 3155-/ 81LLINE;S, MT 59107 BOoKI~,f'~O PRPAGE 5.5: [{ ,.JEANNe7. DOCUMENT MANAGEMENT ~ - -- t'~[~,~M[:.t'~:~,:'. . r. WYOMIblG · State of Wyon~g- · · . 'Space Above Tiffs Lh~e For Recording Data REFE~NCE ~: 2001 18~2~00002 ACCOST MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage ("SecuriW Instm:nent") is and the parties, their addresses and' tax identification numbers, if required, are as follows: MORTGAGOR:LANE BARLOW ALLRED AND JANET L. ALLRED [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatares and acknowledgments. LENDER: WELLS FARGO BANK, N.A. P. O. BOX 3155~/ BILLINGS, MT 5910-/ ,, 2. CONVEYANCE. For good and valuable ~onsideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, couveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE EXHIBIT 'A' The property is located in L I NCOLN at: 23-/2 HIGHWAY 236 FAIRVIEw,(C~ty) 83110 and parcel number of 31190340052800 together with all rights, easements, appurtenances, royalties, miueral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now or at any time in the future be pan of the real estate described above (all retbrred to'as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 40,000.00 . 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. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revoMng line of credit, contract, guaranty or other evidence of debt dated 03 / 23 / 200 t together with all amendments, extensions, modifications and renewals, and having a maturity date of 0-//23 / 2031 ~ B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security Instn.~ment. Nothing in this Security Agree~nent shall constitute a commitment to make additional or furore loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed to 'in a separate writing. EQI50A (3/2001) Z~70 EXHIBIT 'A' ALL LANDS IN "DESCRIPTION FOR LOA A. BURGON PARCEL A", WITtIIN THE S 1/2 SE 1/4 SECTION 3 T31N R119W LINCOLN COUNTY, WYOMING. THAT PART OF THE S 1/2 SE 1/4 OF SECTION 3, T31N, R119W, LINCOLN COUNTY, WYOMING, BEING PART OF THOSE TRACTS OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 101 OF PHOTOSTATIC RECORDS ON PAGE 109 AND IN BOOK 356 OF PHOTOSTATIC RECORDS ON PAGE 879, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF THE SW 1/4 SE 1/4 OF SAID SECTION 3, FOUND AS DESCRIBED IN THE CORNER REcoRD FILED IN SAID OFFICE; THENCE EAST, 7.81 FEET, ALONG THE sOUTH LINE OF THE SE I/4 SE 1/4 oF SAID SECTION 3, TO A SPIKE AT THE SOUTHWEST POINT OF THAT TRACT OF I~ECoRD IN SAID' OFFICE IN BOOK 356 OF ' PHOTOSTATIC RECORDS ON PAGE 877; ' · THENCE N 01 DEGREES-00 MINUTES-06 SECONDS E, 435.60 FEET, ALONG THE WEST LiNE OF SAID TRACT, TO THE NORTHWEST POINT THEREOF; THENCE WEST, 200.00 FEET, PARALLEL WITH THE SOUTH-LINE OF SAID S 1/2 SE 1/4, TO A POINT; THENCE S 01 DEGREE-00 MINUTES-06 SECONDS W, 435.60 FEET, PARALLEL WITH SAID WEST LINE, TO A SPIKE ON THE SOUTH LINE OF SAD SW 1/4'SE 1/4; THENCE EAST, 192.19 FEET, ALONG THE SOUTH LINE OF SAID SW 1/4 SE 1/4 TO THE CORNER OF BEGINNING; EI~C. OMPASSING AN AREA OF 2.00 ACRES, MORE OR. LESS; THE BASE BEARING FOR THIS sURvEY IS THE SOUTH LINE OF THE SE' 1/4 OF SECTION 3, T31N, R119W, BEING EAST; 56(I SUBJECT TO A RIGHT-OF-WAY EASEMENT FOR WYOMING STATE HIGHWAY 236; EACH "SPIKE" MARKED BY A 3/8 INCH BY 12 INCH STEEL SPIKE AND REFERENCED BY A 5/8 INCH X 24 INCH STEEL REINFORCING ROD WITH A 2 INCH ALUMINUM cap INSCRIBED, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368" WITH APPROPRIATE DETAILS; EACH "'POINT" MARKED BY A 5/8 INCH X 24 INCH STEEL REINFORCING ROD WITH A 2 INCH ALUMINUM 'CAP INSCRIBED, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", WITH APPROPRIATE DETAILS; ALL1N ACCORDANCE WITH THE PLAT PREPARED TO BE FILED IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY TITLED, "PLAT TO ACCOMPANY PARCEL DIVISION APPLICATION FOR LOA A. BURGON WITHIN THE S 1/2 SE 1/4 SECTION 3 T3 IN, R119 LINCOLN COUNTY, WYOMING", DATED 8 JULY 1996 AND REVISED 16 JULY 1996. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS OR MINERAL RIGHTS OF RECORD, IF ANY. 561 C All sums advanced ~d and its value and any other stuns advanced and expenses incurred by Lender under the terms of this Security ~ Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt Will be paid when due and in accordance with the terms of the Secured Debt and this SecuriW Instrument. 6. PRIOR SEC~Ty INTE~STS. With regard to any other mo~g'age, deed of tnlst, securiB, agreement or other lien document that created a prior securi~ interest or encumbrance on the ProperW, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mo~gagor receives from the holder. ' C. Not to allow any modification or extension of, nor to request any ~ture advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Proper~ when due. Lender may require Mo~gagor to provide to Lender copies of all notices that such mnounts are due and the receipts evidencing Mortgagor's payment. Mo~gagor will defend title to the Proper~ against any claims that would impair the lien of the SecuriW Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mo~gagor may have against parties who supply labor or materials to maintain or improve the ProperW. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, hypothecation, assigmnent or encmnbrance, whether voluntary, involunta~, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligahons secured hereby immediately due and payable, except to the extent that such acceleration for and in such pa~icular Circmnstances where exercise of such a right by Lender is prohibited by law: 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mo~gagor will keep the Propa~y in good condition and make all repairs that are reasonably necessa~. Moagagor shalI not commit or allow any waste, impair~nent, or deterioration of the Property. Mo~gagor will keep the Prope~ free of noxious weeds and grasses. Mo~gagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior Written consent. Mo~g~gor will not permit any change in any license, restrictive covenant or easement without Lender's prior w~itten consent. Mortgagor will noti¢ Lender of all demands, proceedings, claims, and'actions against Mo~gagor, and of any loss or da~nage to the ProperW. Lender or Lender's agents may, at Lender's option, enter the Prope~y at any reasonable time for the purpose of inspecting the Property. Lender shall give Mo~gagor notice at the ti~ne of or before an inspection speci~ing a reasonable pu~ose for 'the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mo~gagor will in no way rely on Lender's inspection. 10, AUTHO~TY TO PE~O~. If Mortgag'or fails to perform any duty or any of the covenants contained in this SecuriW Instrument, Lender may, without notice, perform or cause them to be performed. Mo~gagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessa~ for performance. Lender's right to perform [or Mortgagor shall not create an obligation to perfo~, 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 cons[ruction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all Steps necessa~ to protect Lender's securi~ interest in the ProperS, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mo~gagor irrevocably grants, bargains, conveys, mo~gages and warrants to Lender as additional security all the right, title and to any and all existing or ~ture leases, subleases, and any other whtten or verbal agreements for the use and occupancy of any potion of the ProperS, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with tree and correct copies of all existing and ~ture Leases. Moagagor may collect, receive, enjoy and use the Rents so long as Mo~gagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this SecuriW Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. ~ Mortgagor agrees that Lender may take actual possession of the prope~ without the necessi~ of commencing legal action and that actual possession is deemed to' occur when Lender, or its agent, notifies Mo~gagor of default and demands that any tenant pay all ~ture Rents directly to Lender. On receiving notice of default, M0~gagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other ~nds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlor~tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. ' 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the proper~ is a unit in a Condominium Project or is pa~ of a Planned Unit Development ("p~"), Mo~gagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Projects or P~ and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv)'other EQ150B equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent 'Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards inclnded within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instru~nent, with any excess paid to Mortgagor. C, Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation., The proceeds of any award or'claim for damages, direct or consequential, payable to Mortgagor in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to.Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominimn Project or PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express.benefit of Lender; (iii) termination of professional managegtent and assumption of self- management by the Owners Association; or (iv) any action Which would.have the"effect of. rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies, If Mortgagor does not pay condominium or PUD dues aiid assessments when due, then Lender may pay them. Any amounts disbursed by Lender nnder this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of ' disbursement at the Secured Debt rate and shall be payable, with interest, upon notice frmn Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any other'document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospec~ of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEi~AIJLT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a znanner provided by law if Mortgagor is in default. At the option or Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become i]nmediately due and payable, after giving notice 'if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after forec¥osure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on deznand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, e]fforcing or protecting Lenders' rights and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. EQ150C (3/2001) 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, ' without limitation, the Comprehensive Environmental Response, Compensation'and LiabiliW Act (CERCLA, 42 US.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court Orders, attorney general opinions or interpretive letters .concerning the public health, safe~y, 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. Tlm term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous wastd' or "hazardous substance" under any Environmental Law. Mortgagor ~epresents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Pmper~y. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a yiolation of'any Environmental Law concerning the Property. In such an event, Mortgagor shall ,take all n~cessarY remedial action'in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or lhreatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give 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' 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. any part of the Property. 'Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement, or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier· providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the ~overage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies aud renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "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 give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof0f loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to ~he restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, M0rtgagor's right to any insurance policies and proceeds resulting frmn damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW I~OR 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. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docu~nents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligation~ under this Security Instrument and Lender's lien status on the Property. 21. JOINT AN~D INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND, All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only 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. I£ this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender frown bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any auti-deficiency or one-action laws. Mortgagor agrees that Lender and an), party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrmnent or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the EQ150D (3/2001) OS?,S 4_L' ' 5 G 4 jurisdiction in which tim Property is located.~ except to the extent otherwise req~iired by the laws of tile jurisdiction where the ' Property is located. This Security Instrmnent is complete and 'hilly integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in ihis Security Instrmnent, attachments, or any agreement related to lhe Secured Debt that cmfflicts with applic_able law will not be effective, unless that law expressly or ixnpliedly permits the w~riations by written agreement. If any section of this Security Instrmnent cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms Of this Security Instrument. Time is of the essence in this Security Instrument. In the event any section of this Security Instrumenf directly cordlicts with any section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable); Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of which I agree to by signing this Security Instrument, the terms of the Hoxne Equity Closing Handbook shall control. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by. mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to th'e extent p~ohibited by law, Modgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. .25. OTItER TERMS. If checked, the following are appl'icable to this Security Instrmnent: ~ Line of Credit. Thc Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Sect~rity Instrmnent will remain in effect until released. ~ Construction Loan. This Security Instrmnent secures an obligation J, ncurred for the construction of an hnprm,ement on the Property. ~ l~ixtnre l~iling. Mortgagor grants to Lende; a security interest in all goods that Mortgagor owns now or in the fltture and that are or will become fixtures relates to the Property. This Security Instrument spffices as a financing statement and any carbon, photographic or other reproduction may be filed of iec0rd for purposes of Article 9 of the Uniform Commercial Code. " ~ Additional Terms. " SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. LANE BARLOW ALLRED Mortgagor JANET K ALLRED Mortgagor y ./ Date Mortgagor Date / Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (IndMdual) STATE OF ... COUNTY OF The foregoing i~}stnm~ent was acknowledged before me'by ~ Wimess.my h~nd official seal. ( 'gnatflm of O~cer) (Title of Officer) I My Cmmnission Expires: ACKNOWLEDGMENT: (Indh, idual) STATE OF _. ~G?D~B}~, COUNTY OF Lq YLLOIg The foregoing ipstmment was ackn~wleOged before me by this d~ rg day of ~ , ~, [ (Si~ature of Olticer) (Title ofO~eer)~ -- . My Cmnmission Expires: