Loading...
HomeMy WebLinkAbout90018730739 RECEIVED LINCOLN cOUNI¥ Soace Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date o! ;[his Mortgage (Security Instrument) is June 7, 2004. addresses are: MORTGAGOR: DEBORAH ANN SENDER A sole proprietorship a married woman, as her sol~ and separate property P O BOX 3558 ALPINE, Wyoming 83128 The parties and their LENDER: FIRST NATIONAL BANK o WEST Organized and existing under the laws of the United States of America 314 S Washington PQ Box 1620 Afton, Wyoming 83110 TIN: 83-0162601 1. CONVEYANCE. For good and w~lu.able consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and ~ortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, [he following described property: ,, Lot 52 of Alpine Village Subdivision, iPlat 3, Amended as filed and platted in the Office of County Clerk, Lincoln County, Wyoming. The property is located in LINCOLN County at ALPINE VILLAGE SUBDIVISION, ALPINE, Wyoming 83128. 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 replacemr, nts that may now, or at any time in the future, be part of the real estate described (all referred to as Propert'd. 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. Tile total principal amount secured by [his Security Instrument at any one time will not exceed $49,754.50. This irnitation of amount does not include interest and other fees and charges validly made pursuant to this Security Inst. rumen~. Also, this limitation does not apply to advances made under the terms of this Security Instrument to pro-:ect Lender's security and to perform any o~ the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts' A. Specific Debts. The folk wing debts and all extensions, renewals, refinancings, modifications and replacements. A promissory no':e or other agreement, No. 61010424, dated June 7, 2004, from Mortgagor to Lender, with a maximum credit Fruit of $49,754.50, with an interest rate based on the then current index value as the promissory note prescrib.~s and maturing on December 4, 2004. One or more of the debts secured by this Security Instrument con~ain:~ a future advance provision. B. All Debts. All present and future debts from Mortgagor to Lender, even if tills 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"tills Security nstrument. Nothing in t!'.is 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 provic~e any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's principa dwelling that is created by d~is Security Instrument. This Security Instrument will not secure any debt for which a non-possessory, non-purchase money security interest is DEBORAH ANN SENDER Wyoming Mortgage WYt4XX EIIe~CO0725200004363010060804Y ©1996 Bankers Systems, Inc., St. Cloud, k'lrJ security interest is created in "~r a;gin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law gove.:n!ng securities. C. Sums Advanced. All sumsiadvanced and expenses incurred by Lender under the terms of this Security Instrument. ~ 4. PAYMENTS. Mortgagor agree£ that all payments under the Secured Debts will be paid when due and in accordance with the terms of the S~.,clared Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTS. 'N;th 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 and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modificati~r: or extension of, nor to request any future advances under any note or agreement secured by the lien dcct;~ment without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other c~arges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all n~)tices that such amounts are due and the receipts evidencing Mortgagor's payment Mortgagor will defend tit'e to the Property against any claims that would impair the lien of this Security Instrument Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation:o?, 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 organizaticq)', Lender may demand immediate payment if: A. A beneficial interest in MortgE:gor is sold or transferred. B. There is a change in either the identity or number of members of a partnership or similar entity. C. There is a change in ownershi~ 5f more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand ']ayment in the above situations if it is prohibited by law as of the date of this Security Instrument. 9. WARRANTIES AND REPRESE;~TATIONS. Mortgagor makes to Lender the following warranties and representations which will continue as long as this Security Instrument is in effect: A. Power. Mortgagor ~s duly .organized, and validly existing and in good standing in all jurisdictions in which Mortgagor operates. Mortgagoa. 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 o~erates. B. Authority. The execution, deqwry and 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.. ~! . C. Name and Place of Business,' Other than previously disclosed in writing to Lender, Mortgagor has not .changed Mortgagor's name or p'in'cipal place of business within the last 10 years and has not used any other trade or fictitious name. Withou~ Lender's prior written consent, Mortgagor does not and will not use any other name and will preserve Mortgagor'~; existing name, trade names and franchises. 10. PROPERTY CONDITION, ALT:RATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that.' are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature (f the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss ,,r damage to the Property. No portion of the Property will be removed, demolished or materially altered without Lender's prior written consent except that Mortgagor has the righ't. ~o remove items of personal property comprising a part of the Property that become worn or obsolete, providec that such personal property is replaced with other personal property at least equal in value to the replaced pers~,n,al ProPerty, free from any title retention device, security agreement or other encumbrance. Such replacement ~if Dersonal property will be deemed subject to the security interest created by this Security Instrument. Mortgagor' will not partition or subdivide the Property without Lender's prior written consent. ~ ~ Lender or Lender's agents may, 'at,Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspect,on. Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Le!~4der's inspection. 11. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, "Ni;th0ut notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign I~ ortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not c..'eate an obligation to perform, and Lender's failure to perform will not preclude .Lender from exercising any of Lend,.sr's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or qot carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. DEBORAH ANN SENDER initials~k, Wyoming Mortgage. WY/4XXEi ~,~C{T;~04363010060804Y ©1996 Ba~lem$ Inc[, St. Cloud, MN ~-x'l~" -";~ 12. ASSIGNMENT OF LEASES ArJD RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additiona~ se~Jri~y all the right, title and interest in the following (Property). A. Existing or future leases, sub~eases, licenses~ guaranties and any other written or verbal agreements for the use and occupancy of the Property, including but not limited to any extensions, renewals, modifications or replacements (Leases). ! B. Rents, issues and profits, inc~uding but not limited to security deposits, minimum rents, percentage rents, additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium contributions,~lii:luidated damages following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenL]es~ royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and claims which I~ilo~tgagor may have that in any way pertain to or are on account of the use or occupancy of the whole or any p,art?of the Property (Rents). In the event any item listed as Leases 'or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement.' Mortgagor will 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 all future Leases ai.~d any other information with respect to these Leases will be provided immediately after they are execut'~d. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Mortg.ag~)r will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender's ~ritten consent. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not comr~in~jle the Rents with any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of lRents from the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured E ebts, the costs of managing, protecting and preserving the Property, and other necessary expenses. Mortgagor ag~'ee~,s that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrur~e~t will remain effective during any statutory ~edemption period until the Secured Debts are satisfied. Unles~ otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual possession of the !)r0perty without the necessity of commencing any legal action or proceeding. Mortgagor agrees that actual possess!on of the Property is deemed to occur when Lender notifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgagor's tenants pay all Rents due or to become due directly to Lender. Immediately alter Lender gives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor may immedia:el,~/ notify the tenants and demand that all future Rents be paid directly to Lender. As long as this Assignmert i:s in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subjec'.: to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor,~a['its sole cost and expense, will keep, observe and perform, and require all other parties to the Leases to comply with the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or fails to observe ar, y 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 s.Jblet, modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's consent. Mortgagor will not assign, compro]qise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not ~,ssume or become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserve [he 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 op~s to exercise any of its remedies against any party obligated under th~ Leases. 13. DEFAULT. Mortgagor will be in de.fault if any of the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency or Bankruptcy. A'ny legal entity obligated on the Secured Debts makes an assignment for the benefit of creditors or become insolvent, either because its liabilities exceed its assets or it is unable to pay its debts as they become due; or it"petitions for protection under federal, state or local bankruptcy, insolvency or del~tor relief laws, or is the subect of a petition or action under such laws and fails to have the petition or action dismissed within a reasonable period of time not ~o exceed 60 days. C. Business Termination. Mortg~'~gor merges, dissolves, reorganizes, ends its business or existence, or a partner or majority owner dies or is declared legally incompetent. D. Failure to Perform. Mortgag_?r {ails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default ccc,uts under the terms of any other transaction document. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagq; n~akes any verbal or written statement or provides any financial information that is untrue, inaccurate, or con,;e~ls a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to 'sa.tisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is use'~ i~ a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor c~]anges Mortgagor's name or assumes an additional name without notifying Lender before making such a cha.~ge. K. Property Transfer. Mortgagcr t"ransfers all or a substantial part of Mortgagor's money or property. This condition gl default, as it relates tc. the transfer of the Property, is subjec~ to ~he restrictions contained in the DUE ON SALE section. L. Property Value. The value of !;he Property declines or is impaired. M. Material Change. Without fir~'t notifying Lender, there s a material change in Mortgagor's business, including ownership, manageme'r?t, and financial conditions. N. Insecurity. Lender reasonably,~be;lieves that Lender is insecure. DEBORAH ANN SENDER Wyoming WY/4XXEII~oC00725200004363010060804Y ©1996 Bankers Syslems, Inc., SI. Cloud. MN ~" lnitials~ 870 14. REMEDIES. Lender may use an'/ "and all remedies Lender has under state or federal law or in any instrument evJdedcing or pertaining to the Secu'-eid Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's I~eha'lf will be immediately due and may be added [o the balance owing under the Secured Debts. Lender may ma~;e a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, require(i time schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make ;~11 or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this ~ecur~ty Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, LencerI will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or pu.rchasers. Under this special or limited warranty deed, Lender Will covenant that Lender has not caused or allo~'ved a lien or an encumbrance [o burden the Property and that Lender will specially warrant and defend the Pro!'~e'rty's title of the purchaser or purchasers at [he sale against all lawful claims and demand of all persons claiming'Dy, through or under Lender. The recitals ~n any deed of conveyance will be prima facie evidence of the facts'set ~0~rth therein. All remedies are distinct, cumulative '~r!d not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set f~rth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the bala ica 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 ,bender's right to later consider the event a default if it continues or happens again. 15. COLLECTION EXPENSES AND ~,'~TORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expensgs~ of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortg~lgor agrees to pay expenses for Lender to inspec! and preserve the Property and for any recordation costs of rel~'asing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, co~.rt costs and other legal expenses. These expenses are due and payable immediately. If not paid immediate!~', these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent permitted by the United States Bankruptcy Code, !vlortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded Ey 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, 42 U.S.C. 9601 et seq.), all other '~ederal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive lette"s.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 substa:!c,~," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and ~.grees that: A. ExcePt as previously disclosed ~n.d acknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported, m~n~Jfactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary ~ o~rse of business and in strict compliance with all applicable Environmental Law. B. Except as previously disclosed '-~n;~l acknowledged in writing to Lender, Mortgagor has not and will not cause, contribute to, or permit the releas~ oJf any Hazardous Substance on ~he Property. C. Mortgagor will immediately n;Jtify Lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Pro~eJ-ty or migrates or threatens to migrate from nearby property; or (2) there is a violation of any Environmenta. Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accoi':~ance with Environmental Law. D. Except as previously disclosed.a~d acknowledged in writing to Lender, Mortgagor has no knowledge of or reason to believe there is any per~di:~g or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is am'~, such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but cot,. the obligation, to participate in any such proceeding including the right to receive copies of any documents r.91a, ting to such proceedings. E. Except as previously discloseq, a~d acknowledged in writing to Lender, Mortgagor and every tenant have been, are and will remain in full cc~npliance with any applicable Environmental Law. F. Except as previously disclose~ a~d acknowledged in writing to Lender, there are no underground storage tanks, private dumps or open weils,located on or under the Property and no such tank, dump or well will be added unless Lender first consent,, ~q writing. G. Mortgagor will regularly inspect .the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses!Ori~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 a! a!ny reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, unO~r br about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that I-'as.' been released on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in ~mpliance with applicable Environmental Law. DEBORAH ANN SENDER Wyoming Mortgage Initi~t~ \ ~"~ I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified environmental engineer to prepar,; an environmenta audit of the Property and to submit the resu ts of such audit to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's approval. J. Lender has the right, but not he obligation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any b'e~ch of any representation, warranty or promise made in this section, (1) Mortgagor will indemnify and hr~ld Lender and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilitie;, ;damages, cleanup, response and remediation costs, penalties and expenses, including without limitation all ccsts of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at .ender's discretion, Lender may release this Security Instrument and in return Mortgagor will provide Lender witl' collateral of at least equal value to the Property secured by this Security Instrument without prejudice to a'w. of Lender's rights under this Security Instrument. L. Notwithstanding any of the lang~Jage 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 tender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 17. CONDEMNATION. Mortgagor will give Lender prompt notme of any pending or threatened action by private or public entities to purchase or take a'qy or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lend~.r :to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Le~"lder the proceeds of any award or claim for damages connected with condemnation or other taking of all:or;any part of the Property. Such' proceeds will be considered payments and will be applied as provided in this S~ .cLirity Instrument. This assignment of proceeds is subject [o the terms of any prior mortgage, deed of trust, securi-:y agreement or other lien document. 18. INSURANCE. Mortgagor agree., 't~ keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain tjis insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be ur~reasonably withheld. All insurance policies and renewals 'wiill 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 insuranc~ in amounts and under policies acceptable to Lender The comprehensive general liability insurance must name i Lender as an additional insured. The rental loss or bus~ness interruption insurance must be in an amount equil ~o at least coverage of one year's debt serwce, and required escrow account deposits (if agreed [o separately in w'rit~ing.) Mortgagor will give Lender and the !nSurance company immediate notice of any loss. All insurance proceeds wilt be applied to restoration or repair o' the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, ¢<~lortgagor's rights [o any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify L~nder of cancellation or termination of insurance. ,If Mortgagor fails to keep the Property insured Lender may obtair insurance to protect Lender's interest in the Property. This insurance may include coverages not originally reqiJirsd of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be writte~,~ ~t a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 19. ESCROW FOR TAXES AND INSURANCE. As provided in a separate agreement, Mortgagor agrees to pay to Lender funds for taxes and insuranc~ in escrow 20. CO-SIGNERS. If Mortgagor si?nsithis Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortga~,or!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 again.'t Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any a ~ti;deficiency or one-action laws. 21. WAIVERS. Except to the exten'~, prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property.. ~:' 22. OTHER TERMS. The'following ~,re'applicable to this Security Instrument: A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balanc,, ibis Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 23. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of th] jurisdiction where the Property .is located, and the United States of America. 24. JOINT AND INDIVIDUAL LIABILi'rY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the olfligations of any other Mortgagor. Lender may ~ue each Mortgagor individually or together with any other Mortga&,0r. Lender may release any part of the Property and Mortgagor will still be obligated under this Security InstrLment. for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the :;u¢cessors and assigns of Lender and Mortgagor. 25 AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment'orlmodification of this Security Instrument is effective unless made in writing and executed by Mortgagor and L~n~er. This Security Instrument is the complete and final expression of the DEBORAH ANN SENDER Wyoming Mortgage WY/4XXEII~nCO0725200004363010060804Y ©1996 Rankers Systems, Inc., St. Cloud, MN ~ Initials p~a~~ agreement. If any provision .of this :i3ecurity Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions (viii still be enforceable. '2'6. INTERPRETATION. Wheneveri'used, the singular includes the plural and the plural includes the singular.. The section headings are for convenienc,.e only and are not to be used to interpret or define the terms of this Security Instrument. 27. NOTICE, FINANCIAL REPORT~ AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering itl'of! mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to '~..n~/other address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortgagorlw:ill inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lender any financial statements or information Lender requests. All financial statement.'; and information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, .and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and"oreserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Propertyi: Time is of the essence. SIGNATURES. By signing, Mortga.cor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowled, ges receiP: of a copy of this Security Instrument. MORTGAGOR: '- i:. DEBORAH ANN SENDER Aut ~d'-'STg n~ - LENDER: ii First ~t~ona~ 0~ank - West ~'~. Pennv Jon~i,'~/E'~te~.,.~,.,. Loan Officer ACKNOWLEDGMENT. ' (Individual) This instrument was adl~nowledge~' be, fore me this//' DEBORAH ANN SENDER . My commission exp:res: day-of by (Lender Acknowledgment) This instrument was ack/nowledged b¢ore me this Penny Jones as Real Estate Loan Officer of First National Bank - West M yco m mission exp'res:/~-c~ ~'-~ (~ ~,~,~~ (N ot-~y ~ublic) OF ~c~,~~,~s. day of ~ , DEBORAH ANN SENDER Wyoming Mortgage WY/4XX EIIqnCO,~.~526ffiOO4363010060804 Y ,]; :' ©1996 Balms, Inc., SL Cloud, MN ..... Initial~