Loading...
HomeMy WebLinkAbout900305:Z, :.". ' '..:.y,2 559-a .. ,. ' LINb( l ,--- x-., ., :.,.,,.!. T'r' CLERK State of Wyoming Space Above This Line For Recording Data REAL ESTATE MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of ":his Mortgage is 06-15-2004 are as follows: and the parties and their addresses MORTGAGOR: RICHARD D. PUR,3UM P.O. BOX 694 AFTON, WY 831"0 [] Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. ;, LENDER: THE BANK OF ST~R VALLEY Organized and exi~tin~ under the laws of the state of Wyoming 384 WASHINGTON S'REET PO BOX 8007 AI~TON, WY 83110 83-0315143 MORTGAGE. For good and valuable- consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (hereafter del:ned), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following des ;ribed property: SEE SCHEDULE C ATTACHED HERETO AND MADE APART HEREOF The property is located in LINCOL¢I at (County) , Gfl0VER , Wyoming 83122 (Address) (City) (Zip Code) Together with all rights, ease~nents, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third part,' payments made to crop producers, and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Prop¢,rty"). The term Property also includes, but is not limited to, any and all water wells, water, ditches, reservoirs, reservoil sites and dams located on the real estate and all riparian and water rights associated with the Property, however established. wYOMING-AGRICULTURALICOMMERCIAI.REI~LESTATESECURITYINSTRUMENT (NOTFORFNMA, FHLMC, FitAORVAUSE, ANDNOTFORCONSUMERPURP0$ES) [page I of 8) ©1993, 2OO1 Bankers Syslems Inc,. St. Cloud, MN Form AGCO-RESI-WY 1/16/2OO3 3. MAXIMUM OBLIGATION LIMIT. Th!e total Principal amount of the Secured Debt (hereafter defined) secured by this Mortgage at any one time shall '.qgt exceed $ 4..2,500.00 . This limitation of amount does not include interest, loan charges, comm:itment fees, brokerage commissions, attorneys' fees and other charges validly made pursuant to this Mortgage and does froot apply to advances (or interest accrued on such advances) made under the terms of this Mortgage to protect Lender'~ security and to perform any of the covenants contained in this Mortgage. Future advances are contemplated and, along with other future obligations, are secured by this Mortgage even though all or part may not yet be advanced. Nothirg{in this Mortgage, however, shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment would need to be agreed to in a separate writing. 4. SECURED DEBT DEFINED. The terr'.n "Secured Debt" includes, but is not limited to, the following: A. The promissory note(s), co lt:'ract{s), guaranty(les) or other evidence of debt described below and all extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include items such as borrowers' ['ames and addresses, note principal amounts, commercial revolving loan agreement's maximum amount, interest ,:'ares, variable rate terms, maturity dates, etc,) ONE PROMISSORY NOTE DATED 6-15-04 IN THE AMOUNT 0F ~42,500.00~ B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Mortgage whether or not this Mortga,qe is specifically referred to in the evidence of debt. C. All obligations Mortgagor ow~s 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!'any 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. Mortgagor's performance u,nder the terms of any instrument evidencing a debt by Mortgagor to Lender and any Mortgage securing, guarantying, or otherwise relating to the debt. If more than one person signs thi~ 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 othe;s. This Mortgage will not secure any other debt 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. 5. PAYMENTS. Mortgagor agrees to m~ke all payments on the Secured Debt when due and in accordance With the terms of the Evidence of Debt or this Mor.,t,c!age. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents; utilities, and other charges r~l~ting to the Property when due. Lender may.require Mortgagor to provide to Lender copies of all notices that such amcunts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any 'claims that would impair the lien of this Mortgage. Mortgagor agrees to assign to Lender, as requested by Lender,.a.~y rights, claims or defenses which Mortgagor may have against parties who supply labor or materials to improve or ma'in'i:ain the Property. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior se(:;urity interest or encumbrance on the Property and that may have priority over this Mortgage, Mortgagor agrees: ~ A. To make all payments wherl due and to perform or comply with all covenants. B. To promptly deliver to Lend?~r'any notices that Mortgagor receives from the holder. C. Not to make or permit any modification or extension of, and not to request or accept any future advances under any note or agreement secL:red by, the other mortgage, deed of trust or security agreement unless Lender consents in writing.. ~ DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upor tqe creation of any lien, encumbrance, transfer, or sale, or contract for any of these on the Property. However, if the P~o,]erty includes Mortgagor's residence, this section shall be subject to the restrictions imposed by federal law (12 C.F.:L 591), as applicable. For the purposes of this section, the term "Property" also includes any interest to all or any Fart of the Property. This covenant shall run with the Property and shall remain in effect until the Secured Debt is pai.d n full and this Mortgage is released. :2001 Bank.rs Sy ...... loci, $,. Cloud, MN F .... AGCO-RESI-WY II1 §/2OO3 (page 2 of 8) g. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor ~s an entity other than a natural person (such as a corporation or other organization),' Lender may demand immediate payment if (1} a beneficial interest in Mortgagor is sold or transferred; (2) there is a chan-~e, in either the identity or number of members of a partnership or similar entity; or (3) there is a change in ownership of:n'~ore than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment In,the above situations if it is prohibited by law as of the date of this Mortgage. 10. ENTITY WARRANTIES AND REFRESENTATIONS. If Mortgagor is an entity other than a natural person (such as a corporation or other organization)] ~'4ortgagor 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 whic],~ is duly organized and validly existing in the Mortgagor's state of incorporation (or organization). Mortgagor i," ii~ good standing in all states in which Mortgagor transacts business. Mortgagor has the power and authority ~o'. 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 a~:~d: performance of this Mortgage by Mortgagor and the obligation evidenced by the Evidence of Debt are witl,ir: the power of Mortgagor, have been duly authorized, have received all necessary governmental approval, an,'J trill not violate any provision of law, or order of court or governmental agency. C. Other than disclosed in wi:iting Mortgagor has not changed its name within the last ten years and has not used any other trade or fictitious name. Without Lender's prior written consent, Mortgagor does not and will not use any other name and will.pi'eserve its existing name, trade names and franchises until 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 th~, Property free of noxious weeds and grasses. Mortgagor will not initiate, join in or consent to any change in any pri,,a~e restrictive covenant, zoning ordinance or other public or private restriction limiting or defining the uses which may be made of the Property or any part of the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor or any other owner made under law or regulation regarding use, ownership and occupancy of the Property. Mortgagor will comply with all legal requirements and re:;trictions, whether public or private, with respect to the use of the Property. Mortgagor also agrees that the nature of the occupancy and use wilt not change without Lender's prior written consent. No portion of the Property will Se'removed, demolished or materially altered without Lender's prior written consent except that Mortgagor has the ric~ht to remove items of personal property comprising a part of the Property that become worn or obsolete, provided that s]c~ personal property is replaced with other personal property at least equal in value to the replaced personal property, free from any title retention device, security agreement or other encumbrance. Such replacement of personal property will be deemed subject to the security interest created by this Mortgage. Mortgagor shall not partition or subdivide the Property without Lender's prior written consent. Lender or Lender's agents may, at Lender's option, enter the Properly at any reasonable time for the purpose of inspecting the Property. Any inspection of the Property shall be entirely for L~nlder's benefit and Mortg.agor 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, or any other mortgage, deed of trust, security agreement or other lien document that has priority over this Mortgage, Lender may, without notice, perform the duties or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. If any construction on the Property is discontinued or not carried.on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the Property. This may include c0mpl~ti[.~g the construction. Lender's right to perform for Mor~gg~gor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising ary of Lender's other rights under the law or this Mortgage. Any amounts paid by Lender for insuring, preserving or otherwise protecting the Property and Lender's security interest will be due on demand and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to time according to the terms of the Eviderce of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the .'ight, title and interest in the following (Property). A. Existing or future leases, .;uSleases, 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; including but not limited to, security deposits, minimum rents, percentage rents, additional rents, common,.ar~a maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium contribu:.ions, liquidated damages following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or are on account of the use or occupancy of the whole o~, atw part of the Property (Rents). In the event any item listed as '_e~ses or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement.' (page 3 of 8) z~'~-----~ ©1993, 2001 Bankg,~ Syslems, Irc., St. Cloud, MN Form AGCO-RESI-WY 1116/2003 ,. '342 Mortgagor will promptly provide Lei'lder with copies of the Leases and will certify these Leases are true and correct copies The existing Leases will b~ provided on execution of the Assignment, and all of the future Leases and any other information with respect to these Luases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents ~.~o :long as Mortgagor is not in default. Mortgagor will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender's written consent Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. When Lender so directs, Mortgagor will endorse and deliver, any payments of Rents from the Property to Lender. Amounts collected will be applied at Lender's discretion to t~e Secured Debts, the costs of managing, protecting and preserving the Property, and other necessary expenses. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrume)t will remain effective during any statutory redemption period until the Secured Debts are satisfied. Unless otherwi:~e prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual possession of the Property wi:hour the necessity of commencing any legal action'or proceeding. Mortgagor agrees that actual possession of the Pro~oerty is deemed to occur when Lender notifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mo~tgagor's tenants pay all Rents due or to become due directly to Lender. Immediately after Lender gives Mortgagor the.no, rice of default, Mortgagor agrees that either Lender or Mortgagor may immediately notify the tenants and demand th~'t ~'11 future Rents be paid directly to Lender. As long as this Assignment is in ~ffect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases' hdve not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and e'xpense, will keep, observe and perform, and require all other parties to the Leases to comply with the Leases and any '¥plicable law. If Mortgagor or any party to the Lease defaults or fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with the terms of the Leases, then Le.nder may, at Lender's option, enforce compliance. Mortgagor will not sublet, modify extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's consent. Mortgagor will not assign, compromise, subordinate or encumber the Le~,ses and Rents without Lender's prior written consent. Lender does not assume or become liable for the Property's ~antenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages due to Lender's gross negligence or intentional torts. Otherwise, Mortgagor will indemr, fify~ Lender and hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to exercis~ a3y of its remedies against any party obligated under the Leases. 14. CONDOMINIUMS;' PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perfor~ all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 15. DEFAULT. Mortgagor will be in default if any of the following occur: A. Any party obligated on the Sebured Debt fails to make payment when due; B. A breach of any term or covenant in this Mortgage, any prior mortgage or any construction loan agreement, security agreement or any,other document evidencing, guarantying, securing or otherwise relating to the Secured C. The making or furnishing cf a~y verbal or written representation, statement or warranty to Lender that is false or incorrect in any material respect by Mortgagor or any person or entity obligated on the Secured Debt; D. The death, dissolution, or nsolvency of, appointment of a receiver for, or application of any debtor relief law to, Mortgagor or any person or enXity obligated on the Secured Debt; E. A good faith belief by Lender at any time that Lender is insecure with respect to any person or entity obligated on the Secured Debt or that tl~e prospect of any payment is impaired or the value of the Property is impaired; F. A material adverse'chang~i in Mortgagor's business including ownership, management, and financial conditions, which Lender in its opinion be ieves impairs the value of the Property or repayment of the Secured Debt; or G. Any loan proceeds are use] for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M. 16. REMEDIES ON DEFAULT. In some. instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, mediation not:ices or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lende( m;w accelerate the Secured Debt and foreclose this Mortgage in a manner provided by law if this Mortgagor is in default. At the option of Lender, all or aqy 'part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, a-¢ter? giving notice' if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender she/ be entitled to all the remedies provided by law, the Evidence of Debt, other evidences of debt, this Mortgage and any rel'~ted 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 expressly set forth or no~. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or'i~ accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require full and co?np ete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Le;~de;r's right to later consider the event a default if it continues or happens again. (page 4 of 8) ~/~--'L~:].~.© 1993, 2001 Bankers Sysloms, I~.:., S~. Cloud, MN Form AGCO-RESI-WY 1/1§/2003 17. 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 Mortgage. Mortgagor will also pay on demand all of Lende~"s ~-xpenses incurred in collecting, insuring, preserving or protecting the Property or in any inventories, audits, inspectio?ls ()r other examination by Lender in respect to the Property. Mortgagor agrees to pay all costs and expenses incurred by [~:ender in enforcing or protecting Lender's rights and remedies under this Mortgage, including, but not limited to, atto'me~/s' fees, court costs, and other legal expenses. Once the Secured Debt is fully and finally paid, Lender agrees to rel~easle 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 at the highest rate in effect, from time to time, as provided in the Eviden :e of Debt and as permitted by law. 18. ENVIRONMENTAL LAWS AND luAzARDOUS 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 federal, ;~tatle and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning tqe ipublic health, safety, welfare, environment or a hazardous substance; and (2) "Hazardous Substance" means a3y :oxic, 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 environmer~t. The term includes, Yvittl)out limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardou'., sbbstance" under any Environmental Law. Mortgagor represents, warrants and agrees that, except as previously disclos.,~d ~'~nd acknowledged in writing: A. No Hazardous Substance .,qas' been, is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under cr about the Property, except in the ordinary course of business and in strict compliance with all applicable Environ ~ental Law. B. Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediatel¢ notify Lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law. D. Mortgagor has no knowledgff of or reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relatil~g to {1)any Hazardous Substance located on, under or about the Property; or (2) any violation by Mortgagor o[ any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortg~goi has reason to believe there is any such pending or threatened investigation, claim, or proceeding, In such an eve.hr, Lender has the right, but not the obligation, to participate in any such proceeding including the right to receive copies of any documents relating to such proceedings. E. Mortgagor and every tenant [)ave been, are and shall remain in full compliance with any applicable Environmental Law. F. There are no undergroun~ storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in writing. G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or ;~pprovals required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or ca,,se any tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records ~t any reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, Un'let or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that h~s been released on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Environmental Law. I. Upon Lender's request r~,nd.at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified environmental engineer tC prt:;pare an environmental audit of the Property and to submit the results 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 the obligation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any brr~.ach of any representation, warranty or promise made in this section, (1) Mortgagor will indemnify and hold L~nd~r and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, darrf'age:s, cleanup, response and remediation costs, penalties and expenses, including without limitation all cost!; 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 ~t lerast equal value to the Property secured by this Mortgage without prejudice to any of Lender's rights under this Mortgage. L. Notwithstanding any of t~e Iianguage contained in this Mortgage to the contrary, the terms of this section shall survive any foreclosure or :~atisfaction of this Mortgage regardless of any passage of title to Lender or any disposition by Lender of a.ly c~r all of the Property. Any claims and defenses to the contrary are hereby waived. J . 19. CONDEMNATION. Mortgagor will ~jive Lender prompt notice of any action, real or threatened, by private or public entities to purchase or take any l.)r all of the Property, including any easements, through condemnation, eminent domain, or any other means. Mortgagor f:]rther agrees to notify Lender of any proceedings instituted for the establishment of any sewer, water, conservation, ditch, ('lrainage, or other· district relating to or binding upon.the Property or any part of it. Mortgagor authorizes Lender to fntervene in Mortgagor's name in any of the above described actions or claims and to collect and receive all sums resu!tin~c from the action or claim. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected wi.h a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and wilr, be. app led as provided in this Mortgage. This assignment of proceeds is subject to the terms of any prior mortgage, dee:l of trust, security agreement or other lien document. '~ (page 5 of 8) ~ ©~993, 2OO1 Banke[s Systems, I~nc., .~;t. Cloud, MN Form AGCO-RESI-WY ~/1612003 20. INSURANCE. Mortgagor agrees tc r~aintain insurance as follows: A. Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably associated with the Properw 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 requir.~s. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured D~bt. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, wh~c~ shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender m~y, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of (his Mortgage. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "le'.nder loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the msurarc.,~. 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 gwe immed;ate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortlgagor. Unless Lender and Mortg~.~g~r otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property dan~laged if the restoration 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 oe applied to the Secured Debt, whether or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or estore the Property or to pay the Secured Debt whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Mortga~]cr otherwise 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, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. ,, B. Mortgagor agrees to main~.ai!n comprehensive general liability insurance naming Lender as an additional insured in an amount acceptable to Lender, insunng against claims arising from any accident or occurrence in or on the Property. C Mortgagor. agrees to maintain rental loss or business interruption insurance, as required by Lender, in an amount equal to at least covera.(;'e, of one year's debt service, and required escrow account deposits (if agreed to separately in writing), und~.r a form of policy acceptable to Lender. 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds fcr taxes and insurance in escrow. 22. FINANCIAL REPORTS AND ADD'jTiONAL 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 requelst,iany additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mot'tgagor'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 app~)ints Lender or Lender's agent as attorney in fact to do the things necessary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILI'[Y; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage are joint and individual. If Mortga.qor signs this Mortgage but does not sign the Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest.' ir the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Sec. urled Debt. Mortgagor agrees that Lender and any party to this Mortgage may extend, modify or make any change in th~ terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such a change will not release Mortgagor yom the terms of this Mortgage. The duties and benefits of this Mortgage shall bind and benefit the successors and as's gns of Mortgagor and Lender. If this Mortgage secures a guarar~ty 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 Lnder the obligation including, but not limited to, anti-deficiency or one-action laws. · (page 6 of 8) ~" ©1993, 2001 Banker$$¥stem$,l~c.,¢$t. Cloud, MN Form AGCO-RESI-WY 1/16/2003 SIGNATURES: By s~gnJng below, Ivl~rtgagor 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.the parties sigmng below by resolution signed and dated Entity Name: (Signa't/eiRICHARD D. PURDUM (Date) (Signature) [Date} (Signature) IDate) (Signature) (Date) [] Refer to the Addendum which is attached and incorporated herein for additional Mortgagors, signatures and acknowledgments. (individual/ ACKNOWLEDGMENT: STATE OF W¥0minq This instrument was acknowledged before me this 15th by RICHARD D, ['URDUM My commission expires: I~EN A. HAR1WELL,,<~Iotary Public County of t~'~ State of Lincoln ~f Wyoming My Commission Expires 'July 8.2006 , COUNTY OF Lincoln } ss. day of June, 2004 (Notary Public) STATE OF : , COUNTY OF This instrument was acknowledged before me this by .day of } SS. (Title(s)) Acknowleagmanll of a My commission expires: {Name of Business or EntityJ on behalf of the business or endty. (Notary Public) ©1993, 2001 Bankers Sys~elns, I~c., St. Cloud MN Fo~m AGCO-RESI-WY 1/1§12OO3 (page 8 of 8) 24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jurisdiction in which Lender is located, except t'3 i;he extent otherwise required by the laws of the jurisdiction where the Property is located. This Mortgage is compl.'.,~te and fully integrated. This Mortgage may not be amended or modified by oral agreement. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section or clau.'..e of 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 plural the singular. The captions and headings of the sections, of this Mortgage are for convenience only and are not to b~, used to interpret or define the terms of this Mortgage. Time is of the essence in this Mortgage. 25. 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 ncti~.e to all mortgagors. 26. WAIVERS. Except to the extent Prchibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption dghts relating to the Property. 27. U.C.C, PROVISIONS. If checked, t;~e foll0wing are applicable'to, but do not limit, this Mortgage: [] Construction Loan. This M3r~gage secures an obligation incurred for the construction of an improvement on the Property. [] Fixture Filing. Mortgagor .cra,~ts to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. [] Crops; Timber; Minerals; Perts, Issues and Profits. Mortgagor grants to Lender a security interest in all crops, timber and minerals located on the Property as well as all rents, issues, and profits of them including, but not limited to, all Conservatk)n R~;serve Program (CRP) and Payment in Kind (PIK) payments and similar governmental programs (all of which Shall also 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, g(~ne?al intangibles, and all other items of personal property Mortgagor owns now or in the future and that are used Or useful in the construction, ownership, operation~ management, or maintenance of the Property. The term "p~rs'onal property" specifically excludes that property described as "household goods" secured i'n connection wit;h .',a "consumer" loan as those terms are defined in applicable federal regulations governing unfair and decep.tiv:~ credit practices. [] Filing As Financing State~ent. Mortgagor agrees and acknowledges that this Mortgage also suffices as a financing statement and a.~i such, may be filed of record as a financing statement for purposes of Article 9 of the Uniform Commercial Code. A: carbon, photographic, image or other reproduction of this Mortgage is sufficient as a financing statement. 28. OTHER TERMS. If checked, the fo!lowing are applicable to this Mortgage: [] Line of Credit. The Secured Eebt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, ~his Mortgage will remain in effect Until released. [] Sep'arate Assignment. The:'M~rtgagor has executed or will execute a separate assignment of leases and rents. If the separate assignment of'lelases and rents is properly executed and recorded, then the separate assignment will supersede this Security Insl~ru ~nent's "Assignment of Leases and Rents" section. [] Additional Terms. ©1993, 2001 Bankers Systems, In,';., SL Cloud, MN Form AGCO-RESI WY 1/16/2003 (page 7 of 8) SCHEDULE C parcel 1 2c, T33N Rl%SW of the 6th p.M., Lincoln countY, wyoming part oX Section ~ being more particulmrly described as follows: BEGINNING 299 feet North of the SouthweSt corner of the LrW~SW~ of said Section 29 and runnlng thence North 149.5 feet; thence East 1320 .'feet; thence South 149,5 ~eet; . thenCe West 1320 feet to the poINT OF BEGINNING iht of a_~ The r~_q~6~$gqpR -~7996 Clerk- as provided for in instrument recorded November 7, on page 299 of nhe records of the Lincoln county 11/91