Loading...
HomeMy WebLinkAbout900461RECORDATION REQUESTED BY: The Jackson Slale Bank & Trusl Main Office P.O. Box 1788 112 Center Street Jackson, WY 83001 WHEN RECORDED MAIL TO: The Jackson Slale Bank & Trust Main Office P.O. Box 1788 112 Center Slreet Jackson, WY 83001 SEND TAX NOTICES TO: The Jackson Stale Bank & Trusl Main Office P.O. Box 1788 112 Center Street Jackson, WY 83001 900h61 RECEIVED LINCOLf',I r'..'"~l~t,!1'Y CLERK SPACE ABOVE THIS LINE I.S FOR .RECORDER'$ USE ONLY MORTOAGE MAXIMUM LIEN. The lien of this M~rtgage shall not exceed at any one time $35,000.00. THIS MORTGAGE dated May 12, 200~,, is made and executed between Cynthia A. Engelstad, sole Trustee, or her successors in trust, under the Cyn[hia A. Engelstad Living Trust,. dated February 1, 1999, and any amendments thereto, whose address is P.O. Boxy12321, Jackson, WY 83002-2321 (referred to below as "Grantor") and The Jackson State Bank & Trust, whose-'. :~address is P.O. Box 1788, 112 Center Street, Jackson, WY 83001 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Granlor mortgages and conveys lo Lender all of Grantor's right, title, and interest in and to Ihe following described real property, logether w'~h all exisling or subsequenlly erecled or affixed buildings, improvements and lixtures; all easements, rights of way, and appurlenances; all waler, walelr righls, walercourses and ditch righls (including stock in utilities wilh dilch or irrigalion righls); and all other rights, royalties, and profits relating Io th~: i-eel properly, including withoul limilalion all minerals, oil, gas, geolhermal and similar mailers, (the "Real Property") located in Lincoln ~ounty, State of Wyoming: Lot 23 of Alpine Village Subdivision No. 1, Plat 2 Amended, Lincoln County, Wyoming as described on the official plat thereof The Real Property or its address is. commonly known as 1006 Alpine Village Loop, Alpine, WY 83128. REVOLVING LINE OF CREDIT. Specifically, i~a addition Io Ihe amounls specified in Ihe Indebledness definition, and withoul limllation, Ibis Morlgage secures a revolving line of creditj '.;vhlch obligates Lender to make advances to Borrower so long as Borrower complies with all Ihe lerms of the Credil Agreement. Such advances may be made, repaid, and remade from time Io time, subjecl to Ihe limitation that lhe Iolal outstanding balance owing al any one time, ecl including finance charges on such balance al a fixed or variable rule or sum as prov dad in the Credil Agreement, any temporary overages, iolher charges, and any amounls expended or advanced as provided In eilher the ndebtedness paragraph or Ibis paragraph, shall ecl exceed the Credit Limit as provided in Ihe Credit Agreement. It is the intention of Granlor and Lender that this Mortgage secures the balance outstar!dln9 under Ihe Credit Agreemenl from lira.9 Io lime from zero up !o Ihe Credil Limit aS provided In Ihis Mcr!gage and any intermediate balanc.~. Grantor presently assigns to Lender ail of Grant.'.r's righl, title, and inlerest in and lo all present and luture leases of the Property and all Rents from Ihe Property. In additior~ Grantor gruels 1o Lender ~ Uniform Commercial Code securily intere51 in Ihe personal Property and Reels. THIS MORTGAGE, INCLUDING THE ASSlGNt lENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF TH":' INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF GRANTOR'S AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREE,A'ENT, THE RELATED DOCUMENTS, AND THIS MORTGAGE.' THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: GRANTOR'S WAIVERS. Granlor.waives all ~'ic. hls c;r defenses arising by reason ol any "one action" or "anli-detic ency" law, or any other law which may p[evenl Lender from bdnging any ac!ion against Graelo[, in.cluding a claim for deficiency Io lhe exlenl Lender is otherwise enlilled to a claim for deficiency, belore or allot Lender's commencerr.9~t or comp et o~ 01 any foreclosure action, eilher judicially or by exercise ol a power of sale. GRANTOR'S REPRESENTATIONS AND WAR:iANTIES. Grantor' warrants lhat: (a)' this Mortgage is ~x~cL~ted'at Bon:ower's request and ecl al Ihe request ol Lender; (b) Grantor has the lull pow;, r, right, and aulhorily Io enler into this Mortg'age'and to hyp'oihe~te the Properly; (c) the provisions of this Mortgage do not conflict with, or result in a'default under any agreement or other instrumenl binding upon Grantor and do not result in a violation ct any law, regulation, court decree or order al)'plicable Io Grantor; (d) Granlor has eslablished adequale means o! oblaining from Borrower on a continuing basis informalion aboul Borrower'~ i~rlancial condilion; and (e) Lender has made no representation to Grantor about Borrower (including without limitation the creditworthiness of Borrow ~0. PAYMENT AND PERFORMANCE. Except as olherwise provided in Ibis Mortgage, Borrower shall pay to Lender ail Indebtedness secured by Ibis Mortgage as it becomes due, and Borrower and Grantor shall slrictly perform all Borrower's and Grantor's obligations under this Morlgage. POSSESSION AND MAINTENANCE OF THE P,cIOPERTY. Borrower and Granlor agree thai Borrower's and Grantor's possession and use ol Ihe Properly shall be governed by the Iollowing pro, isions: Possession and Use. Unlil the occurrence ct an Evenl of Default, Granlor may (1) remain in possession and conlrol of Ihe Properly; (2) use, operate or manage the Property; and (3) ¢~)l.lecl the Reels Irom the Property. Duty to Maintain. Granlor shall maintain lhe Property in good condition and promplly perform all repairs, replacements, and maintenance necessary Io preserve ils value. Compliance With Envlronmenlal Laws. 'Grantor represents and warranls 1o Lender thai: (1) During the period ol Granlor's ownership of the Property, there has been no use, gene~aiion, manulaclure, storage, trealment, disposal, release or Ihrealened release ol any Hazardous Subslance by any person on, under, abol~t' or from Ihe Property; (2) Grantor has no knowledge ol, or reason to believe lhal there has been, except as previously disclosed lo and ackr,¢,wledged by Lender in wriling, (a) any breach or violation ct any Environmenlal Laws, (b) any use, generation, manufaclure, 51orage, Irealme~ I, disposal, release or Ihrealened release ct any Hazardous Subslance on, under, about or from Ihe Properly by any prior owners or occupanL~ of the Property, or (c) any actual or threatened liligalion or claims o! any kind by any person relaling {o such matters; and (3) Except as previously disclosed Io and acknowledged by Lender in writing, (a) neilher Granlor nor any tenant, conlractoC agenl or olher aulho~ized user o! the Property shall use, generale, manutaclu~'e, store, Ireat, dispose of or release any Hazardous Substance on, under, aboul or fror~ Ihe P,¥operty; and (b) any such aclivily shall be conducted in compliance with all applicable federal, state. and local laws, regulations and ordinance.~, ;ncluding wilhout limilation all EnvJronmenlal Laws. Granlor aulhorizes Lender and ils ageot5 Io enter upon the Property to make such inspectic.qs and tests at Grantorls expense, as Lender may deem appropriate to delermioe compliance ct the Property wilh this section of Ihe Mortgage. 'Any inspeclions or tesls made by Lender shall be for Lender's purposes 0ely and shall ecl be construed to create any responsibilily or I,abilily on Ihe part of Lender to Granlor or to any olher person. ?he representalions and wa~ranlies conlained herein are based on Granlor'5 d'.le diligence in investigating the Properly for Hazardous Subslances. Granlor hereby (I) releases and waives any future claims againsl Lender for' indemnily or contribution in lhe event Grantor becomes liable tot cleanup or olher cosls under any such laws; and (2) agrees to indemnily at'.d hold harmless Lender againsl any and all claims, losses, liabitilies, damages, penalties, and expenses which Lender may directly or indireclly sustain or suffer resulting from a breach of Ihis section ol Ihe Mortgage or as a consequence ol any use, generalion, manufacture, storage, dJspos~:l, release or threalened release occurring prior to Grantor's ownership or interest in the Properly, whether or nol,~e same was or should have been known Io Granlor. The provisions indemnity, shall survive the payment of IF:~. Indebtedness and Ihe satisfaction and reconveyance of Ihe lien of this Mortgage and shall not be Loan No: 33.046715 MORTGAGE '-. ~ ,, ~ J[ 0 (Continued) Page2 aflecled by Len~)er's acquisilion el any inlefes:l in Ihe Property, whelher by foreclosure or otherwise. Nuisance, Wasle. Granlor shall riel cause, conduct or permit any nuisance nor commil, permit, or suffer any stripping of or waste on or to Ihe Properly or any portion of the Property. Wi.t~out limiling the generality of lhe loregoin9, Grantor will not remove, or 9rant Io any olher parly the righl Io remove, any limber, minerals (inclu~:;!njg oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent. Removal of Improvements. Granlor sh~.ll ~not 'dem01sl or remove any lmprovemenls Ircm the Real Property withoul Lender's prior wrillen consenl. As a condition to Ihe rem0v~l 0f ~!'h,',, ImProvemenls, Lender may require GrantOr lo make arrangemenls salisfaclory Io Lender lo replace such Improvements with improvements el ~;I l.gas equal value. · " Lender'S Rigt~t to Enler. Lender and ?n:~e~r's agents and representatives may'enter upon the ReaI.F;~l~e~'ly a.t all' reasonable times to allend to Lender's inte~'esfs aqd I0 inspect t~.e, Real F'o~er!y Ior purposes of Grunter's comp i.a,nce Wi!h the !~rms and conditions of this Mortgage. Compliance with Governmental Require'nents. Grantor shall promplly comply with all laws, brdinances, and regulalions, now or hereafler in effecl, of all governmental authorities app'..cable Io Ihe use or occupancy of Ihe Property. Grantor may contest in good faith any such law, ordinance, or regulation and wilhhold:compli~-nce during any proceeding, including appropriate appeals, so long as Grantor has nolilied Lender in · writing prior Io doing so and so Ioncjj as, i'~ Lender's sole opinion, Lender's inlerests in the Property are not jeopardized. Lender may require Grantor to post adequale securily or ~1 sure y ~ond, reasonably salisfactory lo Lender, Io protect Lender's interest. Duty to Protect. Grantor agrees neither to ~bandon or leave unatlended Ihe Properly. Granlor shall do all olher acls, in addilion lo those acts sel forlh above in this seclion, which from Ihe c ~&racter and use of lhe Property are reasonably necessary to protect and preserve Ihe Property. DUE ON SALE CONSENT BY LENDER. Len:l~;r may, al Lender's option, declare immediately dqe and payable all sums secured by this Mortgage upon lhe sale or transfer, will~0ut Lender's prior written consenl, of all or any pad of the Real Property, or any interesl in Ihe Real Properly. A "sale or Iransfer" means Ihe conveyance of Real Properly or any debt, title or inlerest in Ihe Real Property; whether legal, beneficial or equitable; whether voluntary Or involuntary; Whether'by'outright sale.,, (~ieed, inslallmenl saie coniracl, land conlracl, contracl for deed, leasehold ir~teresl with a term grealer {han three (3) years, lease--oplion conlracl, Or b ! ~ale, assignmenl, or Iransfer of any beneticia~ inlerest in or to any land trusl holding lille Io Ihe Real Property, or by any other method el conveyan~'e!ol an inlerest in the Real Properly. However, this oplion shall not be exercised by Lender il such exercise is prohibited by lederal law or by Wyomln,~j law. TAXES AND LIENS. The following Provisions re;a!ing Iolhe luxes and liens on the Property are pad of this Mortgage: Payment. Grantor shall pay when due (ar'::l in all evenls prior to delinquency) all taxes, payroll taxes, special luxes, assessmenls, water charges and sewer service charges levied againsl.o(', on accounl of the Property, and shall pay when due all claims tot work done on or Ior services rendered or material furnished lo the Property,. Grantor shall maintain Ihe Property tree ct any liens having priority over or equal lo the interest el Lender under this Morlgage, except (or th¢:~ Exisling Indebledness referred Io in Ihis Mortgage or those liens specifically agreed to in wrilin9 by Lender, and except for Ihe lien of luxes and; a.ssessmenl~ not due as furlher specilied in Ihe Righl Io Conlesl paragraph. Right to Contest. Grantor may withhold F,'~yment el any lax, assessment, or claim in conneclion wilh a good faith dispule over the obligalion Io pay, so long as Lender's interest in Ihe Prot'~erly is nol jeopardized. If a lien arises or is tiled as a resull of nonpaymenl, Grantor shall wilhin fifleen (15) days after the lien arises or, if a I.ien is ;til~;d, within fifteen (15) days after Granlor has nOtice of Ihe filing, secure Ihe discharge of Ihe lien, or if requesied by Lender, deposil with Lender cash or a sutficienl corporale surety bond or 0iher secudty satisfaclory Io Lender in an amounl sulficient to discharge the lien plus any costs and reasonable attorneys' fees, or olher charges Ihal could accrue as a result ct a foreclosure or sale under fhe lien. In any contest, Grantor shall defend ilself and Lender and shall salisly any adverse judgment befo~:e entorcemenl againsl the Property· Granlor shall name Lender as an addilional obligee under any surety bond furnished in Ihe contest proceedings. Ev'idence of Payment. Granlor shall uPc,-~ demand turnish to Lender salislaclory evidence of paymen! of the luxes or assessmenls and shall authorize the appropriate governmental ot~icial to deliver Io Lender al any lime a written statement of the taxes and assessmenls against Ihe Property. Notice of Construction. Grantor shall nol~fy,Lender al least fifteen (15) days before any work is commenced, any services are furnished, or any malerials are supplied ~o the Properly, if any'mechanic's lien, materialmen's lien, or olher lien could be asserled on acbounl el lhe work, services, or materials and the cost exceeds $1,000.60. Granlor will upon request o~ Lender furnish to Lender advance assurances salislaclory 1o Lender Ihat Granlor can and will pay the cost of-suchlimpro'vementS. PROPERTY DAMAGE INSURANCE. The follow-'ng provisions relating Io insuring Ihe Property are a part of this Mortgage: Maintenance of Insurance. Granlor shall p?ocure and maintain policies of lire insurance with slandard exlended coverage endorsemenis on a replacement basis for the lutl insurable valise covering all Improvements on the Real Property in an amount suflicienf Io avoid applicalion of any coinsurance clause, and with a standard m :~rl;gagee clause in favor el Lender. Policies shall be writlen by such insurance companies and in such form as may be reasonably acceptable Io Lender. Grantor shall deliver to Lender certificales of coverage from each insurer conlaining a slipulation that coverage will not be cancell ~d or diminished withoul a minimum of len (10) days' prior wdllen notice to Lender and not containing any disclaimer of the insure¢'s liability tor ~iiure to give such notice. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender wil! not be in'.,)aired in any way by any act, omission or default el Granlor or any other person. Should the Real Properly be located in an area designated by Ihe Director of Ihe Federal Emergency Managemenl Agency as a ~pecial flood hazard area, Grantor agrees Io obtain and maintain Federal Floo:l ~!nsurance il available, within 45 days aller notice is given by Lender Ihal Ihe Properly is Iocaled in a Special flobd hazard area, lot Ihe full un[-~aid principal, balance of Ihe loan and any prior liens on lhe property securing Ihe loan, up Io the maximum policy limits set under the Nutted'al Flood Insurance Program, or as otherwise required by Lender, and Io mainlain such insurance for Ihe term el Ihe loan. ...: . Application of PrOceeds. Granlor shall I~!omplly notify Lender of any loss or damage to the Properly if the estimated cost ct repair or replacemen{ exceeds $1,000.00. Lender n-ay make prool of loss it Granlor fails to do so wilhin fiiteen (t5) days of the casually. Whelher or not Lender's security is impaired, Lender may, al Lender's eleclion, receive and retain the proceeds of any insurance and apply the proceeds Io the reduction of the Indebtedness, payment of'a~y lien affecting the Property, or Ihe resloralion and repair of Ihe Property. I~ Lender elecls to apply Ihe proceeds io restoration and repair, Gra~ Ior shall repair or replace the damaged or destroyed Improvements in a manner salisfactory Io Lender. Lender shall, upon satisfactory proof of sdc=h expenditure, pay or reimburse Grantor trom Ihe proceeds for the reasonable cosl' of repair or resloralion il Grantor is not in delault undei Ii, is Mortgage. Any proceeds which have not been disbursed wilhin 180 days atter iheir receipl and which Lender has not commilted Io Ihe r~pair or restoration of the Properly shall be used firsl Io pay any amounl owing lo Lender under lhis Morlgage, then to pay accrued inleresl, an~ ',he remainder, if any, shall be applied Io the principal balance of Ihe Indebtedness. II Lender holds any proceeds after paymenl in full ct Ihe Inde~ledness, such proceeds shall be paid Io Granlor as Grunter's inleresls may appear. Compliance with Existing Indebtednffss. 'DiJring Ihe perio, d in which a!:~y Exisling Indebtedness described below'is in effect, compliance with the insurance provisions contained in lhe instrL'm.enl e~idencin9 such Exisling Indebledr'~ess Shall conslilule compliance With the insurance provisions under Ihis Morlgage, to Ihe exlenl complisn~e with lhe lerms of Ibis Mortgage would conslitule a duplication of insurance requirement. If any proceeds from Ihe insurance become payabl,) on loss, the provisions in Ihis Morlgage for division of proceeds shall apply only Io that portion of the proceeds not payable lo Ihe holder of tt',e !Existing Indebtedness. LENDER'S EXPENDITURES. If Granlor tails (A). lo keep lhe Properly free of all taxes, liens, security interests, encumbrances, and olher claims, (B) to provide any required insurance on the Pro,~e.-ty, (C) lo make repairs to Ihe Property or lo comply with any obligation lo mainlain Exisling Indebtedness in good slandin9 as required bel'~w, then Lender may do so. 11 any action or proceeding iS commenced Ihal would materially affect Lender's interesls in the Property, then Lender o:~ Grunter's behall may, but is nol required Io, lake any aclien Ihat Lender believes Io be appropriate Io protecl Lender's interesls. All expenses incurr~':d or paid by Lend~r'for subh purposes will Ihen bear inlerest al the rate charged under the Credit Agreement from the dale incurred or paid by L~qder 1o the dale of repayment by Granlor. All such expenses will become a part of the Indebtedness and, at Lender's option's, will (A) be payable or~ demand; (B) be added lo Ihe balance of the Credit Agreement and be apporlioned amen9 and be payable with any inslallment payments .te..bec0n~e du¢~ during either (1) the term of any applicable insurance policy; or (2) Ihe remaining term of Ihe Credit Agreemenl; or (C) be trealed as a bulletin payment which will be due and payable al Ihe Credil Agreement's maludly. The Mortgage also will secure paymenl of these amounts. The righls f. ,'ovided for in this paragraph shall be in addition to any other dgh!s or any remedies to which Lender may be entilled on account of any default. ;-Ar.:/ such 'action by Lender shall riel be conslrued as curing the default so as lo bar Lender from any remedy that it otherwise would have had .... WARRANTY; DEFENSE OF TITLE. The followi~g.provisions relaling 1o ownership el the Properly are a part of this Mortgage: Title, Grantor warrant~.lhat: (a) Grantor!,o~ds good and markelable lille ct record 1o lhe Property in fee Simple, free and clear el ail liens and encumbrances other Ihan those sel lodh in Ine Real Property descdplion or in Ihe Exislieg Indebledness section below or in any lille insurance policy, title reporl, or final lille opinion issued in favor ol, and accepted bY, Lender in conneclion with Ihis Morlgage, and (b) Grantor has Ihe full righl, power, and authorily to execule and c'eiiver Ihis Morlgage Io Lender. Defense of Title. Subject Io the exdeption ir~ the paragraph above, Grantor warrants and will forever defend Ihe title Io Ihe Property againsl Ihe ?'"::' MORTGAGE ~'i!!~i:ii? Loan No: 33046715 ~:' (Continued) "' .... 8 ~i 0 Page 3 lawful claims of all 'persons. In lhe event '~[~y action or proceeding is commenced that questions Granlor's I I e or the interesl of Lender under this Mortgage, Grantor shall defend lhe acli?~n' at Granlor's expense. Grantor may be Ihe nominal parly in such proceeding bul t_ender shall be enlilled Io parlicipate in the proceeding ~nd lo be represented in the proceeding by counsel Gl Lender's own cho ce, and Grantor will deliver, or cause to be delivered, Io Lender such instrJ'menls as Lender may request from lime fo time to permil such parl[icipalion. · Compliance Wilh Laws. Grant0r~warr0',ls thai the Properly and Granlor's use of the Properly complies wilh all exisling applicable laws, ordinances, and regulalions,0f governmen?l aulhorilies. Survival of Promises. All promises, ag(~,em~dts,and slafemenls Grantor has mo'de in ihis M0rlg~ge ~ha'll sdrviv~ tl~e' ~e~li0n 'and d,~iiqe~y of lhis Mortgage, shall be conlinuing in naluf~:and shal re,hain n' full force and eftedl unlil'suchiime as B0~:r0v)er's indeb edn~S~ is paid in full. : " EXISTING INDEBTEDNESS. The following prc'.4sions concerning Exisling Indebtedness are a part of this Morlgage: . Existing Lien. The lien of this Mortga~.., securing Ihe Ihdebtedness may be secondary and inferior 1o an exisling lien. GrantOr expressly covenants and agrees to pay, oi- see Io th-~ paymenl Gl, the Exisling tndebledness and Io prevenl any delault on such indebledness, any delault under the instruments evidencing such indebledness, or any default under any security documents for such indebtedness. No Modification. Grantor shall nol enler' ~rffO any agreement with the holder of any mortgage, deed of trusl, or other security agreement which has priorily over Ibis Morlgage by which fh~lt agreement is modified, amended, exlended, or renewed wilhoul the prior wrillen consenl of Lender. Grantor shall neither request nor accept any~ future advances under any such securily agreement without[ lhe prior written consent of Lender. CONDEMNATION. The following provisions reiaiing to condemnation proceedings are a part o! this Mortgage: Proceedings. Il any proceeding in cond~'mnation is filed, Grantor shall promptly notify Lender in writing, and Granlor shall prompl[ly take such steps as may be necessary Io defend the ~.clion and oblain the award. Granlor may be the nominal party in such proceeding, bul t_ender shall be entitled lo parlicipa!e in It~e p.roceeding anrt to be represenled in lhe proceeding by counsel Gl its 5wn choice, and Granlor will deliver or cause lo be delivered to Lender such inslrumenls a,~:~.;~ documentation as may be requesled by Lender from time Io lime Io permil such parlicipation. Applicalion of Nel'Proceeds. If all or an,~ bar/Gl Ihe Property is condemned by eminenl domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may al ils ~lection require Ihal all or any porlion of the nel proceeds Gl the award be applied Io the Indebtedness or the repair or restoralion of the Property.: .The nel proceeds of the award shall mean the award after payment ct all reasonable cosls, expenses, and attorneys' fees incurred by Lender in c~nnection wilh lhe condemnalion. IMPOSITION OF TAXES, FEES AND CHARGE'J~ BY GOVERNMENTAL AUTHORITIES. The followin9 provisions relalin9 Io governmenlal taxes, fees and charges are a part of l[his Morlgage: ' ~ Current Taxes, Fees and Charges. Up~.n request by Lender, Grantor shall execule such documents in addilion 1o Ihis Mortgage and take whatever olher aclion is requesled, by Ler'der to perfect and conlinue Lender's lien on the Real Properly. Grantor shall reimburse Lender for all laxes, as described below, togelher with a'l:expenses incurred in recording, perfecting or conlinuing this Morlgage, including wilhoul limilalion all taxes, fees, documenlary stamps, and othe'rI charges for recording or regisledng this Mortgage. TO×es.' 'The following shall constitute 'ta~e!...l0 w.h!~h !~is seclion applies: (1) a specific tax upon Ibis lype Gl Mortgacje 'or upon al!.0r any pad of lhe Indebledness ~ec0red by lhis M0rt(~a,:j~; (2) 'a spgcifiC tax on Borrower which Borrower is aulh0dzed or required Io ded'uct from paymen s on the Indebledness s~L~'r~d'b~; this' lype 0fMo(igagel (3):a ta~( on this lype Of Morlgage Chargeable agains! lbo Lender hr' ll-e ho der of the Credit Agreement; and (4) a specilic'lax'¢','-! all or a!~y portion Gl Ihe Indebledness or on payments of principal and i/~'lei-e{l m~de by Borrdwer. Subsequent Taxes. If any tax lo which Ibis Section applies is enacled subsequent Io Ihe date of this Morlgage, this evenl shall have Ihe same effect as an Event of Default, and Lender n[.:~y exercise any or all Gl ils available remedies for an Evenl Gl Default as provided below unless Granlor either ('1) pays lhe lax before il becomes ~J~linquenl or (2) contests Ihe lax as pro¥'ded above ~n he Taxes and Liens section and depos Is w h Lender cash or a sufficienl corporate surety !bond or other security satisfaclory Io Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The folloWing provisions relaling to this Morlgage as a security agreement are a part of Ibis Mortgage: Security Agreement. This 'instrument sha'l constitute a Securily Agreement lo Ihe extenl any of Ihe Properly constitules fixtures, and Lender shall have all gl the righls of a secured party under, the Uniform Commei-cial Code as amended from lime Io time. Securily Inleresl. Upon request by Lender, GranlOr shall lake whalever aclion is requesled by Lender Io perfect and conlinue Lender's security inlerest in the Personal Property. In addition Io recording Ihis Mortgage in the real property records, Lender may, al any lime and withoul furlher aulhorization from Grantor, file execuled counterpads, copies or reproduclions of this Morlgage as a financing stalemenl. Grantor shall reimburse Lender for all expenses incurred in perle(ling or continuing this security interest. Upon defaull, Granlor Shall not remove, sever or delach lhe Personal Property from the Properly. Upon':default, Grantor shall assemble any Personal Properly not affixed Io the Property in a manner and al a place reasonably convenienl 1o Granlor a.~d Lender and make il available 1o Lender within lhree (3) days after receipl gl written demand from Lender to lhe extenl permilled by applicab;5 law. Addresses. The mailing'addresses of G~anlor (deblor) and 'Lender (secured party) from which information concerning Ihe security Inleresl granted by this Morlgage may be obt'ained'~,(each as required by the UnifOrm Commercial Code) are as'stated On Ihe first page Of Ihis Mortgage. FUR:I'HER ASSURANCES; ATTORNEY-rlN-Fi,,.CT..'the.fo low ng provisions [elalin9 I'0 further assurances and altorney-in-facl are a part of Ibis Morlgage: : Further Assurances. Al[any time, and fl.;~m time 1o time, upon request of Lender, Granlor will make, execute and deliver, or will Cause Io be made, execuled or delivered, 1o Lender or Io Lender's designee, and when requesled by Lender, cause 1o be filed, recorded, refiled, or rerecorded, as the case may be, al such/:trees and in Such olfices and places as Lender may deem appropriale, any and all such mortgages, deeds off trusl, securily deeds, securily agrff, ements, linancing statements, conlinuation slal[emenls, instruments of furlher assurance, cerlificales, and giber documents as may, in the sclc, ¢opinion of Lender, be necessary or desirable in order Io effecluate, complele, perfecl, continue, or preserve (1) Borrower's and Grantor's c~ligalions under the Credit Agreemenl, lhis Mortgage, and the Related Documenls, and (2) the liens and security inleresls created by this Mortgi~.ge on lhe Property, whelher now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees Io the conlrary in wrilin'31 Grantor shall reimburse Lender for all costs and expenses incurred in conneclion wilh Ihe mailers reterred 1o in Ihis paragraph. ' ' Allorney-in-Facl. Il Grantor fails 1o do ar,'/.ol ihe things referred 1o in the preceding paragraph, Lender may do so for and in Ihe name of Grantor and al Granlor's expense. For such pui'doses, Granlor hereby irrevocably appoinls Lender as Granlor's allorney-in-facl for the purpose of making° executing, delivering, filing, rec(:::ding, and doing all olher Ihings as may be necessary or desirable, in Lender's sole opinion, lo accomplish the mailers referred Io in lhe p;'~.ceding paragraph. FULL PERFORMANCE. If Borrower pays all lh,~., Indebtedness when due, lerminales lhe credit line account, and otherwise performs all the obligalions imposed upon Grantor under this Mortgage, Le ~der shall execule and deliver to Grantor a suilable salisfaclion of Ihis Mortgage and suilable slatemenls of termination of any financing slalement on f:.F!~, evidencing Lender's security interest in the Renls and the Personal Properly. Granlor will pay, if permitted by applicable law, any reasonable termination lee as determined by Lender from time to lime. EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Morlgage if any of the following happen: (A) Borrower does not meet the repayment terms of the Credit Agreement. ' Detaull on Olher Paymen!s. Failure ct (;;antor wilhin the time required by this Mortgage Io make any paymenl for faxes or insurance, or any olher paymenl necessary to prevenl !fling ~; f: or to effect discharge of any lien. Break Other Promises. Borrower or Gn:i~lor breaks any promise made to Lender or fails Io perform promptly at the lime and strictly in the manner provided in this Mortgage or in ani/agreement related to Ibis Mortgage. (D) Granlor commils fraud or makes a material misrepresentation at any lime in connection wilh Ihe Credit L~.greemenl. This can include, for example, a false statement aboul Borrower's'or Grantor's income, assets, liabilities, or any giber aspects of B:~rower'.s or Grantor's financial condition. Defecllve Collalerallzal on.' This Mortgage'Or any'of the Related Documents ceases Io bein full force' and effect (including failure of any collaleral dodument to creale a valid and perfected t ecurity Jn!eresl or lien) al any lime and for any reason.' Insolvency. The dissolution or terminalion :of Ihe Trust, the insolvency of Borrower or Grantor, lhe appoinlmenl of a receiver tgi an~; Pad of Borrower's or Granlor's property, any a'.'signment for Ihe benefit of credilors, any lype of credilor workout, or lhe commencement of any proceeding under any bankruptcy or insol¥~.ncy laws by or against Borrower or Granlor. Taking of lhe Properly. Any credilor or 9o. vernmen!al agency Ides Io take any of Ihe Property or any other of Borrower's or Granlor's property in which Lender has a lien. This includes roi:lng of, garnishing of or levyin9 on Borrower's or Granlor's accounls with Lender. 14owever, if Borrower Loan No: 33046715 (Continued) Page 4 or Grantor disputes in good leith whelher'the claim on which the taking of Ihe Properly is based is valid or reasonable, and il Borrower or Granlor gives Lender wdllen nolice of the claim ¢.nd furnishes Lender with monies or a surely bond salisfactory lo Lender to satisfy the claim, Ihen this default provision will not apply. Breach ot Olher Agreement· Any breach:iby Borrower or Grantor under the terms ol any other agreemenl between Borrower or Granlor and Lender Ihal is not remedied within any grace period provided therein, including wilhout limitation any agreemenl concerning any indebtedness or olher obligation of Borrower or Graf!lot.lo Lender whelher exisling now or later. Evenls Affecling Guarantor. Any of lhe Jrecedmg events occurs with respecl Io any guarantor, endorser, surety, or accommodation party of any of lhe Indebledness or any guaranlor, em:lo?se& surety, or accommodalion parly dies or becomes incompetent, or revokes or dispules Ihe validily ol, or liabilily under, any Guaranty of lhe li~deb/edness. In the event of a death, Lender, at ils oplion, may, bul shall not be required Io, permil the guaranlor's esla[e to assume uncondilion;:dl? the obligalions arising under the guaranty in a manner salisfaclory lo Lender, and, in doing so, cure any Evenl of Defaull. ' ' Rlghl lo Cure. Il such a lailure is cural.';le and it Borrower or Grantor has nol been given a nolice ol a breach ol the same provision ol this Mortgage within the preceding Iwelve (l~)imonlhs il may be cured (and no Evenl ot Defaull will have occurred) ii Borrower or Grantor, after Lender sends wrillen notice demanding cU~e ol such failure: (a) cures lhe failure wilhin fifteen (15) days; or (b) if the cure requires more than fifteen (15) days, immediately iniliales sle.o~ sufticienl Io cure the failure and Iherealler continues and completes all reasonable and necessary steps sulticienl Io produce compliance as/;qon as reasonably praclical. RIGHTS AND REMEDIES ON DEFAUI._T. UF.or~ lhe occurrence of an Evenl of Default and al any lime Ihereafler bul subject to any limitalion in lhe Credil Agreement or any limitation in Ibis Mortpage, Lender, al Lender's oplion, may exercise any one or more o! Ihe following rights and remedies, in addilion to any giber rights or remedies provided;by law: Accelerale Indebledness. Lender .shall ha.'ve the righl at ils oplion without notice to Granlor lo declare lhe entire Indebtedness immediately due and payable, including 'any }3repaymen't p. m.~lt~;'which G~antor would ~e required Io pay. UCC Remedies. Wilh respecl Io all or a/y pad of the Personal Property, Lender shall have all the righls and remedies ct a secured parly under lhe Uniform Commercial Code. · i' Collect Rents, Lender shall have Ihe r§hl, without notice to Borrower or Granlor, 1o lake possession of Ihe Property, including during Ihe pendency ol foreclosure, whelher judicial rr non-judicial, and collect the Renls, including amounls pasl due and unpaid, and apply lhe riel proceeds, over and above Lender's cost.a, :.~gainst the Indebtedness. In furlherance of lhis righl, Lender may require any lenant or olher user of Ihe Property to make payments of rent o:. dse fees direclly fo Lender. It the Rents are collecled by Lender, then Grantor in'evocably designales Lender as Granlor's attorney-in-fact lb e~dbrse inshuments received in payment lhereol in the name of Grantor and to negoliate the same and collect Ihe proceeds. Payments by tenants or giber users to Lender in response lo Lender's demand shall salisfy lhe obligations for which payments are made whether or not any ¢-.".dper grounds for Ihe demand existed. Lender may exercise ils righls under this subparagraph eilher in person, by agenl, or through a receiver. ' APpoint Receiver. Lender shall have lhe ri,~hl lo have a i'eceiver appoinled lo lake possession of all or any par! ct the Property, wilh Ihe power prolecl and preserve Ihe Properly, 1o ope:.a'e lhe Property ~recedin9 foreclosure or sale, and Io collecl tile Rents from the Properly and apply Ihe proceeds, over and above the cost· of 1, .~ receivership,' againsl Ihe Indebledness. The receiver may serve wilhout bond i! permilled by law. Lender's dghl Io the appoinlment of a'r,~ic~iver shall exist 'whelher or not tile aPParent value of lhe Properly exceeds'lbo Indebtedness by a Subslantial amounl. Employmenl by Lender: shall not disqualify a person from serving as a receiver. ' ' ' Judicial Foreclosure. Lender may oblair a judicial decree foreclosin9 Granlor's inleresl in all or any pad gl the Property. Nonjudicial Sale. Lender may foreclose .Grantor's inlerest in ell or in any pad of lhe Property by non-judicial sale, and specifically by "power of sale" or "advedisement and sale" foreclost 'f'e as provided by stalule. Deficiency Judgmenl. If permitted by a~plicable law, Lender may oblain a judgmenl for any deficiency remaining in Ihe Indebtedness due to Lender afler applicalion o! all amounts received from the exercise of Ihe righls provided in lhis section. Tenancy at Sufferance. If Granlor rem~!..ir~s in possession of the Property alter the Properly is sold as provided above or Lender olherwise becomes enlilled Io possession ct Ihe Prr:perly upon default ct Granlor, Grantor shall become a lenanl at sufferance of Lender or Ihe purchaser of lhe Properly and shall, al Lender's o)lion, either (1) pay a reasonable renlal tot Ihe use of the Property, or (2) vacate the Properly immediately upon Ihe demand ct Lender. giber Remedies. Lender shall have all Other righls and remedies provided in Ihis Morlgage or lhe Credil Agreemenl or available at law or in equily. Sale of Ihe P~:operly. To lhe extenl per..m(tled by applicable law, Borrower and Grantor hereby Waives any and all ri§hi lo have the Properly marshalled. In exercising ils righls and re~:qedies, Lender shall be free Io sell all or any pad gl Ihe Property logether or separately, in one sale or by separale sales. Lender shall be enlilled Io bid at any public sale on all or any porlion gl Ihe Properly. Nollce of Sale. Lender will give Grantor reasonable' nolice gl the lime and place of any public Sale ct Ihe Pe{sonal Property or of Ihe lime after which any privale sale or other intended disposilion ct Ihe Personal Pioperly is Io be rnade. Reasonable notice shall mean notice giver) al leasl Ion (10) days before the lime of Ihe sale or idispOsilion. Any sale of the Personal Property may be made in conjunction Wilh' any sale of the Real Property. ' ' Eleclion ct Remedies. All gl Lender's d.r h!s and remedies will be cumulative and'may be exercised alone or logelher. An eleclion by Lender 1o choose any one remedy will not bar Ler, d~.r from using any o/her remedy. I~ Lender decides Io spend money or Io perform any of Granlor's obligalions under this Modgage, after Gr,~alor's failure Io do so, that decision by Lende~ will nol affecl Lender's righl Io decla~'e Grantor in default and to exercise Lender's remedies. ' Atlorneys' Fees; Expenses. If Lendei- in ,ti!utes any suil or aclion to enforce any ct Ihe lerms of this Morlgage, Lender shall be enlilled to recover such sum as ihe court may adjudge reasnnable as altorneys' fees al Irial and upon any appeal. Whelher or nol any court aclion is involved, and Io .Ihe extent nol prohibited by law, all reasdnable expenses Lender incurs Il-iai in Lender's opinion are necessary al any lime for Ihe protection of its interest or the enforcement of its righ s ~shall become a part of lhe Indebledness payable on demand and shall bear interest at the Credil Agreement tale from the dale of the expe,191ilure until repaid. Expenses covered by Ihis paragraph include, wilhoul limitalion, however subject to any limits under applicable law, Lender'~ r.;aasonable atlorneys' fees and Lender's legal expenses whelher or nol there is a lawsuil, including reasonable allorneys' fees after default r..ac~ referral Io an allorney no! Lender's salaried employee and expenses for bankruptcy proceedings (including efforls o modify or vacate any ~ utomalic slay or injunclion), ~opeals, and any ?,nlicipaled posl-judgmenl colleclion services, the cost searching records, obtaining lille reporls '.idcluding foreclosure repods), surveyors' reports, and appraisal lees and title insurance, to lhe exlent permitted by applicable law. Grantor also .gill pay any courl costs, in addilion Io all other sums provided by law. NOTICES. Any notice required Io be given uri.,fer this Morlgage, including wilhout limilalion any nolice of default and any notice of sale shall be given in wriling, and shall be elfective when actually d;~livered when actually received by telefacsimile (unless otherwise required by law), when deposiled with a nalionally recognized overnight courier, ')r; if mailed, when deposited in the Untied States mail, as lirsl class, cerlified or registered mail poslage prepaid, direcled Io the addresses shown nee' Ihe beginning of Ihis Mortgage. All copies o! notices of'loreclosure Irom the holder ct any lien which has pr or ly over Ihis Mortgage shall be senl I~ I_ender's address, as shown near Ihe beginning ct Ibis Mortgage. Any person may change his or her address for nolices under lhis Mortgage by gl' ing formal wrillen notice Io Ihe other person or pea'sons, specifying thai lhe purpose of Ihe nolice is change Ihe person's address. For nolice purpos,.,:s, Granlor agrees Io keep Lender informed al all limes ct Granlor's current address. Unless otherwise provided or required by law, it there is more th ir' one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to ail Grantors. It will be Grantor's responsibilily to !ell the other ~ ~f Ihe notice flora Lender. MISCELLANEOUS PROVISIONS. The tollowirtg!miscellaneo,us provisions are a pad ef lhis Mortgage: Amendments. Whal is wdllen 'id this Mo't§age a~d 'ii~ Ihe Related Documents is Grantor's enlire agreement wilh Lender concerning Ihe mailers covered b'y lhis Mortgage. TO be effectiw: any change o~: amendment 1o Ibis Mortgage must be in writing and must be signed by whoever wiit be bo'und or obligated by Ihe change or ameqdmenl. Caption Headings.. Caption headings ir) this': Mortgage are for convenience purposes only and are nOl t0 be used to inlerprel or define lhe provisions of lhis Morlgage. ' Governing Law. This Mortgage will be t.'~overned by and Interpreted in accordance wllh federal law and Ihe laws of tile State of Wyoming. This Morlgage has been accepted by Le!!der in Ihe State of Wyoming. Choice of Venue. If there is a lawsuit, G;antor agrees upon Lender's request Io submil Io the jurisdiction of Ihe courts of Talon County, Slate gl Wyoming. Loan No: 33046715 ~ (Continued) ' Page 5 Joint and Several Liability. All obligalion~ Of Borrower and Granlor under this Modgage sha be joint and several, and all references to Granlor shall mean each and every Grantor, and ~/references to Borrower shall mea] each and every Borrower This means Ihal each Borrower and Granlor signing below is responsible for all '(~bli~a/ions in this Morlgage. No Waiver by Lender. Grantor understane:~ Lender will not give up any of Lender's righls under Ibis Mortgage unless Lender does so in writing. The fact that Lender delays or grails io exercise any right will nol mean thai Lender has given up Ihat right. If Lender does agree in writing to give up one of Lender's rights that does noL:mean Granlor will not have to comply wilh Ihe other provisions of this Mortgage· Grar~tor also underslands thai il Lender does consenl t,o ~ requesl that does not mean that Gran or w not have to gel Lender's consenl'again if the silualion happens again. GrantOr fusilier: understands thai just because Lender consen s Io o ~e or more ot Grantor's re uesls Ihat does'n t ' · ..:,:, q , o mean t_ender will be required to consent to any o~ Granto~ s future requests. Granlor waives presenlment, demand for paymenl, protest, and nolice of dishonor. · Granlor waives all rights of exemption trom'execution or similar law in Ihe Properly, and Grantor agrees lhat lhe righls ot Lender in the Properly uhder this Mortgage are prior to~ Grantor's d,~hts.while this Mortgage remains in ellecl. Severability. If a court finds lhat any provision of this Mortgage is nol valid or should not be enforced, that facl by itsell will not mean Ihai the rest of Ibis Mortgage will not be valid or entorc~d. Therefore a court will entorce the resl of Ihe provisions of Ibis Mortgage even il a provision of this Mortgage may be found to be invalid or uneeforceable. Merger. There shall be no merger of Ihe'iqierest or eslate created by this Mortgage with any giber interest or estate in lhe Property at any time held by or for the benefit of Lender in any c,at'~acity, wilhout the wrillen consenl of Lender. Successors and Assigns. Subject to any l.~-~it~tions staled in this Morlgage on Iranster of Granlor's interesl, Ihis Mortgage shall be binding upon and inure to the benetil ot Ihe parties, Iheir .~uccessors and assigns. It ownership ot the Property becomes vested in a person giber than Granlor, Lender, without nolice lo Granlor, may de/al with· Grantor's successors with reference to lhis Morlgage and the Indebledness by way of forbearance or extension Without releasing G;'an~o~- from the ob ga OhS ot this Morlgage or liability under the Indebtedness. Time is of lhe Essence. Time is gl the es~gnce in ihe performance of this Morlgage. Waiver of Homestead Exemption. Granlor hereby releases and waives all righls and benetils gl the homestead exemption laws of the Slale of Wyoming as Io all Indebtedness secured by,'..Lhis Mortgage. DEFINITIONS. The following words shall have t!!,e following meanings when used in this Mortgage: Borrower. The word "Borrower" means C¥ ~ ~hia Engelstad and includes all co-signers and co-makers signing the Credil Agreement. Credit Agreement. The words "Credil Agc:.~ment'' mean Ihe credit agreemenl dated May 12, 2004, with credit limit of $35,000.00 from Borrower to Lender, together with ail ren&wa s gl, extensions of, modifications of, refinancings or, consolidations of, and substitutions for Ihe promissory hole or agreement. NOTICE TO' GRANTOR: THE CREDIT AGREEMENT CONTAINS A VARIABLE INTEREST RATE. Environmental Laws. The words "Environ 'nenlal Laws" mean any and all slale, tederal and local stalutes, regulations and ordinances relaling Io the protection of human health or lhe envir, mment, including wilhout limilalion the Comprehensive Environmenlal Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C' Section 9601, el seq. ("CERCLA"), the Supertund Amendments and Reauthorization Actor 1986, Pub. L. No. 99-499 ("SARA"), Ihe Hazardous Ma'terials Transportation Act, 49 U.S.C. Seclion 1801, et seq.,' Ihe Resource Conservation and Recovery Act, 42 U.S~C. Section 6901, el Seq., or olhe;'iapplicable slate or federal laws, rules, or regulations adopted pursuant lhereto. Event of Default. The words "Event ot Det~i]ll" mean any Of the events Of default sel Iorth in Ihis Mortgage in Ihe evenl5 gl default seclion ot this Morlgage. Existing Indebtedness. The words "Existing. Indebtedness" mean the indebledness described in the Existing Liens provision of this Mortgage. Grantor. The Word "Granlor" means The C· 'rilhia A. Engelstad Living Trusl, daled February 1, 1999, and any amendments therelo. Guaranty. The word "Guaranty" means 'th~, guaranty from guarantor, endorser, surely, or accommodation parly Io Lender, including without Iimilalion a 9uaranly of all or part of the Cre~.~J; Agreemenl. Hazardous Substances. The words "Haz~:-dous Substances" mean materials that, because of Iheir quantily, concentralion or physical, chemical of !nfectJous characterislics, .may cause or F crse,a presenl or poten!ial hazard lo human health or Ihe environmenl when improperly used, Ireated, stored, disposed of, generaled, manufactu,,'ed, transported or otherwise handled. The words ';Hazardous Substances" are used in their very broadesl sense and include without limilal"oq 'any and all hazardous or toxic substances, malerials or was'le as defined by or listed under the Environmental Laws. The term "Hazardou Substances" also includes, wilhout limitation, petroleum and pelroleum by-products or any fraclion lhereof and asbestos. '!i Improvemenls. The word "Improvements' means all exisling and future improvemenls, buildings, structures, mobile homes affixed on Ihe Real Property, facililies, addilions, replacernenls ~:.i~d other construclion on the Real Properly. Indebledness. The word "lndebledness'~ means all principal, interesl, and giber amounls, cosls and expenses payable under the Credil Agreement or Related Documents, together with all r'enewals of, exlensions of, modilicalions of, consolidalions of and subslilutions for Ihe Credil Agreementor Related Documenls and any ~m0unts expended or advanced by Lender Io discharge Granlor's obligalions or expenses incurred by Lender I0 enforce Granlpr's obligations und.~ this Morlgage, logelher with inlerest on such amounls as provided in this M~rtgage. L~nder. The word "Lender" means The Ja.i;ks0n Slate Bank& Trust, ils successors and assigns. The words "successors or assigns" mean any person or company lhal acquires any inlere~;t.in the Credit Agreement. Mortgage:: The' word -M0rigage';'means this Morlgage between Grantor and Lender. Personal Property. The words "Personal Praperly" mean all equipmenl, tixlures, and giber articles of personal properly now oi hereafter owned by Grantor, and now or hereafter allached..~r'affixed Io the Real Property; Iogelher with all accessions, paris, and addilions Io, all replacemeols ol, and all substilulions for, any ot such properly; and logether wilh all proceeds (including wilhoul limilalion all insurance proceeds and refunds gl premiums) from any sale or other disposilio~i ~t the Property. Property. The word "Properly" means colleclively the Real Property and the Personal Property. Rea! Properly. The words "Real Properly" i'r~ean lhe real property, inleresls and righls, as lurlher described in Ihis Modgage. Relaled Documents. The words "Related D0cumenls" mean all promissory notes, credil agreemenls, loan agreemenls, environmenlal agreements, guaranties, security agreemenls, morlgages, deeds gl Irust, security ,deeds, collateral mortgages, and all giber instrumenls, agreements and documents, whether.now o,r :hereafter exis!ing, execuled in conneclion wi!h Ihe Indebtedness. Renls. The' word "Renls" means all pres6h;! and fulure renls, revenues, income, issues, royalties, profits, and other benefits derived from lhe Property. ':' ii GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: ~,uccessors in lrusl, url<;~ ~:y~thia A. 5'~gelstad Living Trusl, dal~d February"-1', 1999,,rand any amendments thereto ANY AMENDMENTS THERETO Loan No: 33046715 MORTGAGE (Continued) ~" ~ ~.~ 3 Page 6 TRUST ACKNOWLEDGMENT / w ~/v~/u/rl[f?~_ ) co~-~oF ~ sr^~-EOE STATE OF ~ COM~SSIO~XPIRES JUNE 7. 2007 appeared Cynlhia A. Engelslad, sole Trusle~ ~r her successors in Irusl, under the Cynlbia A. Engelslad Living Trusl, daled February 1, 1999, and any amendmenls lhereto, of The CynthF) A Engelstad Living Trusl, dated Februa~ 1, 1999, aha any amendmenls Iherelo, and known me Io be an aulhorized truslee or agent ol lhe I usl Ihat executed Ihe Mortgage and acknowledged the Mortgage to be the free and voluntary acl and deed oi Ihe trusl, Dy authority set forth in the t~dsl documenls or, by aulhouly of slalule, tot the uses and purposes Iherein menlioneQ, and on oath t he or she is aulhorized Io execule lh~ Mortgaoe and in fact executed the Morlgage on behalf of the Irust.