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HomeMy WebLinkAbout900602Reco~'-ding requested by: Well's Fargo Bank, N.A. When%-ecord~dremrnto: Wells Fargo Bank, N.A. P O. BOX 31557 B LLINOS, MT 59107 DOCUMENT MANAGEMENT ""!, S tare of Wyowlqg- REFERENCE #: 20041247400101 MORTGAGE (With Future Advance Clause) DATE AND PAR'rmS. The dale of this Mortgage ("Security Instntment') is 06 ! 24 t 2004 and the parties, their addresses and '.ax identification nnmbers, if required, are as follows: MORTGAGOR: FRANKLIN D RADFORD AKA FRANKLIN DEAN RADFORD, HELEN k4 RADFORD AND J E KENDRICK, TRUSTEES FOR THE USES AND PURPOSES SE'f FORTH IN THE AGREEMENT 1980 -Space Almv¢ This Line For Recording D;da ACCOUNT #: 0664-654-7043906- 1098 TRUST BETWEEN SETTLORS AND TRUSTEES DATED THE 17TH DAY OF SEPTEMBER. [] If checked, refer to the atached/, ddendmn mcmporated herein, for additional Mortgagors lheir signatures aud acknowledgmems. LENDER: Wells Fargo Bank, N.A. P O. BOX 31557 B LLINGS. MI 59107 CONVEYANCE. For good and wdnabl,e consideration, the receq)t and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) 'ahd Mortgagor's performance under this Security Instrmnent, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: LOT F FTY-ONE (51) IN STPR VALLEY RANCH PLAT TWELVE 112) AS PLATTED AND RECORDED IN THE OFF CIAL 'RECORDS OF L NCOLN COUNTY. WYOM,NG. 3o The property is localed in L NCOLh __ at: (Comtty) 276 ALPINE WAY THAYNE, ~Y 83127 and parcel ]ltllnber of 12-3518-31 - 1 - 10-054-00 together xvith all rights, easements, appurtenances, royalties, mineral rig .as, oil and gas rights, all water and n parian fights, ditches, and water stock and all existing and fi~tt~re improvements, Slmcmres, fixtures, and replacements thai may now or at any time in the fi~lnre be part of the real estate described above (all. refen-:d to as "Property"). MAXIMUM OBLIGATION LIMIT. Tim total principal amotmt secured by this Security Instrmuent at any one rune shall not exceed $ 250,000.00 . This !imitation of amount does not include interest and other fees and charges validly made pursuam to this Security Instmmem Al'so, tlfis limitation does no! apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of lhe covenants contained in this Security Instrun-tent. SECIJRED DEBT AND YUTIJREADVANCES. The temt "Secured Debt" is defined as follows: A Debt incurred under rite terms of the promissory note, revolving line of credit, contract, gr. aramy or other credence of debt dated 05 ! 24 t 2004 together with all anrendmeuts, extensions, modifications arid renewals, and having a maturity date of 05 ! 24 ! 5044 B. All fi~ture advances from Lznder to Mortgagor under such evideuce of debt All fl~tore advances are seem-ed as if made an the date of this Security 'Instrument. Nothing in this Security Agreement shall constitute a commimtent to make additional or fi~ture loans or adw,~nces which exceed the amonm shown in Seclion 3. Any stlch commitment must be agreed to in a separate writing. C. All sums advanced and e>:penses incurred by Lender for insuring, preserving, or othm~¥ise protecting ihe Property and its value and any ot]~er su. ms advanced and expenses incurred by Lender under the terms of tlfis Secm-ity Instrument. 5. PAYMENTS. Mortgagor agrees theft all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this S,~curitv lnstrmnent. 6. PRIOR SECURITY INTERlgSTS. With regard to any other mortgage, deed of lmst, secnmy agreement or other lien docmnent that created a prior securit.~? inte','es~ or encmnbrance on the Property, Mortgagor agrees: A. To make all payments whet. due z;~nd to pertbrm or comply with all covenants. B. To promptly deliver to Lenc er any uotices that Mortgagor receives fi'om the holder. C. Not to allow any modification or.extension ol; nor to request any fi~ture advances under any no~e or agreemem secured by the lien docmnem wilhold Len':ler's prior written consent. 7. CLAIMS AGAINST TITLE. Mo:'tgagor will pay all rexes, assessments, lieus, eucumbrances, lease paymems, gronud rents, utilities, and other charges relating ~o the 'Property when due. Lender may reqmre Mortgagor to provide to Leuder copies of all notices that such amomlts are due at~d the receipts evidenciug Mortgagor's payment. Mortgagor will defend title to the Property against any claims thal would impair the lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, auy rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assigmnent or encumbrance, whether'voluntmy, involuntary, or by operation of law, .~f all or arty purl of tim Property or auy interest therein, then at ns sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extem that such acceleration for and in such particular circumstances where exercise o£ such a right by Lender is prohibited by law. 9. PROPERTY CONDITll3N, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall nol commit or allow any waste, m~painnent, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substanhally change without Lender's prior wruten consent Mortgagor will not permit any change in any license, restrictive covenant or easemem without Lender's prior' written consent. Mortgagor will notify Lende~ of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to tim Property. Lender or Lender's agents may, m Lender's option, enter the Property at auy reasonable time for lhe purpose of inspecting the Properly. Lender shall give Mortgagor notice at the time of or belbre an inspectiou specifying a reasouable pttrpose for the inspectiou. Any inspection of the Property shall 0e entirely for Lender's bene:fit aud Mortgagor will in no way rely ou Lender's iuspectiou. 10. AUTHORITY TO PERFORM. ~'if Mortgagor fails to perfomr any duty or any of the covenants contained iu this SeCurity Instrument, Lender may, without no'.ice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay a.~y amount necessary for performance. Lender's fight Io perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender'frmn exercising any of Leoder's other rights nnder the law or this Security Instrument. If any construction on the Property is discontinued or no! camed ott in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of lhe construction. . 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grauts, bargaius, conveys, morlgages and warrants to Lender as additional security all the right: title and to any and all existing or fi~tt~re leases, subleases, and any other writteu or verbal agreements for lhe use and oc :upancy of any portiou of the Property, iucluding any extensions, renewals, modificatious or substitutions of such agreements (all. referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Morlgagor will promptly provide Lender with :rue and correct copies of all existiug ami fmure Leases. Mortgagor may collect, receive, ' enjoy and use the Rents so long as Mortgagor is not in default under the terms ot'lhis Security lustmment. Mortgagor agrees that this assignme:xt is immediately effective betweeu the parties to this Security Instrument. Mortgagor agrees that this assigmnem is effective as lo tl:4rd parties when Lender takes affirmative actiou prescribed by law, and that this assignment will remain in effect durng any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the ._Sropei~ty wilhont the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its age:ut, uotifies Mortgagor of defindt aud dentands that any lenant pay all fi~ture Rents directly to Lender. On receiving n~tice of default, Mortgagor will endorse and deliver to Lender any pa),meut of Rents in Mortgagor's possession and will reczive arty Rents in trust for Lender and will not commingle the Rents with auy other fimds. Any amounts collected will be applied as provided in tiffs Secnrib~ htstrnment. Mortgagor wan'auts that no default exisls under EQISOB (10/2003) 1¸2. the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maimain and reqnire any tenant lo comply with tile terms of the Leases and applicable LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Securil,: Instrument is on a leasehold. If lhe property is a unit in a Condonmfimn Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor shall' perform all of Mortgagor's obligations under the Constituent Documems. The "Constituem Docmnents" are the: (B Declaration or any other document which creates the Condominimn Projects or PUl) and any homeowners association or eqt, ix. alem entity ("Owners Association"); (ii)by-laws; (iii) code of regulations; ane (i v) other equivalent docmnents. Mortgagor si~all promptly pay, when due, all dues and assessmems mxposed pursuant lo lhe Constimem Doctnne~tts. B. Ilazard Insurance. So h'mg as flie Owners Association maintains, wilh a generally accepted insurance career, a "master" or "blanket" policy on lhe Condominium Project or PUD which is satisfiiclory to Lender and which provides insurance coverage in the amomtts, for the periods, ;and against the hazards Lender reqmres, including fire and hazards included within the term "extended coverage," then Mor~gagor's obligation under Section 19 to maintain hazard insurance coverage on the Properly is deemed satisfied to the extent !hat the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of :my lapse in reqnired hazard ~nsnrance coverage. In the evem of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the nnit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the stuns secured by this Security lnstmnxent, with any excess paid to Mortgagor. C. Flood Insurance. Mort gagor agrees to maintmn flood insurance lbr the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage ~o Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amonm, and ement of coverage to Lender. E. Condenmafion. The proceeds of any award or claim for dmnages, direct or consequential, payable to Mortgagor m connection with any condemnation 6r otl~er taking of all or any part of the Property, whether of the unil or of the common elentents, or for any conveyance in lien of condenmafion, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Secnrity lnstnrment as provided m Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior wrinen consent, either partition or subdivide the Pro,erty or consem to: (i) the abandonment or termination of the Condomilnmn Projecl or PUD, except for abandonmem or ten fination reqlfired by law in the case of substantial destruction 'by fire or other casualty or in the case of a taking by condemnation or enunem domain; (ii) any amend merit to any provision of the Constituent Doct~ments if the provision is for the express be~tefit of Lender; (iii) termination of professional management and assumption of self- manageinent by the Owners Association; or (iv) arty action which would have the effect of rendering the poblic liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor dces no*' pay condominimn or PUD dues and assessnmnts when due, then Lender may pay them. Any amonnts disbursed by Le:.tder under this section shall become additional debt of Mortgagor secured by this Security Instmmenl. Unless Mortgagor and 1_ ender agree to other terms of payment, these amounts shall bear interest from lhe date of disbursement al the Secured Debt rat z and shall be payable, with interest, upon ~mtice from Lender to Mortgagor requesting payment. 1.3. DEFAULT. Mortgagor will be in default ff any party obligated on the Seem'ed Debt fails to make payment when due. Mortgagor will be in default if a breach or:curs under the terms of this Security lnsmunent or any o~her docmuent executed lbr the purpose of creating, securing on guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or elmty obligated on the Secured Debt or that the prospect ol' an5' paymem or the wdue of the Properly is iinpaired shall also censtitu~e an event of defimlt. 14. REMEDIES ON DEFAULT. ht sotne instances, federal and state law will require Lender to provide Mort'gagor with notice of the right to cure or olber notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided 'by law if Mortgagor is in default. At the option of Lender, all or any part of.the agreed fees and charges, accrued interest and principal shall become im,nediately due and payable, lifter giving notice ff required by law, npon the occurrence of a defimlt or attytime thereafter. In addition, Lender shall be entilled to all the remedies provided by law, the terms of the Secured Debt, this Security Inslntment and any related documents, including wit!rout linfitation, lhe 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 eqtfity, whether or not 'expressly set forth. The acceptance by Lender of any sum in 9ayment or partial payment on the Secured Debt after the balance is due or is accelerated or ,ffter foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing defindt. By not exercising any reme~ly on Mortgagor's default, Lender does not waive Lender's right, to later consider the event a defanll if it continues or happens again. EQI50C (10/2~,: ..' '' 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited 'by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant m this Security lnstnunent. Mortgagor will also pay on demand' any amomrt incurred by Lender for insuring, respecting, preserviug or otherwise protecting thc Property m~d Lender's security interest. These expenses will 'bear tntercst l:rom the date of the payment nnlil paid in fitll at the highest,interest rate in effect as provided in the terms of the Secured Debl Mortgagor agrees to pay all costs and ex penses inciirred by Lender m collecting, e:fforcing or p~'otecting Lenders' rights and remedies nnder this Security [usmunem. This amount may include, but is not limted m, attorneys' fees, court costs, and other legal expenses This amount does not include attorneys' fees for a salaried emplo2 ee of lbe Lender. This Security lnstrumem shall remain in effect until released. Mortgagor agrees to pay for any recordation co,'ts of st~ch release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in fids section, (l) Environment~fl Law means, without limitation, the Comprehensive EnVironmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regnlations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public lmaltlt, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardovs material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnem. The term includes, wilhout limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" nnder any Environmemal Law. Mortgagor represents, warrants and ,agrees that: A. Except as previously disclosed m.d acknowledged in writing to Lender, no Hazardous Snbslance is or x~,ill be located, stored or released on or in the Property. This restrictmn does not apply to small quantities of Hazardous Substances tba[ are generally recognized to be appropriate for the normal use and maintenance of the Property. B Except as previously disclosed and acknowledged in wriling to Leuder, Mortgagor and every tenam have been~ are, and shall remain in dill compliance wiflx any applicable Enviroumental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or abont the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall t~Lke all necessary, remedial action in accordance with any Env iromnental Law. D. Mortgagor shall inunediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation {,f mt5' gnvironmental Law: 17. CONDEMNATION. Mortgagor 'will g~ve Lender prompt notice of any pending or threatened action, by private or public entities to purchase or t,'hke any or all of t'ae Property through condemnation, eminent domain, or any other means. Mortgagor amhorizes Lender to intervene in Mortgagor' name in arty of ihe above described actions or claims. Mortgagor assigns to Lender the proceeds of any award er claim for damages connected with a condemnauon or oiher taking o£ all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Securily Iustmn~em. This assiglrment of proceeds is subject to ~:he terms of any prior lnortgage, deed o~' trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, llood, thefl and other hazards and risks reasonably associated with the Property due to its type and location This insorance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably wit!flteld.. If Mortgagor fails to mainlaiu the coverage descn'bed above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of fids Security Instrument. All insurance policies and renewalt~ shall be acceptable to Lender and shall iuclode a standard "mortgage clause' and, where applicable, "loss payee clause.' l~ortgagor shall immediately notify Lender of cancellation or termmalion of the insurance. Lender shall have the right to hold the policies and renewals. I1" Lender requires, Nlortgagor shall mrmediately give to Lender all receipts of paid premmms and ~enewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make procf of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all in'surance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application or'proceeds to priucipal shall not extend or postpone the due date of the scheduled paymen~ ncr change the amonnt of any payment. Any excess will be paid to Mortgagor. If the Property is acqnired by Lender, Mortgagor's right to any insurance policies aod proceeds resulting from damage to the Property before the acquisition shall pass to [ender to the extent of the Secured Debt innnediately belbre the acquisition. 19. ESCROW FOR TAXES AND INSUR~LNCE. U~fless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for ~axes a;nd insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or i~fformation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docmnents or Certitications that Lender may consider necessary to perfect, continne, and preserve Mortgagor's obligations under this Security lnstrumenI'and Lender's lien status ou the Property. ' 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instmmenl are joint and i~:dividual. If Mortgagor signs this Security instrument but does no! sign an evidence of debt, EQ150D (10/2003) · Mortgagor does so only to mortgage Mortgagor's interest m the Property lo secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on :the Secured Debt. If this Security Instrument secures a guarauty bet~veen Lender and Mortgagor, Mortgagoi agrees to wai-?e any rights that may prevent Leuder fi-out bringing any action or claim against Mortgagor or any party indebted under the obligatio~t. These rights may include, bul are not limited to, any anti-deficieucy or one-action laws. Mor.t'gagor agrees that Lender and any party to this Security Instrument may extend, modi '.fi/or make any change in the ten~s of this Security Instnnnent or m~y evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Set':urity Instrument. The duties and benefits of this Security Instrument shall bind aud 'benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; S'EVERABI,LIT¥; INTERPRETATION. This Secm:ity Instrument is governed by the laws of the jurisdiction in which the Property is .ocatcd, except to the extent otherwise required by the laws of lite jurisdiction where lhe Property is located. This Security Instrument is complete mid fidly inlegrated This Security Instrmnem may not be amended of modified by oral agreement. Any section'in this Security Instrument; altachmenls, or auy agreement related to tim Secured Debt that co~fflicts wilh applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Securily Instrument cannot be enforced according 'to its terms, lhat section will be severed and will not affect the enforceability of 'lie remainder of this Security Insmuneut. Whenever used, the singular shall iuclnde the plural and the plural the Singular. The captions and headings of the sections of lhis Security insn-ument are for convenience only and are not to be used to interFret or define the terms of this Security lustmment. Time is of the essence in lhis Security htstnuneut. 23. NOTICE. Unless otherwise required by law, any notice shall be given by deliveriug it or by mailing it by first class mail to the appropriate party's address on page 1 of tlfis Security Instrmnent, or as shown iu Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extem p~ohibi:ted by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving ali. righi:s under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the :~ollo~ving are applicable to this Security lnstrmnent: Line of Credit. The Sect:red Debt includes a revolviug line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrmnent will remain m effect until released. ConstrUction Loan. This~ Security Instrmneni secures an obligation iucurred for the construction of an improvement on the Property. ~ Fixture Filing. Mortgagor grai'tts t° Lender a security interest iu all goods that Mortgagor owns now or in the furore and thai are or will become fixtures relales to the Property. This Security lnstrmnent suffices as a financing state~nent and any carbon, photogral}hic or other reproduction may be filed of record for purposes of Article 9 of lhe Uniform Commercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants and agreements of each of the riders checked below are incorporai,:d inlo and supplement and amend the terms of this Security histnnnent. l-~ Third Party Rider ~ Leasehold Rider ~ Other N lA SIGNATURES: By signing below, MOrtgagor agrees to the terms and covenants comained iu this Security Instrument and in any attachments. Mortgagor also ackno¢,ledges receipt of a copy of this Security lustmmeut on the date stated on page 1. Mortgagor Date Mortgagor Date tVlortgagor t t Dat~ lvlortgagor Date Mortgagor Date Mortgagor Date The foregoing instrument was acknowledged before me by this Witness my hand and official, seal. (~gnatm'c of Officer) My Commissim~ Expires: ACI(ANOWLED GMENT: , .")co 5/ .-rre~ (Individual) COUNTY OF It,-') [ 0 hl~ The foregoing instrument ~w~s acknowledged before me by riffs ~ ~ day of ~_ Witness my hand m~d offici~ seal. · 2oo r (Seal) EQ 150F (10/2003) THIRD PARTY RIDER REFERI~NCE #: 20041247400 101 ACCOUNT#: 0654-654-7043996- 1998 THIS THIRD PARTY RIDER is made on 05 / 24 / 2004, and is rucorporaled tutu mid shall be deemed to amend ,'md supplement fl~e Mortgage, Deed of Trust or Security Deed ("the Security Instrmnent") given by the tmdersigned Trustee(s) to secure the Secured Debt frGm FRANKL N D RADFORD HELEN M RADFORD (lite "Debtor") to Lender. Wi'fl~ respect to the Trust, this Security Instrumem constitutes a flm-d party mortgage/deed of trust attd grant of security iuterest by the undersigned as Trustee(s) of said Tntst in file Propers, described in this Security lnstrmnem to secure fl~e Note of the Debtor to tim Lender. Consequenfly, references in the text to "Borrower" refer to the undersigned Trustee(s) mtd the Debtor if the context in which the term is used so re.luires. Without limiting rite generality of the foregoing, the use of the term "BmTower' m tim context of warrmlties, representations and Obligations pert;fining to the Property shall refer to rite undersigned Trustee(s). The use ,of the term "Borrower" itt the contex~ of lhe requirements under the Note shall refer to the Debtor. Except wifl~ respect to rite obligat on(s) of the undersigned as individt,als, and not as Trustee(s), with respect to the Secured Debt before the date first set forth herein above and rite obligatiou(s) of the undersigned as inthviduals wifl~ respect to Secured Debt prior to' tim t:ausfer of the Property into the Trust, the Trust and rite undersigned, as Trustee(s), are not liable for file debt evi:lenced by the Note and are a party hereunder except iusofitr as their interest in the Property is made subject to rite Securiiy Instrument. Further, revocation of the Trust, 'distribution of trust assets, or death of auy Debtor shall constitute an eveut of default under the Secured lnstntm~ FRANKIN'~13~,' RAD~F~O~D/' y' '"-'-- ~N I,,4' ~ADFISRD ~, JY E. KENDR CK Tl-ustee Date Trustee Date Trustee ' Trustee Date · Trustee Date EQ310A f1012002) Trustee Date