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HomeMy WebLinkAbout9007329007, 2 RECEIVED LllJt,,~., Lk! ....... '1' OLERK Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. T'he date of this Mortgage (Security Instrument) is June 30, 2004. The parties and their addresses are: MORTGAGOR: TERRY J. BERRYHILL A sole proprietorship D/B/A RED DOG SALOON P O BOX 143 COKEVILLE, Wyoming 83114 LENDER: FIRST NATIONAL BANK - Organized and existing under lhe laws of the United States of America 314 S Washington PO Box 1620 Afton, Wyoming 83110 TIN: 83-0162601 1. CONVEYANCE. For good and valuable consideration, the receipt and suffic ency of Which is acknowledged, and to secure .the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and w~rram:s to Lender, with the power of sale, the following described property: SEE ATTACHED SCHEDULE "C" The property is located in LINCOLN County at HWY 89, COKEVILLE, Wyoming 83114. Together Wi~ all rights, easements,.appLrtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers and all existing and future improvements, structures, fixtures, and replacements th.at may now, or at any time in the future, be part of the real estate described (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $25,422,00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this SeCurity Instrument, 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: - A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 61010438, dated June 30, 2004, from Mortgagor to Lender, with a maximum credit limit of $25,422.00, with an interest rate of 8.5 percent per year and maturing on July 5, 2009. One or more 'of the debts secured by this Security Instrument contains a future advance provision. B. All Debts. All present and fulure debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different type than this debt. If more than one person signs this Security Im;trument, each agrees that it will secure debts incurred either individually or with others who may not sign this Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any ~equired notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's prircipal dwelling that is created by this Security Instrument. This Security Instrument will not secure any <iebt '[or which a non-possessory, non-purchase money security interest is RED DOG SALOON Wyoming Mortgage WY/4braqdiemO0725200OO4363013062904Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~" created in "household goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive qredit practices. This Security Instrument will not secure any debt for which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law govelning securities. C. Sums Advanced. All sums .~dvanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees thati all payments under the Secured Debts will be paid when due and in accordance with the terms of the S~cured Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior s~,curity interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender !~ny notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien docume'nt without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other cliarges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices: that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend tide to the Property against any claims that would imi~air the lien of this Security Instrument. Mortgagor agrees to .assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties-who ,supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation '.of, or contract for the creation of, a. transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as a corporation or other organization), Lender may demand immediate payment if: A. A beneficial interest in Mortgagor il sold or transferred. B. There is a change in either the identity or number of members of a partnership or similar entity. C. There is a change in ownershii) of more 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 Security Instrument. . 9. WARRANTIES AND REPRESENTATIONS. Mortgagor makes to Lender the following warranties and representations which will continue as long as this Security Instrument is in effect: A. Power. Mortgagor is duly organized, and validly existing and in good standing in all jurisdictions in which Mortgagor operates. Mortgagor has 'the power and authority to enter into this transaction and to carry on Mortgagor's business or activity,as it is now being conducted and, as applicable, is qualified to do so in each jurisdiction in which Mortgagor operates. B. Authority. The execution, delivery and performance of this Security Instrument and the obligation evidenced by this Security Instrument are, within Mortgagor's powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency, and will not violate any. agre,~ment to which Mortgagor is a party or to which Mortgagor is or any of Mortgagor's property is subject. C. Name and Place of Business. Other than previously disclosed in writing to Lender, Mortgagor has not changed Mortgagor's. name or principal place of business within the last 10 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 preserve Mortgagor's existing name, trade names and franchises. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all 'repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and. actions against Mortgagor, and of any loss er damage to the Property. No portion of the Property will be re. moved, demolished or materially altered without Lender's prior written consent except that Mortgagor has the righ~ to rJ~move items of personal property comprising a part of the Property that become worn or obsolete, provided' thatlsuch 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 Security Instrument. Mortgager will not partition or subdivide the Property without Lender's prior written consent. Lender or Lender's agents may, at Lend,er's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Ler:der's~ inspection. 11. AUTHORITY TO PERFORM. If Mort~eagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, Witho;Jt notice, perform 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. Lender's right to perform for Mortgagor will not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lend{~ir's other rights under the law or this Security Instrument. If any construction RED DOG SALOON ,1~, Wyoming Mortgage Initi WY/4brandiemOO7252OOOO4363013062904Y ©1996 Bankers Systems, Inc., St, Cloud, MN On the Property is discontinued or n-3t carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest inlhe P~:operty, includ ng completion of the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Moitgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional sec~:~rity all the right, title and interest in the following (Property). A. Existing or future leases, subleases, licenses, gUaranties and any other written or verbal agreements for the use and occupancy of the Property, including but not limited to any extensions, renewals, modifications or replacementS (Leases). . B. Rents, issues and profits, inc!udin9 but not limited to security deposits, minimum rents, percentage rents, additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium contributions,: 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 Mortgaigor may have that in any way pertain to or are on account of the use or occupancy bf the whole or any pert of ithe Property (Rents). In the event any item listed as Leasgs or 3ents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mort:gagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and corre.:t copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and '~any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use t. he Rents so 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 the Secured D ]bts,'!the costs of managing, protecting and preserving the Property, and other necessary expenses. Mortgagor ag'r~es that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secured Debts are satisfied. Unless other, wise prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual possession of the F, roperty without the necessity of commencing any legal action or proceeding. Mortgagor agrees that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mortgager's default and demands tt')at Mortgagor and Mortgager's tenants pay all Rents due or to become due directly to Lender. Immediately after Ler).der gives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor may immediatgly notify the tenants and demand that all future Rents be paid directly to Lender. As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subje.ct to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the Leases to comply with the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or fails to observe any' applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with. the~ terms of the Leases, then Lender may, at Lender's option, enforce compliance. Mortgagor will not s~blet,,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 Leases and Rents without Lender's prior written consent. Lender does not a:,'sume or become liable for the Property's maintenance, 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 intentiona t°rts. Qtherwise, Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the Leas'es. 13. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency or Bankruptcy. A(~y lec2;al entity obligated on the Secured Debts makes an assignment for the benefit of creditors or become insolvent, either because its liabilities exceed its assets or it is unable to pay its debts as they become due; or it petitions for protection under federal, state or local bankruptcy, insolvency or debtor relief laws, or is the subject o';" a petition or action under such laws and fails to have the petition or action dismissed within a reasonable pel. riod of time not to exceed 60 days. C. Business Termination. Mortgagor merges, dissolves, reorganizes, ends its business or existence, or a partner or majority owner dies or is declared e(la y incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument. .' E. Other Documents. A default occurs under the terms of any other transaction document. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals ~ material fact at the time it is made or provided. H. Judgment. Mortgagor fails to .s.'atisf7 or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority~ J. Name Change. Mortgagor c[~anges Mortgager's name or assumes an additional name without notifying Lender before making such a cha~ge. ' K. Property Transfer. Mortgagor 'transfers all or a substantial part of Mortgager's money or property. This condition of default, as it relates.,to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. . L. Property Value. The value Of the Pro. perry declines or is impaired. M. Material Change. Without first r~otifying Lender, there is a material change in Mortgager's business' including ownership, management.', and financial conditions. N. Insecurity. Lender reasonab y heliev]s that Lender is insecure. RED DOG SALOON Wyoming/~eCtgage WY/4brandiemOO725200004363013062904Y ©1996 Bankers Systems, Inc., St. Cloud, MN Initia~ ...... Pa9¢'3 14. REMEDIES. Lender may use a~i~y and all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Sec,.~red Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may m~lke a:claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required tim,~ schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make'all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this' SecUrity Instrument in a manner provided by law Upon the occurrence of a default or anytime thereafter. : Upon any sale.of the Property, Len:der v~ill make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purcha'sers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed ia lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Preperty/s title of the purchaser or purchasers at the Sale against ail lawful claims and demand of all persons claiming by, tlhrough or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts se~ forth! therein. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment Or partial payment on the Secured Debts after the balance i's due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's rigl~t to require full and complete cure of any existing default. By not exercising any remedy, Lender does not waivc~ Lender's right to later consider the event a default if it continues or happens again. 15. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses ot collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagqr agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of re!easing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, cc'urt costs and other legal expenses. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from 'the date of payment until paid in full at the highest interest rate in effectlas provided for' in the terms of the Secured Debts. To the extent permitted by the United States Bankruptcy Cod~, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comi:~rehepsive Environmental Response, Compensat on and Liability Ac! (CERCLA, 42 U.S.C. 9601 et seq.), all other, fedeial, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, .safety, welfare or enviroriment. The term includes, without limitation, any substances defined as "hazardous material," "toxic subst~mce,'~ "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and ~cknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined` or handled by any person on, under or about the Property, except in the ordinary.cour~'e of business and in strict compliance with all applicable Environmental Law. B. Except as previously disclosed and ~cknowledged in writing to Le~der, Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notifyi 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 Lat;V concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accc, rdanCe with Environmental Law. D. Except as previously disclose'd and' acknowledged in writing to Lender, Mortgagor has no knowledge of or reason to believe there is any pendin~ or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but not the obligation, to participate in any such proceeding including the right to receive copies of any documents relat ~,~g to such proceedings. E. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are and will remain in full c~mpliance with any applicab e Environmental Law. F. Except as preViously disclosed an~ acknowledged in writing to Lender, there are no underground storage tanks, private dumps or open w~.lls 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, license,, or approvals required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or ca.use 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, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has [.een released on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in t;omplJance with applicable Environmental Law. RED DOG SALOON Wyoming Mortgage WY/4brandiemO072520OOO4363013062904Y ©1996 Bankers Systems, Inc., St. Cloud, MN Ini 700 I. Upon Lender's request and al. any time, Mort§agor agrees, at Mortgager's expense, to engage a qualified environmental engineer to prepar~ an environmental audit of the Property and to submit the results of such audit to Lender. lhe choice of the ~nvironmental engineer who will perform such audit is subiect to Lender's approval . J. Lender has the right, but not lhe obligation, to Perform any of Mortgager's obligations under this section at Mortgager's expense. K. As a consequence of any b~each! of any representation, warranty or promise made in this section, Mortgagor will indemnify and held k~;nder and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilitie;, damages, cleanup, response and remediation Costs, penalties and expenses, including without limitation all ccsts df litigation and attorneys' fees, which Lender and Lender's successors or assigns mag sustain; and 12) at Lender's discretion, Lender may release this Security Instrument and in return Mortgagor will provide Lender with collateral of at least equal value to the Property secured by this Security Instrument without preiudice to a ay oPkender's rights under this Security Instrument. k. Notwithstanding any of the lag:guano contained in this Security Instrument to the contrary, the terms of this section will survive any foreclosu.~e or satisfaction of this Security Instrument regardless of any passage of title to Lender or any disposition by Lender of any or all of the Properly. Any clairris and defenses to the contrary are hereby waived. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or-all of the Property through condemnatmn, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or ar, y part of the Property. Such proceeds will be considered payments and will be applied as provided in this S~curit'/ Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor agrees to k~ep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security InStrument. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals wil include a standard "mortgage clause" and, where applicable, "loss payee clause." f required by Lender, Mortgagdr agrees to maintain comprehensive general liability insurance and rental loss or business interruption insurance ir/ amounts and under policies acceptable to Lender. The comprehensive general liability insurance must nan"~e Lender as an additional insured. The rental loss or business interruption insurance must be in an amount equaJ to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in v, riting.) Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option If Lender acquires the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's ~nterest in the Property. This insurance may include coverages not originally required of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be writter at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 19. ESCROW FOR TAXES AND INSURANCE. As provided in a separate agreement, Mortgagor agrees to pay to Lender funds for taxes and insuranc~ in escrow. 20. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be p~/rsonally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mort~lagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any a~ti-de,ficiency or one-action laws. 21. WAIVERS. Except to the exten": prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 22. OTHER TERMS. The following are apolicable to this Security Instrument: A. Line of Credit. The Secured Debts'include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, thi,' Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 23. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 24. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 25. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment ,or modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender.' This Security Instrument is the complete and final expression of the RED DOG SALOON Wyoming Mortgage WY/4brandiemO0725200004363013062904Y ~:?.¥ ~!~ .~.~ ©1996 Bankers Systems, Inc., St. Cloud. MN ?, agreement. If any provision of this S~curity Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 26. INTERPRETATION. Whenever u.':ed, the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not to be used to interpret or define the terms ot this Security Instrument. 27. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice wil be given by delivering it or ma!ling it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to aey other address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortgagor ~.vill inform Lender in writing of any change in Mortgagor's name, address or other application information. Morlgagor will provide Lender any financial statements or information Lender requests. All financial statements and information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and fil~ any additional documents or certifications that Lender may consider necessary to perfect, continue, and p:eserve Mortgagor's obligations under this Securitv Instrument and to confirm Lender's lien status on any Property. Tired is of the essence. SIGNATURES. By signing, Mortgagc,r agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. MORTGAGOR: TERRY J. J~ERRYH_ILL Autl~orize~gfgne~ LENDER: First National Bank - West ~-'h-T-'~mas, Aft'on Branch President ACKNOWLEDGMENT. (Individual) This instrument was ackl~owledged befor~ me this TERRY J. BERRYHILL. My commission expires: (Notary Public) , :~Joo ~ by (Lender.Acknowledgment~ _ /q , This instrument was ackC'~owledl~'~ ~~1 I:efore: me is ~:~ day of My commission expires: ' /~ z ~ ' ~ (Notary Public) by RED DOG SALOON Wyoming Mortgage WY/4brandiemOO725200004363013062904Y ©1996 Bankers Systems, nc. St. Cloud, MN ~'~;~" Page 6 ALTA COMMITMENT- 1982 -'WY --704 Cormnitrnent No.: FA 12052 M SCHEDI/LE C The land referred to in this conmainnent is situated in the State of Wyoming, County of Lincoln, and is described as follows: The South one-half of following described land, to-wit: A portion of Tr~.ct 90, T24N RllgW, of the 6th P.M., Lincoln County, Wyoming, lying East of U.S. Highway 30 North, more particularly described as follows.: Beginning at a point which lies North 268.3 feet, S 78039' W, 210.3 feet, and N 11°2'1, W, 300 feet along the East boundary line of U.S. Highway 30, from the Northwest Corner of Tract 74, T24N Rll9W of the gth P.M.; and running thence N 11021' W, 300 feet along said highway boundary line to a point, which is identical with a U.S. Highway boundary line marker; thence N 78039, E, 290.4 feeL; thence S 11021' E, 300 feet; thence S 78039, W, 290.4 feet, more or less, to the point of'beginning.