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HomeMy WebLinkAbout900862AfterRecordation Returnto: KeyBank USA National P.O. Box 16430 Boise, ID 83715 (000) 000-0000 Association E E,.,E IVED LINC,()! f! (':OtlNTY C/.ERK 900862 HOME EQUITY LINE MORTGAGE MARLIN D. LONG MARLIN D. LONG MARVI LYNN LONG MARVI LYNN LONG IITFA MARV]LYNN LONG AS TENANTS BY TIlE EN'I'I RI,71'I ES 205 OAKLEY SYF K~Mb!ERER, WY~ 831,01 205 OAKLEY KEMMERER, WY 83101 ~[!~i~ O N ~:.!~lO~ i: ~:].}:~::::]-:: i i :.! · .....i?:i i ?:?.::: :': :2:2/! OE N TIFI~AI!O'N: N'¢3. :~: ::!::::?:::! In consideration of the loan or other credit accommodation hereinafter specified and any future advances or future Obligations, as defined herein, which may hereafter be advanced or incurred and other good and valuable consideration the receipt and sufficiency ct which are hereby acknowledged, Mortgagor hereby warrants and mcr:gages to Ke~Bank USA £.Ja t ion~l Associat ion 4_9_1_(! Tiedeman Road, Suite B_~_..B_rookl_-_~ Ohi~ ~/~ ("Lender'), its successors and assigns, with power of sale a;ld dght of entry and possession all of Mortgager's present and future estate, right, title and interest in and to the real property described in Schedule A,,which is attached to this Mortgage and incorporated herein by this relerence, together with all present and future improvements and fixtures; all'tangible personal property, including, without limitation, all machinery, equipment, building materials, and goods of every nature (excluding household goods) now or hereafter located on or used in connection with tile real property, whether or not affixed to the land; all privileges, hereditaments, and appurtenances; all leases, licenses and other agreements; all rents, issues and profits; all water, well, ditch, reservoir and mineral rights ar.d stocks pertaining to the real property (cumulatively "Property"); until payment in full of all Obligations secured hereby. Moreover, in further consideration, Mortgagor does, for Mortgagor and Mortgager's heirs, representatives, successors, and assigns, hereby expressly warrant, covenant, and agree with Lender, its successors and assigns as follows: ~. OBLIGATIONS. This Mortgage shall secure the payment and performance of alt present and future indebtedness, liabilities, obligations and covenants of Borrower or Mortgagor (cumulativeiy "Obligations") to Lender pursuant to: (a) this Mortgage and the following promisso'ry notes and other agreements: VARIABLE ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: l~i i:.ii~iii ~::~ $26,000.00 06/26/04 06/26/34 041381743400C 321170002436 (b) all other present or future written agreements with Lender that refer specifically to this Mortgage (whether executed for the same or differont purposes than the foregoing); (c) any guaranty of obligations of other parties given to Lender now or hereafter executed that refers to this Mortgage; (d) future advances, whether obligatory or optional, to the same extent as if made contemporaneously with the execution of this Mortgage, made or extended to or on behalf of Mortgagor or= Borrower. Mortgagor agrees that if one of the Obligations is a lice of credit, the lien of this Mortgage shall continue until payment in full of all deft due under the line notwithstanding the fact that from time to time (but before termination of the line) no balance may be outstanding. At no time shall the lien of this Mortgage, not including sums advanced to protect the security of this Mortgage, exceed $ _2. F~, R D C) ¢) C) ; and (e) all amendments, extensions, renewals, modifications, replacements or substitutions to any el the foregoing. As used in this Paragraph 1, the terms MortgagGr and Borrower shall include and also mean any Mortgagor or Borrower if more than one. 2. REPRESENTATIONS, WARRANTIES AND ~OVENANTS. Mortgagor represents, warrants and covenants to Lender that: (a) Mortgagor has fee simple marketable tltle to the Property and shall maintain the Property free of all liens, security interests, encumbrances and claims except for this Mortgage and those described in Schedule B which is attached to this Mortgage and incorporated herein by reference, which Mortgagor agrees to pay and perform in a timely manner; (b) Mortgagor is in compliance in all respebts With all applicable federal, state and local laws and regulations, including, without limitation, those relating to "Hazardous Materials" as defi0ed herein, and other environmental matters (the "Environmental Laws"), and neither the federal government nor the state wi~ere the Propen'y is, located nor any other governmental or quasi governmental entity has filed a lien on the Property, nor are there any governmental, judicial or ~dministrative actions with respect to environmental matters pending, or to the best of the Mortgag0r's knowledge, threatened, which involve the Property. Neither Mortgagor nor, to the best of Mortgager's knowledge, any other party has used, generated, released, discharged, stored, or disF osed of any Hazardous Materials as defined herein, in connection with the Property or transported any Hazardous Materials to or from the Property. Mortgagor shall not commit or permit such actions to be taken in the future. The term "Hazardous Materials" shall mean any substance, material, or waste which is or becornes regulated by any governmental authority including, but not limited to: (i) petroleum; (ii) friable or nonfriable asbestos; (iii) polychtorinated biphenyls; (iv) those substances, materials or wastes designated as a "hazardous substance" pursuant to Section 311 of the Clean Water Act or listed pursuant to Section 307 el the Clean Water Act or any amendments or replacements to these statutes; (v) those substances, materials or wastes defined as a "hazardous waste" pursuant to Section 1004 of the Resource Conservation and RecJ0very Act or any amendments or replacements to that statute; and (vi) those substances, materials or wastes defined as a "hazardous substance"pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, or any amendments or replacements tc that statute or any other similar state or federal statute, rule, regulation or ordinance now or hereafter in effect. Mortgagor shall not lease or permit the sublease of the Property to a tenant or subtenant whose operations may resblt in contamination of the Property with Hazardous Materials or toxi~ substances; (c) All applicable laws and regulations incladir~g, without limitation, the Americans with Disabilities Act, 42 U.S.C. Section 12101 et seq. (and all regulations promulgated thereunder) and all zoning and building laws and regulations relating to the Prope(!y by virtue of any federal, state or municipal authority with jurisdiction over tl~e Froperty, presently are and shall be Observed and complied wilh in all material respects, and all rights, licenses, permits, and certificates of 6ccupancy (including but not limited to zoning variances, special exceptions for nonconforming uses, and final inspection approvals), whether temporary or permanent, which are matedal to the use and occupancy of fiqe Property, presently are and shall be obtained, preserved and, where necessary, renewed; (d) Mortgagor has the right and is duly autLorized to execute and perform its Obligations under this Mortgage and these actions do not and shall not conflict with the provisions of any statute, regulation, ordinance, rule of law, contract or other agreement which may be binding on Modgagor at any time; (e) No action or proceeding s or she be p(i, nding or threatened which might materially affect the Property; and , · LPWY5D6 © FormAtion Technologies, Inc, {11/3/98) 1800) 9~7-37996 (f) Mortgagor has not violated and shall n.ot violate any statute, regulation, ordinance, rule of law, conlract or other agreement which might materially affect the Property (including, bu,~ not limited to, those govemin9 Hazardous Materials)or Lender's rights or interest in the Property pursuant to this Mortgage. : 3. PRIOR MORTGAGES. Mortgagor represents and warrants that there are no prior mortgages affecting any part of the Property except as set forth on Schedule B attached to this Mortgage which Mortgagor agrees to pay and perform in a timely manner. If there are any prior mortgages then Mortgagor agrees to pay all amounts owed, andl pea'form all obligations required, under such mortgages and the indebtedness secured thereby. 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN MORTGAGORS OR BORROWERS. In the event of a sale, conveyance, lease, contract for deed or transfer to any person oi! all or any part of the real property described in Schedule A, or any interest therein, or of all or any beneficial interest in Borrower or Mortgagor (if _Rorr0wer or Mortgagor is not a natural person or persons but is a corporation, limited liability company, partnership, trust, or other legal entity), 'Lender:may, at its option, declare the outstanding principal balance of the Obligations plus accrued inlerest thereon immediately due and payable. At Lenr~er'~ request, Mortgagor or Borrower, as the case may be, shall furnish a complete statement setting forth all of its stockholders, members or partners, as appropriate, and the extent of their respective ownership interests. 5. ASSIGNMENT OF RENTS. In consideration o'! the Obligations which are secured by this Mortgage, Mortgagor absolutely assigns 1o Lender all Mortgagor's estate, right, title, interest, claim and demand now owned or hereafter acquired in all existing and future leases of the Property (including extensions, renewals and subleases), all agreemer!ts for use and occupancy of the Property (all such leases and agreements whether written or oral, are hereafter referred to as the "Leases"), and all guaranties of lessees' performance under the Leases, logether with the immediate and continuing right to collect and receive all of the rents, income; receipts, revenues, issues, profits and other income of any nature now or hereafter due (including any income of any nature coming due during .!my redemption period) under the Leases or from or arisin9 out of the Property, including minimum rents, additional rents, percentage rents, parking:or common area maintenance contributions, tax and'insurance contributions, deficiency rents, liquidated damages following default in any Lease, all proceeds payable under any policy of insurance covering loss of renls resulting from untenantability caused by destruction or damage t0 the Property, all proceeds payable as a result of a lessee's exercise ct an option to purchase the Property, all proceeds derived from the termin~'tion or rejection of any Lease in a bankruptcy or other insolvency proceeding, and all proceeds from any dghts and claims of any kind which Mortgago, may have against any lessee under the Leases or any occupants o1' the Property (all of the above are hereafter collectively referred to as the "Re~i~ts"h This assignment is subject to the right, power and authority given to the Lender to collect and apply the Rents. This assignment is recorded i~ accordance with applicable state law; the lien created by this assignment is intended to be specific, perfected, and choate upon the recording of thi3 Mortgage, all as provided by applicable state law as amended from time to time. As long as there is no default under the Obligations or this Mortga¢.je, Lender grants Mortgagor a revocable license to collect all Rents from the Leases When due and to use such proceeds in Mortgagor's business operations. However, Lender may at any time require Mortgagor to deposit all Rents into an account maintained by Mortgagor or Lender at Lender's institution. Upon default in the payment of, or in the performance of, any of the Obligations, Lender may at its option take possession of the Prop~=rty and have, hold, manage, lease and operate the Property on terms and for a period of tirne that Lender deems proper. Lender may proceedt0 'collect and receive all Rents, from the Property, and Lender shall have full power to periodically make alterations, renovations, repairs or replacements to the Property as Lender may deem proper. Lender may apply all Rents in Lender's sole discretion, to payment of the Obligation or to the payment of the cost of such allerations, renovations, repairs and replacements and any expenses incident to taking and retaining possession of the Property'and the management and operation of the Property. Lender may keep the Property properly insured and may discharge any taxes, charges, claims, assessments and other liens which may accrue. The expense and cost of these actions may be paid from the Rents received, and any unpaid amounts shall be added to the principal of the Obligations. These amounts, together with other costs, shall become part of the Obligations secured by this Mortgage. 6. LEASES AND OTHER AGREEMENTS. Mortgagor shall not take or fail tO take any action which may cause or permit the termination or the withholding of any payment in connection with any Lease pertaining to the Property. In addition, Mortgagor, without Lender's prior written consent, shall not: (a) collect any monies payable under any Lease more than one month in advance; (b) modify any Lease; (c) assign or allow a lien, security interest or other encumbrance to be placed upon Mortgagor's rights, title and interest in and lo any Lease or the amounts payable thereunder; or (d) terminate or cancel any Lease except for the nonpayment of any sum or other material breach by the other party thereto. If Mortgagor receives at any time any written communication asserting a d~fault by Mortgagor under an Lease or purportin9 lo terminate or cancel any Lease, Mortgagor shall promptly forward a copy of such communication (and any subsequent communications relatin9 thereto) to Lender. All such Leases and the amounts due to Mortgagor thereunder are hereby assigned to Lender as additional security for the Obligations. 7. COLLECTION OF INDEBTEDNESS FROM THIRD PARTY. Lender shall be entitled to notify or require Mortgagor to notify any third party (including, but not limited lo, lessees, licensees, 9overnmental authorities and insurance companies) to pay Lender any indebtedness or obligation owing to Mortgagor with respect to the Property (cumulatively "indebtedness") whether or not a default exists under this Mortgage. Mortgagor shall diligently collect the Indebtedness owing to Mort'gagor from these third parties until the giving of such notification. In the event that Mortgagor possesses or receives possession of any instrur~ects or other remittances with respect lo the Indebtedness following the giving of such notification or if the instruments or other remittances constitme the prepayment of any Indebtedness or the payment of any insurance or condemnation proceeds, Mortgagor shall hold such instruments and otherlremittances in trust for Lender apart from its other property, endorse the instruments and other remittances to Lender, and immediately provid'~ L,mder with possession of the instruments and other remittances. Lender shall be entitled, but not required, to collect (by legal proceedings or ct-erwisa), extend the time for payment, compromise, exchange or release any obligor or collateral, or otherwise settle any of the Indebtedness whelher o," not an Event of Default exists under this Mortgage. Lender shall not be liable to Mortgagor for any action, error, mistake, omission or delay pertaining to the actions described in this paragraph or any damages resulting therefrom. Notwithstanding the foregoing, nothing herein shall cause Lende' robe deemed a mortgagee-in-possession. 8. USE AND MAINTENANCE OF PROPERTY; Mortgagor shall take all actions and make any repairs needed to maintain the Property in good condition. Mortgagor shall not commit or perrr, it any waste to be committed with respect to the Property. Mortgagor shall use the Property solely in compliance with applicable law and insurance policies. Mortgagor shall not make any alterations, additions or improvements to the Property without Lender's prior written consent. Without limiting.the foregoing, all alterations, additions and improvements made 1o the Property shall be subject lo the beneficial interest belonging to Lender, shall rick be removed without Lender's prior written consent, and shall be made at Mortgagor's sole expense. 9. LOSS OR DAMAGE. Mortgagor shall bear the entire risk of any loss, theft, destruction or damage (cumulatively "Loss or Damage") to the Property or any portion thereof from any cause whatSoe/er.~ In the event of any Loss or Damage, Mortgagor shall, at the option of Lender, repair the affected Property to its previous condition or pay or cause t¢ be paid to Lender the decrease in the fair market value of the affected Property. 10. INSURANCE. The Property will be kept insured for its full insurable value (replacement cost) against all hazards including loss or damage caused by flood, earthquake, tornado and fire, theft or :¢~ther casualty to the extent required by Lender. Mortgagor may obtain insurance on Ihs Property from such companies as are acceptable to Lender in:its sole discretion. The insurance policies shall require the insurance company to provide Lender with at least 3 0 days' written notice befcre such policies are altered or cancelled in any manner. The insurance policies shall name Lender as a loss payee and provide that no act or omis:4on of Mortgagor or any other person shall affect the right of Lender to be paid the insurance proceeds pertaining to the loss or damage of the Property. [,q the event Mortgagor fails to acquire or maintain insurance, Lender (after providing notice as may be required by law) may in its discretion procure appropriate insurance coverage upon the Property and the insurance cost shall be an advance payable and bearing interest as described in Paragraph 21 and secured hereby. Mortgagor shall furnish Lender with evidence of insurance indicating the required coverage. Lender may act as attorney-in-fact for Mortgagor in making and settling claims under insurance policies, cancelling any policy or endorsing Mortgagor's name on any draft or negotiable instrument drawn by any insurer. All such insurance policies shall be' immediately assigned, pledged and delivered to Lender as further security for the Obligations. In the event of loss, Mortgagor shall immediately give Lender written notice and Lender is authorized to mak~ proof of loss. Each insurance company is directed to make payments directly to Lender instead of to Lender and Mortgagor. Lender shall have the -ight, at its sole option, to apply such monies toward the Obligations or toward the cost of rebuilding and restoring the Property. Any amounts may et Lender's option be applied in the inverse order of the due dates thereof. 11. ZONING AND PRIVATE COVENANTS. Mortgagor shall not initiate or consent t0 any change in the zoning provisions or private covenants affecting the use of the Property w~thout Lender's pnor written consent, if Mortgagor's use of the Property is or becomes a nonconforming use under any zoning provision, Mortgagor shall not cause or permit such use to be discontinued or abandoned without the prior written consent of Lender. Mortgagor will immediately provide Lender with written notice of any proposed changes to the zoning provisions or private covenants affecting the Property. 12. CONDEMNATION. Mortgagor shall immediately provide Lender with written notice gl any actual or threatened condemnation or eminent domain proceeding pertaining to the Property. All monies payable to Mortgagor from such condemnation or taking are hereby assigned to Lender and shall be applied first to the payment of Lender's attorneys' fees, legal expenses and other costs (including appraisal fees) in connection witl~ the condemnation or eminent domain proceedings and then, at the option of Lender, to the payment of the Obligations or the restoration or repair of the Property. 13. LENDER'S RIGHT TO COMMENCE OR 'DEFEND LEGAL ACTIONS. Mortgagor shall immediately provide Lender with written notice of any actual or threatened action, suit, or other proceediqg affecting the Property. Mortgagor hereby appoints Lender as its attorney-in-fact to commence, intervene in, and defend such actions, suits, or other legal proceedings and to compromise or settle any (;latin or controversy peaaining thereto. Lender shall not be liable to Mortgagor for any action, error, mistake, omission or delay pertaining to the actions described in this paragraph or any damages resulting therefrom. Nothing contained herein will prevent Lender from taking the actions described in this paragraph in its own name. 14. INDEMNIFICATION. Lender shall not assunm or be responsible for the performance of any of Mortgagor's obligations with respect to the Property under any circumstances. Mortgagor shall immediately provide Lender with written notice ol and indemnify and hold Lender and its shareholders, directors, officers, employees and agents harmless from all claims, damages, liabilities (including attorneys' fees and legal expenses), causes of action, actions, suits and other legal proceedings (cumulatively "Claims") pertaining to the Property (including, but not limited to, those involving Hazardous Materials). Mortgagor, upon the request of Lender, shall hire legal counsel to defend Lender from such Claims, and pay the attorneys' fees, legal expenses and other costs incurred in connection therewith. In the alternative, Lender shall be entitled to employ its own legal counsel to defend such Claims at Mortgagor'sico,':t. Mortgagor's obligation to indemnify Lender under this paragraph shall survive the termination, release or foreclosure of this Mortgage. LPWY506~ © Forl:nAt[on TechnotoclieS, Jl'~c. ~11/3/981 /8001 937-3799 !5. TAXES AND ASSESSMENTS. Mortgagor ~hall}pay all taxes and assessments relating to the Property when due and immediately provide Lender evidence of payment of same. Upon the request ',of Lender, Mortgag0r shall deposit with Lender each month one-twelfth (1/12) of the estimated annual insurance premium, taxes and assessm3nts:, : pertaining to the Property. So long as there is no default, these amounts shall be applied to the payment of taxes, assessments and insurance as required on the Property, In the event of default, Lender shall have the right, at its sole option, to apply the funds so held to pay any taxes or aga nsf lhe Obligations. Any funds applied may, at Lender's option, be applied in reverse order of the due date thereof. 16. INSPECTION OF PROPERS, BOOKS, RECORDS AND REPORTS. Morlgagor shall allow Lender or its agents to examine and inspect the Property and examine, inspect and ma~e copi.~s of M0rtgagor's books and records pertaining to the Prope~y from time to time. Modgagor shall provide any assistance required by Lender for tt' es~ purposes. All 0f the signatures and information conlained in Mortgager's books and records shall be genuine, true, accurate and complete in all'respects. Me,sager shall note the existence of Lender's beneficial interest in its books and records pertaining to the Property. Additionally, Mo~gagor~shall repeal, in a form satisfactory to Lender, such information as Lender may request regarding Mo~gagor's financial condition or the Property.'Th~; information shall be for such periods, shall reflect Mortgager's records at such time, and shall be rendered with such frequency as Lender may dasig,nate. ~1 information furnished by Mortgagor t0 Lender shall be true, accurate and complete in all respects, and signed by Me,sager if Lender reouesis. 17; ESTOPPEL CERTIFICATES. Within ten (10) ~ays after any request by Lender, Mortgagor shall deliver to Lender, or any intended transferee of Lender's rights with respect to the Obligations, a signed and acknowledged statement specifying: la) the outstandin9 balance on lhe Obligations; and lb) whether Mortgagor possesses any claims, defenses, set-offs or counterclaims with respect to the Obligations and, if so, the nature of such claims, defenses, set-offs or counterclaims. Mortgagor will be conclusively bound by any representation lhat Lender may make to the intended transferee wilh respect to these matters in the event that Mortgegor fails to provide the requested statement in a timely manner. 18. EVENTS OF DEEAULT. An Event of Def¢~ult will occur under this Mortgage in the event that Mo~gagor, Borrowe~ or any guarantor of any Obligation: la) commits fraud or makes a material mis[epd~sentation at any time in connectio~ with the Obligations or this Mortgage; lb) fails to meet the repayment terms of the O~.ligati0ns for any outstanding balance' or lc) bY any action or inaction, adversely affects the Property, or any right of Lender in such Property, including, but not limited to, transfer of title to or sale of the Prope~y without the permission of Lender, failure to maintain required insurance or to pay taxes on the Property, allowing the tiling of a lien senior to that held by Lender, de~th (,f the sole Borrower obligated under the Obligations, allowing the taking of the Property through eminent domain, or allowing the Prope~y t9 be foreclosed by a lienholder other than Lender. In addition, an Event of Default shall occur if, as a result of any of the following, the Propert]q or any right of the Lender in the Property, is adversely affected: the Borrower, Mortgagor or any guarantor of any Obligations commits wa;re 0r otherwise destructively uses or laits to maintain the Property, uses the Property in an illegal manner which may subject the Prope~y to seizure, or moves from the Property; a judgment is .filed against the Borrower, Mortgagor or any guarantor of any Obligation; or one of two Boreowers obligated under the Obligations dies. 19. RIGHTS OF LENDER ON EVENT OF DEFAULT. Upon the occurrence of an Event of Default under this Mortgage, Lender shall be entitled to exercise one or more of the following remedies without notice or demand (except as required by law): la) to declare the Obligations immediately due and payable in full, such acceleration shall be automatic and immediate if the Event of Default is a filing under the Bankruptcy Code; lb) to collect the outstanding Obligations with or without resorting to judicial process; lc) to require Mortgagor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably convenient to Me,sager and Lender; rd) to enter upon and take possession of the P'ropeay without applying for or obtaining the appointment of a receiver and, at Lender's option, to appoint a receiver without bond, without first bringin9 suit on the Obligations and without otherwise meeting any statutory conditions regarding receivers, it being intended that Lender shall ha~e this contractual right to appoint a receiver; re) to employ a managing agent of the P~'ope:rty and let the same, in the name of Lender or in the name of Modgagor, and receive the rents, incomes, msues and profits of the Property and apply the same, after payment of all necessary charges and expenses, on account of Obligations; .. (f) to pay any sums in any form or manner deemed expedient by Lender to protect the security of this Mortgage or to cure any de~ault olher than payment of interest or principal on the Obligations; (g) to foreclose this Mortgage; (h) to set-off Mortgager's Obligations against ~ny amounts owed Mortgagor by Lender including, but not limited to, monies, instruments, and deposit accounts maintained with Lender o' any currenlly existing or future affiliate of Lender; and " ri) to exercise all other dghts available to Lende? under any other written agreement or applicable law. Lender's rights are cumulative and may be exercised together, separately, and in any order. In the event that Lender institutes an action seeking the recovery of any of the Property by way of a pr,~jud~ment remedy in an action against Mortgagor, Mortgagor waives the posting of any bo~d which might otherwise be required. Lender or Lender"s d~signee may purchase the Property at any sale. The Property or any pa~t thereof may be sold one parcel, or in such parcels, manner or order as L'ender in its sole discretion may elect, and one or more exercises of the power herein granted shall not extinguish or exhaust the power unless the e'ntire Property is sold or the Obligations are paid in full. 20. SECURIW INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Mortgage shall be considered a financin9 statement and a fixture filing pursuant to the provisions of the UniformCommercial Code (as adopted by the state where the Property is located) covering fixtures, chattels, and articles of personal property now owned or hereafter attached to or to be used in connection with the Property together with any and all replacements thereof and additions thereto (the "Chattels"), and Mortgagor hereby 9rants Lender a security interest in such Chattels. The debtor is the Mortgagor described above. The secured par~y s: the Lender described above. Upon demand, Mortgagor 6hall make, execute and deliver such security agreements (as such term is defined in said Uniform Commercial Code) as Lender at any time may deem necessary or proper or required to grant to Lender a perfected security interest in the Chattels, and upon Mortgager's failure to do so, Lender is authorized to sign any such agreement as the agent of Modgagor. Mortgagor hereby aut~ or zes Lender to file financing statements (as such term is defined in said Uniform Commercial Code) with respect to the Chattels, at any time, without the signature of Mortgagor. Mortgagor will, however, at any time upon request of Lender, sign such financing statements. Mortgagor will pay all filing fees for the filing of such financing statements and for the refiling thereof at the times requi~ed, the opinion of Lender, by said Uniform Commercial~Code. If the lien of this Mortgage is subject to any security agreement covering the Chattels, then in the event of any default under this Mortgage; all the right, title and interest of Mortgagor in and to an~ and all of the Chattels is hereby assigned to Lender, together with the benefit of any deposits or .~ayments now or,hereafter made thereof by Mort9agor or the predecessors or successors in title Mortgagor in the Property. 21. REIMBURSEMENT OF-AMOUNTS EXPLODED BY LENDER. Lender, at Lender's option, may expend funds (including attorneys' fees and legal expenses) to perform any act required to be takemby Mortgagor or to exercise any dght or remedy of Lender under this Mortgage. Upor~ demand, Mortgagor shall immediately reimburse Lender for ell such amounts expended by Lender together with interest thereon at the lower of the highest rate described in any Obligation or the highest rat]. ~llowed by law from the date of payment until the date of reimbursement. These sums shall be included in the definition of Obligations herein and shall be secured by the beneficial interest granted herein. If the Obligations are paid after the be9inning of publication of notice of sale, as h~;rein provided, or in the event Lender shall, at its sole option, permit Me,sager to pay any part o~ the Obligations after the beginning of publication o~ notice of sale, as herein provided, then, Mortgagor shall pay on demand all expenses incurred by the Lender in connection with said publication, inch;ding reasonable attorneys' fees to the attorneys for the Lender, and this Me,gage shall be security for all such expenses and fees, ' 22. APPLICATION OF PAYMENTS. All paymeqts [bade by or on beha f of Mortgagor may be applied against the amounts paid by Lender (including attorneys' fees and legal'expenses) in connectk,a with the exercise of its rights or remedies described in this Mortgage and then to the payment of the remaining Obligations in whatever order Lender chooses. 23. POWER OF A~ORNEY. Mortgagor here~.~y appoints Lender as its attorney-in-fact to endorse Mo~gagor's name on all instruments and other documents pertaining to the Obligations or Mortgage. In addition, Lender shall be entitled, but not required, to perform any aclion or execute any document required to be token .or executed by Mort.sager under this'Me,gage. Lender's performance of such action or execution of such documents shall not relieve Mortgagor from any Obligation or cure any default under this Mortgage. 'The powers of attorney described in this Mortgage are coupled with an interest and are irrevocable. 24. SUBROGATION OF LENDER. Lender shall be subrogated to the rights of the holder of any previous lien, security interest or encumbrance discharged with funds advanced by Lender regardless of whether these liens, security interests or other encumbrances have been released of record. 25. COLLECTION COSTS AND A~ORNEYS' FEES. Upon default by borrower or Mortgagor under the Obligations and referral of this Mortgage to an attorney who is not a salaried employee of Lender, Mortgagor agrees to pay Lenders reasonable attorneys' fees. Additionally, Mortgagor agrees to pay all reasonable expenses incurred by Lender in foreclosing and realizing on the Property. 26. PARTIAL RELEASE. Lender may release ,ts interest in a portion of the Property by executing and recording one or more partial releases without affecting its interest in the remaining portion of the Property. Nothing herein shall be deemed to obligate Lender to release any of its interest in the Prope~y (except as required under Paragraph ~,4), nor shall Lender be obligated to release any part of the Property if Mortgagor is in default under this Modgage. 27. MODIFICATION AND WAIVER. The modification or waiver of any of Mortgager's. Obligations or Lender's rights under this Mortgage must be conta ned in a writing signed by Lender. Lende~ m~'y perform any of Borrower's or Mortgager's Obligations, delay o~ fail to exercise any of its dghts or accept payments from Mortgagor or anyone other than Mortgagor without causing a waiver of those Obligations or rights. A waiver on one occasion shall not constitute a waiver on any other ecca{ion. Mortgager's Obligations under this Mortgage shall not be affected if Lender amends, compromises, exchanges, fails to exercise, impairs Or releases any of the Obligations belonging to any Mortga9or, Borrower or third party or any of ils rights against any Me,sager, Borrower or third ,~ad5 or any of the Prope~y. Lender's failure to insist upon strict performance of any of lhe Obligations shall not be deemed a waiver, and Lender shall ,2av~ the right at any time thereafter to insist upon stdct performance. 28. SUCCESSORS AND ASSIGNS. This Mortgage shall be binding upon and inure to the benefit of Modgagor and Lender and their respective successors, assigns, trustees, receivers, admini~.traters, personal representatives, legatees and devisees. L.PWY506C {) FormAlion Technologies, Inc. (11/3/96) (800) g37--3~99 Pan~ a ,~ 5 29. NOTICES. Except as otherwise required by law, any notice or other communication to be provided under this Mortgage shall be in writing and sent to the parties at the addresses described in this Mortgage or such other address as the parties may designate in writing from time to time. Any such notice so given and sent by first class m~il, postage prepaid, shall be deemed given the earlier of three (3) days after such notice is sent or when received by the person to whom such notice is being given. 30. SEVERABILITY. Whenever possible eacl~ provision of this Mortgage sba be nterpreted so as to be effective and va id under applicable state law. If any provision of this Mortgage violates {he law or is unenforceable, the rest of the Mortgage shall continue to be valid and enforceable. 31. APPLICABLE LAW. This Mortgage shall~be governed by the laws of the state where the Property is located. Unless applicable law provides otherwise, Mortgagor consents to the jurisdiction and venue of any court selected by Lender, in its sole discretion, located in that state. 32. NO THIRD-PARTY RIGHTS. No person is or. shall be a third-party beneficiary of any provisioo of the Mortgage. Ail provisions of the Mortgage in favor of Lender are intended solely for the benefit of Lender, and no third party shall be entitled to assume or expect that Lender will waive or consent to the modification of any provision of t.he;Mortgage, in Lender's sole discrelion. 33. PRESERVAT ON OF LIABILITY AND PRiORiTY. Without affecting the liability of Borrower, Mortgagor, or any guarantor of the Obligations, or any o;ther person (except a person expressly rel~a,';ed in writing) for the payment arid performance o! the Obligations, and without affecting the rights of Lender with respect to any Property not expre'ssly released in writing, and without impairing in any way the priority of this Mortgage over the interest of any person acquired or first evidencc, d 'by recording subsequent to the recordir~g of this Mortgage, Lender may, either before or after the maturity of the Obligations, and without notice Or consent: release any person liable for payment or performance of all or any part of the Obligations; make any' agreement altering the terms of payment or performance of all or any part of the Obligations; exercise or refrain from exercising or waive any right or remedy that Lender may have unde~~ this Mortgage; accept additional security of any kind for any of the Obligations; or release or otherwise deal with any real or personal properiy securing the Obligations. Any person acquiring or recording evidence of any interest of any nature in the Property shall be deemed, by acquirinp such interest or recording any evidence thereof, to have consented to all or any such actions by Lender. f 34. DEFEASANCE. Upon the payment and pei-formance in full of all of the Obligations, Lender will execute and deliver to Mortgagor those documents that may be required to release this Mdrtgage of record. Mortgagor shall be responsible to pay any costs of recordation. 35. RELEASE AND WAIVER OF HOMESTEAD. Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead laws of the State of Wyoming and covenants and agre'(s that Mortgagor is lawfully seized of said Property, that it is free from all encumbrances, and hereby covenants to warrant and defend the title of salt: P~;operty against the lawful claims of all persons whomsoever. Spouse of Grantor upon the consideration afo-esaid, does hereby release and forever quit-claim unto Lender, as Mortgagee, all his/her rights of homestead in and to the above granted Propert/. 36. MISCELLANEOUS. Mortgagor and Lance,er agree that time is of the essence Mortgagor waives presentment, demand for payment, notice of dishonor and protest except as required Dy law. Aq references to Mortgagor in this Mortgage shall include all persons signing below. II there is more than one Mortgagor, their Obligations shall be .joint and several. This Mortgage represents the complete integrated understanding between Mortgagor and Lender pertaining to the terms and conditions hereof. 37. ADDITIONAL TERMS: Mortgagor acknowledges thai Mortgagor has read, understands, and agrees to the terms and conditions of this Mortgage, and acknowledges receipt of an exact copy of same. IN WITNESS HEREOF, Mortgagor has execute6 th'is instrument either individually or has caused this instrument to be executed and delivered in its name by its duly authorized representative on the Oate of the acknowledgment. Dated this .. '2 ~nc]__ day of~ZLm~ 2 ih CL4~ MORTGAGOR: MARLIN D. LONG MARLIN D. LONG MORTGAGOR: HTTA MARVILYNN LONG HTTA MARVILYNN LON~ MORTGAGOR: MARVt LYNN L~NG MORTGAGOR: MORTGAGOR: MORTGAGOR: MORTGAGOR: LPWY506D ~ FormAtion Teclmologles, Inc. [11/3/96) (SO0J 937 3798 Pacle 4 of 5 lis/her/their free act and deed, including the release and waiver of the right of homestead. , Given under mY hand and notarial seal thisbe__, ,~__OO~ vly Commission Expires: I1 ' O] ' irate of Wyoming ;ounty of ~ r~ ss: On this ~ day of ~ . ~, before me personally appeared Notary Public ~ me personally known, who. being by me duly sworn, did say that he/she/they are the .~spectively~ of said , executing tile foregoing instrument, that said instrument was s~gned on behalf of said _, by authority of its and le above signed person(s) acknowledged the execu:Jcn of said Instrument to be the free acl and deed of said Given under my hand and notarial seal this day of 4y Commission Expires: Notary Public ate of Wyoming )unty of LI'~ ~ ~ I lq On this ,,:~ ~.,~ e--~ __ day of _ RELEASE OF HOMESTEAD RIGHTS: ) ) SS: ) c~ DDL~_, before me personally appeared me personally known, who. being by me duly sworn, did say that he/she/they are the ;pectively, ol said , executing the foregoing inslrument for purposes of waiving and relinquishing t/her/their homestead rights, acknowledged that he/she/they had been fully advised of his/her/their rights and the effecl ol signing, and acknowledged U he/she/they executed the foregoing instr~~- _ :7 :.__.~ Given under ,ny hand and notarial seal this ]_~i~~_JJz~rl~l~r' __ / Commission Expires: The following described real property located in the Gounty of Notary Public Stateof_ Wyo~li/n~ EAST ONE-HALF OF LOT 3 OF BLOCK 1 OF THE OAKLEY SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. ALSO PART OF LOT 3 OF BLOCK 1 OF THE OAKLEY SBUDIVISIOH, LINCOLN COUNTY, WYOMING BEING DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 3 OF BLOCK 1 AND RUNNING EAST 79.355 FEET ALONG THE SOUTHERLY LOT LINE OF SAID LOT 3 TO TH~ POINT OF BEGINNING; THENCE CONTINUING EAST 10 FEET ALONG THE SOUTHERLY LOT,LI'NE OF SAID LOT 3; THENCE RUNNING NORTH 148.7]. FEET ON A LINE PARALLEL TO THE EASTERLY AND WESTERLY LOT LINES OF SAID LOT 3, TO A POINT ON TH~ NORTH LOT LINE OF SAID LOT 3; THENCE WEST 10 FEET ALONG THE NORTHERLY LOT LINE OF SAID LOT 3; THENCE SOUTH 148.71 FEET ALONG A LINE PARALLEL TO THE .EK~STERLY AND WESTERLY LOT LINES OF SAID LOT 3 TO THE POINT OF BEGINNING. FIRST AMERICAN TITLE ORDER N0:5700177 BORROWER AND LENDER REQUEST THE HOLDER OF ANY MORTGAGE, DEED OF TRUST OR OTHER ENCUMBRANCE WITH A LIEN WHICH HAS PRIORITY OVER THIS MORTGAGE TO GIVE NOTICE TO LENDER, AT LENDER'S ADDRESS SET FORTH ON PAGE ONE OF THIS MORTGAGE, OF ANY DEFAULT UNDER THE SUPERIOR ENCUMBRANCE AND OF ANY SALE OR OTHER FORECLOSURE ACTION. THISDOCUMENTWASPREPAREDBY: KeyBank USA National AssociaEion / David G. AFTER RECORDING RETURN TO LENDER AT ITS ADDRESS DESCRIBED ABOVE. LPW¥506E © FormAIIon Technologies, Inc. (11/3/96) (800) 937-3799 Fisher