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HomeMy WebLinkAbout901387FROM- 901387 T-2:t2 P89/24 U-644 RECEIVED ,.,OOLN COUNTY CLERK Space Above This Line For Record ng Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (SecuriW Instrument) is July 9, 2004. The parries and their addresses are: MORTGAGOR: PRESTON R SAVARESE An unmarried individual 26 Sidney Ptaco Brooklyn, New York 11201 PAIGE R SAVARESE PO Box 1111 Jackson, Wyoming 83001 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under tt~e laws of the Unimd States of America 100 Greys River Road Alpine, Wyoming 83128 TIN: 83-0162601 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgager's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, [he followiog described property: LOTS 3, 4, 5, 10, 11 AND 12 OF BLAZE ESTATES, LINCOLN COUNTY. WYOMING, ACCORDING TO THAT PLAT FILED JUNE 8, 2004 IN THE OFFICE OF THE COUNTY CLERK AS PLAT NO. 253-A, The property is located in LINCOLN County at COUNTY ROAD 113, US HIGHWAY 89, ETN, Wyoming 83118. Together with all r!ghts, easements., appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party.~payments made [o crop producers and all existing and future improvements, structures, fixtures, and replacements that may now, or a~ any time in tt~e future, be part of [he real estate described (all referred to as Property). This Security Instrument will remain in effect until [he Secured Debts and all underlying agreements Imve been terminated in wridng by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amoun~ secured by tills Security Instrument at any one dine will no( exceed ~56,258,00, Tllis limitation of amount does not include interest and other fees and clmrges validly made pursuant to this SecUrity Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument [o protect Lender's security and to perform any of the covenants contained in this FROM - ., .- ~ T-2:12 P].O/'14 U-6~4 0 018 ? Instrument will not secure any debt for which a non-possessor¥, non-purcl~ase mono;/ security interest created in "household goods" in connection with a "consumer loan," as those terms are defined by federal governing unfair end deceplive credit practices. This Security Instrument ~ill not secure an~ deDt for whicl~ a 8ecudt~ inleresl is c~eated in "margin stock" end Lender does not obtain a "sta;emen~ of purpose," as defined and required by federal law governing securities. C. Sums Advanced, All sums advanced and expenses incurred 5~ Lender under the terms of this Secu~ Instrument, 4. PAYMENTS. Mortgagor agrees that all payments under ~l~e Secured Debts will be paid wl~en due and in accordance wid~ d~e ~erms of the Secured Debts and d~is SecuriW Instrument. 5. PRIOR SECURITY INTERESTS. With regard to any other me,gage, deed of trust, security agreemeni or o~her lien document ~ha~ created a prior securiW interes~ or encumbrance on the Proper~y, Mor~gagor agrees; A. To make all payments when due and ~o perform or comply wid~ all covenants. B. To promptly deliver to Lender any notices ~hat Mortgagor receives from the holder. C. Noz to allow any modification or extension of, nor ~o requesi a~y future advances under any note or agreement secured by the lien document without Lender's prior written oonsenz. 6. CLAIMS AGAINST TITLE. Mo~gagor will pay all taxes, assessments, liens, encumbrances, lease paymems, ground ren~s, utilities, and other charges relating zo ~he ProperW when due. Lender may require Mortgagor provide to Lender copies of all notices 'zha[ such amounts are due and lhe receipIs evidencing Mortgager's payment; Mor~gagor will defend title 1o the Prope~y against any claims tl~a~ would impair the lien of [l~is Security Instrument. Morlgagor agrees to assign ~o Lender, as requested by Lender, any rights, claims or defenses Mo~gagor may have against pa~ies who supply labor or malerials to maintain or improve ~l~e Proper[y. 7. DUE ON SALE. Lender may, a~ its option, declare the emire balance of the Secured Debts [o be immediately due and payable upon the creation of, or con~ract for the creation of, a ~ransfer or sale of 011 or any par~ Property. This righ~ is subjecI ~o tile restrictions imposod by federal law governing d~e preemption of s[a~e due-on- sale laws, as applicable, 8. WARRANTIES AND REPRESENTATIONS. Mo~gagor has the rigl~ and authority ~o enter in~o Illis Security Instrument. The execution and delivery of ~his Securiw Instrument will not violate any agreement governing Mortgagor or ~o which Mor~gagor is a pa~y. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep [l~e Proper(y in good condition and make all repairs [l~a[ are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of tl~e Properw. Mortgagor will keep the Properw free of noxious weeds and grasses. Mor~gagor agrees that the nature of the occupancy and use will no~ subs[anzially change without Lender's prior wri~(en consent. Mo~gagor will not permit any change in any license, restrictive covenan~ or easement Without Lender's prior written oonseni. Mo~gagor will notify Lender of all demands, proceedings, claims, and actions against Mo~gagor, and of any loss or damage to the Property. No portion of the Prope~y will be removed, demolished or materially altered wizhou[ Lender's prior written consent except ~l~a~ Morzgagor has ~he righ~ ~o remove items of personal prope~y comprising a part of the Property become worn or obsolete, provided that such personal properW is replaced wid~ other personal property az least eqoal in value [o the replaced ~ersonal prope~y, free from any title retention device, security agreement or other encumbrance. Such replacement of personal property will be deemed subject ~o the security interest created by II, is Security Instrument. Mortgagor will no~ partition or subdivide tl~e Prope~y without Lender's prior written consort[, - Lender or Lender's agents may, at Lender's option, enzer dna Proper~y at any reasonable dine for d~e purpose el inspecting ~he Property. Lender will give Mor~gagor no,ice at the time of or before an inspection specifying a reasonable purpose for tt~e inspection. Any inspection of ~he Property will be entirely for Lender's benefi~ and Mor~gagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails ~o perform any duty or any of the covenants contained in (I~is Security Instrument, Lender may, wJ~hou~ notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fac~ [o sign Mortgager's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will no~ creaze an obligation ~o perform, and Lender"s failure to perform Will no~ preclude Lender from exercising any of Lender s o~her r'ghts under 1l~e law or this Securi~ Ins~rumenz. If any consIrucIion on the Proper~y is discontinued or not carried on in a reasonable manner, Lender may ~ake all steps necessary pro[ecz Lender's security interest in tt~e Prope~y, including completion of d~e construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mo~gagor assigns, grants, bargains, conveys, mortgages and warrants [o Lender as addiIional security all the right, title and in~eres~ in the following (Property). A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the gT-12-'g4 g9'58 FROM- T-212 Pll/14 U-6~t4 .-112 Mgrtgagor firs[ obtains Lender'~ written consent. Upon default, Mortgagor Will receive any Rents 'n trus[ for Lender and Mortgagor will not commingle ~he Rents with any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents from ~he Properw to Lender. Amounts collecmd will be applied at Lender's discretion to the Secured Debts, th~ costs of managing, protecting and preserving the Prope~y, and other necessary expenses. Mo~gagor agrees that [his Security Instrument is immediately effective between Mor[gagor and Lender. This Security Instrument will remain ettective during any statutory redemption period until tbs Secured Debts are satisfied. Unless o[t~erwise prohibited or proscribed by state law, Mortgagor agrees that Lender may take actual possession of the Prope~y without the necess~W of commencing any legal action or proceeding. Mo~gagor agrees that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mo~gagor's default and demands that Mortgagor and Mortgager's tenants pay all Rents due or to become due directly to Lender. mmediately after Lender gives Mortgagor the no[ice of default, Mortgagor agrees that eKher Lender or Mortgagor may immediately notify tl~e tenants and demand that all future Rents be paid directly to Lender. As long as tl~is Assignment is in elfect, Mortgagor warrants and represents tlmt no default exists under the Leases, and the pa~ies subject to the Leases have not viola[ed 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 pa~ies to the Leases to comply with the Leases and any applicable law. It Mo~gagor or any pa~y m tl~e Lease defaults or fails m observe any applicable law, Mo~gagor will promptly notify Lender, If Mortgagor neglects or refuses to enforce compliance wi[h the terms of the Leases, then Lender may, at Lender's option, enforce compliance. Mortgagor will not subleL modify, extend, cancel, or otherwise alter the Leases, or accept surrender of the Property covered by tho Leases (unless the Leases so require) wKhout Lender's consent. Mortgagor will no~ assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does 'not assume or become liable tot the Property's maintenance, depreciation, or other losses or damages when Lender ac[s m manage, protect or preserve the ProPerty, except for losses and damages due to Lender's gross negligence or intentional torts. Otherwise, Mortgagor will indemnify Lender and l~old Lender harmless for all liability, loss or damage that Lender may incur when Lender opts [o exercise any or its remedies against any party obligated under the Leases. 12. 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. Mo~gagor makes an assignment for the benefit of creditors or becomes insolvent, either because Mortgager's liabilities exceed Mortgager's assets or Mo~gagor is unable to pay Mortgager's debts as [lmy become due. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to pe~form any condition or to keep any promise or covenant of this Security Instrument. E, Other Documents, A detault occurs under the terms of any other transaction document. F. Other Agreements. Mortgagor is in default on any other debt or agreement Modgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written s~atement or provides any financial information [hat is untrue, inaccurate, or conceals a material fac[ at the time it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment against Mo~gagor. I. Forfeiture. The ProPerty is used in a manner or for a purpose ~ha[ ~hreatens confiscation by a legal autl~orily. . J. Name Change, Mor~gagor changes Mortgager's name or assumes an additional name without notifying Lender before making such a change, K. Property Transfer. Mortgagor transfers all or a substantial part of Mo~gagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject ~o [l~e restrictions contained in tho DUE ON SALE section, L. Proper~y.Value. The value of the Property declines or is impaired. M. Insecurity. Lender reasonably believes tl~at Lender is insecure. 13. REMEDIES. Lender may use any and all remedies Lender has under state or federal law or in any instrument evidencing or pe~aining to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mo~gagor's behalf will be immediately due and may be added [o the balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgager's default. Subject [o any rigid[ zo cure, required rime schedules or any. o[l~er notice righ[s'Mo~gagor 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 a~d foreclose this Security Instrument in a manner provided by law tlpOg tho occurrence of a defaul~ or anytime thereafter. Upon any sale of ~he Property, Lender wifl make and deliver a special or limited warranty deed that conveys the LLqder th~9 'S]~eVur~tVinstrument. Mortgagor agrees ,o pay expenses for Lender to inspec, ,nd preserve ,he Proper,y. and for ~ny recordazion costs of releasing the Property from ri]is Securi~y Instrument. Expenses inchide but not limited to, attorneys' fees, CoLIr[ costs and o~her legal expenses. These expenses are due and' payabl'e immediately. If no~ paid immediately, ~t~ese expenses will bear interes~ fro~ ~he date of payment un01 paid in full at the highest interest rate in effec~ as provided for in ~he terms of the Secured Debts. To the extent permk~ed by [he United States Bankruptcy Code, Mortgagor agrees ~o pay ~he reasonable attorneys' fees Lender incurs collect the Secured Debts as awarded by any cour~ exercising jurisdiction under ~he Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmemal Response, Compensation and Liability Act iCERCLA, 42 U.S,C. 9601 e~ seq,), all other federal; state and local laws, regulations, ordinances, cou~ orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous subszance; and (2) Hazardous Substance mean~ any' toxic, radioactive or hazardous materml, waste, pollutant or con[aminan~ which t~as characteristics which render ~he substance dangerous or potentially dangerous [o me public l~eal[h, safety, welfare or environment. The ~erm includes, without limitation, any substances defined as zaraous material, "~oxic subszance, azaraous waste," "hazardous substance, or regulated substance" under any Environmental Law. " ,. Mor~gagor represents, warrants and agrees A. Excep~ as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transposed, manufactured, treated, refined, or handled by any person on, under or about Property, excep~ in the ordinary course' of business and in stric~ compliance wkh all applicable Environmemal Law. B. EXcep~ as previously disclosed and acknowledged in writing to Lender, Mortgagor has nor and will not cause, contribute to, or Permit the release of any Hazardous Substance on d~e P~ope~y, O Mo~gagor will immediately nozity Lender it (1~ a release or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens ~o migrate from nearby property; or (2) d~ere is a violation of any Environmental Law concerning ~he Preper~y. In such an event, Mortgagor will take all necessary remedial aczion in accordance with Environmental Law. D. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has no knowledge ct or reason ~o believe there is any pending 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 Mortgager or any tenant ct any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mor~gagor has reason to believe there is any such pending or ~hreatened inves~iga0on, claim, or proceeding. In suct~ an evenz, Lender has ~he right, but no~ ~he obligation, ~o Pa~icipate in any such proceeding including ~he righ~ to receive copies ct any documents rela~Jng to such proceedings. E, Except as :previously disclosed and acknowledged in writing [o Lender, Mo~gagor and every [enan~ have been, are and will remain in full compliance wi~h any applicable Environmental Law. F. Excep~ as previously discloged and acknowledged Jn writing to Lender, there are ne underground storage zanks, private dumps, or open wells located on or under the Proper~y and no such tank, dump or well will be added unless Lender firs~ consents in wddng. G. Mor~gager will regularly inspec~ die Property, monitor zhe activities and operations on the Property, and confirm tha~ all permits, licenses or approvals required by any applicable Environmemal Law are obtained a~ld complied wJ~h. H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agem [o enter and inspect Property and review all records a~ any reasonable dine [o de~ermine (1) ~tle existence, location and nature ct · any Hazardous Substance on, under or about the Property; (2) the existence, Iocadon~ nature, and magnitude of any Hazardous Substance that has been released on, under or abouz the Property; or (3) whethe~ or nor Mo~gagor and any tenan~ are in compliance with applicable Environmental Law. !. UpOn Lender's request and at any dine, Mortgagor agrees, a~ Mortgager's expense, to engage a q~Jalified environmental engineer to prepare an environmemal audi[ or the Prope~y and to submi~ ~he results ct such audit to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's approval. J. Lender Nas die right, but not the obligation, te perform any ct Mortgager's obligations under d~is section a~ Mo~gagar's expense. K. As a consequence of any breach of any representation, warranty or promise made in Jhis section, Mortgagor will indemnify and hold Lender and Lender's successor8 or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and remediadon cos[s, penalties and expenses, including without limitation all costs of litigation and a~orneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at' Lender's discretion, Lender may release mis Security Instrument and in return Morzaa~or will provide Lender with collateral of at least 'eaual value to the Property s~c~r~d hv ~l~i~ ~m~riTv ?'7. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reason . l. 4 Property. Mortgagor will maintain this insurance in [he amounts Lender requires. This insurance will last until the ably associated with the Property is releas@d from this Security Ir~strument, Whet 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 apProva, which will not be unreasonably withheld. All insurance POliCies and renewals Will include a standard "mortgage clause" and, where applicable, "loss I~ayee clause" It required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental loss or bus,ness interruption insurance in amounts and Under policies acceptable to Lender, The comprehensive general liability insurance must name Lender as an additional insured. The rental loss or business interruption insurance must be in an amount equal to at least coverage of one year's debt service, and required escrow accouter deposits (if agreed to separately in writing,) Mortgagor will give Lender and the insurance company' be applied to restoration or repair of the Property or to tile SecUred Debts, at Lender s op[io~, If Lender acquires immediate notice of any Ioss; All insurance proceeds will the Property in damaged condition, Mortgager's rights to any insurance policies and proceeds will pass to Lender to the extent ct the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termination of insurance If Mcr Property insured Lender may obtain insurance to protect Lender s Interest ~ ' ~gagor tails to keep the include coverages not originally required of" - . ' 'n the Pro e t would choose, and 'm~,, - ........ ~4o~gagor, may be writ-^~ ,- P r Y. This insurance may insurance --- *,~ vv,~[en at a higher rate than Mo ..... ,..~, uy.a. co. mpany other than one Mortgagor · ,-~-~ju~ COUld obtain if Mortgagor purchased the 18. ESCROW FOR TAXES AND INSURANCE. As provided in a separate agreement, Mortgagor agrees [o pay Lender 'funds for taxes and insurance in escrow. 19. CO-SIGNERS, If Mortgagor signs this Security Instrument but does no[ sig~ the Secured Debts, Mortgagor does so only to mortgage Mortgager's interest i~) [he Pro~)erty to secure payment of [he SecUred Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If this Security Instrument secures guaranty between Lender and Mortgagor, 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 an~i-deficiency or one-action laws. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating 'to 'the Property. 21. 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 ct Anqerica. 22. JOINT AND INDIVIDUAL LIABILITY ,&ND SUCCESSORS. Each Mortgager's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender niay sue each Mertgago~ individually or together with any other Mortgagor. Lender may release any par[ of the Property and Mor~gager will still be obligated under this Security Instrument for the remaining Property. The duties and bet~efits of this Security Instrumenl: will hired and benefit the successors and assigns of Lender and Mortgagor. 23. 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 agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 24. INTERPRETATION, Whenever used, the singular includes the' plural and the section headings are for convenience only and are not to be used [o interpret or plural includes the singular. The Instrument. define the terms of d-~is Security 25;. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or ~o any other address designated in writing· Notice to one party will be deen~ed to · . be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgager's name, address or otl~er applicatjo~ inforf~atlon. Morteagor 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 file any additional documents or certifications that Lender may consider necessary to Perfect, continue, and preserve Mortgager's obligations under this Security Instrument and zo confirrn Lender's lien Status on any Property Time is of the essence. SIGNATURES, By sigr~lJ~g, Mortgagor agrees' to tho terms and covena~ts contained in this Security Instrument. Mortgagor also acknoWledges receipt of a copy of this Security lnstrurnent. wil!.be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 17. INSURANCE. Mortgagor agrees to keep 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 will include a standard "mortgage clause" and, where applicable, "loss payee clause." If required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental 'loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lender as an additional insured. The rental loss or business interruption insurance must be in an amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing.) 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 orto 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 interest 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 written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANCE. As provided in a separate agreement, Mortgagor agrees to pay to Lender funds for taxes and insurance in escrow. 19. 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 personally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligauon. These rights may include, but are not limited to, any anti-deficiency or one-action laws. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21. 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 s located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security nstrument 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 nstrument will bind and benefit the successors and assigns of Lender and Mortgagor. 23. 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 agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will stil be enforceable. 24. INTERPRETATION. Whenever used, 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 of this Security Instrument. 25. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be g~ven by delivering it or mailing it by first class mail to the appropriate party's address isted in the DATE AND PARTIES section, or to any other address designated in wnting. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor 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 file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. MORTGAGOR: Preston R Savarese Pa~ge R ~5~av'ar~'se Individually Preston R Savarese Wyoming Mortgage WYz4XDorettaOO725200004363011071404Y ©1996 Ba~ems, Icc,, St. Cloud. MN ~" 07-12-'04 09:59 FROH- Firsl.~g~I~nk - I~y Jo~ta~e koafi-'Officer ACKNOWLEDGMENT, ..(Individual) U~tcd Sa~ of~ This inswumen~ was acknowledged before me this Preston R Savarese , an unmarried individual. My commission expires: INDEFIN~ U-644 by ..llO (Individual) This instrument was acl~n;wi~-4'ez:I/be~ore me Paige R Savarese. My commissioq expires: