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HomeMy WebLinkAbout901647THE JACKSON STATE BANK & TRUST P.O. BOX 1788 JACKSON, WYOMING 83001 APN # LOAN NO.: 59481935 IOOK 't'R P/, GL 901647 RECEIVED LINCOLI'! COI!I'TY CLERK {SPACE ABOVE RESERVED FOR RECOI/DERl , 2004 , between the Mortgagor, as tenants by the MORTGAGE JULY HUSBAND AND WIFE, THIS MORTGAGE is made this 27TH day of Thomas M. Saunders AND Hope N. Saunders, entireties (herein"Bom/wer"),andthe Mortgagee, THE JACKSON STATE BANK & TRUST, A WYOMING B/~NKING CORPORATION aco~oralionorganized andextstingunderthelawsof WYOMING ,whoseaddressis P.O. BOX 1788; JACKSON, WYOMING 83001 Om'em "Lender"). WHEREAS, BolTower is indebted to Lender in the Principal sum of/J.S. $ 19,700.00 , which indebtedness is evidenced by Borrower's note dated JULY 27, 2004 and extensions and renewals thereof (herein "Note"), providing for monthly instalhnents of principal and interest, with the balance of indebtedness, if no~ sooner paid, due and payable on AUGUST 01 , 2019 - TO SECURE to Lender the repay~nent of the indebtedness evidenced hy thc Note, with interes[ thereon; tim paylnenl of all other sums, with interest thereon, advanced in accordance herewith re pro~¢ct the security of this Mmlgage; and tile perlbrmance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, gran! and convey to Lender, with power of sale, the following described property localed in the Cotmty of Lincoln , State of Wyoming: Lot 4, Palis Park Subdivision, according to the official plat thereof, being part of the N1/2SE1/4 and the SW1/4Nel/4 of Section 29, T37N, Rll8W, 6th P.M Wyoming. ' , which has thc address of 161 Parkway Drive; Alpine, (Suect. City) Wyoming 83128 (herein "Property Address"); (Zip (-'ode) TOGETHER With all the improvements now or hereafter erected on the property, and all easemen£s, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehokl) are hereinafter referred to as the "Property."lnili:ds WYOMING-SECOND MORI'GAGE-I/80-FNMAdFItLMC UNIFORM INSTRUMENT ] DOCPREP SERVICES, INC. I)EEDWY/ 180-1 Page I of 6 ORIGINAL Form 3851 Borrower covenants that BoxTower is lawfully seised of the estate herehy co,~veyed and has the right Io mortgage, grant and convey the Property, and that the Property is unencumbered, except for ct~cumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encmnbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and 1ntt:rest indebiedness evidenced by the Note and late cha,'ges as provided in the Nole. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable trader the Note, until the Note is paid m fidl, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned nmt development assessments, if any) which may attain priority over this Mortgage and gr(mnd rents on tim Property, if any, plus one-twelfth of yearly premimn installments for hazard ilrsnrance, phis tme4welflh of yearly premium Installments for mortgage insurance, if any, all as reasonably estimated initially and fi'om time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall nt~t be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. If Borrower pays Funds to Lender, the Funds shall be held in an restitution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (incfuding Lender if Lender is such an iustitution). Lender shall apply the Funds to pay said taxes, assessments, insnrancepremmms and ground rents. Lender may not charge for so hohlmg and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, 'unless Lellder pays Borrower interest on the Funds and applicable law pemfits Lender to make such a charge. Bolwower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Ftmds shall be paid to Borrowe,-, and xmless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accotmti,lg of the Funds showing credits and debits to the Funds and the purpose fbr which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Ftmds held by Lender, together with the fi~tul'e monthly installments of Funds payable pritn' 1o the due dates of taxes, assessments, insurance prelniums and grourld rents, shall exceed the amotmt reqmred to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be,. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installmenls of Ftmds. If the amoun! of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premimns and ground rents tis they fall due, Bm'rower shall pay to Lender any amount necessary to make up the deficiency m one or more pay,nents as Lender may reqt,ire. Upon payment in full of all sums secured by this Mortgage, Lender shall p,'omptly refund to Borrower any Fonds held by Lender. If under paragraph 17 hereof the Property is sold or the Properly is othenvise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisilion by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicalion of Payments. Unless applicable law provides otherwise, all paylnents received by Lender under the Note and paragrapl3s I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph'2 hereof, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all' of Bon-ower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's covenants to make payments when due. Borrower shall payor cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over :this Mortgage, and leasehokl payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards ihclUdcd within the term "extended coverage," and such other hazards as Lender may require and in such arnonnts and for such periods as Lender may require. LOAN NO.: 59481935 [ WYOMINC~SECOND MORTGAGE.I/80_FNM_4./i:itLMC UNn,.ORM iNSTRUMENT DOCi'RI~P SERVICES, INC. DEEnWY2 1804 Page 2 of 6 ORIGINAL l?m-m 3851 The insurance cattier providing the insurance shall be chosen by Borrower subject to approwd by Lender; provided, tho! such approval shall not be um'easonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard molxgage clause in filvor of and in ~ form acceptable to Lender. Lender shall bave the right to hold the policies and renewals thereof, subject m lhc terms of any mortgage, deed of ltl,st or other secm'ity agreement with a lien which has priority over this Mortgage. In the event of loss, Bon'ower shall give prompt nonce to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Bon~ower, or ifBon~ower fail~ to respond to Lender within 30 days fi'om thc date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the ihsurance proceeds at Lender's option till'let to restoration or repau' of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leasehohls; Comlominiums; Planned Unit Developments. Borrower shall keep the Prope~lxy in good repair and shall not comlni! waste or perlmt impairment or deterioration t~f the Property and shall comply with the provisions of any lease if this Mortgage ts on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Bo[Tower shall perfilrm all of Borrower's obliganoas umler the declaration or covenants creating or governnrg the condominium or planned unit development, the by-laws and regulations of the condominimn or planned unit development, and constituent doctmmnts. 7. Protection of Lemler's Security. IfBo~Tower fails to perform the covenants and agreements contained m this Mortgage, or if any action or proceeding is commenced which materially aft'cots Lender's interest in the Property, then Lender, at Lender's option, upon nonce to BmTower, may make st, ch appearances, disburse such stuns, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's i,lterest. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates m accordance with Borrower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note ['ate, shall become additional indebtedness of Bon'ower secured by this Mmlgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraplr 7 shall require Lender to incur any expense or lake any action hereto[der. 8. Inspection. Lender may make or cause to be made reasonable cml'les upon and inspections of the Property, provided that Lender shall give Bon'ower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condenmation. The proceeds of any award or claim for damages, direct o,' consequential, in connection wilh any condelnnation or otber taking of the Property, or part thcreot; or ~br conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time fi~r payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any suct~essor m interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or reft, se to extend time t~/r payment or otherwise modify amod. ization of the sums secured by this Mortgage by reason of any ttemm,d made hy the original Borrower and Borrower's successors in interest. Any forbearance by Lender in excercismg any righ! or remedy hereunder, or othelwvise afforded by applicable law, shall not be a waiver of or prcch,de the excercise of any such right or remedy. 11. Successors and Assigns Bouutl; Joint and Several Liability; Co-signers. Tim covenants and agreements hereto contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Bon'ower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Bo[Tower shall be joint and several. Any Bon'ower who co-signs ttfis Mortgage, but does not execute the Note, Ca) is co-signing this Mortgage only to mortgage,grant and convey that Borrower's interest in the Property to Lender under thc terms of this Mortgage, Cb) is not personally liable on the Note or under this Mortgage, and Cc) agrees that I.endcr and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and witbout releasing that Borrower or modifying this Mortgage as to lhat Bon'ower's interest iu the 'Propmty. /~ ./~, LO/~ NO.: 59481935 lnili:lls DOCPREP SERVICES, INC. DEEDW¥2 1804 Page 3 of 6 ORIgllq/iI, 12. Notice. Except for any notice required under applicable law m be given n~ another manner, (a) any notice m Bon'ower provided for in this Mortgage shall be given by delivering it or by mailing such notice by Celtilled mail addressed to Borrower at the Property Address or at such other address as Borrowe~ may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by cmlified mail lo Lender's address stated hereto or m such od~er address as Lender may designate by notice to Bon'ower as provided herein. Any notice provided tbr m lhis Mortgage shall be deemed lo have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severabili~. The state and local laws applicable to this Mol~gage si-mil be the laxvs of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this Mo~gage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall riot affect other provisions of this Mo~gage or the Note which can be given effect without the conllicting provision, and to this end the provisions of this Mortgage and the Note arc declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law m' limited herein. 14. Borrower's Copy. Borrower shall be fin-nished a contbrmed copy of lhe Note and of this Moflgage at the Imm of execution or after recordation hereof. 15. Rehabilitation Loan Agreeinent. Borrower shall fidfill all of Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a forth acceptable to Lender, an assignment of any rights, claims or defenses which Bo~ower may have against parties who SUl~ply labor, materials or services in connection with improvements made to the Property. 16. Transl~r of the Proper~ or a Benelicial Inlerest in Borrower. If all or any part of the Property or any interest in it is sold or transfen'ed (or ifa beneficial interest in Borrower is sold or transferred and Bmxower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fidl of all sums secured by this Moflgage. However, this option shall not be exercised by Lender if exercise is prohibited by tEdcral law as of the date of this Moflgage. If Lender exercises this option, Lender shall give Bmxower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date the notice is delivered or mailed within which Borrower rnust pay all sums secured by this Mortgage. If Bm-rower fifils to pay these sums prior to the expiration of this period, Lender may revoke any remedies pemfitted by this Mortgage without finther notice or demand on BOlTower. NON-UNIFORM COVENANTS. Borrower and Lender fi~rther covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereol; upon Borrower's hreach of any covenaut or agreement of Borrower in tllis Mortgage, including the c.venants to pay when due any s.ms secured by IhisMortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specil~,ing: (1) the breach; (2) the action required to cure such breach; (3) a date, not less Ihan 15 {lays from tile date the notice is mailed to Borrower, by which such breach must be cured; and (4) that faihu'e to cure sncb breach on or before the date specified in the notice may result itl acceleration or' the sums secured by this Mortgage, and sale of the Property. The notice shall fitrtlier iuform Borrower of the right to reinstate alter acceleratioo a,d Ihe right to bring a court actinn to assert the nonexistence of a default or any other defense of Borrower to accelerati,n and sale. If the breach is'no/cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secnred by this Mortgage to be immediately due and payahle without further demand ami Lender shall have the STATUTORY POWER OF SALE and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing Ihe remedies provided in lhis paragrapll 17, including, but not limited to, reasonable attorneys' lees. If tile Lender invokes the STATUTORY POWER OF SALE, Lender shall mail copies of a notice of sale in the manner provided by applicable law to Borrower :md to the other persons described by applicable lawo Lender shall publish the notice of sale and Ibc Property shall be sold in the manner prescribed by applicable law. Lender shall deliver to the purchaser Lender's deed conveying indefeasible title to the Property so sold, discharged of all rights ~if redemptio, by Borrower. Lender or Lender's designee may purchase ihe Property at any sale. The proceeds of any sale shall be applied in the following order: (a) to all reasonahle costs :'md expenses of ibc sale, including, but not limited to, reasonable attorneys' lees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto. LOAN NO.: 59481935 [ WYOMING~SECONDMORTG^GE-,/80-FrqM_~FHLMC UNIFORM DOCPREP SERVICES, INC. DEEDWy2 1804 Page 4 of 6 ORIGINAL hlilials ~7~ Form 3851 i. 095 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Leader to enibl'ce this Mortgage discontinued at any time prior to the earlier to occur of ti) the fifth day bctbre sale of the Property pnrsnant to the power of sale contained in this Mortgage or (ii) entry ora judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no accelerati(m occurred; (b) Borrower ct}res all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained m this Mortgage, and in enfi)rcing Lender's remedies as provided in paragraph 17 hereof, inch)ding, but not limited to, reasonable atlorneys' fees; and (d) Borrower takes such action as Lender ~nay reasonably require to assnre that the lien of ti{is Mortgage, Lender's interest in the Property and Borrower's obligation to pay the stuns secured by this Morlgage shall continue Yufimpaired. Upon st~ch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fiHl force ami effect as if no acceleration had occnn'ed. 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional secnriiy hereunder, Borrower hereby asslgms to Lender the rents of the Property, provided that Borrower shall, prior to acceleration nnder paragraph 17 hereof or abandomn:m of the Prope~-ty, have the right lo collect and retain such rents as they become due and payable. Upon acceleration under paragraph 17 hereof or abandonment of thc ?mpcny, and at any time prior to lhe expiration of any period of redemption following judicial sale, Lender, in person, by agcm or by judicially appointed receiver shall be entitled to enter upon, take possession of and manage the Property and to collect the rems of the Property iuclnding those past due. All rents collected by Lender or the receiver shall be applied firsl It) payment of the costs of managemeni ol* the Property and collection of rents, inch)ding, but riot limited to, recmver's t'ecs, premimns on receiver's bonds and reasonable attorneys' fees, and then to tim sums secured by this Mortgage. Lender and the receiver shall be liable to account only for those rents ach, ally received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Prope~y. LOAN NO.: 59481935 WYOMING-SECONDMORTGAGE-i/80-FNM~FiILMCUNiFORMINSTi~nMENT ] DOCPREP SERVICES, INC. DEEDWY2 1804 Page 5 of 6 ORIGINAL ln Jl ia ls ~J~ Form 385 t REQUEST FOR NOTICE OF I)EFAULT AND FORECLOSURE UNDER SUi'ERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trus! or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set tbrth on page one of fi'tis Mortgage, of any default under the superior encmnbrance and of any sale or other foreclosure actton. 1N WITNESS WHEREOF, Borrower has executed this Mortgage. Thomas M. Saunders -[~Orl-OWCr Ht~e N. Saunders -Borrower LOAN NO.: 59481935 -Borrower -Borrower STATE OF %VYOM[NG, County ss: by The foregoing instrument was acknowledged before me this Thomas M. Saunders AND Hope N. Saunders [person aclomwlcdging] WITNESS my hand and official seal. My Commission expires: Notary Public [Space Below This Line Reserved For Lemler and Recorder] WYOMING-SECOND MORTGAGE-I./80-FNMA/FItLMC UNIFORM INSTRUMENT DOCPREP SERVICES, INC. I)EEDWY2 1804 Page 6 of 6 ORIGINAL 1"o r m 3851 3o742 (crt) 901fl 8 Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is JULY 28, 2004. The parties and their addresses are: MORTGAGOR: PAIGE SAVARESE PO Box ] ] 11 Jackson, Wyoming 83001 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the taws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 TIN: 83-0162601 1 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency ofwhichis acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: LOT 10 OF HENRY'S ESTATES, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT FILED IN THE OFFICE OF LINCOLN COUNTY CLERK ON NOVEMBER 4, 1996, INSTRUMENT NO. 828555, PLAT NO 371 The property is located in LINCOLN County at 183 TEALA DRIVE, ETNA, Wyoming 83118. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing and future improvements, structures, fixtures, and replacements that 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 tl-~e 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 lnstrument a[ any one time will not exceed $36,400.00. 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. 764002207, dated July 28, 2004., fro~ Mortgagor to Lender, with a maximum credit limit of $36,400.00. One or more of the debts secured by this Security Instrument contains a future advance provision. B. All Debts. All present and future debts from Mortgagor to Lender, even if this Security Instrument is not specificaly 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 Instrument, 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 tile event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's principaldwel ng that is created by this Security Instrument. This Security Instrument will not secure any debt for which a non-possessory, non-purchase money security interest is created in "household goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive credit 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 governing securities. PAIGE SAVARE:SE WyomJl'~cj Mortgage Inhial C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured 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 security interest or encumbrance on the Property, Mortgagor agrees: A. To make all'payments when 'due and to perform or comply wi[Il all covenants. B. To promptly deliver to Lender any 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 document without Lender's prier written consent. 6. CLAIMS AGAINST TITLE. MOrtgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges 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 title to the Property against any claims fha! would impair tl~e lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested I)y 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 im~ediately due and payable upo!l 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 tothe restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. 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 or damage to tt~e Property. Lender or Lender's agents may, at Lender'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 Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoj,its 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 Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional s. ecurity all the right, title and interest in the following (Property)' .existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for tl~e ose and occupancy of the ProperW, including any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mortgagor will promptly provide Lender wi[l~ copies of the Leases and will certify these Leases are true and correct 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 the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Mortgagor agrees 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. As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. 12. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this Security Instrument are material obligations qnder the Secured Debts and this Security Instrument. If Mortgagor breaches any covenant in this Security Instrument, Lender may refuse to make additional extensions of credit or ma~~ reduce the credit, Ii,nit. By not exercsng either remedy on Mortgagor's breach, Lender does not waive Lender's right to ater consider the event a breach if it happens again. 13. DEFAULT. Mortgagor will be in default if any of the following occur: A. Fraud. Mortgagor engages in fraud or material misrepresentation in connection with the Secured Debts. B. Payments: Any party obligated on the Secured Debts fails to make apayment when due. C. Property. Any action or inaction occurs that adversely affects the Property or Lender's dghtsinthe Property. 14. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debts and foreclose this Security Instrument in a manner provided PAIGE SAVARESE Wyoming Morlgage WY/4XDoret[aO0725200004363019072804Y ©1996 Bankers Systems, Inc., St. Cloud, MN Page 2 by law if Mortgagor is in default. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. At the option of the Lender, all or any part of the agr,eed fees and charges, accrued interest and principal will become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender will be entitled to, without limitation, the power to sell the Property. Upon any sale of the Property, Lender will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this' special or limited warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. Upon sale of the Property and to the extent not prohibited by law and after first paying all fees, charges and costs, Trustee will pay to Lender all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured Debts, paying the surplus, if any, to Grantor. Lender may purchase the Property. Upon any sale 0f the Property, Trustee will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special or limited w'ar~anty deed, Trustee will covenant that Trustee has not caused or allowed a lien or an encumbrance to burden the Property and that Trustee will Specially warrant and defend the Property's title of the purchaser or Purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Trustee, The recitals in any deed of conveyance will be prima facie evidence o[ the facts set forth therein. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security interest. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing, or protecting Lender's rights and remedies under this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses. These expenses are payableon demand and will bear interesti~rom the date o~ payment until paid in full at the highest interest rate in effect as provided for in the terms of Secured Debts. To the extent permitted by the Un ted States Bankruptcy Code, 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. This Security Instrument will remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehens ve Environmental Resl)onse, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, 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 environment. The term includes, without limitation, any substances defined as "hazardous material, .... toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental LaTM. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant I~ave been, are, and will remain in full compliance with any applicable Environmental Law. C. Mortgagor will immediately n'otify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is'a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or-threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the v!olation of any Environmental Law. 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 condemnatio'n, eminent domain, or arly 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 any part of the Property. Such proceeds will be considered payments and will 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. 18. INSURANCEj 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." 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 PAIGE SAVARESE Wyoming Morlgage W¥/4XDoret~a~i~04363019072804Y 1996 B[7::, ~tems lnc, St. Cloud, ,' '.:.'.'.:'i'.:'.':; '- .... 0 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 no~ originally required of MorEgagor, may be written by a company other lhan one Mortoa0or would choose, and may be wrR[en at a higher rate than Mort9agor could obtain if Mortgaoor purchased ~he insurance. 19. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required ~o pay to Lender funds for taxes aad insurance in escrow. 20. CO-SIGNERS. If Mortgagor signs this Security Instrument 10ut does not sign Ihe Secured Debts, Mortgaoor does so only ~o mortgage Mor~gagor's imerest in the Property ~o secure payment of the Secured Debts and Mortgagor does no~ agree to be personally liable on the Secured Debts. If this Security Ins[rumem secures a 9uaranW between Lender and Mortgagor, Mortgagor agrees ~o waive any rights that may prevent Lender from bringing any action or claim against MorIgagor or any par~y indebted under the obligation. These rights may include, but are not limRed ~o, any anti-deficiency or one-action laws. 21. WAIVERS. Excep~ ~o ~he ex~en~ prohibited by laW, Mortgagor waives all homestead exemption ri0hts rela~ing [o [he Property. 22. OTHER TERMS, The following are applicable~o~his SecuriW Instrument: A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Deb[~ may be reduced [o a zero balance, this Security Instrument will remain in effec[ until ~he Secured Debts and all underlying agreements have been ~ermina[ed in writing by Lender. 23. APPLICABLE LAW. This Security Instr.umen[ is governed by the laws of Wyoming, except [o ~l~e extent oflaerwise required by the laws of ~he jurisdiction where ~he Properw is located,, and the United S~a~es of America. 24. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mor[gagor's obligations under ~bis SecudW Instrument are independemof~he obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any part of the Proper~y and Mortgagor will still be obligated under ~his Security Insm~mem for zhe remaining Property. The dudes and benefits of this Security Ins[rumen~ will bind and benefit ~he successors and assigns of Lender and Mortgagor. 25. AMENDMENT, INTEGRATION AND SEVERABILITY. This Securiw Instrument may not be amended or modified by oral agreemenL No amendmem or modification of this Security Instrument is effective unless made in w~Ring and executed by Mortgagor and Lender. This Security Instrument is the complete and final expression of ~he agreemem. If any provision of this Security Instrument is unenforceable, ~hen the unenforceable provision will be severed and the remaining provisions will still be enforceable. 26. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not ~o be used [o interpre~ or define the ~erms of [t~is Security Instrument. 27. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless o~herwise required by law, any notice will be given by delivering it or mailing it by first class mail to ~he appropriate parW's address listed in the DATE AND PARTIES section, or [o any other address designazed in writing. No[ice~o one party will be deemed ~o be notice to all parties. Mortgagor will inform Lender in writing of any change in Mor[gagor's name, address or other application information. Mortgagor will provide Lender any tinancial s~atements or information Lender requests. All financial s~a~emen~s and information Mortgagor uives Lender wil be correct and compleEe. 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 Securiw Instrument and ~o confirm Lender's lien status on any Property TJmeis of the essence. SIGNATURES. By s~gning, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument MO~GOR: Individually LENDER: First~ Bank- Wes~,,~::::~ PAIGE SAVARESE Wyoming Mort§age WY/4Xeo~enaO0725200004363019072804Y ©1996 Bankers Sys~.ems, Inc., SI. Cloud, MN laitial-~- ACKNOWLEDGMENT. (Individual) his instrument was ack/no-wledge~/~efore me th~s PAIGE SAVARESE . My commission expires: INo[ac'P~b~c~ y by (Le~;I~/'A c k no w led gm~t~ Penny Jones as Real Estate Lo~l~-~d'ficer by PAtGE SAVARESE Wyoming Mortgage WY/4XDot etta~!7~252{2~O04363019072804Y Ir,c., SL Cloud, MN ~.,,('~-~ Page 5