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HomeMy WebLinkAbout90293331085 902933 RECEIVED LINCOLN OOUNTY OLERK Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is SEPTEMBER 3, 2004. The parties and their addresses are: MORTGAGOR: MARIE E. BRANDON As TRUSTEE Of the MARIE E. BRANDON REVOCABLE TRUST Dated April 14, 2003, A Trust MARIE E. BRANDON, TRUSTEE PO BOX 3124 ALPINE, Wyoming 83128 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws 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 of which is 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 THIRTY-TWO (32), BROKEN WHEEL RANCH SUBDIVISION, SAID SUBDIVISION BEING THE SW1/4NE1/4 OF SECTION 15, TOWNSHIP 36 NORTH, RANGE 119 WEST, 6TH P.M.,. WYOMING, IN ACCORDANCE WITH THE OFFICIAL PLAT OF SAID SUBDIVISION AS FILED FOR RECORD IN THE OFICE OF THE COUNTY CLERK AND EX- OFFICIO RECORDED OF DEEDS, LINCOLN COUNTY, WYOMING ON THE 2ND DAY OF FEBRUARY 1972. The property is located in LINCOLN County at 265 HAWTHORNE, ALPINE, Wyoming 83128. 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 the Secured Debts and all underlying agreements ~ave been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $20,000.00. 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. 764002298, dated September 3, 2004, from Mortgagor to Lender, with a maximum credit limit of $20,000.00 and maturing on October 1, 2019. One or more of the debts secured by [his Security Instrument contains a future advance provision. B. All Debts. 'AIl present and future debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different type than this debt. If more than one person signs this Security Instrument, each agrees that it will secure debts incurred either individually or with others who may not sign this Security Instrument. No~hing in this Security Instrument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent MARIE E. BRANDON REVOCABLE TRUST Wyoming Mortgage WY/4XDoretta 04473019091404Y _ ©1996 Ba~.~tems, Inc., St. Cloud, MN ~.~--~F"~" Initials~ Page 1 security interest in the Mortgager's principal dwelling 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 crea~ed 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. 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 with 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 prior 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 Mortgager's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at its option, declare tt~e entire balance of tl~e Secured Debts to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as a corporation or other organization), Lender may demand immediate payment if: A. A beneficial interest in Mortgagor is sold or transferred. B. There is a change in either the identity or number of members of a partnership or similar entity. C. There is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Security Instrument. 9. WARRANTIES AND REPRESENTATIONS. Mortgagor makes to Lender the following warranties and representations which will continue as long as this Security Instrument is in effect: A. Power. Mortgagor is duly organized, and validly existing and in good standing in all jurisdictions in which Mortgagor operates. Mortgagor has the power and authority to enter into this transaction and to carry on Mortgager's business or activity as it is now being conducted and, as applicable, is qualified to do so in each jurisdiction in which Mortgagor operates. B. Authority. The execution, delivery and performance of this Security Instrument and the obligation evidenced by this Security Instrument are within Mortgager's powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency, and will not violate any agreement to which Mortgagor is a party or to which Mortgagor is or any of Mortgager's property is subject. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the 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. 11. 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 appoints Lender as attorney in fact to sign Mortgager'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. 12. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security 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 the use and occupancy of the Property, 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 with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on MARIE E. BRANDON REVOCABLE TRUST Wyoming Mortgage WY/4XDorettaO0815100004473019091404Y ©1996 Bankers Systems, h~c,, St, Cloud, MN ~" InitialiZe 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, enioy 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 Instrurnent 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. 13. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this Security Instrument are material obligations under 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 may reduce the credit limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. 14. 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 a payment when due. C. Property. Any action or inaction occurs that adversely affects the Property or Lender's rights in the Property. 1E;. 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 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 agreed 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. 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. 16. 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 payable on demand and will bear interest from the date of 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 United 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. 17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, 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 Law. 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 have been, are, and will remain in full compliance with any applicable Environmental Law. C. Mortgagor will immediately notify 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. Mo'rtgagor 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 violation of any Environmental Law. 18. 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 condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or MARIE E. BRANDON REVOCABLE TRUST Wyoming Mortgage WY/4XDoretta 4473019091404Y Cloud, MN F_,~-~.~ Initial~, P~ge 3 ©1996Ba~ems Inc., claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of ail 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. 19. 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." Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's 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. 20. EScRow FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 21. 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 obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. 22. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 23. OTHER TERMS. The following are applicable to this Security Instrument: A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, this Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 24. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 25. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor, Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 26. 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. 27. 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. 28. 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 to any other address designated in writing. 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: MARIE E. BRANDON REVOCABLE TRUST MARIE E. BRANDON, TRUSTEE MARIE E. BRANDON REVOCABLE TRUST Wyoming Mortgage WY/4XDoretta00815100004473019091404Y Initials ©1996 Bankers Systems, Inc., St. Cloud, MN ~.~ Page 4 0 0; IJ33 LENDER: Penny Jo~state Loan Officer ACKNOWLEDGMENT. (Business or Entity) merit was acknowledge[t before me ths~ ~ day of MARIE E. BRANDON as TRUSTEE of MARIE E. BRANDON REVOCABLE TRI.~-ST. My commission expires: ~~ ~'~,a,.o ~,~ '0597 by This instrument was a¢/v~l'~ged/l~efore ,m'~ /~~..day of ~ , Penny Jones as Real Esfate ~icer of{/First Na~nai'~an/I/I/I/l~'N}/est. - / /~ My commis)ion expires: ~ ~' ~-&'--//~---~--J:/ / MARIE E BRANDON REVOCABLE TRUST Wyoming Mortgage WY 4XDorettaO081~04473019091404Y ©1996 Ba~zems, Inc., St Cloud. MN Initia~. Page 5 INTER VIVOS TRUST RIDER 0598 THIS INTER VIVOS TRUST RIDER h made tiffs 3rd day of September , 200/+, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed of even date (the 'Security Instrument') given byMarie E, Brandon as Trustee (the "trustee". which term as used herein shall be deemed to rear to an~'successor lmstee of the Tins0 of the Marie E. Brandon Revocable Trust Trust (the 'Trust") to secure a Note of ~ven date made by Marie E. Brandon, trustee, or her successors in Trust, under the Marie E. Brandon Revocable Trust, dated April 14, 2003 Marie E. Brandon ('Borrower') and payable to the order of First National Bank West ('Lender', which term. as used herein. shall be deemed to refer In each case to any assignee of Lender's rights under that Note) and covering the property described in the SecuriO/ Instrument (the "Property") located at: 265 Hawthorne Drive, Alpine, WY 83128 [Property Address] 1. TIlE TRUST Each of the undersigned (which term as used herein shall include in each case the trustee, each beneficiary of die Trust and Borrower) hereby certifies to Lender that: (i) title to the Property is held by the trustee on behalf of the Trust: and (ii) the Trust is att inter vivos trust. 2. NOTIFICATION OF TRANsFEI~s AND CIIANGE$. Within thirty (30) days prior m the occurrence of any of the following events, each of the undersigned shall provide written notice to Lender of: (al any change in the trustee of the Trust [whether such change is temporary or permaneno, (b) any sale, transfer, assignment or o~er disposition (whether by operates of law or otherwise) of any beneficial Inlerest in ~e Trust. or {el any change in the occupancy of the Property. 3. LENDER'S OPTION TO ACCELERATE. If, without Lender's prior written consent, (al there is a change in the trustee of the Trusl. or (b) there is a sale, transfer, assignment or otter disposition of any beneficial inleresl In rise 'l'rusl. or (c) there is a change in the occupancy of the Property, Lender may. at its option, require immediate payment in full of all sums secured by the Security Instrument. If Lender demands payment in full of all sums secured by the Security Instrument. Lefider shall provide the same period of notice for payment as provided in paragr~.ph 17 of the Security Instrument. and if Borrower fails to pay within such period of time, Lender may invoke any and all remedies permitted by the Security Instrument without further notice to or demand on BoFrower. 4. WARRANTIES. The trustee warrants on behalf of the Tr~st that: (al this Security Instrument is executed al l]orrower's request; (b) the trustee has apl and will fid(, wtthont prior written consent of Lender, sell. lease, assign, encumber, hypothecate, transfer or otherwise dispose of all or any portion of the Property; and (c) the trustee has established adequate means of obtaining from Borrower on a continuing basis financial and other information pertaining to Borrower's financial condition. The trustee agrees to keep adequately .informed from such means of any facts, events or circumstances which in any way might affect the trustee's risks hereunder, and the trustee further agrees that Lender shall have no obfigation to disclose Id the trustee information or material acquhed in the course of Lender's relationship with Borrower. 5. WAIVERS. The trustee waives any right to require Lender to (al proceed against any persnn, including Borrower; (b) proceed against or exhanst any co~lateral pledged by Borrower or any other person: (c) give notice of terms, time and place of any public or private sale of collateral in the form of personal property pledged by Borrower or comply with any other provisions of Section 9-504 of Ihe Uniform Commercial Code as adopted and in effect in the applicable jurisdiction; Id) pursue any other remedy its Lender's power; or (el make any presentment, demands for performance, or give any notices of non-performance, protests, notices of protests or notices of dishonor in connecllon with soy obligations or evidences of iodebtedness held by Lender as security, in connection with any t~bligations or evidences of indebtedness which coostltute in whole or in part the obligations secured hereby or in connection with rise creation of new or additional obligations. The trustee waives any defense arising by reason of: (al any disability or other defense of Borrower or any other person; (b) the cessation from any cause whatsoever, other than payment in full. of the obligations of Borruwet or any other person secured hereby: (c) the application by Borrower of the proceeds of any obligation secured hereby for purposes other than the pu~oses ,epresented by Borrower to Lender or intended or understood by Lender or Borrower: (d) any scl or omission by Lender which directly or indirectb' results In or aids the discharge of Borrower or any obligation secured hetetly by operation of law or otherwise; or (el spy modification of the obligations secured hereby/, in any form whatsoever, including any modificalJon ntade al'~er revocation hereof to any such obligations incurred prior to such revocation, and including, without Iimi~ation. the rene',~al, cxtensicm, acceler:~li.n, or other change in terms of snch obligations or any part thereof, including increase or decrease of the rates of interest thcrem~. Untie all obligations secured hereby shall have been paid in full, thc Irustcc shall have no right of subrogation, and thc trustee further waives any riglst to eitforce any remedy which Lender now has or may hereafter have against Borrower, or ally other person, and waives any benefit cfi. -t any righi to participate in any collateral security whatsoever now or hereafter held by Lender including any rights which the trustee might have by reason of any rights, powers or remedies MFCDSll9 (2/IYdJ ' ' Page I of 2 Page.~ liner Vivos'Dust Rider 041-2195fl4-4 Residential Funding Corporation Form 1450 (03/93) ut'Borrower in connection with any anti-deficienCy or similar laws limiting or qualifying Bor~uweVs ohligatton. 6. TRUSTEE'S UNDERSTANDINGS WITH RESPECT TO WA IVERS. The Iruslee warrants and agrees that each of the waivers scl t'ordl above ar-' made with the trustee's full knowledge of their significance and cottseqnences, and that under the circumsta~es, the waivers are reasonable a~i am contrary to [n~blic polk:y or law. If any of.said waivers ar,' d~'termmed to be contrary to ally applicable law or public policy, such waivers sl~.alt bc cffccti, vc only, tu the exlent peTmiue~l by law. 0599 7. SUBORDINATION. Any indebtedness of Botruwer now or hereafter held by thc Imstec is hereby subordinated to gte obligalions of Borrower secured hereby to L~ndcr. Such indcblcd~css of Borrower lO the Imslcc is assigned Io Lender as security for this Security Instrument and t~c obligations secured hereby and if Lender requests, shat[ be collected and received by the trustee as trustee for Lender and paid over lo Lender on account o[ the obligations of Borrower to Lender but without reducing or affecting in any manner thc liability of thc trustee undcr thc othcr provisions of this Security lnstmmem. Any Notes now or hereafler evidencing such indeblednesg of Borrower to the trustee shall be marked with a legend that the same are subject to this Security Instrument and, if Lender so requests, shall be delivered to Lender. The trustee will, and Lender is hereby authorized,, in the name of the trustee from time to time to execute and file lingncing statcmettts and conlinualion statements and execute such other docuatents and lak~' such other action as Lender deems necessary or appropriate to perfect, preserve anti cnfoTce its Tights hereunder. BY glGNING BELOW, BorTower accepts and agrees to Ibc Icrms and covenants cuntaincd in this Jmcr Vivos Tmsl Rider. Marie E. Brandon Tmst~e°l'theMarie m. Brandon Revocable Trust T~stcc of thc Trustee of the BY SIGNING BELOW, Borrower and each beneficiary of thc Trust cacl~ acknowledges tl)e terms aud covenants contained in this inter Vivos Trusl Rider and agrees to be bound thereby and makes the certifications set forth herein. Beneficiary o[Trust- Marie E. Brandon Bcneficiar~ of Trust- Beneficiary of Trust - Bene~ciary of Trust - orrower- Marie E. Brandon Borrowef- MFCDS'/19 (Z/1DOt Page 2 of 2 Pages inlet Vivos Tmsl Rider Residential Funding Corporation Form 1450 103/93)