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HomeMy WebLinkAbout904107,~OEIVED COUNTy OLERK 0788 Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is October 26, 2004. The parties and their addresses are: MORTGAGOR: ARLEN B. HATCH Spouse of 715 Emerald Kemmerer, Wyoming 83101 JOLENE HATCH 715 Emerald Kemmerer, Wyoming 83101 LANCE K HATCH 18 Elkol St Diamondville, Wyoming 83116 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of tho United States of America 716 Pine Avenue Kemmerer, Wyoming 83101 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, the following described property: A portion of Lot 7 in the Kemmerer Industrial Park No. 1, being a subdivision of part of Section 15, Township 21 North, Range 116 West of the 6th Principal Meridian, Lincoln County, Wyoming, being more particularly described as follows: Beginning at Corner 2 of Tract 65, Section 15, Township 21 North, Range 116 West of the 6th Principal Meridian; Thence North 89 degrees 33 minutes 56 seconds west, 60.00 feet to a point on the west line of Sublet Drive. Also being the true point of beginning: Thence North 89 degrees 33 minutes 56 seconds west, 397.02 feet along the south line of Tract 65 to a point on the west lind of Lot 7; Thence South 82 degrees 29 minutes east along the north line of said Lot 7, 258.32 feet to the beginning of a curve; Thence along said curve to the right through a central angle of 82 degrees 02 minutes 56 seconds, radius being 269.96 feet and having a long chord of 354.39 feet bearing south 4~ degrees 27 minutes 32 seconds east to the ending of said curve; Thence South 0 degrees 26 minutes 04 seconds east along the east linf of said Lot 7, 83.62 feet to the true point of beginning The property is located in Lincoln County at Sublet Drive Kmer-lnd Park, Kemmerer, Wyoming 83101. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers and all existing and future improvements, structures, fixtures, and replacements 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 have been terminated in writing by Lender. Aden B. Hatch Wyoming Mortgage WY/4XTeresafO0815100004558019102204Y ~'1996 Bankers Systems, Inc., St. Cloud, MN Initial;--~ ~ 2. MAXIMUM OBLIGATION LIMIT. The total principal amount s~,~:~e.d by this Security Instrument at any one time will not exceed $30,000.00. This limitation of amount does not n~:lu~te interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation ~h,,::~ ~ot apply to advances made under the terms of this Security Instrument to protect Lender's security and to I~,,~form ally of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the folhmd~g Secured Debts: A. Specific Debts. The following debts and all extensi~u, renewals, refinancings, modifications and replacements. A promissory note or other agreement, N~. ~5176000, dated October 26, 2004, from Mortgagor to Lender, with a loan amount of $30,000.00, witl~ ;~ initial variable interest rate of 6.0 percent per year until October 26, 2007, after which time it may change ;~:; tl~e p~ornissory note prescribes and maturing on November 10, 2014. B. All Debts. All present and future debts from Mortgagor h~ lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to o~ ,~I a different type than this debt. If more than one person signs this Security Instrument, each agrees that i~ will secure debts incurred either individually or with others who may not sign this Security Instrument. N~llfill(j in this Security Instrument constitutes a commitment to make additional or future loans or advances. A~q~ :;uch commitment must be in writing. In the event that Lender fails to provide any required notice of the ~i!jl~t of rescission, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is c~,:~te, d by this Security Instrument. This Security Instrument will not secure any debt for which a non-poss~,:;:;~r!/, non-purchase money security interest is created in "household goods" in connection with a "consume~ I,~an," as those terms are defined by federal law governing unfair and deceptive credit practices. This Security I~;trument will not secure any debt for which a security interest is created in "margin stock" and Lender doe:; ~,,~ obtain a "statement of purpose," as defined and required by federal law governing securities. C. Sums Advanced. All sums advanced and expenses incu~,~l by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under tl~: Se~;u~ed Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security I~.,;t~ument. 5. PRIOR SECURITY INTERESTS. With regard to any other mo~[!l;~de, deed of trust, security agreement or other lien document that created a prior security interest or encumbram~ ~ the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply wi~l~ all covenants. B. To promptly deliver to Lender any notices that Mortgagor re, c,;iv~;.,; from the holder. C. Not to allow any modification or extension of, nor to ~l~;.';t any future advances under any note or agreement secured by the lien document without Lender's prio~ v:~it[en consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, as'.,,~:,:;~wa~ts, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property wl~en due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts a~ d~e and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any chmns ~hat would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as reque:~I,M by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or material.,; I,~ ~aintain or improve the Property. 7. DUE ON SALE OR ENCUMBRANCE. Lender may, at its optio~, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or co~l~;~c~ for' the creation of, any lien, encumbrance, transfer or sale of all or any part of the Property. This right is :,~l~l~;~:~ to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has tl~ ~!ll~t and authority to enter into this Security Instrument. The execution and delivery of this Security Inst~u~,,:~t will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. M,~ t!lagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will ~o~ commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property lr,;e of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not suh.,;tm-nially change without Lender's prior written consent. Mortgagor will not permit any change in any license, mr;~ictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all de~,Ms, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. No portion of the Property will be removed, demolished or materi;fll,,, ~dte~ed without Lender's prior written consent except that Mortgagor has the right to remove items of personal I~,l~er[y comprising a part of the Property that become worn or obsolete, provided that such personal property i:, ~elflaced with other personal property at least equal in value to the replaced personal property, free from any ~lh~ ~etention device, security agreement or other encumbrance. Such replacement of personal property will be du~l~l¢,d subject to the security interest created by this Security Instrument. Mortgagor will not partition or subdivkh; the Property without Lender's prior written consent. Lender or Lender's agents may, at Lender's option, enter the Prol~c~t¥ at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at II~,: ~ime of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the t"~ ,Imrt¥ 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 an;, ~luW or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or c;~.,~; ~l~ern to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any ~,~t~t necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, ;~M Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law ~,~ [l~is Security Instrument. If any construction Aden B. Hatch Wyoming ~ortgage WY/4XTeresafO0815100004558019102204Y ©1996 Bankers Systems, h,, , ~;t Cloud, MN ~" on the Property is discontinued or not carried on in a reasonabl,~ ~;,)~er, Lender may take all steps necessary to protect Lender's security interest in the Property, including compl,.~,~l o! the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor as~i!j~;, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and i~t~:~,~,,;[ in the following (Property). A. Existing or future leases, subleases, licenses, guaranties ~t ~y other written or verbal agreements for the use and occupancy of the Property, including but not limit~..~l tt~ ~1¥ extensions, renewals modifications or replacements (Leases). B. Rents, issues and profits, including but not limited to se~:t~it¥ deposits, minimum rents, percentage rents, additional rents, common area maintenance charges, parking ~:l~.~c.s, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages followi~!l d~:l~ult, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bont~;,::;, accounts, contract rights, general intangibles, and all rights and claims which MOrtgagor may have that in ~,~, v.¢~y pertain to or are on account of the use or occupancy of the whole or any part of the Property (Rents). In the event any item listed as Leases or Rents is determined to I~,, p~,rsonal property, this Assignment will also be regarded as a security agreement. Mortgagor will promptly p~,vidc,~ Lender with copies of the Leases and will certify these Leases are true and correct copies. The existi~l Lt;ases will be provided on execution of the Assignment, and all future Leases and any other informatior~ ,;.,ifil ~espect to these Leases will be provided immediately after they are executed. Mortgagor may collect, r~;c~;ivo, enjoy and use the Rents so long as Mortgagor is not in default. Mortgagor will not collect in adw~,:~: ~l~y Rents due in future lease periods, unless Mortgagor first obtains Lender's written consent. Upon defat~l~. Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any otl~:~ f~ds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents from the Property I,, t.{~der. Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of managin(j, i~o~..cting and preserving the Property, and other necessary expenses. Mortgagor agrees that this Security Instrt,~,~ is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective {t~i~(j any statutory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or pre.';~:~il~c:cl by state law, Mortgagor agrees that Lender may take actual possession of the Property without the necessil,¢ ~1 commencing any legal action or proceeding. Mortgagor agrees that actual possession of the Property is det:~t to occur when Lender notifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgag~'.~; ter~ants pay all Rents due or to become due directly to Lender. Immediately after Lender gives Mortgagor ~1~,: ~otice of default, Mortgagor agrees that either Lender or Mortgagor may immediately notify the tenants and ~f,:l~llci that all future Rents be paid directly to Lender. As long as this Assignment is in effect, Mortgagor w~.~t5 and represents that no default exists under the Leases, and the parties subject to the Leases have not vi,,l~l~d any applicable law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expen'.;,:, v¢ill keep, observe and perform, and require all other parties to the Leases to comply with the Leases and any ~,iq~licable law. If Mortgagor or any party to the Lease defaults or fails to observe any applicable law, Mortgagor v..,ill I)romptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with the terms of the Leas~::;, ~hon Lender may, at Lender's option, enforce compliance. Mortgagor will not sublet, modify, extend, can~:~l, ~ otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless th~: I,;~ses so require) without Lender's consent. Mortgagor will not assign, compromise, subordinate or encur~d~r tile Leases and Rents without Lender's prior written consent. Lender does not assume or become liable for ~1~ ~hoperty's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or pret,t;~,~; ~he Property, except for losses and damages due to Lender's gross negligence or intentional torts. Otherwise;, l...'lc~t~.}agor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incur w,l~:;~l Lender opts to exercise any of its remedies against any party obligated under the Leases. 12. DEFAULT. Mortgagor will be in default if any of the followi~!i ~:~:tl~: A. Payments. Mortgagor fails to make a payment in full whe~l B. Insolvency or Bankruptcy. The death, dissolution or insolw:~:y {Cf, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment fo~ t l~; benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or tl~ ~:~llmencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reo~!b~l~ization, composition or debtor relief law by or against Mortgagor, Borrower, or any co-signer, endorser, su~:~,.,, {~ .quarantor of this Security Instrument or any other obligations Borrower has with Lender. C. Death or Incompetency. Mortgagor dies or is declared leg~ll~, i~c:ompetent. D. Failure to Perform. Mortgagor fails to perform any cond~ti,~l o~ to keep any promise or covenant of this Security Instrument. E. Other DoCuments. A default occurs under the terms of any ~,tl~e~ transaction document. F. Other Agreements. Mortgagor is in default on any other dt:l~t t~ ~greement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or writl,:~ ~;tatement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the t~,, it i.~; rnade or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgmt,,~ ;~!l~i~st Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpo~;~: tl~z,t threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name ~ ~:~.~umes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substan~i;d p,~rt of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Prol)~,~l,,~, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value'of the Property declines or is M. Insecurity. Lender reasonably believes that Lender is insect,,:. Aden B. Hatch Wyoming Mortgage WY/4XTeresafO0815100004558019102204Y ©1996 Bankers System'~ h t;t. Cloud, MN F~." Initials~ 0904107 · 0 '7 "3 13. REMEDIES. Lender may use any and all remedies Lender ha:; t,ider state or federal law or in any instrument evidencing or pertaining to the Secured Debts, including, withou] ti~i~a~ion, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately dL~,, ~,r~d may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all in~;~;,~ce benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time schedules or any other ~ice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amo~.~l owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a ma~,,,~r provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lender will make and deliver a sl~,:i~l or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special ~ lirr~i[ed warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbrm~:,~ m burden the Property and that Lender will specially warrant and defend the Property's title of the purchaser ,,~ I~L]~cl~asers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. I1~; ~¢citals in any deed of conveyance will be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the Le~h~ is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lc~LI~ of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated ¢,~ ~lter foreclosure proceedings are filed will not constitute a waiver of Lender's right to require full and complete; ~:~,~; of any existing default. By not exercising any remedy, Lender does not waive Lender's right to later consid~,~ the event a default if it continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On o~ ~lt~,~r Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enforceme~ ,)r I)~otection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expense:; 1~, Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this ,';,,~:~,ity Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal e×l~,~ll~;es. These expenses are due and payable immediately. If not paid immediately, these expenses will bear i~[,:~,;s[ ]rom the date of payment until paid in full at the highest interest rate in effect as provided for in the terms ol ~1~,· Secured Debts. To the extent permitted'by the United States Bankruptcy Code, Mortgagor agrees to pay II~; r~;asonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising juri.';di~:[io~ under the Bankruptcy Code. 1,5. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. /~; Lised in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Resl~.';~., Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, ~,,!ltdations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public healll~, .';afew, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radio;~:l~w; or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance: ~l~,tg~rous or potentially dangerous to the public health, safety, welfare or environment. The term includes, v,.q~l~)u~ limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "l~n.,'a~dous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing ~ L.~,~der, no Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, ~ I~amtled by any person on, under or about the Property, except in the ordinary course of business and in st~ic[ compliance with all applicable Environmental Law. B. Except as previously disclosed and acknowledged in writing I~ l.c~der, Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substanc~ ~,~ tl~e Property. C. Mortgagor will immediately notify Lender if (1) a release ~,~ threatened release of Hazardous Substance occurs on, under or about the Property or'migrates or threaten..; ~,~ ~i.qrate from nearby property; or (2) there is a violation of any Environmental Law concerning the Prope~,,,. h, such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law. D. Except as previously disclosed and acknowledged in writing ~ Lender, Mortgagor has no knowledge of or reason to believe there is any pending or threatened investiga~i~,~, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Fh~q~;IW; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately/ ~ozilv Lender in writing as soon as Mortgagor has reason to believe there is any such pending or threatened i~w~:;~igation, claim, or proceeding. In such an event, Lender has the right, but not the obligation, to particip~,~ i~ a~y such proceeding including the right to receive copies of any documents relating to such proceedings. E. Except as previously disclosed and acknowledged in writi~!] t~ Lender, Mortgagor and every tenant have been, are and will remain in full compliance with any applicable I ~vi~onmental Law. F. Except as previously disclosed and acknowledged in writ,~l I~ Lender, there are no underground storage tanks, private dumps or open wells located on or under the P~'l~;~t¥ and no such tank, dump or well will be added unless Lender first consents in writing. G. Mortgagor will regularly inspect the Property, monitor th~ ~,;~ivities and operations on the Property, and confirm that all permits, licenses or approvals required by any ~,lq~licable Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, Le~t~ ~ Lender's agent to enter and inspect the Property and review all records at any reasonable time to de~:~i~l(~, (1) the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) ~1~.. ,;xistence, location, nature, and magnitude of any Hazardous Substance that has been released on, unde~ ~ al)out the Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Envi~,~.;ntal Law. Aden B. Hatch Wyoming Mortgage WY/4XTeresafO0815100004558019102204Y ©1996 Bankers Systems, h :,t CIoLid, MN E.,~--"~"~.~ I. Upon kender's request and at any time, Mortgagor agre~,~:;, ;~ Mortgagor's expense, to engage a qualified environmental engineer to prepare an environmental audit of 1t~,: Iq~q~elty and to submit the results ol such audit to Lender. The choice of the environmental engineer wh,', vxqll perform such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform a~,,, ~t Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach of any representations, ~.~:~l~fanty or promise made in this section, (1) Mortgagor will indemnify and hold Lender and Lender's su~:~:¢:.,;,~;o~s o~ assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, respo~:,~ :,~d remediation costs, penalties and expenses, including without limitation all costs of litigation and attorney.:.' l~;cs, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender r~;~,~, ~clease this Security Instrument and in return Mortgagor will provide Lender with collateral of at least equ;d vt:due to the Property secured by this Security Instrument without prejudice to any of Lender's rights under tl~i:; $c;curity Instrument. L. Notwithstanding any of the language contained in this Set~t~lity I~lstrument to the contrary, the terms of this section will survive any foreclosure or satisfaction of this Se~:t,ity Instrument regardless of any passage of title to Lender or any disposition by Lender of any or all of the PrCq~c~t¥. Any claims and defenses to the contrary are hereby waived. 16. CONDEMNATION. Mortgagor will give Lender prompt noticc,~l ~,/¥ pending or threatened action by private or public entities to purchase or take any or all of the Property thrcn~!ll~ f:ondemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor':; ~/;'tr~/e in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any ~¥,y;~d or claim for damages connected with a condemnation or other taking of all or any part of the Property. F',t~:ll proceeds will be considered payments and will be applied as provided in this Security Instrument. This as,';~!t~tct~t of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien 17. INSURANCE. Mortgagor agrees to keep the Property insu~c;t ~,l~,inst the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amount.,; [ ,,q-~der requires. This insurance will last until the Property is released from this Security Instrument. What Lende~ rtzquiros pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgago~ ~;~y choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals will include a standard "mo~l~t;~je clause" and, where applicable, "loss payee clause." If required by Lender, Mortgagor agrees to maintain c¢~q~chensive general liability insurance and rental loss or business interruption insurance in amounts and under p,,li~;i,,,s acceptable to Lender. The comprehensive general liability insurance must name Lender as an additional i~:;t~cd. The rental loss or business interruption insurance must be in an amount equal to at least coverage of one ~,~:~'s debt service, and required escrow account deposits (if agreed to separately in writing.) Mortgagor will give Lender and the insurance company immedi;~t~~, ~otice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Sec;~cd Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any in~t,~,~cu policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or tern~i~i~ of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lend~:~'~; i~terest in the Property. This insurance may include coverages not originally required of Mortgagor, may bc ,;.¢~i~tcn by a company other than one Mortgagor would choose, and may be written at a higher rate than Murt!l;~,q~ could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not I~c ~equired to pay to Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor signs this Security Instrument l~t~t does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Propert,,, lo secure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Sect,~,~l Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees t~ ;,,;~ive, any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party i~l~,hted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action 20. WAIVERS. Except to the extent prohibited by law, Mortg~!l~,~ w¢dves all homestead exemption rights relating to the Property. 21. APPLICABLE LAW. This Security Instrument is governed I~;, the laws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Prol~:~t¥ is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. l;:t~;h Mortgagor's obligations under this Security Instrument are independent of the obligations of any other Mort.q;~!l¢~. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release a~,,, I~;~rt of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining P~q~:rt¥. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lt:~tl~:~ ~ltd Mortgagor. 23. AMENDMENT, INTEGRATION AND SEVERABILITY. This $c~:t~it¥ Instrument may not be amended or modified by oral agreement. No amendment or modification of this SectllitS, Instrument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instru~t is the complete and final expression of the agreement. If any provision of this Security Instrument is une~l~,:~d~le, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 24. INTERPRETATION. Whenever used, the singular includes tl~,, I~l~lral and the plural includes the singular. The section headings are for convenience only and are not to be u..;c;I ~o i~derpret or define the terms of this Security Instrument. Aden B. Hatch Wyoming Mortgage WY/4XTeresafO08151000045 § BO 191 O2204Y ©1996 Bankers Systerll:;. i,,: . :l. Cloud, MN ~E_x"ff~-~'~l." ',. 0793 2§. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by lavv, any notice will be given by delivering it or mailing it by first class mail I~ the appropriate party's address listed in the DATE AND PA~TIES section, or toanv other address designated H~ ?v~iling. Notice ~o one party willbe deemedto be notice to all parties. Mortgagor will inform Lender in writing ~1 aIW change in Mortgagor's name, address or other application information. Mortgagor will provide Lender al~,/ lil~ancial statements or information Lender requests. AIl financial statements and information Mortgago~ dives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional docu~,,,ds or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligazk,,; 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 (:~v,,.mts contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Aden B. Hatch dually ne Hatch Individually LENDER: First National Bank - West Teresa Frommel ACKNOWLEDGMENT. (Individual) STATE OF WYOMING , COUNTY OF LINCOLN This instrument was acknowledged before me this 26th Aden B. Hatch , spouse of, Jolene Hatch, and Lance K Hatch . My commission expires: 7/22/07 (Notary thddic) SS OCTOBER 2004 by (Lender Acknowledgment) STATE O F WYOMING , CO~ This instrument was acknowledged before me this Teresa Frommel as ASSIS~AI~r CASHIER My commission expires: 7/22/07 OF 26th LINCOLN ss. · ., uJ OCTOBER 2004 of Fi~',,t [xMtional Bank - West. (NChry I 'tlJ)iic) by Aden B. Hatch Wyoming Mortgage WY/4XTeresafO0815100004558019102204Y ©1996 Bankers Systems Initials% -~-0794 Aden B. Hatch Wyoming Mortgage WY/4XTeresaf00815100004558019102204Y ©1996 Bankers SysTems,