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HomeMy WebLinkAbout905517 RECEIVED 12/28/2004 at t0:06 AM RECEIVING # 905517 BOOK: 576 PAGE: 80 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY State of Wyoming REAL ESTATE MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this MorL~/afle is 12-21-2004 are as follows: MORTGAGQR: DAVID KINGSBURY BUCHOLZ AND BARI ELIZABETH BUCHOLZ, HUSBAND AND WIFE P.O. BOX 3143 ALPINE, WY 83128 Space Above This Line For Recording Data and the parties and their addresses [] Refer to the Addendum which is attacl~d and incorporated herein for additional Mortgagors. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THESTATE OF WYOMING 990 W. BROADWAY P.O. BOX 7000 JACKSON, WY 83002 2. MORTGAGE. For good and valuab)e consider~tion, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortga~jor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: LOT 34 OF THE REES SUBDIVISION, BEING PART OF THE N 1/2 SE 114 OF SECTION 20, T37N, R118W, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLERK. The property is located in LINCOLN at LOT 34 REES SUBDIVISION (County) , LINCOLN COUNTY , Wyoming (Address) (City) {Zip Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party paymer~ts 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 above (all referred to as "Property"). The term Property also includes, but is not limited to, any and all water wells, water, ditches, reservoirs, reservoir sites and (Jams located on the real estate and all riparian and water rights associated with the Property, however established. WYOMING- AGRICULTURAL/COMMERCIAL REAL ESTATE SEC URiTY iNSTRUMENT (NOT FOR FNMA, FHL~A ~'~A USE,~R PURPOSES)(page 1 of S) ©1993, 2001 Bankers Systems, Inc,, St. Cloud, MN F~rrn AGCO-RESI-WY 1/16'2003 ~...~.~J ~.~%j ~ MAXIMUM OBLIGATION LIMIT. The total principal amount of ti,,; ,~;~c~,ed Debt (hereafter defined) secured by this Mortgage at any one time shall not exceed $ 256,000.00 This limitation of amount does not include interest, loan charges, commitment fees, brokerage comm~:q~, attorneys' fees and other charges validly made pursuant to this Mortgage and does not apply to advances (or inte~,~:-.I ~cc~ued on such advances) made under the terms of this Mortgage to protect Lender's security and to perform any ~1 ~l~e covenants contained in this Mortgage. Future advances are contemplated and, along with other future obligations, ~,; ~ecured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, however, si,all constitute a commitment to make additional or future loans or advances in any amount. Any such commitment wouhl ~m~cd to be agreed to in a separate writing. SECURED DEBT DEFINED. The term "Secured Debt" includes, but i~ ~,~ limited to, the following: A. The promissory note(s), contract(s), guaranty(les) or other ,~v~,l~;nce of debt described below and all extensions, renewals, modifications or substitutions. (When referencin.q :h¢~ debts be/ow it is suggested that you include items such as borrowers' names and addresses, note princ(~d ~mounts, commercial revolving loan agreement's maximum amount, interest rates, variable rate terms, maturi:y ~/~,'~.~, etc.) PROMISSORY NOTE DATED 12-21-2004 IN THE AMOUNT OF $256,000.00 All future advances from Lender to Mortgagor or other f~l~ obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of ,t,d~[ existing now or executed after this Mortgage whether or not this Mortgage is specifically referred to in the ,vi,ler~ce of debt. All obligations Mortgagor owes to Lender, which now exist o~ ~;~¥ later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts rclal~!] to any deposit account agreement between Mortgagor and Lender. All additional sums advanced and. expenses incurred by Lend,~ t~, i~muring, preserving or otherwise protecting the Property and its value and any other sums advanced and ,~×l,,~es incurred by Lender under the terms of this Mortgage, plus interest at the highest rate in effect, from ti~ ~ ume, as provided in the Evidence of Debt. Mortgagor's performance under the terms of any instrument, ,~v,l~;ncing a debt by Mortgagor to Lender and any Mor.zgage securing, guarantying, or otherwise relating to the ~i,~ht If more than one person signs this Mortgage as Mortgagor, each [¥1~tHagor agrees that this Mortgage will secure all future advances and future obligations described above that are g~w~ ~o or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. This Mortgage will not secu~,: ~'~¥ ortner debt if Lender fails, with respect to such other debt, to make any required disclosure about this Mortgage o~ ~I I ~-,~der fails to give any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees to make all payments on the Secur~J th;bt when due and in accordance with the terms of the Evidence of Debt or this Mortgage. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessm,~.~% liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due I ,~£:te~ may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evM,..ll~:il~g Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lic~ ~1 this Mortgage. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses wl,i,:t, Mortgagor may have against parties who supply labor or materials to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS. With regard to any other mortga~j,~, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance or~ ~1~; Property and that may have priority over this Mortgage, Mortgagor agrees: A. To make all payments when due and to perform or comply w~[l~ ail covenants. B. To promptly deliver to Lender any notices that Mortgagor rec,~v,~ horn the holder. C. Not to make or permit any modification or extension of, a~(I ~<,~ ~o request or accept any future advances under any note or agreement secured by, the other mortgage, ~l~:d of trust or security agreement unless Lender consents in writing. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, ch~,:la~.~ the entire balance of the Secured Debt to be immediately due and payable upon the creation of any lien, encumhl;~,:e, transfer, or sale, or contract for any of these on the Property. However, if the Property includes Mortgagor's resid~;~,,:~-;, this section shall be subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the i~po.~es of this section, the term "Property" also includes any interest to all or any part of the Property. This cove~at~l shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Mortgage is 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortga(.j~,~ ~:~ ~,l~ entity other than a natural person (such as a corporation or other organization), Lender may demand immediat~ t,,¥.~.l~t if (1) a beneficial interest in Mortgagor is sold or transferred; (2) there is a change in either the identity or numh,:~ ,,t ~embers of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the v:)~,!] .~[ock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is p~l~d~t~.,d by law as of the date of this Mortgage. lO. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagol ~:; ,-~r~ entity other than a natural person (such as a corporation or other organization), Mortgagor makes to Lender ti,: l~dlowing warranties and representations which shall be continuing as long as the Secured Debt remains outstanding: A. Mortgagor is an entity which is duly organized and validly. ~;×~.~ting in the Mortgagor's state of incorporation (or organization). Mortgagor is in good standing in all states gr~ vvt~icl~ Mortgagor transacts business. Mortgagor has the power and authority to own the Property and to c~,f~,/ ~ its business as now being conducted and, as applicable, is qualified to do so in each state in which Mo, t!F~!l~ operates. 13. The execution, delivery and performance of this Mortg~.i~.' [}y Mortgagor and the obligation evidenced by the Evidence of Debt are within the power of Mortgagor, h;~,.,~: h~.,el~ duly authorized, have received all necessary governmental approval, and will not violate any provision gl h~w, o~ order of court or governmental agency. C. Other than disclosed in writing Mortgagor has not chan.(j~,t ~f~ ~ame within the last ten years and has not used any other trade or fictitious name. Without Lender's pnol ,^,~t~e~ consent, Mortgagor does not and will not use any other name and will preserve its existing name, u;~,h; ~mes and franchises until the Secured Debt is satisfied. 1 1. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mort,q ,tl~[ will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will give [,..~,~,[ prompt notice of any loss or damage to the Property. Mortgagor will keep the Property free of noxious we~,~,l ~ ;,~d grasses. Mortgagor will not initiate, join in or consent to any change in any private restrictive covenant, zoni~!~ <~li~nce or other public or private restriction limiting or defining the uses which may be made of the Property or a~,,, i~;,~t of the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedi~,l:-~, ,:h',ims, and actions against Mortgagor or any other owner made under law or regulation regarding use, ownership ;,~,1 ~)(:c, upancy of the Property. Mortgagor will comply with all legal requirements and restrictions, whether public or p~iv:,~,~, with respect to the use of the Property. Mortgagor also agrees that the nature of the occupancy and use will not cha~!t,, wid~o~t Lender's prior written consent. No portion of the Property will be removed, demolished or martell;ally ~dtered without Lender's prior written consent except that Mortgagor has the right to remove items of personal [~(~[~(~'~ty comprising a part of the Property that become worn or obsolete, provided that such personal property is replaced '.~..,~11~ other personal property at least equal in value to the replaced personal property, free from any title retention dc.v~,:,~ ,~;curity agreement or other encumbrance. Such replacement of personal property will be deemed subject to tl~c '.,~,:~rit¥ interest created by this Mortgage. Mortgagor shall not partition or subdivide the Property without Lender's p~,~ ,~'ritt~n consent. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for tl~,: F,H[)ose of inspecting the Property. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor wdl ~ ~o way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any o~ r'¥1~)~[~,t~gor's duties under this Mortgage, or any other mortgage, deed of trust, security agreement or other lien docum~ that has priority over this Mortgage, Lender may, without notice, perform the duties or cause them to be performed I'..~)r t,gagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance II ~y construction on the Property is discontinued or not carried on in a reasonable manner, Lender may do whatever ~:~ ~,~:e,~sary to protect Lender's security interest in the Property. This may include completing the construction. Lender's right to perform for Mortgagor shall not create an obligal~,~ t(~ perform, and Lender's failure'to P~f0rm'WilFnot preclude Lender from exercising any of Lender's other rights u~d~,~ the law or this Mortgage. Any amounts paid by Lender for insuring, preserving or otherwise protecting the Prope~¥ ;,~td Lender's security interest will be due on demand and will bear interest from the date of the payment until paid i~ t~ll r~t the interest rate in effect from time to time according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, (~[~:~, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the t~)lh)wir~g (Property). A. Existing or future leases, subleases, licenses, guaranties ~,~d ~r~y other written or verbal agreements for the use and occupancy of the Property, including but not li~;d to, any extensions, renewals, modifications or replacements (Leases). B. Rents, issues and profits, including but not limited to, :;~;,:~ity deposits, minimum rents, percentage rents, additional rents, common area maintenance charges, pa~ki~,.l (;h~ges, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages folh~wi~j default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, h~)~es, accounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have that ~ ,'~y way 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 I~) hr,~ personal property, this Assignment will also be regarded as a security agreement. (page 3 of 8) Mortgagor will promptly provide Lender with copies of the Least;..,,d will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the A:-.-.ittlu~el~t, and all of the future Leases and any other information with respect to these Leases will be provided Jmmeciia~:l,,, atte~ they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in dcl.~¢lt Moltgagor will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender'.~ ','v~ ~v.~ consent. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the i;,.;~ts with any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents fro~, ~t~¢ P~operty to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of ~.,~.'~(li~g, protecting and preserving the Property, and other necessary expenses. Mortgagor agrees that this Security h~t~,~.~r-~t is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective duri~!i ,,,~,/ slatutory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed by :.i;,t,.~ law, Mortgagor agrees that Lender may take actual possession of the Property without the necessity of comme~,:~!l aChy legal action or proceeding. Mortgagor agrees that actual possession of the Property is deemed to occur when t,;~,l,;~ ~otifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgagor's tenants pay all Rents d,¢,; ,,r to become due directly to Lender. Immediately after Lender gives Mortgager the notice of default, Mortgagor agr~:,,-: tl~at either Lender or Mortgagor may immediately notify the tenants and demand that all future Rents be paid directly i~, As long as this Assignment is in effect, Mortgagor warrants and ~,;l~¢,:s,~n.~ that no default exists under the Leases, and the parties subject to the Leases have not violated any applicabi,; I~,,^. or~ leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and i',,~,~r~, and require all other parties to the Leases to comply with the Leases and any applicable law. If Mortgagor or a~,,, i~a~W to the Lease defaults or fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortgagu~ ~,:!ltec~s or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's option, enforce ~;,,~,lJia~m'e. Mortgagor will not sublet, modify, extend, cancel, or otherwise ahc;, ~i~: [_eases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lend,:~':~ ,;o~sent. Mortgagor will not assign, compromise, subordinate or encumber the Leases and Rents without Lende~'~ I~r written consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or otis. ~ I~ses or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages ,1~,~ ~o Lender's gross negligence or intentional torts. Otherwise, Mortgagor will indemnify Lender and hold Lender harn,l,~ ~; fo~ all liability, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any F.,r ~1' obligated under the Leases. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Prope~t,/ ~:tt~des a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties c~.,l~ rl~e covenants, by-laws, or regulations of the condominium or planned unit development. 15. DEFAULT. Mortgagor will be in default if any of the following occur' A. Any party obligated on the Secured Debt fails to make paym~;~l whet] due; B. A breach of any term or covenant in this Mortgage, any I,,~,~ mortgage or any construction loan agreement, security agreement or any other document evidencing, gua~;~,,..~.t` securing or otherwise relating to the Secured Debt; C. The making or furnishing of any verbal or written representa~,,~,, statement or warranty to Lender that is false or incorrect in anY' material respect by Mortgagor or any perso~ ~, ,;r~ti[y obligated on the Secured Debt; D. The death, dissolution, or insolvency of, appointment of a ~,:,:,:~t,e.~ for, or application of any debtor relief law to, Mortgagor or any person or entity obligated on the Secured [),~h~ E. A good faith belief by Lender at any time that Lender is inse,:~,~ with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment isimp,,~,~d or the value of the Property is impaired; F. A material adverse change in Mortgagor's business includi~!j ~w~etship, management, and financial conditions, which Lender in its opinion believes impairs the value of the Pr ~,l,~;r W or repayment of the Secured Debt; or G. Any loan proceeds are used for a purpose that will contribute: ~,, ~xcessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, a~ h~l~her explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M. 16. REMEDIES ON DEFAULT. In some instances, federal and state law ,z..,,ll ~¢quire Lender to provide Mortgagor with notice of the right to cure, mediation notices or other notices and may es~.~t~li:~t~ ~ime schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Deb~ .,~J toreclose this Mortgage in a manner provided by law if this Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and et~:,,q~;s, accrued interest and principal shall become immediately due and payable, after giving notice if required by law', upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies pl~vid~d by law, the Evidence of Debt, other evidences of debt, this Mortgage and any related documents including wi~l,~t~ limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lende~ ~ ~.~titled to all remedies provided at law or equity, whether expressly set forth or not. The acceptance by Lender of a~,/ :-;~ in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure t~,~,,~.dings are filed shall not constitute a waiver of Lender's right to require full and complete cure of any existing delat~t~. [~;y not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the ew:~i a dqfault if it continues or happens again. i. O,C'.''? "- '~..' w 17. EXPENSES; ~DV~CES O~ COVENanTS' ~TTO~YS' FEES; COLLECTIO~ ~OSTS. Except when prohibited by I~w, Mortgagor ~grees to pay all of Lender's u~i: ,u~es if Morto~gor breaches ~ny covenant in this MortoaOe. ~orto~oor will also pay on demand all of Lender's expenx,::: ,~curred in collecting, insuring, preserving or protecting the Property or in any inventories, audits, inspections or otluu ,,xamination by Lender in respect to the Property. Mortgagor agrees to pay all costs and expenses incurred by Lendfu U~ ':~fforcing or protecting Lender's rights and remedies under this Mortgage, including, but not limited to, attorneys' fuu:,, ,:ourt costs, and other legal expenses. Once the Secured Debt is fully and finally paid, Lender agrees to release tins L.l,,rtgage and Mortgagor agrees to pay for any recordation costs. All such amounts are due on demand and will he~u u,~.:~st from the time of the advance at the highest rate in effect, from time to time, as provided in the Evidence of [)~Hu u~ul as permitted by law. 18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law" means, without limitation, the Comprehensive Lr~vu,)~unental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state arul h,:.'d laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the puhliu J,,~:,lth, safety, welfare, environment or a hazardous substance; and (2) "Hazardous Substance" means any ~oxiu, ru~lu~active or hazardous material, waste, pollutant or contaminant which has characteristics which render the subst~uu:,~ ~l.n~gerous or potentially dangerous to the public heath, safety welfare or environment. The term includes, withot t fn~n. ~ion, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substa~u:u" ~u~der any Environmental Law. Mortgagor represents, warrants and agrees that, except as previously disclosed and a~:k~,,wledged in writing: A. No Hazardous Substance has been. n,. ai will be located, transported, manufactured, treated, refined, or handled by any person on, under or about ~lu~ i'~aperty, except in the ordinary course of business and in strict compliance with all applicable Environmental t uw B. Mortgagor has not and will not ~:~n~:, uontribute to, or permit the release of any Hazardous Substance on th8 Property. C. Mortgagor will immediately notify t ~,.~,~ if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property or rni(~¢,~,,, or threatens to migrate from nearby property; or (2) there is a violation of any Environmental Law conceCnu~{l ii,,: Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Envirannnu,t ,I Law. D. Mortgagor has no knowledge of ur ~,uu<on to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating t~ fl) :,ny Hazardous Substance located on, under or about the Property; or (2) any violatioK by Mortgagor or any ~,:r~:,r~t of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has lu., nn to believe there is any such pending or threatened investigation, claim, or proceeding. In such an event, l ~uut,:, I~as the right, but not the obligation, to participate in any such proceeding including the right to receive cotm~x ,,I :n~y documents relating to such proceedings. E. Mortgagor and every tenant h~ve bu~,~ are and shall remain in full compliance with any applicable Environmental Lsw, F. There are no underground stor'au~ ~.~r~k.:~, private dumps or open wells located on or under the Property and no such tank, dump or well will be ndd,,.,i ,uHess Lender first consents in writing. G. Mortgagor will regularly inspect th~ i'~,q~erty, monitor the activities and operations on the Property, and confirm that all permits, licenses or appr~n,;d.: required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause aru/ *,:r~:,nt to permit, Lender or Lender's agent to enter and inspect the Property and review all records at any ~n;¢uuuH}le time to determine (1) the existence, location and nature of any Hazardous Substance on, under ()~ ;d,un the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has heu~ ~,~fuased on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in compliance w~l~ .'q)plicable Environmental Law. I. Upon Lender's request and at ~,r~'~, ~u~e, Mortgagor agrees, at Mortgagor's expense, to engage a qualified environmental engineer to prepare ;n, , ~wironmental audit of the Property and to submit the results of such audit to Lender. The choice of the envuuru~u:r~tal engineer who will perform such audit is subject to Lender's approval. J. Lender has the right, but not th~ {q.h(i;~tion, to perform any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breacl~ ~)~ ;u,./ representation, warranty or promise made in this section, (1) Mortgagor will indemnify and hold Lender an~l I .:~uler's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, chu~ruq~, response and remediation costs, penalties and expenses, including without limitation all costs of litiu;~*uu~ ,~d attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's disc~u~u,~;r Lender may release this Mortgage and in return Mortgagor will provide Lender with collateral of at least e~t'.u~! ',;due to the Property secured by this Mortgage without prejudice to any of Lender's rights under this MoftgaH,~ L. Notwithstanding any of the lan(ju¢~t ,.. :x)ntained in this Mortgage to the contrary, the terms of this section shall survive any foreclosure or satistfu:~uu, of this Mortgage regardless of any passage of Zitle to Lender or any disposition by Lender of any o~ ~dl ¢~f ~t~,: Property. Any claims and defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give [uCnl,~ prompt notice of any action, real or threatened, by private or public entities to purchase or take any or all of tlu¢ ~'~nperty, including any easements, through condemnation, eminent domain, or any other means. Mortgagor further nUt,u:'. ~) notify Lender of any proceedings instituted for the establishment of any sewer, water, conservation, ditch, d~ainagu. ,~ other district relating to or binding upon the Property or any part of it. Mortgagor authorizes Lender to intervenu u, ~.iortgagor's name in any of the above described actions or claims and to collect and receive all sums resulting horn ~iu, ;u:tion or claim. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a co~xhu~uu~ion or'other taking of ail or any part of the Property. Such proceeds shall be considered payments and will be applie,~ ,,. provided in this Mortgage. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trus~, ~ .::x~rity agreement or other lien document. ~" ~1993,2OO1Banker, Sy,, .... I ....S, c,,,u,,,r' ......... AGCO-RESI-WY 1,'~6,'2003 ;~ (page h of S) 20. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss h, I,L;, theft and other hazards and risks reasonably associated with the Property due to its type and location, ~,~i~,;~ hazards and risks may include, for example, coverage against loss due to floods or flooding. This insL,.,~.:,; sh~ll be maintained in the amounts and for the periods that Lender requires. What Lender requires pursu.'~,I ~,~ the preceding two sentences can change during the term of the Secured Debt. The insurance carrier providi~!l ~h~.~ i~surance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably w,~t~l~;Id. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtair~ ,:~w~,~r~ge to protect Lender's rights in the Property according to the terms of this Mortgage. All insurance policies and renewals shall be acceptable to ~ ,~,t~.~ and shall include a standard "mortgage clause" and, where applicable, "lender loss payee clause." Mortfl~,!l.~ ~h~tl immediately notify Lender of cancellation or termination of the insurance. Lender shall have the righ~ ~ t,~ld the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipt.~ ,, i~;,icl premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance c~,, ;~nd Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, I~:~l~llce proceeds shall be applied to restoration or repair of the Property damaged if the restoration or repa~ ~.; ,;,;or~omically feasible and Lender's security is not lessened. If the restoration or repair is not economically l.~,;d~le or Lender's security would be lessened, the insurance proceeds shall be applied to the Secured Debt ,~..t~;fller or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does no~ .,,~wer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lende.~ ~,;,y collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay ti~,: ';c~t:urecl Debt whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in writing, ~,,. :,l~phcation of proceeds to principal shall not extend or postpone the due date of scheduled payments or ch;,,,!l~ lite amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any insurance I-,h,:~;s and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to th .... xt~lt of the Secured Debt immediately before the acquisition. Mortgagor agrees to maintain comprehensive general liabil,./ ~,;u~ance naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims ;,~r~:,~!] from any accident or occurrence in or on the Property. Mortgagor agrees to maintain rental loss or business inter~t~l~t,,~ insurance, as required by Lender, in an amount equal to at least coverage of one year's debt service, ~,~,1 ~.fluired escrow account deposits (if agreed to separately in writing), under a form of policy acceptable to t ,.~,1~;~. 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise p~.~,,h~d ~n a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and iasurance in escrow . 22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortga,~t.~ will provide to Lender upon request, any financial statement or information Lender may deem necessary. Mortgago~ w~;,~.ts that all financial statements and information Mortgagor provides to Lender are, or will be, accurate, correct, a~i c,[~plete. Mortgagor agrees to sign, deliver, and file as Lender may reasonably request any additional documents or ,:,:~h(:~t~ons that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under thi.~ I'.~]~,~ ~flage and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file sucl~ ,h~,:m~ents or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent a~ .,l~)~)uy in fact to do the things necessary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage are joint and individual. If Mortgagor signs this Mortgage but does ~t ~i!l~ the Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure paym~:~,~ ,~l the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees tl~;,~ I ~;~(le~ and any party to this Mortgage may extend, modify or make any change in the terms of this Mortgage or the ~-vi,h~li(:e of Debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Mortgafl,~ lt~; duties and benefits of this Mortgage shall bind and benefit the successors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgao~ ;,,~i does not directly secure the obligation which is guarantied, Mortgagor agrees to waive any rights that may prev,~; I ~;~der from bringing any action or claim against Mortgagor or any party indebted under the obligation including, but ~t iil~fited to, anti-deficiency or one-action laws. 1993, 2001 Bankers Systems, thC., St. Cloud, ~VIN Form AGCO-RESI-WY 1/16 Z: : (page 6 of 8) 24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This M(~,l,!le ~s governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise requir~.~l ~'.,, lhe laws of the jurisdiction where the Property is located. This Mortgage is complete and fully integrated. Thi.~ I,.q ,~.l~ge may not be amended or modified by oral agreement. Any section or clause in this Mortgage, attachmel)t: ,~ ~[)y agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that Mw ,:~l,~,~'ssly or impliedly permits the variations by written agreement. If any section or clause of this Mortgage cannot be ,;~,l~)l~:ed according to its terms, that section or clause will be severed and will not affect the enforceability of the remai~),l,~ (~t ~his Mortgage. Whenever used, the singular shall include the plural and the plural the singular. The captions ~,,t t,,~;~dil~gs of the sections of this Mortgage are for convenience only and are not to be used to interpret or define tier: ~,..~s of this Mortgage. Time is of the essence in this Mortgage. 25. NOTICE. Unless otherwise required by law, any notice shall be c. li,.,,~, h¥ delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Mortgage, or ~r~ ;~,/ o~her address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 26. WAIVERS. Except to the extent prohibited by law, Mortgagor v..,~.v~;s ~lly right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property 27. U.C.C. PROVISIONS. If checked, the following are applicable to, h~i ,l~ ~o~ limit, this Mortgage: Construction Loan. This Mortgage secures an obligatio~ ~,:~,~cd for the construction of an improvement on the Property. Fixture Filing. Mortgagor grants to Lender a security inz~,~:~ ~n all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the ['~'~l~;~ Crops; Timber; Minerals; Rents, Issues and Profits. Molt!!;~,.j~l g~ants to Lender a security interest in all crops, timber and minerals located on the Property as well as ~,11 ~,~'r~s, issues, and profits of them including, but not limited to, all Conservation Reserve Program (CRP) and F','~¥,~,:~t ir~ Kind (PIK) payments and similar governmental programs (all of which shall also be included in the term "['r ~q ~,~ W"). Personal Property, Mortgagor grants to Lender a security ~..~t ~n all personal property located on or connected with the Property. This security interest includes all farn~ i~,l~czs, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and all ozi~ ~,:~s of personal property Mortgagor owns now or in the future and that are used or useful in the construction, ~,~'~;rship, operation, management, or maintenance of the Property. The term "personal property" specifically ~.~.:,:h~h~.s That property described as "household goods" secured in connection with a "consumer" loan as tho~-;,~ i~..~s are defined in applicable federal regulations governing unfair and deceptive credit practices. Filing As Financing Statement. Mortgagor agrees and ~,:t~owledges that this Mortgage also suffices as a financing statement and as such, may be filed of record ~,~ ,', lH~,'~cing statement for purposes of Article 9 of the Uniform Commercial Code. A carbon, photographic, ima,q~ ~ ~her reproduction of this Mortgage is sufficient as a financing statement. 28. OTHER TERMS. If checked, the following are applicable to this M~,~ [] Line of Credit. The Secured Debt includes a revolving line ,,I ~;icdiz provision. Although the Secured Debt may be reduced to a zero balance, this Mortgage will remain in eff~;,:l ~lil released. [] Separate Assi0nment. The Mortgagor has executed or will ,~x~:u~e a separate assignment of leases and rents. If the separate ass!gnment of leases and ~ents is properly e×~'.,:~l~.~J and recorded, then the separate assignment will supersede this Security Instrument's "Assignment of Lea.~¢:- ~d I~ents" section. [] Additional Terms. ©1993, 2001 Bankers Systems, inc., St. Cloud, MN Form AGCO RESI-WY ~/16 . : (page ? of 8) SIGNATURES: By signing below, Mortgagor agrees to the terms ,:,,~ covenants contained in this Mortgage and in any attachments. Mortgagor also acknowledges receipt of a copy of TI,~ i'..1,~t(.jage on the date stated above on Page 1. [] Actual authority was granted to the parties signing below by ~.-.,,r~nton signed and dated Entity Name: <::~]OAVlD KINGSBURY BUC~,~ ELIZABETH BUCHOLZ ) (Signature) (Date) i?,mm,tmel (Date) [] Refer to the Addendum which is attached and incorporal~,~ I~e.~ein for additional Mortgagors, signatures and acknowledgments. ACKNOWLEDGMENT: (individual) This instrument was acknowledged before me this ~ /.~i:, [_~__day of DECEMBER, 2004 by DAVID KINGSBURY BUCHOLZ: BARI ELIZABETH BUCHOLZ. HUSBAND AND My commission expires: II C~unty of L¢~I~'~ state of II.. _Lincoln ~ Wyoming ~~e??_e.r_l_.?_, ? _O?_6~MY Commission Ex~_te_m_be~' 13_, 2076_1 SS. (Notary Public) (Business ot Entity STATE OF , COUNTY This instrument was acknowledged before me this __ by SS. ___day of (Title{s)) Acknowledgment) of a My commission expires: (Name of Business or Entity) on behalf of the business or entity. (Notary Public) E.~,~-~ ©1993, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO-RESI-WY 1/16 _ . [page 8 of 8)