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HomeMy WebLinkAbout2008-03-24-Resolutions 08-61_516 Walnut St - Loan Paid in FullTHE CITY OF WAUKEE,IOWA RESOLUTION 08-61 ACKNOWLEDGMENT THAT A LOAN FROM THE CITY OF WAUKEE TO MARGARET A.STONE FOR IMPROVEMENTS TO A PROPERTY ADDRESSED AS 516 WALNUT ST.,WAUKEE,IOWA,IS PAID IN FULL AS OF MARCH 14,2008 IN THE NAME AND BY THE A UTHORlTY OF THE CITY OF WA UKEE,IO WA WHEREAS,the City of Waukee,Dallas County,State of Iowa,is a duly organized Municipal Organization;AND, WHEREAS,on April 19,2004,the Waukee City Council approved a loan agreement and RACI grant application related to improvements made at 516 Walnut St.,also known as the Old Hotel (Resolution #04-79);AND, WHEREAS,the terms of the loan agreement provided for a $3,000 loan from the City of Waukee to property owner Margaret A.Stone,at 1%interest over a period of five years as an Urban Renewal project,as shown in a Promissory Note and Mortgage,attached hereto as Exhibits A and B;AND, WHEREAS,the final payment related to the loan agreement was received by the City of Waukee on March 14,2008. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Waukee on this, the 24th day of March 2008,that a loan from the City of Waukee to Margaret A.Stone for improvements to a property addressed as 516 Walnut St.,Waukee,Iowa,is paid in full as of March 14,2008. Attest: ROLL CALL VOTE AYE NAY ABSENT ABSTAIN Donald L.Bailey,Jr.X Casey L.Harvey X C.Isaiah McGee X Darlene Stanton X Mike Watts X THE IOWA STATE BAR ASSOCIATION Official Form No.136 Paul E,Huscher ISBA #-PK0002522 FOR THE LEGAL EFFECT OF THE USE OFnneFORM,CONSULT YOUJ~LAWYER EXHIBIT A PROMISSORY NOTE $3,000,00 \.L..:.:.::::..:::...;4'-----=~---..:::::~:--..:;r(P:....--_,c}.{,'{!J Y FOR VALUE RECEIVED,the undersigned,each as principal,"intly and severally,promise(s)to pay to the order of City of Waukee,Iowa at ..!:W!1a!!!u,!ok>:!ee'-C~ityL!:J-I~a!!II'_',2",3~0:..!I--Il:w~Yy"'!!6,,-W!y'!!a!!!ul~(e,,,e,,,,IltA!..So!!O!,;2:26.e.3 _,Iowa,the sum of -'T""J_I"'RE~E---'-T-'--'J-I""O""U""SA'_'N'_'D"'__!CA"_'N"'D'_'O"_'/I"'O"'_O DOLLARS with interest thereon from __----'-S"'e"'p"'te"'m"'b"'e''--.''''1,,,,2,,,0,,,04,,-__,payable ---'1.!!11,,0I~1tC'!h;,lly'___at the rate of one (1%)per cent per annum until payment hereof as follows: By payment of $49.94,or more at the option of the promisor, on or before October 1,2004 and by payment of $49.94,or more at the option of the promisor,on or before the first day of each month thereafter until the principal and interest on the unpaid balance monthly shall have been paid in full. Interest shall first be deducted from the payment and any balance shall be applied on principal. Principal and interest not paid when due shall draw interest at the rate of 9 %per annum.Upon default in payment of any interest, or any installment of principal,the whole amount then unpaid shall become immediately due and payable 'at the option of the holder without nonce. The undersigned,in case of sull on this note,agrees to pay attorney's fees, Makers,endorsers and sureties waive demand of payment,notice of non-payment,protest and notice,Sureties,endorsers and guarantors agree to all of the provisions of this note,and consent thai the lime or times of payment of all or any part hereof may be extended after maturity,from time to lime,without nonce. Address:516 Walnut Street,Waukee,IA 50263 Phone:(515)987-4562 ©The Iowa Slale Bar Association 2003 10WADOCS~136 PROMISSORY NOTERevisedJanuary,1999 I 1 I rue IOWA STATE BAR ASSOCIATIONI I FORTHE LEG/U..EFFECTOFTIlE USEOFOfficialFonnNo.128 Paul E.l-luscher ISBA"#PKOOQ2522 THiS FORM,CONSULTYOURLAWYER EXHIBIT B rrififr~~[ion Paul E.Huscher,430 6th Street,P.O.Box 971,Waukee,fA 50263,(515)987-4975 Individual's Name Street Address Cily Phone~.'SPACE ABOVE THIS LINE FOR RECORDER MORTGAGE "{"#om~'# THIS MORTGAGE is made between Margaret A.Stone,a single person ("Mortgagors")and City of Waukee,Iowa ("Mortgagee").o If Ihis box is checked,this Mortgage is a Purchase Money Mortgage as defined in Ihe Iowa Code. 1.Grant of Mortgage and Security Interest.Mortgagors hereby sell,convey and mortgage unto Mortgagee,and grant a security interest to Mortgagee in the following described property: a.Land and Buildings.All of MortgagolS'right,title and interest in and to the following described real estate situated in DALLAS County,lowa (the "Land"); Lots Four (4),Five (5),Six (6),Seven (7)and Eight (8)[Except the West Fifty-five (55)feet of Lots Four (4),Five (5),Six (6)and Sevewn (7)and the West Fifty-nine (59),feet of Lot Eight (8)],all in Block Ten (10)of the Original Town,now City of Waukee,Dallas County,Iowa. and all buildings,structures and improvements now slanding or at any time hereafter constructed or placed upon the land (the "BuUdingsn),including all hereditaments,easements,appurtenances,riparian rights,mineral rights,water rights,rights in and to the lands lying in streets,alleys and roads adjoining the land,estates and other rights and interests now Of hereafter belonging to or in any wf1j pertaining to the Land. b.Personal Property.All fixtures and other personal property integrally belonging to,or hereafter becoming an mtepral part of Ihe Land or Buildings,whether allached or detached,including but not limlted to,light fixtures,shades.rods,blinds,venetian blinds,81vnin9s,storm windows,screens,linoleum,water softeners,automatic heating and air-conditioning equipment and all proceeds,products,Increase,issue,accesstons,attachments,accessories,parts,additions,repairs,renecements and substitutes of, to,and for the foregoing (the 'Personal Property"). c.Revenues and Income.All rents,Issues,profits,teases,condemnation <l'1vardsand insurance proceeds now or hereafter arising from the ownership,occupancy or use of the Land,Buildings and Personal Property,or any part thereof (the "Revenues and Income"). TO HAVE AND TO HOLD Ihe Land,Buildings,Personal Property and Revenues and Income (collectively called me 'Mortgaged Property'),together with all privlleges,hereditaments thereunto now or hereafter belonging,or in any way appertaining and the products and proceeds thereof.unto Mortgagee,i1s successors and assigns. 2_Obligations.This Mortgage secures the following (hereinafter collectively referred to as the "Obligations"): a.The payment of the loan made by Mortgagee to Margaret A.Stone,a single person evidenced by a promissory note dated ~fA Ji:::zr,.,)Q 0 tf in the pnncpal amount of $3.000.00 wilh a due date of ,any renewals,edensions.monncanons or refinancing thereof and any promissory notes Issued in SUbstitution therefor;and b.All other obligations of Mortgagors to Mortgagee,now eXisting or hereafter arisIng,whether direct or indirect,contingenl or absolute and whether as maser or surety,including,but notlimiled to,future advances and amounts advanced and expenses incurred by Mortgagee pursuant to this Mortgage. 0- 3.Representations and Warranties of Mol1!lagoTs.Mortgagors represent,warrant and covenant to Mortgagee that (i)Mortgagors hold clear title to the Mortgaged Property and title in fee simple in Ihe Land;(ii)Mortgagors have the right,power and authortty to execute this Mortgage and to mortgage,and grant a security mterest in the Mortgaged Property;(iii)the Mortgaged Property is free and clear of all liens and encumbrances,except lor real estate taxes not vet delInquent and except as otherwise stated in subparagraph 1a.herein;(IV) Mortgagors will warrant and defend tiUe to the Mortgaged Property and the lien and priority of this Mortgage against all dalrns and demands of all persons,whether now existing or hereafter alising;and {v)all buildings and impruvements now or hereafter located on the land are,or will be,located entirely wilhin Ihe boundaries of the Land. 4.Payment and Performance of the Obligations.MortgagOlS wiIl pay ail amounts payable under the Obligallons in accordance wilh the terms of the Obligations when and as due ami will timely perform all other obligations of Mortgagors under Ihe Obligations.The provisions of the Obligations are hereby Incorporated by reference into this Mortgage as If fuily set forth herein. 5.Taxes.Mortgagors shall pay each installment of all taxes and special assessments of every kind,now or hereafter levied agaius\the Mortgaged Property before Ihe same become dellnquenl,withoul notice or demand,and shall deliver to Mortgagee proof of such payment within nneen (15)days after the dale in which such tax or assessment becomes delinquent. 6.Liens.Mortgagors shall not create,incur or suffer to exisl any lieu,encumbrance,security mterest or charge on the Mortgaged Property or any part Ihereof which might or could be held 10 be equal or prior to the lien of this Mortgage,other than the lien of current ©lhe low.Slate B.r Association2003 128 MORTGAGE IOWAOOCS~Re";5e<lJ.nv ,19911 real estate taxes and installments of special assessments v.fth respect to which no penalty is yet payable.Mortgagors shall pay,when due, the claims of all persons supplying labor or materials to or in connecnco wilh the Mortgaged Property. 7.Compliance with Laws.Mortgagors shall comply with all present and future statutes,laws,rules,orders,regulations and ordinancas affecting the Mortgaged Property,any part thereof or ihe use thereof. 8.Permitted contests.Mortgagors shall not be required to (Q pay any tax,assessment or other charge referred to in paragraph 5 hereof,(ii)discharge or remove any lien,encumbrance or charge referred to in paragraph 6 hereof,or (iii)camply with any statute,law,rule, rencieton or ordinance referred to in paragraph 7 hereof,so long as mortgagors Shall contest,in good rauh,the existence,amount or rne validlly thereof,the amount of damages caused thereby or the extent of Mortgagors'liability therefor,by appropriate proceedings which shall operate during the pendency thereof to prevent (A)the colleclion of,or other realization upon the lax,assessment,charge or lien, encumbrances or charge so contested,(8)the sale,forfeiture or loss of the Mortgaged Property or any part thereof,and (e)any interference with the use or occupancy of the Mortgaged Property or any part thereof.Mortgagors shall give prompt written notice 10 Mortgagee of the commencement of any contest referred to In this paragraph 8. 9.Care of Property.Mortgagors shall fake good care of the Mortgaged Property;shall keep lhe Buildings and Personal Property now or later placed upon the Mortgaged Property in good and reasonable repair and shall not injure,destroy or remove either the Buildings or Personal Property during the lerm of this Mor1gage.Mortgagors Shall not make any material alteration to the Mortgaged Property without the prior written consent of Mortgagee 10.Insurance. a.Risks to be Insured.Mortgagors,at their sole cost and expense,shall maintain insurance 0[1 the Buildings and other improvements now existing or hereafter erected on the Land and on the Personal Property included in the Mortgaged Property against loss by fire,extended coverage perils and such other hazards as Mortgagee may from time to time require,such insurance to have a "Replacement Cost"endorsement af:tached Ihereto,with the amount of the insurance at least equal to the balance of Ihe Obligations.At Mortgagors'option,such policy may have a coinsurance clause of not less than 90%of replacement cost provided the pollcy contains an appropriate form of cost escalation endorsement.Mortgagors will at their sole cost and expense,from time to time, and at any lime at the request of Mortgagee,provide Mortgagee wllh evidence satisfactory 10 Mortgagee of the replacement cost of Mortgaged Property.Mortgagors will maintain such other insurance as Mortgagee may reasonably require. b.Polley ProvIsions.All insurance policies and renewals thereof maintained by Mortgagors pursuant to this Mortgage shall be written by an insurance carrier satisfactory to Mortgagee,be payabie to the parties as Ihelr interest may appear,contain a standard or union-type loss payable clause in favor of Mortgagee,contain an agreement of the insurer that it will not amend,modify or cancel the policy except after thirty (30)days prior written notice 10 Mortgagee,and be reasonably satisfactory 10 Mortgagee in all other respects. c.Delivery of Policy or Certificate.If requested by Mortgagee.Mortgagors will deliver to Mortgagee original policies satlsfactory 10 ,,!ort9.-agee evidencingJhe Insurance which is required cnder this Mortgage.and Morj.QaQ.OJ1>!i.h!!U promptly fUrnish to Mortgagee all renewal notices and,upon request of Mortgagee,evidence of payment thereof.At least ten (10)days prior 10 the expiration dale of a required policy,Mortgagors_shall deliver 10 Mortgagee a renewal policy in form satisfactory to MOI1gagee. d.Assignment of Policy.If the Mortgaged Property is sold at a foreclosure sale or if Mortgagee shall acquira title to the Mortgaged Property,Mortgagee shall have all of the righi,une and interest of Mortgagors in and to any insurance policies requjred hereunder,and the unearned premiums thereon,and in and to the proceeds thereof resulting from any damage to the Mortgaged Property prior to such sale or acquisition. e.Notice of Damage or Destruction;Adjusting Loss.lf the Mortgaged Property or any part thereof shall be dernaped or destroyed by fire or other casualty,Mortgagors will,within five (5)calendar days after the occurrence of such damage or destruction,give written notice thereof 10 the insurance carrier and to Mortgagee and wlll not adjust any damage or loss which is estimated by Mortgagors in good faith 10 exceed 525,000 unless Mortgagee shall have joined in or concurred with such adjustment;but if there has been no adjustment of any such damage or loss within four (4)mcnms from the date of occurrence thereof and if an Evenl of Default shall exist at the end of such four (4)month period or at any time thereafter,Mortgagee may alone make proof of loss,adjust and compromise ani claim under the policies,and appear in and prosecute any action arising from such policies.In ccnnecnon therewith,Mortgagors do hereby irrevocably authorize,empower and appoint Mortgagee as attorney-in-fact for Mortgagor (which appointment is coupled with an interest)to do any and all of the foregoing in the name and on behalf of Mortgagors. f.Application of Insurance Proceeds.AU sums paid under any insurance policy required by this Mortgage shall be paid to Mortgagee,which shall,at its opilon,apply the same (after first deducting therefrom Mortgagee's expenses incurred in collecting the same including om not fimtteu to reasonable attorney's fees)10 Ihe reduction of the Obligations or to the payment of the restoration, repair,replacement Of rebuilding of Mortgaged Property that is damaged or destroyed in such manner as Mortgagee snan cetemme and secondly to the reduction of the Obligations.Any application of insurance proceeds 10 principal of the Obliqatlons shall not extend or postpone the due dale of the inslallments payable under the Obligations or change the amount of such inslallments. g,Reimbursement of Mortgagee's Expenses.Mortgagors shall promptly reimburse Mortgagee upon demand for all of Mortgagee's expenses incurred in coroecuon with the collection of the insurance proceeds,including but not limited to reasonable attorney's fees,and all such expenses shall be additional amounts secured by lhis Mortgage. 11.inspection.Mortgagee,and Its agents,shall have the right at all reasonable times,to enter upon the Mortgaged Property for the purpose of Inspecting Ihe Mortgaged Property or any part thereof.Mortgagee shall,however,have no duly 10 make such Inspecton.Any inspection of the Mortgaged Property by Mortgagee shall be entirely for its benefit and Mortgagors Shall in no way rely or claim reliance thereon. 12.Protection of Mortgagee's Security.SUbject to the rights of Mortgagors under paragraph 8 hereof,if Mortgagors fail to perform any of the covenants and agreements contained in this Mortgage or if any action or proceeding is commenced which affects the Mortgaged Property or the interest of the Mortgagee therein,or the tilie thereto,then Mortgagee,at Mortgagee's oplion,may perform such covenants and agreements.defend against or jnvestipate such action or proceeding,and take such other action as Mortgagee deems necessary to protect Mortgagee's interest.Any amounts or expenses disbursed or incurred by Mortgagee in good faith pursuant to this paragraph 12 with interest thereon at the rate of 9 %per annum,shall become an Obligation of Mortgagors secured by this Mortgage.Such amounts advanced or disbursed by Mortgagee hereunder shall be immediately due and payeote by Mortgagors unless Mortgagors and Mortgagee agree In writing to other terms of repayment.Mortgagee shall,a!its option,be subrogated to the lien of any mortgage or other lien discharged In whole or in part by the Obligations or by Mortgagee under me provisions hereof,and any Such subrogation righls shall be additional and cumuranve security for this Mortgage.Nolhing contained in this paragraph shall require Mortgagee to incur any expense or do any act hereunder,and Mortgagee shall not be liable to MortgagolS for any damage or claims arising out of action taken by Mortgagee pursuant to this paragraph. 13.Condemnation.Mortgagors snau give Mortgagee prompt notice of any action,actual or threatened,in condemnation or eminent domain and hereby assigfl,transfer and set over to Mortgagee the entire proceeds of any award or claim for damages for all or any part of the Mortgaged Property taken or damaged under the power of eminent domain or condemnation.Mortgagee is hereby aulhorized to intervene in any such action in the names of Mortgagors,to compromise and seWe any such acllon or claim,and to Collect and receive from the condemning aUlhorities and give proper receipts and acquittances for such proceeds.Any expenses incurred by Mortgagee in intervening in such action or compromising and settling such action or claim,or collecl!ng such proceeds shall be reimbursed 10 Mortgagee first out of the proceeds_The remaining proceeds or any part thereof shalf be applied to reduelion oi that portion of the Obligations then most remotely to be paid,whether due or no!.or to the resloration or repair of the Mortgaged Property,the choice of application to be solaly at the discrelion of Mortgagee. (2) ] I I FOR lHE LEGAL EFFECT OF n-e USE OF I .llilS FORM,CONSULT YOUR LAWYER 14.Fixture Filing.From the date of lis recording,this Mortgage shall be effective 86 a nnancna statement filed as a fixture filing with respect to tile Personal Property and for this purpose the name and address of the debtor is Ihe llama and address of Mortgagors as set forth in paragraph 20 herein and Ihe name and address of the secured party is the name and address of the Mortgages as set forth in paragraph 20 herein. 15.Events of Default.Each of the following occurrences shall ccnsutete an event of default hereunder f'Evenl of Default"): a.Mortgagors shall default in the due observance or performance of or breach its agreement contained in paragraph 4 hereof or shall default in the due observance or performance of or breach any other coven a nt,ccndftlon or agreement on its part 10 be cbservod or performed pursuant to the terms or this Mortgage. b.Mortgagors shall make an assignment for the benefits of its creditors,or a pelilion shall be filed by or against Mortgagors under the United States Bankruptcy Code or Mortgagors shall seek or consent to or acquiesce in [he appointment of any trustee,receiver or liquidator of a material part of its properties or of the Mortgaged Property or shall not,within thirty (3D)days after the appointment of a trustee,receiver or liquidator of any malerial part of its properties or of the Mortgaged Property,have such appointment vacated. c.A judgment,writ or warrant of attachment or execution,or similar process shall be entered and become a lien on or be issued or levied against the ~ortgaged Property or any part thereof which Is not released,vacated or ful,y bonded within thirty (30)days after its entl)",Issue or levy. d.An event of default,however defined,shall occur under any other mortgage,assignment or other security document conslilullng a llen on the Mortgaged Property or any part thereof. e. 16.Acceleration;Foreclosure.Upon the occurrence of any Event of Default and at any time thereafter while such Event of Default exists,Mortgagee may,at its option,after such notice as may be required by law,exercise one or more of the following rights and remedies (and any other rig hts and remedies available to it): a.Mortgagaa may declare immediately due and payable all Obllgallons secured by this Mortgage,and the same snau thereupon be immedialely due and payable,without further notice or demand. b.Mortgagee shall have and may exercise with respect to the Personal Property,all the righls and remedies accorded upon defaul!to a secured party under the Iowa Uniform Commercial Code.If notice to Mortgagors of Intended dispositlcn of such property is required by law in a particular instance,such notice shall be deemed commarcially reasonable if given to Mortgagors at least ten (10)days prior to the date of intended disposition. c.Mortgagee may (and is hereby authorized and empowered to)foreclose this Mortgage in accordance with the law of the State of Iowa,and at any time after the commencement of an action In foreclosure,or during the period Df redemptlon,the court having jurisdiction of the case shall at the request of Mortgagee appojnt a receiver to take immediate pceaesslon of the Mortgaged Property and of the Revenues and Income accruing therefrom,and to rent or cultivate the same as he may deem best for the interest of all parties concerned,and such receiver shall be liable to account to MOrlg8flDrs only for the net profils,after application of rents,issues and profits upon the costs and expenses of the receivership and foreclosure and upon the Obligallons. 17.Redemption.It is agreed that if this Mortgage covers less than ten (10)acres of land,and in the event of the foreclosure of this Mortgage and sale of the property by Sheriff's sale in such foreclosure proceedings,the lime of one year for redemption from said sale provided by the statues of the State of Iowa shall be reduced to six (6)months provided the Mortgagee,in such action files an election to waive any deficlency judgment against Mortgagors which may arise out of the foreclosure proceedings;all to be consistent with the provisions of Chapter 628 of the Iowa Code.If the redemptlon period is so reduced,for the first three (3)months after sale such right of redemption shall be exclusive to the Mortgagor,and the time periods in Secllons 628.5,628.15 and 628.16 of the Iowa Code shall be ret!uced to four (4)months. It is further agreed that the period of redemption after a foreclosure of this Mortgage shall be reduced to sixty (60)days If all of the three followjng contingencies develop:(1)The real estate is less than ten (10)acres in size;{2}the Court finds affirmatively that the said real estate has been abandoned by the owners and those persons personally Hable under this Mortgage at the time of such foreclosure;and (3) Mortgagee in such action files an election to waive any deficiency judgment 3fIainst Mortgagors or their sUCCIOSSorSIn Interest In such action. If the redemption period is so reduced,Mortgagors or their successors In interest or the owner shall have the exclusive right to redeem for the fl-stthlrty (30)days after such sale,and the time provided for redemption by creditors as provided in Sections 628.5,628.15 and 628.16 of the Iowa Code shall be reduced to forty (40)days.Entry of appearance by pleading or docket entry by or on bahalf of Mortgagors shall be a presumption that the property Is not abandoned.Arrj such redemption period shall be consistent with all of the provisions of Chapter 628 of the Iowa Code.This paragraph shall not be construed to limit or otherwise affect any other redemption provisions contained in Chapter 628 of the Iowa Code. 18.Attorneys'Fees.Mortgagorn shall pay on demand all costs and expenses incurred by Mortgagee in enforcing or protecting its rights and remedies hereunder,including,but not limited to,reasonable attorneys'fees and legal expenses. 19.Forbearance not a Waiver,Rights and Remedies Cumulative.No delay by Mortgagee in exercising anyi'right or remedy providad heroin or otherwise afforded by IElWor equjty shall be deemed D.waIver of or preclude tho cxorcjuc of such righl or remedy,ond no waiver by Mortgagee of any particular provisions of this Mortgage shal~be deemed effective unless in writing si{lned by Mortga{lee.All such rights and remedies prcvlderl for herein or which Mortgag~~or the holder of the Obllgations may have otherwise,~t law or in'~ility.shall be distinct, separate and cumulative and may be exercised concurrently,independenUy or successively in any order whatsoever,and as often as the occasion therefor arises. 20.Notices.All notices required to be given hereunder shall be in wrtting and deemed given when personally delivered or deposited in the United States mail,postage prepald,sent certified or registered,addressed as follows: _a ..If to Mortgagors,to: Margaret A.Stone.516 Walnut St.,Waukee.La 50263.. b.If to Mortgagee,to; City of Waukee,Waukee City Hall.230 Hwv 6,Waukee.IA 50263 or to such other address or perscnes hereafter deslpnated-ln writing by the applicable party in the manner provided in this paragraph for the giving of notices. 21.Severability,In the event any portion of this Mortgage shall,for any reason,be held 10 be invalid,illegal or unenforceable in whole or in pan,the remaining provisions shall not be affecled thereby and shall continue \0 be vaHd and enforceable and if,for any reason,a court finds that any provision of this Mortgage Is invalid,illegal,or unenforceable as written,but that by limiting such provision il would become valid,legal and enforceable then such provision shall be deemed to be written,construed and enforced as so limited. ®The Iowa Stat.Bar Assa,:1.~cn2003 IOWADOCS~(3) 22.Further Assurances.At any time and from time to time until payment in full of the Obligations,Mor,gagors will,at the request of mortgagee,prompUy execute and deliver to Mortgagee such additional instruments as may be reasonably required to further evidence the lien of thIs Mortgage and to further protect the security interest of Mortgagee with respect to the Mortgaged Property,including,but not limited to,addlUonal security agreements,financing statements and continuation statements.Any expenses incurred by Mortgagee in connection with tile recordation of any such instruments shalf become additional Obligations of Mortgagors secured by this Mortgage. Such amounts shall be immediaiely due and payable by Mortgagors to Mortgagee. 23.successors and Assigns bound;Number;Gender;Agents;Captions.The rights,covenants and agreements contained herein shall be binding upon and inure to the benefit of the respective legal representatives,successors and assigns of the parties.woros and phrases contained herein,includIng acknowledgment hereof,shall be construed as in the singular or plural number,and as masculine, feminine or neuter gender according to me contexts.The capflcns and headings of the paragraphs of this Mortgage are for convenience oniy and are not to be usee!to interpret or define the provisicns hereof. 24.Governing Law.This Mortgage shall be governed by and construed in accordance with the laws of the Stale of Iowa. 25.Release of RIghts of Dower,Homestead and Distributive Share.Each ct the undersigned hereby rellnquishes all rights of dower, homestead and dlslribufive share in and to the Mortgaged Property and waives all rights of exemption as to any of the Mortgaged Property. 26.Acknowledgment of Receipt of Copies of Debt Instrument.Mortgagors hereby acknowledge the receipt of a copy of thls Mortgage together with a copy of each promissory note secured hereby. 27.Additional Provisions. I Margaret A. ,Mortgagms I UNDERSTAND THAT HOMESTEAD PROPERTY IS IN MANY CASES PROTECTED FROM THE CLAIMS OF CREDITORS AND EXEMPT FROM JUDICIAL SALE;AND THAT BY SIGNING THIS MORTGAGE,I VOLUNTARILY GIVE UP MY RIGHT TO THIS PROTECTION FOR THIS MORTGAGED PROPERTY WITH RESPECT-TO CLAIMS B>j,SEDU~ON THIS MO TGAGE."..JL../'-h-" Da"d~q d-&f.()YlA 4A--fhkUJ I f ~Ii"II'U Margaret A.StoNw Dated:~_ STATE OF IOWA } COUNTY OF [)~55: On thls Ji:.3 4=£d-(" Public,personally appeared v Margaret A.Stone ,before me,the undersigned,a Notary Notary PUblic iJ CATHERINE A.PAAlUIEKOOPERt""'<>~eommission Number 7~2••My ccmmtssicn Expires 01f November 20,2006 I (4)