HomeMy WebLinkAbout875715 RECORdAtioN REQUESTED BY: . ' :
We]la Fargo Bank Northwest,
£ogan Real dent iai Construct iot~ Dept. i'-:i:!!:Ci::
15 South Main, 2nd Floor ::' Li[':tC(:.....~ I':C~_ H'I'Y
Logan, UT 84321
Wel~s Fargo Bank Northwest, N.,:A. '
Logan Res ] dent i a ] Construct i o~:. Dept. ,[ [:~::~'.~..~ ~.j :.. :., :.~.:.: .~ ~:
15 South ~ain, 2nd Floor .:: ~',,~:.~h'.~r~,,~: '" """:~
Logan, UT 84321
SEND TAX NDTICES TO:
Wells .Fargo Bank Northwest, NCAA.
Cooan Residential Construction. Dept. ~)~O0~..~.?~.j)T{ I'A{;~ ~ G ~
15 South ~ain, 2nd FlOor
Logan, UT 84321
CONSTRUCTION ORTGAGE
THIS MORTGAGE IS DATE~ugust 31, 2001
JON D. PXTTNAN AND NARY ANN PZTTMANHUSBAND AND WZFE , between
whose address is 177 LU,~INE D~]VE,' THAYNE, WY 83118
(referred to below as Grantor); add Wells Farpo Bank Northwest, N.A.
whose address is 15 South Main, 2nd Floor Logan, UT 84321 '
(referred to below as "Lender").
GRANT OF ~ORTGAGE. For valuab · con4id~allon, Grantor mo~gagu and convey= to ~n~r alt of Gr~tor's right, litle, and Interest
and to the followino d~crJb~ r~] propew, togeflqer w~ ~il 8xiitino or subs~uently er~t~ or a~ buildings, Improvements and figures;
easement, r[gh~ of way, and 8ppudenances; b l water, water rights, watsr coumes and ditch [IDh~ (including st~k In utilities with ditch or
Irrigation right); and all o~8r royalties, and profE~ relallnO to !~ real pro~, Including without Ilmi~tion all minerals, oil, gas, g~ther~l and
simnar milers, located in LXNCDLN "
Prope~y"): ~.:~ County, State of WYONXNO (the "Real
That part of GLO Lot 3 and that part of GLO Lot 4 of Section 1, T35N R119N of the
6th P.N., Lincoln County, Wy~3ming being part of that tract of. record in the Office
of the Clerk o~ Lincoln Coun:~y in Book 325PR on pages 267 and 288 described as
fo I lows' : ~ ,
BEGZNNXNG at the NorthWest c~:~;rner of said OLO Lot 4; thence N 89-58'55" E, 1581.45
feet; along the north ]ina O~'~ said GLD Lot 4 and said GLO Lot 3, to a point; thence
S 00-30'40".W, 824.61 feet, 'a]onD a line parallel with the east line of said GLO Lot
3, to a point; thence S 89,58'55" W, 1588.~1 foot, along a line paralle] with the
north line of said GLO Lot 3::and 6LO Lot 4, to a spike on the west line of said GLD
Lot 4; thence N 00.59'06" E,:'824,70 feet along said west line, to the CDRNER DF
BEGZNN]NG. ., '
The Real Property or Its address is comm°~qly known as
200 BTRCN CREEK RD. I1159, ETNA,. WY 83118
.Grantor presently assigns to Lender all of Grantor's?rght, title, and interest in and to aU leases of the property and all Rents from the Property. In
addlUon, Grantor grants to Lender a Uniform Commerci~tl Code-security interest in the Personal Properbj and Rents.
DEFINITIONS. The following words shatl have the "~llowlng meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage
shall have the meanings attributed to such terms in '~he Uniform Commercial Code. AJ~ references to dollar amounts shall mean amounls In b, wful
money of the United St, stoa of America.
Grantor, 'The word "Grantor" means J0N 3 P[TTMAN MARY ANN P[TTMAN
The Grantor is the mortgagor under this Mortgag(::.
Guarantor. The word "Guarantor" means, arid includes without limitation, each and all of the guarantors, sureties, and accommodation
parties In connection with the Indebtedness.
Improvements, The word "improvements' rr.~eans and includes without limitation ail existing and future Improvements, fixtures, buildings,
structures, mobile homes affixed on the Real Proi;~dy facilities, additions and other construction on the Real Property,
· Indebtedness. The word 'indebtedness" mea~s all principal and interest pay&bio under the Note and any amounts expended or advanced
by Lender to discharge ob/ll~tions of Grant(~; or expenses Incurred by Lender to enfome obligations of Grantor under this Mortgage,
together with Interest on such amounts as provided In this Mortgage.
Lender. The word "Lender" means WeI.is Fargo Bank Northwest N.A,
suecessors end assigns, The Lender Is the mortgagee under this Mortgage. ' , Its
05037025
CONWMTGA
05037025 :
(Continued) ~_ 6 ~.
Modgage. The word "Modgage" means this Modgage baleen Granlor and Lender, and includes without limltalion all assignments and
s~uri~ Interest provisions relating lo the Personal Prope~ and Ren~s.
Note. ~a w?d "po~" means the pmmisso~ note or credit agreement dat~
One .unored ~eventy-Five ThoUsand and No/100 .... ~ust 31, 2001, In lheorigtnal principal am~untol
from Granlor to Lender, t~ether with ~11 renewals o[, extensions o~, m~i[lcatlons of, reflna~lng of, consolidations of, and substitutions ~o~ the
promlsso~ note or agreement. '. ~ ( 1 75,0 0 0
Propemy. ~e word "Prope~" means collectively the Real Prope~ and the PersonN Prope~.
Personal ProperS. The words "Personal Propa~" mean a~l equipment, fixlures, and other adlcles of personal propa~ now or hereafter
owned by Grantor, a~ now or hereafter a~ached or affixed to Ihs Rea~ Prope~; togelher with ali accessions, pads, and additions
replacements o¢, and air substitutions ~or, a~y?of such prope~; and 10gelher wi(h all pr~e~s (hcluding without Ilmllalion all insurance
process and refunds of premiums) tram any~:.Sale or o[her dts~s~ion of the Pmpe~. Pmpe~. The ~rk "Prope~" means collecllvely the
Real Prope~ and the PerSonal Pro.dy..
Relaled Documents. ~e words "Relaled ~;uments" mean and include without Ilmitat~n aJJ.promisso~ holes, credit agreements, loan
a0reements, guaranltes, s~uri~ agreements mortgages, deeds o[ trusl, and all other Instru~nb, agreements and documents, whelher now
or hereafter ex]slin~ ex.uteri In connect on wl~ the Indebtedness.
Rents, The word "Rents" means ~t present and future renls, ~evenues, Income, J~sues, royalties, profits, and'olher benefils derived from the
Prope~.
TH~S MORTGAGe, INCLUDING THE ASSIGNM~NT OF RENTS AND THE SECURI~ INTEREST IN THE RENTS AND PERSONAL
,'PROPERS, IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF
GRANTOR UNDER THIS MORTGAGE AND THE' RELATED DOCUMENTS., THIS MORTGAGE IS GIVEN' AND ACCEPTED IS GIVEN AND
ACCEPTED ON THE FOLLOWING TERMS;
PAYMENT AND PERFORMANCE, Except as olhsrwise provided In Shls Modgage, Grantor shall ~y to Lender a~l amounls s~ured ~ this
Modgaoe as they become due, and shall strictly perform all o~ Granlor's obl~tlons under this Modgage. '
POSSESSION AND ~ZNTENANcE OF THE PROPERS. 'Grantor agrees lhal Gran[oKs ~ssesslon and use o[ he Prope~ shall be governed
by the fo~lowlng ~vlsi~s:
Possession and Use. Until in default, Grantor may remain in ~ssesslon and control of and operate and manage Ihs Prope~ and collect
the Rents from Ihs Prope~.
Duty to Maintain. Grantor shall m~inlaln the Prope~ in tenantable condition and promplly pedorm all repairs, replac~ents, and
maintenance necessa~ to presets its value.
Hazardous Substances, The ler~ 'hazardous'weals," "hazardous substance," "dls~ssl,' "release,' and "lhreatened r~lease,' as used
this Modg~ge, shall have Ihs same meanings as set fodh In the Comprehensive Environmental Res~nse, Compe~ation, and LisblllW Act of
1980, as amended, 42 U,S.C. Section 9601, et seq_ ("CERC~"), the Supedu~ Amendments and Reaulhorizatlon Act et 1986, Pub. L. No.
89-499 ("SARA"), the Hazardous Materials Transpodatlon Act, 49 U.S.C, Section 1801, et seq,, the Resource Consolation and Recove~
49 U.S.C, Section 6901, et seq., or other app~icable state or Federal laws, rules, or regulative adopted pursuant to any of the foregoing.
The ler~ "h~zardous waste" and "hazardous substance" shall also Include, without limitation, petroleum and petroleum by-products or any-
fract~n th~eof and asbestos. Grantor representS; and warrants to Lender thai: la) During the parl~ of Grantor's ownership of the Pr~e~,
there has been no use, generation, ~nuf~ctur~, storage, treat~nt, die.sat, release or threatened release of any h~ardous waste or
substance by any person on, under, or about the Pro~; (b) Grantor hss no k~wl~ge of, or reason to believe that there has been,
ex~epl as previously disclosed to and 8cknowl~:~ed by Lender in writing, (i) any use, generation ~nufacture, storage, treatment, disposal,
release, or threatened release of any hazardous,Waste or substance by any pror owners or occupants of Ihs Prope~ at (11) any actual or
threatened litigat~n or claJ~ of any kind ~' ny person rea ng Io such ma~ers; and lc) Except as previously disclosed to and
acknowledg~ by Lender in writing, (I) neither ~=rantor nor any tenant, contractor, agent or olher authorized user of the Prope~ shall usa,
generate, manufacture, store, treat, dis~se of ~of roles ..... ~ ....- .......
insp~tions and tesls as Lend.r ~ ~- ,~ ~ ~- =,,z ,_,,~.[uuus wssm or suos~ance on, under, or about the Pro e to mak
,--~ ..... 7-' ','-Y .d~ ~?p¢0Priate to determine compliance al ~e Prope~ with Ibis s~Uon P ~ e such
-~pecuons or rests maas Dy LenQer s~all De 'or Lande~'s purposes on v and ~h~l nmi ho ~ ..... Of the Modgage. Any
' _ _ -, .............. onst,ued tu ~reMed any ~esponsiblll~ or liabiti~
on the pad of Lender to Granlor or to any olff;~r' person. The represenMtJo~s and warranties confined herein are bas~ on Granlor's due
diligence in investig~tlng Ihs Prope~ lot hazardoL~s waste. Granter hereby {a) releases and wa~es any
fHture claims against Lender for Indemnl~ or contrlbulTon In the event Grantor becomes llama for cleanup or other costs under any
laws, and lb) agrees Io fndemni~ and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may directly or Indirectly sustain or su~er resulting Item a breach o~ this sect~n of the Mo~gage or as a consequence ~ any
~e, genstar on, manufacture, storage, disposal, release or threalened release occurring prior to Grantor's ownership or interesl in
Prope~, whether or not the same was or should .: have been known to Grantor. The prOVisions of ~ls section off the Modgage, Including Ihs
obligation Io indamnl~, shall su~ive the psymeJ.:d of the Indebtedness and the sallsfactlon and reconveyance of Ihs lien of this Mo~gage and
shall not be ~e~t~ by Lende¢s Acquisition of
any interest in Ihs Prope~, whether by foreclosure or othe~ise.
Nuisance, Waste. Granlor shall note cause, Conduct or permit any nuisan~e ~r commit, permit or suffer =ny stripping of or waste on or to
the Prop8~ 'or any ~dion al the Prope~. Wthout limiting Ihs generali~ of the' foregoing, Grantor will not remove, or grant to any other
pa~ the right .to remow, any limber, mlneras (including oil and gas), soil, gravel or rock pr~ucts without the prior wri~en cons~t of
Lender.
Removal of Improvements. Grantor shall not demolish or remove any improvements from the Real Prope~ withoul the prior wrJ~en consent
al Lender. As a condition to the removal o~ any improvements, Lender may r~uire Grantor to make arrangemenls satisfaclo~ to Lender Io
[apiece such Improvements with Improvements of at least equal
Lender's Right to Enter. Lender and its agents and representatives may enter upon the Real Prope~ at all reasonable times Io atlend to
Lender's Inleresls and to inspect Ihs Prope~ tar purposes of Grantor's compliance with ~a terms a~ cond~lons of ~is Mo~gage.
Compliance with Governmental R~ulrements.' Grantor shall promptly comply wilh all laws, o~dlnances, and regulations, now or herea~er
in e~act, at ~11 governmental authorities applicable [o the use or occupancy of the Prope~. G~antor ~y contest In good lallh any such law,
ordinance, or regulation and withhold compliance during any preening, Including appropri~le appe~ls, so long as Grantor has ~fifted
Lender in writing prior Io doing so and so long =~, in Lende(s sola opinion, Lender's interests In the Pmpa~ are not jeopardized. Lender
~y require Grantor to p~t adequate securi~ or a sure~ bond, reasonable satls~acto~ Io Lender, to protect Lender's lnleresL
Duty !o Protect. Grantor agrees neither to abandon nor leave una~ended the prope~. Grantor shall do all other ac~, in addition to ~ose
acts set fodh above In this section, which from. th~ character and use of Ihs Properly are reasonably ~necessa~ lo prolect and prese~e the
Propedy, . ~:
DUE ON SALE - CONSENT BY LENDER. Lender m~y al its option, declare Immediately due and payable all sums secured by this Modgage
u~n the asia or transfer, without the Lender's prior wri~.:en consent, of all or any pea of the Real Prope~, or any interest in the Real Prope~y. A
'sale or transfer" mea~ the conveyance of Real Prc,~d~ or any right, title o~ interest therein; whelher legal or equ/lable; whether volun~ or
Involunta~; whether by outright sale, deed, InstaHmer~t ~ale contracl, conlract Ior deed, leasehold Interest with a term greater than three (3) years,
lease-option contract, or by sale, assignmen[, or lrans':~.~r of any beneficial Inlerest In or Io any land trust holding title lo the Real Prope~, or by any
other meth~ at conveyance of Real Prope~ interest. Il .:~ny Grantor Is ~ coloration or pa~nership, Irans~er also includes any change in
o~ership al more than ~en~-five percent (25%) of the voling st~k or padnarship Interest, as the case may be, of Grantor. However, this option
shall not be exercis~ by Lender tf such exercise is prohibited by f~eral law or by ~YOH ] NO Law.
05037025
(Continued)
TAXES AND LIENS. The following provisions reat~,~l to the taxes and liens on the Property are a part of this Mortgage.
Payment. Grantor shall pay when due (and ici all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied aoa~r~st or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the. Property. Grantor shall malntaln the Property free of all liens having prlorlty over or equal to
the Interest of Lender under thls Mortgage, .ex,',:".ept for the lien of taxes and assessments not due, and except es otherwise provided in the
following paragraph.
Right To Contest. Grantor may withhold pa,~/ment el any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's lnteresi in the Property is note jeopardized. If a lien arises or Is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or If requested, by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient t~ discharge the lien plus any costs or reasonable attorneys' fees or other charges that could
accrue as a result of a foreclosure or sale under the lien, in any-contest, Grantor shall defend itself and Lender and shall satisfy any
adverse judgement before enforcement against th,=
Property. Grantor shall name Lender as an additipnal obi gee under any surety bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and sh,ql
Property.aUth°rlze the appropriate governmental official .to deliver to Lender at any time a written statement of the taxes and assessments against the
Notice of Construction. Grantor shall notify Lander at least fifteen (15) days before any work Is commenced, any SOl. ices are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work,
services, or materials and the cost exceeds $500.00, grantor w~l upon request of Lender furnish to Lender advance assurances satisfactory
to Lender that Grantor can and wi[{ pay the cost of 'such Improvements,
PROPERTY DAMAGE INSURANCE. The followlng ;;provisions relating to Insuring the Property are a part of this Mortgage,
Maintenance of Insurance. Grantor shall proc~ii~ie and maintain policies of fire Insurance with standard extended coverage endorsements on
a replacement basis for the full Insurable value;:~overlng all Improvements on the Real Property In an amount sufficient to avoid application of
any coinsurance clause, and with a standeroi:mortgagea clause In favor ct Lender, Policies shall be written by such companies and Jn
such form as may be reasonable acceptable t¢~.i Lender, Grantor shall deliver to Lender certificates of coverage from each Insurer containing
a stipulation that coverage will not be cancell!;ir, t or diminished without a minimum of ten (10) days' prior written notice to Lender and not
containing any disclaimer of the insurer's liabilit:~? for tailure to give such notice, Should the Real Property at any time become located in an
area designated by the Director of the Federa?:Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain
and maintain Federal Flood insurance, to the e~d~ent such insurance is required and is or becomes available, for the term of the loan and for
the full unpaid principal balance of the loan, or the. i~naxlmum limit of coverage that is available, whichever ~s less.
Application of Proceeds, Grantor shall promptly notify Lender of any loss or damage to the Property if the estim.ifed cost of repair or
replacement exceeds $500.00. Lender may m~lNe proof of loss if Grantor fails to do so within fifteen (150 days of the casualty. Whether or
not Lender's security is impaired, Lender may;.at its election, apply the proceeds to the reduction of the Indebtedness, payment of any lien
affecting the Property, or the restoration and read;air of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor
shall repair or replace the damaged or destroy,~ Improvements In a manner satisfactory to Lender. Lender shall, upon satisfactory proof of
such expenditure,..pay or reimburse Grantor fr,:~m the proceeds for the reasonable cost of repair or restoration jf Grantor is not in default
hereunder, Any proceeds whlch have not beer! disbursed within 160 days after their receipt and which Lander has not committed to the
repair or restoration of the Property shall ba used first to pay any amount owing to Lender under this Mortgage, then to prepay accrued
Interest, and the remainder, ff any, shall be a'~3plied to the principal b~lance of the Indebtedness, If Lender holds any proceeds after
payment in full of the Indebtedness, such proceed,.; shall be paid to Grantor.
Unexpired insurance at Sale. Any unexpired 'insurance shall Inure to the benefit of, and pass to, the purchaser of the Property covered by
this Mortgage at any trustee's sale or other sale held under the provisions of this Modgage, or at any foreclosure sale of such Property.
Grunter's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on
each existing policy of Insurance showing: ia)the name of the insurer, lb) the risk insured: lc) the amount 0t the policy; id) the property
insured, the then current replacement value of Such property, and the manner of determining that value; and (e) the expiration date of the
policy. Grantor shall, upon request of Lender, have an Independent appraiser satisfactory to Lender determine the cash value replacement
cost of the Property,
EXPENDITURES BY LENDER. If Grantor falls to c~,mply with any provision of this Mortgage, or If any acti,~n or proceeding Is commenced that
would materially affect Lender's Interests in the Property, Lender on Grunter's behalf may, but shall not be required to, take any action that Lender
deems appropriate. Any amount that Lender expends In so dolng will bear interest at the rate charged under the Note from the data Incurred or
paid by Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will ia) be payable on demand, lb) be added to the
balance of the Note ~nd be apportioned among end,be payable with any installment payments to become due during either {I) the term of any
applicable Insurance policy or (ii) the remaining term~ of the Note, or lc) be treated as a balloon payment which will be due and payable at the
Nero's m~turity. This Mortgage
also will secure payment of these amounts: The rights provided for In this paragraph shall be in addition to any other rights or any remedies to
which Lender may be entitled on account of the def:~ult, Any such action by Lender shall not be construed as curing the default so as to bar
Lender from any remedy that It otherwise would have ha~
WARRANTY; DEFENSE OF TITLE. The following f;:~ovlslons relating to ownership of the Property are a part of this Mortgage.
Title. Grantor warrants that: ia) Grantor holds :i;iood and markelable title of record Io the Property In fee simple, free and clear and all lines
and encumbrances other than those sat forth In:'the Real Property description or in any title Insurance policy, tiUe report, or final title opinion
· ' issued In favor of, and accepted by, Lender Ir~ connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and deliver this Mortgage to Lender,
Defense of Title. Subject to the exception In t?~e paragraph above, Grantor warrants and will forever defend the ttUe to the Property against
the lawful claims of all persons. In the event a~',y action or proceeding Is commenced that questions Grunter's title or the interest of Lender
under this Mortgage, Grantor shall defend the action at Grunter's expense, Grantor may be the nominal party in such proceeding, but
Lender shall' be entitled to padicipate In the pr~;-ceeding and to be represented in the proceeding by counsel of Lender's own choice, and
Grantor will deriver, or cause to be delivered, to Lender such Instruments as Lender may request Eom time to time to permit such
participation.
Compliance with Laws, Grantor warrants tha~ the Property and Grunter's use of the Property complies with all existing applicable laws,
ordinances, end regulations of governmental authorities.
CONDEMNATION. The following provisions relating A! condemnation of the Property are a part of this Mortgage,
Appllcatlon of Net Proceeds. If all or any p~.rt of the Property is condemned by eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to
the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall man the award after payment of all
reasonable costs expenses, and attorney's fee., Incurred by Lender in connection with the condemnation.
Proceeding.,, tf any proceeding in condemner!on Is filed, Grantor shall prompUy notify Lender In writing, and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party In such proceeding, but
shall be entitled to padfclpate in the proceeding and to be represented in the proceeding by counsel of Its own choice, and Grantor will
deliver or cause to be delivered to Le,nder such Instruments as may be requested by it from time to time to permit such participation.
CONWMTR~
.... ~- ~ ,~.,~ MORTGAGE
Page 4
.r ' (Continued)
IMPOSITION OF TAXES, FEES, AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions reis!lng to governmental taxes,
fees and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon'request by Lender, Grantor sha l execul~ such
documents in additlon to this Mortgage and eke
whatever other action is requested by Len¢t~r to perfect and continue Lender's lien on the Real Property. granlor shall reimburse Lender for
ell taxes, as described below, logether with all expenses Incurred in recording: perfecting or continuing this Mortgage, Including without
limitation all laxes, fees, documentary stamps, And other charges for recording or registering thls Mortgage.
Taxes~ The following shall constitute laxes [0 which thls section a lies'
part of the Indebtedness secured by this Viort-a-e. 'b .... pp.. (a).. a s. pec~f!c lax upon this type of Mort a e o
Payments on the Indebtednn~..,~,-.. ..... , :~. u u · ~. I u specmc Tax on ~lranlor wnich Grantnr i........ g g r upon ail or any
........ ureu o i,qyS e of . - ......... ~, aulnorlzoc or re uired lo d
holder of Ihs Note' an,~ ~ ....... .Y. ty.p. Mortgage, (c) a tax on this ~e f .... .q educt from
Granlor .... ,-,- ~,p~,;,,,c m;;( on al, or any portion of the ndebledne;[~' or°onM°;~,~r~eent,~hargea,bie against the Lender or the
· ', 'i: ~u y or pnncipal and inleresl made by
Subsequent Taxes. tf any tax to which Ihi's section applies Js enacted subsequenl lo the date of this Mortgage, this evenl shall have the
same elfect as an Event of Delault (as de[ii'ed below), and Lender may exercise any or all of its available remedies foe an Event of Default
as provided below unless granlor ellher (a)'i:~ays the lax before It becomes delinquent, or (b) conles~ the tax as provided above In Ihs Taxes
and Liens seclion and deposils wJlh Lender ca:~h or a sufficient corporals surety bond or other security Salisfaclory Io Lender.
SECURITY AGREEMENT; FINANCING ST;ATEMI~NTS. The following provisions relating to this Mortgage as a security agreement are a part of
Ihis .Mortgage,
Security Agreement. This instrument .shai; constltulo a security agreement to the extent any of the Property oonstitules fixtures or olher
personal PrOperty, and Lender shall have ail of the rights of a secured party under the Uniform Commercial Code as amended Imm time to
time.
Security Interest. Upon requesl by ,London Grantor shall execute financing statements and take whatever other acllon Is requested by
Lender to perfect and continue Lender security interest in the Rents end Personal Property. In addition to recording this Mortgage in the
real property records, Lender may, al an~ time and withou~ further authorization from Grantor, file executed counterparts, copies or
reproductions of this Mortgage as a flnan¢.::ing stalement Grantor shall reimburse Lender for all expenses incurred In perfecting or
conllnuing this security Interest. Upon delault, Granlor shall assemble the Personal Property. In a manner and al a place reasonable
convenienl to Grantor end Lender and make il ~vailable to Lender within three (3) days after receipt o~ writlen demand from Lender,
Addresses. The mailing addresses of Gran'~or (debtor) and Lender (secured party}, from which information concerning the security interest
granted by this Mortgage may be obtained each as required by the Uniform Commercial Code), are as stated on Ihs firsl page of this
Modgage.
FURTHER ASSURANCES; ATTORNEY.IN-FACT. :'The following provisions relating to further assurances and attorney-ln-lact are a part of Ihls
Mortgage.
Further Assurance,,. At any time, and from frae to time, upon request of Lender, grantor will make, execute and deliver, or will cause to ba
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender; cause Io be filed, 'recoreded, rallied, or
recoreded, as the case may be, al such rimes and In such offices and places as Lender may deem appropriate, any and all such
mortgages, deeds of trust, security deeds, 'security agreements, financing statements,' continua, t[o~ statements, Inslrumenls of furether
assurance, certificates, arid other documenls es may, In ~e sole opinion of Lneder, be necessary or desirable In order el effecluate,
complete, perfect, continue, or preserve (a} lhe obligations fo Grantor under the NOte, this MOrtgage, and the Related Documents, and (b)
the liens and security Interests created by this Mortgage as firsl and prior liens on the prope..r!y, whether now owned or hereafter acquired by
Grantor. Unless prohibited by law .or agreed to the contrary by lender in writing, Grantor s~aJl reimburse Lender for all costs and expenses
Incurred in connection with the matters referred ~o in this paragraph.
Attorney-In.Fact. If Grantor fails to do any ~.:~I'"the Ihings referred Io In Ihs preceding paragraph, Lender may do so for and In the name of
Grantor and at Grantor's expense. For su~.'h:purposes, Grantor hereby irrevocably appolnle Lender as Grantor's attorney-in-fact for the
purpose of making, executng delivering, filth.el, recording, and doing all other things as may be necessary or desirable, in Lender's sole
opinion, Io accomplish Ihs matters retorted to fnl !~e preceding paragraph.
FULL PERFORMANCE. If Granlor pays all Ihs In:':Jebtedness when due, end otherwise performs all the ob/igattons Imposed upon Grantor under
this Mortgage, Lender shall execute and deliver If)Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any
financing stalemenl on file evidencing Lender's sec~.!rlty Interesi In the Rents and the Personal Property. Granlor will pay, if permitted by applicable
Jaw, any reasonable lermination fee as delermlned by Lender from time to time.
DEFAULT. Each of Ihs following, at the option Of [~.~nder, shall conslJtuta an event of default ('Event el Default") under this Mortgage: Default on Indebtedness. Failure of Grantor..to make any payment when due on the Indebtedness.
Default on Other Payments. Failure of Gra.qlor within the time required by this Mortgage to make any payment for laxea or insurance, or
any olher payment necessary to prevent filing of .or Io effect discharge of any lien.
Compliance Default· Failure to comply with ;my other term, obligation, covenant or condition contained In this mortgage, the Note or in any
of the Related Documents. If such s failure I~ curable and if Grantor has not been given a nollfe of a breach of the same provision of this
Mortgage within the preceding twelve (12) nlonths, it may be cured (and no Event of Default will have occurred} if Grantor, after Lender
sends written notice demanding cure of such ~a;ture: (a) cures Ihs failure within (15) days; or (b) if the cure requires more Ihan fifteen (15)
days, Immediately tnilfates steps sufficient to cure the faflure and Ihereafler continues and compleles all reasonable and necessary steps
sufficient to produce compliance as soon as reaso~mbly practical,
Breaches. Any warranty, represenlalion or at, dement made or furnished Io Lender by or on behalf of Grantor under this Mortgage, the Note
or the Related Documents is, or at the time made or furnished was, false In any material respect.
Insolvency.. The Insolvency of Granlor, appointment of s receiver for any part el Grantor's property, any assignment for the benefit of
creditors, Ihs commencement of commencemeni.,.' of any proceeding under any bankruptcy or Insolvency laws by or against Granlor, or the
dissolution or termination of Granler's existence :as a going business (if Grantor Js a business). Except to the extend prohibited by federal
law or WYDN ! NO law, the death of Grantor (if Grantor is an individuaD also shaft constitute an Event of Default under this Modgage. '
Foreclosure, Forfeiture, etc. Cummencemer,~. cl foreclosure or forfeiture proceedings, whelher by judicial proceeding, self-help,
repossess'ion or any other method, by any credllor of Grantor or by any governmental agency against any of the Property. however, Ihis
subsection ,shall not apply In the event of a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis
of the foreclosure or forfeiture proceeding, provl0ed that Grantor gives Lender written notice of such claim and furnishes reserves or a surety
bond for the claim satisfactory Io Lender.
Breach of Other Agreement, Any breach by :Grantor under the terms of any other agreement between Grantor and Lender thai is not
remedied within any grace period provided ~erein, including without llmttallon any agreemenl concerning any indebtedness or other
obligation of Grantor lo Lender, whether existing now or later.
Events Affecting Guarantor. Any of Ihs pJ~c. eding events occurs with respect to any Guarantor of any of the Indebledness or such
Guarantor dies or becomes incompetent or any Guarantor revokes any guaranty of the Indebtedness. Lender, at its option, may, but shall
nol be required to, permit the Guaranlor.'s eslaI;) to assume unconditionally Ihs obligations arising under Ihs guaranty in a manner sat sfaclocy
Io Lender, and, in doing so, cure the Event el Def~uI!. ,
Insecurity. Lender in good faith deems itself I~?secura.
05037025
(Continued)
RIGHTS AND REMEDIES ON DEFAULT. Upon'~he occurrence of any Event cf Default and at any time thereafter but subiect to any limitation in
the Note or any limitation in this Mortgage, Lende'~ at its option, may exercise any one or more of the following rights and remedies, In addition to
any other rights or remedies provided by law:
Accelerate Indebtedness. Lender shall ha~i/e the right at is option without notice to Grantor to declare the entire Indebtednes~ immediately
due and payable, including any prepayment pal)ally Which Grantor would be required to pay.
UCC Remedies. With respect to all or anY?part of lhe Personal Property, Lender shall have all the rights and remedies of a secured party
under the Uniform Commsmial Cods.
Collect Rents. Lender shall have the righti~'iwithou:t notice to Grantor, Io take possession of the Property, Including during the pendency of
foreclosure, whether judicial or non-Judicial, r~!rld collect Ihe Rents, Including amounts past due and unpaid, and apply the net proceeds, over
and above Lender's costs, against the Indeb:li~ness. In furtherance of this right, Lender may require any tenant or other user of the Property
to make payments of rent or use fees direcii;~, to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender
as Grantor's attorney-in-fact to endorse Instrdl:r~ents received In payment thereof in the name of Grantor and to negotiate the same and collect
the proceeds. Payments by tenants or othr~r users to Lender In response to Lender's demand sha/I satisfy the obligations for which the
payments are made, whether or not any prOPer grounds for the demand existed. Lender may exercise Its fights under this subparagraph
either In person, by agent, or through a recelve[.:i
Appoint Receiver. Lender shall have the ~tght to have a receiver appointed to take possJssion of all or any part of the Property, with the
power to protect and preserve the preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from
teh Property and apply the proceeds, over an'~ above the cost of the receivership, against the Indebtedness. The receiver may serve without
bond if permitted by Jaw, Lender's rlghtt to:the appointment of a receiver shall exist whether or not the apparent value fo the Property
exceeds the Indebtedness by a substantial amOunL Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a Jt~dlclal decree foreclosing Grantor's Interest in ail or any part of the Property.
Nonjudicial Sale, Lender may foreclose Grm'~tor's interest In all or in any part of the Property by nonjudicial sale, and specifically by 'power
of sale" or "advertisement and sale' foreclosure .as provided by statute.
Deficiency Judgement. If permitted by applicable law, Lender may obtain a judgement for any deficiency remaining in the Indebtedness
due to Lender after application of all amounts received from the exer5cise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains :!n possession fo the Property after the Property ls sold as provided above or Lender othel~vJse
becomes entilled to possession of the Prop~rty upon default of Grantor, Granlro shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (al pay a reasonable rental for the use of the Property, or (b) vacate the
Property Immediately upon the demand of Land~>~
Other Remedies. Eender shall have all othe~?ghts and remedies provided In this mortgaa or the Note or available at law or In equity.
Sale of the Property. To the extent parmittiad by app cable law, Grantor hereby waives any and all right to have the property marshalled.
In exercising its rights and re.ed{es0 Lendei' shal be fee to sell all or any part of the property together or separately, in one sale or by
separate sales. Lender shall be entitled to bid ai any public sale on all or any portion of the Property.·
Notice of Sale. Lender shall give Grantor rea~sonable notice of the time and place of any public sale of the Personal Property or of the time
after which any private sale or other Intended dlsposton of the Personal Property is to be made. Reasonable not[ce shall mean notice given
at least ten 910,1 days before Ihs time of the salei0r disposition.
Waiver: Election of Remedies. A waiver ~y any party of a breach of a provision of this Mortgage shall not consUtute a waiver of or
prejudice the party's rights otherwise to derr~nd strict compliance with that provision or any other provision. Election by Lender to pursue
any remedy shall not exclude pursuit of any ~ther remedy, and an election to make expenditures or take action to perform an obligation of
Grantor under this Mortgage oiler failure of G~'antor to perform shall not affect Lender's right to declare a default and exercise its remedies
under this Mortgage. '
Attorneys' Fees; Expenses, If Lender instit~iies any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge r~i~asonable as reasonable attorneys' fees, at trial and on any appeal, Whether or not any court
action is involved, all reasonable expenses incurred by Lender that In Lender's opinion are necessary at any time for lhe prolectlon cf Its
Interest or the enforcement of its rights shall beCome a part of the indebtedness payable on demand and shall bear interest from the date of
expenditure until repaid at the Note rate. expei~ses covered by this paragraph Include, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneysi fees and Lender;e legal expenses whether or not there is a lawsuit, Including reasonable
attorneys' fees for bankruptcy proceedings (Including effc~ts to modify or vacate any
automatic stay or Injunction), appeals and any[ anticipated post-judgement collection services, the cost of searching reCords, obtaining title
reports (including foreclosure reports), aun/eyois' reports, and appraisal fees, and trde Insurance, to the extent permitted by applicable law.
Grantor also will pay any court costs, In addition to.all other sums provided by law.
NOTICES TO GRANTOR AND OTHER PARTIES. ~Any notice under this Mortgage, Including without limitation any notice ct d~fault and any
notice of sale to Grantor, shall be in writing and shaJi be effective when actually delivered or, if mailed, shall be deemed effective when deposited
In the United States mail first class, registered mall, Postage prepaid, directed to the addresses shown near the beginning of this Mortgage. Any
party may change Its address for notices under this I~ortgage by giving formal written notice tot he other parties, specifying that Ihe purpose of the
notice Is to change the party's address. Ali' Copies et notices of foreclosure from the holder of any lien which has priortly over this Mortgage shall
be sent to Lender's address, as shown near the beglhnlng of this Mortgage. For notice purposes, Grantor agrees to keep Lender Informed at all
times of Grantor's current address.
MISCELLANEOUS PROVISIONS. The following mis~;aJlanecus provisions are a part of this Mortgage:
Amendments. This Mortgage, together with a~ Related Documents, conslitutes the entire understanding and agreement' of the parties as to
.. the matters set forth in this Mortgage. No alterat!on of or amendmont to this Mortgage stk311 be effective unless given in writing and signed
by the party or parties sought to be charged or bo,.i..'~d by the alteration or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to' Lender , upon request, a
certified statement of net operating income received Irom the Property during Grantor's previous fiscal year in such form and de[all as Lender
shall require. "Net operating income" shall me~m all cash receipts for the Properly less all cash expenditures made in connection with the
operation ol'Jhe Property,
Applicable Law. This Mortgage has been delivered to Lender and accepted by Lender In the State of WYOM[NG
This Mortgage shal/be governed by and construed In accordance with the laws of the State of Wyoming.
Caption HeadJ'ngs. Caption headings In this lvl~rtgage are for convenience purposes only and are not to be used to Interpret of define the
provlslons of this Mortgage.
Merger. There shall be no merger of the Intere~!i;t or estate created by this Mortgage wllh any other Interest or estate in the Property at any
time held by or for the benefit of Lender in any cap~clty, without the wrltlen consent of Lender.
Multiple Parties. All obligations of Grantor un~;~,er this Mortgage shall be Joint and several, and all references to Grantor shall mean each
and every Grantor. This means that each of the p";i'sons signing below Is responsible for ail obligations In this Mortgage.
C(:~WMTGI~
MORTGAGE
- -- (Continued) .[ ~ f!~ Page 6
Severability. If a court o! competent Julisdlction finds any provision Gl-this Mortgage to be Invalid
circumstance such finding shall not render that provision invalid or Unenforceable as to an other er or unenforceable as any person or
such offending provs on shall be deeme~l to be " Y sons ·
provision cannot be so ,~-~;--~ ..... ': ., . modified to be wllhln Ihe Irni~- ~ ........ ,P,.~ or mroumstancea I~ fees b e
enforceable ....... u, ,t snail's:De stricken end all other.provisions ;, i~is"'~l;~t~ar~eea,~_m~,, or..valldty however, il the off~nd~nn~
· u u ~n a, omar respects ahalt remain valid and
SUccessors and Assigns. s~bject lo the limitations staled in this Mortgage on transfer of Granlor's Interest, Ihis Mortgage shaft be binding
upon and Insure to bene~l ct' Ihe padies their suc
Grantor, Lender, without notice to Cra-0=', --- - c,ess..°.rs-and assigns, if ownershl of the P
of Iorbe,Rrar]ce or extenejn- ,..,,i..~ ...... Hi.~,,, ,~.~y ~ea.I with -rentor's successors wJlh ~eforence ;o°Pl~?s b~ecomes vas. tad Ir~ a person Giber than
....... w,,.uu~ re~easmg L~rantor Imm the obligation ~ mac ~ ........... h.s M.u~gage and the indebtedness b way
u- . S O ..... ,., .,~,-N~ar~tt ur IlaDUI1y unoer the indebtedness. Y
Time ls of the Essence. Time Is of the ;e'~sence In the performance of this Mo~lgage.
Waiver of Homestead Exemption. Gr'i~;ntor hereby releases and waives
· ' all rJghls and benefits of Ihe homestead exempUon laws of the
Slale of ~¥0M [ N0 es to alt Ind;l[]tedness secured by this Morlgage.
Waivers and Consents. Lender shafl'~o; be deemed Io have waived any rights under this Mortgage (or under Ihe Related Documents)
unless such waiver Is in writing and signori by Lender. No delay or omission on the part of Lender in exercising any right shall operale as a
waiver of such right or any other right, A;waiver by any party Gl a provision Gl this Mortgage shall not constitute a waiver Gl or prejudice the
party's right otherwise fo demand strict ca:rnp~iance with that provision or any other provision. No prior waiver by Lender, nor any course of
dealing between Lender and Granlor,. s~?m'l constitute e waiver of any Gl Lender's rights or any of Grantor's obll
transactions. Whenever consent by Lend..'.;ii is required in Ibis Mort a a t ' g ohs es to any future
constitute continuing consent to subsequenL.[nslances where such g g ' he granhng of such consent by Lender in any Instance shall not
consent Is required.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS. ./~.
MARY AN,~/PITTMA ' --
.i INDIVIDUAL ACKNOWLEDGMENT
Qn~-'lbls-daybe[oJ'e_m_e. Jhe~p_nder~l~ne[f _N_oLa.ry P. gbflc personally a eared .
JUN I] PZTTHANNARY ANN PZTTHAN !!; PP
to me known to be the individuals described in end who executed the Mortgage, and acknowledged that they signed the MOrtgage as their free
and voluntary act and deed, for the uses and purposes therein sent chad.
Notary Public In an, for the State o! ',~_ ~ ~_ My commies,on ~plre, ~ /