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HomeMy WebLinkAbout913358 1 \A C--\ L\ J\ o{I ( I' ))1 C00432 RECORDATION REQUESTED BY: FIRST NATIONAL BANK - WEST Kemmerer 716 Pine Avenue Kemmerer, WY 83101 WHEN RECORDED MAIL TO: FIRST NATIONAL BANK - WEST Kemmerer 716 Pine Avenue Kemmerer, WY 83101 RECEIVED 11/2/2005 at 9:08 AM RECEIVING # 913358 BOOK: 603 PAGE: 432 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTICES TO: FIRST NATIONAL BANK - WEST Kemmerer 716 Pine Avenue Kemmerer, WY 83101 SPACE ABOVE THIS LINE IS FOFI RECORDER'S USE ONLY MORTGAGE THIS MORTGAGE dated October 20, 2005, is made and executed between JAY A. PARKS, whose address is 1334 LINCOLN HTS, KEMMERER, WY 83101 and MARY KATHLEEN PARKS, whose address is 1334 LINCOLN HTS, KEMMERER, WY 83101 (referred to below as "Grantor") and FIRST NATIONAL BANK - WEST, whose address is 716 Pine Avenue, Kemmerer, WY 83101 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to lender all of Grantor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, Improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relati~9 to the real property, including without limitation all minerals, oil, gas, geothermal and similar mailers, (the "Real Property") located in LINCOLN County, State of Wyoming: L1N HGT B 04 L 04 T21 R116 S23 - See attached Schedule A . The Real Property or its address is commonly known as 1334 LINCOLN HTS, KEMMERER, WY 83101. Grantor presently assigns to lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Properly and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage, POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property, Duty to Maintain. Grantor shall maintain the Property In good condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the Property, there has been no use,. generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such mailers; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws, Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances, Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise, Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, lender may require Grantor to make arrangements satiSfactory to lender to replace such Improvements with Improvements of at least equal value. Lender's Right to Enter. Lender and lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions 01 this Mortgage. Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protecl Lender's interest. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Mortgage upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, tille or interest in the Real Property; whether legal, beneficial or equitable; whether voluntary or inVOluntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law. T AXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage: II (~li~jimmj~1I] ;ii'~-:- i ~ ~ !; , ; . 'SG:133S8 Loan No: 88519700 ~:i;r:;:m~:;:~:;m MOh"i\~~'GE (Continued) r tl '- ' . ',J Page 2 Payment. Grantor shall pay when due (and In all events prior to delinquency) all laxes, payroll taxes, special taxes, assessmenls, waler cha~ges and sewer service charges levied against or on account of the Property, and shall pay when due all clalm.s ~or work done on or for services rendered or material furnished to Ihe Property. Grantor shall maintain the Property free of any liens having prlorl.ty over or equal to the Interest of Lender under this Mortgage, except for those liens specifically agreed to In writing by Lender, and except for the hen of taxes and assessments not due as further specified In the Right to Contest paragraph, Right to Contest. Grantor may withhold payment of any tax, assessment, or claim In connecllon with a good faith dispute over the o~ligati,on 10 pay, so long as Lender's Interest In the Property is not jeopardized. If a lien arises or Is filed as a result ~f nonpayment, G~antor shall wlthl.n fifteen (15) days after the lien arises or, If a lien Is filed, within fifteen (15) days after Grantor has nollce of the filing, secure the discharge of the hen, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfa~tory to Lender In an amount sufficient to discharge the lien plus any costs and 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 salls~ any adverse Judgment be.fore enforcement agalnsl the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment. Granlor shall upon demand furnish to Lender salls factory evidence of payment of the taxes or assessments a~d shall authorize the appropriate governmental official 10 deliver to Lender at any time a written statement of the taxes and assessments against the Property. Nollce of Construcllon. Grantor shall notify Lender at least fifteen (15) days before any work Is commenced, any services 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. Grantor will upon request of Lender furnish to Lender aovance assurances satisfactory to Lender that Grantor can and will pay the cost of such Improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property are a part of thIs Mortgage: Maintenance of Insurance. Grantor shali procure and maIntain poliCies of fire Insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property In an amount suHiclentto avoid application of any coinsurance clause, and with a standard mortgagee clause In favor of Lender, PolicIes shall be written by such Insurance companIes and In such form as may be reasonably acceptable to' Lender. Grantor shall deliver to Lender certificates of coverage from each Insurer containing a stipulation that coverage will not be cancelled or diminished without a minImum of thirty (30) days' prior written nollce to Lender and not containing any disclaimer of the Insu'rer's liability for failure to give such notice. Each insurance policy also shall Include an endorsement providing that coverage In favor of Lender will not be Impaired In any way by any act, omission or default of Grantor or any other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Granlor agrees to obtain and maintain Federal Flood Insurance, If available, withIn 45 days after nollce is given by Lender that the Property Is located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. , Appllcallon of Proceeds. Grantor shall promplly notify Lender of any loss or damage to the Property if the estimated cost of repair or replacement exceeds $1,000.00, Lender may make proof of loss if Grantor fails to do so witNn fifteen (15) days of the casualty. Whether or not Lender's s'ecurity is Impaired, Lender may, at Lender's elecllon, receive and retain the proceeds of any Insurance and ap'plythe proceeds to the reduction of the Indebtedness, payment of any lien affecllng Ihe Property, or the restorallon and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements In a manner satisfaclory to Lender, Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or resloration if Grantor is not In default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repaIr or restorallon of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued Interest, and the remaInder, If any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeas after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear, LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claIms, (8) to provide any required Insurance on the Property, or (C) to make repairs to the Property then Lender may do so, If any acllon or proceeding is commenced thai would materially affect Lender's Interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action that Lender beli~ves to be appropriate to protect Lender's interests. All expenses Incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date Incurred or paid by Lender to the date of repayment by Grantor. All such expenses will'become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (8) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addillon to any other rights or any remedies to which Lender may be entitled on account of any default. Any such acllon by Lender shall not be construed as curing the default so as to bar Lend 3r from any remedy that It otherwise ".'ould have had. WARRANTYj DEFENSE OF TITLE. The follOWing provisions relating to ownership of the Property are a part of thi~ Mortgage: Tille. Grantor warrants that: (a) Grantor holds good and marketable tille of record to the Property In fee 5 mple, free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any tille Insurance policy, tille report, or finallllle opinion Issued in favor of, and accepted by, Lender in 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 excepllon In the paragraph above, Grantor warrants and will forever defend the tille to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's tille or the interest of Lender under this Mortgage, Grantor shall defend the acllon at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be enlilled to partiCipate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property and Granto'r's use of the Property complies with all existing applicable laws, ordinances, and regulallons of governmental authorities. . Survival of PromIses. NI promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery of this Mortgage, shall be conlinulng In nature and shall remain In full force and effect until such time as Grantor's Indebtedness Is paid in full. . CONDEMNATION. The following provisions relating to condemnallon proceedIngs are a part of this Mortgage: ProceedIngs. If any proceeding In condemnallon is filed, Grantor shall promplly 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 Lender shall be enlilled to participate 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 Lender such Instruments and documentation as may be requested by Lender from time to time to permit suqh participation. Appllcallon of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase In lieu of condemnation, Lender may at Its elecllon 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 mean the award after payment of all reasonable, costs, expenses and attorneys' fees Incurred by Lender in connection with the condemnation, ' IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relallng to governmental taxes, fees and charges are a part of this Mortgage: , . Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, together with all expenses incurred In recording, perfecllng or continuing this Mortgage, Including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constilule taxes to which this secllon applies: (1) a specific tax upon this type of Mortgage or upon ail or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor Is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note' and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Grantor. ' Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before It becomes delinquent, or (2) contests the tax as provided above In the Taxes and Liens sec~on and deposits with , l ~.. or 3CL:J 091.3 ""O(~ Loan No: 88519700":':;" MORTGAGE (Continued) ('(\04')4 \.' \.i \._' ... -.) . Page 3 Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relallng to Ihis Morlgage as a security agreement are a parl of this Morlgage: Security Agreement. This inslrument shall constilute a Security Agreemenl to Ihe extent any of the Properly conslilutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from lime to lime, . Security Inlerest. Upon requesl by Lender, Granlor shall take whatever action is requested by Lender to perfect and co~tinue Len~er's security interest in the Personal Property. In addition to recording this Morlgage in Ihe real property records, Lender may, at any lime and without furlher authorization from Grantor, file executed counterparls, copies or reproducllons of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses Incurredlil perfecllng or conllnulng this security Interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Properly in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable .Iaw, Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which Informallon concerning the security interest granted by this Morlgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of Ihis Morlgage. FURTHER ASSURANCESj ATTORNEY-IN-FACT. The following provisions relating to furlher assurances and attorney-In-fact are a parl of this Morlgage: Further Assurances. At any lime, and from lime to time, upon requesl of Lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, 10 Lender or 10 Lender's designee, and when requested by Lender, cause 10 be filed, recorded, refiled, or rerecorded, as the case may be, at such times and In such offices and places as Lender may deem appropriate, any and all such mOrlgages, deeds of trust, security deeds, security agreements, financing statemenls, conllnuation statements, instruments of furlher assurance, cerlificates, and other documents as may, In the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Grantor's obligallons under the Note, this Morlgage, and the Related Documents, and (2) the liens and security Interests created by this Mortgage as first and prior liens on Ihe Properly, whether now owned or hereafter acquIred by Grantor. Unless prohibited by law or Lender agrees 10 Ihe contrary In writing, Grantor shall reimburse Lender for all costs and expenses Incurred In connection with the matters referred to In Ihis paragraph, Attorney-In-Fact. If Grantor fails 10 do any of the things referred to In the preceding paragraph, Lender may do so for and In the name of Grantor and al Grantor's expense. For such purposes, Granlor hereby Irrevocably appoints Lender as Grantor's attorney-In-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the matters referred to In Ihe preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebledness when due, and otherwise performs all the obligations Imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Granlor a suitable satisfaction of Ihis Morlgage and suitable statements of termination of any financing statement on file evidencing Lender's security Interest In the Rents and the Personal Property. Grantor will pay, if permllled by applicable law, any reasonable termination fee as determined by Lender from lime to time. EVENTS OF DEFAULT. At Lender's option, Grantor will be In defaull under this Mortgage If any of Ihe following happen: Fraud or Malerlal Misrepresentation. Grantor commlls fraud or material mlsrepresentallon In connection with the terms of the Note. Payment Defaufl. Grantor fails 10 meet the repayment terms of the Nole for any outstanding balance, Other Defaults. Grantor's act or failure to act adversely affects Lender's security interest In the Property, or any right of Lender's In such security. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Delault and at any lime thereafter, Lender, at Lender's oplion, may exercise anyone or more of the following rights and remedies, In addition to any other rights or remedies provided by law: Acceferate Indebtedness. Lender shall have the right at its option without notice to Grantor 10 declare Ihe entire Indebtedness Immediately due and payable, including any prepayment penally which Grantor would be required to pay. UCC Remedies. With respecl to all or any part of Ihe Personal Property, Lender shall have alllhe rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, Including during Ihe pendency of loreclosure, whether judicial or non-judicial, and collect the Renls, Including amounls past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness, In furlherance 01 this right, Lender may require any tenant or other user of the Property 10 make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor Irrevocably designates Lender as Grantor's attorney-in-Iactlo endorse Instruments received In payment thereof in the name of Grantor and to negotiate the same and coiled the proceeds, Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or nol any proper grounds for the demand existed, Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver. Appofnt ftecefver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collett the Rents from the Property and apply Ihe proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Lender's right to the appointment 01 a receiver shall exist whether or not Ihe apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not dlsqualily a person Irom serving as a receiver. Judlclaf Foreclosure. Lender may obtain a jUdiCial decree foreclosing Granlor's Interest In all or any part 01 the Property. Nonjudfcfal Sale. Lender may foreclose Grantor's interest in all or in any part of lhe Property by non-ju'diciaJ sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by slatute. Deffclency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender after application of all amounts received Irom the exercIse of the rights provided In this section, Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property Is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon defaull of Grantor, Grantor shall become a tenant at suflerance of Lender or the purchaser of the Property and shall, at Lender's option, either {1} pay a reasonable rental for the use of the Property, or {2} vacale the Property Immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided In Ihls Mortgage or the Note or available at law or in equity. Sale of the Property. To the exlent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In exercising its rights and remedies, Lender shall be Iree to sell all or any part of the Property logether or separately, in one sale or by separate sales. Lender shall be entitled to bid al any public sale on all or any portion of the Property. . Nollce of Sale. Lender will give Grantor reasonable notice of Ihe time and place of any public sale of the Personal Property or of the time after which any private sale or other Intended disposition of the Personal Property is to be made, Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made In conjunction with any sale of the Real Property. Election of RemedIes. All 01 Lender's rights and remedies will be cumulative and may be exercised alone or together, An election by Lender to choose anyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money or 10 perform any of Grantor's obligations under this Mortgage, after Grantor's failure to do so, thai decision by Lender will not affect Lender's right to declare Grantor in default and to exercise Lender's remedies. Attorneys' Feesj Expenses. If Lender institutes any suit or action to enforce any oi the terms 01 this Mortgage, Lender shall be entitied to recover such sum as the court may adjudge reasonable as attorneys' lees at trial and upon any appeal, Whether or not any court action is involved, and to the extent not prohibited by taw, all reasonable expenses Lender Incurs thai in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of lis rights shall become a part of the Indebtedness payable on demand and shall bear Interest at the Note rate from the date of the expenditure until repaid, Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or Injunction), appeals, and any anticipated post-Judgment collection services, the cost of searching records, obtaining title reports (including loreclosure reports), surveyors' { { ::;j;:'~::::::;::::::::~ j:'>;J;j:I:+:I:'~I::: .'.l,".l.I_!..!...t:U.. ';,,:{,c,::>>;c,,' \ <:~ 1 ~ J 35. . '8~ . ,;,;",.."";."..,,,11-3 ...,) :\;:1;:,:;>::'i;,(./,:.... . ,._~~:, ;.:m:t:i;;~:X: MOL:<::::~~:::::l:::G: E nl\.::iA (Continued) {' e, n A. ".. \,/ \." '1: Page 4 Loan No: 88519700 reports, and appraisal fees and title Insurance, to the extent permitted by applicable law. Granlor also will pay any court costs, in addition to all other sums provided by law. NOTICES. Any notice required to be given under this Mortgage, Including without IImilaUon any notice of defauil. and any notiGe of sale shall be gi~en In writing, and shall be effective when aclually delivered, when actually, received by t.elefacsimile (u.nless otherwise req.u.lred by la.w), when ~eposlted with a nationally recognized overnight courier, or, If mailed, when depoSited in the United States mall, as first class, certified or registered ma~1 post~ge prepaid directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which has pri~rity over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortg~g.e. Any person may change hi~ or. her address for notices under this Mortgage by giving formal written notice to the other person or per~ons', speclfYJn~ that the purpose of the notice IS. to change the person's address. For notice purposes, Grantor agrees to keep .Lender Informed at ail limes of Grantor s current ad?res~. Unless otherwise provided Qr required by law, If there is more than one Granlor, any noUce given by Lender to any Grantor is deemed to be nollce given to all Grantors, II will be Grantor's responsibility to tell the others of the notice from Lender. MISCELLANEOUS PROVISIONS. The followIng miscellaneous provisions are a part of this Mortgage: Amendments. What Is written In this Mortgage and In the Related Documents is Grantor's enUre agreement with Lender concerning the matters covered by this Mortgage. To be effective, any change or amendment to this Mortgage must be In writing and must be signed by whoever will be bound or obligated by the change or amendment. Caption Headings, Caption headings In this Mortgage are for convenience purposes only and are not to be used to interpret or define the provisions of this Mortgage. Governing Law. This Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Wyoming without regard to Its conflicts of law provisions, This Mortgage has been accepted by Lender In the State of Wyoming. Choice of Venue. If there Is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Lincoln County, SIale of Wyoming. Joint and Several LIability, All obllgaUons of Grantor under thIs Mortgage shall be Joint and several, and all references to Grantor shall mean each and every Grantor. This means Ihat each Grantor signing below Is responsible for all obligations In this Mortgage. No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so In writing. The facl that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree In writing to give up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage, Grantor also understands that If Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation happens again. Grantor further understands that Just because Lender consents to one or more of Grantor's requests, that does not mean Lender will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law In the Property, and Grantor agrees that the rights of Lender In the Properly under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect. Severability. If a court finds that any provision of this Mortgage is not valid or should not be enforced, that facl by itself will not mean that the rest of this Mortgage will not be valid or enforced, Therefore, a court will enforce the rest of the provisions of this Mortgage even If a provision of this Mortgage may be found to be Invalid or unenforceable. Merger. There shall be no merger of the Interest or estate created by this Mortgage with any other interest or estate In the Property at any time held by or for the benefit of Lender In any capacity, without the wrlllen consent of Lender. Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's Interest, this Mortgage shall be bInding upon and Inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested In a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness, Time Is of the Essence. TIme Is of the essence In the performance of this Mortgage, Waiver of Homestead Exempllon. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the Stale of Wyoming as to all Indebtedness secured by this Mortgage, DEFINITIONS. The following words shall have the following meanings when used In this Mortgage: Borrower. The word "Borrower" means JAY A. PARKS and MARY KATHLEEN PARKS and Includes all co-signers and co-makers signing the Note and all their successors and assigns. Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U,S.C, Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of .the events of defaull set forth In this Mortgage in the events of default section of this Mortgage. Grantor. The word "Grantor" means JAY A. PARKS and MARY KATHLEEN PARKS. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or Infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when Improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and Include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws, The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos, Improvements. The word "Improvements" means all existing and future Improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Properly. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Relaled Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's obligations under this Mortgage, together with Interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means FIRST NATIONAL BANK - WEST, lis successors and assigns. The words "successors or assigns" mean any person or company that acquIres any Interest In the Note, Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender. Note. The word "Note" means the promissory note dated October 20, 2005, in the original principal amount of $35,848.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date of this Mortgage is October 25,2015. Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of and all substitutions for, any of such properly; and together with all proceeds (including without limitation all insurance proceeds and refunds 0; premiums) from any sale or other disposition of the Property, Property. The word "Properly" means collectively the Real Properly and the Personal Properly. Real Property. The words "Real Property" mean the real property,interests and rights, as further described In this Mortgage. Related Documents, The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other Instruments agreements and documents, whether now or hereafter existing, executed In connection with the Indebtedness, ' Rents. The word "Rents" means all present and future rents, revenues, Income, Issues, royallles, profits, and other benefits derived from the Property, l 1 0913358 Loan No: 88519700 MORTGAGE (Continued) (' .... r: · r. G . : \ \.' l'. ,- .... '~./ \, ~ :.: ':) Page 5 EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE. AND EACH GRANTOR AGREES TO ITS TERMS. STATE OF Wyomr'/11 COUNTY OF !- / f1 t P / /J ..,..','f....,....~ GRANTOR: x JAVA(le/~ x L/flv~r1e~ MhkJ MARY K HL EN PARKS INDIVIDUAL ACKNOWLEDGMENT ) ) SS ) On this day before me, the undersigned Notary Public, personally appeared JAY A. PARKS and MARY KATHLEEN PARKS, to me known.\o be the individuals described In and 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 mentioned. Given under my and and of~Cla~ seal this . By .. W. do... j/t tJ;lomri1 J 020 day of ()f1), . 20 ().:r . ~ /lJ,(J1 t" r"" r 7,~?'CJ7 Notary ResidIng at My commission expires USER. rRO lcaUiq, va'. 5.19.00.002 eop.. Ilarland flIliIIldil Solllli_, lAc. 1M, 1005. All Ri.c1:1II RCKf'Jed. - WY D:\Cfl\LPL\GOJ.fC 11l-141 l l ti_~~:i,.:i!l!lli~mli~ "-:'."'U'~l"l'jjl; (""In ~ ~ :.: ,~[,r r:. .' ~I \: .f4..,) 7 l...~....,'t "'l..i 09 ...)",.'h')O Schedule A Lot 4 of Block 4 of the Lincoln Heights Subdivision to the City of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof I. I.