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HomeMy WebLinkAbout913828 ( ltJ¡ ~ ( 51167 (01) ;?,......"~.._~\ (/\.:1,) ,..- 'j " .{ '" ,<:::-/ C00258 RECORDATION REQUESTED BY: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 WHEN RECORDED MAIL TO: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 RECEIVED 11/18/2005 at 11 :00 AM RECEIVING # 913828 BOOK: 605 PAGE: 258 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTICES TO: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $40,000.00. .:.1"-(1.-- (.~ THIS MORTGAGE dated November 8, 2005, is made and executed between ChristoPhefRedd and Jennife,~ Redd, Husband and wife, as tenants by the entireties, whose address is 8585 S. 40 East, Sandy, UT 84070' (referred to below as "Grantor") and The Jackson State Bank & Trust, whose address is P.O. Box 1788, 50 Buffalo Way, Jackson, WY 83001 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's rigllt, 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 relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming: Lot 2 Windy Acres Subdivision, Lincoln County, Wyoming, according to that plat filed July 10, 2002, in the Office of Lincoln County Clerk as Plat No. 122-B. The Real Property or its address is commonly known as 34 Dani's Way, Thayne, WY 83127. 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 Property 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: PA YMENT 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 Proper1y 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) [iny actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neittler Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treal, 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 Ihe 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 of 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 sllch 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 Proper1y are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect 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 secllred 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 i,nt,erestin.H.le Real Property. A "sale or .'.. ./. , ., r .~·I .'" '" ')'-:;. C'> U:~!J~,,~(:~"""'O MORTGAGE (Continued) .0 (\ (' '''': 5· 9 (. \..J .1 t~ Page 2 Loan No: 33056233 transfer" means the conveyance of Real Property or any I ight, title or interest in the Real PlCiperiy; wlletller legal, beneficial or equitable; whether voluntary or involuntiuy; whetlìer by outright sale, deed, installment sale contract, land contract, contract for deed, leaselìold interest with a term greater than three (3) years, lease-option contlilct, or by sale, assignment, or transfer ot any beneficial interest in or to any land tillS I Iwlrling title to tile Real Property, or by any other method of conveyance of an interest in ttle REml Property. However, this option shall not be exel¡;i~t:d I,y Lender if such exercise is prohibitb.i by federal law or by Wyoming law. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of tlìis Mortgage: Payment. Grantor shall pay when due (and in all events pdor to cjelinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied against or on account of the Property, and slìall pay when due all claims for work done on or tor services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority 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 tile lien 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 connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall witlìin fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) dal'S after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a suHicient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge ttìe 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 a lY contest, Grantor shall defend itself and Lender and sl1all satisfy any adverse judgment IJefore enforcement against the Property. Grantor sl1all name Lender as an additional obligee 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 sl1all authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction. 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 mecllanic'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 furnisl¡ to Lender advance assurances satisfactory to Lender that Gral ilor can and will pay tile 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 shall procure and maintain policies of fire insurance witl1 standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on ttìe Real Property in an arnount sufficient to avoid application of any coinsurance clause, and wittl a standard mortgagee clause in favor of Lender. Policies sl1all be writlun by such insurance companies and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from eacl1 insurer containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also sllall include an encJorsement 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. ShoulcJ the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood lìazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice 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 otlìerwise required by Lender, and to maintain such insurance for the term of the loan. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of ttìe casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien aflecting the Property, or the restoration 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 satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in defaL:!t under tllis Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration 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 proceeds after payment in full of the IndebtecJntJss, sucil 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, (B) to provide any required insurance on tile Property, or (C) to make repairs to the Property then Lender mal' clo so. If any action or proceecHng is commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's belJalf may, but is not required to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paie! by Lender for such purposes will then bear interest at the rate charged under tile Note from tile date incurred or paid by Lender to tile date of repayment by Grantor. All such expenses will become a part of lIìe Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to tile balance of the Note amJ be apportioned among and be payable witll any installment payments to become clue during either (1) the term of any applicable insurance policy; or (2) the remaining term ot the Note; or (C) be treated as a balloon payment wilich will be due and payable at the Note's maturity. The Mortgage also will secure payment of tilese amounts. The rights provided for in tllis paragraph shall be in addition to any other riglìts or any remedies to which Lender may be Dntitled on account of any default. Any sucll action by Lender shall not be construed as curing tile default so as to bar Lender from any remedy tllat it otherwise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a par1 of tllis Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and encumbrances otller than those set forth in the Real Property description or in any title insurance policy, title report, or final title opiniol\ issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor lìas the full rigilt, power, and authority to execute and d8liver this Mortgage to Lender. Oefense of Title. Subject to the exception in tile paragraph above, Grantor warrants and will forever defend the title to tlìe Property against the lawful claims of all persons. In ttìe event any action or proceeding is commenced that questions Grantor's title or tile inter est 01 Lu ¡eJer under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be tile nominal party in such proceeding, but Lender sl1all be entitled to participate in the proceeding and to be represented in tile proceeding by counsel of Lender's own clloice, and Grantor will deliver, or cause to be delivered, to Lender SUCll instruments as Lender may request from time to time to permit such pa/iicipation. Compliance With laws. Grantor warrants that the Property and Grantor's use of the Properiy complies witll all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery of this Mortgage, shall be continuing 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 condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding in condemnation is filed, Grantor sllall promptly 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 entitled 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 such participation. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purclìase in lieu of condemnation, Lender may at its election require Illat all or any portion of the net proceeds of tlìe award be applied to tile Indebtedness or the repair or restoration of the Property. The net proceeds of tile award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by lender in connection with tile condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The lollowillg provisions relating 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 MOligage and take whatever other action is requested by Lender to perfect and continue Lender's lien on tl18 Real Property. Grantor slìall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or re! isI8ring this Mortgage. Ui ,c¡"), :-, (j .~(~ S MORTGAGE (Continued) (' !,ì n .~ G' 0" '.' ,I \ ' '-- Loan No: 33056233 Page 3 ----------- ---_._._-~~-_._~--_._-------._- ---.---------- _._._-~ -~_.._-~-~ -._~- Taxes. TIle following sllall constitute taxes to wllicll tlds section applies: (1) a specific tax upon this t)'pe of fl1c,l!gaUij or upon all or any pai1 of tile IndetJledness secured lJY tllis MOl!gage; (2) a specific tax on Grantor whicrl Granlor is autllorized or required to d8duct frCJ111 payments on tile Indebtedness secured by this type of Mortgdge; (3) it tax on tllis t\/pe of rvlortuage cI1argealJle auain"! Ille L8nder or tI It,j /Iok!er at the NOI&; and (4) a specific tax on all or any portion of tile IndebteeJness or on pa\'m8nts of principal and int8r2st made by Grantor. Subsequent Taxes, If any tax to wllic/l this section i1ppJies is eni1cted slllJsequent to IllE, dat8 of tlìis Mort"pge, tl1is event sllùll Ila'/e Ih,', salllc.J effect as an Event of Default, and Lend",r iTlay exerci"u any or all of iL; é1'1ailaIJI8 rel1ledies tor an EV8nt of Default as provideellJdCJw unless (~rantor either (1) pays the tax hefor8 it IJ8collles delinquent, or (2) contests tl1e tax as provided ¡¡IJove in tile TaŒs ami Li8ns s8clioll and deposits with Lender cash or a sufficient corporate surely bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. Tile following provisions r81ating to this t\'lort!.]él!.]e as a s"culit\, agrG8ment are d pdrt of Ihi:; Mortgage: Security Agreement. This instrument shall constitute a Security Agre8nknt to tl1e ex It.J I II any of tl18 Property constitutes lixtur8s, and Lemler sl1all have all olllle rigllts of a s8cureel party under the Uniform Commercial Code as amendeel from time to time, Security Interest. Upon request by Lender, Grantor shall take whatE:ver action is request8d by Leneler to perfect and continue LE:neler's security interest in thL: Personal Property. In aeldition to recording l/Iis k1or1gaga in the real propeliy records, LE:ncJer may, at any tililE: and witl ¡out fllltller authorization frorn Grantor, fila execu!c,d counterparts, copies or leprorJuctiulIS of tlli:; Iv10rtgageas a financing stat8\i18n!, Grantor sllall railllljurse Lender for all expenses incurred in ~",r/ecting or cOI,:iliuing this security inl8rest Upon rJofault, Grantor shall not ren IIWO, sever or detacll tile Personal Property flOm the Property, Upon elefault, Granlor sl",'!1 assemble any f'dsonal Property not affixGelto the PropGrty in a manner amJ at a place reasonably convenient to Grantor ami Lender and make it a'laildble 10 Lelldar within three (3) days alter I eCGipl of written d"ITiancl from Lender 10 tile extent permitted lJY applicable law, Addresses. The mailing addresses of Grantor (debk,l) anel Lender (secured party) from 'tilli¡;11 information concerning t/ Ie security interest granted by "lis MortgaSj8 may be obtained (each as reqlllrdJ by t/ I" Uniform Cümlllercial Codu) ate as stated on the Ilrst II<IIJ8 of this Mortguge FURTHER ASSURANCES; ATIORNEY-IN-FACT. The following provisions relating to further assurances ami a!torney-in·lacl are a pail of tI-lis Mortgage: Further Assurances. At any time, and from time to time, upon request of LGnder, Grautor will make, 8XGCute ami delivel, or will caUSG tü tJe made, executed or delivered, to Lender or to Lender's designee, and 'Nhen requasti::d IJ)' L8neler, cause 10 ¡')i:: liI,:d, lecordi::d. 1,-,lileeJ, or rerecorded, as tile case may be, at suctl limes anel in SUCl1 olfices EIIlrJ plal:es as Lender may deem appropriate, any ami all sue:!"1 rnortoaoes, deeds of trust, security deeds, security agreements, financing statements, continuation statemolils, inslrulnerlts 01 furt/ler assuranl;e, ceililicates, and other documents as may, in the sole opinion of Leneler, be n8c8ssary or desirabl8 in urcJ8r tu bl18ctuate, cornplC:l8, p8i1ect, continlJe, or preserve (1) Grantor's obligations uncJ8r the Note, 1I1is MortgagG, illlel tlk F1elated DOCllIfIGnts, and (2) the liens i1nd s8cllrity interesls created by tlìis Mortgage as lirst and prior liens on 1118 Properly, whetller now owned or I¡ereatter acquirecJ IJY Grantor. UnlC!ss prollÌbiteel iJy law or Lender agrees to the contrary in writing, Granlor shall reimburse Lender for all costs and expens8s incurred in connection Witll the malters referred to in tllis paragraph, Attorney-in-Fact. If Grantor faiJs 10 do any of tile things referred to in the preceding paragraph, Lende, lIIay clo so for and in IIle name of Grantor anrJ at Grantor's expense. For ~ucll purposes, Grantor Ilereby irrevocùlJly appoints Lender as Grantor's allorney-i¡¡-fact for the plll pose 01 making, executing, d0livering, filing, recordin\], and doing all olllel tllings as may be necessary or eJesirable, in Lemler's sole opinion, to accOI nplishllle matters referred to i¡¡ 1110 prec8c1ing paragmph, FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and oll-Ielwise performs all the obligatiol1s irnposecl lIpon Grantor uncler lIlis Mortgage, Lender shall execute and deliver to Grantor a suitable sùlisfaction of lids MOl1gage aneJ suitable statell18nls 01 lerl1linalioll of any lilkll1cing statement on file evidencing Lender's security interest in the l1enls and 1118 Personal Propelty Grantor will pay, if pelllliltGeJ by applicablG law. any reasonable termination fee as determined by Leneler from tirne to lime. EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage if any of lhe following 11appen: Payment Default. Grantor fails to make any payment wl18n due lImJer trle Indebtedness. Default on Other Payments. Failure of Grantor witllin the time required l1Y III is t\10rtgage to mak" any payment fOI taxes or insllralìC8, or any oilIer payment necessary to prevent tiling of 01 to effecl discllarue of any lien. Break Other Promises. Grantor breaks any promise mi1de to Lendel 01 fails to perform plOn/ptly at lIle time i1nd strictly in the manner provided in Ihis Mortga\]e or in any agreement related 10 this Mortgage. Default in Favor of Third Parties. Should Grantor default under any loan, extension 01 credil, security agreernent. purchase or sales agreement, or any other agreement, in favor of any otller creditor or pelson tl1at may rlla18rially affect any 01 Grantor's pmperty or Grantor's alJility to repay lIw Indebtedness or Grantor's ability to per/omì Grantor's obligations und8r this 1',¡lortgage or any relal8lJ elocumen!. False Statements. Any representation or statement made or fumisl1ed to Lemler by Grantor or on Grantor's [)ellälf ullder tilis f'¡1011Gag8 or I1le Related Docurnents is false or misleading in any material respect, either now or at the lime rnade 01 lurni"I"d, Defective Collateralization. TI1is Mortgage or any of the Related Documents cei1ses to be in lull fcHce and effect (inclucJing lailul8 ot any collateral docurnent tu create a valid anel perfected security interest or lien) at any lime and for any reason. Death or Insolvency. The death of Grantor, the insol'lency of Grantor, the appointnl8nt of a mceiv8r for any part o[ Gwnto¡'s plCJperty, any assignment for tI-18 benefit of creditors, any type of creelitor wOlkout, or tile commencernent of any proceeding unel81 any bankruptcy or il1solv8ncy laws l)y or against Granlor. Taking of the Property. Any credilor or governmental agency tlies to takA any of the Prop8r1\' or any other of Grantor's properly in which L8nder lìas a lien, This includes taking of, \]arnishing of or levying on Grantor's accounts with Lender. How8ver, if Grantor disputes in gooel failll \':1 ",Iller tile claim on which the takil¡g of Ihe Property is based is valid or reasonatJle, and if Grantor gives Leml8r wrilten notic8 uf Iho clainl anel IUlnishes Lender 'tlith rnonies or a surely bonel s'ìtisfactory to Lender to satisfy the claim, then this default provision will not apply, Breach of Other Agreement. Any breach by Grantor under the lerms of any otlJer agreement bot'/Ieon Grantor and Lenel8r that is nol wln8cJied within any grace p8riod provided tl1erein, including willJOutlimitation any ag188ment concbrning any indE:IJtbdness or oth81 ulJligalion 01 Granlor to Leneler, wllether existing now or later. Events Affecting Guarantor. Any of the preceejin\] events occurs willi respect to any guarantor, endors8r, surety, or accommodatioll party 01 any of the ImJelJleeJness or any guarantor, endorser, surety, or accommodation piJIty dies or bocolIlGs incompGtent, or re'loK8S or disputes 1110 validity or, or liability under, any Guaranty of tile ImJebtednbss In tile 8vent of a d8atlJ, Lend8r, at its option, may, Lnlt sllallnot IJ8 required to, permit the guarantor's estate to assume uncomlilionally the o!Jligations arisino lHlder 111e guaranty in a manner satisfaclory to L8nder, and, in doing so, cure any Event of Default. Right to Cure. If any default, olher Ihan a defi1ult in payment is curable and if Grantor lias nol iJe8n gi'len a nolice ot a breacll 01 llie same provision of tllis Mortgage witlJin tile preceding twelve (12) mont/Is, it may be cured if Grantol, alter receiving wrillen notÍCl? fronl LemJer demanding cure of such default: (1) cures the default witl1in tilte8n (15) days; or (2) if the clIre requires m018 than tifteen (15) days, immedialely initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure tile elef¡1l11t aneJ lI1erealtGr continues âJ Id cornpletGs all reasonable and necessary steps sufficient to produce cornpliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. Upon tile occurrence ûl an Event of Defaull Eind at i'IIY time thereafter, LeneJer, at Lendel's option, rllay exorcise anyone or moro of tile following rigllts and remedies, in adcJition to any otl1er rights or rernedies provided lJy law: Accelerate Indebtedness. LeneJer slli>1I have the rigllt at its option without notice to Grantor to declare tl18 entire IlleleiJteclness imm8diately due and payable, inclueJing any prepayment penalty wt1icll Grantor wOllld be roC uireel to pay. UCC Remedies. With rfhpect 10 all or any part of tl18 Personal Proper1y, Leneler shall/lave i111 the rigJ'ils and rernucJi8s of a secllred part,. uncler lIle Uniform Comm8rciäl Code. Collect Rents. LencJer shall have the riglit, without notice to Grank)r, to take possession of the PIoperty, including during the pencJency of foreclosure, wllether judicial or non-judicial, and collect IIJe Rents, inclueling amCJunt~ past due and unpaicJ, alld apply tlI8 net plCJce8ds, over and above Lender's costs, against the Indebtedness, In fur11lerance of this right, Lender may require any tenant or otller user 01 II 10 Property to rllake payments of r8nt or use fees directly to Lender II the Renls me collectecJ by Lender, tl1en Grantor jrrevocEibly desiGnates Lender as Grantor's atlorney·in-fact 10 endorse instrumenls ruceived in paym8nt Ihereof in the name of Grantor anel to ne~.i'Jliale the Sill /if] anel collect tllr! proci,jelis, Payments by tenants or other users to l.oneJ8r in response 10 LencJ8r's elemand sllall salisfy tho lJbligùtions lor whicl; lI,l, paynl811b ¡II" Inade, whetlwr or not any ìropm grounds for tl1e d81nand exisl8d, Lende'! may exen:ise its lighls UllcJer this sulJparagl "I ,1'( "itl,,:n il i pljrSOl1, Ii} 1,1, or ,. ,:,,:>1£:.) ""JJ"~")U MORTGAGE (Continued) (': !ì 0 I~' 6 1 t. \.) ~ f- Page 4 Loan No: 33056233 through a receiver. Appoint Receiver. 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 collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against tile Indebtedness. The receiver may serve without bond if permitted by law. Lender's right to tile appointment of a receiver shall exist whether or not tile apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender sllall not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Propeliy. Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute. Deficiency 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 from the exercise of the rights provided in this section. Tenancy at Sufferance. If Grantor remains in possession of tile Property after the Property is sold as provided above or Lender otllerwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and sllall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to Ilave tile Property marshalled. In exercising its rights and remedies, Lender shall be free 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 at any public sale on all or any pOliion of the Property. Notice of Sale. Lender will give Grantor reasonable 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 disposition of the Personal Property is to be made. Reasonable notice sllall 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 of 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 to perform any of Grantor's obligations under this Mortgage, after Grantor's failure to do so, tllat decision by Lender will not affect Lender's rigl)t to declare Grantor in default and to exercise Lender's remedies. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, L er Icier sllall be entitled to recover such sum as tile court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whetller or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its 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 searclling records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in adcJition to all other sums provided by law_ NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given in writing, and shall be effective when actually delivered, wt1en actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of tllis Mortgage. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage. Any person may cllange his or her adcJress for notices under this Mortgage by giving formal written notice to the other person or persons, specifying that the purpose of the notice is to cllange the person's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. /! 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 entire agreement with Lender concerning tile 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 cllange or amendment. Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define tile 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 tile State of Wyoming. Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to tile jurisdiction of the courts of Teton County, State of Wyoming. Joint and Several Liability. All obligations of Grantor under tl1is Mortgage shall be joint and several, and all references to Grantor shall mean eacll and every Grantor. This means that each Grantor signing below is responsible for all obligations in tllis 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. Tile fact that Lender delays or omits to exercise any right will not mean tllat Lender has given up that right. If Lemfer cJoes agree in writing to give up one of Lender's rights, that does not mean Grantor will not have to comply with tile 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, tllat 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 disllonor. Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor agrees tl1at the rigllts of Lender in the Property 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, tllat fact 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 Ileld by or for tile benefit of Lender in any capacity, witl10ut tile written 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 tlm parties, their successors and assigns. If ownersllip of the Property becomes vested in a person other than Grantor, Lender, witllout 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 Exemption. Grantor hereby releases and waives all rigllts and benefits of tl1e homestead exemption laws of the State 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 Christopher Redd and Jennifer Redd and includes all co-signers and co-makers ,dgning the Note. Environmental Laws. The words "Environmental Laws" mean any and "II state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including WitlloUt 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 ;,'j :' -, "'"";2'8 " , " t-·'· , :~ '._.' -!I . MORTGAGE (Continued) .)" (\. (', ., G '? '-- ,) . f# I", Page 5 Loan No: 33056233 Act, 42 U.S.C. Section 6901, et seq., or otller 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 default set fortil in this Mortgage in the events of default section of this Mortgage. Grantor. The word "Grantor" means Christopher Redd and Jennifer Redd. Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without limitation a guaranty of all or part of the Note. 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 Property. 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 Related 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 The Jackson State Bank & Trust, its successors and assigns. TIle 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 November 8, 2005, in the original principal amount of $40,000.00 from Grantor to Lender, togetller witll all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. 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 property; and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property. 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, royalties, profits, and other benefits derived from the Property. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: 04 ~,~ ~jjjJ J~~:edd \4 x ~?^-M~L Christopher Aedd /"'\ cM/'l.- STATE OF INDIVIDUAL ACKNOWLEDGMENT l'-Jl3 0 nt j 1Î...~r- "~I Lx. (;r l-':' _ ) ) ss ) COUNTY OF tic {h. L. ¡f{0 On this day before me, the undersigned Notary Public, personally appeared Christopher Redd and Jennifer Redd, to me known to 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 IIle uses and purposes therein mentioned. -L GI"n unde< my h~d omd.1 ',,'Ih!, C~ d.y of -_A!J)l!f,nLt1 J/ : 2OÞ? - ,. By Y-'J. (è .R 1 t J 1l ____ Residing at ~- I~-( -k,\\ ð t~ No,"'y Pubtin in "'d'IO' I~' Sf.I, 01 Lt)~ Dfì\,cn:,~y My nomm''''on "pi'" ~:91 LAURIE COE· NOTARY PUBLIC CouQtïQf_... ,~~~. Sta~iof LASER PRO l..rlding, Vf;Jf,5,2ó,OO,C05 CUpL H.¡¡lilnJ Fj(¡"r1(;i~1 S()¡~¡¡()n~. Inc. 1987,2005 "II Ric¡l.¡ A"~tl'..,,J .e~"LPL\GO;¡ FC ..-. ~ AiJ= My CommIssIon Expires 9/12/2001 ~--..........""'-...........