HomeMy WebLinkAbout913963
RECORDATION REQUESTED BY:
FIRST NATIONAL BANK - WEST
Alpine
100 Greys River Rd.
P.O. Box 3110
Alpine, WY 83128
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WHEN RECORDED MAIL TO:
FIRST NATIONAL BANI< - WEST
Alpine
100 Greys River Rd.
P.O. Box 3110
Alpine, WY 83128
RECEIVED 11/23/2005 at 257 PM
RECEIVING # 913963
BOOK: 605 PAGE: 822
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER,
WY
SEND TAX NOTICES TO:
FIRST NATIONAL BANI< - WEST
Alpine
100 Greys River Rd.
P.O. Box 3110
Alpine, WY 83128
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $17,800.00.
THIS MORTGAGE dated November 18, 2005, is made and executed between MARK E FAULKNER and MARY
LOUISE FAULKNER, whose address is PO BOX 6796, JACKSON, WY 83002 (referred to below as "Grantor") and
FIRST NATIONAL BANK - WEST, whose address is 100 Greys River Rd., P.O. Box 3110, Alpine, WY 83128
(referred to below as "Lender").
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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, ImprOVel1l81Hs aneJ fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourses imu ditch rights Itncludlrlg 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, [JiiS,
geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming:
LOT 99 IN STAR VALLEY RANCH PLAT 21, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL
PLA T THEREOF
The Real Property or its address is commonly known as 173 CUSTER DRIVE, THAYNE, WY 83127. The Real
Property tax identification number is 34180640402500.
REVOL VING LINE OF CREDIT. This Mortgage secures the Indebtedness including, without limitation, a revolving line of credit. which obligates
Lender to make advances to Grantor so long as Grantor complies with all the terms of the Credit Agreement. Such advances IlWY be made,
repaid. and remade from time to time, subject to the limitation that the total outstanding balance owing at anyone time, not including finance
cha,rges on such balance at a fixed or variable rate or sum as provided in the Credit Agreement, any temporary overages, other charges, and any
amounts expended or advanced as provided in either the Indebtedness paragraph or this paragraph, shall not exceed the Credit Limit as provided
in the Credit Agreement. It is the intention of Grantor and Lender that this Mortgage secores the balance outstanding under the Credit
Agreement from time to time from zero up to the Credit Limit as provided in the Credit Agreement and any intermediate balance.
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 Rell1s
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 iB) PERFORIVIANCE OF EACH OF GRANTOR'S AGREEIVIENTS AND
OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUr,1ENTS, 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 lJy this
Mortgage as they become due and shall strictly perform all of Grantor's obligaticns under this MortgafJe,
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be govdned [)y
the following provisions:
Possession and Use. Until the occurrence of an Event of Delault, Grantor may (1) remain in possessiun 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 mainten"llce
necessary to preserve its value.
Compliance With Environmental Laws, Grantor represents and warrants tö Lender that: (1) During the period of Grantor's ownership of
the Property, there has been no use, generation, manufacture, storafJe, treatment, disposal, release or threatened release of any Hazarejous
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, la) any breach or violation oj 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 Ic) any actual or threatened litifJation 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, (al neitlte:
Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, SlOre, treat, dispose of
or release any Hazardous Substance on, under, about or from the Property; and Ib) any such activity shall be conductecl In compliance
with all applicable federal, state, and local laws, refJulationsand ordinances, including vvithout 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 s[1all 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 investiga¡ing the Property for
Hazardous Substances, Grantor hereby (1) releases and vvaives 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 VJhich lemler may directly or indirectly sustain or suffêl
resulting from a breach of this section of the Mortgage or as a consequence of any USê, fJeneration, 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 ha'!e been
known to Grantor, The provisions of this section of the [vlort(Jage, including the obligation 10 indemnify, shall survive the payment 01 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 10 any other
party the right to remove, any timber, minerals (including oil and ÇJas) coal, clay, scoria, soil, gravel or rock products without lender's prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvernents 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 Propert\' at all reasonable times to attend
Loan No: 764003328
6J
/VIORTGAGE
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to Lender's interests and to inspect the Real Propeny for purposes of Grantor's comrliance with the terniS and conditions of this r'ilJr1gaç]e,
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or herbJfter
in effect, U! all governmental authorities åpplicable to the use or occupancy of the Property, Gr,mtor may contest in good faltll any such
law, ordinance, or regulation and withhold compliance during "ny proceeding, including appropriate "ppeals, so IUllg as Grantor has notified
Lender in wilting prior to doing so and so long as, in Lender's sole opinion, Lender's interests Jr1 the Property are not jeopardized, L.emler
may require Grantor to post adequate security or a surety bond, reasonabl,! satisfactor'! to Lender, to protect Leolider's interest,
Duty to Protect. Grantor agrees neither to abandon or leave un¡¡ttendee! the Property, Grantor shall do all other acts, in addition to those
acts set forth above in this section, I·.'hich from the character and use of the Property are reasonabl,! necessary to protect and preserve the
Pro pert y.
DUE ON SALE - CONSENT BY lENDER. lender may, at L.ender's option, declare immediatel,! due and p¡¡yable all sums secured by this
Mortgag" upon the sale or transfer, without L.ender's prior written consent, of all or any part of the Real Property, or any interest in the R"al
Property, A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Propert'!; wheth"r legal, berwflcial
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 13) years, lease-option contract, or by sale, assignmel1l, or transfer of any beneficial imelest in
or to any land trust holding title to the Real Property, or by any other method of conveyance of an inter"st in the Real Property, However, tllis
option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law,
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Ploperty are part of this Mortgage:
Payment. Grantor shall pay when due land in all events prior to delinquencyl all taxes, pa,!roll taxes, speci,,1 t3xes, assessment:;, Ivater
charges and sewer service charges levied against or on account of thi; Property, and shall pay '.-¡hen due all ".Iairns for work done on or for
services rendered or material furnished to the Property, Grantor 511all maintain the Property free of any liens having priority over or equål to
the interest of Lender under this Mortgage, except for the Existing Indebtedness referred to in this lv10rtgage or those liens specifically
agreed to in writing by Lender, and except fur the lien of taxes and assessments not due as further specified in the Right to Contest
piHagraph.
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 äS a result of nOl1payment,
Grantor shall within fifteen (151 days after the lien arises or, if a lien is filed, within fifteen (15) days after GI anlor has 110tice ui the filing,
secure the discharge of the lien, or if requested by Lender, deposit wilh Lender cash or a sufficient corporate surety bond ur other security
satisfactory to Lender in an amount sufficient to discharge the lien ¡,Ius any costs and reasonable attorneys' fees, or other charges IlriH
could accrue as a result of a foreclosure or sale under the lien, In any contest, Grantor shall dldeml Itself and L.ender and shall satisf,! al-'','
adverse judgment before enforcement against the Property, Granlor shall name Lender as an additional obligee under an,! surety bone!
furnished in the contest proceedings,
Evidence of Payment. Grantor shall upon demand furnish to Lender satiofdctory evidence of p¡¡yment Df the taxes or assessments al',Ll shall
authorize the appropriate governmental official to deliver to Lender at an,! time ¡; wrinen statement of the taxes and assessr,lents against
the Property.
Notice of Construction, Grantor shall notify L.ender at least fifteen (15) days before an'/ work is cornmenced, any services arG furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's li"n, or other lien could be asserted un account of the
work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactor'! to L.ender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Propeny are a part of this Mortgage:
Maintenance of Insurance, Grantor shall procure and maintain policies of fire insurance with standard eXlendecl coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount suificient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of l.ender, Policies shall be written b,! such Insurance cornpanlGS
and in such form as may be reasonably acceptable to Lender, Grantor shall deliver to Lender certificates of cuverage from each insurer
containing a stipulation that coveriiJe will not be cancelled or diminished without a minimum of thirty (301 da,!s' prior "Hinen notice to
Lender and not containing any disclaimer of the insurer's liability for failure to give such I-,otice. Each insurance policy also shall include an
endorsement providing that coverage in favor of Lender will not be impaired in any V.'d¡' by any act, omiSSion or detaull of Grantor or any
other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency Managf,ment Agency as
a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the maximum amount of I'our
credit line and the full unpaid principal balance of any prior liens on the propert'! securing the 10¿;il, up to the maximum policy limits set
under the National Flood Insurance Program, or as otherwise required l1y 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 if the estimated cost of repair or
replacement exceeds $1,000.00, lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty, \¡Vhether
or not Lender's security is impaired, Lender ma,!, at Lender's election, receive and retain the proceeds of any illsurance and apply the
proceeds to the reduction of the Indebtedness, paYITlt;nt of any lien affecting the Propert'!, or the restoration and repair 01 the Property, Ii
lender elects to apply the proceeds to restoration and repair, Gramor shall repair or replace the damaged or destroyed Improvements 111 a
manner satisfactory to L.ender, 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 default under this Mortgage An,! proceeds which have not IJeen disbursed
within 180 days after their receipt and which L.ender has not committed to the repair or restoralion of the Property slr,,11 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 proco.;eds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor
as Grantor's interests may appear.
Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance '-"ith
the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance
provisions under this Mortgage, to the extent compliance with the terms of this Mortgage would constitute a duplication of insurance
requirement, If any proceeds from the insurance become payable on loss, th" ¡Jfovisions in this Mortgage for division ot pruceeds shall
apply only to that portion of the proceeds not payable to the holder of the ExistinQ Indebtedness.
LENDER'S EXPENDITURES. If Grantor fails (AI to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims,
(B) to provide any required insurance on the Property, IC) to make repairs to the Property or to cOIl'ply with any oblicJatioll tu maint:1in Existing
Indebtedness in good standing as required below, then Lender may do so, If any 2c1.ioll or proceeding IS commenced that 'Noule! materially
affect Lender's interests in the Propert'!, then Lender on Grantor's behalf may, but is not requirGd to, take any action that Lender believes 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 Credit Agreement from the date incurred or paid by Lender to the date of repa,!mellt by Grantor, All such expenses will become a part
of the Indebtedness and, at Lender's option, will (A) be payable on demand; (BI be added to the balance of the Credit Agreement and be
apportioned among and be payable with any installment payments to become due during either (11 the term of an,! applicable insurance policy;
or (2) the remaining term of the Credit Agreement; or IC) be treated as a balloon payment which will be due ane! pa,!able at the Credit
Agreement's maturity. The Mortgage also will secure pa,!ment of these amounts. The rights provided 10r in this paragraph shall be in addition
to any other rights or any remedies to which lender may be entitled on account of any default. Any such aCll'''1 b,! Lender shall not be
construed as curing the default so as to bar Lender from any remedy that it otherv¡ise would have had,
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this 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 other than those set forth in the Real Property description or in the Existing Indebtedness section below or in an,! title
insurance policy, title report, or final title opinion issued in favor of, and accepted b,!, Lender in connection v,¡ith this Mortgage, and Ib)
Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender,
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will fore'.'e! defend the title to the Property against
the lawful claims of all persons. 111 the event any action or proceeding is commenced that questions Grantor's title or the ilìterest uf Lender
under tilis Mortgage, Grantor shall defend tlie action at Grantor's expensG, Grantor may be the nominal part'! in such proceeding, but
lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of L.ender'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 Grantor's use of the Property complies with all existing appJlcdlJle la'Ns,
Loan No: 764003328 ,~
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MORTGAGE
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ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survi'Je the execution and delivery
of this Mortgage, shall be continuing in nature and shall remain in tull force and effect until such time as Grantor's Indebtedness is paid in
full.
EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part at this Mortgage:
Existing Lien. The lien of this Mortgage securing the IndebtéJI'''ss may be secondary and inferior to the lien securinu pc, )'rnem of an
existinu obligation to COUNTRYWIDE HOME LOANS, INC described as: LOT 99 PLAT 21 STAR V ALLEY RAf\JCH, The eXIS\II,u olJllg¡nion
has a current principal balance of approximately $142,400.00 and is in the origrnal principal anli'unt of $142,400,00, Grantor expressly
covenants and agrees to pay. or see to the payment of, the Existing Indebtedness and to preve',t ,,"y default on such indebtedness, any
ddault ur,der the instruments evidencing such indebtedness, or any default under any security u(Jcuments tor such indebtedness.
No Modification. Grantor shall not enter into any agreement with the holder at any mortgage, deed of trust, or other security agreement
which has priority over this Mortgage by which that agreement is modified, amended, extended, or renewed without the prior written
consent of Lender, Grantor shall neither request nor accept any future advances under any such security agreement withoul the prior
written consent of Lender.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor Slldll promptly tiJke
such steps as may be necessary to defend the action and obtain the award, Grantor may be the nominal party in such proceedirlQ, but
Lender shall be entitled to participate in the proceeding and to be repre~ented in the proceeding by counsel at its own choice, ami Grantor
will deliver or cause to be delivered to lender such instruments and documentation as may be requested by Lender from time to tirne to
permit such participation,
Application of Net Proceeds. If all or any part of the Property is condemned by eminent dun1ain proceedings or by any proceedllìg or
purchase in lieu of condemnation, Lender may at its election require that aliaI' any portion oj ti,e net proceeds of the awaru be applied to
the Indebtedness or the repair or restoration of the Properly, The net proceeds of the aWiHd shiill mean the alNard after puyment at ail
reasonable costs. expenses, and attorneys' tees incurred by lender in 20nr,ection with the condemnation,
iMPOSiTION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relaling 10 governmental taxes,
tees and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in additiol', to tills f-:lortgaQe and take
whatever other action is requested by Lender to perfect iJnd continue Lender's lien on the Real Property, Grantor shiJll reimburse Lender for
all taxes, as described below, together with all expenses incurred in recording, perfecting or contilìuing this Mortgage, Including without
limitation all taxes, fees, documentary stamps, and other charges jor recording or registering this Mortgage,
Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all 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: 13) a tax on this type of Mortgage chargeable against the Lender or the
holder of the Credit Agreement; and (4) a specific tax on all or any portion of the Indebtedne~s or on puyments 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 ha'Je the
same effect as an Event of Default, and Lender may exercise any or all at its available remedies for an Event of Default as provided below
unless Grantor either (11 pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporatt: surety bond or other security satisfactory to Lender,
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relatincj to this Mortgage as a security agreement are a pan of
this Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
Lender shull have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time,
Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to pt:rfect and continue Lender's
security interest in the Personal Property, In addition to recolding this Mortgage in tl1e real property records, Lender nIJY, at any time and
without. further authorization from Grantor, file executed counterparts, copies or reproductions ot this Mortgage as a financing statement,
Grantor shall reimburse Lender for all expenses Incurred in perfecting or r.ontinuing this security interest. Upon defaul\, Grantor shall not
remove, sever or detach the Personal Property from the Property. Upon delault, Grantor shall assemble any Personal Property not atfi>ced
to the Property 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 1118 extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by tht: Uniform Commercial Code) are as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY·iN-FACT, The following provisions relating to further assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be tiled, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and p!:¡ces as Lender may deem appropriate, any and all such mortgages.
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance,
certificates, and other documents as may, in the sole opinion of Lender, be neces~ary or desirable in order to effectuate, complete, µertect,
continue, or preserve (11 Grantor's obligations under the Credit Agreement, this Mortgage, and the Related Documents, and (2) the
liens and security interests created by this Mortgage on the Property, wl1ether now owned or hereafter acquired by Grantor, Unless
prohibited by law or Lender agrees to the contrary in writing, Grantor shiJl! reimburse Lender for all costs and expenses incurred in
connection with the matters referred to in this paragraph,
Attorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragrapl1, Lender may do so for and in the name of
Grè¡ntor and at Grantor's expense, For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-tact 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 the preceding paragraph,
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, terminates the credit line account, and otherwise performs all tile
obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and
sUitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and tile f"usonal
Property, Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. Grantor will be in default under this Mortgage if any of the following happen: (Ai Grantor commits fraud or m¿¡kes a
material misrepresentation at any time in connection with the Credit Agreement. This can include, for example, a false statement about
Grantor's income, assets, liabilities, or any other aspects of Grantor's financial condition, (B) Grantor does not meet the repayment terms of
the Credit Agreement. (C) Grantor's action or inaction adversely afiects the collateral or Lender's rights In the collateral, Th,s can include, for
example, failure to maintain required insurance, waste or destructive use at the dwelling, failure to pay taxes, death at all persons liable on the
account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without Lender's permission, foreclosure by the holder
of another lien, or the use of funds or the dwelling for prohibited purposes,
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter but subject to any limitation in
the Credit Agreement or any limitation in this Mortgage, Lender, at Lender's option, may exercise anyone or more of the following rights and
remedies, in addition to any other rights or remedies provided by 16W:
Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire 111debtedness immediately
due and payable, including any prepayment penalty which Grantor would be required to pay,
UCC Rt:llledies. With respect to aliaI' any part of the Personal Pro pert\', Lender shall have all ti'e rigl1ts and remedies of a secured party
under tile Uniform Commercial Code,
Loan No: 764003328~,
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MORTGAGE
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Collect Rents, lender shall have the right, without notice to Grantor, to take p"ssession of the Property, inclucllnrl during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, IIlcluding amounts past due and LJrlpald, anel dloi~I\' tl,e net proceeds, over
and above Lender's costs, against the Indebtedness. In furtherance of this fight, Lender may reLjuire any tenant or other user of the
Property to 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-fact to endorse instruments recc:lved in payment thereof in the name of Grantor and to negotiate the same
and collect the proceeds, Payments by tenants or other users to Lender ill response to Lender's demand shail satisfy the obligations tor
which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this
subparagraph either in person, by agent, or through a receiver,
Appoint Receiver, lender shall have the right to have a receiver appointed to take possession of ollar any part of the f):.,perty, v\Jtil the
power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, c,mj tú collect tl1e Flents from th"
Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness, The receiver may serve with,)",
bond if permitted by law. lender's right to the appointment 01 a receiver shall exist whether or not the apparent value of the Propeny
exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a persGIi from o;è/vlng Co a receiver,
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grani,or's interest in all or any ¡Jitrt of th" Property,
Nonjudicial Sale. Lender may foreclose Grantor's interest In all or in any part of the Property by non-judicial sale, amJ specifically by POWt;1
of sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment, If permitted by applicable lavv, Lender may olJtain a judgment for any [jdiciencv rt;maining in tile Indebtedness due
to lender after application of all amounts received from the exercise of the rights provided in tillS 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 default of Grantor, Grantor shall becollle a tenal,t at sufferance of Lend"r or the
purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the us" of the Property, UI (2) vacate the
Property immediately upon the demand of lender,
Other Remedies. lender shall have all other rights and remedies pro'f'ded in this Mortgage or the Credit Agreenlerlt ur available at law or in
equity,
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any Jnd all right to have the Property marshalled,
In exercising its rights and remedies, lender shall be free to sell all or any part of tl,e Prüpert'! together or separate I,!, in one sale or bV
separate sales, Lender shall be entitled to bid at any public sale on all or any portion of the Property,
Notice of Sale, Lender will give Grantor reasonable notice of the time and place of an i public sale of the Pers')!),,1 Property or of the time
after which any private sale or other intended disposition of the Personal Property is to Le made, Reason¿,ble notrce shall mean rlotlCt;
given at least ten 110) 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 ami may be exercised ålone or together, An election by
lender to choose anyone remedy will not bar Lender from using ali'l other remedy, If Lender decides to spend muney or to perform any of
Grantor's obligations under this Mortgage, after Grantor's failure 10 do so, that decision by Lender will not affect Lender's right to d"clare
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, Lender shall be entitled to
recover such sum as the court may adjudge reasonåble as attorneys' tees at trial and upon anv appeål. Whether or not any court action is
involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in L"nder's opinion are necessary at any time
for the protection of its interest or the enforcement of its rights shall becume a part of the Indebtedness payable on demånd and shall bear
interest at the Credit Agreement rate from the date of the expellulture until repaid, Expenses covel ed by this paragraph include, without
limitation, however subject to any limns under applicable law, Lenild's reasonable attorneys' fees and Lender's legal expenses V':hether or
not there is a lawsuit, including reasonable attorneys' fees after default and referral to an attorn"y not Lender's salarieu employee and
expenses for bankruptcy proceedings (including efforts to modi/I' or vacate any automatic stay or injunction), appeals, ånd any anticipated
post-judgment collection services, the cost of searching records, obtaininlj title reports (including foreclosure reports), surveyors' reports,
and appraisal fees and title insurance, to the extent permitted hy dpplicable law, Grantor also will pay any court costs, in addition to ali
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 shdll Llc
given in writing, and shall be effective when åctually delivered, when actually received by t"lefacsimile (unless otherwise required by lawi, \':hen
deposited with a nationally recognized overnight courier, or, if mailed, Vfhe" deposited in the United States mail, as first class, cenified or
registered mail postage prepaid, directed to the addresses shown near the beginning of this f\llortgage, 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 change his or her address for notices under this Mortgage by givinlJ formal written notice to the other person or persons,
specifying that the purpose of the notice is to change the person's address, For notice purposes, Grantor agrees to keep Lemler informed åt all
times of Grantor's current adelress, Unless otherwise provided or required by law, if there is more than one Grdn\Dr, an'( notice ljl'fen by Lender
to any Grantor is deemed to be notice given to all Grdntols, It will be Grantor's reSI)(J!",slbillty to tell the others of the notice from Lender,
ASSOCIATION OF UNIT OWNERS. The following provisions apply if the Real Property has been sul)mitted to unit ownerstlip law or slirlilar lavv
for the estôbiishment of condominiums or cooperative ownership of HIe Real Property:
Power of Attorney. Grantor grants an Irrevocable power of attorney to Lender to vote in Lender's discretion on any matter that may come
before the association of unit owners, Lender will have the right w exercise this power of attorney only after Grantor's default; howelJer,
lender may decline to exercise this power as lender sees fit.
Insurance. The insurance as required above may be carried by the association of unit owners on Grantor's behalf, ånd the proceeds of
such insurance may be paid to the association of unit owners for the purpose of repairing or reconstructing the Prúperty, If not so used by
the association, such proceeds shall be paid to Lender,
Compliance with Regulations of Association. Grantor shall perform all of the obligations imposed l,l, Grantor by the declaration subrnitling
th" Real Property to unit ownership, by the bylaws of the associatiún of unit owners, or 1)'1 ål,y rules or regulations thereunder, If Grantor's
interest in the Real Property is a leasehold interest and such property has been submltl"d to unit ovmershlP, Grantor shall períorlll all of tile
obligations imposed on Grantor by the lease of the Fleal Property from its owner.
MISCELLANEOUS PROVISIONS. The hollowing miscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Mortgage and in the Flelated Documents is Grantor's entire agreement with Lender concerning the
matters covered by this Mortgage. To be effective, any change or amendment 10 this Mortgage must be in ,,:riting and must be signed by
whoever will be bound or obligated by the change or amendment.
Caption Headings. Caption headings in this Mortgage dre for convenience purposes only and are not to be used to interpret or elefine 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 accept"d Ly Lender in the State of
Wyoming.
Choice of Venue. If there is a lawsuit, Grantor agrees opon Lende,'s request to submit to tile jurisdiction of the courts of Lincoln County,
State of Wyoming,
Joint and Several Liability, All obligations of Grantor under tilis Mortgage shall t,e JOint anel several, amj ail refererlc'-';i to Grantor shall mean
each and every Grantor, This means that each Grantor slgnin[ below IS r"sponslbie for ail obligalions III this Mortl]alj",
No Waiver by lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage ulli""s Lender does so irl
writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that rl'Jht. If Lender do"s ågree
in writing to give up one of Lender's rights, that does not mean Grantor will not have to campi',' 'Nith the oth"r provisions of this Mortgåge,
Grantor also understands tha1 if Lender does consent to a request, that does not mean tllat Grantor wiil I\ot have to get Lellder's consent
ågain 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 bG required to consen1 10 any of Grantor's future requests. Grantor vfai'J8s presentment, demand for
payment, protest, and notice of dishonor, C;rantor waives all riçJhts of exemption from execution or ",milar law in the Property, anel Grantor
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Loan No: 764003328
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MORTGAGE
{Continued}
Page 5
agrees that the rights 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, that fact by itself will riot 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 Ulortgage 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 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 benefrt of the parties, their successors anel assrgns, If ownership of the Property becomes vested in a person other
than Grantor, Lender, wrthout notice to Grantor, may deal with Grantor's successors \vnh 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 Ind~btedne~s,
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 rights and benefits of the 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 Mortga[)e:
Borrower. The word "Borrower" means MARK E FAULKNER and MARY LOUISE FAULKNER ami includes all co-signers and co-makers
signing the Credit Agreement and all their successors and assigns,
Credit Agreement. The words "Credit Agreement" mean the credit agreement dated November 18, 2005, with credit limit of
$17,800.00 from Grantor to Lender, together with all renewals of, extensions of, rnodifications 0/, refinancin~s of, consolidations of,
and substitutions for the promissory note or agreement. NOTICE TO GRANTOR: THE CREDIT AGREEMENT CONTAIN S A VARIABLE
INTEREST RATE.
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and [ocal statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environm8ntal 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 la\l'ls, rules, or
regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mort[)age in the events of cleldult
section of this Mortgage.
Existing Indebtedness, The words "Existing [ndebtedness" mean the indebtedness described in the Existing Liens provision of this
Mortgage.
Grantor. The word "Grantor" means MARK E FAULKNER and MARY LOUISE FAULKI'JER.
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 enviro, ,; "ent \'¡hen
improperly used, treated, stored, disposed of, generated, manufdctured, transportee! or otherwise handled, The words "1!"/¿Hdous
Substances" are used in their very broadest sense and include without lirr1ltatlon ilny and all hazardous or toxic substimces, milteflals Or
waste as defined by or listed under the Environmental Laws, The term "Hazardous Substances" "Iso Includes, without limitation, petroleurll
and petroleum by-products or any fraction thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes a!fixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means al[ principal, interest, and other amounts, costs and expenses payable under the Credit
Agreement or Related Documents, together with all renewals of, e..:tensions of, modifications of, consolielations of and substitutions for the
Credit Agreement 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 II, this
Mortgage,
Lender. The word "Lender" means FIRST NAT[ONAL BANK - WEST, its successors and assigns, The words "successors or assigns" mean
any person or company that acquires any interest in the Credit Agreement.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender,
Personal Property, The words "Persona[ Property" mean all equipment, fixtures, and other iHticles of persoll¿,1 property now or hereafter
owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additiorls to, illl
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 col[ectively 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 21[1 promissory notes, credit agreements, loan agreements, environmental
agreernents, guaranties, security agreements, mortgages, deeds of trust, security deeds, collatel¿:! 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 frolll
the Property.
::2;'ANTïÆ~ZREAD ALL THE
M RK E FAULKNER
PROVISIONS OF THIS MORTGAGE, AND EACH GRAi'JTOR AGREES TO ITS
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MARY LO}JISE FAULKNER
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Loan No: 764003328
INDIVIDUAL ACKNOWLEDGMENT
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" PëNÑ~-~~;;!~:~~¡~;~;'~fJ;~¡
COUIJlY uF ¡-;2'?';'¡;¡~' ,j [hi t: OF ¡
LlN,COLN ':",','~¡,:"'c,;, ..t¡, , V,V"YOi",',"NG
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MY COI,iM[SS~~EXFlk~_~~~ I c!':"':f< ~~;~
STATE OF
WYOMTN~
COUNTY OF
Lincoln
On this day before me, the undersigned Notary Public, personally appeared MARK E FAULKNER and MARY LOUISE FAULKNER, to me known to
be the individuals described in and who executed the Mortgage, and acknowlecJged that they signed the Mortgage as their free and voluntary act
and deed, for the uses and purposes therein mentioned.
Giveï:2u~' hand and official se!}!:this 18th
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By L --'~./'þ//}.~, "/ C/ rð-J/Z¿Q~
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Notary Public ~9d for tHe':"þtate of WYOMING
day of
November
, 20_~_.
Residing at
Lincoln County
My commission expires
September 17. 2007
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PLANNED UNIT DEVELOPIVt ENT RIDER
THIS PLA1'-.JNED UNIT DEVELOPìv1ENT RJDER is made this E;t,:.ll day of
NOVEI.,m2E, 2 C 0 5 , and is l1lcorpL,rated into ,md skil] be dœmed to amcncl ,md
supplement the Mortgage, Deed of Trust, or Sc>2lUity Deed (lhe "S-."Curity ]nstnul1ent") of the same dare,
ginn by the lUldersigned (the "BJrro\\er") to sc,-urc Borrower's Note to FIRST EZlTIOtL::'l
R~TI~ ViTEST, A NÞ~TIOl',1Pl R~\TKn¡G Þ.sSO'''::L'\~TION
(the "Lender") of !he same date 3m! covering the Property described in the SecLlIlty L1S011!l1ent Jnd located at
173 CUSTER DRl \TE , THliYlTE, \TfCiHNG 83127
[Proj-'êny AJJrtsSJ
The Property includes, but IS not 1imitcd to, a parcel of land unproved Wllh a d\velling, together with other
such parcels and Cèl1ain conilllon areas and [aÒ1ities, as descnbed 111
CO\íEN"~n'S, CONDITIONS "I:lID RESTRICTIONS OF
(the "Declaration") The Property is a part of a planned W1Ù development knO\\11 as
STÞ1< \,TT~LEY RLj,TCH
[Nmn:: ofPL-mneJ Unit fbdopn1èl1t]
(Ùle "POO") The Propel1y also includes Borro\\l;r' s interest inlhe hOmeO\\11erS association or equivalent
entity O\m.ing or managing the common areas and facilities of the PUD (the "Chmers AssocÙJtion"j and the
uses, benefits and proceeds of B..lrrower' s interest
PUD CO\'ENANTS. Ll addition to Ùle covenants and agreements made in the StCltrity Instrument
Borrower and Lender fm1her cmenant and agree as follows
A. PUD Obligations. Borrower shall perform all of BJrrower's obligations under the PUD's
Constitl1ent Docwnents, The "Constituent Documents" are the (i) Declaration: (ii) ¡u"ticles of incorporation.
trust instrwnent or any equivalent docWl1cnt which creates the Ü\vners i\ssociation; and (iii) any bv-Iaws or
other mles or regulations of the O\\1IerS Association, Borrower shall promptly pay, when due, all ducs and
assessments imposed purSll3Jlt to the Constituent Doc'lllnenls,
B. Property Insurance. So long as the 0\\11erS Association maintains, \\1tl1 a generally accepted
insurance CWTler, a "master" or "blanket" policy insuring the ProperlY which is satisfactory to Lender and
which proyjdes insurwlct: eO\erage in the anlOwlts (including deductible levc1s), for the periods, and 'l~:ljnS[
loss by fire, hazards included wiùlin the term "extended coverage," wld an) other hazw'ds, includmg, but
not limi!é::J to, earthquakes wId floods, for which Lender requires insmance, then: (i) Lender waives the
provision lJl Section 3 [or the Periodic Payment to Lender of the yearly premilUn installments for prope11y
insmarlce on the Property; wld (ii) Borrower's obligation under Section 5 to maintain property IJ1suranœ
coverage on Ùle Property j,s deemed satisfied to the extent that the requireJ co\'erage is provided by the
(}.,,,,, , As>oo;atw" ,~~hX
BJrrower ImtJals).I f ,I/l/
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\\1u¡t Lender reqlllres as a condition of tlus \\ainT C:Ul change dUfJng the kr!ll ;¡J' the loan,
Borrower shall gi..e Lender prompt notice of Wl) lapse 111 reqUIred property inSlllêlJlœ CCì\crage pre 1\ ¡dcd
b) the master or blanket policy
In thc event of a dlstnbutlOn of property iJ1Sunmcc proceeds in Ilcu uj' restorali'Jn or rt:pair following
a loss to thc Property, or to cOlllmon areas and facilities of the PUD, any proce(',ds payable tD Borrower are
hereb) assigned and shall be paid to Lender Lender shall ,JppJ) the prcù;cds to the: SlllllS secllrcd by the
Security InstTwnent, whether or not then clue, with the exec"s. if all), pard I,) f:3c'f1í)wer
C. Public Uability Insurance. &mower shall taL: such actions as may be reJsonabJe to insure
that the O\\llerS AssociatIOn maintains a pubhc liab¡\jty insurancc polIcy acceptable in fomL amount, and
extent of coverage to Lender.
D. Condemnation. 'TIle proceeds of ,my award or claim for d,unages, direct c,r consequential,
payable to Borro\\'er in connection \\'ith any condenmation or other taking of all or W]; part of the Property
or the common areas and facilities of the PUD, or for any comeyance 111 lieu of condcnmatjon, ,u'e herd)\
assigned and shall be paid to Lender Such proceeds shall be 3pplied by Lender to the sums secured b) the;
Securi ty lnstTwnent 35 provided 111 Section I I,
E Lender's Prior Consent. Borrower sh31l not except after notice to Lender ,md with Lender' 5
prior \\TÌ!1en consent either partition or subdivide the Property or consent to: (I) the ab,mdonment or
termination of the PUD, except for ab,mdonment or termination required by 1m\' m the case of substantial
destruction by Ere or other casuaJty or in the case of a [,Jing by condemnation or eminent domam; (Ji) am
amendment to any provision of the "Constltuent DOCLUl1en\S" if the prO\isjon is for the express benefit of
Lender: (iii) termination o[ pro[essJùnal management ,md assump!lün of se][-mwwgemenl of the Owners
Association; or (iv) Wl)' action \\hich would have the elIeet of rendering the public liability l1lSlU'Wlce
w\'erage maintained by the Owners Association unacceptable to Lender
F. Remedies. lJBorro\Ver does not pay PUD dues ¡md assessments \\hen due, then Lender may pay
tilen] Any amounts disbursed by Lender wlder this paragraph F shaJI become additionaJ debt of BolTower
secmed by the Security Imtrument Unless BolTower and Lender agree to other tams of payment, these
arnowlts shall bear interest from the date of disbursement ,.~ the Note rate and shall be payable, \Vitil ÜHcrest.
npon notice from Lender to Bon-ower requesting p;:¡yment
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MUL TIST ATE FUD RID::R-Single Famíi:t1
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