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HomeMy WebLinkAbout914175 Î ("1 (~8 6 ~) ,.j ù . After Recording Return to: When rccorc!edmail to:Heather l\IcCusKer Allluican Documents 250 Commerce 2nd Floor Irvine, CA 92602 888-477-4780 t. \1,", 1.,1 RECEIVED 12/5/2005 at 2:26 PM RECEIVING # 914'175 BOOK: 606 PAGE: 686 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY l\10RTGAGE Di\IIN: BOIUW\\'ER I\I0RTGAGOlt LEE R DOTSON; KATHLEEN P DOTSON, HUSBAND AND WIFE ---~--_._"_._.._...- LEE R DOTSON, KATHLEEN P DOTSON .·\D\)IŒSS ADDRESS POBOX3411 ALPINE WY 83128 POBOX 3411 ALPINE WY 83128 ) TELEPllONE NO. II>ENTIFICATlON NO. TELEPHONE NO. IDENTlllCATlON NO. In consideration of the loan or other credit aecommodation hl'leinaner specified and <my future adl'anœs or future Obligations, as delined herein, which I.llay hereatier be adl'anced or incurred and othe~od and valuable eonsideration, the receipt and sufficiency of which are hereby acknowledged. l'vlortgagur hereby warrants amlnlurtgages to ~ PENTAGON FEDERAL CREDIT UNION - ("Lender"), its successors and assigns, D Ivlortgage ElecllIJnic Registration Systems, ]nc. ("MERS"), organized and existing under the lall's of Delaware, P.O. Box 2026, Flint, IVlichig,lIl 48501-2026, (888) 679-r\!ERS, (solely as nominee Cor PENTAGON FEDERAL CREDIT UNION ~A r f )iR U ("Lender") and Lemkr's successors and assigns) ami to the successors and assigns of IvIERS, with power of sale and right of entry and possession all of Mortgagor's present and future estate, right, title ¡¡nd interest in and to the rcal propcrty described in Schedule A which is attached to this rvlortgage and incorporated herein by this reCerencc, togcther lI'ith all present and Cuture improvements and fixtures; all tangible perso\liIi property, including, without limitation, all machinery, equiplllent, building materials, and goods of every nature (e;,eluding huusellold goods) no\\ or hereafter located on or used inconllection with the real propcïty, whether or not anixed to the land; all privileges, helùlitaments, and appurtenances, including all dC'\'elopment rights associated with the real property, whether previously or subsequently translì:rredto the real property from other real property or now or hereatìer susceptible of transfer from the real property to other real properly; all leases, licenses and other agreements; all rents, issues and protìts; all water, well, ditch, reservoir and mineral rights and stocks pertaining to the real properly (cullluhltively "Property"); until payment in full of all Obligations secured hereby. D Mortgagor understands and agrees that MERS holds only kgal tille tu the interests granted by IVlortgagor in this !\'Iortgage, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lemler's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, thc right to foreclose and sell the Property; and to take any action required of I ender including, but not limited to, releasing and canceling this Mortgage. Moreover, in Cmther cOllsideration, f'dortgagur does, for !\Iortgagor and Mortgagor's heirs, representatives and assigns, hereby expressly warrant, covenant, and agree with Lendn its successurs and assigns as follows: I. OBLIGATIONS. This Mortgage shall secure the payment and performance of all present and future indebtedness, liabilities, obligations ami covenants of Borrower or Mortgagor (cumulatively "Obligations") to Lender pursuant to: (a) this Mortgage and the following promissory notes and othcr agreements: INTEREST lUTE I'IUNCII'ALAI\IOllNT/ Flì'\DIì'\G/ CREDIT 1.11\1IT AGREEI\IENT DATE I\IATURITY D.\TE CUSTOI\IEH NlIl\IBER LOAN NUI\IBEH '-- 40,000.00 10/13/2005 10/15/2020 '-----~--_.__._----~_._-------- (b) all other preseot or future writkn agreements with Lender which refer specifically to lhis i'vlortgage twhether executed for the sallie or diffcrent purposl's than thc forcgoing); (c) any gumanty oCobligatilllls ufother parties given to Lender now or hereatier neellted which rerers to this rv!ortg:lge; (d) futme ndvances, whether obligntolY or optiunal, to the sallie extent as iC made contemporaneously with the execution of this Mortg,lge, mlllk ur extended tu or on behalf or !\!ortgagor or Borrower. Mortgagor agrees that if one of the Obligations is a line of credit, tile: lien created by this !\Iorlgage shall continue until payment in full of all debt due under the line notwithstanding Ihe fact thai lìom time to time (but before tellllill:ltion of lhe line) no bnlance may be outstanding. At no time shall thc lien or ¡[¡is Mortgage, not including sums ndl'ancecl to prolecllhc seeurity of this !\Iortgage, exceed $ 40,000.00 ; and (e) all amenclments, extensions, renewals, modifications, replacements or substitutions to <my orthe foregoing. As used in this Paragraph I, the (er\!lS Mortgagor nncl Borrower shnll include and also mean any Mortgagor or Borrower if JllOre than one. ITEM 12i1l1 (0504) LPWY501 © Harland Financial Solutions. Inc. (12/18/96) (Page 1 017 pages) GreatDocs 1M To Order Call: 1-800-968-5775 Parcel: 3819-361-000,55.00 Lot: Block: APP #: 5633859 'c/~:'jL7S .'. n (1 ..~ Ör) '7 ,..' \_1 \..I' U , 2. H.EI)H.ESENTATIONS, \YARnANTIES .-\ND COVENANTS. Mortgagor reprcsents, warrants and CO\'énants to L:nder that: (a) !\Iortgagor has fee simple marketable titk to the Pr<lperty "lid shall Illaintain the Property thee of all liellS, security interests. cncumbrances and claims exct:pt for this rvlortgage and tho,;e [kscribed in Schedule 13, which is altachc:d to this rVlortgagc and incorporated herein by referencc, which Mortgagor agrees to pay and perform in a timely manner (ir th"re are no lie:ns, seeuritv interests, encumbrances or claims other tl¡¡U1 this ]I,'lortgage, a Seh"dule n shall not be all ached); (b) Mortgagor is in compliance in all respects with all applicable federal, state and Il)l·al laws and regulations, inclllding, without limitation, those relating to "Hazardous ]l,laterials," as delint:d herein, and other environmentalnl"tters (the: -"Environmental Laws"), and ne:itht:r the Iì: dc:ra I governme:nt nor the state whert: tht: Property is loeakd nor any other gOI'èrnmental <II quasi go\'t;rnmental L,ntity has filed a lien on tht: Propt:rty, nor are tht:re any governmental, judicial or administrative actions with respect to environmental matters pending, or to the best of the !vlortgagor's knowledge, threatent:d, which ilwolve the J'r<lperty. Neither Mortgagor nor, to the hest or Mortgagor's knowlt:dge, any other party has used, gent:rated, rekased, discharged, stored, or disposed ur any f lazardous Materials, in connection with th!;: Property or transported W1Y Hazardous tvlaterials to or li'om the I'ropt:rlY- !\ lurtg'lg,)r shall not commit or pellllit such actions to be taken in the future. The tèrm "Ilazardous Materials" shall mean any snbstancè, materi::d, or waste which is ur becomes regulated by any government¡¡1 authority including, but not limited to: (i) pc:trokum; (ii) friable or 1)llJlrriable asbötos; (iii) pulychlorinated biphenyls; (iv) those substances, materials or wasks designated as a "hazardous substance" pursuant to Section 311 or the Clean Water Act or lisled pursuant to Section 307 of the Clean Water Act or any amellllmt:nts or repLlœniL'lts to these statutes; (v) those substlU1ces, materials or wastes dèlìned as a "hazardous waste" pursuant to Section IOU·1 ld' the !{esource Conservation and Recovery Act or any amendments or replacemt:l¡ts to that statute; 'lIld (vi) those substances, makrials or wastes detìned as a "hazardous substanœ" pursuant to Section 101 of the: Comprt:hensive Environmental Rt:sponse, Compènsation and Liability Act, or any amendments ur replacements to that statutt: or any other similar statt: or federal statute, rule, regulatiun ur ordinance now or hert:af'tcr in e:1lì:cL Ivlortgagor shall not lease or permit the sublease of tht: Property to a knant or subtenant whose operations may result in contamination of the Property with Hazardous !\Iatcrials or t,)\ic substances; (c) All applicable laws and regulations including, withuut limitation, the Americans with Disabilities Act, 42 US.c. 12101 et st:C]. (and all regulations promulgated thereuJ][kr) and all zoning and bnilding laws and regulations relating to the Property by virtue or any federal, state or municipal authority with jurisdiction over the Property, prest:ntly arc and shall be observed and complieelwith in all material rèspt:cts, and all rights, licenses, penll its, and certificates or occupancy (including but not limited to zoning variances, special exceptions for nonconforming uses, and final inspection approvals), whetht:r temporary or permanent, which are material to tht: use and occupancy of the Property, presently art: and shall be obtained, presClI·ed and, wherè neccssary, renewed; (d) Mortgagor has the right and is duly authorized to execute and perroI'm its Obligations under this !\Iortgage and these actions do not and shall not cO¡1tlict with the provisions oC any statute, I'l:gulation, ordinance, rule of law, contract or other agreement which may be binding on Mortgdgor at any time; (e) No action or proceeding is or shall be pending or threakned which might materially affect the Property; and (I) Mortgagor has not violated and shall not violate any statute, regubtion, ordinanœ, ruk of law, contract or other agreenll'nt (including, but not limikd to, those governing Hazardous Materials) which might materially arrect the Property or I cnder's rigilts or interest in the Property pursuant to this Mortgage. 3. PRIOR MORTGAGES. Mortgagor represents and warrdnh Ih'lt there are no prior mortgages afTecting any part or the Properly except as set forth on Schedule B attached to this 1\lortgage wllich Mortgagor agrees to pay and perform in a timely manner (iC there arc no prior mortgages, a Schedule B shall not be attached). II' there: are any prior mortgages then Mortgagor agrees 10 pay all amOllllts owed, and perform all obligations re'luire:d, under sueh mortgages and the indebtedness scc·ured thereby and rurther agrees that a default umler any prior mortgage shall be a default under this Mortgage and shall entitle Lenckr to all rights and rèmedies contained hèrt:in or in thè Obligations to which Lemkr would be entitled in the event of any other default. 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN ~lOnTGAGORS em BOHlW\\'El~S. In the event of a sale, conveyance, lease, contract for deed or transfer to any person oLdl or any part of the rèal property dt:seribed in Schedule A, or any interest therein, or of all or any benelìcial interest in Borrower or Mortgagor (if Borrower or Mortgagor is jot a natural person or persons but is a corporation, limited liability company, partnership, trust, or other legal entity), Lender may, 'It its option, declare the outstanding principal balance of the Obligations plus accrued interest thereon immediately due and payablt: At Lender" lùluest, Mortgagor or Borro\ler, as the case may be, shall furnish a completl st'ltelllent setting forth all or its stockholders, menlbers or partners, dS appropriate, anel the extent of their respectivt: ownership interests. 5. .-\SSIGNI\IENT OF RENTS. In consideration or the Obligations which are secured by this Mortgagè, t\'lortgagor absolutely ~lSsigns to Lendèr all Mortgagor's estate, rig!1t, title, interest, claim and demand now owned or here,dkr acquired in all e\isting and filture Ie:ases oC the Property (including extt:nsions, renewals and subleases), all agreements tlu use and occupancy 01' tht: Properly (all such kascs al1d agreements wht:ther wril1en or oral, are hert:a/ìt:r referred to as the "Leases"), ami all guaranties of lessl'es' perrormance under the Leases, together with the imnlediale and continlling right to collect ami receive all of the rt:nts, income, receipts, rt:VCI1ues, issues, pro ìts and other income or any nature noli' or hert:aller due (inchlding any income of any nature coming due during any redemption period) under the Leases or rrom or arising out oCtile Properly, including minimum rents, additional rents, percentage rents, parking ur cOlllmon 'Irea mainknance contributions, tax and i¡I"urance contributions, deticiency rents, liquidated ddmages following derault in any Lease, all procee:ds payable under any policy of insurance covering loss of rents resulting from untenantability caused by destruction or dam:lge tu the Property, all proceeds payable as a rcsult uf a kssèe's exercise of an option to purchase the Properly, all proceeds deri\ cd '¡UIIl the terminatiun or rejèl'tion of any Lease in a bankruptcy or otller insolvency proceeding, and all procet:ds from any rights and claims of any kind which Mortgagor may have against any lessee under the Lt:ases or any occupants or the Property (all of the above are hereafter collecliv.:ly rt:J"erred to as the "¡Zents"). This assignmt:nt is subject to the right, power and authority given to tht: Lender to cCìllect and apply the Rents. This assignment is recordèd in accordance with applicabk state law; thc lien crcated by this assignmt:nt is intel1lkd to be specilìc, perfected, and choate upon the recording of this Mortgage, all as !HlIlided by al'l'lic¡¡hlc state law as amended ¡i-om time to time. As long as there is no dcfaullunder thè Obligations or this Mortgage, Ixmkr grants Iv!ortgagor a levuc'lblc license tlJ eollt:cl all Rents from the Lt:ases when dut: and to use such procecds in Mortgagor's business operations. However, [ L'ndcr may at any tillle rt:quire Mortgagor to deposit all Rents into lU1 account maintaint:d by Murtgagor or Lcnder at Lender's institution. IIp'HI ddClult in Ihe p;¡yment oj, or in the perfollnanœ ()l~ lU])' of the Obligations, Lènder ma)' at its option take possession of the Property and h'IIC, huld, manage, kiLSC and operate the PropeJ1y on kilns and for a pt:riod of timt: that Lender deems proper. Lender ma)' proceed to collect and receivc ,ill Rents, 1'1'0111 the property, and Lelllkr shall have full power to periodically make alterations, renovations, repairs or rcplacements to tile Property as I.ender lIlay dccm proper. Lende:r may apply all Rents in Lender's sole discretion, to pa)'mt:nt of the Obligations, or to the pa)'mènt of tht: CDSt or sllch ¡iltcr;¡[ions, renovations, repairs and replacements and any expt:nses incident to taking and retaining possession or the Propaty 'lIJd the m'lll"gelllC:JiI and operation oi ¡he ~rop~rty. Lenckl' may keep the Property propel'lY insured and lJJay discharge .my ta:,es, charges, è ¡IIIIlS, as:iessments and other liens which may accl1le. The expel)se and cost of these actions may be paid from the Rents received, ancl any unpaid 'lIlIounts shall be added to the principal of the Obligations. These amolluts, togetht:r with other costs, shall become p~lrt of the Obligations seCllred by lhi:; Mortgagc. As used in this Paragraph 5, the term "Lender" rdÚs to Lender and any nomillce or Lt:nder who is nallled as tllortgagee on page I. G. LEASES AND OTHER AGHEEJ\IENTS. tllorlgagor ,;h,dl uot take or f~lil to takè any action which may cause nr permit the tennination or the withholding of any payment in connection with any Lease pertaining to the Property. In addition, Mortg'lg,or, without Lender's prior written L'nnsent, shall not: (a) collect any monies payablt: under any Lease more than one month ill "dnlllcc; (b) modit)· ,lIJY Lease; (c) assign or allow a lien, security interest or other encumbrance to be placed upon Mortgagor's rights, title and ink:rest in and to any Lease or the amounts payable thereumkr; or (d) terminate or cancel any Lease except ror the nonpayment of any sunl or other material breach by the other party thereto. If Mortgagor receives at any time any written communication ¡¡ssLTting a ddault by MOJ1gagor IIl1Lkr an Leasè or purporting to kllll inate or cancel rmy Lease, Mortgagor shall promptly tl>J'\vard a copy of such communication (and any suhsequent comlllunicatiuns rclating thereto) to Lel1lkr. All such Least:s and the amounts due to Mortgagor thert:umler arc ht:reb)' assigned to Lem\cr 'I', additional security rnr the Ohlig,:iliulls. 7. COLLECTION OF INDEBTEDNESS FROM TlIlRD P. \I rI'Y. Lender sll,1I1 be entitkd to notil)' or require tllortgagor tn notify any third party (including, but not limited to, lessees, licensecs, governmental authnrities and insurance companies) to pay I.L,nllcr 'III)' indebtedness or obligation owing to Mortgagor with respect to tht: Properl)' (cumulatil'e!) "Imlebtedllcss") whether or nl)t a deEllllt e~ists under ITEM 1271L2 (1I;~,"1) (;Ì(eatOocs 1M LP \rVY 50 1 B © Harland Financial Solutions, Jnc (12/18/9ô) (Page 2 of 7 pages) To 5633859 ¡.',; ~'i' ;..;;.~ ,~~ \~,j ~'~:j : _'...J ¡.i.:: .JL 41"1 ,--1' fÌ r <' () 0 .i ·:tlJo Ö this J\lo:tg:lge, 1\lortgagor shall diligcntly collect the Indeb!èdnèss owing to Mortgagor ¡¡-om t!lèse third parties until the gl\'mg of such nL>tilicatiun. In the evcnt that Mortgagor possesses ur rêCêi\'es possession of any instruments or oth(: ' r..:mi!lances with respect to the Indebtedness following the giving of such notitìcatioll or if the instruments or other remittances constituk tlie, prepaymelll "fany Inckbttdness or the payment of any insurance or condenJllation proLc,.-ds, f\1ortgagur slmll hold such instruments and other rtmillancts intrw,t Ie) ' Lemler apart Ii'om its other proptrty, endorse the inslruments and other remillances to Lemkr, and immediately provide Lcndtr with pussc,,,ion ,,1' thc instnllllellb and olher remittancc's, Lender shall be entitled, but nol required, to collect (by legal proceedings or utllel\lioe), exknd ti,e tirne I(¡r payment, compromise, exchange or release any ubligor or Lull:dll:d, or otherwise se!lle any of tile Indtbtee!ness whdher or not :U1 E\:ent uf Dd::nllt exists umkr this Mortgage. Lendtr shall not bl' li:lbk t" Murlgagor lè'r any action, error, mistake, omission or delay pertaining to the ad ions lk:;cribed in this paragraph or any d:mJages resulting therefrom, Notwithstanding the lèìregoing, nuthing herein slull causc Lender to bè (kem..:e! a mortgagee-in-possession. 8. USE AND i\IAINTENANCE OF PIlOj'ERTY. Murtgagor shall take ¡III acliuns and make :1111' repairs needed to maintain (he Property in good condition, f\tortgagor shall not comlnit or permit any waste to be commitkd with respect to thc 1'ro['e:rt) f\lurtgagor shall li,se'thGPrppe:rty solely in compliance with appl icabk law and insurance policits. Mortgagor shall not make any alkrations, addit ions or improvenlents I" the Pruperty without Lender's prior written consent. Without limiting the J'm..:going, all alkr,iIiolls, additiuns and improvements made to the Property slmll be: subject to the benel'icial interest belonging to Lender, shall not be rënw\'e:d without L..:mkr's prior written consent, and sh¡¡J1 be made al Mortgagor's sole expense. 9. LOSS Oil D.\i\IAGE. tvlortgagor shall bear thc e:ntire risk or any loss, then, destruction or damage (cumubti\c'ly "Loss or Damage") to the Propcrty ur any portion th..:reor Iì'om any cause \\hatsœver.ln the eVent ufany Loss or Damage, Mortgagor sha'lI, ¡It the o['li()1! of Lender, re:['air the: aflected Propcrty to its prcvilJlls conditiun ur payor c¡¡use to be: paid tu Lender the decre:,Lse: in Ihe Üiir market value: urthe: atlè:e:lcd I'rupc·rty. HI. JNSlJRANCE. The Property will be: kept insurl'd Ie) ' its rull insurable \'alue (replaccment cost) against all hazards including loss or damage: causcd by tluod, earthquake, lumadu ¡¡nd I"¡¡-e, thclì ill' othC:1 casu:lI¡y to the exlcnl requile:d by Le:nde:!'. ~d(lrtgagur Il1ay obtain insurance on the Property from such cOlnpanies as are acceptable: (0 Lendl'r in its ~;ulc disClclion The inslJI<illce polie:ies shall re:quirl' the insurance company to proI'ide Lemler with at le:ast 30 days' written nut ice before such policics arc allc:red or cancelled in any manl1èr. The insurance policie:s shall nallle Lender as a loss paye:c: ¡¡nd provide that no act or omission of I\10rtgagor or any other pl'rson shall affect thc right of Ll'nder to be paid thc insurance: proceeds ['l'rtaining to the loss or damage of the Property, JII the e\'ent Mortgagor fails [0 acquire or maintain insurance, Lender (alkr providing notic:l' as may be required by law) may in its discrcliun procurc' appropriate insurance coverage upon thc: Property and the insmancc: cost shall be an ad\'ance payable and bl'aring interc:st as described in l':tr:lgraph 21 and secured hereby. Mortgagor shall furnish Lender with evidencc: of insurancc indicating thC required .covl;rage. Lender Illay :ICt as attlHlìl:y-in-fact for Mortgagor in making ane! settling claims under insurance policies, e:anœlling any policy or e:ndor,;ing J\lortgagor's 11'1I1le: Oil allY draft or nl'go!Ïable instrument drawn by any insure!'. All such insurance policies shall be immedi~ltcl) assigned, pledged and dl'livered lu Lender as further security for the Obligations. In the event of loss, Mortgagor shall immcdiately give Lender wrillen notice and Lender is authorized to ma~c: proof of loss. Each insurance COJl'l1CIII) ¡,; dirl'cted to make payments dirc:ctly to Ll'ndcr instead of to Lender and Mortgagor. Lcnder shall ha\'e the right, at its sole option, tu apply sud1 monies toward the Obligations or toward thc: cost 01' rebuilding and restoring the Propl'rty. Any amounts may at Lendc:r's option be applied inth..: inverse order of thl' due dates there:o!". II. ZONING .AND PRIVATE COVENANTS. Mortgagor shall not illitiate or consent to any ckmge in the zoning provisions or privalt covenants aff.:cting the use of the Property without Lender's prior writkn Clìl1Senl. IfMortgllgor's use of the Prop.:rty is or beconles a I1CHlcolllèHming use under any zoning pro\'ision, Mortgagor shall nut cause or p..:rmit such use to be discontinued or abandoned witllout the prior writkn consent of Lender. Mortgagor will imm..:diatdy pru\'ide Lender with wrillennotil'e: of any proposed ch~lI1ges to the loning provisions or private covenants alfecting the Property. 12. CONDEi\IN.\TlON. Mortgagor shall immediately provide Ixnder with writtellnotice or any actual or threatenc:d L'One!emnation or eminent domaill prueeeding pertaining to the Property. Allmonie, p.l)ablc to Mortgagor from such cnnd..:mnation or taking arc: hc:reby assigned to LC'llder and shall be applied first to the payment of Lendèr's attorntys' fees, legal expenses and other costs (including appraisal fees) in connc:ctinn with the condemnation or ..:minent domain pr'ìccedings and th(;n, at the option nf Lendc:r, to the paymc:nt uf the Obligations or the restoration or repair of the Property- 13. l.ENDER'S HJGIIT TO COi\Ii\IENCE OR DEFEND LEGAL ACTIONS. Mortgagor shall immediately providl' Lender with writ1en notice of any actual or threatened action, suit, or other procceding affecting the Property. Mortgagor htrl'by appoints Lc:ndc:r as its auornl'y-in-fact to commence, intervene in, and defend such actions, suits, or other legal proceedings and to cornpromisc or seU!c any claim or contro\'c:rsy pertaining thereto. Lender shall not be liable to Mortgagor for any action, error, mistake, omission or delay pertaining 10 the actions described in this paragrllph or any damage:s resulting Ihereli'onl. Nothing contained herein Ivill prel'cllt Lende:r (¡-nm taking the actions described in this paragraph in its ownllame. . 14. INDEI\lNIFICATION. Lender shall not assume or be responsible ror the performance of any of Mortgagor's obligatinns with respèct to the Property unckr any circumstances. f\/nrtgagor shall immediately provide Lemler with lI'Iillen Ilotice of and indemnify and hold Lendtr and its shlileholders, directors, officers, c:mplo)'c:es and agents harmless li'om all claims, damages, liabilities (including attorneys' fees and legal expenses), causes of action, actions, suits and oth..:r legal proceedings (cumlll:tlil'ely "Claims") pcrt<illling tu tli..: Property (including, but not limitl'd to, those in\'oil'ing Hazardous Makrials). Mortgagor, upon the rc:qul'st of L.:nlkr, ,;hall hire legal counsel to detend Lender lì'om such Claims, and pay the attorneys' fee:s, legal c.\pensL's ane! other costs incurred in connection therewith. In the alternative, Lendtr shall be lèlllitled to employ its u\I'n kg:d counselll) d..:fene! such Claims at f\lurtgagor's cost. Mortgagor's obligation to indemnify Lender under this p:tragraph shnll sur\'i\'t the terminatilHl, release or for..:closure of this Mortgage. 15. TAXES ,\ND ASSESSMENTS. Mortgagor shall pay all taxes and aSSL'ssments r.:l:tting 10 the Property when due and immediately provilk lender evidence of pa)'ment of S'1I1Iè. Upon th..: rec¡uL'st or Lender, Mortgngur shall (kposit with Lenckr edc'h month one-twelfth (1/12) of the estimated annual insurance premium, taxL'S and assessmcnts pertaining to the I'rupc'lty- So long as thL'rc: is no default, these :lInuunts shall be applied to the payment of taxes, :Isse:ssmcnts and insurancl' as rcquired on the I'ru JlL'I I)', III thl' event of default, Lender shall have the right, at its sole option, to apply the lìlllL!-; so he:ld to pay an)' l,lxes or against the Ubligations. An)' limds npplied may, ¡It Lender's optiun, b..: applied in r(:\,e:rse ordn ofthL' due date ¡hereof. IG. Ii\SI'LCTlON OF PHOPERTY, BOOKS, HECORDS AND REPORTS, Mortgagor shall allow Lender or its agmts to examine and inspect the Prul'crty and examine, ins¡JL'ct and make copies of Mortgagor's buoks and records pL'rtaining tu thc: PWJll'1 t) frum tinlc 10 time. Mortgagor shall provide any assistance required by Lel1lkr I(¡r thesè purposes. >\11 of the sign:lturcs :\lld illfìnmntiull l'untained in Mortgagor's books and records shall be genuine, true, accurate and complete in all respecls. f\' ortgagor shall note thc: cxislencc' of Lender's bc:nelìcial inkrest in its books and rc:cords pertaining to the Property. Additiullally, 1'vlortgagor shall replnt, in a tè111n satisl¡¡ctory to Lender, such illlì.ìllnation as Lender may request regarding Mortgllgor's fìnancial c'ulldition or the Property. Thl' in tè II'Jn at ion shall be Jì\!' such periods, shall reflect Mortgagor's records at slIch tillle, and shall be fçt1I.ÍèrclÏ with SlICi'l i"n'::l}w,;ncy ns Lender fIlay de:;Îgn"Llc. ;\.J: ¡nf(ìfHÚlt¡~-;ll fUiï¡¡~)¡:cd by Mortgagor to Lender shall be true, accurate allLl complete in all respects, and Sigllc:d by Mortgagor if Lemler rc:quests. 17. ESTOPPEL CERTIFICATES. Within ten (10) days ¡¡fter any request by Ltnder, Mortgagor shall deliver to lender, or an)' intencbl lranslèrc:e of Lender's rights with respect to the Obligations, a signc:d and acknowkdge:e! sLlkmenl specifying: (a) the outstanding balancc on the Obligations; \lnd (b) whdhcr Mortgagor pussesses \In)' claillb, defcnses, set-ulls or countcrclaims with rl'spc:ct tu t!Jc Obligations and, if so, the natur..: uf such claims, defensl·s, set-utfs or counterclaims. Mortgagor will bL' conclusively bound by 11111' rcpresentationthat Lendc:r may ma~e to the intended translèree with rc:spectto these matters in the event that r.lortgagor fails to prO\'lde the requlÒsted >tdkment ill ¡Ilimely nwnner. 18. EVENTS OF DEF,\UI:r. An Event orDd~llllt will occur under this Mortgage in the evclll that r.lortgagor, Borrower or any guarantor of the Obligation: (a) I¡li!s to pay any Obligation to Lender when due; (b) fails to perform any Obligation or breaches any warranty or covenant to Lender contained in this Mortgage or any other present or future agreelllent; (c) d..:stroys, loses or damagL's the Property in any material resptct or the Property becomes subject to seizure, contiscation or coudem nalion; (d) sec:ks to revoke, terminate or other\lise limit its liability under any guaranty to Lender or an)' indi\'idual gU~Jnll1tol dies; ITEM 1271L3 (0504) LPWY501C © HOfland Financial 50lulions, Inc. (12/18/96) (Page 3 or 7 pages) C';rea!Docs TM fa Oldd Cäll: 1·800-8ù8-5775 APP #: 5633859 ,¡':~J ,~, J,,\ r. r:' }~? n ',j \..' U U J k) die;;, becomes legally incompetent, is di;;soll'ed or terlninilklL becomes insolvccnl, makes an assiglinlelll ';'1 the benclit of creditors, filils to pay debts as they become due, lìh,s a petition und,:r thl: kder:¡/ bankruptc:) laws, has an il1\ olulllary petitlu ) m bankruptcy ¡¡led in which Ivlortgagor, Borrowt:r UI any guarantor is named, 01 has property taken umler any Il'rlt or process of COUll: (I) aHows goods to be used, transported or stored on the ProP"I'1\', the pos;;ession, Ir:lIlsportation, or use of which, is il kgal; (g) allows any party other than tv!ortgagor or Borrowt:r to assulne or unlkrtake any Obligation without the \\ rilkn conse¡lI uf lender; (h) causes Lt:ndc:r tu deèm itself insecure dUè to a signif'ic:ant (kcline iuthe value of the Property; or (i) if Lender, in good lilith, bt:liel'es for any rt:ason that the prospect of paymeut or pèrformanCê is impaiæd. 19. RIGHTS OF LENDEI~ ON EVENT OF DEFAULT. Upon the occurrence of an Event of Dc filll It unLkr this 1\lortgag(" Lender shall be entitled to exercise one or mort: of the foHowing remedies lI'ithoutnotict: or demand (except as requircd by law): (a) to declare the Obligations immediately due and payable: in full, such acceleration shall be ~llltomatic and imll1ediate ir the El'ent of Dèfault is a tiling under the Bankruptcy Code; (b) to collect the outstanding Obligations with or withont resorting to judicial process; (c) to requirè Ivlortgagor to dèliver and makè availabk to Lender any personal property or Chat1e1s constituting the Properly :11 a place reasonably cOl1lènient to MOligagor and Lender; (d) to enter upon and tàke possession of the Property without applying for or obtaining the appointlllent of a recei\'er and, at Lender's option, to appoint a recei\'er without bond, without lìrst bringing suit on the Obligations and without otherwise mecting any statutory conditions regarding reeeivèfs, it being intended that Lèn(kr shall h:t\'è this contractual right to appoil1l a rccei\'er; (e) to employ a managing agènt o[the Property and let the same, ill the name of Lender or in the n:,nle of1\!,'rtgagor, and rccei\'e the rènts, incom..:s, issues and prulìts of the Property and apply the same, ana payment ofallncCL:ssary ..:harg..:s and expenses, on aCL'OIi,,¡ ofthè Obligations; ([) to pay any sums in any form or manner dcemed ..:xpedient by Lender to protect the security of this 1\lortgagè or tn cure 8ny ddault other than payment of interest or princip81 on the ObligatiLìlls; (g) to foreclose this Mortgage either by suit at law or equity, as Lender may elect, or to !'eHèclose this l\-Iortgage by aLilertisement and sale of the property at public \'enllè 1'01' cash, according to Wyoming statutes go\'erning mortgage roreelosures; (h) to set-otT Mortgagor's Obligations against any amounts ollL~d Mortgagor by Lemler including, but n'ìt lilllited to, monies, instnlmènts, and dèposit accounts maintained with l.ender or an)' currently existing or futurè artìliate of Lender; alld (i) to exercisè all other rights availabk to Lender unda any other IIritten agreèment or applicable: law. Lènder's rights arc cunlltl8ti\'è and may be exerci,ed together, separalèl), ,lIId in any order, In thè el'ent that Lender institutes an ~ILli,)n seeking the recovery of any or the Propnty by way or a prejndgment rèmèdy in an aClion against 1\10rtgagor, MOIlgagor W:li\'èS the posting of an)' bond which might utherwise be required Lemkr or Lender';; de:,ignèe may purehasè thè Property at any sak.1Î1è Property or any part thereof may be sold in one parcel, or in such parcds, nwnnèr or order as Lemler in its so!è discretion m:J) elect, and one or more cxeleisès of the power herein granlèd shall not extinguish or èxhaust the polI'er unless the entirè Property is sold m thc Oblig:llions arè paid in full. 20. SECURITY INTEIŒST U¡\DER TIlE UNIFOHi\[ CO:\IMERCL\L CODE. This 1\lortgage shall hè considcred a financing statement aud a lìxturè lìling pursuant to the pro\'isions of the Uniform C'ommercial Code (as adopted by the state \\here the j'rulwrty is IOL'ated) covering lixturès, ehattds, and articles of personal property now owne:d or hereafter allached t,) or to bè used ill cOllnl'dion 1\ ith the Propc:rt\' togèlhèr with any and all replacements thèreof and additions thereto (thè "Chatkls"), and 1\lortgagor hereby grants [ender a secmity interest in sneh Chauds. The (kbtor is th..: Mortgagor deseribèd above. The secmed party is thl' I L'nder described aho\e or any nominee of Lender who is named as M'Htgagœ on pagè I. \ ]pon demand, Mortgagor shall make, execnte and delivcr snch secllrity agreenh:nts (as such telm is dctin..:d in said Uoil(Hln Commercial Code) as Lender at any time may deccm necessary or proper or required to gr~lnt to l.end..:r a perfected seCllrity intcrèst in the: Chattels, and upon Ivlortgagor's railnre to do so, Lèmkr i;; authorizèd to sign any such agreèm..:nt as the agent of MlH tgagor. Mortgagor herèby authori;..:s Lender to fik Jinancing stakments (as ;;uch krm is delinèd in said Unil()¡, l1 Commercial Co(k) with respect to thè Cktllds, at any tillle, without thè signature of rvlortgagor. Mortgagor will, hOIVevèr. at any time upon rcquèst of Len(kr, sign such lìnancing statements. IVlortgagor will pay all1ìling fees for thè liling of such tinaneing statemènls and ti)r the relìling thcreof at the times required, in the opinion of Lender, by said Uniform Commercial Codè. fr the lien of this Iv!ortgagè is subject to any security agrec:nlent ('o\ering thè Challels, then in the event of any d..:fault under this Ivlortgage, all thè right, titlè and interest of Mortgagor in and to ~111)' ¡lIld all of tlK Chattels is hereby assigned to I,emkr, togethèf with the benefit of any deposits or paymènts noli' or herèalìer made thereof by 1\ IllItgagor or the predecessors or suceèssors in tilk of Mortgagor in th..: Property. 21. REIi\IIWRSEI\IENT OF Ai\10UNTS EXPENDED B\' I.ENDER. Lender, at Lendds option, may è:\pend funds (inelnding attorneys' feèS and legal expenses) to perrorm allY act required 10 be takèn by Mortgagor or to exercisè any right or remedy of Lemler under this Mortgage. Upon dèmand, Mortgagor shall immediatèly reimbnrse Lender for all such amounts expended by Lel1(kr together \I ilh interest thereon at the lower of thè highest rak (kscribèd in any Ohligation or the highest rate ¡¡llowed by la\l' from thL: d:1I..: of payment until the datè of reimbursèmenL These SUIllS shall be included in thè definition of Obliglltions herèin ami shall be secured by the benelieial intèrèst grankd hèrèin. ]f the Obligations arc paid al1èr the beginning of publication or notice of sale, as herein provided, or in the èvent Lènder shall, at its sole option, permit Jvlortgagor to pay any p"rI or the Obligation;; aticr tllè beginning of pllblic:llion of notiee of sale, as herein provided, then, Mortgagor shall pay on demand all cxpensès inclnTccI by the Lemkr in connection with said publication, il1C'luding reasonablè attorneys' fees to the attorneys ['eH the Lender, and this Mortg:lge Shilll bè sec:urity for all such c:\penses ami fees. 22. APPLICATION OF I'AYMENTS. All payme,nts made by or on behalf of Mortgagor may bè applièd againstthè :lInounts p:lid by Len(kr (inclnding attorneys' fees and legal expenses) in connèclion with the èxereise or its rights or remedies lkscrib..:d in this 1\l'lrtl2agè and then 10 the paymen! of the remaining Obligations in II'hatever order I.ender choosès, ~ ~ 23. I'OWER OF ATTORNEY. Mortgagor herèby appoints Lender as its attorney-in-fact to endorsè Mortgagor's namc on all instruments and olha documents pertaining to the Ohligations or thè Mortgage. In addition, Lènckr shall be entitled, hilt not required, to pèrform any action or execute any documellt requirèd to be taken or executed by Mortgagor under this Mortgage. Lelll!cr's p(:11(1I'In:ìllce of such action or execution of such documents shall not relieve Mortgagor flom any Oblig~llion or curè an)' (!crault unckr this Mortgage, AIJ powèrs of attorney describt:d in this Mortgage arc coupled with an interest and alè irrevocable. 2-1. SUBROGATION OF LENDER. Lender shall be subrogated to the rights 01' the holder of any previous lien, securily int..:rèsl or encumbrance discharged with funds advanced by Lendèr regardlèss 01' whether thèse liens, security interests or other encumbrances hal'e bcen released of rècord. 25. COLLECTION COSTS AND ATTOHNE\'S' FEES. Upon an Event of Default and rèfèrral of this ]'vl"rl,';\gè to an attc>r!\¡,~' who is nOI a salaried employee of Lenckr, Mortgagor agrees to pay l.ender's reasonable attornè)'s' fees. Additionally, I\:!ortgagor agrœs io pay all reasonable expènses incurred by Lènder in fOft:closing and realizing on the Property. 26. PAHTIAL HELEASE. Lenda may release its interest in a portion or the Property by exec\\ting and recording one or more partial releases without affecting its intaest in the remaining portion of the Property. Nothing here:ill sh:dl he deelllL'd ¡o niJligate Lender to rL'!ea:;c any 01' its intaest in the Property (except as required under Paragraph 3·1), nor shalll.cmler be obligated to releasè aoy part or the I'mperty if Mortgagor is in ddault umkr this Mortgage. 27. I\IODIFICATION AND W.-\I\'ER. The modification or waivèr of any of Mortgagor';; Ohligations or Lencler's rights under lhis Mortgage musl be contained in a writing signed by Lènder. Lender may perl~)J'l11 any or norroll'er's or Mortgagor's Ohligations, delay or fail to exercisè any of its rights or accept payments from Mortgagor or anyone other than Mortgagor without causing a waiver of lhose Obligations or rights. A wail'èr Ón one occasion shall not constitute a waiver 011 any other occasion, Mortgagor';; Obligations uudcr this Mortgage shall not be affected if Lender amends, compromises, exchanges, fails to e:\èreise, illlp:¡ir.:, or rccleases :ill) of Ihe Obligations belonging 10 any Mortgagor, Borrower or third party or any of ils lights against any 1\lo:lgagol, Borrower or third palty or any of thè I'ropèrty. Lendcr's failure to insist upon strict per!(¡lmance of any of the Ohlig:ltious skill not be deelllL:d a IIdil'er, and Lender sl1lllll"l\e the righl at any time thaealkr to insist upon strict performance, ITEM 1271 L4 (0504), LPW(5G1D © Harland Financial Soluliùl1s, Inc (12/18/96) , " (paQG 4 of 7 päiJes) To :':I'-'::1\OUC$ fM 1·H,üú-968·5775 '; 5633ß59 ~- - J 7C~ ......r'] .,-, n" ¡," U~ ;jUUJ 2H. SlICCESSORS AND ASSIGNS. This I'vlortgage shall be: binding upnn and inure tu the be:II~lïl nfl'v[urt¡plgur and LClllkr and th('il respe:ctivè SUCCèssors, assigns, lrustc~s, rèCêivers, administrators, pèrsonal reIJl\:sentative:s, legatec, ~JI¡d lkvisees. 29. NOTICES. Exccpt as otherwise: required by law, any notice or other communication tn be provi(kd unckr ILis IIlmtgage ,Il,dl be in writing and senl to the parties at the addressc, ck:,cribed in Ihis III"ftgagc: or sLleh "ther address as Ihc' parties may cksign~11ê in wriling fi'ollltil1Je to time. Any such notice so given and se:nt by first class mail, puslage prepaid, shidll)e cke:med gil'en thc êarlicr of three (3) clays alter such notice is sent or VI hen received by the person to whom such notice is being given. 30. SEVERABILITY. Whenever possibk, each provision of this IIlúrtgage shall be inlêrprekd so as to be' ei'l'ective and valid undc'r applicabk state law. If any provision of this Mortgage viùlates the "111 or is unenfùrceabk, the rest of this 1IIIIrtgilg,- shall continue tu bc' val id and enfol eeable. 31. AI'f'LICABLE LAW. This Mortgage shall be governed by the laws (,rthe state where the Pi-operty is located. lInkss applicable law pro\'icks otherwise, Ivlortgagur consents to the jurisdiction and ve:nue of any coull '¡elecled by I >el1Ckr, in its sulc: discretion, located in that stute. 32. NO THIIU>-I'.·\Jff\' niGHTS. No persun is UI shi111 be a third-party b"nelic'i:¡ry of any provisiun of the Mortgage. All provisions of the: Mortgage in ¡¡¡VOl' of Lender are intended solely for the benelil uf Lender, and nil third party shall be entitled 10 assurllc: ur C·'.[I,-,ct that Lender will waive or conse:nt to the modification ufany provision of the Mortgage, in Lenckr's sole discrdion. 33. I'nESEn\'ATION OF LL\BILlTY AND PRIOnITY. \\'ilhuut aftì.:cting the liilbilily of Borrower, Mortgagor, or any guarantor of the obligations, or any other person (except a person expn:ssly rekased in writing) for the payment and perlÜrtJlancc of the Obligations, and without affecting the: rights of Lender with respect to any Property not expressly released in writing, and without impairing in any way the priurity of this Mortgagl.O over the interest ùf any perSOl1 dequired or first evidenced by recording subsequent to the rec·utding of this Ivlortgage, Lender may, cither before or alkr the maturily or tlte Obligations, and witltuut notice or consent: release any persoll liid,le t~)/' paymcnt or perl~)rm,ll1ce uf all or any part uf the Ol>lig,¡tions; make any agn:l.OllIent altJ:ring thè terms of payment ur pertllrtn,lIll'e ot' all or any part of the Obligations; exercise or re:frain from exercising or waive any right or rcmlÒdy that Lelllkr llIay have under tltis Mortgage; acœpl additional security of any kind for any of the Obligations: or release or otherwise (kal with any real or pnsonal properly securing the Obligations. Any person acquiring or recording evidcncc uf any inltrest of any nature in the Property shall he dee:med, by acquiring such interest or recording any evidence thereuf, tu have cunsented to ,ill or any such actiuns by Lcmkr. 34. DEFEASANCE. Upon the payment and performance in full ul'all of tile Obligations, Lenda will execute and delivcr to fllortgagor those documents that may be rlÒquired to release this Mortgage ol'recorcl. Mortgagur sltall be responsible tu pay any costs of recordation. 35. CONSTnUCTION LOAN. D If cllecked, this Mortgage is a construction mortgage under tlte Ullillmn Commercial Code to seeurlÒ an obligation incurred ~)J' ¡he construction of an improVêmènt on land, including the acquisition costs of lancl. This Mortgagè secures a construction loan, and it will be subject to the !crllls or a construction loan agreC:lnent between Murtgagor and Lemkr. An) materials, equipment or supplies used or intelllkd fl.)r use in the conslructiun, development, 01 uperation of the Prope:rly, whether store:d on or oil the Property, shall also be subject to the lien or this Mortgage. 36. JŒLEASE AND WAIVER OF 110IUESTEAD. Mortgagor hereby relinquishes and waives all rights uncleI' and by I¡rtne of the homestead laws or the State of Wyoming ancl covenants and agrees that Mortgagor is la\\lÜl!y seized or said Pruperty, that it is I're:c from all encumbrances, and hereby covenants to warrant :lnd (J.:fend (he lille or said Property agaiJlStthe hwful claims or all persons WlwI1lSC)eVeL Any Mortgagor who signs this I\10rtgage but does nllt execute Ihe promissory note(s) or agrc'elllcnt(s) evilkncillg the Obligalions (the "Note"): (a) is signing this document to glilnt and convey their intlÒresl in the Properly tinder the tlÒlîns of this docurne:nl; (h) is not personal!y oblig:lted to pay thlÒ Note; (c) agrees that Lende:r and any Borrower may agree to extend, modify, IlJl'bear 01' make an) accommodations \lith regard to the tcrms of this document or [hlÒ NOllÒ without that Mortgagor's consent; and (d) hlÒreby relcases and forever quit-claims unto Lender, as Mortgagee, all his/her rights or homcslc:ad in amI to the Property. 37. 1\1ISCELLANEOllS. Mortgagor and Lender agree that time is or the: essence. Murtgagor waives presentment, ckmand for payment, nutice of dishonor and protest exccpt as requircd by law. All rekrcnccs to !\lortgagor in this Mor)gaglÒ shall include all persons signing below. If there is mure than one Mortgagor, their Obligations shall be joint and se\eraL This Murtgage represents thc complete integrated understanding bet\lecn Mortgagor and LlÒnder pertaining to thc krllls und conditions hereof. 3H. ADDITIONAL TEIt\IS: BY SIGNING BELOW, Mortgagor accepts and agrees to (he terms and covenants contained in paglÒs I through 7 of this Mortgage and in any Ridel UI Schedule execu";'.I by !vIOJtgagor and ¡ccolded with it. õiŒ' h;c?3ðL I zo·' 5 ~N . ."0."""' '1// ~ /.' / - il/!! -L4._t. ( /Û0!¿\.._ KATKLEEN P DOTSON /) ,/7 ,I / / //--.;~-- ."--f ./'// ~ '.J / <;'/. c... ¿,../ -Morlgagor "-~~~--~-- ----------" -r--'II)rtgagor -tvlungagul -~------ -tvlortgagor -îvlungagol ITEM 1271L5 (0504) LPVVY501E © Harland Financial Solutions, Inc. (12/18/96) (Pag~ 5 of 7 pagi-.Js) GrealOoc::; 1M fo Old8r Cé.l1I 1-800-968-5'1(5 APP II: 5633859 ~:....-, l'~:' ,,' ...,.t - ACKNOWLEIH;,\IE1'\TS Slate of W'f0m;( T e:\--oý\ COllnty of The foregoing instrument was acknowledged bcf(He me by Lee.. R ¡ OVi50(\ Ihis I 3~ day of O~ûÚe.r¡ ~O() ð Witness my hand and oftìcial seal. State of COllntyof The foregoing instrument was acknowledgeJ before me by Ihis day of Witness my hand and otlicial seal. (ê Harland Financial Solutions, hlc (12/18/96) ) ) SS ) t-<Lù-t\.1 eEfl ," /" ,.., l)"-... Î' .~ , .. I I , \, .'\ . ',.? 'U '..J.1. P. Ùo+;;on o..nd rJu tlCL·,L 0¿l.ü£ð NOlary Public 1\1y commission expires: ¿ 1/ ,/ D6' ) ) ss -_.'~_.."'----_.- -.~-~ Notary Public My commission expires: (raljB 6 of 7 page$) GreatDocs 11.1 1 800·96~·5775 To I: 5633859 '~-¡5 SCHEDULE .\ nn(ì:~\('0 ".) \.. U J (., 'fhe t(¡ Jowing described real property located in the COllnty of LINCOLN Thè sIred address of the Property (ifapplicabk) is: 521 SADDLE DRIVE, ETNA, WY 831180000 ,Slate of Wyoming: The permanent tax identification number of the Properl" is: The ¡"gal descriptiun of the Properly is: LOT 56 OF NORDIC RANCHES DIVISION NO 4, LINCOLN COUNTY, WYOMING ACCORDING TO THAT PLAT RECORDED AUGUST 9, 19941N THE OFFICE OF COUNTY CLERK AS INSTRUMENT NO 787903, PLAT NO 311-C TillS DOCUMENT WAS I'1ŒPA1ŒD BY; OMAHA SERVICE CENTER 13220 FORT ST OMAHA, NE 68164 ITEM 127117 (0504) LPVVY501G © Harland Financial Solutions, Inc (12/18/96) (Page 7 of7 1-'39"') (~ledtOoc5 lid To Order Call: 1-lJlIù-'Jb8-5775 APP #: 5633859