HomeMy WebLinkAbout914445
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RECORDATION REQUESTED BY:
FIRST NATIONAL BANK - WEST
Afton
314 South Washington SI.
P.O. Box 1620
Afton, WY 83110
WHEN RECORDED MAIL TO:
FIRST NATIONAL BANK - WEST
Afton
314 South Washington SI.
P.O. Box 1620
Afton, WY 83110
RECEIVED 12/14/2005 at 12:26 PM
RECEIVING # 914445
BOOK: 607 PAGE: 448
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SEND TAX NOTICES TO:
FIRST NATIONAL BANK - WEST
Afton
314 South Washington SI.
P.O. Box 1620
Afton. WY 83110
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
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THIS MORTGAGE dated December 8, 2005, is made and executed between RANDY C. KALLGREN, whose
address is 87270 HWY 89, AFTON, WY 83110 (referred to below as "Grantor") and FIRST NATIONAL BANK _
WEST, whose address is 314 South Washington St., P.O. Box 1620, Afton, WY 83110 (referred to below as
"Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages anq conveys to Lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequßntly erßcted or affixed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigalion rights); and all
other rights, royalties, and profits relating to the real propertyš including without limitation all minerals, oil, gas, geothermal and sirnilar matters, (the
"Real Property") located in LINCOLN County, tate of Wyoming:
SEE AITACHED EXHIBIT "A"
The Real Property or its address is commonly known as 87270 HWY 89, AFTON, WY 83110.
REVOLVING 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 compiles wi\h all the terms of the Note.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents from the
Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rßnts.
nus MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TEHMS:
PAYMENT AND PERFORMANCE. Excßpt as othßrwise provided in this Mortgage, Grantor shall pay to Lendßr all amounts secured by this Mortgage
as thßY bßcomß due and shall strictly perform all of Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the
following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use,
operate or manage the Property; and (3) collect the Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in tenantablß condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the
Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the
Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant,
contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state,
and locai laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and lis 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
Properly with this section of the Mortgage. Any Inspections or tests made b)' Lender shall ba for Lender's purposes only and shall not be
construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties
contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrßßs to indßmnify and hold harmless Lßnder against any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may direclly or indireclly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Property,
whether or nol the same was or should have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to
indßmnify, shall survive the payment of the Indebtedness and the satisfactJon and reconveyance of the lien of this Mortgage and shall not be
affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any otlier party the
right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior wrllten consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the f~eal Propeily at all reasonable times to attend to
Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, trle Americans With
Disabililies Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion,
Lender's interesls in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably
satisfactory 10 Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set
forth above in this section, which from the character and use of the Propedy are reasonably necessary to protect and preserve the Property.
T AXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
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Loan No: 61010749
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Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer selvice charges levied against or on account of the Property, and shall pay wr,8n due all claims for woil, done on or for servic8S
rendered or material furnished to the Property. Grantor shEdl maintain the Property flee of any liens having priority o'Jer or 8qudl 10 the inleresl of
Lender unuer this Mortgage, except for the Existing tndebteuness leferr¡;d to in this Mortgage or those liens specifically agreed to in writing by
Lend"r, and except for the lien of taxes and assessments not due as further speciti8d II] IIle Right to Contest parag,aph.
Right to Contest. Grantor may withhold paym8nt of any tax, assessment, or claim in connection witll a good failh dispute over tlI8 obligation to
pay, so long as Lender's int8rest in the Propeliy is not jeopardized. It a lien dl iS8s 01 is liIed as a result of nonpayment, Grantor shall within flft8en
(15) days after the lien arises or, if a lien is filed, wilhin tift8en (15) ddYs after Grantm has notice of the filing, S8cure the discharg8 ot tile lien, or if
requested by Lender, deposil wilh Lender casl¡ 01 fJ suiticienl cOlporata surety bond or other securily satisfactory to L",nder in an alliount sufficient
to disdl"rge tlie lien plus any costs and reasonable a!torneys' fees, or olhH charges that could accrue as a resuit of a for8closure or sale under
the lien. In any conlest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement "gainst IIi" Property.
Grantor shall namE: Lender as an additional obligee under any surety bond furnished in the cont",st proceedings.
Evidence 01 Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of paynlent of Irle taxes 01 ilssessments and shall
authorize the appropriate governmental official to deliver to Lender at any tinle a I'/lilten statement of the taxes and assessments against tne
Properly.
Notice of Construction. Granlor shall notify Lender at least fifleen (15) days before any work is commenced, any S2(ViC8S are furnished, or any
materidls are supplied to the Property, if any mechanic's lien, materiEllmen's lidl, 0' other lien could be asser1ed on aecoulll of the work, selvlces,
or materials. Granlor will upon request of Lender furnish to Lender advanc,.¡ assurances satisfactory to Lender that Glalllor call and will f,ay lIie
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Properly are a part of this Mortgage:
Maintenance of In:;¡urance. Grantor shall procure and maintain policies of file insurance with standard ext",nded eovc:ld92 ""dOISellibri!s on a
replacement basis for the full insurable value covering all Improvements on the Real Property in all amount suttlcidnt to aVlJicJ dppilcation of arlY
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor stldll also plOcure and maintain comprehensive (j8n8ral
liability insurance in such coverage amounts as Lender mElY requ",st with Lender b8ing nallled as additional insurecJs in such Ilabilit\, insurance
policies. Additionally, Grantor shall maintain such otlier insurance, including but not limited to hazard, busin",ss interruption alld boiler insumnce
as Lender may require. Policies shall be written by such insurance companies and in such form as may b", reasollalllj fJccdptable to Lender.
Grantor shall deliver 10 Lender certificates of coverage from each insurer contdining a stipulation thai coverage will not be e2.lr"elled or dlminisned
without a minimum of thirty (30) days' prior \witt8n notice to Lender and not containing any disclaimer of the insurer's liability tor failure to give sl}ch
notice. Each insurance policy also shall include an endorsement provicJing It]at coverage in favor of Lender will not be impaired in any way by any
acl, omission or default of Grantor or any other pó:rson. Should the Real Proµerty be located in an arefJ designated by the Director of the F8deral
Emergency Management Agency as a special ilood hazard area, Grantor agrees lu obtain and maintain Federal Flood Insurdlice, it availûble,
within 45 days after notice is given by Lender that the Property is locat8d in a special tlood hazard area, for the full ur,paid Iii ilicipal balallC8 ot 1t1e
loan Elnd any prior liens on the property securing trle loan, up to the maximum policy limits s"t under th8 National Flood InsuI<lIlce Program, or as
otlierwise required by Lender, and to main lain such insurance for the t8rm of tile loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estirnated cost of repair or
replacement exceeds $1,000.00. Lender may make proof of loss If Grantor fails to do so wilhin fifteen (15) days of the casuaity. Whether or not
Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply ttle proce",ds to the
reduction of the Indebtedness, payment of any lien affecting the Property, or the resloration and repair of the Prop bill'. If L",nder elects to apply
the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactol)' to Lender.
Lender shall, upon satisfactory proof of such expenditure, pay 01 reimburse Grantor floln the proceeds for the reasonable cost of r",pair or
restoration if Grantor is not in default under Ihis Mortgage. Any proceeds which ¡lav8 not been disbursi:d wllhin leO ddYS aft8r tlleir receir!t and
which Lender has nol committed to the repair or restoration of the Property shall be used first to pay any amount owing to L8ncJer unclar tllis
Mortgage, then to pay accrued interest, and the remainder, if Elny, ó;liall be applied to the principal balanc8 of the Indebtednbs II L8ndel holds
anI' proceeds after payment in full of the Indebteaness, 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 with the
insurance provisions contained in the instrument evidencing such EXisting Indebtedness shall constilute compliance willi the insurance provisions
under this Mortgage, to It]e extent compliance with Itle terms of lhis Mortgage would constitute a duplication of insurance IH¡Ullefl,ellL If any
proceeds from the insurance become payable on loss, the provisions in this Mortgage for division of proceeds shall apply only to Itlat portion of
the proceeds nol payable to the holder of the Existing Indebtedness.
LENDER'S EXPENDITURES. If any action or proceeding is commenced that would mat ",rial II' affect Lender's inter",st in the Property or if Grantor fails
to comply with any provision of this M0I1gage or any Related Documents, including but nollimited to Grantor's failure to cornply with any obligation to
maintain Existing Indebtedness in good standing as required below, or to discharge or pay when due any amounts Grarltor is recjuired to discharge or
pay under this Mortgage or any Related Documents, Lender on Grantor's behal! may (but shall not be obligated to) take any action It!at Lender ddems
appropriate, including but not limit",d to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any tim8 levied or
placed on the Propertjl and paying all costs for insuring, maintaining and pr"serving the Property. All such expenditures incurred or paid by Lender for
such purposes will then bear interest at the rale charged und8r the Note from the date incurred or paid by Lender 10 the dale of repayment by Grantor.
All such expenses will become a part of the Indebtedness and, at L",nder's option, will (A) be payable on demand; (8) be added 10 the balance of
the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term 01 an\' applicdble
insurance policy; or (2) the remaining term of the Note; or (C) be trealed as a balloon payment which will be due and payable at the Note's maturity.
The Moligage also will secure payment of these amounts. Such right shall be in addilion to all other rights and remddies to which Lender may be
entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of lhe Property are a palt of this MOligage:
Title. Grantor warrants that: (a) GrElntor holds good and marketable title of record to the Propeliy 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 any tille insurance
policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full
right, power, and authority to execute and deliver this Mortgage to Lender.
Defense 01 Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Properly against the
lawful claims of all persons. In lhe event any action or proceeding is commenced that questions Grantor's title or lhe interest of Lender under this
M0I1gage, Grantor shall d",fend the action at Grantor's expense. Gr,¡¡¡tOI may be trle nominal parly in such proceeuing, but Lender shall be
entitled to par1icipate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice; arid Grantor \'1111 deliver, or
cause to be delivered, to Lender such instruments as Lender may request flom time 10 time to permit such participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Representations and Warranties. All representations, warranties, and agreements made by Grantor in this Mortgage shall survive
the execution and delivery of this Mortgage, shall be continuing in nature, and shall remain in full force and effect until such tin18 as Grantor's
Indebtedness shall be paid in full.
EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this MOl1gage:
Existing Lien. The lien of this Mortgage securing the Indebtedness may be secondary and inferior to an exisling lien. Granlor expressly
covenants and agrees to pay, or see to the payment of, the Exisling Indebtedness and to pr",vent any defaull on such indebtedness, any default
under the instruments evidencing such indebtedness, or any default under any security documents for such indebtedness.
No Modification. Grantor shall not enter into any agreement with the holder of any mortgage, deed of trust, or othel security agreement which
has priority over this Mortgage by which that agreement is modified, amended, extended, or renewed v,jthout the prior written consent of Lender.
Grantor "hall neither requesl nor accept any fulure advances under any such security agreement without 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 fited, Grantor shall pronlplly notify Llonder in writing, and Granlor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, bul Lender shall be
entilled to participate in tile pi oceeding and to be represenled in the ploceeding by counsel of its own cholc8, and GI antOl vlill d",live.- or cause to
be delivered to Lender such inslrumenls and documentalion as Illay be requested by Lender from time to time to permit such participation.
Applicalion of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by aliI' proceeding or purchase
Loan No: 61010749
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MORTGAGE
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in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness
or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes. The following shall 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; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note;
and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with
Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this
Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall
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 perfect and continue Lender's security
interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time and
without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor
shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall not remove, sever or
detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property in a
manner and at a place reasonably convenient to Grantor é\nd Lender and make it available to Lender within three (3) days after receipt of written
demand from Lender to the extent permitted by applicable law.
Addres$es. 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 the 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 wiil 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 filed, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, ir,struments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created
by this Mortgage on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the
contrary in writing, Grantor shall 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 Ihe preceding paragraph, Lender may do so for and in the name of Grantor
and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of
making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebtedness whan dUa, ¡¡nd otharwise performs all the 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 the Personal Property. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from time to tima.
EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Mortgage:
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Other Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Mortgage or in any of
the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between
Lender and Grantor.
Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the
Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related document.
False Statements. Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage
or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or
misleading at any time thereafter.
Defective Collaterallzatlon. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time and for any reason.
Death Qr Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against Grantor.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Grantor or by any governmental agency against any property securing the Indebtedness.
This includes a garnishment of any of Grantor's accounts, including deposit accounts, with Lender. However, this Event of Defauit shail not apply
if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding
and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor
or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.
Existing Indebtedness. The payment of any installment of principal or any interest on the Existing Indebtedness is not made within the time
required by the promissory note evidencing such indebtedness, or a default occurs under the instrument securing such indebtedness and is not
cured during any applicable grace period in such instrument, or any suit or other action is commenced to foreclose any existing lien on the
Property.
Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied
within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to
Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies
or becomes incompetent, or revokes or disputes tha validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death,
Lender, at its option, may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the
guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of Default.
Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance
of the Indebtedness is impaired.
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Loan No: 61010749
Insecurity. Lender in good faith believes itself insecure.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, 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 law:
Accelerate Indebtedness. Lender shall have the right at its option withQut notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Propeliy, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make
payments of rent or use fees directly to Lender. If the Rents ¡¡Ie collected by Lender, then Grantor irrevocably designates Lender as Grantor's
attorney-in-fact to endorse instruments received 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 in response to Lender's demand shall satisfy the obligations for 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 ¡¡ receiver appointed to take possession of all or any part of the Property, wilh the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power of
sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Gr¡¡ntor shall become a tenant at sufferance of Lender or the purchaser
of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable la'll, Grantor hereby waives any and all right to have the Property marshalled. In
exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any public salß on all or any pOliion of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition. Any s¡¡le of the Personal Property may be made in conjunction with any sale of the Real
Property.
Election of Remedies. Election by Lender to pursue any remedy shall not excludtJ pursuit of any other remedy, and an election to make
expenditures or to lake action to perform an obligation of Gr'ìntor under this Mortgage, after Grantor's failure to perform, shall not affect Lender's
right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or restrict the rights
and remedies available to Lender following an Event of Default, or in any way to limit or restrict the rights and ability of Lender to proceed directly
against Grantor and/or against any other co-maker, guarantor, surety or endorser and/or to proceed against any other collateral directly or
indirectly securing the Indebtedness.
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 reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and
to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of
its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate
from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors'
reports, and appraisal fees and tille insurance, to the extent permitled by applicable law. Grantor also will pay any couli costs, in addition to all
other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which
. has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage. Any party may change its address for
notices under this Mortgage by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's
address. For notice purposes, Grantor agrees to keep Lender informed ¡¡t all times of Grantor's current address. Unless otherwise provided or
required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matlers set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon request, a certified
statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require.
"Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in connection with the operation of the
Property.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by federal law appttcable to Lender and, to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in the State
of Wyoming.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Lincoln County, State of
Wyoming.
No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in writing and
signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A
waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right olhelwise to demand strict compliance
with that provision or any other provision of this Mortgage. No prior waiver by Lender, nor any course of dealing between Lender and Grantor,
shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender
is required under this Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent
instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any
circumstance, that finding shall not make the offending provision illegal, i:1Valid, or unenforceable as to any other circumstance. If feasible, the
offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified,
it shall be considered deleted from this Mortgage. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of
Loan No: 61010749
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MORTGAGE
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Page 5
this Mortgage shall not affect the legality, validity or enforceability of any other provision of this Mortgage.
Merger. There shall be no merger of the ¡nteres't or estate created by this Mortgage with any other interest or estate in the Property at any time
held by or for the benefit of Lender in any capacity, without the written consßnt of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time Is of the Essence. Time is of the essence in the performance of this Mortgage.
Waiver of Homestead Exempllon. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Mortgage. Unless specifically stated to
the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the
singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this
Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code:
Borrower. The word "Borrower" means RANDY C. KALLGREN and includes all co-signers and co-makers signing the Note and all their
successors and assigns.
Default. The word "Default" means the Default set forth in this Mortgage in the section titled "Default".
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to
the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub.
L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of defauit set forth in this Mortgage in the events of default section of this
Mortgage.
Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described in the Existing Liens provision of this Mortgage.
Grantor. The word "Grantor" means RANDY C. KALLGREN.
Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.
Guaranty. The word "Guaranty" means the guaranty from Gu¡¡rantor to Lender, including without limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwisß handled. Thß words "Hazardous Substances" are used in their very
broadest sßnsß and includß without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction
thereof and asbestos.
Improvements. The word "Improvements" means all existing ¡¡nd future improvements, buildings, structures, mobile homes affixed on the Real
Property, facilities, additions, replacemßnts and other constri.Jction on the Rßal Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payablß under the Note or Related
Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents
and any amounts expended or advanced by Lender to dischargß ßr¡¡ntor's obligations or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, together with interest on such ¡¡mounts as provided in this Mortgage.
Lender. The word "Lender" means FIRST NATIONAL BANK - WEST, its sucCßssors and assigns.
Mortgage. Thß word "Mortgage" means this Mortgage between Grantor and Lßnder.
Note. The word "Note" means thß promissory note datßd Decßmber 8, 2005, in the original principal amount of $50,500.00 from
Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the
promissory note or agreement. The maturity date of this Mortgagß is December 7, 2006.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to thß Rßal Property; together with all accessions, parts, and additions to, all replacßments of,
and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mßan the real property, interests and rights, as further described in this Mortgage.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agrßements, guaranties, security agreements, mortgages, dßeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rßnts" means all present and future rents, revenues, incomß, issues, royalties, profits, and other benefits derived from the
Property.
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GRANTOR ACKNOW",L, E,D,/,~~,'7,/~,'",A"V~< READ All THE PROVISIONS OF THIS MORTGAGE, ANa GRANTOR AGREES TO ITS TERMS.
GRANTOR:..::-/ '>~/"
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Loan No: 61010749
Page 6
INDIVIDUAL ACKNOWLEDGMENT
STATE OF t'{/Ýt'/)l/ (/'
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COUNTY OF µ /t-c'c/4,//
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On this day before me, the undersigned Notary Public, personally appeared RANDY C. KALLGREN, to me known to be the individual described in and
who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and
purposes therein mentioned.
Given under ~y h.and..a. nd o fJicia. .I,§e.. al ?lJiS _
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day of
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Th 01 p~ 0\ II" SEY.S~Y. 01 S ,,!ion ¡ J, TJ2N, R 119W, wl~ln Ihe Nonh Afton W"erood
SOW" D"lrlCI Anno"lIon to ~e Town 01 Aftoo, Llocoln C"oly, Wyomin" belo, P'" of
thaI Iracl 01 record In ~e Offico '1Ih. C¡"k of Lineolo Cocoly In Book 207 01 PhOloS/.tic
Rccords on page 355, dC3cribed tU foHows:
BEGINNING at Ihe northea.sl ~omer ofsrUd SEV;SEVt¡
Ihe~co SOD' -11 '-2 6"E, 1 059.9 S 1"1, .Ion, /bo ",st lino of ..Id SE Y.SEY., 10 Iho nOrthe"l
'pIke ollh" ",cf olrecord In ..id omco In Book 261 ofPholosl"lo Record, on PO'e ":
tlICnco S 89' -os' -OO"W, 215.00 feel, alon; the nonh line al..i d I"c I, 10 Ih. nonhw", poi nt,
ú¡ ereof¡
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thence continuln" Sß9'-05'-00"W, 442,64 ICOllo a poinl und" '" exl,'ing fenco line:
thence N oo-I6'~9"W, I074.J4 feet [0 a poInt on tho north Hne of saId SEV;SE~:
/bence Nß9'-05'-40"E, 84S,B2 Ice I, oJ", said nonh line, 10 theeoRN~n O.
DEGINNIl'IGi
':-. ':~;', ;-.: .~'t, ..' .-;oJ' .- ;::. '.... . .~:;- ":":''':.
'.
J ¡e BASE BEARING for Ihi! sur"y " th, "uJ ¡ 1100 of Ihe SEY. of S"tlOh 12, DON,
R119W. being N890'05'.OO"E¡
SUBJECT to an easement for U,S, Highway 89;
each IIcomer" fOUJ1d tU de~cnbed In the: Corner Record filed In the: Office of the Clerk of
Lincoln County: .
. .
each "po/nt" marked by 1\ 5/8" X 24" ~teeJ reinforcing rod with a 2" aluminum Cl1p
inscribed, "SURVEYOR SCHEMEL LID APrON WY PLS .5368", with app'roprl.ftto
deù¡iJs:
Cllch "~p¡kc" marked by a 3/&" X 12" 3tcd spike referenced by A 5/8" X 24" stec! rclnforcing
rod with 2" a.lumlnum cap inscribed, IISURVEYOR SCHEMEL LTD mON WY PLS
5368", with appropriate details¡ .
aJl in nccordllI1ce with tbe pInt, prepared to be flied in the Offlco of the Clerk of Lincoln
CO\m1y titled, IIPLAT TO ACCOMPANY PARCEL DIVISION APPLICATION FOR
RlCHARD VAL DEE KENNINGTON AND CECILIA DALE KENNINGTON TN THE
SEY¡SEY¡ SECTION 13 T32N RI19W WlTIITN THE NORTH AITON WATER AND
SEWER DISTIUCr ANNEXA 0 TO THE TOWN OF AFTON LINCOLN COUNTY,
WYOM "i'dateg 26 May
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\me 1999