HomeMy WebLinkAbout914984
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000025
RECORDATION REQUESTED BY:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson. VVY 83001
WHEN RECORDED MAIL TO:
The Jackson State Bank & Trust
Main Office,
P.O. Box 1788
112 Center Street
Jackson,VVY 83001
RECEIVED 1/5/2006 at 10:10 AM
RECEIVING # 914984
BOOK: 609 . PAGE: 25
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SEND TAX NOTICES TO:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson. VVY 83001
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $42,000.00.
THIS MORTGAGE dated December 30. 2005. is made and executed between Michael T. McCormack and
Candace J. McCormack. husband and wife. whose address is 68 Farr Circle Road. Rydal. GA 30171 (referred to
below as "Grantor") and The Jackson State Bank & Trust. whose address is P.O. Box 1788. 112 Center Street.
Jackson. WY 83001 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all 01 Grantor's right, tille. and Interest in and to
the following described real property, together with all exisllng or subsequenlly erected or attixed buildings, improvements and fixtures; all easements,
rIghts of way, and appurtenances; all water, water rights, watercourses and ditch rights (Including stock in utilities with ditch or irrigation rights); and all
other rights. royalties, and profits relating to the real property. includi~9_ without limitation all minerals. oil. gas, geothermal and similar matters, (the
"Real Property") located in Lincoln County. State of Wyoming:
/1 f ¡ Lot 204 and 20~t. of River Ranches Fishing and E~uestrian Estates at Freedom.l Wyoming Second Filing.
......) '\ Lincoln County. wyoming according to that plat filed March 10, 1999 as Plat No. 3ts3 & 383-A
The Real Property or its address is commonly known as Lots 204 & 205 of River Ranches Fishing and
Equestrian Estates, Freedom. WY 83120.
Grantor presenlly assigns to Lender all of Grantor's right. tille, and Interest in and to all present and future leases of the Property and all Rents from the
Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.
THIS MORTGAGE, IHCLUDlHG THE ASSIGHMENT OF REHTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY,IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDHESS AHD (B) PERFORMANCE OF AHY AHD ALL OBLlGATIOHS UHDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOVVING TERMS:
PAYMEHT AND PERFORMAHCE. Except as otherwise provided in Ihis Mortgage, Granlor shall pay to Lender all amounts secured by this Mortgage
as they become due and shall strictly perform all of Grantor's obligations under this Mortgage.
POSSESSIOH AHD MAINTEHANCE 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 thè Property; and (3) collect the Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property In good condition and promplly perform all repaIrs. replacements, and maintenance
necessary to preserve its value.
Compliance VVith Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the
Properly. there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release 01 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
Properly by any prior owners or occupants of the Properly, 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 Properly shall use, generate, manufacture, store. treat. dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state,
and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter
upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Property with this section' of the Morlgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties
contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribution in Ihe event Grantor becomestlable for cleanup or other costs under any
such laws; and (2) agrees to indemnity and hold harmless Lender against any and all claims. losses. liabilities, damages, penalties, and expenses
which Lender may direclly or indireclly sustain or sulfer resulting from a breach of this section of the Morlgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release occurrIng prior to Grantor's ownership or interest in the Property,
whether or not the same was or should have been known to Grantor. The provisions of Ihis section of the Mortgage. including the obligation to
indemnify. shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be
affected by Lender's acquisition of any interest in the Properly, whether by foreclosure or otherwise.
Hulsance, VVaste. Grantor shall not cause, conduct or permit any nuiSance nor commit, perm!t. or sutter any stripping of or waste on or to the
Properly or any porlion of the Properly. VVithout limiting the generality of the foregoing, Grantor will not remove. or grant to any other party the
right to remove, any timber, minerals (Including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Properly at all reasonable limes to attend to
Lender's Interests and to inspect Ihe 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 tne use or occupancy of the Property. Grantor may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, Including appropriate appeals, so long as Grantor has nolified Lender In
writing prior 10 doing so and so long as, in Lender's sole opinion, Lender's interests in the Properly are not jeopardized. Lender may require
Grantor to post adequate security or a surely bond, reasonably satisfactory to Lender, to prolect Lender's Interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acls, in addition to those acts set
forth above in this section, which from the character and use of the Property are reasonably necessary 10 protect and preserve the Properly.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare Immediately due and payable all sums se.cured by this Mortgage
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Loan No: 33058850 0914984
MORTGAGE
(Continued)
C00026
Page 2
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upon the sale ortransfer;without Lender's prior written consent, of all or any part of the Real prOperty, orany'interesi in the ReaIPropertt'A"sale or'
transfer" means the,' conveyance of Real, Property' or any right, title or interest in the, Real, Property; whether: legal" beneficial 'òr'eqûltable; \vhEither
voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term 'greater
than threè (3) years~lease-optior¡'éontflict,bi'by'salè, assignment, or transfer of anybeneficialinterèst in:o~ to any land trust holding title to the Real,
Property, or by any other method of conveyance of an interest in the Real Property. However, this option shall not be exercised by Lender II such
exercise is prohibited by tederallawor by Wyoming law. ' , , ,
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to the Interest of
Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments not
due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to
pay, so long as Lender's inlerest in the Property is not jeopardized. If a lien arises or is filed as a. result of nonpayment, Grantor shall within fifteen
(15) days after the lien arises or, if a lien Is filed, within fifteen (15) days after Grantor has notice of the filing,. secure the discharg'e of the lien, or if
requested by Lender, deposit with Lender cash or' a sufficient corporate surety bond or other secOrity satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable allorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under
the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse jUdgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a wrillen statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the
cost olsuch improvements. :, '",
PROPERTY DAMAGE·IHSURAHCE. 'Thè follöwlng þr'Oítlsiòhs relating to insuring the Propèrtyare a parfofthis Mórtga'ge:'" ..
Mal~tena~ce'of, i~~uran~~: . .G~aÓi~r'~~~lr'p~o~L~~~ric(~ai~t¡irJP~Ii¿i~~of 'fir~'ì~~~r~~6~ '~i¡h staf"d~r~'~~tended cov~,~ag~e'ndörs~!'~~~~tsðn a
replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any
coinsurance clause; and With a standard mortgagee clause in favor of Lender. Policies shall be wrillen by such insurance companies and in such
form as may be reasonably acceptable' to Lender. Grantor shall deliver to Lender certificates 01 coverage' from 'each',insùrer'contalrting à
stipulation that coverage will not be cancelled or' diminished without a minimum of ten (10) days' prior wrillen notice·'to Lenderand not contaIning
any discl~imer of the insurer's liability for failure to give such notice. Each insurance policy also shall Include an endorsement providing that
coverage in favor of Lender will not be Impaired in anyway by any act, omission or default of Grantor or any other person. Should the Real
Property be located In an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor
agreesfo~ obtain and maintain Federal Flood Insurance, if available, for Ihe full unpaid principal balance of the loan and any prior liens on the
property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender,
and to maintain such insurance for the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Granlor
fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and
retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or
the restoration and repair of the Property· If, Lender elects to apply the. proceeds, to, r~storatlon and repair, Grantor shall !~palr . ~r replace ,the
damaged or destroyed Improvements in a manner satisfactory to Lender, .Lender shall, upon satisfactory proof of such expenditure, payor
reimburse Grantor from ffié proëeeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds
which have net been disbursed 'within 180 days after theIr receipt and which Lender has not committed to the repair or restoration of the Property
shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be
applied to the principal balance of the Indebtedness. II Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall
be paid to Grantor as Grantor's interests may appear.
lENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, (B)
to provide any required Insurance on the Property, or (C) to make repairs to the Property then Lender may do so. II any action or proceedIng is
commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any aclion
that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will then bear interest
at the rate chargep under the Note from the date Incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part
of the Indebtedness alld, at Lender's option, will. (A) b,e pay¡¡ble on demand; (B) beadqed ,to the þalanc;e of the, Note .!ind b4¡) apportioned among
and be payable with any installment payments, to become, due during E ither (1) the termgfany applicableinsurance policy; or. (2) the remaining term
of the Note; or (C) be tre!ltE das~ balloof!PIiY!!1!!nt w~ich .,."illbedue and payable at the Note's maturity. The~ortgage alsowi.IL~ecure payment of
these amounts. The rights provided tor in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on
account of any default. Any such aclion by Lender shall not be construed as curing the default so as to bar Lender from any remedy that It otherwise
wouldhav~had:"'.'i:;'.~·:':: 'ip,.;'.,''':'::~::''::,',';.,.,':i;,\,,:r':;~:.'..,;c:, :'T:,'i.,'·"!.';··." ,';'",' , : ,: ,.'..' '
W ARRANTV¡ DEFENSE OFTlTLE;. rTf:¡e folloVlin,g provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants'lhat: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth in the Real Property description or in any litle insurance policy, tille report, or finallitle opInion issued in
favor of, a'nd aè:cepted by, Lender In connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execule and deliver
this Mortgage to Lender. , '. . , '
Defense of Title. Subject to the exception in ttie paragraph above, Grantor warrants and will forever defend the title to the Property against the
lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's tille or the Interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party In such proceeding, but Lender shall be
enlilled to participate in the proceeding and to be represented In the proceeding by counsel of Lender's own choice, and Grantor will deliver, òr
cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation.
Compliance, With Laws. _ Grantor. warraflts that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental aulhorities.
Survival of Promises. All promises, agreements, and slatements Grantor has made in this Mortgage shall survive the execution and delivery of
this Mortgage, shall be continuing in nature and shall remain In full force and effect until such time as Grantor's Indebtedness is paid in full.
CONDEMNATIOH. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding In condemnation Is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate In the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
. be , delivered to Lender such Instruments and documentation as may be requested by Lender from time to time to permit such participation.
Appl!çaU(),,!o.' Net Proceed~. If al,l or. any part. of the Property is condemned by eminent domain proceedings or by any proceeding or purchase
tl1lielJ,of cgndemnatlon" Lend.er 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: res!or~tiÇ>r()fthe, f'ropertY;The ¡net proceeqs .of ,the award shall.lT1eant/:1~¡iward after paymenl of all reasonable costs, eXPElnseS,
~nd allorneýs"fei;l$jnC,(¡rr~~.bY.'L.e~~er:lrcollneC!ipn Y'itht.he conde,mf!!lIfon. ", ,·t· .". ,." . ..,." "':':
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IMPOSITION OF TAXES, 'FEES'AND' CHARGESBV GOVERNMENTAL AUTHORITIES." The, following .provisionS'relallng to governmental taxes, fees'
and chargl;!s are a part o,fthis Mortgage,: , . .
..- . '... .1 ."
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 andcontinµe 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, fe~s, ~ocumentary stamps, and other charges for recording or registering this Mortgage.
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0914384
Loan No: 33058850
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'C00027
MORTGAGE
(Continued)
Page 3
Taxes. The following shall constitute taxes to which this section applies: (1) aspecißc 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.
..,Jìuþs~quent Taxes. Ifany!¡µ< tq wþlcllthls section applies)senacted subsequent to the dateÖfJhis Mortgage. this event shall haYe the same
effect as an Event of .!?efault.al1d herlder may~xercls~~nyor all oUts available remedies for an E~ent of Default as provided below unless Grantor
èither (1) pays thf: t~ tJf: fqf~ !t.,t~èCQ'!1e.~ de!IDq~~~t~ çU~), 9~':I.té,s ~"tllr .I~x.ª.s .W91J!d~d, ~~~y~ !.nt~e}a~es and Liens se~t!on a~d ,~ep9;s~t~ .y¡i\tJ
Lender. cash or a sufficlen\,cofPor~te. ~U~E!tY.90rd ofPther security sallsfactory to Lender. .".; ,,'. " . ;¡;.:'"
. .' '1' ". . '. .". ",' ,. ""';' ,.t" _, ',_ " . '.'. ',.
SECURITY AGREEMENT; FINANCING STATEMENTS. 1;he 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 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 and Lender;and make it available to Lender within three (3) days after receipt of written demand from
Lender to the extent permitt~d þy applicªblalaw.· .-..
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by 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 will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be 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, secuiity agn3ements, financing statements, continuation statements, instruments of further assurance, certificates,
and other documeritsas may,ln the sole' 'opiniòri oIL ender, be necessary or desirable in order to effeCtuate, complete, perfect, continue, or
preserve, (1) Grantor's, obligations under the Note., hisMortgage, and the Related Documents, and. (2) "the liens and security Interests created
by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender
, .: ',agrees to the contrary in writing, Grantc:>r shall~el,mb~rse Lender for all costs ~nd, experlses inc:~rred in connection with the matters referred to In
" this' paragraph. '," ::;."",."";::':J'" <,>\~. ,..';:~ :'r ,,;':'.';, ,:.:, ','~",,,::,;:: ¡'. ~;. .,.,' ..,' . . '. . ,... ::.'" .'...,,:,..,:,
Attorney-In-Fact. If Grantor-fails to do any' of !he..things referred ,to in the preceding paragrap'~,Lende( may, do so for ar:¡d in the.~nam",of Grantor
and at Grantor's expense, , For ~uch purposes, Grantoe hereby irrevocably ¡¡ppoints Lender,asGrant()r's'altorney-in-faclforthe purppse,of
maklng,executing, delivering, filing, recording, and ßoir¡g al,lot~er thing~ as may be; necessary or .d~~iraþ,le, In.. ~eiÚjer's sole, oplni9n,to
accomplish the matters referred ,to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all'thelridebtedness when due, and other\\llse 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 tile evidencing Lender's security interest in the Renls and the Personal Property. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
EVEHTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage if any of the following happen:
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
Def~ult on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or Insurance, or any
other paYfl:1ent necessa¡~"oprevent filing of or.to effe~t cjrschargeof any lien. ',' ",.:", ' " .
Break Otherpromls~s~ 'Gr~ntè;r b¡'åäk~any'proinlsemâdê'tð.Lerlder o¡fails to'perforin'prorhp,tiy aÎÝfi~ìi~e arid strictly in the~anner provided in
this Mortgage or in any agreement rela,ted to this Mortgage. '
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 representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the
RelatecjDocuments is false or misleading in any material respect, either now or at the time made or furnished. ,
Defective Collateral/zallon. rhis Mortgag~ or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
docuinentlo create a val!dandp~rfected security intert;l~torlien) at any time andfor'ar¡y.reason. '. ., ,..,' ""':'
Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's pròperty, any
assignment for the benefilof creditors, ,any typeofcl'editor workout; òr the' commencement of any proceeding undel' any bankruptcy or Insolvency
laws by oragainst(3ranto~:· :.':'~:'::;;~",:.~:,>';:",>,~~::;;:,:::';"~;,~.\~.:,., . ":·"~·'>~':',::·¡,;d::-".;.': :,.:~.:,::,.::>!;: ;:.",::"~"<.,, ,": :"',Y
'Taking, of the, Prope~tÝ ;': Al1ycr~ditè>¡' ~t gó.Y~r~in~ntar f!g~ri.cytrìès, i~'.tak.e ~nyó(jhe»).ro.pertYo¡'anÿ other of Granibr's prope.rtyln' Wl)lCh Le,nèJer
has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, i'Grantor disputes In 'good faith whether
the claim on which the taking of the Property is'based is valid or reasonable; and if Grantor gives Lender written 'notice of the claim and furnishes
~enderwit~ monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply.
Breach òf 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 providèd therein, including without timitation any agreement concerning any indebtedness or other obligation of Grantor to
Lender. whether existing now or later.
Events Affecllng Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any
of the Indebtedness or any guarantor, endorser. surety, or accommodation party dies or becomes incompetent, or revokes or disputes the 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.
Right to Cure. If any default, other than a default in payment is curable and if Grantor has not been given a notice of a breach of the same
provisIon of this MortgâgeWlthin ilhe preceding twelva (12) months, it 'may be cured if Grantor, after receiving Written notice from Lender
demanding cure of such aefault: (1}' cures the defaultwilhin fifteen (15) day~;or(2) it thecurè requires more than fifteen (15) days, immediately
Initiates steps which Lender deems In Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all
reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
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 anyolher rights or remedies provided by law:
Accelerate Indebtedness. ,Lender shall have the right at its option without 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.'?' ''¡;'' , ,
Coiléi:t, Rents.' Ll;!ndershållhave, the' right, without ,notice to Grantpr, to take, posses,~ion.of the I;'roperty, including, during the, pendency, ,of
for.eClosurE!:whether juq!qlal.Qr,ri,on__judiGial,.an.~ cqllectthe.Rent~"includlng arnolJntspast,due and~npaid, and apply the net proceeds,'ove( a'lJd
above Lender's èosts,·again.s.t.th~ fl'1qeb'.i3d(1es$,I,n fU,\þer'anèeQf :thi~ right, Lende( may (t!qyire ariy.tenant or ,other user oftheJ~rope~y tQ.',ry,âke
payments' of' rè'nt or' use 'fe~~ aire'yt!y .to' ·Lender:., If ~l)eR~nts' iii'è èol)ected by.l~ndeir,)hen 'Grant()r irrevocably designates Lender'iis ~rà¡'tor's
,', IIUorney-ip-fac!.i(f endor.se ,in~lrpinent~::f~f.~i~ed' [iÏ ßaýrf1epl !her~qfi~, the r:¡~rne9f.Gra~t9r. 'and t() n7go~iate the 'sal!1eand, collect thë,þ¡'ôc~eds.
Payments by tenants or otlier 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, Of'
, .... ' ,.., ,'. ':) '"
/
Loan No: 33058850 0314984
MORTGAGE
(Continued)
C{J@028
Page 4
through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to colleclthe 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 intereslln 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 permllled 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 01 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 olherwise
becomes en tilled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender, or the purchaser
of the Propertý and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vaéate the Property
immediately upon the demand of Lender. ,
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to 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 entilled to bid at any pUblic sale on all or any portion of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time and place of 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
len (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real
Property. .
Election of RemedIes. All of Lender'srightsand r¡¡medies will be cumulative and may be exercised alone or together. An elecllon by Lender to
choose any one remedy will nol,.ba~ Lend~r frqr~'ÚsingaQy' other remedy. If Len,der decides ,tqspend money or to perl'ói'rn aný'cil'Grantor's
obligations undér' this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default
and to exercise Lender's remedies.
Attorneys' FeesjExpenses; 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
anticipatj!d post-judgment collection services, the cost of searching records, obtaining tille reports (including foreclosure reports), surveyors'
reports, and appraisal fees and tille insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all
other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including without 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
wilh 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. f.1I copies of notices of foreclosure from the holder of any lien which
has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage. Any person may change his or her
address for notices under this Mortgage by giving formal written noUce to the other person or persons, specifying that the purpose of the notice Is to
change the person's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise
provided or required by law, if there Is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
II will be Grantor's responsibility to tell the others of the notice from Lender.
MtSCELLANEOUS PROVISIOHS. The followIng miscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Mortgage and In the Related Documents is Grantor's enUre agreement with Lender concerning the matters
covered by this Mortgage. To be effective, any change or amendment to this Mortgage must be in writing and must be signed by whoever will be
bound .o~ obligated by the change or amendment. . .' " . , .
Cap~lon:;Headl~gs. Caption he.ading~ i~ this M~rtgage: are for convenience purpo~e~ only and are noUo ~e USE 9. to Interpret or define the
provl!!ions of this Mortgage.' -.. '
Governing Law. This Mortgage will be governed by federal law applicable to L~nder' and; to'Üieextent'not preempted by federal law, the
laws of the St.ateof Wyoming wlt~out re~gard, t9 !ts c~nfllcts 9f law provIsions. This Mortgage has been accepted by Lender In the State
'of Wyoming;' ·c·.·· .. '.,.,..~:,_..-."..~,~,:....,":,: " ,. ,'..
Choice of Venue. If there is a lawsuit,Grantor ag¡:e~s upon Lender's request to submit to the jurisdiction of the courts of Teton County,' State of
Wyol1ling... ,',.,'...<_.,'." , " ",', ", ' ,
Joint and Several Liability: All obligations of Grantor under this Mortgage shall be joint and sever'àl, and all references to Grantor shall mean
eac~ and every Grantor. This means that each Grantor signing below is responsible for all obligations in this Mortgage.
Ho Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing.
The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give
up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage. Grantor also
understands that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation
happens again. Grantor further understands that jusl because Lender consents to one or more of Grantor's requests, that does not mean Lender
will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor.
Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor agrees that the rights of Lender in the Property
under this Mortgage are prior to (3rantor'$ rights while t~is ~ortg,age remains in effect. "
. ',l . ," ". '~ .' '~,' '.
Severability. If a court finds that ål1yprôvislon of this, Mortgage is not valid or should not be enforced, that fact by itself will not mean that the rest
of this Mortgage will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Mortgage even if a provision of this
Mortgage may be found to be invalid or unenforceable.
Merger. There shall be no merger of the interest or estate created by this Mortgag¡¡ with any other interest or estate in the Property at any time
held by or for the benefit of Lender In any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations stated In this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the 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 fro~ the obligations of this Mortgage or liability under the Indebtedness. .
Time Is ~f the Essencè. Time is' ò; th~e~s~nce In"íhe performance of this Mortgage. , .
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WalvlÙ '0; HOl11estead E)cerriptl~~~:C3_rªnt~r:he(ebYreleases and waives' all tights arid'benetilsóf thehomesteild exemption laws of ¡he Staìå of
Wyoming as to all Tndebtedness·~e~uredby.thi~ ~.C?r,tg,age... ',;" '.' .. ;",',;;' .
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DEFINITIONS. 'The following wòrds' shàll have the following meanings when used in this Mortgage:
Borrower. The word."Borrowe('means Michael T. McCormack and Candace J. McCormack and ¡ndUdes'all ~~sign~is ~'rid' è~make¡'s slg~ing
the Note ,and all their successors and assigns. , ,.' ," "'. '-~'. '",:
Envlronmîi'rital Laws. the words "Environmental Laws" mean any and all state, federaJ'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.
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Loan No: 33058850091/~984
MORTGAGE
(Continued)
Page 5
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 se9" or. other applicable state or federal laws, rules, or regulations adopted pursuant the~~to.. "
Event of Default. The words "Evenl.l?fDefault" mean any of the events of default set forth in this Mortgage in'theevèñfs of defâult så'ction of this
Mortgage. ,,:, ' , . .' ",..,..". .,:c 1,....:).;..".....",',': ,,:"0'" '. " ,.,'"..,
,'Gr8nior~ The word "Granior'''meani;'rì.1lchael T: McCormack and Candace J. McCormack.
Guaranty. The 'WO¡d"Güà~al1'ttir;~ã~; th.~··g~~ra~tY:from guarantor, endorser', suiety,'or'accommó'datlon 'párty to Lerider. iii~IÛ~i~g;:w¡t'~~~t
limitation a guararityof all or pàrt of the Note.
.. . , ' ,,' ~,., . .
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity. concentration or physical, chemical
or infectious characteristics. may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored. disposed of, generated. manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very
broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction
thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures. mobile homes affixed on the Real
Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related
Documents, together with all renew'als of, exiensions'of, modifications of. consolidations of and substitutions for the Note or Related Documents
and any amounts expended or advanced þy. Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage. togetherwith interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means The Jackson State Bank & Trust, its successors and assigns. The words "successors or assigns" mean any
person or company that acquires any interest in the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender:
Note. The word "Note" means the promissory note dated December 30, 2005, in the original principal amount of $42,000.00 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.
Personal Property. The words "Personal Property" mean all equipment. fixtures, and other articles of perso'nal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of.
and all subs~itµ,tl9ns for. any ,of s,uc/1 pr,oper,ty;:and' together with all proceeds (including without limitation all insùrance proceeds and refunds of
premiums) fromány sale or other disposition of the Property.
Property. The word "Pr~perty" me~ns c~lIectively the Real Property and the Personal Property: ..:.' .':,- . ._, ò
. . ~ . . ., \, . " ",. '. " '..
Real Property. The words "Real Property" mean" the' real property, interests and rIghts, as further aescribed in this Mortgage.
Related Documents. . The words "Aelated Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements,' guaranties, security agreements. mortgages, deeds of trust, security deeds, collateral mortgages. and all other instruments,
agreements and documents, whether now or hereafter existing. executed in connection with the Indebtedness.
Rents. The' word "Rents" means all present and future rents, revenues, income; issues, royalties, profits, and other benefits derived from the
Property. '
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
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Michael T. McCormack
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On this dàybeforeme; the uÌ1dersignéqNQta,y P,üblié,'pårsonåUy appeared Michael T, McCormack and Candace J.McCormac1tt¡tp me ~nowri~lo be
the individuals descrlbed'lnånd whoexeèuted !tie 'Mortgagå, arid acknowledged that ,they signed the Mortgage as thÉlir free aodvólÛh'tary' act and
deed, for. the uses and purposes therelri' meritronåd. ',.............. " .
GIV::::~_ hO(!d and omel.1 ..~ Ihls . ~ .. ~ . d., of 5.->-<1. CJ' ""Po\! ç , . 20 0 S
By Ll...l.Q.~.R d. ~--.:: - Residing at C' Çl/j:~ ~ ~ J. )..5M ~ 'ö ~ d- Õ
Hotary Public In and for the State of Q -eO \a ; a.... My commission expires Notary Public, Bartow County, ~JA
'.:I My Collllnlsston EXpires Aug. 17.2009
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INDIVIDUAL ACKNOWLEDGMENT
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