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HomeMy WebLinkAbout915052 :: .::~ , , ~ . ? ~ '" RECORDATION REQUESTED BY: The Conver.. County Bank PO Dr._r B89 322 W.Jnut Douglas. WY B2633 .r· nn. -i 68 ., r ':J. . ... .....' '-" . WHEN RECORDED MAIL TO: The Converae County Bank PO Drawer B89 322 W.Jnut Douglas. WY 82633 RECEIVED 1/912006 at11 :30 AM RECEIVING:# 915052 BOOK: 609 PAGE: 168 JEANNE WAGNER 1.INCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTJCES TO: ClARK.l MOSIER NANCY A MOSIER PO BOX 1748 AFTON, WY 83110 (><"" SPACE ABOVE THIS .liNE IS 'FOR RECORDER'S USE ONt Y MORTGAGE THIS MORTGAGE .dated December 8.2005. js made Jtnd .executed between ClARK L MOSJER Jtnd NANCY A MOSIER. HUSBAND AND WJFE. whose Jtddress js PO BOX 1748. AFTON. WY 83110 (referred 10 below JtS "Grantor") and The Converse County Bank. whose Jtddress is PO Drawer 689, 322 Walnut. Douglas. WY B2633 (referred 10 below Jts ".Lender"). GRANT OF MORTGAGE. 'For v.wable ¡:onslderJItlon, GrJlntor mortgagee æuf convey. to Lender all of Grantor's right, title, and interest in and to the 101l0wing described real property, together with all existing or subsequently ilrected or affixed buildings. improvements and 1ixtures; all ilasements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rightsl; and BII other rights, royalties, and profits relatinQ to the real property, including without limitation all minerals, oil. gas. geothermal and similar matters, (the "Real Property") located In LINCOLN County, State of Wyoming: Part of .Lot 2 of Block 26 of Afton Townsite, .Lincoln County, Wyoming being more particuJarydescdbed Jts "tollows: Commencing Jtt "the Southwest corner of said .Lot 2 Jtnd running thence North 7.5 rods; thence East ten rods; "thence South 7.50 rods; 1hence West ten rods to 1he point of beginning. "Tbe Real Property or its Jtddress js commonly knownJts 541 MADISON AVENUE, AFTON, WY 83110. CROSS-COUA1'ERAUZATJON. In addition to the Note, this Mortgage secures 1111 obligations, debts and liabilities, plus interest thereon, of Borrower to .Lender, or Bny one or more of them, as well BS all claims by Lender Jlgainst Borrower or anyone or more of them, whether now ilxisting or hereafter arising. whether related or unrelated to the purpose ~f the Note, whether voluntary or otherwise, whether due or not due, Direct or indirect, determined or undetermined, absolute Or contingent, liquidated or !.Inliquidated whether Borrower or Grantor may be liable individually or jointly with others, whether obligated as guarantor, Burety, accommodation party or otherwise, and whether recovery !.!pon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay .such amounts may :be or hereafter may become otherwise unenforceable. If the under is required to give notice of the right ~o cancel under Truth in .Lending in connection with any additional loans, extensions of credit Bnd other liabilities or Dbligations of Grantor to .Lender, then ~his Mortgage shall not .secure .additional loans or obligations unless and !.Intil such notice is given. Grantor presently assigns to under all of Grantor's right, title, and interast in and to 1111 present and 1uture leasasof the Property lInd all Rents ir~m the Property. In addition, Grantor lIrants to under a Uniform Commercial Code Jlecurity interest in the Personal Property and Rents. THIS MORTGAGE. JNCWDING THE ASSIGNMENT DF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAl PROP.ERTY, 15 GIVEN TO SECURE IAI PAYMENT OF THE INDEBTEDNESS AND IBI PERFORMANCE OF ANY AND All OBLIGATIONS UNDER THE NOTE. THE RELA~ DOCUMENTS. AND THIS MORTGAGE. THIS MORTGAGE 15 GIVEN AND ACCEPTED ON THE 'FOtiOWJNG TERMS: ßRANTOR'S WAIVERS. Grantor waives BII rights or defensas arising by reason ~f sny "one Bction" or "anti-Deficiency" law, or Bny other law which may prevent under 1rom bringing any BCtion against Grantor, including a .claim 10r Deficiency 10 the extent under is ~therwise entitled to a claim 10r deficiency, before or after under's commencement or completion of any 1oreclosure BCtion, ilither judicially or by exercise of a power of sale. GRANTOR'S R£PRESENTATJONS AND WARRANTJ£S. Grantor warrllnts that: (al this Mortgage is executed lit Borrower's request Bnd not at ~he request of .Lender; Ibl Grantor hes the 1!.111 power, right, and lIuthority to enter into this Mortgage and to hypothecate the Property; Icl the provisions of this Mortgage DO not conflict with, or result in a default !.Inder lIny Bgreement or other instrument binding !.!pon Grantor and DO not result in a violation of any law, regulation, court Decree or order Bpplicable to Grantor; Idl Grantor has established adequete means ~f obtaining irom Borrower ~n s continuing basis information about Borrower's 1inancial condition; lInd leI under has made no representation to Grantor lIbout Borrower (including without limitation the creditworthiness of Borrowerl. PAYMENT AND PERFORMANCE. Except as Dtherwiae provided in this Mortgage, Borrower shall pay to !.ender Blllndebtedness secured by this Mortgage as it becomes due, Bnd Borrower Bnd Grantor shall strictly perform BII Borrower's lInd Grantor's ~bligations!Jnder this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower lInd Grantor Jlgree that Borrower's Bnd Grantor's possession lInd !!Se of the Property shall:be Dovemed by the 101l0wing provisions: Po.....lon .nd Uee. Until the occurrence of an Event of DefBUlt, Grantor may (11 remain in possession and .control of the Property; 121 !!Se, ~perate or manage the Property; and (31 .collect the Rents 1rom the Property. Duty to 1bIntaIn. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacilments, lInd maintenance necessary 10 preaerve its value. .compliance With Environmental .lawe. Grantor represents and warrants to under that: 111 During the period of Grantor's ~wnership of the Property, there has .been no use, generation, manufacture, storage. treatment, disposal, release or thrilatened release of any Hazardous Substence by lIny person on, !.Inder. Bbout or 1rom the Property; 121 Grantor nasno knowledge of, or reason 10 believe that there hes .been, except JlSpreviously disclosed to and BCknowledged by under in writing, (al any breach or violation of Bny Environmental ..laws, Ibl any !!Se, IJ8neration, manufacture, storllge, treannent, disposal, release or threatened release of any Hazardous Substance on, !.Inder, lIbout or 1rom the Property by Bny prior owners or occüpants of the Property. or leI any àctual or threatened litigation or claims of any kind by any person relating to such matters; and (31 Except as previously disclosed to and acknowledged by Lender in writing, (al neither Grantor nor lIny~enant, contractor, agent or other 1Iuthorized user of the Property shall !!Se, generate, manufacture, store, ~reat, dispose of or release any Hazardous Substance on, under. Bbout or 1rom the Property; and Ibl lIny such BCtivity shall :be conducted in compliance with all JlPPlicable 1ederal, state, Bnd local laws, regulations and ~rdinances, including without limitation all £nvironmental ..laws. GrBntor 1Iuthorizes under and its agents to ilnter !.!pon the Property to make .such inspections and tests. at Grantor's ilxpense, as .Lender may Deem JlPpropriate to Determine compliance of the Property with this Jlection of the MortgBlJe. Any inspections or tests made.by under shall:be 10r .Lender's purposes only lInd shall not be construed to create any HIJIponsibility or liability on the part of lender to Grantor or to lIny other 1I8rJlon. The representations lInd wBrranties .contained herein Bre based on Grantor's due Diligence in investigating the Property 10r HazarDous Substencas. Grantor hereby (11 releases lInd wBives lIny 1uture claims against under 10r indemnity or contriliütion in 1he ilvent Grantor :becomes liable 10r cleanup or Dther costs !.Inder Bny .such Jaws; lInd 121 agrees to indemnify lInd hold harmless .Lender lIgainst any Bnd 1111 claims, losses, liabilities. Damages, 1I8nalties. and expenses which lender may directly or indirectly .sustain or £U11er resulting irom B brilach of this Jlection of the Mortgage or as 11 consequence ~f any !!Se, generation, manufacture. BtorBge, Disposal, rillease ~r threatened release ~ccurring prior to Grantor's ownership or interest in the Property, whether or not the same was or sho!.lldhave .been known to GrBntor. The provisions of this .section of the Mortgage, including the Dbligation to indemnHy, .shall Jlurvive the payment of the .; ';;{.., ë--' n "")¡ ,,; '-~ - .:;. ' .jI S~ ~ MORTGAGE (Continued) rnO"S9 \., V ; J.. Pag& Z. Indebtedneu and th& satisfactiorr and reconveyanclf of thlf lierr of this Mortgage and shall not be affected by lender's ecquisitiorr of any interest: in the Property, whether by foreclosure or otherwislf. NulnnclJ. WastlJ. Grantor shall not cause. conduct or permit any nuisanclf nor commit. permit. or suffer any stripping of or WIIstlf orr or to thlf Property or any portiorr of the Property. Without limiting the gerrerality of thlf foregoing, Grantor will not remove, or grant to any other pllrty thlf right to remove, any timber. minerals (including oil and gasl, coal, clay, scoria. soil, gravel or rock products without Lender's prior writterr consent. Removal af Improvemem.. Grantor shall not demolish or remove any Improvements from the Real Property without lender's prior writttm consent. As a conditiorr 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'. RIght to Eirtw. lender and lender's agents and representative. may enter uporr the Real Property at all reasonable ti~ to attend to lender's interem and to inspect the Real Property for purpOSH of Grantor' 5 compliance with the terrmJ and conditio~ of this Mortgage.. CampllanclJ witfT Governrmmtø' Requirements. Grantor shall promptly comply with all laws, ordinances, and regulatio~, now or hereafter in effect, of all governmentel authorities applicable to the use or occupancy of the Property, including without limitatiorr. the America~ Wit/T Disabilities Act. Grantor may contest: irr good faitIT any such law, ordinanCe. or regulatiorr 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 interem irr the Property are not jeopardized. Lender may require Grantor to post: adequate security or a surety bond, reasonably satisfactory to lender, tcr protect lender's interest:. Duty ta Protect. Grantor agrees neither to abandorr or leave. unattended the. Property. Grantor shall do all other ac~, irr additiorr to thoSlf IIC~ set forth above irr this sectiorr, which from the character and USIf of the Property are reasonably necessary to protect and preservlJ tœ Property . TAXES AND UENS. ThIJ following provisions relating: to thlJ taxes and liens orr th& Property are part of this Mortgage: Payment. Grantor shall pay wherr 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 wherr du& all claims for work don& orr or for services rendered or' material furnished to th& Property. Grantor shall mainteirr the Property fre& of any liens having priority over Or equal to th& interest: of Lender under this Mortgage. except for the Existing Indebtedness referred to in this Mortgaga or thosa liens specifically agreed to irr writing by Lender, and except for tœ lierr of taxes and assessments not clue as further specified irr thlf Right to Contest: paragraph. RIght ta Contert. Grantor may withhold payment of IIny tax, assessment, or claim irr connectiorr with a good faith dispute aver tf1e. obligatiorr to pay, so long as lender's interest irr tha Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall withirr fifteerr (1 5) days after the lierr arises or, if a lien is filed, withirr fifteen (1 51 days after Grantor has notice of thlf filing, secure the discharg& of the lierr, or if requested by Lender, deposit witIT lender cash or a sufficient corporate surety bond or other security satisfactory to lender irr arr amount sufficient to discharge th& lierr plus any com and reasanable attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. Irr any cantest, Grantor shall defend itself and lender and shall satisfy any adverse judgment before enforcement against: tha Property. Grantor shall name lender as arr additicrnal obligee- under any surety bond furnished in the contest proceedings. EVldItlTCIJ af Payment. Grantor shall uparr demand furnish to Lender satisfactory evidence of payment of tf1e. taxes or aSSHsments and shall authorize the apprapriate governmental afficial to deliver to lender at any time a writttm statement of th& taXH and assessments: against the Property. NotIclJ af Construction. Grantor shall notify lender at least fifteerr 1151 days before any wark is commenced. any services are furnished, ar any materials are supplied to the Praperty, if IIny mechanic's lierr, materialmen's lierr, ar other lien could ba asserted an accaunt af tf1e. work. services, or materials. Grantor will upan request af Lender furnislr to lender advancEf assurances satisfactory to lender that Grantor carr and will pay th& cost: af such improvementt. PROPERTY DAMAGE INSURANCE. Th& follawing provisions relating to insuring the Property ar& a part of this Mortgage: MalntenBnCIJ of InsuranclJ. Grantor shall procure and malntairr pcrlicies of fire insurance witIT standard extended coveragE! endorsemems arr a replacement basis far the full insurable value covering all Improvements: on tha Real Property in arr amaunt sufficient to avaid applicattorr af any coinsurance clause, and with a standard mortgage& clausa in favar af lender. Grllntor shall alsa procure and maintairr camprehe~iv& general liability insurance irr such coverag& amaunts: as lender may request: with lender being named as additional insu~ in such liability insuranc& policies. Additionally, Grantor shall maintairr such atlrer insuranc&, including but nat limited to hazard, business interruptian and bailer insurance as lender may require. Palicies shall b& written by. such insurance campanies and in such farm as may b& reasonably acceptable to lender. Grantar shall deliver to lender certificates af caverag& from each insurer containing a stipulation that caverage will not b& cancelled ar diminished without a minimum af ten (10) days' priar written natic& to Lender and not cantaining any disclaimer af the insurer's liability for failure to give such notice. Each insurance palicy alsa shall include an endarsement providing that caverage irr favor of lender will nat be impaired in any way by any act, amissian or default of Grantor or any ather persarr. Should the Real Property b& located in an area designated by thlf Director of the Federal Emergency Management Agency as II special flaad hazard area, Grantor agrees ta obtairr and maintain Federal ROad Insuranc&. if availabl&, withirr 45 days after notice is giverr by lender that the Property is located irr a special flaod hazllrd area. far th& full unpaid principal balanc& af th& laan and any priar liens orr the property securing tf1e. laarr. up to th& maximum palicy lim~ set under tf1e. National FTaad Insurance Program. ar as otherwis& required by lender. and to maintairr such insurance for th& term af tha loan. Applfcatlon of Froceeds. Grantor shall promptly notify lender of any loss ar damage to the Praperty. lender may make proaf af lass if Grantor fails to da sa within fifteerr 1151 days af the casualty. Whether ar nat lender's security is impaired, lender may, at lender's electiarr. receive and retain the proceeds af any insurance and apply tha proceeds to. the reductian af th& Indebtedness, payment af any lierr affecting th& Property. ar the restoratial'T and repair of the Praperty. If lender elects to apply the proceeds to restoratian and repair, Grantor shall repair ar replace the- damaged ar destrayed Improvements: in II manner satisfactory tcr lender. Lender shall. uporr satisfactory proaf af such expenditure, pay or reimburse Grllntor from the proceeds for the reasanabl& cost af repair ar restoratian if Grantor is nat in default under this Mortgag&. Any proceeds which have not been disbursed within 1 BO days after their receipt and which Lender has not cammitted to th& repair ar restoratian af the Property shall be used first to pay any amaunt awing to lender under thilJ Martgage, therr to pay accrued interest, and thS' remainder, if any. shall be applied to the principal balance of th& Indebtedness. If Lender halds any proceeds after payment irr full af th& Indebtedness. such proceeds shall be paid to Grantor as Grantor's interem may appear. Compliance witlr ExIsting IndebtedneSIJ. During th& period in which any Existing Indebtedrress delJcribed belaw is in effect. camplianc& with the insurance pravisions cantained in the instrument evidencing such Existing Indebtedness shall canstitute complianc& with the insurancS' pravisianlJ under this Martgage, ta the extent campliance with the terms af this Martgage wauld constitute a duplicatiarr af insuranca requirement. If any proceeds from the insurance becama payabla an loss, the provisians in this Martgage far divisiorr af proceeds shall apply only to that portiorr of the proceeds not payable to the halder of the Existing Indebtedness. LENDER'S EXPENDITURES. If any actiarr ar praceeding is cammenced that wauld materially affect Lender's interest in the Property or if Grantor fails to ccrmply with any provisian af this Martgage ar any Related Dacuments. including but nat limited ta Grantor's failure to comply with any abligatiorr tcr maintairr Existing IndebtednelJs in gaad standing as required belaw, ar to discharge ar pay when dua any amountt Grantor is required to discharga or pay under this Martgage or any Related Documentt. lender on Grantor's behalt may Ibut shall not be obligated to) taka any actiorr that' lender deems appropriate, including but not limited ta discharging or paying all taxes. liens, security interests, encumbrancelJ and ather claims. . at any time levied ar placed on the Praperty and paying all costs far insuring. maintaining and preserving tire Property. All lJuch expenditurelJ incurrad ar paid by lender for such purposelJ will therr bear interest at the rate charged under the Note from the date incurred ar paid by lender ta the date af repayment by Grantor. All such expenselJ will become a part of the Indebtedness and, at lender's option, will IAI be payable an demand; (B) ba added to the balance af tha Note and be apportianed among and be payable with any installment payments: ta became due during either 111 th& term af any applicablS' insuranc& policy; or (2) the remaining term of th& Nate; or (CI be treated as It balloon payment which will be due and payable at th& Note's maturity. The Mortgag& also will secure payment af thesa amounts. Such right shall b& irr addition to all other rights and remedies to which lender may b& entitled uparr Defauft. WARRANTY; DEFENSE OFTTTlE. The following provisicr~ relating to awnership af the Property are a part af this Martgage: rrtllJ. Grantor warrants: that: (a) Grantor holds gaad and marketable titl& af recard tcr th& Property in fee simple. free and clear of all lienlJ and encumbrances ather tharr thase set farth irr th& Real Property description ar irr the Existing Indebtedness section below ar in any tit/& insurance policy, title repart, or final titl& apiniarr issued in favar af. and accepted by, lender in cannection with this Martgaga. and Ib) Grantor has the full right, pawer. and authority to execute and deliver this Mortgage to lender. ¡~m~ili2i ~ <. . ..., 5r~ üS:l,~U -.. MORTGAGE (Continued) 'r;fì170 ,.,I.}..II.. Page 3 Defense of Title. Subject to the sxception in the 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 title or the interest of !.ender under this Mortgage, Grantor shall Defend the action at Grantor's expense. Grantor may be the nominal party jn such proceeding, but !.ender shall be sntitled to participate in the proceeding and to be reprssented in the procilflding by counsel of !.ender's own choice, and Grantor will deliver, or cause to be delivered, to !.ender such instruments as !.ender may request irom time to time to permit such participation. Compliance With .laws. Grantor warrants that the Property and Grantor's .use of the Property complies with all sxisting applicable laws, ordinances, and rsgulations of governmental authorities. Survival of Repre..ntatlons and Warranties. All representations, warranties, and agreements made by Grantor in this Mortgage shall survive the ilxecU1Ìon and Delivery of this Mortgage, shall be continuing in neturs, and shall remain in full force .and sffect until such time .as Borrower's Indebtedness shall be paid in full. £XJSTJNG INDEBTEDNESS. The iollowing provisions concerning Existing Indebtedness .are a part of this MortDage: ExIsting .lien. ïhe lien of this Mortgage securing the Indebtedness may be secondary and inferior to an sxisting lien. Grantor expressly covenants and agrees to pay, Dr see to the payment of, the Existing Indebtedness and to prsvent any default on such indebtedness, any Default under the instruments svidencing such indebtedness, Dr .any Default under any security Documents for such indebtedness. No Modif'lCIItion. Grantor shall not snter into Bny agreement with the nolder of Bny mortgage, deed of trust, or other security agreement which has priority over this Mortgage by which that agreement is modified, Bmended, extended, or renewed without the prior written consent of !.ender. Grantor shall neither request nor accept any future .advances under any such security agreement without the prior written consent of !.ender. CONDEMNATJON. The iollowing provisions rslating to condemnation proceedings ars a part oftrus Mortgage: Proceedings. If any proceeding in condemnation is iiled, Grantor shall promptly notify !.ender in writing, and Grantor shall promptly take such steps as may be ne~ssary to defend the Bction and obtain the awarD. Grantor may be the nominal party in such proceeding, but .Lender shall be ilntitled to participate in the procseding 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 rlocumentation as may be requested by .Lender irom time to time to permit such participation. Appücation of Net Proceeda. If all or any part of the Property is condemned by eminent domain proceedings Dr by .any proceeding Dr purchase in lieu of condemnation, .Lender may Bt its election require that all or Bny portion of the net proceeds of the award be applied to the Indebtedness or the repair Dr restoration of the Property. ïhe net procilflds of the award shall mean the .award Bfter payment of all reasonable costs, expenses, Bnd attorneys' fees incurred by .Lender in connection with the condemnation. IMPOSITION OF ï AXES, FEES AND CHARGES BY GOVERNMENT At AUTHORITJES. The following provisions relating 10 governmental taxes, ises and charges are a part of this Mortgage: Current ïaxes, Fees and £barßes. Upon request by .Lender, Grantor shall ilxecute such documents in addition 10 this MortDage and take whatever other action is requested by .Lender 10 perfect and continue .Lender's lien on the Real Property. Grantor shall reimburse .Lender ior all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, iees, Documentary stamps, and other charges ior recording or registerin! this Mortgage. ïaxu. ïhe iollowing shall ¡;onstitute taxes to which this section ilpplies: 111 a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; 121 a specific tax on Borrower which Borrower is authorized or required to .deduct irom payments on the Indebtedness secured by this type of MortDage; 131 a tax on this type of Mortgage chargeable against the .Lender Dr the nolder of the Note; Bnd 141 a specific tax on all Dr any portion of the Indebtedness or on payments of principal and interest made by Borrower. Subsequent Taxes. If any 18x to which this section ilpplies is enacted subsequem 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 ior an Ewnt of Default as provided below unless Grantor either 111 pays the tax before it becomes delinquent, or 121 contests the tax as provided above in the ï axes and .liens section and deposits with .Lender cash or a sufficient corporate surety bond or other security satisfactory to !.ender . SECURITY AGREEMENT; FJNANCING STATEMENTS. The iollowing provisions relatin! to this Mortgage as a security agreement are a part of this MortDage: Security A¡¡r_ment. ïhis instrument shall constitute a Security Agreement to the extent Bny of the Property constitutes iixturss, .and .Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended irom time 10 time. Security Interest. Upon request by.Lender, Grantor shall take whatever action is requested by .Lender to perfect and continue .Lender's security interilst in the Rents and Personal Property. In addition 10 recording this Mortgage in the real property records, .Lender may, at any time .and without iurther authoraation irom Grantor, file sxecuted counterparts, copies or reproductions of this Mortgage as B iinencing statement. Grantor shall reimburse .Lender for all Sxpenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall not remow, sever or Detach the Personal Property irom the Property. Upon Default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably conwnient to Grantor and .Lender and make it available to .Lender within thrilfl 131 Days after rsceipt of written demand irom .Lender to the extent permitted by applicable law. Addresses. ïhe mailing addresses of Grantor Idebtorl and .Lender Isecured partyl irom which information concerning the security interest granted by this Mortgage may be obtained (each as rsquirsd by the Uniform Commercial Codel are as staterl on the first page of this MortDege. FURTHER ASSURANCES; ATTORN£Y-JN-FACT. ïhe iollowing provisions rillating to 1urther aSSJJrances and attorney-in-iact are a part of this Mortgage: Further Auur.ances. At any time, and irom ~ime to time, !lpon request of .Lender, Grantor will make, execute and .deliver, or will cause to be made, ilxecuted or deliwrild, 10 .Lender or 10 .Lender's Designee, and when requested by .Lender, cause 10 be iiJed, rilcorded, refileD, or rsrecorded, as the case may be, at such times and in such offices and places as ..Lender may Deem appropriate, any Bnd all such mort! ages. Deeds of tr.ust, security rleeds, security agreements, financing statements, continuation statements, instruments of iurther assurance, certificates, and other Documents as may, in the sole opinion of !.ender, be necessary or desirable in order to effectuate, complete, perfect, continue, Dr preserw 111 Borrower's and Grantor's obligations under the Note, this Mortgage, and the Related Documents, and 121 the liens and security interests created by this Mortgage on the Property, whether now owned or hereafter acquirsd by Grantor. Unless prohibited by Jawor .Lender Bgrees to the J:omrary in writing, Grantor shall rsimburse .Lender for all costs Bnd expenses incurrild in connection with the matters referred to in this paragraph. AUorney-in-&ct. If Grantor tails to DO any of the things referred 10 in -the preceding paragraph, !.ender may DO so ior and in the name of Grantor and at Grantor's expense. For such purposes, Grantor nersby irrevOl:ably appoints .Lender as Grantor's anorney-in-iact ior the purpose of making, sxecutin! , deliwring, iiling, recording, and rloing all other things as may be necessary or .desirable, in !.ender's sole opinion, to accomplish the matters feferrsd to in the preceding paragraph. FUU P.ERFORMANC£. If Borrower peys all the Indebtedness whfln Due, Bnd otherwise performs all the obligations imposed llpon Grantor under this Mortgage, .Lender shall execute and deliwr to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of .any financing statement on iile evidencing .Lender's security inœrest in the Rents and the Personal Property. Grantor will pay, if permitted by .applicable law, any rsesonable termination iee as Determined by .Lender from time 10 ~ime. EVENTS OF DEFAUlT. Each of the iollowing, 1It .Lender's option, shall ¡;onstitute an Ewnt of Default !lnder this Mortgage: P.ayment Default. Borrower i1lils to make any payment when Due under the Indebtedness. Default on Other Payments. Failure of Grantor within the time requirild by this . Mortgage to make any payment ior taxes or insurance, or any other payment necessary to prevent iiling of Dr to sffect .discharge of any Jien. Dther Defaults. Borrower or Grantor iails to comply with or ~o perform any other tarm, obligation, covenant or condition contained in this MortDage Dr in any of the Related Documents or 10 comply with or to perform any term, obligation, covenant Dr condition containetl in any other agreement between !.ender Bnd Borrower or Grantor. FaJae Statements. Any warranty, representation or statement made Dr fumishfld 10 LBnder by Borrower or Grantor or on Borrower's or Grantor's behalf under this Mortgage or the Related Documents js ialse or misleading in any material respect, sither now or Bt the time I', t i."tl,'.·t·I·~·' -'j ,: ~:ill' I,t,I.li .~, ; 'I ~~:::l::~:~~~:::~t:j . " i' ~u~ -;';'"~5Z MORTGAGE (Continued) fÏ!1·r71 .\..}\.!i. . Pag& 4- mad& or furnished or becomes false or misleading at any tim& thereafter. Defectlv. Collateralfzatfort. This Mortgag& or any of the Related Documents c&as&s to b& in full forclJ and effect (including failul"IJ of any collateral document to create it valid and perfected security interest or lienl at any timlJ and for any reason. DHttr or Insolvency. ThIJ dissolutiort or termination of EJormwer's or Grantor's existenclJ as a going business. thlJ insolvency of EJorrower or Grantor, tM appointment of a receiver for any paIT of EJormwer's or Grantor's property. any assignment for th& b&nefit of creditors, any tyPIJ of creditor workout, or thlJ commencement of any proceeding under any bankruptcy or insolv&ncy laws by or against EJorrower or Grantor. Creditor or Forfeltu,. Proceedfnp. Commencement ot forecloSUI"IJ or forleitum proceedings. whether by judicial proceeding. selt-help. repossession or any other method. by any creditor of EJormwer or Grantor or by any governmental agency ageinst any proplJrty securing the- Indebtedness. This includes a garnishment of any of EJorrower's or Grantor's accounts. including deposit accounts, wittT Lender. However. this Event ot Default shall not apply if there is a good faith dispute by EJorrower or Grantor as to the validity or reasonablemms ot tM claim which is the basis of thlJ creditor or forfeiturlJ proceeding and it EJorrower or Grantor gives Lender writtelT notlc& of th& creditor or forfeiture- proceeding and depositt with Lender monies or If surety bond for th& creditor or forfeiture proceeding, ilT an amount determined by lender. ilTits sole discretiolT, as being an adequate reslJrv& or bond for th& dispute. existing Indebtedne!llf. ThIJ payment ot any installment ot principal or any interest on the Existing Indebtedness is not mad& wittTilT thlJ timtr' required by th& promissory nom eviderrcing such indebtedness, or If default occurs under th& instrument securing such ilTdebtedn&ss and is not cured during any applicabllJ graC& plJriod in such instrument, or any suit or other action is commenced to foreclos& any existing lierr on the Property. Breaclt of OttTer Agreement. Any br&aclt by EJorrower or Grantor under th& terms of any other agreement betwelJn EJorrower or Grantor and Lender that is not remedied within any grac& period provided therein. including without limitation any agreement concerning any indebtedness or other obligation of EJorrower or Grantor to Lender, whether existing now or later. &enŒ Affecting Guønmtar. Any of th& preceding events OCCUB with respect to any Guarantor of any of ttTlJ Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of. or liability under, any Guaranty of ttT& Indebtedn&ss. Adverse Changw. A material advers& change occurs in Grantor's financial condition, or lender believes the prospect of payment or performanclJ of thlJ Indebtedness is impaired. Insecurity. lender in good faith belilJVes itselt insecum. RIGHTS AND REMEDIES ON DEFAULr. Upon ttTlJ occurrenclJ of an Event ot Default and at any timlJ thereafter. Lender. at Lender's optiOlT, may &xercislJ any onlJ or mom of ttT& following rights and remedies. in addition to any other rights or remedies provided by law: Accelerattt Indebtedne!llf. lender shall havlJ thlJ right 1ft its optiOIT without notiCIJ to Grantor to declare th& entim Indebtedness immediately 00& and payabl&, including any prepayment perralty which Grantor would b& required to pay. UCC Remedies:. Witlt respect to all or any part of the Personal Property. Lender shell hav& all th& rights: and remedies of a secured party under th& Uniform Commercial Code. Collect RenŒ. Lender shall hav& thlJ right. without notlc& to EJorrower or Grantor, to tak& possessio IT ot th& Property. including during th& pendency of foreclosure, whether judicial or 1T0n-judicial, and collect the Rents. including amounts past due and unpaid, and apply th& net proceeds. over and abov& Lender's cosu. against the Indebtedness. lIT furtheranc& of this right; Lender may requim any telTant or other user of th& Property to maké payments ot rent or US& fees directly to Lender. If th& Rents am collected by lender, thelT Grantor irrevocably designates Lender u Grantor's attorney-in-fact to endors& instruments raceived in payment thereot ilT ttTlJ nam& of Grantor and to negotiam th& sam& and collect th& proceeds. Payments by tenants or other users to lender ilT respons& to Lender's demand shall satisfy the- obligations for which th& payments ar& made. whether or not any proper grounds for the demand existed. lender may &xercis& its rights under this subparagraph either in person, by agent; or througlT a receiver. Appoint Receiver. lender shall hav& th& right to hav& a receiver appointed to tak& possession of all or any part of thIJ Property, wittT thtr' power to protect and pres&rv& ttTe Property, to opel1Jt& ttTe Property preceding foraclosum or sal&, and to collect th& Rents from thtr' Property and apply the proceeds. Over and abov& the cost of the receivership, against th& Indebtedness. Th& receiver may servtr' wittTout bond if permitted by law. lender's right to th& appointment of a receiver shall exist whether or not the apparent valu& of ttT& Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver. Judlcllll Foraclosura. lender may obtain a judicial decre& foreclosing Grantor's interest in all or any part of the Property. Nonjudicial Sal.. Lender may foraclos& Grantor's interest in all or in any part of th& Property by non-judicial slll&. and specifically by . power of sal&· or . advertisement and sal&· foreclosur& as provided by statute. Deffclency Judgment. It permitted by applicabl& law. Lender may obtailT a judgment for any deficiency remaining in th& Indebtedness due- to Lender after application of all amounts received from the exercise of the rights provided in ttTis section. renancy lit Suffentnce. It Grantor remains in possessiolT of th& Property after ttT& Property is sold as provided abov& or lender ottTerwistJ becomes entitled to possession ot ttTe Property upon default ot Grantor. Grantor shall become a tenant at sufferanc& of lender or thee purchaser ot the Property and shall. at lender's optiolT. either Itl pay a reasonabl& rental for th& US& ot th& Property. or (2) vacam thtr' Property immediately upon the demand Of lender. Other Remedies. lender shall hav& all ottTer rights and remedies provided ilT this Mortgage or ttT& Note or availabl& at law or ilT equity. Sill. of the Property. ro the extent permitted by applicable law, EJormwer and Grantor heraby waiv& any and all right to have the Property marshalled. In exercising its rights: and remedies, Lender shall be frae to sell all or any part of thlJ Property together or separately. in one- sal& or by separate sales. Lender shall be entitled to bid at any public sale OIT all or any portiOIT ot th& Property. Notice of SlIle. Lender shall giv& Grantor reasonabl& notice of the time and place ot any public sal& of the Personal Property or at ttT& tim& after which any private sale or other intended disposition ot the Personal Property is to b& mad&. Reasonabl& notice shall mean notiC& given at least ten (101 days before the time of th& sal& or disposition. Any sal& of th& Personal Property mày be made ilT conjunction wittT any sallJ ot the Real Property. Beetlort of Remedies. Section by lender to pursue any ramedy shall not exclud& pursuit of any other remedy, and alT election to mak& expenditures or to taklJ action. to perform an obligation of Grantor under this Mortgage. after Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise ita remedies. Nothing under this Mortgag& or otherwis& shall be construed so as to limit or restrict the rights and remedies availabl& to Lender following an Event ot Default. or in any way to limit or restrict the rights and ability of Lender to proceed directly against Grantor and/or EJorrower 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. Attomeys' Fees; EXpenses. If lender institutes any suit or action to enforc& any ot the terms of this Mortgage, lender shall b& entitled to recover suclT sum as th& court may adjudglJ reasonabl& 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 am necessary at any time for the protection of its interest or the enforcement of its rights shall becom& a part ot the Indebtedness payable on demand and shall bellr interast at the Note rate from the date of thlJ expenditul"lJ until repaid. EXpenses covered by ttTis paragraplT includ&. without limitation. however subject to any limits under applicabl& law. lender's reasonable attorneys' feea and Lender' a legal expenses whether or not them is a lawsuit, including raasonabllJ attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate' any automatic stay or injunction). appeals. and any anticipated post-judgment collectiolT services, th& cost of searching records. obtaining titI& reports (including foraclosur& reports). surveyors' reports, and appraisal fees and titI& insuranc&, to the extent permitted by applicabl& law. Grantor also will pay any court costs, in addition to all ottTer suma provided by law. NOTICES. Any noticlJ required to b& given under this Mortgage. including without limitation any notic& of default and any notic& of sallJ shall b& given in writing, and shall be effectivlJ when actually delivered. when actually received by telefacsimil& (unless otherwis& required by lawl. when deposited wittT a nationally recognized overnight courier. or. if mailed, when depoaited in the United States mail. as first class. certified or registered mail postage prepaid, directed to thlJ addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder ot any lien which has priority over this Mortgage shall be sent to lender's address, as shown near the beginning ot thia Mortgag&. Any party may change' its address for notices under this Mortgage' by giving formal written notice to the other parties. specifying that tM purpOSIJ ot the notice is to change the party's address. FOr notic& purposes. Grantor agreea to keep Lender informed at all times ot Grantor's current address. Unless otherwise provided or required by law. if there is more than on& Grantor, any notlc& given by lender to any Grantor is deemed to b& notiC& given to all Grantora. ¡mili~~~¡;U ".-.. ',,-r~51)¡ U::)~0;U ~ MORTGAGE (Continued) n n·f t'*J2 . '~' \J J.. , Page 5 MISCELlANEOUS PROVJSIONS. The following miscellaneous provisions are a:pert of~is Mortgage: Amendments. This Mortgage, together with any Related Documents, !:onstitutes 1he flntire understanding and agrftment of1he :perties.as to the matters set forth in ~is Mortgage. No alteration of or amendment to ~is Mortgage shall be flffective JJnless given in writing and signed by the party or :perties sought to be charged or bound by 1he alteration or amendment. An~1 Reports. If the Property is JJSed for purposes other then Grantor's rflsidencfl, Grantor shall furnish to under, JJponrequest, a certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as under shall require. "Net operating income" shall mean all !:ash receipts from the Property Jess all !:ash flxpenditures made in !:onnection with the operation of the Property, Caption Headings. Caption headings in this Mortgage are for !:onvenience purposes only and are not to be JJSe~ to. interpret or {jefine -the :provisions of this Mortgage. Governing l.aw. Thia Mortgage wUI be governed by 1ederal Jaw ~1IcabJe 10 under .mid, 10 the extent not :pr_mpted by federal Jaw, "the Jaws Df the State of Wyoming without rflsardto its ~nfJù::ts Df Jaw prov15wfUi. Thia Mortsage baa been Kcapted by Linder in the State Df WyominS· ~olnt and SeverallJabUIty. All obligations of Borrower and Grantor under this Mortgage shall be joint and several. and all referflnces 10 Grantor shall mean each and every Grantor, and all rflferences to BorrDwer shall mean each and flvery Borrower. This means that eÆU:h Borrower and Grantor signing below is responsible for all obligations in this Mortgage. No Waiver by Linder. !.ender 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 !.ender 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 !.ender's right otherwise to demand strict compliance with that provision or any other provision of this Mortgage. No prior waiver by .Lender. nor any !:ourse of dealing between !.ender and Grantor, shall !:onstitutea waiver of any of !.ender's rights or of any of Grantor's obligations as to any future transactions. Whenever the !:onsent of !.ender is required under ~is Mortgage, the granting of such !:onsent by !.ender in any instance shall not !:onstitute continuing !:onsent to subsequent instances where such consent is required and in all !:ases such !:onsent may be IIranted or withheld in the sole discretion of !.ender. SeverJlbillty. If a !:ourt of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any :person or circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person or circumstance. If feasible, tha offending provision shall be l:onsidered modified so that it becomes leIlal, 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 unenforcübility of any provision of 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 interest or estate cteated by this Mortgage with any other interest or flState in the Property at any time held by or for the benefit of under in any capacity, without1he written.t:onsent of !.ender. SucC8UDrs and Aulsna. Subject to any limitations stated in this Mortgage Dn transfer of Grantor's interest, this Mortgage shall be binding upon and inure to 1he benefit of the parties, their successors and assigns. If Dwnership of the Property becomes vested in a person other than Grantor,under, without notice to Grantor, may deal with Grantor's aucL:eSSors with reference to this MortIlaIle and 1he Indebtedness by way of forbearance or e~nsion without releasing Grantor from 1he obligations of this Mortgage or liability under the Indebtedness. ,.Ime 15 Df the £aenee. ,.ime is of the essence in the performance of this Mortsage. WaIver Df tiomestead £xemptlon. Grantor herilby releases and waives all rights and benefits of 1he homestead exemption laws of -the State of Wyoming as to all Indebtedness secured by this Mortgage. DEFINITJONS. ,.he following capitalized words and terms shall have the following meanings when used in this Mortgage. Unless specifically 5tated to 1he l:ontrary, 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 !:ontext may require. Words and terms not otherwise defined in this Mortgage shall have the meanings attributed to such ter~ in the Uniform Commercial Code: BDrrower. The word "Borrower" means COUNTRY CRAFTSMEN ENTERPRISES, INC 1Ind includes illI !:o-signers and co-makers signing the Note and .a1l1heir Jluccessors and assigns. Default. The word "Default" means ~e Default set forth in this Mortilage in the fiction titled "Default". .Environmentall.aw.. The words "Environmentall.aws" mean any and all 5tate, federal and local statutes, regulations and Drdinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, 1Ind .Liability Act of 1580, as amended, 42 U.S.C. Section S601, iIt seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L No. 99-499 ("SARA "),the tiazaråous Materials Transportation Act, 49 U.S.C. Section 1801, fit seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, fit seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. .£vent of Default. ,.ha worrls "Event of Default" mean 1Iny Df -the events of default set forth in this Mortgage in the events of default section of this Mortgage. .£xJstIng Jndebtedn.... The words "Existing Indebtedness" mean the indebtedness described in ~e Existing .Liens provision of this Mortgage. Grantor. ,.he word "Grantor" means CLARK.L MOSIER and NANCY A MOSIER. Guarantor. ,.he word "Guarantor" means any suarantor, surety. or accommodation party of any or all of1he Indabtedness. Guaranty. ,.he word "Guaranty" means 1he IIuaranty from Guarantor to !.ender, including without limitation a guaranty of all or part Dhhe Note. ttazardous SuÞtancu. "he words "Hazardous SubstancflS" mean meterials that, because of 1heir { uantity, concentration or physical, l:hemical Dr infectious !:har.acteristics. may .t:.aUSe or pose a prflsent or potential hazard 1:0 human health or the environment when improperly .used, trüted, 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 {jefined by or listed under the Environmentall.aws. The term "Hazardous Substences" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. JmprDvements. ,.he word "Improvements" means all flxlsting and future improvements, buildings, structures, mobile homes affixed on the Real 'Property, facilities, additions, replacements 1Ind other l:onstruction on the Real 'Property. . Jndabtednus. The word "Indebtedness" means all principal, interest, and other ilmounts, !:osts Bnd expenses payable under the Note or Related DDcuments, together with all rflnewals of. ilxtensions of, modifications Df. consolidations of and substitutions for 1he Note Dr Related Documents and any amounts expended or iidvanced by under to discharge Grantor's obligations or expenses incurred by !.ender to ¡¡nforce Grantor's obligations under this Mortgage, together with interest on !Wch amounts as provided in this Mortgage. Specifically, without limitation. Indebtedness includes all amounts that may be indirectly secured by the Cross-Collateralization provision of this Mortgage . ander. ,.he word "Lender" means The Converse, County Bank, its successors and .assigns. Mortgage. ,.he word "Mortgage" means ~is Mortgage between Graritor and under. Note. ,.he word "Note" means the promissory note dated December B, 2005, in 1he original principal .amount of $245,410.12 from Borrower to Under, together with all renewals of, extensions of. modifications of, refinancings of, consolidations of. and substitutions for the promissory note or agreement. Peraonal 'PrDperty. ,.he wor!ls "Personal 'PrDperty" mean all flquipment. fixtures. and Dther articles of personal property now Dr hareafter owned by Grantor, and now or hereafter Jlttached or lIffixed to the Rül Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any Df such property; and toIlether with all proceeds (including without limitation all insurance procee!ls and refunds of premiums) from any sale or other disposition of the Property. :::i·::~?ï;::~:¡:::: ~;~~~~::~; !¡J:~> ~.~:.J52 .' ". MORTGAGE ( Continued) "'·(ìnlP'13 '. U ,_' , Page 6 Property. Tfuf word "Property" meamr collectively the Real Froperty and the Personal Froperty. Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage. Relllted Doc:urnentw. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds ot trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness. Rent\f. The word "Rel1t$" means all present and futur& rents, revenues, income, issues, royalties, profits, and other benefits derived ftom the Property. EACH GRANTOR ACKNOWlEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE AND EACH GRANTOR AGREEli TO ITS TERMS. GRANTOR: ~L~ Xi::..··.··...··... /.:::.../....... ä{). /': ./.:::::.: ... ... .........",.. .......,........ . .... ........ . . .. . . ... .. .... . .. ~. . .. . CLARK L MOSIER ......--...........-.. ......... ......... ............,.... x'_:~~l_\\j¡¡MWWWØM' N C M IER .... INDIVIDUAL ACKNQWlEDGMENT STATE OF I IS5 I TRESSIE AUSTIN NOTARY PUBLIC COUNTY OF. STATE OF CONVERSE WYOMING MY COMMISSION EXPIRES JUNE 21, 2009 On this day befor& ml!', the undersign&d Notary Public, personally appeared ClARK L MOSIER and NANCY A MOSIER. to me known to bl!' the individuals described in and who executed thl!' Mortgagff. and acknowledged that they sign&d the Mortgage as their free and voluntary act and deed, for the uses and purposes therein mention&b+h . r....t:::... GTVerT under my hllnd and offici eal this ~ day of , 20.u.....¿ Resldfntr at My commlssiolT expires LAS8rPM:t~. Vr. !.D.CID.OO4 C...-. ~,.,..., .............. JM;. 1ØT, 20M: ,.,........."--t . WY m:\~U't1C1a1:pt '-":'001. llft;.COMtŒ: ~':\,,".¡':.'::...'- ~'\~ii~r;:·.;,/,',~··.: . . ~~¡;¡~*t~~Y.:}:~;:~¡ ~~·¡"I:i;~;f.i;" !:.:?~~~]:.I.I..·J.; '&i.8!h~:!+.~~:~~:' Ltf~YL~~;m;g:ft ~ß:~'h:!Et!i~!:ili