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HomeMy WebLinkAbout915681 RECORDATION REQUESTED BY: FIRST NATIONAL BANK - WEST Alpine 100 Greys River Rd. P,O, Box 3110 Alpine, WY 83128 r~0n0j! 8 "-'J\.J~,,% H~ij'; \. ~ ~~;, ':"J. ',!. i ',,~.": ,~ :;' ~ :::..~~ WHEN RECORDED MAIL TO: FIRST NATIONAL BANK - WEST Alpine 100 Greys River Rd, P.O. Box 3110 Alpine, WY 83128 RECEIVED 2/2/2006 at 10:16 AM RECEIVING # 915681 BOOK: 611 PAGE: 248 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ";"u:,:J.: ,:}\)~ "()!.,,:¡<,", ì;p¡, "'-'1 . lJ SEND TAX NOTICES TO: FIRST NATIONAL BANK - WEST Alpine 100 Greys River Rd, P,O, Box 3110 AI ine WY 83128 "( .;î," SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY '<1. .,.... " .)1." f~,fl ,;t~. '~~ ,j MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $60,850,00. THIS MORTGAGE dated January 23. 20.06, js made and executed between JESSE HANCOCK and TIFFANY HANCOCK, whose address is PO BOX 188, FREEDOM, WY 83120,lreferred to below as "Grantor") and FIRST NATIONAL BANK - WEST, whose address is 100 Greys River Rd., P.O. Box 311Q¡ Alpin,e, wy 83128 (referred to below as "Lender"). ' , .. '" ' , ""',,' , ., t' "I' ," ":","', ''';, ';i,' GRANT OF MORTGAGE. For valuable COnside'r~tion; Grantor mortgages a~;Î~on~eys:t~Le~der ~1(orG:r~.~t~~;.~.hght, ti~le;,and int~rest ifl and to' the following described real property, together with, all existing or subseque!1tIYßr~c,ted.;pr, aUiXecJ.. þµi,lding~,:,iIT,1Rf!~ve"len~s ,~nd, fixtures; all easements, rights of way, and appurtenances; all ,water, water rights, watercpur:¡es and ditch rigbts, (including stock in utilities' with 'ditch or irrigation rights); and all other rights, royalties, and profits relating ,to the real pr~perty, .includíngwitho~t)0¡tation'~II:,min~r~ls, oil, gas, geothermal and similar matters, (,~he "Real Property") located in LINCOLN County, State of Wyommg: ,C ' PLAT 8 LOT 44 OF STAR VALLEY: RANCH, The Real Property or its address is commonly ,knowp, as ;,484 CEDAR DRIVE, THAYNE, WY 83127, REVOLVING LINE OF CREDIT . This MÍ>rt'gage secú;'~s"the Indebied/'lessincluding,'without'limitätióri,'ä revolilin'i¡; line Of credit, which obligates Lender to make advances to Grantor so long as Grantor complies with all the terms of the Credit Agreement, Such advances may be made, repaid, and remade from time to time, subject to the limitation, that the total outstanding balance owing at anyone time, not including finance charges on such balance at a fixed or variable. rate or sum as provided in the Credit Agreement, any temporary overages, other charges, and any amounts expended or advanced as provided in either, 'the Indeb,ted'ness paragraph or this paragraph, shall not exceed the Credit Limit as provided in the Credit Agreement, It is the intention of Grantor and Lender that this Mortgage secures the balance outstanding under the Credit Agreement from time to time from zero up to the Credit Limit as provided in the Credit Agreement and any intermediate balance, Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents from the Property, In addition, Grantorgrants to Lender ~. Uniform Commercial Code security interest in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AfllD THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDN~SS AND (B) PERFORMANCE OF EACH OF GRANTOR'S AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS MORTGAGE, THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: , , ' PA YMENT AND PERFORMANCE, Except as otherwise "providéd in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shall strictly perfprm: ~II o(qfantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY, Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: ' Possession and Use. Until'tl1~ occurrence'o(¡¡ri'E~ei1t o(befflUlt;Grantotif1ày ':(1) ';¡ehiain Tn po'ssessio'n':imdcontrol of the Property; (2) use, operate or manage the P.roperty; and ,.(3!H.C!;>!'ect the¡¡¡'~nts, fr9m the Property ~'t; ,"', I ',.", ')' ' ,,' " '" . I , ','., Duty to Maintain. Grantor. shall maintain-,thePróperty in good condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its' yalue, " , , , ,._, "", ~ ' _ "" ,: , , . ,,', . .,' '~':.. P~:·~·~11:}J ;n:1J..r.\..~! .~~.:'f:·~; t!! ;, ,I ",' ·,.Ir;~,· ,:.,·¡'n~ '! :'..[~~~i'.-'i:':' Compliance With Environmental Laws;::'Grantor ,represents ,ang:,warrants to Lenderthat:,(1),¡D!Jring the period' of ,Grantor's, ownership of the Property, there has been no use;'generationi,manufacture,l:storagei treatment,disppsal; ;r,elease;or thre¡,jtened release of iHiy Hazardous Substance by any person on,' under,~lIbol:Jtor';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 Leriderinwriting"(a),,any:breach or violation of any Environment'll Laws, (b) any use, generation, manufacture,' storage, trèatment, disposal, release or threatened release' cfany Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and '(3) Except as previously disclosed to and acknow~e'dged by Lender in writing, (a) neither Grantor nor any tenant, contractor, agent or otl)erautho,rized user 0.1 ,the Property shall 'use, ,ger¡l;!rate, m¡mufacture, store, treat, dispose of or release any Hazardous Substanc;e on,. under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and loèal laws, regulations and ordinances, including without limitation all Énvironmental 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 o~ the Mortgage. Any inspections or tests ,made by Lender shall be for Lender's purposes only and shall n,otbe construed to create any respo,:,sibility 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 Of contribution in the event Grantor becomes liable"for clei![1up, or :,9ther costs under an.y such laws; ,and' (2) ¡¡grees ,to indemr,¡,ify, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties,and expenses which·Lender'Jnay'directly.or:indirectly sustain or suffer resulting from a breach of this section 'of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior tQ. Grantor's .ownership or interest in the, Property.,· whether, or, not tre.same 'II/as or should have been known to Grantor, The provisions of this section of the 'Mortgàge~ 'ncludíng the obligation 'to indemnify,' shall survive the payment of the Indebtedness and the satisfactioriand 'reconveyance of the 'lien 'of this Mortgage and shall not be affectêd by Lerider'sacquisition of any interest in the Property, whether by foreclosure or otherwise. ' " ,'" Nuisance, Waste, Granto; sh~lInot ca~~e,'c~nducto~ p~~niit ìm~ nuisanc,e~or' commit,. permit, or!~uffe~ ar¡y'strippi'ngof or waste on or to the Property or any portion of il:Í¡¡F'rop'éity. Whh9ut limiting the genÚalityof the foregoing"Grafltoi'WII,1 ,n()\remc¡ve" or grant to any other party the right to remove, :~ny,1imber"m.i.geials(inchJdillg:Oil and gas!. coal, clay, scoria: :,soil,graxeÎ or"ì:()ckproduc'ts without Lender's prior written consent, "', ;."" ',:, , Removal of Improvements, , Grantor ,sl)all npt demolish or remove any Improvements from the He,al, Property without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may require Gri\ntor toma~e; arrangements satisfactory to Lender to replace such Improvements with Imp~ov~ments of at '~ast equal value. ';.. :, ' Lender's Right to Enter, Lender ~nd Lender's 'agents and representatives may enterupo,:, the ~eal Property ,at all r~i\sonable times to attend to Lender's interests andio inspe.ç:ttreli~al Property;fór purpos'esof, Grantor's coniplfanç:e!(Vi:tl) the terms And c()~ditions of this Mortgage. Compliance with Governmental Réqulrements, Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter Ocv~: .:':01..;-". ~'. . '_:,., l :'>:--',.!..J:). . :,. ~...j; ~;I ~H U>').:!\:.t,:' (.GÒ::J'''':('/iJ..,~ì;U¡~ f!:;l~:;::t:t;:¡::¡~:~,; !~~1!~:~:~:';'~' ::0T!~:i:::::::i)¡,;::i~' ~~ ·.:-~.' 'i¡1t\:i:'.;;!'T;-/',!1 ^. \ "."J.',,,,..,,,,.,c ï'f,' VI' ',[)..~ . r.;~c:...' ·8' \1 . ..J¡ ~_,yf'U '. ,~ !I1mi~~:~j . MORTGAGE (Continued) nnn :: II ".' 'd.. \.1 t.. ..""% Loan No: 764003368 Page 2 in effect, of all governmental authorities applicåble to the 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 appeálS, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender'~interests in the 'Property are not jeopardized. Lender may require Grantor to post adequate security ,or.a surety bond, reasonably satisfactory to L~ride~, to protect Lender's interest. Duty to Protect, Grantor agrees neither to abandon or I~aveunattended the PropertY. Grantor shall.do· all other acts, in addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE . CONSENT BY LENDER, Lender may, at Lender's option, declare immediately due and payable' all sums secured by this Mortgage upon the sale or transfer, without'Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A "sale or transfer" means .the co/')veyanç:e:of Real Property or any right, title or interest in the Real Property; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract,land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or 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 if such exercis~ is prohibited by federal law Or 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 the Existing Indebtedness referred to 'in this Mortgage or 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 interest 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 discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorne'ys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend its'eff 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 proceeding~" . , " , . ..,., . , .,"', " . 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 written statement of the taxes and assessments against the Property, Notice of Construction. Grantor shall notify Lender at least fifteen (15) days befort~'any work is cònìmênced, 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 of such improvements. ' PROPERTY DAMAGE INSURANCE, The follo~ing provisions relating t.o. insuring the Property are a part of this Mortgage: Maintenance of Insurance, Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on 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 written by such insurance companies and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to Lender and not containing any disclaimer 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' any way by any act,omission· or default of Grantor or any other person, Should the Real Property, be locatep in anarea designated by the Director of the Federal Emergenç:yManagement Agency as a special flood hazard area; Grartoragree¡¡ to obtain and maintain Federal Flood In¡¡urance, if available, for the maximum amount of your credit line and the full unpaid principal balance of 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, ¡ Grantorsha promptly notify Lender of any loss or damage to the Property .it' the estimated cost of repair or replacement exceeds $1,000.00, kendermay make proof of loss if Grantor fails to do so liVithin fifteen (15) dáys of the casualty. Whether or not Lender's security is impair'èd,l.imder ,l'T)ay, at Lender's election, receive and, retain the p'rqceeds o'f any insurance and apply the proceeds to the reduction of the Ind¡¡btedness, payment of anY lien affectingthe Property, or the. i'estor~tioÌ1 and repair of the Property. If Lender elects to apply theproceed~ 'to r¡¡storation 'and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall,upon s'atisfactory proof Of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage, Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has notcorrimitted 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, If Lender holds any proceeds after payment in full of thelndebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear, i¡. .'." . Compliance with Existing Indebtedness. ,During the period in Which any Existing Indebtedness described below is in effect, compliance with the insurance provisions contained in the instrument evidencing such Existing Indebtedness' shall constitute compliance with the insurance provisions under this Mortgage, to the extent compliance with the terms of this Mortgage would constitute a duplication of insurance requirement, If any proceeds from the insurance become payable on loss, the provisions in this Mortgage for division of proceeds shall apply only to that portion of the propeeds;not payable to the holder of the, Existing Indebtedness.', ' LENDER'S EXPENDITURES, If Grantor fails (AI to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, (B) to provide any required insurance on the Property, (C) to make repairs to the Property or to comply with anyobligatión to maintain Existing Indebtedness in good standing as required below~ then Lender may do so, If any action Ör proceeding iscotnmenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action that Lender believes to be appropriate to protect Lender's interests, All expenses incurred or paid· by Lender for such purposes will, th¡¡n bear interest at the rate charged under the Credit Agreement from the date incurred Or paid by Lender to the date of repaymerit by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option: will (A) be payable on demand; (B) be added to the balance .of the Credit Agreement and be apportioned among and be payable with anyim¡tallmentpayments t() bec.ome due duringi' ither (,1), th~ term of anY,appliCable insurance policy; or (2) the remaining term of the Credit Agreement; or (C) be treated as a balloon payment which will be due and payable at the Credit Agreement's maturity, The Mortgage also will secure payment of these amounts. The rights provided for inthis paragraph shall be in addition to any other rights or any remedies to which Lendèr may be entitied on accoun~ of any default. Any such action by Lender shall not be construed as curing the default so as·to'bar Lender from'any remeay'that it otherwise would have·'had. ,. WARRANTY; DEFENSE OF TITLE, The f~Ìlow,jng provi~ions relating to ownership of th~ Property áre a pari of this Mortgage: Title. Grantor warrants that: (a) Grantor holds good and mark~table 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 Þroperty description or in the Existing Indebtedness section below or in any title insurance policy, title report, or final title opinion issued in favor of, 'and accepted by, Lender in ,connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and 'deliver this Mortgage to, Lender. '. " Defense of Title, Subject to the excéptionÎn the. paragraph above, G~antor warrants and willfore,ver defend th~title. to the Property against the lawful claims of all person~, .In the event anyaction or proceeding is commenced that questions'.Gra'..tor'stitle orthe interest of Lender under this Mortgage, Grantor, shall',defe'nd;,the action at Grantor's expense. Grantor ll1ay.be thl3n.orninal.party i~ such proceeding, but Lender shall be entitled to particil?,ateinth'¡¡ prqceeding and tO,berepresented in t~e proceeding bY50LJnsel of L~nder's own choice, and Grantor will deliver, or cause tq be; delivered, to Lender such instruments as Lender ~ay requ~st ,froryl time to time to permit such participation, .' ;.... . .' , "".",. '.'. Compliance With Laws, Granto~i warrants that the Property and Grantor's use of the Property complies with all existing applicable laws, ordinances, and regulationsofgov,e~nmental authorities, , , ' , Survival of Promises, All promises,agreetnents;.and statements Grantor has made in this Mortgage shall survive the execution and delivery ~~ ~ . . .~~',-'¥....,...,.-.-.... ~--....,.~~~. , ""-'-~-'~_..~. :¡. ,. ,:,,', "-;'C>8"1\" Loan No: 764003368 ìJ:~,,,",,,~'\.:) ....... ..IVIORTGAGE (Continued) . nli () 0C:'O· ' ',~, !\)\.)~~ Page 3 of this Mortgage, shall be continuing innatureand shallremairiihfull force and effect until such time ~:s Graritor'~lndebtedness is paid in full. ' , " EXISTING INDEBTEDNESS, The followingp'r'ö\li~ions concerning Existing indebtedness are a partòfthis Mdrtgage: Existing Lien, The lien of this Mortgage securing the Indebtedness may be seco'ndary and inferior' to an existing lien. Grantor expressly covenants and agrees to pay, or see to the payment of,' the EXisting Indebtedness 'and to prev~nt any default on 'such indebtedness, any default under the instruments eviden~ing Such,i~debted~e~s,.~rany default~nder any security doc( mèn~s fors~~h indebtedness. No Modification, Grantor shall not enter . into any agreem'eìÙWith the holder of anY mortgage.. deed of ,trust, or other security agreement which has priority over this Mortgage by which that agreement is mÒdified, amended, extended,orrenewed without the prior written consent of Lender. Grantor shall neither request nor accept aJ)Y future advances under any such security agreement without the prior written consent of Lender. " , , CONDEMNATION, The following provisio~srelating to condemnati~n proceedings are a part of this M~rtgage: 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 ¡nsuch 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. . . Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lendermay éÎt its election require that all or any portionqf thene! proi::eed~of the award be applied to the Indebtedness or the repair or restoration of the Property, The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation;' . IMPOSITION OF TAXES, FEES AND CHARGES BY GOVÈRNMENTAL AUTHORITIES, The following provisions' r~lat¡ng to governmental taxes, fees and charges are a part of this Mortgage:'" '. . , , ..., ...'.. ' Current Taxes, Fees and Charges. Upon' request by Lender, Grantor shall execute such doc·uments in ,addition to this Mortgage and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property.'Grantor shall reimburse Lender for all taxes, as described below, together with all.expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary st~mps! and other charges for recording or registering t,his Mortgage: Taxes, The following shall constitute taxes to which this section applies: (1) a specific tax upQri,this typeo! Mortgage or upon all or any part of the Indebtedness secured by this' Mortgage; (2) a specific tax on Grantor which ,Grantor 'is, authorized onequired to deduct from payments on the Indebtedness secured by this type of Mortgage; ,(3) a tax ori this type of Mortgage chiugeableagainst the Lender or the holder of the Credit Agreement; and (4) a specific 'tax on all or any portion of the Indebtedness' o'ron payments of principal and interest made by Grantor, Subsequent Taxes. If any tax to which thi.s section applies is enacted subsequent to the diltè of this Mortgage, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the taxasprovidèd above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. . . SECURITY AGREEMENT; FINANCING STATEMENTS, The following' provisions: relating to this Mortgage as a security agreement are a part of this Mortgage: ", Security Agreement, This instrument shall constitute a Security Agreement to the extent any ,of the Property constitutes fixtures, and Lender shall have all of the rights of as,ecufed party under the Uniform Commercial Code as amended from ~ime t~ 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, (naddition 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'forallexpenses' incùrredin 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'aplace re~sonably'convenient to Grantor and Lender and make it, available to'Lender within three (3) days after receipt of writterJ de~andfrqrnLend~r tothe ~xtent pl!rmittedqy ~pplicableJ~w:" , Addresses, The mailing addresses Of: Grantor (deb!or) and' Lender '(secured, party) from whichinfo:rmation concerning the security interest granted by this Mortgage may'be 'obtain'ed (each as required by the Uniform CommercialCode) 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,:andfróm time ,to time, uporirequestof' Lender, -Grantor' will'make,execû!eand deliver, or will cause to be made, executed or delivered, to <L:enderor to Lender's designee, and when requeSted by Lender, cause to' be'filed, recorded, refiled, or rerecorded, as the case may be,'at suchtirhesand in'such offices and places as Lender maY;deem appropriate,'any and all such mortgages, deeds of trust, security deeds, security 'agreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may,in the ~oleopinion of Lender, be necessarypr desirable in. order toeffectuate, complete, perfect, continue, or preserve (1 ) Grantor's o~ligations' u~der the 'CreçJit Agreem~nt, this Mortgage, ~nd the: Related Documents, and (2) the liens and security interests created by this fv10rtgage on the Property, whether now ,owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees lothe contrary ¡n'writing,' Grantor shall reImburse LenderAor all costs and expenses incurred in connection with the matters referred to in ttlis' paragraph. . . . , . ., " ,', . ',,';' ,;' "0 " ", .,.' Attorney-in-Fact, If Grantor fails ,to do any of the thing~ 'ieferredio in the preceding paragraph, Únder may do so for and in the name of Grantor and at Grantor's expense. . For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of making, executing,delivering,filing, recording,and doing all other things as may benecessarY'or desirable, in Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Grantor pays 'all ,the Indebtedness when due, terminates the credit Ìine account, and oth~rwise performs all the obligations imposed upon Grantor under this Mo'rtgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing"statement 'on file evidencing 'Lender's securityinterest'in'-theReÌ1ts and the Personal Property, Grantor will pay, if permitted by apPlica~le,law',anyreasonable termination fee as determined b,YL~nd~rfromitime to time. EVENTS OF DEFAULT. Grantor will be in dëf~ultùnde,:' th,s Mortgage if any of the fpllowing happen:,'(¡"'Grà'ntorcòmmits fraud or makes a material misrepresentation at any time in connection with the Cre'dit Agreement. This can include, for example, 'a false statement about Grantor's income, assets, liabilities, or any other aspects of Grantor's financial condition. . (B) Grantor does not meet the repayment terms of the Credit Agreement. (C) Grantor's action or inaction adversely affects' the collateral or Lender's rights in the collateral. This can include, for example, failure to maintain required insurance, waste 'o'r destructive use o'f the dwelling, failure to pay taxes~ death of. all persons liable on the account, transfer of title or sale of the dWelling,: creation of a senior lien on the dwelling without Lender's, permission, foreclosure by the holder of another lien, or the use of funds or the dwelling for prohibited purposes. . RIGHTS AND REMEDIES ON DEFAULT> Upoh'¡the' occurrence of å'n' Event of Default and Many 'timethereafter but subject to any limitation in the Credit Agreement or any limitation in this Mortgage, Lender, at Lender's option, may exercise anyone or more of. the following rights and remedies, in addition to any other rights or, remedies provided by law: Accelerate Indebtedness, Lender shal¡'have the right at its option witho'utnotice 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 toall.or".any'part (¡fthe Personal PropertY:, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code'.' . . !'. . ': . ' : >:'.' ,,"-.,. "-":'. - , ,',' " - " '.... .: ,'~,'- '."-- :" , :' " ' Collect Rents, Lender shall h~ve ttl~;'r¡'gB<,w¡thò~t,n~ticeto Grant~r, to take' posses~iOn 9f tbe Prop'e~tŸ, in¿¡ùd!ng'?udng the pendency of foreclosure, whether judicial or.,pon-j\)dic;}aJi ar¡d,collect .the Re.nts, including a¡;nqunts,past d~e .!'lDd,lJ{1p~i,c;f,and apply.the net proceeds, over and above Lender's costs, against the.Jndebtedness, . In furtherance of this right, Lender may. reqUlfeany tenant or other user of the Property to make payments of rent' orù;sef~esdirectly to' Lender. If the Rent~ are collecte'd by Lènderi then Grantor irrevocably designates Lender as Grantor's attorneycin-facttoendorse' fnsÚÜments received in payment thereof in the mime of Grantor and to negotiate the same , . .' . , I ¡~mmm;~~¡m~¡ 7T}:f,,:;':¡;~' '. I\~ . \ ,······_J2(U<lA\" .¡.: ·~~~ji~~~imm~!I Loan No: 764003368 "1' <I "':"'''':8;1,·· .: . <".--:' .' :'-., 1;~.. ". ' . 'J,_.'J ~'-4'U1 . ' MORTGAGE (Continued) PI' n r' ~'1. .. \... \I tJ {,' ~ . .... Page 4 and collect the proceeds. Payments·by·tenants or other users to lender in response to lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender. may exercise its rights under this subparagraph either in person, by agent, .or through a recei,ver. . 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 collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness, The receiver may serve without bond if permitted by law. lender's right to the appointment of a receiver shall exist whether or nofthe'apparent value of the Property exceeds the Indebtedness by ~ substantial,~"lount. Employment by lender shall not disqualify a person from serving as a receiver. Judicial Foreclosure, lender mayobta.inà judicial decree fore~losing Grantor's interest in all or anypartof theProperty, Nonjudicial Sale. lender may foreclose Grantor,'s interest in all or in any part of the Property by nÒn~judiCial'sal~, an'd specifically by "power of sale" or .. advertisement and sale" forfi closure:as provided .by statute. Deficiency Judgment, If permitted by applicàble law, lender may obtain a judgmerit for anydeficÎerÎt'y 'rema'iníng in the Indebtedness due to lender after application of all amounts received from the exercise of the rights provided in this section. Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as prQvided above or lender otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of lender or the purchaser of the Property and shall, at lender's option, either (11 pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demandotlender. '.. Other Remedies, lender shall have~1I o~her rights "rid remedies provided in this MortgageÓr th:eCredit Agreement 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 entitled tq bid·.atany 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 iritended disposition of the. Personal Property is to be made. . Reasonable notice shall mean notice given at least ten (10) days before the tim~ of the sale'or disposition,. Any sale of the Personal Propertymaybe'made in conjunction with any sale of the Real Property. Election of Remedies, All of lender'srights ilf'\dremedies will be cumulative and may beexercisedàlone w'togi¡ther, An election by lender to choose anyone remedy will not bar lëndeflrom using any other remedy, If lender decides to spend money or to perform any of Grantor's obligations under this Mòrtgage,. after Grantor's failure to do so, that decision by lender willnot.affect lender's right to declare Grantor in default and to exercise lender's remedies: , ' I' .,.':" ,',- , ' , , ' , '. ,,,",, ,'" '"".,.¡:.' Attorneys' Fees; Expenses, If lender i~stitutesany suitor action to enforce any of~he terms of thi's Mortg'age; lender shall be entitled to recover such sum as the court maY'adjudge reasonable as attorn¡!ys' 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 Credit Agreement 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,J';ende(,'s·reasonable attorneys' fees and lender!slegal expenses whether or not there is a lawsuit, including reasonable attorneys' fees 'afteL default. and referral to an attorney not lender's salaried employee and expenses for bankruptcy proceedings (including efforts to modify' or vacate any automatic stay or injunction). appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports). surveyors' reports, and appraisal fees and title insurance, to the extent permittedby applicable law.. Grantor also will pay any court costs, in addition to all other sums provided by law, . - .:. . .. ": .' , . '., .:' . ' , .' . ' ,. "., , Il," I" .. I.',. 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 ,actual)y delivered, vyhef) actually rece.ivedby telefacsimile(unlessotherwiserequired by law). when deposited with a nationally recognized overnight cc¡µrier, or, if màiled, when deposited inthè United~tates mail, .as first class, certified or registered mail postage prepaid, directed to' th(! addresses shOwn, near the beginning of this Mortgáge" All: copiês of notices '6f foreclosure from the holder of any lien which has prioriw'o~e.r,this Mortgage shall be sent ,to lender's addriess,,~sshó~n ,near the b,eginning pf this Mortgage, Any person may change his or her addr:ess. fpr notices ·,under.. this Mortgage by. giving. fprmal.written. notice to the. other person or persons, specifying that the purpose of the notice is to change the person's address. For notice purposes, 'Grantor agrees to keep Lender informed at all times of Grantor's current address, Unlessötherwiseprovided or required by law, if there is more ,than onèGrantor;"any notice given by lender to any Grantor is deemed to be notice, given, t()~1I (]r.aptors. .It will be Grantor's f!!sponsibility to tel} the loth~r~ of the I)ot¡cefror:n lender. ASSOCIATION OF UNIT OWNERS, The fOllowirigprovisions' apply if the Real Property has been submitted to unitownership law or similar law for the establishment of condominiums,orco()p¡:¡ra~iv\l o\')inership of the Real Prop¡,¡rty: .... Power of Attorney, Grantorgrants'snirrevocable power of attorney to lender to vote 'in Lender'sdist¡etion on any matter that may come before the association of unit owners.. lender will hé ve the right to exercise this power of attorney only after Grantor's default; however, lender may decline to exercise this pOl/Ver as lender sees fit.,. . .' ' .,., . .' .' ... . .,." . ,'. '; '-', .. ,. , . \., ,I,' Insurance, The insurance as required above mäybe carried' by the association of unit 'owners 'on Grantor's behalf; and the proceeds of such insurance may be paid to theassotiation of unit owners for the purpose of repairing or reconstructing the Property. If not so used by the association, such proceeds shall-be; p~,jd, to ,lender. Compliance with Regulations ofAssöcJ¡it Ò~, 'Grå~tor shall perform a'lI of the obligations imposed 011 Grantor byth~declaration submitting the Real Property to unit ownership, by.tl;1e bylawsQf the association of unit owners, or by any .rules or regulations thereunder. If Grantor's interest in the Real Property is a lea!jehold interestand such prpperty has been submitted tounitowrers'hip, Grantor shall perform all of the obligations imposed on Grantor by ttiele&se of th~'ReaIPróperty fro'in its' owner, '. '. '. '.',. . . , '.',,;.:' I¡'":__,,-,,,,:,,;,,,,, ". ! ,.' :' . . '. MISCELLANEOUS PROVISIONS, The fOllowingmisc~II~l1eous provisipnsare a part of this Mortgage: Amendments, What is written in this Mortgag8 arid in the Related Documents is Grantor's entire 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 or obligated by the change or amendment; Caption Headings, Caption headings'in this Mortgage are f.or conve'nience purposes only and are noqo bei;Used'to interpret or define the provisions of this Mortgage. ...., '. . . - . ., " " " '.' ~ ' . ". ,'-,' :.... . '" .' " .: ' ' ", , . ~ ',' " \ ,. ,.,'. .,' ." .' ' . ; '.", : ~:.: '. ': , ,~ Governing law, This M.ortgage yvillþe. gòvernedby federal law applicable to lender' and, 'to the'èxtentnotpreempted by federal law, the laws of the State of Wyoming wi~hoút regi!rdfoits conflicts of law provisions, This Mortgage has been accepte~ by lender in the State of Wyoming, .... . , . , . Choice of Venue. If there is a lawsuit,GrånÚ)ragreesupon le~der's reques(to SLJbr:nit to;th~·jUri~.diction4t'thec6urtsof Lincoln County, State of Wyoming"" :;. ". :,.' .' :: . '..,:'., . ,.'.... , ".. . Joint and Several Liability. All obligations 'of Grantor under this Mortgage shall be joint and several"and;allreferences to. Grantor shall mean each and every Grantor, This means that each Grantor signing :below.is iesponsible for all obligations ill this Mortgage. No Waiver by lender. Grantor under~t~~d.s L~nder will norgiveup~~Vof'Lender's ri~hts. under tl:1isrvi~rtg~ge' unless lender does so in writing. The fact that lender delays or omits to ex.ercise any right will not mean that lenc;1er, has gÌlien 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 tc¡ .comply with the other provisions of this Mortgage, Grantor also understands that if lender does consent to a reqÜest. that does not mean that Grantor will not have to get lender's consent again if the situation happens again. Grantor further understands that just 'because lender 'consents tö one or more of Grantor's requests, that does not mean lender will be required to c.onsent, to any of Grantor's future requests. ,. Grantor waives presentment, demand for payment, protest, and notice of dishonor.. Grilntqr waives all rights of ex¡:¡mption .trolT) .execution or similar law ,in the Property, and Grantor agrees that the rights of lender in the Property'unqer this Mortgage are prior to Gr,ðnt?r'.s rights whil~lhis Mortgage remains in effect, Severability, If a court findsthat~~ýpip'vision~f this M~rtgage is, notvaíid'or should'hot bee~forc~d,th¡¡t faci, by itself will not mean that the rest of this Mortgage will not be valid ?'r enforced. Therefore, a. court will enforce the r~'st of the pròvisions of this Mortgage even if a provision of this Mortgage may befoundto'be ipvalid pr ùnenforseabie. . ". "¡ . ' ',. ' . ~)'~Y\ .) ","- r.': ;' .- " ' Loan No: 76400336P"iL;:"; ~~81. - Merger. There shall be no merger of the' interestor estate creáted: by this Mòrtgage with aríyothe'hnterestorestaie in the Property at any time held by or for the benefit of Lender in any capaciw; without the written consent of Lender, Successors and Assigns. Subject to any limitations' stated in this Mongage on t(ansferof Grantor's interest this Mortgage shall be binding upon and inure to the benefit of the part~es, their'successors .and .assigns, If ownership of the Property becomes 'vested in a person other than Grantor, Lender, without notice to Grantor, 'may deal Vliitti Gr'antor's suC:cessorswithreferenc~' to this Mortgageilndthe Indebtedness by way of forbearance or extension witho~t, releasing 'Grantor fr~mthe obligations of this Mortgage orli~bility. uriaer thelridebtedness, Time is of the Essence, Time is.of theesse,nce. in the performance..of:t/1is Mortgage. . .. Waiver of Homestead Exemption,. Graritc.ir hereby'riÚeases 'and wâives all rights and benefits of thehomest~'éÌ8exêm~tiôn laws of the State of Wyoming as to alllndebte~ness sec;~red ,by thls,Mortgage. . .. . " . . ..... .. . DEFINITIONS. The following wori:Js s~all ~aYe.thef~lIoWing meanings when used in this Mortgage: Borrower. The word "Borrower" miJal]s JESSE HANCOCK and TIFFANY HANCOCK arid includes all co:sig'1ers and co-makers signing the Credit Agreement and all their sÙccessorsardassigns. . Credit Agreement, The words. "C~edit Agreement" mean the credit agreement dated JanuaW23, 2006, with credit limit of $60,850.00 from Grantor to Lender, together with all renewals of, extensions of, mOdificati( ns of, refinancings of, consolidations of, and substitutions for the prornissory note or agreement, NOTICE TO GRANTOR: THE CREDIT AGREEMENT CONTAINS A VARIABLE INTEREST RATE, Environmental Laws, Th~words: "Environmental Laws" mean any and all state, federal arid 'ìoèal statutes, regulations and ordinances relating to the protection of hurnan health' or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of "980, ··as amended, 42 U,S,C. Section ,9601 , et seq. ("CERCLA "),the Superfund Amendments and Reauthorization Act of 1986, Pub, L No'. 99-499 ("SARA"). the Hazardous Materials Transportation Act¡ 49 U,S.C.. Section 1801, et seq., the Resource Conservation and Recover-y, Act, 42 U,S.C, Section 6901, et seq" or other applicable state or federal laws, rules, or regulations adopted pursuant thereto, Event of Default, The words "Event of Defaul.t" mean any of ·the events of default set forth in this. Mortgage in. the events of default section of this Mortgage. ':'..1; '. . ,,' Existing Indebtedness, The V\Ìords'~E¡dstin9 ,'Indebtedness" m'eanthe indebtedness described in the Existing Liens provision of this Mortgage. Grantor, The word "Grantor" meansJESSE HANCOCK and TIFFANYHANCOCK.; '. Hazardous Substances. The wo¡'ds~Hazãrdoù'sSubsfances"n;ëan matedals 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 {jf;·generated; .mar:\ufactured, transported or otherwise handle'd. 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 underthe Environmental Laws. The term "Hazardous Substances" also includes, 'without limitation, petroleum and petroleum by-products oranyfractiøn ther,e,ofand asbestos, .'., Improvements, The word "Improvements" means all existing and future improvements, buiídirÌgs,structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other(:on~tiùctiQO.on: tl;1e Real Property.' . Indebtedness, The word "Indebtedness" means all principal,'if.1térest;;and other amounts, costs and expenses payable under the Credit Agreement or Related Documents, together with allrenewals of, e)(tensions of, modifications of. consolidations of and substitutions for the Credit Agreement or Related Documents and any amounts expended or advanced by Lender to discharge. Grant~r's obligations or expenses incurred by Lender to enforce Grantòr's obligations Under this Mongage¡ together with· interest on such: ambÜnts as provided in this Mortgage. . ':"'.;. . ,. ,.' .... . Lender, The word "Lender" means'·FIRST,NATIONALBANK· WEST; itssuctessors and assigns; The words "sué:êèssors or assigns" mean any person or company that acquires?riYiriterestinthe'Credit,Agreement. " Mortgage, The word "Mortgage" mea8s,this Mo~tg~gei bet~een Gnintor and, Lénde¿ /' Personal Propeny, The words, "Pers9ri~LProp~rW"mean all equipment, fixtu~es, and other articles of personalproþerty now or hereafter owned by Grantor, and now or hereafter attached' or affixed to the 'Real Proþèrty; together with all accessions, parts, and additions to, all replacements of, and all substitutionsfor,anyof such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) fr~n:l'any sale or other disposition of the Property. Propeny, The word "Propeny" me¡¡ns. cclllectivelythe Real Property and the Personal'Property, Real Propeny, The words "Real PropertY"h1ean the reàlproperty,interestsand right~, as further d~scriÞed 'inthi~ Mortgage, '" . ..> '." t .. ,::.' "'. . Related Documents, The words "Relâ't'ed' Doc.uments" mean all promissory notes, credit agreements, lòan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds,. collateral mortgages, and all other instruments, agreements and documents, INhether now ( r heråafter existing, executed in connec.tion with the Indebtedness, ':' -:,..':.' ";....,~: :; -:':.<'" ",~,' \ -;"!,.'. .', ..J-, ,:~",';'~'-,.',! '\\;)"-:,'rii;~).~' _,' Rents, The word "Rents" means all present andtuture rents, revenues, income, Issues, royalties, profits, and other benefits derived from the Propeny, MORTGAGE (Continued) 'r'·n·.·· nr"~2 ':",> .~.J, ,J¡; v Page 5 ':,-.'. .....~.,...-.-...~.;-..;:~,..":"..,~;~¡ ;;,I~;,'.,'. ':":-',:, ,_ ..::: ,.... ''-',' ,. .,__.... _:.,.. ;....'. .J-.'.'.,'.....;.-'...;.,!.-....,..:,I.:..: ",',' . EACH GRANTOR ACKNOWLEb~ES, HJ,\YfNG,REAO'AI.,L THE PROVISIONS OF THISMO~TGAGE;.~Nb EA(;:H GRANTOR' AGREES TO ITS TERMS, , , . GRANTOR: ,. !.}"'-I ê C8' ·1' U,-,-ì.J..J'O ,', )~i~~~~~~~~:: MORTGAGE' (Continued) r- C7':-8W;:?:¡)s;~ " 1"'\ (ì~" t:'~'...3'''' " .~~,~ tj ',,: ';"\J Loan No: 764003368 Page 6 INDIVIDUAL ACKNOWLEDGMENT STATE OF Wyoming ), ) SS J PEN. N.YJONES...' 'N.OTAR Y,P.',~BUC COUNTY OF STATE OF LINCOLN WYOMING MYCoMMlSSIOO'EXPIRES SEPTEMBER 18,2007 COUNTY OF Lincoln On this day before me, the undersigned Notary Public, . personally appeared JESSE HANCOCK and TIFFANY HANCOCK, to me known to be the individuals described in and who executed the Mortgage, and acknowledged that they signed the Mortgage as their free and voluntary act and deed, for the uses and purposes thèrei,n mentioned. ' . Given my hand and attic seal this day of January , 20 06 B Residing at Lincoln Couµty My commission expires LASER PRO L_dÍßg. v.. 5.30.00.004 Cop" HoVland 'ÌI'ItlRciaI SowÞon., Inl:. nl91, 200ft At! RightJ fHMrved . WY D;\LASERPRO\FNB\CFI\LPL\G03.fC TR·to7 PR·' ';1 L ~. ,. ~ "\ ,I ,. . ~ ;, .~. ¡ .¡,. ~':' ï-\,' '. ,', ".;, ~ (,;; ,;¡ ... .~~,~.~ ~ó~.~.~':.>" . ", \1'1;;:,:'1-,' - -:Ì :-:~'-'~j1'V·~:_ :' ;;'¡;"¡'~1j~IX' ;':"!I:':';-I : '~_:' ·:ï';~"7'1~::," :'o:¡;.;;¡:~ :;':. f' t',,,! r-'(""81. U ,..jl ~.J¡ G PLANNED UNIT DEVELOPMENT RIDER r0()::'~4 '..U\.,ì(.,V THIS PLANNED UNIT DEVELOPMENT RIDER is made this 25th day of January, 2006, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to FIRST NATIONAL BANK - WEST (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 484 CEDAR DRIVE, THAYNE, WY 83128 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in DECLARATION. CONVENANTS, CONDITIONS. AND RESTRICTIONS (the "Declaration"). The property is a part of a planned unit development known as: STAR VALLEY RANCHES (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning . of'linanaging:the _.". common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest; ...., PUD COVENANTS, In addition to the covenants and agreements made in the Security Instrument, Borrowènlllè!ìl:èf.ÌèJer'further '. ... covenant and agree as follows: " 'n,. A, PUD Obligations, Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documehts;The',; "Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent.doèUment which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Property Insurance, So long as the Owners As'sociation maintains, with a generally accepted insurance carrier, af."',:. "master" or "blanket" policy insuring the Property which is satisfactory to lender and which provides insurance coverage in the amounts (including deductible levels). for the periods, and against loss by fire, hazards included within the term ·"extended coveragè," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to lender of the yearly premium installments for property insurance on the Property; and(jj) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed sàtisfied to the extent that the required coverage is provided by the Owners Association policy, What lender requires as a condition of this waiver can change during the tërm of the loan, Borrower shall give lender prompt notice of any lapse in required property insurance coverage provided ·by.the master or. l.' blanket policy, In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or' to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to lender,', lender" shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C, Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association. maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to lender, D. Condemnation, The proceeds of any award or claim for damages, direct or c.onsequential, payable to' Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to lender. Such proceeds shall be applied by lender to the sums secured by the Security Instrument as provided in Section 11, E, lender's Prior Consent, Borrower shall not, except after notice to lender and with lender's prior written consent, either partition or subdivide the Property or consent to; (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; Iii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or {iv} any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to lender, F, Remedies. If Borrower does not pay PUD dues and assessments when due, then lender may pay them, Any amounts disbursed by lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument, Unless Borrower and lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from lender to Borrower requesting payment, MULTlSTATE PUD RIDER-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Page 1 of 2 Farm 3150 1101 :!~~fi¡;m~¡mfft~ '7~1t. . ~ :..'';','.'..' '.'. j :'~:;:::::;:i-- 'f\ . . :~~;~;¡;;;~ffiI~¡¡; ,";~..;:'~~~¡~.~ ~¡'¡'- .~~,;.,::,¡..:! ':1,;':~~;:f-~l·,,;:·~;:·~r:!1."'¡;":";[}'~-" >!,.; ., ,-F .j.; ~,'~~"I.Ji.:"".r'-",.,~_,::" ~,." ~.·'!,¡~'·llj~'j~~!¿ ": ;;j.!·~·¡¡t~;:-T~it",::_·_(:'-'~::·;~~.:lj., -;'~;"-':;',:...-.;;,,: t·"- . .," ·,·..U ..~:-...~.;~:. ' , .. ".,¡('- 81. ' "'~, ~" ''>., Q , ~")'-i ~-.JJ; PLANNED UNIT DEVELOPMENT RIDER (Continued) r' [I n "', '.' ¡j lJ ;. 5 5 Page 2 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in thi,S. PU.D. R .ide, r. d" .. //~ ( ~ '(Seal) ,y, " ~ . JES~E HANCOCK - Borrower ~/7 'S.." . ... . . IF N ÑCCCK~" .., - ... : ;--. - '. ~ ;, , , . ii;;', ·:\')v.~ ',' ¡ . -j" ~.~- " ':, ~; ':':-J i'·,: '- MULTISTATE PUD RIDER-Single Family-Fannie MaeJFreddie Mac UNIFORM INSTRUMENT Page 2 of 2 Form3150 1101