HomeMy WebLinkAbout875929~RECOF~DATION REQUESTED BY: '
FIRST NATIONAL BANK-WEST-AFTON BRANCH ~'~r,~-.r'
Alton, WY 83110
PO BOX 1620
Alton, WY 83110
SEND NOTICES TO:
ROSEWOOD BUILDERS INC. -
PO BOX 51535
IDAHO FALLS, ID 83405
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
CONSTRUCTION MORTGAGE
THIS MORTGAGE IS DATED AUGUST 29, 2001, between ROSEWOOD BUILDERS INC., ROSEWOOD BUILDERS,
INC., an IDAHO CORPORATION, whose,,address is PO BOX 51535, IDAHO FALLS, ID 83405 (referred to below
as "Grantor"); and FIRST NATIONAL BA~NK-WEST-AFTON BRANCH, whose address is 314 Washington Street,
PO BOX 1620, Afton, WY 83110 (referre!:! to below as "Lender").
GRANT OF MORTGAGE. For valuable conslderaliim, Grantor mortgages and conveys Io Lender all of Grantor's right, title, and interest in and to
lhe following described real property, together with aii existing or subsequently erected or affixed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water rig!ds, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all
other rights, royalties, and profits relating to the real p~0Perty, including without limitation ali minerals, oil, gas, geothermal and similar matters located
in Lincoln County, State of Wyoming (the. "Real Property"):
Lot 141 of Nordic Ranches Divisi. on No.10, Lincoln County, Wyoming, according to that plat thereof.
The Real Property or its address is commonly known as 839 Lariat Drive, Etna, WY 83118. The Real Property tax
identification number is 3619273007700.
Grantor presently assigns to Lender all of Grantor's
~ght, title, and interest in and to all h;ases of lhe Property and all Rents from the Property. In
addition, Grantor graters to Lender a Uniform Commeri:!ial Code security interest in the Persoaal Property and Rents.
DEFINITIONS. The following words shall have the foli~wing meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage shall
have the meanings altributed to such terms in the Uniform Commercial Code. Ail references to dollar amounts shall mean amounts in lawful money of
the United States of America.
Grantor. The word "Grantor" means ROSEWOOD BUILDERS INC.. The Grantor is th~.! mortgagor under this Mortgage.
Guarantor. The word "Guarantor" means and includes without limitation each and all of the guarantors, sureties, and accommodation parties in
connection with the Indebtedness.
Improvements. The word "Improvements" means and includes without limitation ~ll existing and future improvements, buildings, structures,
mobile homes affixed on the Real Property, f~cilities, additions, replacements and othe.~ construction on the Rea[ Property.
Indebtedness. The word "Indebtedness" means ali principal and interest payable ur~der the Note and any amounts expended or advanced by
Lender to discharge obligations of Grantor or expenses incurred by Lender ~o enforc,~ obligations of Grantor under this Mortgage, together with
interest on such amounts as provided in this Modgage.
Lender. The word "Lender" means FIRST NATI!.~NAL BANK-WEST-AFTON BRANCF;, its successors and assigns. The Lender is the mortgagee
under this Mortgage.
Mortgage. The word "Mortgage" means this M~rtgage between Grantor and Lender, 'and includes without limitation all assignments and security
interest provisions relating to the Personal Properly and Rents.
Nolo. The word "Note" means the promissory ';')otc or credit agreement dated Augu~st 29, 2001, irt the original principal amount of
$102,500.00 from Grantor to Lender, together with ail renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the promissory note or agreemei';t.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other arfictes of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affix"ed to the Real Property; together with all accessions, parts, and additions to, all replacements of,
and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Properly.
Property. The word "Property" means collectively' the Real Properly and the Personal Property.
Real Property. The words "Real Property" meat: the property, interests and rights des(~rlbed above in the "Grant of Mortgage" section.
Related Documenls. The words "Related DiJcuments" mean and include withoc!t limitation all promissory notes, credit agreements, Joan
agreements, environmental agreements, guaran~:ies, security agreements, mortgages, deeds of trust, and all other instruments, agreements and
documents, whether now or hereafter existing, e~:ecuted in connection with the Indebtedness.
Rents. The word "Rents" means all present ai,~d future rents, revenues, income, issues, royalties, profits, and other benefits derived from the
Property.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT .OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (1) PAYMENT OF THE INDEI3TEDNESS AND (2) PERFORMANOE OF ALL OBLIGATIONS OF GRANTOR UNDER THIS
MORTGAGE AND THE RELATED DOCUMENTS. T~iilS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherv~:!se provided in this Modgage, Granto~ shall pay to Lender all amounts secured by this Mortgage
as they become due, and shall strictly perform all of G~antor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPE.RTY. Grantor agrees that Grantor's ppssession and use of the Property shall be governed by the
following provisions:
Possesslob and Use. Until in default, Grantor may remain in possession and contr(,I of and operate and manage the Property and collect the
Rents from the Property.
Duty to Mainlaln, Grantor shall maintain the Property in tenantable condition and p?omptty perform all repairs, replacements, end maintenance
necessary to preserve its value.
Hazardous Substances. The terms "hazardous waste," "hazardous substancei" "dL~posal," "release," and "threatened release," as used In this
Mortgage, shall have the same meanings as set fodh in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499
("SARA"), the Hazardous Materials Transpodaticn Act, 49 U.S.C. Section 1801, et sec.., the Resource Conservation and Recovery Act, 42 U.S.C.
Section 6901, et seq., or other applicable state or Federal laws, rules, or regulatio-~s adopted pursuant to any of the foregoing. The terms
"hazardous Waste" and "hazardous substance" shall also include, without limitation, petroleum and petroleum by-products or any fraction thereof
and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Grantor's ownership of the Property, there has been no
use, generation, manufacture, storage, treatmen', disposal, release or threatened release of any hazardous waste or substance by any person on,
under, about or from the Property; (b) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to
and acknowledged by Lender in writing, (i) an~ use, generalion, manufacture, storage, treatment, disposal, release, or threatened release of any
hazardous waste or substance on, under, abo{]t or from the Properly by any prior Owners or occupants of the Property or (ii) any actual or
threatened litigation or claims of any kind by any person relating to such matters; and (c) Except as previously disclosed to and acknowledged by
Lender in writing, (i) neither Grantor nor any te.;~ant, contractor, agent or other aulhodzed user of the Property shall use, generate, manufacture,
~Loan No 64002447: (Continued)
store, treat, dispose of, or release any hazardous ,va~.~e or substance on, under, about or from the Property and (ii) any such activity shall be
conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation those laws,
regulations, and ordinances described above. Gra~-~to: authorizes Lender and its agents to enter upon the Property to make such inspections and
tests, at Grantor's expense, as Lender may deem '2zpi;ropriate to determine'compliance of the Properly with this section of the Mortg~ge. Any
Inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability r.,n the
part of Lender to Grantor or to any other person. :Th::~. representations and warranties contained herein are based on Grantor's due diti0ence in
investigating the Property for hazardous waste and ~'&zardous substances. Grantor hereby (a) releases and waives any future claims against
Lender for indemnity or contribution in the event ,Grantor becomes liable for cleanup or other costs under any such laws, and (bi agrees to
indemnify and hold harmless Lender against any and ;all claims, losses, liabilities, damages,' penalties, and expenses which Lender may directly or
indirectly sustain or suffer resulting from a breach o',::,this 'section of the Mortgage or as a consequence of any use, generation, manufacture,
storage, disposal, release or threatened re[ease of ~ hazardous waste or substance on the properties. The provisions of Ihis section of the
Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of
this Mortgage and shall not be affected by Lender's..ac~quisition of any interest in the Property, w, hether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct 'or permit any nuisance npr commit, permit, or suffer any stripping of or waste on or to the
Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including oil an¢ gas), soil, gravel or rock products v~ithout the prior written consent of Lender.
Removal of Improvements. Grantor shall not deriqolish or remove any Improvements from the Real Property without the prior written consent of
Lender. As a condition to the removal of any Impr'.',~vements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at ~east ~;~qual value.
Lender's Right to Enter. Lender and its agent¢;and representatives may enter upon the Real Property at all reasonable times to attend to
Lender's interests and to inspect the Property for p(;rposes of Gra. ntor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. ~: Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable:lc the use or occupancy of the Property, including without limitation, the Americans With
Disabilities Act. Grantor may contest in good faFh any such law, ordinance, or regulation and withhold compliance during any proceeding,
Including appropriate appeals, so long as Grantc~' ~as notified Lender in writing prior to doing so and so long as, in Lender's sole opinion,
Lender's interests in the Property are not jeopar¢ized.' Lender may require Grantor to post adequate security or a surety bond, reasonably
satisfactory to Lender, to protect Lender's interest, ii' ·
Duty to Protect. Grantor agrees neither to aband:~n nor leave unattended the Property. Grantor shall do ail other acts, in addition to those acts
set forth above in this section, which from the char~cter and use of the Properly are reasonably necessary to protect and preserve the Property.
DUE ON SALE - CONSENT BY LENDER. Lender mayl;:a~i its option, declare immediately due and payable all sums secured by this Mortgage upon the
sale or transfer, without the Lender's prior written con,;~eht, of all or any part of the Real Property, or any Interest in the Real Property. A "sale or
transfer" means the conveyance of Real Property or iYr'v right title or interest therein; whether legal, beneficial or equitable; whether voluntary or
involuntary; whether by outright sale, deed, installment i,.i'~.~ie contract, land contract, contract for deed, leasehold interest with a term greater than three
(3) years, lease-option contract, or by sale, ass gnment:, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or
f conve anco of Rea Property i;rterest. If any Grantor is a corporation, padnership or limited I!abili!y c.o. mpany, tran. sfer also
~y an.y other ,rnetho_d,_o ........ ~Y,* -, .... than twentvJl!i;,'e oercent (25%) of the voting stock padnership intere~ts.o.r li.mlt.ed Ila. blltty c. om?..any I.nter,e_¢s,
includes any cna.nge ~n uwn~,,o,,p ,.,,..,_,j.,-,..,.~ . ~,~.,'~:1,'..~i~ n~n! h~ ¢¢~¢~rni~P. cl bv Lender if such exercise is prohibited by reoera~ :aw or by wyoming ~aw.
as the case may De, of Grantor. However, this oF,,,.,,, ,~,,,--.. .................. -
TAXES AND LIENS. The following provisions relating tC;:;lhe taxes and liens on the Properly are a part of this Mortgage.
Payment. Grantor shall pay when due (and in all~:6?nts prior to de nquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on ai~:count of the Property, and shall pay when due a claims for work do~e on or for services
rendered or matedal furnished to the Property. Gr~"ntor shall maintain the Property free of all liens having priority over or equal to the interest of
Lender under this Mortgage, except for the.lien of t&l:es and assessments not due, and except as otherwise provided in the following paragraph.
Right To Contest. Grantor may withhold payment'of any tax, assessment, or claim in connection with a good failh dispute over the obligation to
pay, so long as Lender's interest in the Property is h'ot 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, wi{thin 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.~, sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable; attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under the
lien. in any contest, Grantor shall defend itself a~d Lender and shall satisfy any adverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obliges, under any surety bond furnished in the contest proceedings.
Evidence of Payment, Grantor shall upon dem~tnd 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 before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any meci;,Pmic'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 following prc~':Visions relating to insuring the Property are a part of this Mortgage.
Maintenance of Insurance. Grantor shall procu~:e and maintain policies of fire insurance with standard extended coverage endorsements on a
replacement basis for the full insurable value cow,ring 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. Grantor shall also procure and rflaintain comprehensive general
liability insurance in such coverage amounts as L:.~;nder may request with Lender being named as additional instJreds in such liability insurance
policies. Additionally, Grantor shall maintain such! other insurance, including but not limited to hazard, business interruptiOn and boiler insurance
as Lender may require. 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 cove;.'age from each insurer containing a stipulation that coverage wit~ not be cancelled or diminished
without a minimum of ten (10) days' prior written ]~otice to Lender and not containing any disciaimer of the insurer's liability for failure to give such
notice. Each insurance policy also shall include ali!; endorsement providing that coverage in favor of Lender will not be impaired in any way by any
or default of Grantor or any other )arson. Should the Real Property at any tree become located in an area designated by the
act omission .. .? ...... :_, ,,~.4 ~..~.r~ a,~o Rrci r aarees to obtain and maintain Federal Flood
the Federal Emer ency ~anagemem:,~gency as a speu,u~ ,uu~ .,~,..~ ..... _._nrc ~
Director of . · g .... ; ....... ,- ,'-* ~oximum ,-,olicv limits set under the Nat cna F odd Insurance r'rogram, or as
Insurance for the tull unpaid principal balance OT ~ne ~ouu, up ~u ~.,= ,,,: ,-.
otherwise required by Lender, and to rdaintain sur:h insurance for the term of the loan.
Application of Proceeds. Grantor shall prompt ".¢i ;notify Lender of any loss' or damage to the Property'. Lender may make proof of loss If Grantor
-, ' apply the proceeds
f ~ls to do so w th n fifteen (15) days of the casus:¢:v. Whether or not Lender's security is impaired, Lender may, at its election,
a' . ................. , ~',~",~,, on affectinr, the Pronerty or the restorat on and repair of the Property. If Lender elects to
to the reduction ct me inoeoteanes-% paym~JJ~ u ir,~,y ,,~ ~ ,- , -
apply the proceeds to restoration and repair, Grohtor shall repair or replace the damaged or destroyed improvements in a manner satisfactory to
Lender. Lender shall, upon satisfactory proof of :;:uch expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair
or restoration if Grantor is not in default under thi:~=Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and
which Lender has not committed to the repair o? restoration of the Property shall be used fid'st to pay any amount owing to Lender under this
Mortgage, ti)eh to pay accrued interest, and the remainder, if any, shall be applied to the prindJpal balance of the Indebtedness. If Lender holds
any proceeds after payment in full of the Indebte;:!ness, such proceeds shall be paid to Grantor.
Unexpired Insurance al Sale. Any unexpired irlsurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by this
Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such Property.
Grantor's Report on Insurance, Upon requesl of Lender, however not more than once a year, Grantor shall furnish to Lender a report on each
existing policy of insurance showing: (al the name of the insurer; (bi the risks insured; (c) the amount of the policy; (d) the property insured, the
then current replacement value of such property, and the manner of determining that value; and (e) the expiration date of the policy. Grantor
shall, upon request of Lender, have an n. dependent appraiser satisfactory to Lender determine the cash value replacement cost of the Property.
EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of Ihis Modgage, or if any action or proceeding is commenced that would
materially affect Lender's interests in the Property, Lender on Grantor's behalf may, but shall not be required to, take any action that Lender deems
appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by
Lender to the date of repayment by Grantor. All such iCxpenses, at Lender's option, will (al be payable on demand, (bi be added to the balance of
Note and be apportioned among and be payable with any installment payments to become due during either (il the term of any applicable insurance
policy or (ii) the remaining term of the Note, or (c);be treated as a balloon payment which will be due and payable at the Nora's maturity. This
Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies
to which Lender may be entitled on account of the defliult. Any such action by Lender shall not be construed as curing the default so as to bar Lender
from any remedy that it otherwise would have had.
08-. 29-2001 0 7592;9 ' MORTGAGE '7 0 t~) Page 3
Loan No 64002447 (Continued)
WARRANTY; DEFENSE OF TITLE. The following provis OhS relating to ownership of the Property are a part of this Mortgage.
Title. Grantor warrants that: (a) Grantor holds 9:'~od and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth in the R,~a Property description 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 exception in the' Caragraph above, Grantor warranls and will forever defend the title to the Properly against the
lawful claims of all persons. In the event any action;.i~r proceeding is commenced that questions Grantor's title or the intere§t of Lender under this
Mortgage, Grantor shall defend the action at Gran"~3r's.expense. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled lo participate in the proceeding and to b~ 'r,.~presented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments ai:~ Lender may request from time to time to permit such participation.
Compliance Wllh Laws. Grantor warrants the': ihe Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorii:ies;
CONDEMNATION. The following provisions relating to condemnation of the Property are a pad of this Modgage.
Application of Net Proceeds. If all or any part of ti~'e Propedy is condemned 'by eminent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its election ri,~quire that all or any podion of the net proceeds of the award be applied to the Indebtedness
or the repair or restoration of the Properly. The n.-~t !proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connecth.)r¢ with the condemnation.
Proceedings. If any proceeding in condemnat[o'~ is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action a;'~d obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be're~resented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments as may b;e requested by it from time to time to permit such participation.
I~POSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a part of this Modgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges!for recording or registering this Modgage.
Taxes. The following shall constitute taxes to whic~ this section applies: (a) a specific tax' upon this type of Mortgage or upon all or any part of
the indebtedness secured by thfs Mortgage; (b) a si~ecific tax on Grantor which Granlor is authorized or required to deduct from payments on the
indebtedness secured by this type of Mortgage; (ci,,,a t~.x on this type of Mortgage chargeable against the Lender or the holder of the Note; and
(d) a specific tax on all or any portion of the Indebt!e~ness or on payments of principal and interest made by Grantor.
Subsequent Taxes. If any tax to which this sectioi,~ applies is enacted subsequent to the date of this Mortgage, this event shall have the same
effect as an Event of Default (as defined below), i~n:::l Lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Grantor either (a) pays the tax betlo~'e it becomes delinquent, or (b) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a suffick~n! 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 constitule a security agreement to the extent any of the Property constitutes fixtures or other personal
property, and Lender shall have all of the rights of a ~ecured party under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantct= shall execute financing stalements and take whatever other action is requested by Lender Io
perfect and continue Lender's security interest in th~ Rents and Personal Property. In addition to recording this Mortgage in the real property
records, Lender may, at any time and without iur;:her authorization from Grantor, file executed counterparts, copies or reproductions of this
Modgage as a financing statement. Grantor sh~'.il ;~.;eimburse Lender for all expenses incurred in perfecting or continuing this security interest.
Upon default, Grantor shall assemble the Perscn.~t F;Toperty in a manner and at a place reasonably convenient to Grantor and Lender and make it
available to Lender within three (3) days after receipiiof written demand from Lender.
Addresses. The mailing addresses of Grantor ~dCbtor) and Lender (secured party), from wh ch information concerning the security interest
granted by this Mortgage may be obtained (each
asirequlred by the Uniform Commercial Code), are as stated on the first page of this Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and' attorney-in-fact are a pad of this
Mortgage.
Further AssUrances. At any time, and from tim~.., ~o time; upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Le.3der's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times ~.nd Jn such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation stalements, instruments of further assurance, certificates,
and other documents as may, Jn the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (a) the obligations of Grantor under the Note, this Mortgage, and the Related Documents, and (b) the liens and securi[y interests
created by this Mortgage as first and prior liens oi~ the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law
or agreed to the conlrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters
referred to in this paragraph. ,
Altorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do. so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose
of making, executing, delivering, filing, recordin~ and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the precedin{~ paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebt~cness when due, and otherwise performs all the obligations imposed upon Granlor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest ir~ the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from 'time to time.
DEFAULT. Each of the following, at the optibn of Lender shall const{tute an event of default ("Event of Default") under this Mortgage: Default on Indebledness. Failure of Grantor to ma!'~:e any payment when due on the Indebtedness.
Default on Other Payments. Failure of Grantoriwilhin the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to 'r~ff~=.~ct discharge of any lien.
Compliance Default. Failure of Grantor to comply vdth any other term, obligation, covenant or condition contained in this Mortgage, the Note or in
any of the Related Documents.
Default in Favor of Third Parties. Should Grantor.default under any loan, extension of credit, ~ecurity agreement, purchase or sales agreemenl,
or any other~agreernent, in favor of any other credit¢.r or person that may materially affect any of Grantor's property or Grantor's ability to repay the
Note or Granto~r's ability to perform Grantor's oblig'ati.:)ns under this Mortgage or any of the Related Documents.
False Slatements. Any warranty, representer on. o~ statement made or furnished to Lender by or on behalf of Grantor under this Mortgage, the
Note or the Related Documents is false or misleadin~:] in any material respect, either now or at the time made or furnished.
Defective Collateralization. This Mortgage or an/(~t the Related Documents ceases to be in full force and effect (including failure of any collateral
documents to create a va[id and perfected securif? ~terest or lien) at any time and for any reason.
Insolvency. The dissolution or term[nation of Gr~t~:r's existence as a going business, the insolvency of Grantor, the appointment of a receiver for
any part of Grantor's property, any assignment fo' t!'~e benefit of creditors, any type of creditor workoul, or the commencement of any proceeding
under any bankruptcy or insolvency laws by or ag~¢,'tst Grantor.
Foreclosure, Forfeiture, etc. Commencement o! f(:;,reclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or
any other method, by any creditor of Grantor or b!, a'ny governmental agency against any of the Property. However, this subsectLon shall not apply
in the event of a good faith dispute by Grantor as tc~ Ihe validity or reasonableness of the claim which is the basis of the foreclosure or forefeiture
proceeding, provided that Grantor gives Lender '¢¢'ri.'ten notice of such claim and furnishes reserves or a surety bond for the claim satisfactory to
Lender.
Breach of Olher Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied
within any grace period provided therein, inc ud nc; without limitation any agreement concerning any indebtedness or other obligalion of Grantor to
~' M( :. AGE Page 4
Loan No~64002¢47 If[,)~'~~4:~ '~' (Continued) '~ 0 ~
Lender, whether existing now or later.
Events Affecting Guarantor. Any of the precedi¢~g events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies
or becomes incompetent, or revokes or disputes the .validity of, or liability under, any Guaranty of the Indebtedness. Lender, at its optir~n, may, but
shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory
to Lender, and, in doing so, cure the Event of Default.
Adverse Change, A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance
of the indebtedness is impaired.
Insecurity. Lender in good faith deems itself insecure.
Right to Cure. If such a failure is curable and if Gr~,ntor has not been given a notice of a breach of the same provision of this Mortgage within the
preceding twelve (12) months, it may be cured (,and no Event of Default will have occurred) if Grantor, after Lender sends written notice
demanding cure of such failure: (al cures the faliluJi:e within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days, immediately
initiates steps sufficient to cure the failure andithb, reafter continues and,completes all reasonable and necessary steps sufficient to produce
compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the ,bc;;urrence of any Event of Default and at any time lhereafter but subject to any limitation in the
Note or any limitation in this Mortgage, Lender, at its option may exercise any one or more of the following righls and remedies, in addition to any other
rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have tl~. dght at its option without notice to Grantor to declare the entire indebtedness immediately due
and payable, including any prepayment penalty ~,,hi~.h Grantor would be required to pay.
UCC Remedies. With respect to all or any part i'~)f, ihe Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents, Lender shall have the right, wi{.hii~ut notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the ~ndebtedness.:'; In furtherance of this right, Lender may require any tenant or other user of the Property to make
payments of rent or use fees directly to Lender.h I'f the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's
attorney-in-fact to endorse instruments received r'! payment thereof in the name of Grantor and to negotiate the same and collect the Proceeds.
Payments by tenants or other users to Lender i~:'l ~esponse to Lender's demand shall satisfy the obligations for which the paYments are made,
whether or not any proper grounds for the demahc existed. Lender may exercise its rights under this subparagraph either in person, by agent, or
through a receiver.
Appoint Receiver. Lender shall have the right tc 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. F'¥operty preceding foreclosure or sale, and to collect ihe 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 receiveri~all exist whether or not the apparent value of the Property exceeds the indebtedness by a
substant a amount. Emp oyment by Lender shaIlinbt disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judi~'i~d, decree foreclosing Grantor's interest in all or any part of the Property.
Nonludlctal Sale. Lender may foreclose Grant°'~"is Interest in all or in any part of the Property by nonjudicial sale, and specifically by "power of
sale" or "advertisement and sale" foreclosure as pr'ovided by statute.
Deficiency Judgment. if permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains in Possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of
the Property and shall, at Lender's option, either i(a) pay a reasonable rental for the use of the Property, or (b) vacate the Property immediately
upon the demand of Lender.
Other Remedies. Lender shall have all other dgh.ts and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property, To the extent permitted
exercising its rig. his and remedies, Lender shall .be free to sell all or any part of the'Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any publi~ sale on all or any portion of the Property.
Notice of Sale. Lender shall give Grantor reasoih"able notice of the time and place of any public sale of the Personal Property or of tl~e time after
which any private sale or other intended disposi!;',on of the Personal Property is to be made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition.
Waiver; Election of Remedies. A waiver by ar{i,',iparty of a breach of a provision of this Mortgage shall not constitute a waiver of or prejudice the
party's rights otherwise to demand strict complia,;iPe with that provision or any other provision. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an ele(qon to make expenditures or take action to perform an obligation of Grantor under this Mortgage
after failure of Grantor to perform shall not affect (.ender's right to declare a default and exercise its remedies under this Mortgage.
Attorneys' Fees; Expenses. if Lender institutes.;;~ny suit or action to enforce anyof the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonabh~ as reasonable attorneys' fees at trial and on any appeal. Whether or not any court action is
nvolved a reasonable expenses incurred by L~nder that in Lender's opinion are necessary at any time for th;, protection of its interest or the
i . ' ................. , ~,';;h~_ indebtedness oavable on demand and shall bear interest fi'om the date of expenditure until
enTorcemem of ils rlgms sna, ueuumu ~ p,~,, ,.,,, ........ . _ '
repaid at the rate provided for in the Note. Exp'!~nses covered by this paragraph include, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fe:!~s and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys'
fees for bankruptcy proceedings (including ¢:'forts to modify or vacate any automatic stay or injunction), appeals and any anticipated
post-judgment collection services, the cost of !iiearching records, obtaining title reports (including foreclosure reports), surveyors' reports, and
appraisal fees, and title insurance, to the extentl;permitted, by applicable law. Grantor also will pay any court costs, in addition to all other sums
provided by law.
NOTICES TO GRANTOR AND OTHER PARTIES. A.'~Y notice under this Mortgage, including without limitation any notice of default and any notice of
sale to Grantor, shall be n writ ng, may bff sent by t~,~!efacsim e (unless otherwise required by law) and shall be effective when actually delivered, or
when deposited with a nationally recogniz[ad overni-Ci'~t courier, or, if mailed, shall be deemed effective when deposited in the United States mail first
c ass, cart f ed or registered mail, postage prepa d drected to the addresses shown near the beginning of this Mortgage. Any party may change its
· ' 'v , f ~rna written notice to the other part es, specifying that the purpose of the notice is to change the
~3dardtry,esS% fd~rr;s°~l.c.~,~l ~c~ersthoiCnMo~icrtegsago~ fbo~ecglo~nugre ~r'om the holder of any lien which has priority over this Mortgage shall be sent to Lender's address,
as shown near the beginning of this Modgage. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments, This Mortgage, together ~vith any Related Documents, constitutes the entire Understanding and agreement of the parties as to the
matters set forth n this Mortgage. No alteration of or amendment to this Mortgage shall be:effective unless given in writing and signed by the
party or pa~ties sought to be charged or bound by the alterat on or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon request, a certified
slatement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require.
"Net operating income" shall mean at[ cash receipts from the Property less all cash expenditures made in connection wilh the operation of the
Property.
Applicable Law. This Mortgage has been delivered to Lender and accepted by Lender in the State of Wyoming. This Mortgage shall be
governed by and construed In accordance with the laws of the State of Wyoming.
Caption Headings. Caption headings in this Mortgage ere for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage. '
Merger. There shall be no merger of the into'est or estate created by this Modgage with any other interest or estate in the Property at any time
held by or for the benefit of Lender in any cap~ci{y, without the written consent of Lender.
Multiple Parties; Corporate Authority. All o~ligations of Grantor under this Modgage shall be joint and several, and all references to Grantor
shall mean each and every Grantor. This rnears'.[hat each of the persons signing below is responsible tor all obligations in this Mortgage.
Severabllity. If a court of competent jurisdiction finds any provision of this Mortgage to be invalid or unenforceable as to any person or
circumstance, such finding shall not render that i:;rovision invalid or unenforceable as to any other persons or circumstances· if feasible, any such
08,-29-'2001 :i
Loan No 6400244P~'c~'~.(/j~;~;) · ' '~ MORTGAGE Page 5
~ (Continued) '~ ~. (}
offending provision shall be deemed to be modifi.~c to be within the limits of enforceability or validity; however, if the offending provision cannot be
so modified, it shall be stricken and ail other prov;slans of this Mor{gage in all olher respects shall remain va~id and enforceable.
Successors and Assigns. Subject to lhe limitat?'o~s stated in this Mortgage on transfer of Grunter's interest, this Mortgage shall be bh~ding.upon
and inure to the benefit of the parties, lheir succ~s~:ors and assigns. Jf ownership of the Property becomes vested in ~ person other than Grantor,
Lender, without notice to Grantor, may. deal with Grantor's successors with reference lo this Mortgage and the Indebtedness by way of
forbearance or extension wilhout releasing Grant~r:~rom the obligations of this Mortgage or liability under the Indebtedness.
Time Is of the Essence. Time is of the essence inthe performance of this Mortgage.
Waiver of Homeslead Exemption. Grantor her;~[EY releases and waives al~ rights and benefits of the homestead exemption ~aws of the State of
Wyoming as to all Indebtedness secured by this ~.,{~tgage.
Waivers and Consents, Lender sha{l not be d0emed to have waived any rights under this Mortgage '(0r under the Related Documents) unless
such waiver Is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of
such right or any other right, A waiver by any pa~ty of a provision of this' Mortgage shall not constitute a waiver of or prejudice the pady's right
otherwise lo demand strict compliance with that :~rovlsion or any other provision. No prior waiver by Lender, nor any course of dealing between
Lender and Grantor, shall conslJtute a waiver of.~hy of Lender's rights or any of Grunter's ob~igati~ny future transactions. Whenever
consent by Lender is required in this Mortgage, fha granting of such consent by Lender in any i~ce sha~l~ot constitute continuing consent to
subsequent instances where such consent is req[;;i~ad. ~~'
GRANTOR
ACKNOWLEDGES
~ ~ ~ ~ )ss ~} MARY C. FARROW
On this 30 day of .-~,-'X~CO--~'" ]'~, 20 ~? ~ , before me, the undersigned Nota~ Pub c, personally appeared JOSEPH F.
BELLOFF, PRESIDENT; and LAURA~E B. REINHAR~,~ SECRETARY of ROSEWOOD BUILDERS INC,, and known to me to be authorized a ant
the corporation that executed the Mortgage and acknc, wl',dged the Mortgage to be the free and voluntary act and deed of the corporation, by ~,h~rit~
of its Bylaws or by resolution of it~oerd of directors, [~r the uses and purposes therein mentioned, and on oath staled that.they are aulhorized to
execute this Mortgage and in fa~ecuted the Mortgag~'on behalf of thecorporation.
LASER PRO, Reg, U,S, Pat. & T.M. Off., Vet. 3,27 (c) 2001 CFi ProSe~:vi~s,: Inc A~ rights reserved. [WY-G03 F3.26b P3.26b ROSEWOOD.LN]