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Home My WebLink About916825 C00763 :;>-0 RECORDATION HEQUESTED BY: 'The .Jackson State Bank .& 'Trust West D1tice P.O. Box 17B8 50 Buffalo Way .Jackson, WY B3001 WHEN RECORDED MAIL TO: 'The .Jackson State Bank .& 'Trust West Office P.O. Box 17B8 50 Bufúllo Way .Jackson, WY B3001 RECEIVED 3/21/2006 at 3:40 PM RECEIVING:# 916825 BOOK: 614 PAGE: 763 JEANNE WAGNER .LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTJCES TO: 'The .Jackson State Bank .& 'Trust West D1tice P.O. Box 17B8 50 Bufúllo Way .Jackson, WY 83001 SPACE ABOVE'TtiIS LINE IS FOR RECORDER'S USE ONLY CONSTRUCTJON MORTGAGE MAXIMUM .LIEN. The lien of this Mortgage shall not Ðxceed .at .anyone time $400!000.00. THIS MORTGAGE tfated Mar.ch 15, 2006, is made .and Ðxecuted between CharJes P. Tharp, JJ Bnd JanicÐ Dianne Northam Tharp, husband Bnd wife .as tenants by the Entirety, whose .addrÐSs is P.O. Box £835, J.ackson, WY 83002 (referred to below .as "Gr.antor") .and The Jackson State Bank & Trust, whose BddÆSS is P.O. Box 1788, 50 Buff.alo W.ay, J.ackson, WY 83001 (referred to below.as ".LÐnder"). GRANT OF MORTGAGE. For wluable œnsideration, Grantor mortgages :and œnveys 10 .Lender .all of Grantor's right, 1itJe, .and interest in and 10 1he iollowing described ral property, together with all -existing or subsequently .erÐCted or affix-ed .buildings, improvements .and iixturss; .all-easements, rights of way, and Bppurtenanc-es;.all water, water rights, watercourses.and ditch rights (including stock in .utilities with ditch or irrigation rights); .and.all .other rights, roy.aJties, and profits rBlating 10 1he ral property, including without limitation .all mineœls, oil, gas, geothermal .and similar matters, (the JlHeal Property") Jocatedin .Lincoln County, State of Wyoming: .Lot 14 of Bear Hollow Twin Homes Subdivision, .Lincoln County, Wyoming .as described on the official pJ.at No. 393 filed .as instrument No. 866535 of the rÐcords of the .Lincoln County Clerk. The Heal Property or its .addrÐSs is .commonly known.as 512 Kodiak Circle, Thayne, WY 83127. .Grantor prBsently .assigns 10 Lender .all of Grantor's right, 1itJe, .and interBst in .and 1o.a1l prBsent .and f.uturB leases of 1he Property .and.all Rents irom 1he Property. In .addition, Grantor ,grants 10 Lender .a Uniform Commercial Code security interBst in 1he PBrsonal Property.and Rents. 'THIS MORTGAGE, INCLUDING 'THE ASSIGNMENT OF RENTS AND 'THE SECURITY IN'ŒHEST IN 'THE RENTS AND PERSONAL PROPERTY. JS GIVEN 'TO SECURE (A) PAYMENT OF'THE JNDEB1EDNESS AND (B) PERFORMANCE OF ANY AND ALL OBUGA'TIONS UNDER 'THE NOlE, 'THE RELAlEO DOCUMENTS, AND 'THIS MORTGAGE. 'THIS MORTGAGE JS ûIVEN AND ACCEPTED ON 'THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except.as otherwise provided in 1his Mortgage, Grantor shall.pay 10 Lender .all.amounts securBd .by 1his Mortgage .as 1hey .become due.and shall strictly .perform.all of Grantor's obligations .under 1his Mortgage. L:ONSTRUCTJON MORTGAGE. This Mortgage is a "construction mortgage" ior 1he purposes of Sections Ð-.334 .and 2A-.309 of 1he Uniform .commercial .code,.as 1hose sections have.been .adopted by 1he State of Wyoming. POSSESSION AND MAINlENANCE OF'THE PROPERTY. Grantor agrses 1hat Grantor's possession and.use of 1he :Property shall.be govemed.by 1he iollowing provisions: Possession :and Use. Until1he occurrenCB of an Event of Default, Grantor may (1) remain in possession.and control of 1he :Property; (2) .use, Dperate or manage 1he Property;.and (3) collect 1he Rents irom 1he Property. Duty to Maintain. Grantor shall maintain 1he :Property in good condition .and promptly .perform .all repairs, rÐplaœments, .and maintenancB necBssary 10 preserve its v.aJue. Compliance With Envlronrnental.Laws. Grantor rBpresents and warrants 10 .Lender 1hat: (1) During 1he .period of Grantor's ownership of 1he Property, 1here has .been no .use, ,generation, manufacturs, storage, 1rsatment, disposal, rBlease or 1hrsatened r-elease of .any ttazardous SJ.JbStancB .by.any .person on, .under,.about or irom 1he Property; (2) Grantor has no knowledge of, or rseson 10 .believe 1hat 1here has .been, .eXCBpt.as prBviously disclosed 10 .and .acknowledged by Lender in writing, (a) .any brsach or violation of .any EnvironmentaLl..aws, (b) .any.use, ,generation, manufacture, storage, 1rsatment, disposal, release or 1hratened rBlease of .any Hazardous SJ.Jbstanœ on, .under, .about or irom 1he Property .by .any prior owners or occupants of the :Property, or (c) .any .actual or 1hrsaíened Jiti,gation or claims of .any kind.by .any .person rBlating 10 .such matters;.and (3) ExcBpt.as previously disclosed 10 .and .acknowledged .by Lender in writing, (a) neither .Grantor, nor .any 'tenant, .contr.actor, .agent or .other .authodzed .user of 1he Property shall .use, generate, manufacture, .storB, 1rat, Dispose of or rBlease any Hazardous SJ.Jbstancß on, .under,.about orirom 1he :Property; .and (b) .any such .activity shall.be conducted in complianœ with.all Bpplicable iederal, state, .and local laws, regulations .and ordinanœs, including without limitation.all Environmentall.aws. Gr.antor .authorizBs .Lender .and its .agents 1o,.enter .upon 1he Property 10 makB such inspections .and .tests, .at Grantor's .expense, .as Lender may .deem Bppropriate 10 determine compliancB of 1he Property with 1his .section of 1he Mortgage. Any inspections or 'tests made .by Lender shall .be ior Lender's .purposes only .and shall not .be .constr.ued 10 crate .any rBsponsibility or liability on 1he :part of Lender 10 Grantor or 10 .any other .person. 'The rBprssentations .and warranties .contained herBin .are.based on Grantor's due diligence in investigating 1he :Property ior Hazardous Substancss. Grantor hereby (1) rBleases .and waives .any iuturB claims .against Lender ior indemnity or contribution in 1he .event Grantor .becomes liable ior cleanup or other costs .under .any .such laws; .and (2) .agrses 10 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 rBsulting irom .a .brsach of 1his section of 1he Mortgage or .as a consequencB of any .use, ,generation, manufacture, storage, Disposal, release or 1hratened rBlease .occurring prior 10 Grantor's ownership or interBst in 1he Property, whether or not 1he .same was or should have .been known 10 Grantor. 'The .provisions of 1his section of 1he Mortgage, inctuding 1he obligation 10 indemnify, .shall survive 1he payment of 1he Indebtedness .and 1he satisfaction and reconveyanc-e of 1he Jien of 1his Mortgage .and shall not.be .affÐCted by Lender's .acquisition of any interBst in 1he :Property, whether by iorsclosurB or otherwise. Nuisance, W.aste. Grantor shall not cause, conductor .permit .any nuisance nor commit, permit, or suffer .any stripping of or waste on or 10 1he Pr.operty or .any portion of 1he Property. Without limiting 1he ,generality of 1he iorBgoing, Grantor will not œmove, or ,grant 10 .any other :party 1he right to rBmove, .any 'timber, minerals (including oil .and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent. HemolfBl of Jmprovements. Grantor shall not demolish or rBlTIOve .any Improvements irom 1he Real :Property without .Lender's prior written .consent. As.a condition 10 1he rBmoval of .any Improvements, .Lender may requirB Grantor 10 make .arran,gements.satisfactory 10 Lender 10 replace .such Improvements with Improvements of .at least equal value. ..Lender's Bight to Enter. .Lender.and Lender's agents and tBprssentatives may enter .upon 1he Real Property at.all masonable 1imes 10 .attend 10 .Lender's interBsts.and 10 inspect 1he Real Property ior purposes of Grantor's compliance with 1he .terms .and conditions of 1his Mortgage. L:ompliance with Governmental Requirements. Grantor shall promptly comply with.all laws, ordinances, .and rBgulations, now or herÐaiter in Bffect, of .all gOVBmmental .authorities Bpplicable 10 1he .use or occupancy of 1he :Property. Grantor may contest in good iaith .any such Jaw, ordinancB, Dr regulation.and withhold compliance during .any proceeding, including Bppropriate Bppeals, so long.as Grantor has notified .Lender in writing .prior 10 Doing so.and so long.as, in .Lender's soJa opinion, Lender's interBSts in 1he Property .are not jeopardized. .Lender may requirB .Grantor 10 post.adequate .security or.a .sursty .bond, rsesonably .satisfactory 10 .Lender, 10 protect Lender's interest. Duty 10 Protect. Grantor .agrses neither 10 .abandon or leave .unattended 1he Property. Grantor .shall do.all other.acts, in .addition 10 1hose .acts .set iorth .above in 1his .section, which irom 1he char.a.cter .and .use of 1he :Property .are rsesonably necsssary 10 protect.and .prsserve 1he Property. .;.;¡, ',', '~~:, : ~ I ,I, r, ..J l ¡ J;m~q¡~l]~i!~ 00764 .Loan No: Ø65~682~j Page .2 .cONSTRUCTION LOAN. If some or BII of the proceeds of the loan creating the Indebtedness are 10 be lJsed 10 construct or complete construction of .any Improvements on 1he :Property, the Improvements shall be completed no Jater than the maturity Date of 'the Note (or such .ærlier rJate as ander may reasonably £!stablish) and Grantor shall pay in full all costs snd £!xpenses in connection with 1he work. Lender will disburse loan procoods under .such 1erms snd conditions as Lender may deem reasonably necessary to insure that the inter£!st created by this Mortgage shall have priority over BII .possible liens, including those of material suppliers Bnd workmen. Lender may r£!quire, among other things, that disbursement requests be supported by rsc£!ipted bills, expense Bffidavits, waivers of liens, construction progress r£!por1s, .and such other Documentation as .Lender may reasonably r£!quest. DUE ON SALE - CONSENT BY l£NDER. .Lender may, Bt .Lender's option, Declare immediately due and payable all sums sscuroo by 'this Mortgage l.IpOn the sale or transfer, without Li3nder's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A ·sale or 1ransfer" means the conveyance of Real :Property or any right, title or interest in the Real :Property; whether legal, beneficial or £!quitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, Jand contract, contract for Deed, leasehold interi3st with a term j;r£!ater 1han'throo (3) yærs, lease-option contract, Dr by sale, Bssij;nment, or 1ransfer of Bny beneficial ¡nteres, in or 10 any Jand trust holdinj; title 10 the Real Property, or by any other method of conveyance of an inter£!st in the Real :Property. However, 'this option shall not be £!xercised by .Lender if such £!xercise is prohibited by federal law or by Wyoming law. TAXES AND .LIENS. ìhe following provisions r£!lating 10 the taxes and liens on the :Property are part of this Mortgage: Payment. Grantor shall pay when tIue (and in all £!vents prior 10 .delinquency) Blltaxes, payroll taxes, special taxes, assessments, water charyes .Bnd sewer servici3 charges levied against or on account of the :Property, Bnd shall pay when .due all claims for work Done on Dr for services r£!nder£!d or material furnished 10 the Property. Grantor shall maintain the Property froo of any lienshavinj; priority over Dr equal 10 the interest of ander lJnder this Mortgage, £!xcept for those liens specifically agreed 10 in writing by .Lender, and -eXCi3pt 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 10 pay, so long as Li3nder's interi3st in the Property is not jeoparDized. If B lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) rJays .after the lien arises Dr, if a lien is filed, within fifteen (15) days.after Grantor has notici3 of the filing, secure the discharge of the lien, or' if requested by Li3nder, Deposit with Lender cash or a sufficient corporate surety bond or other security .satisfactory 10 Lender in an amount sufficient 10 discharge the lien plus any costs and reasonable attorneys' fees, or other charges 1hat could accrue BS a r£!sult of a foreclosure or sale lJnder 1he lien. In any contest, Grantor shall Defend itself and Lender and shall satisfy any adverse judgment before £!nforci3ment against the Property. Grantor shall name .Lender as an additional obligee under any surety bond furnished in the contest proceedings. .Evidence of Payment. Grantor shalllJpon Demand furnish to Lender .satisfactory evidence of payment of the :taxes or .assessments and shall .authorize the appropriate j;ovemmental official 10 deliver 10 .Lender at any time a written statement of the taxes and assessments against 1he :Property . Notice of ConstTlJction. Grantor shall notify Lender Bt least fifteen (15) rJays before any work is commenced, any services Bre furnished, Dr any materials Bre supplied to 'the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on .Bccount of the work, services, Dr materials. Grantor willlJpon request of .Lender furnish 10 .Lender .Bdvance assurances satisfactory 10 .Lender that Grantor can and will pay 'the cost of such improvements. PROP.ERTY DAMAGE INSURANCE. ìhe followinj; provisions relating 10 insuring the Property are a part of this Mortgaj;e: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard £!xtended coveraj;e -endorsements on a r£!placement basis for 'the full insurable value covering all Improvements on 'the Real Property in an am01Jnt sufficient 10 avoid application of any coinsursnc-e clause, and with B standard mor1j;¡agee clause in favor of .Lender. Policies shall be written by such insurance companies and in such form as may be r-easonably acceptable 10 .Lender. Grsntor shall deliver 10 Lender certificates of coverage from .æch insurer containing B stipulation that coverage will not be cancelled or Diminished without a minimum of ten (10) days' prior written notice 10 .Lender Bnd not containing .any disclaimer of 1he insurer's liability for failure to j;ive such notice. Each insurBnce .policy Blso shall include an "6ndorsement providinj; 1hat coverage in favor of .Lender will not be impaired in sny way by any Bct, omission or default of Grantor Dr any other .person. Should 'the Real Property be located in an srBa designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor .Bgrees 10 obtain and maintain Federal Flood Insurance, if available, within 45 days .after notice is given by ander that the Property is located in a special flood hazard area, for the full unpaid principal balance of the loan Bnd sny prior liens on the property securing the loan, up 10 the maximum policy limits set lJnder the National Flood Insurance Program, or as otherwise required by ander, and 10 maintain such insurance for the term of the loan. Application of Proceeds. Grantor shall promptly notify Lender of sny Joss or rJamage 10 the Property. .Lender may make proof of Joss if Grantor iails 10 do so within fifteen (15) Days Df1he .casualty. Whether or not.Lender's security is impaired, .Lender may, at ander's £!Iection, receive and rstain the proceeds of Bny insurance and apply the procoods 10 1he reduction of the Indebtedness, payment of Bny lien Bffecting the Property, or 'the restoration and repair of 'the Property. If Lender -elects 10 apply the procoods 10 restoration and repair, Grsntor shall repair or replace the Damaged Dr .destroyed Improvements in B manner .satisfactory 10 .Lender. ander shall, lJpon .satisfactory proof of such expenditure, pay Dr reimburse GrBntor from the .proceeds for the reasonable cost of repair or restoration if Grantor is not in Default under this Mortgage. Any procÐeds which have not been disbursed within 1£0 Days Bfter their receipt and which ander has not committed 10 the repair Dr res1oration of the Property shall be .used first 10 .pay Bny amount owing 10 Lender under this Mortj;age, then 10 pay accrued interest, and the remainder, if any, .shall be applied 10 1he principal baJance of the Indebtedness. If ander holds any proceeds.after payment in full of the Indebtedness, such proceeds shall be paid 10 Grantor as GrBntor's interests may appear. .lENDER'S EXPENDITURES. If Grantor fails (A) 10lœep the Property froo of all taxes, liens, security interests, Bncumbrances, and other claims, (8) 10 .provide any requiroo insurance on 'the Property, or (C) 10 make repairs 10 the Property then .Lender may DO so. If .any Betion or procoodinj; is .commenced 1hat would materially Bffectander's interests in the Property, then .Lender on Grantor's behalf may, but is not requiroo lo,take any action 1hat ander believes 10 be appropriate 10 protect .Lender's interests. All -expenses incurred or paid by .Lender for such .purposes will then bear interest atthe rate charged under the Note from the.date incurred or paid by ander 10 the date of repayment by Grantor. Atlsuchexpenses will become a part of the Indebtedness and, at ander's option, will (A) be payable on Demand; (8) be s.dded 10 the baJance of the NotÐ Bnd be apportioned among .and be payBbIe with any installment payments 10 become tIue during either (1) the term Df Bny applicable insurance policy; or (2) the remaininj; term of the Note; or (C) be 1reated as a bBJloon payment which will be .due snd payable at the Note's maturity. ìhe Mortgage also will secure .payment of these amo.unts. ìhe rights provided for in 1his parsj;raph shall be in s.ddition 10 Bny other rights or sny remedies 10 which ander may be "6ntitled on .account of any Default. Any such action by .Lender shall not be construed as curing the default so as 1o.bar ander from any remedy that it otherwise would have had. WARRANTY; DEFENSE DFTlTl£. ìhe followinj; provisions relating 10 ownership of the Property Bre B part of this Mortgaj;e: Title. Grantor wsrrsnts that: (s) Grantor holds good Bnd marketable title of record 10 the Property in fee simple, free snd clear of BII liens Bnd -£Incumbrances other than 'those set forth in the Real Property description or in Bny title insurBnce policy, title report, Dr final1itle opinion issued in favor of, and accepted by, .Lender in connection with this Mortgage, Bnd (b) Grsntor has the full right, power, and authority 10 "6xecute Bnd .deliver 'this Mortgaj;e loander. Defense of ìltle. Subject 10 the -exception in the parsgraph above, Grsntor warrants and williorever Defend the title 10 1he Property against the lawful claims of all.persons. In the Bvent Bny action or proceedinj; is commenced that ~uestions Grantor's 1itIe Dr the interest of Lender lJnder this Mortgage, Grantor shall .defend the action Bt Grantor's -expense. GrBntor may be the nominal party in such procÐeding, but .Lender shall be "6ntitled 10 .participate in the proceedinj; and 10 be represented in 1he proceedinj; by counsel of .Lender's own choice, and Gran10r will deliver, or cause 10 be Delivered, to Lender such instruments as Lender may request from 1ime 10 1ime 10 permit such participation. Compliance With .Laws. Grantor WBrrants 1hat the Property and Grantor's use of the Property complies with -all £!xistinj; applicable Jaws, orDinances, and Tej;ulations of governmental authorities. Survival of Promises. All promises, Bgrooments, and statements Grantor has made in this Mortgage shall survive the -execution Bnd .delivery of 'this Mortgaj;e, shall be continuing in nature and shall remain in full force and Ðffect !lntilsuch 1ime as Grantor's Indebtedness is paid in full. .cONDEMNATION. ìhe following provisions relating 10 condemnation procÐedings are a part of this Mortgage: Proceedings. If any procÐeding in condemnation is filed, GrBntor shall promptly notify Lender in writinj;, and Grantor shall promptly take such steps as may be necessary 10 defend 'the action and .obtain 'the Bward. Grantor may be the nominal party in such .procoodinj;, but .Lender shall be £!ntitled 10 participate in the proceeding and 10 be represented in the proceeding by counsel of its own choice, and Grantor will Deliver Dr cause to be Delivered 10 .Lender such instruments and documentation as may be requested by .Lender from time 10 time to .permit such participation. Application of Net Proceeds, If all Dr Bny part of the Property is condemned by -£lminent domain .procÐedings Dr by .any proceeding or purchase in lieu Df condemnation, Lender may at its election require that BII Dr Bny portion of the net procoods of the award be applied 10 1he Indebtedness Dr the repair or res1orBtion of 'the Property. ìhe net procoods of the award shall mesn the BwarD Bfter payment of BII reasonable costs, £!xpenses, ,; ¡ /.. 091.682~ MORTGAGE (Continued) C00765 Page .3 Loan No: .33056188 .and .attomeys' fees incurrBd by .l.ßnder in .connection with the .condemnation. JMPDSITJON OF TAXES, FEES AND .cHARGES BY {;OVERNMENTAL AUTHORITIES. The iollowin1J provisions relatin1J 10 1Jovemmental :taxes, iees .and .char1J6s .are .a part of 1his MOr11Jage: .current T.axes, Fees and .charges. Upon rilquest by .l.ßnder, Grantor shall .execute such documents in .addition 10 1his Mor11Jage.and 1ake whatever other .action is rilquested by .l.ßnder 10 perfect .and .continue .Lender's lien on 1he Real Property. Grantor shall reimburse .Lender ior .all 1axes,lIs described below,lo1J61her with.all expenses incurred in recordin1J, perfecting or .continuin1J 1his MOTt1Jage, includin,g without limitation.all 1axes, fees, documentary stamps,.and other .char1Jes for recording or registerin1J 1his Mortgage. T.axes. The iollowing shall constitute taxes to which 1his section .applies: (1) B specific tax upon 1his 1ype of Mort1Jage Dr upon .all or .any part of 1he Indebtedness .secured by 1his MOr11Jage; (2) .a specific 1ax on Gr.antor which Grantor is .authorized Dr required 10 deduct from payments on 1he Indebtedness secured by 1his 1ype of Mortgage; (3) a tax on 1his 1ype of Mortgage chargeable .against 1he .Lender Dr 1he holder of 1he Note; Bnd (4) .a specific tax on .all or Bny portion of the Indebtedness or on payments of principal.and interest made by Grantor. Subsequent T.axes. If .any tax 10 which this .section Bpplies is .enacted subsequent 10 1he date of 1his Mortgage, 1his .event shall have 1he same -Bffect.as .an Event of Default, .and .Lender may ßxercise .any Dr .all of its .av.ailable rßmedies ior Bn Event of Default.as provided below unless Grantor .either (1) pays 1he tax beforß it becomes .delinquent, Dr (2) contests 1he tax.as provided .above in 1he T.axes.and Liens section.and .deposits with .Lender cash or .a sufficient corporate surety bond or other security satisf.actory 10 .Lender. SECURITY AGREEMENT; FINANCING STAlEMENTS. The following provisions relating 10 1his Mor11Jage.as.a security Bgreement Bre .a part of 1his Mor11Jage: Security Agri!ement. This instrument shall constitute B Security A1Jreement 10 the .extent .any of 1he Property constitutes iixtures, Bnd .Lender shall have BII of the rights of .a secured party under 1he Uniform Commercial Code.as .amended irom time to 1ime. Security Jnterest. Upon request by.Lender, Gr.antor shall take whatever .action ,is requested by.Lender to perfect Bnd continue .Lender's .security inter.est ìn 1he P.ersonal Property. In .addition 10 recording 1his MOr11Jage in 1he ræl property r.ecords,.Lender may,.at .any time Bnd without further Buthoriz.ation from Gr.antor, file .executed counterparts, copies or reproductions of 1his Mortgage.as 11 financing statement. Grantor shall reimbur.se .Lender for BII .expenses incurr.ed in perfecting Dr .continuing 1his security interest. Upon default, Grantor shall not remove, sever Dr .detach 1he P.ersonal Property from 1he Property. Upon .default, Grantor shall.assemble .any Personal Property not .affixBd 10 1he Property in.a manner.and.at.a place reasonably convenient 10 Gr.antor 11nd .Lender .and make it .av11ilable to .Lender within 1hree (3) days .after receipt of written demand irom .Lender 10 1he .extent permitted by .applicable law. Addresses. The mailin1J .addresses of Grantor (debtor) Bnd .Lender (secured party) iTom which information conc.eming 1he .security inter.est ,gr.anted by 1his Mortgage may be obtained (each.as required by 1he Uniform Commercial Code) .are liS stated on 1he first paye of 111 is Mortgage. FURTHER ASSURANCES; ATTDRNEY-IN-FACT. The followiny provisions relatiny 10 further .assurances .and .attomey-in-fact .are B part of 1I1is Mortgage: Further Assurances. At .any 1ime, .and from time 10 time, upon request of .Lender, Grantor will make, .execute .and deliver, Dr will cause 10 be made, sxecuted or .deliverBd, 10 .Lender Dr 10 .Lender's desiynee, .and when requested by .Lender, .cause 10 be filed, recorded, refiled, or rsrecorded, .as 1he case may be, Bt such times Bnd in such offices Bnd places.as .Lender may deem .appropriate, Bny .and BII such mortga1J6s, deeds of 1rust, security deeds, security Bgreements, financing statements, continuation statements, instruments of further .assuranc.e, certificates, .and other documents .as may, in 1he sole opinion of .l.ßnder, be necessary or desirable in order 10 sffectuate, complete, perfect, continue, or preserve (1) ,Gr.antor's obligations under 1he Note,1I1is Mor11Jage, Bnd 1I1e Related Documents, 11nd (2) 1he liens Bnd security interests created by 1his MOr11Jage.as first Bnd prior liens on 1he Property, whether now owned or hereafter .acquired by Grantor. Unless prohibited by Jaw Dr .Lender .agrees 101he contrBry in writin1J, Gr.antor shall reimburse .Lender ior 1111 costs .and sxpenses incurred in .connection with 1he matters referred 10 in 1his parayrBph. Attomey-In-F.act. If Gr.antor f.ails 10 do sny of 1he 1I1ings referred to in 1he preceding paragrBph, .Lender may do so for Bnd in 1he name of Grantor Bnd Bt Grantor's ßxpense. For such purposes, Grantor hereby irrevocably .appoints .Lender .as Grantor's .attomey-in-f.act for 1he purpose of making, sxecuting, delivering, filing, recording, 11nd doing BII other thinys .as may be necessary or desir.abJe, in .Lender's soJe opinion, 10 Bccomplish 1he matters referred 10 in 1he precediny par.agr.aph. FULL PERFORMANCE. If Gr.antor pays sll1he Indebtedness when due, Bnd otherwise performs BII1he obliyations imposed upon Gr.antor under 1his Mortgage, .Lender shall ßxecute Bnd .deliverlO Grantor .a suitable satisfaction of1his Mortgage Bnd suitable statements of 1ermination of Bny financing ma1ement on file .evidenciny.Lender's .security interest in 1I1e Rents Bnd 1he Psrsonal Property. Grantor will pay, if permitted by .applicable Jaw, .any Tsasonable 1ermination fee .as .determined by .Lender from time 10 time. EVENTS OF DEFAULT. At.Lender'soption, Grantor will be in default under1l1is Mortgage if Bny of1hefollowin1J happen: Payment DefiWlt. Grantor f.ails 10 make .any payment when due under 1he Indebtedness. DefiWlt on Dther P.ayments. FBilure of Grantor within 1he time required by 1his Mortgage 10 make 11ny payment for taxes Dr insur11nce, or Bny other payment necessary 10 prevent filing of or 10 sffect dischar1J6 of Bny lien. Break Dther Promises. Grantor breaks any promise made to .Lender or fails to perform promptly Bt 1I1e 1ime Bnd strictly in the manner provided in 1his MOr11Jage or in Bny .agreement rslated to 1his Mortgage. Default in F.avor of Third PBrtIes. .should Grantor default.under .any loan, sxtension of credit, security .agreement, purchase or sales .agreement, or Bny other .ayreement, in f.avor of .any other crBditor or person 1hat may materially .affect Bny of Gœntor's property or Grantor's .ability to repay 1he Indebtedness Dr Gœntor's .ability 10 perform GrBntor's obligations under 1his Mor11Jage or Bny related document. F.alse Statements. Any representation or statement made or iumished 10 .Lender by Gr.antor or on Gr.antor's behalf under 1I1is MOr11Jage or 1he 'Related Documents is false or misleading in Bny material respect, .either now or Bt 1he time made or fumished. Defective Collateralization. This Mortgage Dr Bny of 1he Related Documents ceases 10 be in full force Bnd .sfiect (includiny f.ailure of Bny collateral .document 10 create B valid Bnd perfected security interest or lien) Bt Bny time and for .any reason. Death or Jnsolvency. The.death of Grantor, 1he insolvency of Grantor, 1he .appointment of 11 receiver ior sny part of Grantor's property, Bny liSsiynment ior 1he benefit of .creditors, Bny 1ype of creditor workout, or 1he commencement of Bny proceediny .undèr Bny bankruptcy or insolvency Jaws by or Byainst Gr.antor. Taking of the Property. Any crBditor or ,govemmental B1J6ncy 1ries 10 take Bny of 1he Property or Bny other of Grantor's property in which .Lender has.a lien. This includes 1akiny of, ,gamishiny of or levyiny on Grantor's .accounts with .Lender. +towever, if Gœntor disputes in yood f.aith whether 1he claim on which 1he 1akiny of 1he Property is based is v11lid or reasonable, Bnd if Gr.antor !'lives .l.ßnder written notice of 1he claim Bnd furnishes .Lender, with monies or B surety bond satisfactory 10 .Lender 10 satisfy 1he ,claim, 1hen1l1is default provision will not.apply. Breach of Other Agreement. Any breach by Grantor under 1he 1erms of Bny other Byreement.between Grantor .and .Lender 1hat is not remedied within .any ,gr.acs period provided 1herein, including without limitation Bny Byreement concerning Bny indebtedness or other obligation of Grantor 10 .Lender, whethersxistiny now or Jater. Events Affect/nj) ßuarantor. Any of 1he precediny.events occurs with respect 10 11ny !'Iuarantor, sndorser, surBty, Dr Bccommodation party of .any of1he Indebtedness or .any 1Juarantor, .endorser, surety, Dr .accommodation party .dies or becomes incompetent, Dr rsvokes Dr disputes 1he validity of, Dr liability under, Bny Guaranty of 1he Indebtedness. In 1he .event of B .death, .Lender,.at its option, may, but shall not be rßquired 10, permit 1he ~r11ntor's estate 10 liSSurne .unconditionally 1he obligations Brisiny under 1he yuaranty in.a manner satisfactory 10 .Lender, Bnd, in doiny so, curs .any Event of Default. Right to .cure. If Bny .default, other 1han B default in payment is curable Bnd if Grantor has not.been ,given B notice of B bæach of 1he same provision of 1his M0r11Jage within 1he precBding 1welve (12) months, it may be cured if Grantor, .after receiviny written notice iTom .Lender .demandiny curs of such .default: (1) cures 1I1e default within fifteen (15) .days; or (2) if 1he CUre rilquires more 1han iifteen (15) .days, immediately initiates steps which .Lender deems in .Lender's sole discretion 10 be sufficient 10 cure 1he default Bnd 1I1ereafter continues .and .completes BII Tsasonable .and necessary staps sufficient 10 produce compliance.as soon.as rsasonably practical. RIGtITS AND HEMEDJES DN DEFAULT. Upon 1he occurrence of an .Event of Default Bnd Bt Bny 1ime 1heræfter, .Lender, .at .Lender's option, may ..exercise Bny one Dr more of 1he iollowiny rights Bnd remedies, in .addition 10 Bny other riyhts Dr remedies provided by Jaw: Accelerate Jndebtedness. .Lender shall have 1he right Bt its option without notice to Grsntor to declare 1he entire Indebtedness immediately.due .and pay.able, includiny.any prepayment penalty which Gr.antor would be required to pay. UCC Remedies. With respect 10 BII Dr Bny part of 1he Psrsonal Property, .Lender shall have BII1he riyhts .and remedies of B secured party under ~ ~i~~~~~~!~iI!~;i~!¡[~ . ". .... '..~ 0916825 ~?i~~~~~ ~::::~~:::::r-:¡:~~:: MORTGAGE (Continued) ;' ·nn766 ... \,. '-' .Loan No: 33056188 Page 4 the Uniform Commercial Code. Collect Rents. l.Ðnder .shall have the right, without notic.e 10 Gœ.ntor, to 1ake poss.ession of the Property, including .during the pendency of ioreclosure, whether judicial or non-judicial, .and collect the Rents, including .amounts past due.and unpaid, .and BPPly the net procæds, over .and .above l.Ðnder's .costs, .against the Indebtedness. In furtheœ.nce of this right,l.Ðnder may rÐquire .any tenant or other user of the Property to make .payments of rent or use iees directly to l.Ðnder. If the Rents .are collected by l.Ðnder, then Gr.antor irrevocably designates l.Ðnder .as Gœ.ntor's .attorney-in-fact to -endorse instruments received in payment thereof in the name of Grantor .and 10 negotiate the .same .and collect the proceeds. Payments by 1enants Dr other users to l.Ðnder in response to l.Ðnder's demand shall satisfy the Dbligations for which the payments .are made, whether or not .any proper grounds for the demand existed. l.Ðnder may exercise its rights under this subpar.agœph -either in person, by.agent, or through.a receiver. Appoint Receiver. l.Ðnder .shall have the right to have.a receiver BPpointed to 1ake possession of .all or .any part of the Property, with the power 10 .protect .and preserve the Property, tooper.ate the Property preceding foreclosure Dr .sale, .and to collect the Rents from the Property .and BPply the procæds, over.and .above the cost of the H~ceivership, .against the Indebtedness. Ihe receiver may cServe without bond if permitted by law. .Lender's right to the .appointment of .a receiver shall exist whether or not the BPparent value of the' Property exceeds 1he Indebtedness by .a .substantial.amount. Employment by l.Ðnder .shall not disqualify .aper.son from serving.as.a receiver. .Judicial Foreclosure. l.Ðnder may obtain .a judicial decræ foreclosing Gr.antor's interest in.all or .any part of the Property. Nonjudicial Sale. l.Ðnder may foreclose Gœ.ntor's interest in.all or in .any part of the Property by non-judicial .sale, .and specifically by "power of .sale" Dr ".advertisement.and .sale" foreclosure.as provided by statute. Deficiency Judgment. If permitted by BPplicable Iaw,l.Ðnder may obtain.a jUdgment for .any deficiency remaining in the Indebtedness due 10 l.Ðnder .after .application of .all .amounts received from the exercise of the rights provided in this section. "enancy .at Sufferance. If Gœ.ntor rsmains in possession of 1he Property .after the Property is sold .as provided .above or l.Ðnder otherwise becomes -entitled 10 possession of the Property upon default of Gœ.ntor, GrBntor shall become.a 1enant.at .sufferance of l.Ðnder Dr the purchaser of the Property .and shall, .at l.Ðnder's option, either (1) pay.a reasonable rental for 1he use of the Property, or (2) v.acate the Property immediately upon the demand of l.Ðnder. Dther Remedies. l.Ðnder .shall have.all other rights.and remedies provided in this Mortgage or the Note Dr .available.at iaw Dr in-Ðquity. Sale of 1he Property. To the extent permitted by.applicable law, Gr.antor hereby waives .any.and.all right 10 have 1he Property marshalled. In -exercising its rights .and remedies, l.Ðnder .shall be fræ 10 s.ell ..all Dr .any part of the Property loge1her Dr .sepaœ.tely, in one .sale Dr by .separate .sales. l.Ðnder .shall be -entitled 10 bid.at .any public .sale on.all Dr .any portion of the Property. ' Notice of Sale. l.Ðnder will give Gr.antor reasonable notice of the 1ime .and plac.e of :any public sale of the Personal Property or of the 1irne.after which .any priv.ate .sale Dr other intended disposition of the Personal Property is 10 be made. Reasonable notice .shall mean notice given .at least 1en (10) days before 1he 1ime of 1he sBle or disposition. Any sale of 1he Personal Property may be made in conjunction with .any sale of the Real Property. £lection of Remedies. All of l.Ðnder's rights.and remedies will be cumulative.and may be -exercised :alone or lOge1her. An -election by l.Ðnder 10 choose .anyone remedy will not bar l.Ðnder from using .any other remedy. If l.Ðnder decides 10 .spend money or 10 perform .any of Grantor's Dbligations JJnder this Mortgage, .after Gr:antor's fBilure to do so, 1hat decision by l.Ðnder will not Bffect l.Ðnder's right to .declar-e Gr:antor in default ..and to-exercisel.Ðnder's remedies. Attorneys' Fees; Expenses. If l.Ðnder institutes :any .suit or .action to enforce :any of the 1enns of this Mortgage,l.Ðnder shall be .entitled 10 recover 1llich .sum.as the court may.adjudge reasonable.as .attorneys' fees .at 1rial :and upon any BPpeal. Whether or not :any court .action is involved, .and 10 the extent not prohibited by iaw, :all reasonable expenses l.Ðnder incurs that in l.Ðnder's opinion .are necessary .at :any 1ime ior the protection of its interest or the enforcement of its rights .shall become .a part of the Indebtedness pay:able on demand :and shall bear interest .at the Note rate irom the date of the -expenditure until repaid. Expenses covered by this paœ.gr.aph include, without limitation, however .subject 10 :any limits under .applicable iaw,l.Ðnder's reasonable .attorneys'fees:and l.Ðnder's legal expenses whether or not there is .a lawsuit, including reasonable .attorneys' fees .and -expenses for bankruptcy proceedings (including Ðfforts 10 modify or vacate Bny .automatic .stay or injunction), ..appeals, .and ..any .anticipated post-judgment collection services, the cost of .searching recorDs, obtaining 1itIe reports (including ioreclosure reports), surveyors' reports, .and .appr.aisal iees .and 1itle insurance, 10 the -extent permitted by .applicable iaw. Gœ.ntor :also will pay:any court costs, in .addition 1O..a1l other .sums provided by law. NOTICES. Any notice required 10 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 Ðffective when .actually .delivered, when .actually received by 1elefacsimile (unless otherwise requir-ed by iaw), when .deposited with..a nationally recognized overnight courier, Dr, if mailed, when deposited in the United States mail, .as first class, c.ertified or registered mail postage .prepaid, directed ¡to the .address.es shown near the beginning of this Mortgage. All copies of notices of foreclosure irom the holder of .any lien which has priority over this Mortgage shall be .sent to l.Ðnder'.s .address, .as shown near the beginning of this Mortgage. Any person may r:hange his Dr her .address for notices under this Mortgage by giving formal written notice to the other person or persons, .specifying that the purpos.e of the notice is to .change the person's Bddress. For notice purposes, Grantor :agræs to keep l.Ðnder informed.at .all times of Gœ.ntor's current.address. Unless otherwise .provided or required by iaw, if there is more 1han one Grantor, any notice given by l.Ðnder 10 .any Gr:antor is deemed to be notice given 1O:a1l Gr.antors. It will.be Grantor's responsibility 10 1ellthe others of the notice from l.Ðnder. MISCELlANEOUS PROVISIONS. The iollowing miscellaneous provisions .are.a part of this Mortgage: Amendments. What is written in this Mortgage .and in the Related Documents is Gœ.ntor's .entire :agreement with l.Ðnder concerning the matters covered by this Mortgage. To be -effective, ..any change Dr .amendment to this Mortgage must be in Writing.and must be signed by whoever will.be bound or Dbligated by the change Dr :amendment. Caption tleadings. C.aption headings in 1his Mortgage are for convenience .purposes only .and .are not 10 .be JJsed 10 interpret Dr .define the .provisions of this Mortgage. Governing Law. This Mortgage will be !loverned by 1ederal Jaw Bpplú:able to Lender Bnd, 10 1he extent not preempted by 1ederal Jaw, the Jaws of the State of Wyoming without regan:! to Its .conflicts of Jaw .provisions. This Mortgage has been .ilL:Cepted by Lender 1n the State of Wyoming. Choice of Venue. If there is.a lawsuit, Gr.antor .agræs upon l.Ðnder'.s rÐquest 10 submit 10 the jurisdiction of the courts of"-eton County, State of Wyoming. .Joint Bnd Several LIability. All Dbligations of Gœ.ntor under this Mortgage .shall be joint.and several,.and.all references to Gœ.ntor shall mean -each :and -every Grantor. ,.his means 1hat -each Gr.antor .signing below is responsible for .all obligations in this Mortgage. No Waiver by Lender. Gr:antor understands l.Ðnder will not give up .any of l.Ðnder's rights JJnderthis Mortgage unlessl.Ðnder .does so in writing. lhe iact 1hat l.Ðnder .delays or omits to -exercise ..any right will not mean 1hat l.Ðnder has given up 1hat right. If l.Ðnder does Bgræ in writing 10 give .up one of l.Ðnder'.s rights, 1hat .does not mean Gr.antor will not have 10 comply with the other provisions of this Mortgage. Gr:antor .also JJnderstands 1hat if l.Ðnder .does consent to.a rÐquest, 1hat does not mean 1hat GrBntor will not have 10 get l.Ðnder'.s consent .again if the ,situation happens .again. Grantor further understands that just because l.Ðnder consents to one or more of Gœ.ntor's requests, 1hat.does not mean l.Ðnder will be required to consentlO..any of Grantor's future requests. Gœ.ntor waives pres.entment, .demand for payment, protest, .and notice of .dishonor. Gr:antor waives .all rights of -exemption from -execution or similar Jaw in the Property, :and Gœ.ntor ..agrees 1hat the rights of lsnder in the Property JJnder this Mortgage :are prior 10 Gr.antor's rights while this Mortgage remains in Ðffect. Severability. If:a court iinds 1hat .any provision of this Mortgage is not v.alid Dr .should not be -enforced, that i:actby itself will not mean 1hat the rest of 1his Mortgage will not be v.alid or enforced. "herefore,.a court will-enforce the rest of the provisions of this Mortgage even if ..a provision of this Mortgage may be found 10 be invalid Dr JJnenforceable, Merger. ,.here .shall be no merger of the intersst Dr -estate created by this Mortgage with :any other interest Dr -estete in the Property ..at .any time held by Dr ior the benefit of l.Ðnder in .any t:apacity, without the written consent of l.Ðnder. Successors Bnd Assigns. Subject 10 :any limitations stated in this Mortgage on transfer of Gœ.ntor's interest, this Mortgage shall .be binding.upon ..and inure 10 the benefit of the parties, their successors .and :assigns. If Dwnership of the Property becomes vested in.a person other1han Gr:antor, .Lender, without notice 10 Gr:antor, may .deal with Gr:antor's successors with reference to this Mortgage and the Indebtedness by w:ay of iol1>earance Dr extension withOJJt releasing Gr:antor from the Dbligations of this Mortgage or liability under the Indebtedness. . ,.Jme 15 of 1he£SSence. lime is of the -essence in the performance of this Mortgage. Waiver of :Homestead Exemption. Gr:antor hereby releases and waives .all rights ..and benefits of 1hehome~ exe¡nppon iaws of the State of 1\ 09168Z5 Loan No: 33056188 MORTGAGE (Continued) C00767 Page 5 Wyoming as to all Indebtedness secured by this Mortgage. DEFINITIONS. The following words shall have the following meanings when used in this Mortgage: Borrower. The word "Borrower" means Charles P. Tharp, II; and Janice Dianne Northam Tharp and includes all co-signers and co-makers signing the Note and all their successors and assigns. Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes. regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C, Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub, L. No. 99·499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S,C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default section of this Mortgage. Grantor. The word "Grantor" means Charles P. Tharp, II; and Janice Dianne Northam Tharp. Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by·products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, togethår with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's obligations under this Mortgage, together with Interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means The Jackson State Bank & Trust, its successors and assigns. The words "successors or assigns" mean any person or company that acquires any interest in the Note. Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender. Note. The word "Note" means the promissory note dated March 15, 2006, in the original principal amount of $400,000.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE. Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to 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 Property. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, income, Issues, royalties, profits, and other benefits derived from the Property. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: -"} i ./ V .... : INDIVIDUAL ACKNOWLEDGMENT STATE OF ~ml~ COUNTY OF \ ~ ) ) SS ) On this day before me, the undersigned Notary Public, personally appeared Charles P. Tharp, II and Janice Dianne Northam Tharp, 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 therein mentioned. r-(h Given u'JS1r my hé\.l1d and fI seal this \.:::> I - By Uf1::b ~^-- day of of Wl)ðmIV1] LASER PRO LendIng, V.,. 5.30.00.004 Cop. ....rJ.nd FINnel" SoMICIM, Inc. 1"7. 2001!1. All Righr. Rnetved. - WY C:\CFI\lPl\GOS.FC TA-IOMt PR-4I :: ~~;~~~~mm!\j~ ~:~: