HomeMy WebLinkAbout87593702015097 ~
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JASON C. SHARP A/TD KATHERINE SHARP, HUSBA1TD AND WIFE
208 W. MZLL RD,ALPZNE, WY 83'128
............................................. "" ............. ""'" ....................... '"i ................. ;": .................................................................................................................................... ' ....................................
364-98-0248
U.S. BANK NATIONAL ASSOCIATION ND
JASON C. SHARP
!
KATHERINE SHARP
206 MILL CIRC W , ALPINE, W% 83128
.. 364-98-0248
This document was preparqd by the Lender indicated above.
In consideration of the loan or other credit accommodation hereinafter specified anc any future advances or future Obligations which may
hereinafter be advanced or incurred and the trust hereinafter mentioned and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, MOrtgagor hereby warrants and mortgages to Lender, its successors and assigns, with power of sale and all of
Mortgager's present and future estate, right, title and interest in and to the real property describe0 in Schedule A which is attache0 to this
Mortgage end [ncorpo(ated herein together with all pre. sent nod future improvements and fixtures; privileges, hereditaments, end appurtenances;
leases, licenses and other agreements; rents, issues and profits; water, well, ditch, resert, oir and mineral rights end stocks pertaining to the real
property (cumulatively "~roperty"}; until Dayment in full of all OBligations secured hereby.
Moreover, in furthar consideration, Mortgagor does, for Mortgagor and Mortgager's heirs, representatives and assigns, hereby expressly
warrant, covenant, and agree with Lender its successors and assigns as follows:
~. OBLIGATIONS. This Mortgage shall secure the payment end performance of all .present and future indebtedness, liabilities, obligations
and covenants of Borrower or Mortgagor (cumulatively "Obligations") to tender pursuant
(e) this Mortgage and the following promissory notes and other agreements:
i:?.! ::ii/~:.i ~i~l:~i ~:: :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::: I:ii :: i ::ii :: i
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36,500.00 09/07i'01 t 09/07/16 ! 66300109952820001
(b) all other,present or future, written aoreemen, ts with Lender which refer specifically to this Mortgage (whether executed for the same or
different purposes than the foregoing); ,
(c) any guaranty of obligations of other parties r.~iven Lender now or hereafter executed which refers to this Mortgage;
(d) future advances, whether made under an open-end credit agreement or otherwise, to the same extent as if made contemporaneously
with the execution of this Mortgage, made or extended on behalf of Mortgagor or Borrower. Mortgagor agrees that if one of the
Obligations is a line of credit, the lien of this Moi'tgage shall continue until payment in full of all debt due under the line notwithstanding the
fact that from time to time (but before terminatioi~ of the line) no balance may be oul::standing;
(e) all repeated amendments, extensions, renew(als, modifications, replacements or substitutions to any of the foregoing.
As used in this Paragraph 1, the terms Mortgagor and Borrower shall include and also mean any Mortgagor or Borrower if more than one.
2. REPRESENTATIONS, WARRANTIES AND COVENANTS. Mortgagor represents, ~arrants and covenants to Lender that:
(a) Mortgagor shall maintain the Property free 0f all liens, security interests, encumbrances and claims except for this Mortgage and those
described in Schedule B which is attached to ';:his Mortgage and incorporated heroin by reference, which Mortgagor agrees to pay and
perform in a timely manner;
(b) Mortgagor is in compliance in all respects With all applicable federal, state and'i;ocal laws and regulations, including, without limitation,
those relating to "Hazardous Materials", as def'~hed herein, and other environment~,d matters (the "Environmental Laws"), and neither the
federal government nor the State of Wyoming or any other governmental or quasi governmental entity has filed a lien on the Property, nor
are there any governmental, judicial or admin:.strative actions with respect to environmental matters pending, or to the best of the
Mortgager's knowledge, threatened, which involve the Property. Neither Mortgage' nor, to the best of Mortgager's knowledge, any other
party has used, generated, released, discharged, stored, or disposed of any Hazarc/aus Materials as defined herein, in connection with th8
Property or transported any Hazardous Materials to or from the Property. Mortgage:' shall not commit or permit such actions to be taken in
the future. The term "Hazardous Materials" shall mean any substance, mater'al, or waste which.is or becomes regulated by any
governmental authority including, but not limited to, (i) petroleum; (ii) friable or nonfliable asbestos; (iii) polychlorinated biphenyls; (iv) those
substances, materials or wastes designated as ~ "hazardous substance" pursuant tc Section 311 of the Clean Water Act or listed pursuant
to Section 307 of the Clean Water Act or any amendments or replacements to these statutes; (v) those substances, materials or wastes
defined as a "hazardous waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act or any amendments or
replacements to that statute; and (vi) those substances, materials or wastes defined as a "hazardous substance" pursuant to Section 101
of the Comprehensive Environmental Response, Compensation and Liability Act, or any amendments or replacements' to that statute or any
other similar statute, ru~e, regulation or ordinance now or hereafter in effect. Mortgagor shall not lease or permit the sublease of the
Property to a tenant or subtenant whose operations may result in contamination of the Property with Hazardous Materials or toxic
substances;,
(c) All applicable laws and regulations (includi,g, without limitation, the Americans with Disabilities Act, 42 U.S.C. 12101 et seq. {and all
regulations promulgated thereunder) and ali zoning and building laws and regulations) relating to the Property by virtue of any federal, state
or municipal authority with jurisdiction over the Property presently are and shall be observed and complied with in all material respects, and
all rights, licenses, permits, and certificates of occupancy (including but not limited to zoning variances, special exceptions for
nonconforming uses, and final inspection approvals), whether temporary or permanent which are materials to the use and occupancy of
the Property, presently are and shall be obtained, preserved and, where necessary, reneWed;
(d) Mortgagor has the right and is duly authorized to execute and perform its Obligations under this Mortgage and these actions do not
and shall not conflict with the Provisions of any statute, regulation, ordinance, rule of law, contract or other agreement which may be
binding on Mortgagor at any time;
(e) No action or proceeding is or shall be pending or threatened which might materially affect the Property; and
{f! Mortgagor has not violated and shall not violate any statute, regulation, ordinance, rule of law, contract or other agreement which
might materially affect the Property (including, but not limited to, those governing Hazardous Materials) or Lender's rights or interest in the
Property ~ursuant to this Mortgage.
WYMORT [HP] Rev. 1/98 Page 1 of § ~3 ~_tni'[i~ls
~. PRIOR MORTGAGES. Mortgagor represents ard warrants that there are no prior mortgages or deeds of trust affecting any part of the
Property except as set forth on Schedule B attached to this Mortgage which Mortgagor agrees to pay and perform in a timely manner. Ii' there are
any prior mortgages or deeds of trust then Mortgagor a.~:[.es to pay ali amounts owed, and perform all obligations required, under such mortgages or
deeds of trust and the indebtedness secured thereby and. further agrees that a default under any prior mortgage or deed of trust shall be a default
under this Mortgage and shall entitle Lender to all rights and remedies contained herein or in the Obligations to which Lender would be em. iliad in the
event of any other default. , .:
4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN MORTGAGORS OR BORROWERS. In the event of a sale, conveyance,
lease, contract for deed or transfer to any person of all d~; any part of the real property described in Schedule A, or any interest therein, or of ail or
any beneficial interest in Borrower or Mortgagor (if Borro~,ver or Mortgagor is not a natural person or persons but is a corporation, partnership, trust,
or other legal entity), Lender may, at its option declare tl¥~. outstanding principal balance of the Obligations plus accrued interest thereon immediately
due and payable, or, at Lender's sole option, Lender maylconsent to said conveyance in writing and may increase the interest rate of the Obligations
to the interest rate which Lender would then commit 'tr~¢ make a first mortgage loan of similar character with similar secbrity, as determined by
Lender in its sole discretion, or compensate Lender fo~ such increased risk resulting from the breach of the foregoing covenants. At Lender's
request, Mortgagor or Borrower, as the case may be,~ shall furnish a complete statement setting forth all of its stockholders or partners, as
appropriate, and the extent of their respective stock ow.~frship or partnership interests.
5. ASSIGNMENT OF RENTS. In consideration of; the Obligations, which are secured by this Mortgage, Mortgagor absolutely assigns to
Lender all Mortgager's estate, right, title, interest claim and demand now owned or hereafter acquired in all existing and future leases of the
Property (including extensions, renewals and subleasei¢):.,' all agreements for use and occupancy of the Property (all such leases and agreements
whether written or oral, are hereafter referred to as th,.~ "Leases"), and all guaranties of lessees' performance under the Leases, together with the
immediate and cont,nuing right to collect and receive ail of the rents, income, receipts, revenues, issues, profits and other income of any nature now
or hereafter due (including any income of any nature l:;:~ming due during any redemption period) under the Leases or from or arising out of the
Property including minimum rents, additional rents, [,~:rcentage rents, parking or common area maintenance contributions, tax and insurance
contr buttons, deficiency rents I qu dated damages folk"v,iing default in any Lease a proceeds payable under any policy of insurance covering loss
of rents resulting from untenantability caused by destruction or damage to the Property, all proceeds payable as a resu t of a lessee's exercise of an
option to purchase the Property all proceeds derived fmrn the termination or rejection of any Lease in a bankruptcy or other insolvency proceeding,
and all proceeds from any rights and claims of any kir~d which Mortgagor may have against any lessee under the Leases or any occupants of the
Property (all of the above are hereafter collectively referred to as the "Rents"). This assignment is subject to the right, power and authority given to
the Lender to collect and apply the Rents. The lien cre~r~ed by this assignment is intended to be specific, perfected, and choate upon the recording
of this Mortgage. As Iong as there is no default under ~the Obligations or this Mortgage, Lender grants Mortgagor a revocable license to collect all
Rents from the Leases when due and to use such .:;roceeds in Mortgager's business operations. However, Lender may at any time require
Mortgagor to deposit ali Rents into an account maintain;~d by Mortgagor or Lender at Lender's institution.
6. LEASES AND OTHER AGREEMENTS. Mortgagor shall not take or fail to take any action which may cause or permit the termination or the
withholding of any payment in connection with any Le;~se or other agreement ("Agreement") pertaining to the Property. In addition, Mortgagor,
without Lender's prior written consent, shall not: (al c~:~!=ect any monies payable under any Agreement more than one month in advance; (b) modify
any Agreement; (c) assign or allow a lien, security interest or other encumbrance to be placed upon Mortgager's rights, title and interest in and to
any Agreement or the amounts payable thereunder; c?.(d) terminate or cancel any Agreement except for the nonpayment of any sum or other
material breach by the other party thereto. If Mortgage?receives at any time any written communication asserting a default by Mortgagor under an
Agreement or purporting to terminate or cancel any Agreement, Mortgagor shall promptly forward a copy of such communication (and any
subsequent communications relating thereto) to Lender; All such Agreements and the amounts due to Mortgagor thereunder are hereby assigned to
Lender as additional security for the Obligations. !.i
7. COLLECTION OF INDEBTEDNESS FROM THIR!:E) PARTY. Lender shall be entitled to notify or require Mortgagor to notify any third party
(including, but not limited to, lessees, licensees, goveh~mental authorities and insurance companies) to pay Lender any indebtedness or obligation
owing to Mortgagor with respect to the Property (cumQlatively "Indebtedness") whether or not a default exists under this Mortgage. Mortgagor
shall diligently collect the Indebtedness owing to Mortg¢~gor from these third parties until the giving of such notification, in the event that Mortgagor
possesses or receives possession of any instruments el' Other remittances with respect to the Indebtedness following the giv~g of such notification
or if the instruments or other remittances constitute .-~he prepayment of any Indebtedness or the payment of any insurance or condemnation
proceeds, Mortgagor shall hold such instruments and otI::er remittances in trust for Lender apart from its other property, endorse the instruments and
other remittances to Lender, and immediately provide L~'~der with possession of the instruments and other remittances. Lender shali be entitled, but
not required, to collect (by legal proceedings or otherwlse), extend the time for payment, compromise, exchange or release any obligor or collateral
upon, or otherwise settle any of the indebtedness wh.~:;ther or not an event of default exists under this Agreement. Lender shall not be liable to
Mortgagor for any action, error, mistake, omission or d~iay pertaining to the actions described in this paragraph or any damages resulting therefrom.
Notwithstanding the foregoing, nothing herein ah'ali cause Lender to be deemed a mortgagee in possession.
8. USE AND MAINTENANCE OF PROPERTY. Mi)rtgagor shall take all actions and make any repairs needed to maintain the Property in good
condition. Mortgagor shall not commit or permit any w~ste t'o be committed with respect to the Property. Mortgagor shall use the Property solely in
compliance with applicab[e law and insurance policies. Mortgagor shall not make any alterations, additions or improvements to the Property without
Lender's prior written consent. Without limiting the fd'egoing all alterations, additions and improvements made to the Property shall be subject to
the beneficial interest belonging to Lender, shall not !i~ removed without Lender's prior written consent, and Shall be made at Mortgager's sola
expense. ~
9. LOSS OR DAMAGE. Mortgagor shall bear th.;i~ entire risk of any loss, theft, destruction or damage (cumulatively "Loss or Damage") to the
Property or any portion thereof from any cause whatsoi!'~ver, in the event of any Loss or Damage, Mortgagor shall, at the option of Lender, repair the
affected Property to its previous condition or pay or ca~..}se to be paid to Lender the decrease in the fair market value of the affected Property.
10. INSURANCE. The Property will be kept insu;,~d for its full insurable value (replacement cost) against all hazards including loss or damage
caused by flood, earthquake, tornado and fire, collision: theft or other casualty to the extent required by Lender. Mortgagor may obtain insurance on
the Property from such companies as are acceptabie to Lender in its sole discretion. The insurance policies shall require the insurance
company to provide Lender with at least _ 30 days' written notice before such policies are altered or cancelled in any manner. The insurance
policies shall name Lender as a loss payee and provide ;that no act or omission of Mortgagor or any other person shal'f affect the right of Lender to be
paid the insurance proceeds pertaining to the loss or damage of the Property. In the event Mortgagor fails to acquire or maintain insurance, Lender
(after providing notice as may be required by law) may in its discretion procure appropriate insurance coverage upon the Property and the insurance
cost shall be an advance payable and bearing intere~t as described in Paragraph 21 and secured hereby. Mortgagor shall furnish Lender with
evidence of insurance indicating the required covera~.le. Lender may act as attorney-in-fact for Mortgagor in making and settling claims under
insurance policies, cancelling any policy or endorsing Mortgager's name on any draft or negotiable instrument ctrawn by any insurer. Ali such
insurance policies shall be constantly assigned, pledged and delivered to Lender for further securing the Obligations. In the event of loss, Mortgagor
shall immediately give Lender written notice and Lende~ is authorized to make proof of loss. Each insurance company is directed to make payments
directly to Lender instead of to Lender and Mortgagor. "Lender shall have the right, at its sole option, to apply such monies toward the Obligations or
toward the cost of rebuilding and .restoring the Prop~!'ty. Any amounts may at Lender's option be applied in the inverse order of the due dates
thereof. ~
11. ZONING AND PRIVATE COVENANTS. Mort~itagor shall not initiate or' consent to any change in the zoning provisions or private covenants
affecting the use of the Property without Lender's prh)r written consent. If Mortgager's use of the Property becomes a nonconforming use under
any' zoning provision, Mortgagor shall not cause or p~rmit such use to be discontinued or abandoned without the prior written consent of Lender.
Mortgagor will immediately provide Lender with writt(n notice of any proposed changes to.the zoning provisions or private covenants affecting the
Property.
12. CONDEMNATION. Mortgagor shall immedie ely provide Lender with written notice of any actual or threatened condemnation or eminent
domain proceeding pertaining to the Property. All m~,nies payable to Mortgagor from such condemnation or taking are hereby assigned to Lender
and shall be applied first to the payment of Lender's a torneys' fees, legal expenses and other costs (including appraisal fees) in connection with the
condemnation or eminent domain proceedings end th~n, at the option of Lender, to the payment of the Obligations or the restoration or repair of the
Property.
13. LENDER'S RIGHT TO COMMENCE OR DEFI~ND LEGAL ACTIONS. Mortgagor shall immediately provide Lender with written notice of any
actual or threatened action, suit, or other proceeding ~)ffecting the Property. Mortgagor hereby appoints Lender as its attorney-in-fact to commence,
intervene in, and defend such actions, suits, or othe~ legal proceedings and to compromise or settle any claim or controversy pertaining thereto.
Lender shall not be tiable to Mortgagor for any action, error, mistake, omission or delay pertaining to the actions described in this paragraph or any
damages resulting therefrom. Nothing contained herein will prevent Lender from taking the actions described in this paragraph in its own name.
14. INDEMNIFICATION. Lender shall not assure9 or be responsible for the performance of any of Mortgager's obligations with respect to the
Property under any circumstances. Mortgagor shat immediately provide Lender with written notice of and indemnify and hold Lender and its
shareholders, directors, officers, employees an~l agar :S harmless from all claims, damages, liabilities (including attorneys' fees and legal expenses),
causes of action, actions, suits and other legal proc.~dings (cumulatively "Claims") pertaining to the Property (including, but not limited to, those
involving Hazardous Materials). Mortgagor, upon thc request of Lender, shall hire legal counsel to defend Lender from such Claims, and pay the
attorneys' fees, I~jal expenses and other costs incur'~d in connection therewith. In the alternative, Lender shall be entitled to employ its own legal
counsel to defend such Claims at Mortgager's cost. Vlortgagor's obligation I~o indemnify Lender under this paragraph shall survive the termination,
release or foreclosure of this Mortgage.
WYMORTD[HPIReV, 1/,' . Page2ofS ~'~m[d~[~
15. TAXES AND ASSESSMENTS. Mortgagor shall pay all taxes and assessments relating to'Property when due and immediately provide
Lender evide, nce of payment of same. Upon the reqdest of Lender, Mortgagor shall deposit with Lender each month one-twelfth (1/12) of the
estimated annual insurance premium, taxes and asse,"sments pertaining to the Property. So long as there is no default, these amounts shall be
applied to the payment of taxes, assessments and insurance as required on the Property. In the event of default, Lender shall have the right, at its
sole option, to apply the funds so held to pay any taxe~.', or against the Obligations. Any funds applied may, at Lender's option, be applied in reverse
order of the due date thereof.
16. INSPECTION OF PROPERTY, BOOKS, RECORDS AND REPORTS. Mortgagor shall allow Lender or its agents to examine and inspect the
Property and examine, inspect and make copies of Mortgagor's books and records pertaining to the Property from time to time. Mortgagor shall
provide any assistance required by Lender for these p(~rposes. All of the signatures and information contained in Mortgagor's books and records
shall be genuine, true, accurate and complete in all r~Spects. Mortgagor shall note the existence of Lender's beneficial interest in its books and
records pertaining to the Property. Additionally, Mortgagor shall report, in a form satisfactory to Lender, such information as Lender may request
regarding Mortgagor's financial condition or the Prope~,t¥.; The information shall be for such periods, shall reflect Mortgagor's records at such time,
and shall be rendered with such frequency as Lender m:W designate. All information furnished by Mortgagor to Lender shall be true, accurate and
complete in all respects, and signed by Mortgagor if Le,~tar requests.
17. ESTOPPEL CERTIFICATES. Within ten 10 da¥~ after any request by Lender, Mortgagor shall deliver to Lender', or any intended transferee
of Lender's rights with respect to the Obligations, a s ~;~'d and acknowledged Statement specifying (a) the outstanding balance on the Obligations;
and {b) Whether Mortgagor possesses any claims, deferences, set-offs or counterclaims with respect to the Obligations and, if so, the nature or such
claims, defenses, set-offs or counterclaims. Mortgag~r.:w I be conclusively bouhd by any representation that Lender may make to the intended
transferee with respect to these matters in the event thai;I Mortgagor faits to provide the requested statement in a timely manner.
18. DEFAULT. Mortgagor shall be in defa~J'lt"'undelI ':~his Mortgage in the event that Mortgagor, Borrower or any guarantor of any Obligation:
(a) fails to pay any Obligation to Lender when
(b) fails to perform any Obligation or breaches an¥:'warranty or covenant to Lender contained in this Mortgage or any other present or future
agreement;
(c) destroys, loses or damages the Property in any mater al respect or the Property becomes subject to seizure, confiscation or condemnation;
(d) seeks to revoke, terminate or otherwise limit i{~:iliability under any guaranty to Lender or any individual guarantor dies;
(e} dies, becomes legally incompetent, is dissolw~,clor terminated, becomes insolvent, makes an assignment for the benefit of creditors, fails
to pay debts as they become due, files a petition ~nder the federal bankruptcy laws, has an involuntary petition in bankruptcy filed in which
Mortgagor, ~orrower o'~ any guarantor is named or has property taken under any writ or process of court;
(f) allows goods to be used on, transported or stor,,~,d on the Property, ti~e possession, transportation, or use of which, is illegal;
(g) allows any party other than Mortgagor or BorroWer to assume or undertake any Obligation without the written consent of Lender; or
(h) causes Lender to deem itself insecure due to 'ai'sJgnificant decline in the value of the Property; or Lender, in good faith, believes that the
prospect of payment or performance is impaired.
19. RIGHTS OF LENDER ON DEFAULT. If there iS a default under this Mortgage, Lender shall be entitled to exercise one or more of the
following remedies without notice or demand (except as required by law)
(a) to declare the Obligations immediately due and payable in full;
(b) to collect the outstanding Obligations with or Without resorting to judicial process;
(c) to require Mortgagor to deliver and make eva able to Lender any personal property or Chattels constituting the Property at a place
reasonably convenient to Mortgagor and Lender;
(d) to enter upon and take possession of the Property without applying for or obtaining the appointment of a receiver and, at Lender's option,
to appoint a receiver without bond, without first'.br nging suit on the Obligations and without otherwise meeting any statutory conditions
regarding receivers, it being intended that Lender shall have this contractual right to appoint a receiver;
(e) to employ a managing agent of the Property and let the same, in the name of Lender or in the name of Mortgagor, and receive the rents,
incomes, issues and profits of the Property and i;~P.ply the same, after payment of all necessary charges and expenses, on account of the
Obligations;
(f) to pay any sums in any form or manner deemed expedient by Lender to protect the security of this Mortgage or to cure any default other
than payment of interest or principal on the Obi gat:oi:~s;
(g) to foreclose this Mortgage either by suit at law Or equity, as Lender may elect, or to foreclose this Mortgage by advertisement and sale of
the property at public venue for Cash, according tO~'¥oming statutes governing mortgage foreclosures;
(h) to set-off Mortgagor's Obligations against any ~.~mounts owed Mortgagor by Lender including, but not limited to, monies, instruments, and
deposit accounts maintained with Lender or any ck, rr[.';ntly existing or future affiliate of Lender; and
(i) to exercise ali other rights available to Lender under any other written agreement or applicable law.
Lender's rights are cumulative and may be exercised toge!i'iher, separately, and in any order. In the event that' Lender institutes an action seeking the
recovery of any of the Property by way of a prejudgmeqt;hremedy n an action against Mortgagor, Mortgagor waives the posting of any bond which
might otherwise be required. Lender or Lender's desigr~e!.~ may purchase the Property at any sale. The Property or any part thereof may be sold in
one parcel, or in such parcels, manner or order as Lend6! Jn its sole discretion may elect, and one or more exercises of the power herein granted
shall not extinguish or exhaust the power unless the ent~i~'¢: Property are sold or the Obligations paid in full.
20. SECURITY INTEREST UNDER THE UNIFORIVI, COMMERCIAL CODE. This Mortgage shall be considered a security agreement and a
financing statement pursuant to the provisions of the Un.iform Commercial Code covering fixtures, chattels, and articles of personal property now
owned or hereafter attached to or to be used in connectibn with the Property together with any and ali replacements thereof and additions thereto
(the "Chattels"), and Mortgagor hereby grants Lender a security interest in such Chattels. The debtor is the Mortgagor described above. The
secured party is the Lender described above. Upon de~r~hd, Mortgagor shall make, execute and deliver such security agreements (as such term is
defined in the Uniform Commercial Code of Wyoming) aS l~ender at any time may deem necessary or proper or require to grant to Lender a perfected
security interest in the Chattels, and upon Mortgagor's failure to do so, Lender is authorized to sign any such agreement as the agent of Mortgagor.
Mortgagor hereby authorizes Lender to file financing stai~:ements (as such term is defined in said Uniform Commercial Code) with respect to the
Chattels, at any time, without the signature of Mortgagor. Mortgagor will, however, at any time upon request of Lender, sign such financing
statements. Mortgagor will pay all filing fees for the fili:'~g of such financing statements and for the refiling thereof ~t the times required, in the
opinion of Lender, by said Uniform Commercial Code. If !lhe lien of this Mortgage be subject to any security agreement covering the Chattels, then
in the event of any default under this Mortgage, all the ri,c~ht, title and interest of Mortgagor in and to any and all of the Chattels is hereby assigned
to Lender, together with the benefit of any deposits or payments now or hereafter made thereof by Mortgagor or the predecessors or successors in
title of Mortgagor in the Property.
21. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender, at Lender's option, may expend funds (including attorneys' fees and
legal expenses) to perform any act required to be taken by Mortgagor or to exercise any right or remedy of Lender under this Mortgage. Upon
demand, Mortgagor shall immediately reimburse Lender for all such amounts expended by Lender together with interest thereon at the lower of the
highest rate described in any Obligation or the highest rate allowed by law from the date of payment until the date of reimbursement. These sums
shall be included in the definition of Obligations herein and shall be secured by the beneficial interest granted herein, if the Obligations are paid after
the beginning of publication of notice of sale, as herein ~rovided, or n the event :Lender shall at its sole o t on ermit Mort a
ubl'c ' ~' ' P ' p g gor to pay any part of
the Obligations after the beginning of p I etlon of notice, of sa]e, as here~n prowded, then, Mortgagor shall pay on demand ali expenses incurred by
the Lender in connection with said publication, including, reasonable attorneys' fees to the attorneys for the Lender, and this Mortgage shall be
security for all such expenses and fees. ..
22. APPLICATION OF PAYMENTS. All payments made by or on behalf of Mortgagor may be applied against the amounts paid by Lender
(including attorneys' fees and legal expenses) in connection with the exercise of its rights or remedies described in this Mortgage and then to the
payment of the remaining Obligations in whatever order Lender chooses. ' '
23. POWER OF ATTORNEY. Mortgagor hereby ~Ppoints Lender as its attorney-in-fact to endoise Mortgagor's name on all instruments and
other documents pert~)ining to the Obligations or indebtedness. In addition, ' Lender shall be entitled, but not required, to perform any action or
execute any document required to be taken or executed' i~y Mortgagor under this Mortgage. Lender's performance of such action or execution of
such documents shall not relieve Mortgagor from any Obllgat on or cure any default under this Mortgage. The powers of attorney described in this
Mortgage are coupled with an interest and are irrevocable.
24. SUBROGATION OF LENDER. Lender shall be '~u3rogated to the rights of the holder of any previous lien, security interest or encumbrance
discharged with funds advanced by Lender regardless o¢ whether these liens, security interests or other encumbrances have been released of
record.
25. COLLECTION COSTS. To the extent permitted: Dy law, Mortgator agrees to pay Lender's reasonable fees and costs, including but not
limited to fees and costs of attorneys and other agents (!~;luding without limitation paralegals, clerks and consultants), which are incurred by Lender
in collecting any amount due or enforcing any right or r4medy under this Mortgage or any other agreement between Mortgagor and Lender, all
whether or not suit is brought and including but not limited to fees and costs incurred on appeal, in bankruptcy, and for post-judgement collection
actions and whether or not such attorney is an emptoye~ ¢ f Lender.
WYMORTC [HP] Rev. 1/98 ~-~~S
i:~:;.''!:! -~ ~;?, P~ce 3 Of 5 ~tnitiais
26. PAR3:I~:';;L~SE. Lender may release its i~",tefest in a poruu~i 0~ the Property by executing and recording one u~ .,u~ partial releases
without affecting its interest in the remaining portion of the:,Property. Nothing herein shall be deemed to obligate Lender to release any of its interest
in the:~Property, nor shall Lender be obligated to release any part of the Property if Mortgagor is in default under this Mortgage.
27. MODIFICATION AND WAIVER. The modification'or waiver of any of Mortgagor's Obligations or Lender's rights under this Mortgage must
be contained in e writing signed by Lender. Lender m~ry perform any of Borrower's or Mortgagor's Obligations, delay or fail to exercise any of its
rights or accept payments from Mortgagor or anyone other than Mortgagor without causing a waiver of those Obligations or rights. A waiver on one
occasion shall not constitute a waiver on any other occasion. Mortgagor's Obligations under this Mortgage shah not be affected if Lender emends,
compromises, exchanges, fails to exercise, impairs or releases any of the Obligations belonging to any Mortgagor, Borrower or third party o; any of
its rights against any Mortgagor, Borrower or third party 'or any of the Property. Lender's failure to insist upon strict performance of any: of the
Obligations shall not be deemed a waiver and Lender shall :lave the right at any time thereafter to insist upon strict performance.
28. SUCCESSORS AND ASSIGNS. This Mortgage si~all be binding upon and inure to the benefit of Mortg,agor and Lender and their respective
successors, assigns, trustees, receivers, adm n strators, p£~rsonal representatives, legatees and devisees.
29. NOT CES. Except as otherwise required by law,:!any notice or other communication to be provided under this Mortgage shall be in writing
and sent to the parties at the addresses descri[Jed n this Mortgage or such other address as the parties may designate in writing from time to time.
Any such notice so given and sent by certified mail, post~ge prepaid, shall be deemed given three (3) days after such notice is sent and any other
such notice shall be deemed given when received by the person to whom such notice is being given.
30. SEVERABILITY. If any provision of this Mortclage violates the law or is Unenforceable, the rest of the Mortgage shall continue to be valid
and enforceable.
31. APPLICABLE LAW, This Mortgage shall be governed by the laws of the State of Wyoming. Unless applicable law provides otherwise,
Mortgagor consents to the jurisdiction and venue of any court selected by Lender, in its sole discretion, located in Wyoming.
32. MISCELLANEOUS. Mortgagor and Lender agile;that time is of the essence. Mortgagor waives presentment, demand for payment, notice
of dishonor and protest except as required by taw. AIl:':re,,ferences to Mortgagor in this Mortgage shall include all persons signing below. If there is
more than one Mortgagor, their Obligations shall be j61n~, and several. This Mortgage represents the complete integrated understanding between
Mortgagor and Lender pertaining to the terms and conditions hereof.
33. RELEASE AND WAIVER OF HOMESTEAD. Mer~,gagor hereby relinquishes and waives all rights under and by virtue of the homestead laws
of the State of Wyoming and covenants and agrees that Mortgagor is lawfully seized of said Property, that it is free from all encumbrances except
for those listed on Schedule B attached hereto, and her.~,y covenants to warrant and defend the title of said Property against the lawful claims of all
persons whomsoever.'
Any Mortgagor who signs this Mortgage but does r~ipi!execute the Note or Agreement evidencing the Obligations (the "Note"): {a) is signing this
document to grant and convey the r nterest in the Property under the terms of this document (b) is not personally obligated to pay the Note; (c)
agrees that Lender and any Borrower may agre.e ,to, exti;!n,~, ,modify, fo,rb, ear or make any accommodations with regard to the terms of this document
or the Note without that Mortgagor's consent; Icl) nere~y~re~eases ano mrever quit-claims unto Lender, as Mortgagee, all his/her rights of homestead
in and to the Property. ~ I
34. ADDITIONAL TERMS.
Mortgagor acknowledges that Mortgagor has read, uncti~rstands, and agrees to the terms and conditions of this Mortgage.
IN WITNESS HEREOF, Mortgagor has executed t~'~ instrument either individually or has caused this instrument to be executed and delivered in
its name by its duly authorized representative on the d~;te of the acknowledgment.
Dated this _? t,13 _ day of
MORTGAGOR: MORTGAGOR:
\ I) ' MORTGAGOR:
MORT(~A(~ OR: t.
MORTGAGOR: MORTGAGOR:
MORTGAGOR: ; MORTGAGOR:
Page 4 of 5 tnitials
WYMORTD [HP)Rev. 1/98
STATE OF: wyL)[II~l~ ,- ~ ( :~,,':-~!i:~'~ }
' 75
COUNTY OF~ Teton O~ 7,~.~ ~
~n this ~Tth day of Septemb~;~ , 200~ , before me personally appeared .]R~R C,_ ~hRrp ~_~
Kahhe~iRe gha~p . to me known to be the person(s)
described Jn and who executed the executed the fo~going instrument, and acknowledged that they
executed the same as thei~ .
free act and deed, including the release and waiver of th~ right of
homestead.
(SEAL)Given under my hand and seal this 7hh day' of Septe~be~
My Commission Expires: 9/~2/0] '~ Notary ' CL'~~'~~.. ~blic
On this . day of __ __, before me personally appeared I ~.,'
to me personally known, who, being by me duly sworr~j, did say that he/she/they are the ~~ ~t~' '
respectively, of said executing the foregoing instrument, that said instrument was signed
on behalf of said ; by authority of its
and the above signed person(s) acknowledged the exe~;ution of said instrument to be the free act and deed of said
Given under my hand and notarial seal this day of
My Commission Expires: Notary Public
RELEASE OF HOMESTEAD RIGHTS:
STATE OF: .__~.~ '~.
SS:
Executing
Signature:
COUNTY OF
On this day of '
..... before me personally appeared
to .me known to be the
spouse of
and who executed
the foregoing instrument for purposes of waiving and re¢inquishing his/her homestead rights, acknowledged that he/she had been fully advised of
his/her rights and the effect of signing, and acknowled;;~ed that he/she executed the foregoing instrument as'his/her free act and deed.
Given under my hand and seal this . day of'. ,
(SEAL)
My Commission Expires: .,~ Notary Public
SEE ATTACHMENT (S) A ; '
Return recorded document to:
U. S. Bank :
Attn: Lien Perfectibn Dept.
P.O. Box 2687
Fargo, ND 58108-2687~ .
LIENS AND ~:NCUMBRANCES OF RECORD
U.S. BANK NATIONAL ASSOCIATION ND
AFTER RECORDING RETURN TO LIEN PERFECTION DEPARTMENT AT ITS ADDRESS LISTED ABOVE. ~.~ ~
WYMORTE [HP] Rev. 1/98 ~-
7 5 '?
~ASON C. ~HARP
6630010995282000L
ATTACHMENT A
Property Descdption
LOT 69 OF PALIS PARK SUDDIVISION, LINCOLN COUNTY, WYOMING
AS DESCRIBED ON THE oFFICIAL PLAT THEREOF.
THIS PROPERTY LIES IN THE COUNTY OF LINCOLN, STATE OF
WYOMING.
PAGE 1
ATTCHA (HPI Rev, 10/97