HomeMy WebLinkAbout917301
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RECORDATION REQUESTED BY:
FIRST NATIONAl. BANK - WEST
Afton
314 South Washington SI.
P.O. Box 1620
Afton, WY 83110
C00445
WHEN RECORDED MAIL TO:
FIRST NATIONAl. BANK - WEST
Atton
314 South Washington St.
P.O. Box 1620
Afton. WY 83110
RECEIVED 4/6/2006 at 4:28 PM
RECEIVING # 917301
BOOK: 616 PAGE: 445
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SEND TAX NOTICES TO:
FIRST NATIONAl. BANK - WEST
Atton
314 South Washington St.
P.O, Box 1620
Atton, WY 83110
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
J~
MORTGAGE
THIS MORTGÄGE dated March 29, 2006, Is made and executed between GERALD F. ROBERTS and DOLORES
M. ROBERTS, not personally but as Trustees on behalf of GERALD F. ROBERTS AND DOLORES M. ROBERTS,
tRUSTEES OF THE ROBERTS FAMILY TRUST DATED SEPTEMBER 9, 2003, AS TRUSTEE, whose address is
3522 MUDDY STRING ROAD, THAYNE, WY 83127 (referred to below as "Grantor") and FIRST NATIONAL BANK
"':' WEST, whose address is 314 South Washington St., P.O. Box 1620, Afton, WY 83110 (referred to below as
"Lender").
GRANT OF MORTGAGE. For valuable consideration. Grantor mortgages and conveys to Lender all of Grantor's right, tille, and interest In and to
the following described real property, together with all eXisting or subsequenlly erected or affixed buildings, Improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all
other rights, royallles{ and profits relati~9 to the real property~ Includin~ without limitation all minerals, oil, gas, geothermal and similar matters, (the
"Real Property") located in LINCOLN County, ~tate of Wyoming:
Lot 29 of Stewart Country Club Estates, Phase II, Lincoln CountYl Wyoming as described on the official plat
filed on May 10, 2005 as Instrument No. 908281 of the records of Ihe Lincorn County Clerk.
The Real Property or its address Is commonly known as LOT 29 STEWART COUNTRY CLUB ESTATES,
THAYNE, WY 83127.
Grantor presently assigns to Lender all of Grantor's right, tille, and interest in and to all present and future leases of the Property and all Rents from the
Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.
THIS MORTGAGE. INCLUDING tHE ASSIGNMENT OF RENTS AND THE SECURITY tNTEREST IN THE RENTS AND PERSONAl. PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND Al.L OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE, THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" cr'"antl-deficiency" law, or any other làw which
may prevent Lender from bringing any action against Grantor, Including a claim for deficiency to the extent Lender is otherwise entilled to a claim for
deficiency, before or atter Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale.
GRANTOR'S REPRESENTATIONS AND WARRANTIES, Grantor warrants that: (a) this Mortgage Is executed at Borrower's request and not at the
request 01 Lender; (b) Grantor has the full power, right, and authority to enter into this Mortgage and to. hypotl)ecate the Property; (c) the provisions of
this Mortgage do not conflict with, or result in a default under any agreement or other Instrument binding upon Grantor and do not result In a violation
of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on a
continuing basis Information about Borrower's financial condition; and (e) Lender has made no representation to Grantor about Borrower (Including
without limitation the creditworthiness of Borrower).
PAYMENT AND PERFORMANCE. Except as otherwise provided In this Mortgage, Borrower and Grantor shall pay to Lender all Indebtedness secured
by this Mortgage as It becomes due, and Borrower and Grantor shall striclly perform all Borrower's and Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY, Borrower and Grantor agree that Borrower's and Grantor's possession and use of the
Property shall be governed by the following provisions:,
Possesslon·.Ôð; UÏ!Ie. Until the occurrence of an Event of Default, Grantor may (1) remain In possession and control of the Property; (2) use,
operate or liIân'ãg¡thêProperty; and (3) collect the Rents from the Property.
Duty to Malntalri~ Gf~htor shall maintain the Property in good condition and promplly perform all repairs, replacements, and maintenance
necessary to preserveïtS value.
Compliance With Environmental Laws, Grantor represents and warrants to Lender that:, (1) During the period of Grantor's ownership of the
Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender In writing, (a) any breach or violation of any Environmental Laws, (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the
Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, .. (a) neither Grantor nor any tenant,
contractor, agent or other authorized user of the Property shall use, generate, manufacture,. store, treat, dispo$e of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall be conducted In cO,mpliance with all applicable federal, state,
and local laws, regulations and ordinances, Including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter
upon the Property to make such Inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Property with this section of the Mortgage. 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 on the part of Lender to Grantor or to any other person. The representations and warranties
contained herein are based on Grantor's due diligence In investigating the Property for Hazardous Substances, Grantor hereby (1) releases and
waives any future claims agàinst Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may dlreclly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or Interest In the Property,
whether or not the same was or should have been known to Grantor, The provisions of this 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 acquisition of any Interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor 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 and gas), coal, clay, scoria, soli, gravel or rock products without Lender's prior written consent.
Removal of Improvements, Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at least equal value, .
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to
:iilim!~w
Må~'~;AGE
(Continued)
Loan No: 64003325 0917301.
000446
Page 2
Lender's Interests and to Inspeetthe Real Property for purposes of Granlor'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
eHect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, Including appropriate appeals, so long as Grantor has notified Lender In
writing prior to doing so and so long as, In Lender's sole opinion, Lender's Interests in the Property are not jeopardized. Lender may require
Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Prolect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set
forth above In this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.
TAXES AND LIENS. The following provlslon~ relating to the taxes an~ liens on .the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and In all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to the Interest of
Lender under this Mortgage, except for !hose liens specifically agreed to in writing by Lender, and axcept for the lien of taxes and assessments not
due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim In connection with a good faith dispute over the obligation to
pay, so long as Lender's Interest In the Property is not jeopardized. If a lien arises or Is filed as a result of nonpayment, Grantor shall within fifteen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or If
requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender In an amount suHiclent
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 and Lender and shall satisfy any adverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished In the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of paym,ent of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any lime a written statement of the taxes and assessments against the
Property. . .
Notice of Construction. Grantor shall notify Lender at least fifteen (15) dåys before any work Is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the
cost 0; such Improvements, .
PROPERTY DAMAGE INSURANCE. Tlia following provisions relating to Insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire Insurance with standard extended coverage endorsements on a
replacement basis for the full Insurable value covering all Improvements on the Real Propertyln an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause In favor of Lender. Policies shall be written by such Insurance companies and In such
form as may !:Ie re.asonably acceptable.lo Lender. Grantor shall deliver. to Lender certificates of coverl\ge from each Insurer containing a
stipulation thalç.Qwerage will not be cancelled or diminished without a mlni(11um. of thirty (30) days' p'rior written notice to Lender and not containing
any disclaimer df tlii. Insurer's liability for failure to give such notice. Each Insurance policy also shall include an endorsement providing that
coverage in favor of Lender will not be Impaired In any way by any act, omission or default of Grantor or any other person. Should the Real
Property be located In an area designated by the pirectorofthe Fe~eral Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days afternotice is given by Lènder that the Property is located in a
special flood hazard area, for the full unpaid principal balance .of the loan and any prior liens on the property securing the loan, up to the
maximum policy limits set under the N~tional Flood Insurance Program, or as otherwise required by Lender, and to maintain such Insurance for
the term of the loan. - .
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair Qr
replacement exceeds $1,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether sr not
Lender's security Is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the
reduction of the Indebtedness, payment of any lien aHeeting the Property, or the restoration and repair of the Property. If Lender elects to apply
the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements In a manner satisfactory to Lender,
Lender shall, upon satisfactory proof 'If such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or
restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and
which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this
Mortgage, then to pay accrued interest, and the remainder, If any, shall be applied to the principal balance of the Indebtedness. If Lender holds
any proceeds after payment In full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's Interests may appear.
LENDER'S EXPENDITURES, If Grantor falls (A) to keep the Property free of all taxes, liens, security Interests, encumbrances, and other claims, (B)
10 provide any required Insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or proceeding is
commenced that would materially aHect Lender's Interests In the Property, then Lender on Grantor's behalf may, but Is not required to, take any action
that Lender believes to be appropriate to protect Lender's interests. All expenses Incurred or paid by Lender for such purposes will then bear Interest
at the rate charged under the Note from the date Incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part
of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term
of the Note; or (C)be treated as a balloon payment which will be due arid payable-at the Note's maturity. The Mortgage alsowlil 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 any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that II otherwise
would have had.
W ARRANTY¡ DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title, Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property In fee simple, free and clear of alltiens and
encumbrances other.than those set forth In the Real Properttdescription orin 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
Ihls Mortgage to Lender. _ .
Defense of Title, . Subject to the exception In the paragraph above, Grantor Warrants and will forever defend the title to the Property against the
lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the Interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be
entilled to participate In the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may request from time 10 time to permit such participation.
Compliance With Laws, Grantor warrants that the Property and Grantor's use of the Property complies with all eXisting applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made In this Mortgage shall survive the execullon and delivery of
this Mortgage, shall be continuing In nature and shall remain in full force and eHect until such time as Borrower's Indebtedness is paid in full,
CONDEMNATION. The following provisions relating to condemnallon procèedingsare a part of this Mortgage:
Proceedings. If any proceeding In condemnation Is fiied, Grantor shall promplly notify Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate In the proceeding and to be represented in Ihe proceeding by counsel of lis own choice, and Grantorwill deliver or cause to
be delivered to Lender such Instruments and documentation as may be requested by Lender from time to time to permit such participation.
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at Its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness
or the repair or restoration of the Property. The net proceeds oflhe award shall mean the award after payment of all reasonable costs, expenses,
and attorneys' fees Incurred by Lender in connection with the condemnation. -
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provl~lons relating to governmental taxes,fees
and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Gr~ntor,shall ex.ecute such documel')ts In addition to this Mortgage and take
Loan No: 64003325
0317[J01
MORTGAGE
(Continued)
r'nC447
Page 3
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 Incurredln recording, perfecting or continuing this Mortgage, Including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage,
Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (2) a specific tax on Borrower which Borrower is authorized or required to deduct from payments
on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the
Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and Interest made by Borrower.
Subsequent Taxes. If any tax to which this section applies Is enacted subsequent to the date of this Mortgage, this event shall have the same
effect as an Event of Default, and lender may exercise any or all of Its available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above In the Taxes and Liens section and deposits with
Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURtTY AGREEMENT¡ FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this
Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code as amended from lime to, !ime.
Security Interest. Upon request by Lender, Grantor shall take whatever aclion is requested by Lender to perfect and continue Lender's security
interest In the Personal Property. In addition to recording this Mortgage In the real property records, Lender may, at any lime and without further
authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse
Lender for all expenses Incurred In perfecting .or continuing this security interest. Upon default, Grantor sh~1I not remove, sever or detach the
Personal Property from the Property, Upon default, Grantor shall assemble any Personal Property not affixed to the Property In a manner and at a
place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from
Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender, (sècured party) from which Information 'concerning the security Interest
granted by IRIs Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgage.
FURTHER ASSURANCES¡ ATTORNEY-IN-FACT, The followlngpròvislons relating to further assurances and attorney-In-fact are a part of this
Mortgage:
Further Assurances, At any tlme,and from lime to lime, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to lender or to Lender's designee, and when requested by Lender, causa to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and In such offices and places as lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements,lnstruments of further assurance, certificates,
and other docUments as may, In the sole, opinion of lender, be necessary or desirable In order to effectuate, complete, perfect, conlinue, or
preserve (1) Borrower's and Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security
Interests created by this Mortgage as first and prior liens onthe Property, whether now owned or hereafter acquired by Grantor. Unless prohibited
by law or lender agrees to the contrary In writing, Grantor shall reimburse Lender for all costs and expenses incurred In connection with the
matters referred to in this paragraph,
Attorney-ln-FlIClif Grantor falls to do any ofthe things referred to In tfÌEÌprècedlng paragraph, Lender may do so for and in the name of Grantor
an'd at Grantor's expense. For such purposes, Grantor hereby Irrevocably appoints Lender as Grantor's attorney-In-fact for the purpose of
making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, In Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If BoiTower and Grantor pay all the Indebtedness, including without limitation all future advances, when due, and Grantor
otherwise performs all the obligations imposed upon Grantor 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 In 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.
EVENTS OF DEFAULT. At Lender's option, Grantor will be In default under this Mortgage if any of the following happen:
Payment Default. Borrower fails to make any payment when due under the Indebtedness.
Default on Other Payments. Failure of Grantor within 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 effect discharge of any lien.
Brellk Other Promises. Borrower or Grantor breaks any promise made to Lender or fails to pèrform promptly at the time and sliktly In the
manner provided In this Mortgage or In any agreement related to this Mortgage.
False Statements. Any representation'or statement made or furnished toLender by Borrower or Grantor or on Borrower'sor Grantor's behalf
under this Mortgage or the Related Docùments Is false or misleading In any material respect, either now or at the time made or furnished.
Defective Collaterallzatlon. This Mortgage or any of the Related Documenis ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected security Interest or lien) at any time and for any reason.
Insolvency. The dissolution or termin\itlon of the Trust, the Insolvency of Borrower or Grantor, ,the appointment of a receiver for any part of
Borrower's or Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any
proceeding under any bankruptcy or Insolvency laws by or against Borrower or Grantor.
Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other 01 Borrower's or Grantor's property In
which lender has a lien. This includes taking of, garnishing of or levying on Borrower's or Grantor's accounts with Lender. However, if Borrower
or Grantor disputes in good faith whether the claim on which the taking of the Property Is based Is valid or reasonable, and if Borrower or Grantor
gives Lender written notice of the claim. and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this
default provision will not apply. ,
Breach of Other Agreement. Any breach by Borrower or Grantor under the terms of any other agreement between Borrower or Grantor and
Lender that Is not remedied within any grace period provided therein, Including without limitation any agreement concerning any indebtedness or
other obligation of Borrower or Grantor to Lender, whether eXisting now or later.
Events Affecting Guarantor, Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any
of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes Incompetent, or revokes or disputes the validity
0/, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at Its option, may, but shall not be required to, permflthe
guarantor's estate to assume unconditionally the obligations arising under the guaranty In a manner satisfactory to Lender, and, In doing so, cure
any Event of Default.
tnsecurlty. Lender In good faith believes Itself insecure.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may
exercise anyone or more of the following rights and remedies, In addition to any other rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness Immediately due
and payable, Including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal ='roperty, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code. , , .
Collect Rents. lender shall have the, right, without notice to Borrower or 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 Indebtedness. 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, If the Rents are collected by Lender, then Grantor Irrevocably designates
lender as Grantor's attorney-In-fact to endorse instruments received In payment thereof In the name of Grantor and to negotiate the same and
collect the proceeds, Payments by tenants or other users to lender in response to lender's demand shall satisfy the obligations for which the
payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph eflher In
person, by agent, or through a receiver. ,
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to
~Iililli~~m~¡
091.7:101
'::~~m::;:i¡:::::':,
Mó~'tlh.GE
(Continued)
rnf"\A4· 8
\.' ',.' t· "1
Page 4
Loan No: 64003325
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judlclat Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's Interest In all or any part of the Property.
Nonjudicial Sale, Lender may foreclose Grantor's Interest In all or In any part of the Property by non-judicial sale, and specifically by "power of
sale" or "advertisement and sale" foreclosure as provided 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 (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property
Immediately upon the demand of Lender.
Other Remedies. Lender shall have all.other rights and remedies provided in this Mortgage or the Note or available at law or In equity.
Sale of the Property, To the extent permitted by applicable law, Borrower and Grantor hereby waive any and all right to have the Property
marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, In one sale or by
separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the lime and place of any public sale of the Personal Property or of the time after
which any private sale or other Intendec;1 disposition of the Personal Property Is to be made. Reasonable nollce shall mean notice given at least
ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real
Property.
Election of RemedIes. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by Lender to
choose anyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of Grantor's
obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default
and to exercise Lender's remedies.
Attorneys'Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entilled to recover
such sum as the court may adjudge re.asonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is iiwolved, and
to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of
its Interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear Interest at the Note rate
from the date of the expenditure until repaid. Expenses covered by this paragraph Include, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there Is a lawsuit, including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors'
reports, and appraisal fees and tille insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition 10 all
other sums provided by law. ">
NOTICES. Any notice required to be given under this Mortgage, Including without limitation any notice of default and any notice of sale shall be given
In writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, If mailed, when deposited in the United States mail, as first class, certified or registered mail postag!\l
prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from 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 Mortgage. Any person may change his or her
address for notices under this Mortgage by giving formal written notice to the other person or persons, specifying that the purposeotthe notice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender Informed at all times of Grantor's current address. Uf:¡less otherwise
provided or required by law, If there Is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What Is written in this Mortgage and In the Related Documents Is Grantor's entire agreement with Lender concerning the matters
covered by this Mortgage. To be effective, any change or amèndmentto this Mortgage must be in writing and must be signed by whoever will be
bound or obligated by the change or amendment.
Caption Headings. Caption headings. in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of WyomIng without regard to Its conflicts of law provisions. ThIs Mortgage has been accepted by Lender In the State
of Wyoming.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Lincoln County, State of
Wyoming.
Joint and Several Liability. All obligations of Borrower and Grantor under this Mortgage shall be joint and several, and all references to Grantor
shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means Ihat each Borrower and
Grantor signing below Is responsible for all obligations in this Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing,
The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give
up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage. Grantor also
understands that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation
happens again.. Grantor further understands that just because Lender consents to one or more of Grantor's requests, that does not mean Lender
will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor.
Grantor waives all rights of exemption from execution or similar law In the Property, and Grantor agrees that the rights of Lender in the Property
under this Mortgage are prior to Grantor's rights while this Mortgage remains In eHect.
Severability. If a court finds that any provision of this Mortgage Is not valid or should not be enforced, that facl by Itself will not mean that the rest
of this Mortgage will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Mortgage even if a provision of this
Mortgage may be found to be invalid or unenforceable;
Merger. There shall be no merger of tbe interest or estate created by this Mortgage with any other Interest or estate In the Property at any time
held by or for the benefit of Lender In any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested In a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time Is of the Essence, Time Is of the essence in the performance of this Mortgage.
WaIver of Homestead exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of
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 GERALD F. ROBERTS and DOLORES M. ROBERTS and includes all co-slgners 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 òther applicable state or federal laws, rules, or regulations adopted pursuant thereto.
",,:
09:17301
Loan No: 64003325
MORTGAGE
(Continued)
C00449
Page 5
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 GERALD F. ROBERTS AND DOLORES M. ROBERTS, TRUSTEES OF THE ROBERTS FAMIl:Y TRUST
DATED SEPTEMBER 9, 2003, AS TRUs;TEE.
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.
HéI2ardous Substances, The words "Hazardous Substances" mean materials that, becauseofJheir qp¡¡nllty, çoncentratlon or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to human health or thetl~\{ir,otim'ent when improperly used, !reated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substancès" 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 "Hazarc,Jous 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, together 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 FIRST NATIONAL BANK - WEST, 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 29, 2006, In the original principal amounlof $207,000.00 from
Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the
promissory note or agreement. The maturity date of this Mortgage Is January 15, 2007.
Personal Property. The words "Personal Properly" mean ail equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter atlached or affi~d to the Real Property; together with ail accessions, parts, and addilionsto, all replacements of,
and all substitutions for, any of such property; and together with àll proceeds (including without limitation all Insurance proceeds and refunds of
premiums) from any sale or other disposiüon of the Property.
Property. The word "proþei1y" means collectively the Real Property and the Personal Property.
. , .
Real Property~ The words "Real Properly" meanth~realproperly' Interes!s and rights, as further describedln,this Mortgage.
Retated Documents. The words "Aelated Documents" mean all promissOry notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, s8curity dtll!d~!. collateral mortgages, and ail other Instruments,
agreements and documents, whether now or hereafter existing, executed In conneétlon wlthth4iHndebhrdness. ..
Rents. The word "Rents" means all present and future rents, revenues, Income, IssueS, ro'yliltles. profits, and other benefits derived from the
Property.
GRANTOR ACKNOWLEDGES HA~ING READ ALL THEPRO"ISIONS OF THIS MORTGAGE, AND GRAfIitÒR AGREES TO ITS TERMS.
GRANTOR:
p'~O~ M:.:t0BERTS, TRUSTEES OF THE ROBERTS FAMILY TRUS'!' DATED SEPTEMBER 9, 2003, AS TRUSTEE
By' ?--( ~ BY'~ þ¡¡# ~
GERALD F. ROBERTS. OLORES M, R ERTS TR '
TRUST ACKNOWLEDGMENT
ROXIE JENKINS NOTARY PUBliC
COUNTY OF ~ STÁTE OF
LINCOlN ., WYOMING
MY COMMISSION ExP1RE5 APRIL 4. 2010
STATE OF
WYOMTNG
COUNTY OF
LINCOLN
)
) SS
)
On this ,q'f'H day of MARCH , 20 06 , before me, the undersigned Notary Public, personaily
appeared GERALD F. ROBERTS, and DOLORES M, ROBERTS, of GERALD F. ROBERTS AND DOLORES M. ROBERTS, TRUSTEES OF THE
ROBERTS FAMILY TRUST DATED SEPTEMBER 9, 2003, AS TRUSTEE, and known to me to be authorized trustees or agents of the trust that
executed the Mortgage and acknowledged.Jb ortgage to e the free and voluntary act and deed of the trust, by authority set forth In the trust
documents or, by authority of statuteyfórthe us andp poses therein mentioned, and on oath stated that they are authorized to execute this
Mortgage and In fact executed the Meí1gag on b alt of t trust.
ROXIE
esldlng at SMOOT WYOMING
My commission expires 4/4/2010
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