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HomeMy WebLinkAbout917324 .. RECORDATION REQUESTED BY: FIRST NATIONAL BANK - WEST Anon 314 South Washington St. P.O. Box 1620 Anon, WY 83110 C00478 WHEN RECORDED MAIL TO: FIRST NATIONAL BANK -WEST Anon 314 South WashIngton St. P.O. Box 1620 Anon, WY 83110 ---..---- SEND TAX NOTICES TO: FIRST NATIONAL BANK - WEST Anon 314 South Washington St. P.O. Box 1620 Anon. WY 83110 RECEIVED 4/7/2006 at 11 :44 AM RECEIVING # 917324 BOOK: 616 PAGE: 478 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY " MORTGAGE THIS MORTGAGE dated March 2, 2006, Is made and executed between CAROL ROBERTS, whose address Is P o BOX 756, COWLEY, WY 82420 (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, Iille, and Interest In and to Ihe following described real property, togelher with all ex/sting or subsequenlly erecled or affixed buildings, Improvements and fixtures; all easemenls, rig hIs of way, and appurtenances; all waler, water rights, walercourses and ditch rights (including stock In ulilities with ditch or irrigation rig hIs); and all olher rights, royalties, and profits relatir¡g to the real proeerty~ Includin} wilhout IImilation all minerals, oil, gas, geolhermal and similar mailers, (the "Real Property") located In LINCOLN County, ò)tate of Wyoming: SEE ATTACHED SCHEDULE "C" The Real Property or its address Is commonly known as NORTH HWY 89, AFTON, WY 83110. Granlor presenlly assIgns to Lender all of Grånlor's right, Iille, and Inlerest In and 10 all present and fulure leases of the Property and all Renls from Ihe Property. In addition, Granlor grants to Lender a Uniform Commercial Code security inlerest in Ihe Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as olherwlse provided In this Mortgage, Granlor shall pay to Lender all amounls secured by Ihis Mortgage as Ihey become due and shall strlclly perforlT) all of Granlor's obUgations under Ihis Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees Ihal Granlor's possession and use of Ihe Property shall be governed by Ihe following provisions: PossessIon and Use. Until the occurrence of an Event of Defaull, Granlor may (1) remain In possession and control of the Property; (2) use, t: \, operale or manage the Property; and (3) collect the Rents from the Property. - J Duty to Maintain. Granlor shall maintain Ihe Property In good condition and promptly perform all repairs, replacements, and malnlenance necessary to preserve its value. Compliance With Environmental Laws. Granlor represents and warrants to lender that: (1) During the period of Grantor's ownership of the Property, there has been no use, generation, manufacture, slorage, Irealment, disposal, release or Ihrealened release of any Hazardous Subs lance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason 10 believe thaI there has been, except as previously disclosed to and acknowledged by Lender In writing, (a) any breach or violation of any Environmenlal Laws, (b) any use, generation, manufaclure, storage, treatment, disposal, release or Ihreatened release of any Hazardous Subslance on, under, about or from Ihe Property by any prior owners or occupanls of Ihe Property, or (c) any aclual or threalened litigation or claims of any kind by any person relating 10 such mailers; and (3) Excepl as previously disclosed to and aCknowledged by Lender In writing, (a) neither Grantor nor any lenanl, conlraclor, agent or otheraulhorlzad user of Ihe Property shall use, generale, manufacture, slore, treal, dispose of or release any Hazardous Subslance on, under, aboul or from the Property; and (b) any such activity shall be con dueled In compliance with all appUcable federal, slate, and local laws, regulations and ordinances, Including without Umilallon all Environmental Laws. Grantor aulhorlzes lender and Its agents 10 enter upon the Property 10 make such Inspections and lesls, at Granlor's expense, as Lender may deem appropriale to delermine compliance of the Property with Ihls section of the Mortgage. Any Inspecllons or tesls made by Lender shall be for Lender's purposes only and shall not be conslrued to creale any responsibility or Uability on Ihe part of Lender to Grantor or 10 any olher person. The representations and warranties conlained herein are based on Granlor's due diligence In Investlgallng Ihe Property for Hazardous Substances. Grantor hereby (1) releases and waives any fulure claims against lender for Indemnity or conlribution In Ihe event Granlor becomes Uable for cleanup or olher cosls under any such laws; and (2) agrees to Indemnify and hold harmless lender against any and all claims, losses, Uabilities, damages, penalties, and expenses which lender may direclly or Indireclly sustain or suffer resulting from a breach of Ihls section of Ihe Mortgage or as a consequence of any use, generation, manufacture, slorage, disposal, release .or threalened release occurring prior 10 Grantor's ownership or Inleresl In Ihe Property, whether or not Ihe same was or should have been known 10 Granlor. The provisions of Ihis section of Ihe Mortgage, Including the obligation 10 Indemnify, shall survive the payment of the Indebtedness and Ihe satisfaction and reconveyance of Ihe lien of Ihis Mortgage and shall nol be affecled by Lender's acquisition of any Inlerest In the Property, whether by foreclosure or otherwise. Nuisance, Waste. Grantor 'shall nol cause. conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to Ihe Property or any portion of the Property. Withoul limiting the generality of the foregoing, Granlor will not remove, or grant 10 any olher party Ihe rig hI 10 remove, any timber, minerals (IncludIng 011 and gas), coal, clay, scoria, soli, gravel or rock products withoul Lender's prior written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvemenls from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvemenls, Lender may require Granlor to make arrángemenls satisfaclory 10 Lender to replace such Improvements with Improvements of alleast equal value. Lender's Right to Enter. lender and Lender's agents and represenlatives may enler upon Ihe Real Property at all reasonable times 10 allend to Lender's Inlerests and to Inspect Ihe Real Property for purposes of Granlor's compliance with Ihe terms and condilions of Ihls Mortgage. Compllånce with Governmental Requirements. Grantor shall promplly comply with all laws, ordinances, and regulations, now or hereafter In effect, of all governmental authorities applicable to Ihe 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 approprlale appeals, so long as Granlor has notified Lender In writing prior 10 doing so and so long as, In Lender's sole opinion, Lender's Inlerests In the Property are nol Jeopardized. Lender may require Granlor 10 post adequale security or a surety bond, reasonably satisfaclory 10 Lender, 10 prolecl Lender's ¡nlerest. Duty to Protect. Grantor agrees neither to abandon or leave unallended Ihe Property. Granlor shall do all olher acls, In addition to Ihase acts set forth above In this.s~tlon, whlchfrom the characler and use of the Property are reasonably necessary 10 prolecl and preserve the Property. TAXES AND LIENS. The following provisions relating 10 Ihe taxes and liens on Ihe Property are part of Ihis Mortgage: Payment. Grantor shall pay when due (and In all events prior 10 delinquency) all taxes, payroll taxes, special taxes, assessments, waler charges and sewer service charges levied against or on account of Ihe Property, and shall pay when due all claims for work done on or for services rendered or malerlal furnished to the Property. Granlor shall mainlain Ihe Property free of any liens having priority over or equal 10 Ihe Inleresl of lender under Ihis Mortgage, ex{:ept for Ihose liens specifically agreed 10 In writing by lender, and except for Ihe lien of taxes and assessments not due as further specified in Ihe RighI 10 Conlest paragraph. ?u, j¡ ./ ....., .]/, \..A jjOOili~~i~: ,. 0917324 Loân No: 64003319 MORTGAGE (Continued) 000479 Page 2 Right to Contest. Granlor may withhold payment of any tax, assessment, or claim In connecllon with a good faith dispute over Ihe obligallon 10 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, Granlor shall wilhln fifteen (15) days after the lien arises or. If a lien Is filed, within fifteen (15) days after Grantor has nOllce of the filing, secure the discharge of Ihe lien, or If requesled by Lender, deposit with Lender cash or a sufficient corporale surety bond or olher security satisfaclory to Lender In an amount sufficient to discharge the lien plus any costs and reasonable allorneys' fees, or olher charges that could accrue as a result of a foreclosure or sale under Ihe lien. In any conlest, 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 Ihe conlest proceedings. EvIdence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of paymenl of the taxes or assessments and shall aulhorlze the approprlale governmenlal official to deliver to Lender at any time a wrillen stalement of the, taxes and assessments against Ihe Property. Notice of Construction. Grantor shall notify lender at least fifteen (15) days before any work Is commenced, any services are furnished, or any materials are supplied to the Property, If any mechanic's lien, materialmen's lien, or olher lien could be asserted on account of the work, services, or malerlals. Granlor will upon request of Lender furnish to Lender advance assurances satisfaclory 10 lender that Grantor can and will pay Ihe cost of such Improvements. : ' PROPERTY DAMAGE INSURANCE. The following proVisions relating to Insuring the Property are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and malnlaln policies of fire Insurance with slandard extended coverage endorsemenls on a replacement basis for the full Insurable value covering all Improvemenls on the Real Property In an amount sufficient 10 avoid application of any coinsurance clause, and with a standard mortgagee clause In favor of lender. Policies shall be written by such Insurance companies and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to lender certificates of coverage from each Insurer containing a stipulation that coverage will nol be cancelled or diminished without a minimum of thirty (30) days' prior written notice to lender and not conlalning any disclaimer of the Insurer's liability for failure to give such notice. Each Insurance policy also shall Include an endorsement providing Ihat coverage In favor of lender will not be Impaired In any way by any acl, omission or default of Grantor or any olher person. Should Ihe Real Property be located In an area designated by the Direclor of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, If available, wilhln 45 days after notice Is given by Lender that the Property Is located In a special flood hazard area, for Ihe full unpaid principal balance of the loan and any prior liens on the property securing Ihe loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to main lain such Insurance for the lerm of Ihe loan. Application ot Proceeds. Grantor shall promptly notify lender of any loss or damage to Ihe Propertyi; the estimated cost of repair or 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 or nol Lender's security Is Impaired, Lender may, at lender's election, receive and relaln Ihe proceeds of any Insurance and apply Ihe proceeds to Ihe reduction of the Indebtedness, payment of any lien affecting the Property, or the resloratlon and repair of the Property. If Lender elecls to apply Ihe proceeds to restoration and repair, Granlor shall repair or replace the damaged or destroyed Improvements In a manner satisfactory to lender. lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration If Granlor is not In default under this Mortgage. Any proceeds which have nol been disbursed within 180 days after their recelpl 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 Ihls Mortgage, Ihen 10 pay accrued Inlerest, and the remainder, If any, shall be applied to the principal balance of Ihe Indebtedness. f Lender holds any proceeds after payment In full of the Indebledness, such proceeds shall be paid to Grantor as Granlor's Interesls may appear. LENDER'S EXPENDITURES. If Grantor falls (A) 10 keep the Property free of all taxes, liens, security Interests, encumbrances, and other claims, (B) to provide any required Insurance on the Property, or (C) to make repairs to the Property Ihen Lender may do so. If any acllon or proceeding Is commenced that would malerlally affect Lender's Interesls in the Property, then lender on Granlor's behalf may, bulls not required to, take any action Ihal lender believes to be appropriale to prolect lender's Inlerests. AJI expenses Incurred or paid by lender for such purposes will then bear interest at Ihe rale charged under the Nole from the dale incurred or paid by lender to the date of repayment by Grantor. AJI such expenses will become a part of the Indebtedness and, at Lender's opllon, 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 ellher (1) the term of any applicable Insurance policy; or (2) the remaining term of Ihe Nole; or (C) be treated as a balloon payment which will be due and payable at the Nole's maturity. The Mortgage also will secure payment of Ihese amounls. The rights provided for In this paragraph shall be in addition to any other rlghls or any remedies to which lender may be enlllled 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 Ihallt olherwlse would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating 10 ownership of the Property are a part of this, Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to Ihe Property in fee simple, free and clear of all liens and encumbrances other than those set forth In Ihe Real Property descrlpllon or In any title Insurance policy, title report, or finallllle opinion Issued In favor of, and accepled by, lender in connection with Ihis Mortgage, and (b) Grantor has the full right, power, and aulhorlty to execute and deliver Ihls Mortgage to lender. Defense of Title. Subject to Ihe excepllon In the paragraph above, Grantor warranls and will forever defend Ihe title to the Property agalnsl the lawful claims of all persons. In the event any action or proceeding Is commenced that quesli1:lAs Granlor's tille or the Inlerestof lender under Ihls Mortgage, Granlor shall defend Ihe acllon at Grantor's expense. Grantor may be Ihe nominal party In such proceeding, but lender shall be entitled 10 partlclpale In the proceeding and to be represenled In Ihe proceeding by counsel of lender's own choice, and Grantor will deliver, or cause 10 be delivered, to Lender such Instruments as Lender may request from lime 10 lime to permit such partlclpallon. Compliance With Laws. Grantor warrants that Ihe Property and Grantor's use of the Property complies with all exlsllng applicable laws, ordinances, and regulations of governmenlal aulhorilles. SurvIval ot Promises. All promIses, agreements, and slatements Grantor has made In Ihls Mortgage shall survive the execution and delivery of this Mortgage, shall be conllnulng In nature and shall remain in full force and effect until such time as Grantor's Indebledness Is paid in full. ", : . '. , . .. CONDEMNATION. The following provisions relallng to condemnallon proceedings are a part of Ihls Mortgage: Proceedings. If any proceeding In condemnation Is filed, Grantor shall promplly notify lender In writing, and Grantor shall promplly take such sleps as may be necessary to defend the action and obt~in the award. Grantor may be the nominal party In such proceeding, but lender shall be enlitled to participate In Ihe proceeding ¡¡nd to be represented In Ihe proceeding by counsel of its own choice, and Grantor will deliver or cause 10 be delivered to Lender such InslrumentS and documenlatlon as may be requested by lender from time to time to permit such participation. Appllcallon of Net Proceeds. fall 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 itselecllon require Ihat all or any portion of the net proceeds of the award be applied to the Indebledness or Ihe repair or restoration of Ihe Property. The net proceeds of Ihe award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees Incurred by lender In connecllon with the condemnation.· IMPOSITION OF TAXES, FEÉS AND CHARbES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage:· . Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execule such, documents In addition 10 Ihls Mortgage and take whalever olher action Is requesled by lender to perfect and continue lender's lien on Ihe Real Property. Grantor shall reimburse lender for all taxes, as described below, togelher with all expenses incurred In recording, perfecllng or continuing this Mortgage, including without limilallon all taxes, fees, documentary stamps, and olher charges for recording or registering this Mortgage. Taxes. The following shall conslltute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebledness secured by this Mortgage; (2) a speciftc tax on Grantor which Grantor Is aulhorlzed or required 10 deduct from paymenls on the Indebtedness secured by this Iype of Mortgage; (3) a lax on this type of Mortgage chargeable against the lender or Ihe holder of Ihe Nole; and (4) a speciftc tax on all or any portion of the Indebledness or on paymenls of principal and Inleresl made by Grantor. Subsequent Taxes. If any tax to which this section applies Is enacled subsequent to the dale of this Mortgage, this event shall have Ihe 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 Ihe tax before It becomes dellnquenl, or (2) conlests the tax as provided above In the Taxes and Liens secllon and deposits with lender cash or a sufficlenl corporale surety bond or olher security sallsfactory to lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relallng to Ihis Mortgage as a security agreement area part of Ihls ~~ .. .,., ". I ", ",".' '.. . Security' Agreement. This Instrument shall constitute a Security Agreement 10 the extent any of the Property conslilules fixtures, and lender shall I ::j:::'i:i::::~::t:~:: '.1!~~~:1~~~ -~ 091.7324 ;,;:~~:1m;~ Md~¥l1~~GE (Continued) (00480 fr~~~~¡3~ Loån No: 64003319 Page 3 have all of Ihe rights of a secured party under Ihe Uniform Commercial Code as amended from time to time. SecurIty Interest. Upon request by lender, Grantor shall lake whatever action Is requesled by Lender to perfect and continue lender's security Inlerestln the Personal Properly. In addition to recording this Mortgage In Ihe real properly records, Lender may, al any time and without further authorization from Granlor, file executed counlerparts, copies or reproductions of Ihls Mortgage as a financing stale men!. Granlor shall reimburse Lender for all expenses Incurred In perfecting or continuing Ihls security Inleres!. Upon default, Granlor shall not remove, sever or detach Ihe Personal Properly from the Properly. Upon default, Grantor shall assemble any Personal Properly nol affIXed 10 the Properly In a manner and at a place reasonably convenlenl to Grantor and Lender and make It available 10 Lender wilhln three (3) days' after receipl of wrillen demand from Lender 10 Ihe extenl permllled by applicable law. Addresses. The mailing addresses of Grantor (debtor) and lender (secured parly) from which Information concerning the security Interest granted by this Mortgage may be oblalned (each as required by the Uniform Commercial Code) are as slated on Ihe first page of Ihis Mortgage. FURTHER ASSURANCES; ATTORNEY-IN~ACT. The following provisions relaling to further assurances and altorney-ln-facl are a part of Ihls Mortgage: Further Assurances. AI any time,' and from time to tinie, upon request of Lender, Granlor will make. execute and deliver, or will cause to be made, execuled or delivered. to Lender or to lender's designee, and when requesled by lender, cause to be filed. recorded. refiled, or rerecorded, as Ihe case may be, at such times and In such offices and places as lender may deem appropriate, any and all such mortgages, deeds of Irust, security deeds. securityagreemenls, financing slalements. continuation slalements, Inslruments of further assurance, certificales, and olher documents as may, In the sole opinion of lender. be necessary or desirable In order 10 effectuate, complele, perfect, continue, or preserve (1) Grantor's obligations under the Nole, this Mortgage, and the Relaled Documenls, and (2) the liens and security In leresIs crealed by Ihis Mortgage as first and prior liens on the Properly, whelher now owned or hereafter acquired by Granlor. Unless prohibited by law or Lender agrees 10 Ihe contrary In writing, Grantor shall reimburse Lender for all cosls and expenses Incurred in connection with Ihe mailers referred to In Ihls paragraph. Attorney-In-Fact. If Grantor falls to do any of the Ihlngs referred to In Ihe preceding paragraph, Lender may do so for and In Ihe name of Grantor and al Grantor's expense. For such purposes. Grantor hereby Irrevocably appoints Lender as Grantor's allorney-ln-fact for Ihe purpose of making, executing, delivering, filing, recording, and doing all olher Ihlngs as may be necessary or desirable. In Lender's sole opinion, 10 accomplish the mailers referred to In Ihe preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness, Including without limitation all fulure advances, when due, and otherwise performs all Ihe obligations Imposed upon Granlor under Ihls Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of Ihls Mortgage and suitable slalements of lermlnation of any financing stalement on file evidencing Lender's security Inleresl In the Renls and Ihe Personal Properly. Granlor wlll pay. if permilled by applicable law, any reasonable termination fee as delermlned 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 Defëiùlt. Grantor fåUs to make: any 'payment when due under Ihe Indebledness. Default on Other Payments. Failure of Grantor wilhln the time required by this Mortgage to make any payment for taxes or Insurance, or any olher paymenl necessary to prevent filing of or to effecl discharge of any lien. Break Other PromIses. Grantor break$any promise made to lender or falls to perform promplly at the time and strictly In the manner provided In this Mortgage or In any agreement related to Ihls Mortgage. False Statements. Any representation or slaleinent made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or Ihe Related Documenls Is false or misleading In any malerlal respect, either now or at the time made or furnished. , Defective Collaterallzatlon. This Mortg'age or any of Ihe Relaled Documenls ceases to be In full force and effect (including failure of any collaleral document to create a valid and perfecled security Inlerest or lien) at any time and for any reason. Death or Insolvency. The dealh of Granlor, Ihe Insolvency of Granlor. the appolnlment of a receiver for any part of Grantor's property. any assignment for the benefit of creditors, any type of creditor workoul, or Ihe commencement of any proceeding under any bankruptcy or insolvency laws by or agalnsl Granlor. Taking of the Property. Any creditor or governmenlal agency Irles to lake any of the Property or any other of Grantor's property In which lender has a lien. This Includes taking of, garnishing of or levying on Grantor's accounts wilh Lender. However, if Granlor disputes in good faith whelher the claim on which the taking of Ihe Property is based is valid or reasonable, and If Grantor gives lender wrltlen notice of Ihe claim and furnishes lender with monies or a surety bond salisfaclory to lender to salisfy the claim, Ihen this default provision will not apply. Breach of Other Agreement. Any breach by Grantor under the terms of any olher agreement between Granlor and lender that Is nol remedied within any grace period provided Iherein, Including without limilation any agreement concerning any Indebtedness or olher obligation of Granlor to lender, whelher existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respecllo any guarantor, endorser, surety, or accommodation parly of any of the Indebledness or any guarantor, endorser, surety, or accommodation parly dies or becomes Incompelent, or revokes or disputes the validity of, or liability under, any Guaranty of Ihe Indebledness. In the event of a dealh, Lender, at lIs option, may, bul shall not be required to, permit Ihe guaranlor's estale to assume unconditionally the obligations arising under Ihe guaranty In a manner satisfactory to Lender, and, In doing so, cure any Event of Default. Insecurity. lender In good faith believes itself Insecure. RIGHTS AND REMEDIES ON DÊFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may exercise any one or more of the following rights and remedies, In addition to any olher rights or remedies provided by law: ' ,""! . '. . " .' -,' -.' Accelerate Indebtedness. lender shall have the right at Its option wilhout nollce to Granlor to declare the entire Indebledness Immedfalefy due and payable, Including any prepayment penalty which Granlor would be required to pay. UCC RemedIes. With respect to all or any part of Ihe Personal Property, lender shall have all the rights and remedies of a secured parly under Ihe Uniform Commercial Code. ,,' Collect Rents. lender shall have the right, without notice 10 Grantor, to take possession of the Properly, Including during the pendency of foreclosure, whelher judicial or non-judicial. and collecllhe Renls, Including amounts past due and unpaid. and apply Ihe net proceeds, over and above Lender's costs, against the Indeb,tedness. In furtherance of Ihis rig hI. lender may require any tenant or other user of the Properly to make payments of rent or use fees directly to lender. if the Rents are, collected by lender, then Grantor irrevocably designates lender as Granlor's allorney-ln-fact 10 endorse Inslruments :recelved In paymentlhereof In the name of Granlor and 10 negollate the same and collect the proceeds. Payments by tenants or olher users to Lender In response to Lender's demand shall satisfy Ihe obligations for which the paymenls are made, whelher or not any proper grounds for the demand existed. ,Lender may exercise Its rights under this subparagraph either In person, by agent, or through a receiver. ! AppoInt ReceIver. lender shall have the right to have a receiver appointed 10 take possession of all or any part of Ihe Property, with the power 10 prolect and preserve Ihe Properly, to operale Ihe Properly preceding foreclosure or sale, and to collect the Rents from the Properly and apply the proceeds, over and above the cost of the receivership. against the Indebtedness. The receiver may serve wilhout bond if permitted by law. Lender's right to the appointment of a receiver shall exist whelher or not Ihe apparent value of Ihe Properly exceeds the Indebledness by a substantial amount. Employment by lerider shall not disqualify a person from serving as a receiver. Judicial Foreclosure. lender may obtain a Judicial decree foreclosing Granlor'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 Ihe Property by noO::-judiclal sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute. DeficIency Judgment. If permitled biapplicable law, lender may obtain a judgment for any deficiency remaining In the Indebledness due 10 Lender after application of all amounts received from the exercise of the rights provided in Ihis section. ' Tenancy at Sufferance. If Grantor remains .In possession of the Properly after the Properly Is sold as provided above or lender olherwlse becomes entitied to possession of the Property upon default of Grantor. Granlor shall become a tenant at sufferance of lender or Ihe purchaser of Ihe Properly and shall. at lender's option. either (1) pay a reasonable renlal for Ihe use of Ihe Properly, or (2) vacale Ihe Properly Immedialely upon the demand of Lender, Other RemedIes. lender shall have all other rig hIs and remedies provided In this Mortgage or Ihe Nole or available at law or In equity. 0917324 Lo"an No: 64003319 00481 MORTGAGE (Continued) Page 4 Sale of the Property. To the extent permmed by applicable law, Granlor hereby waives any and all right 10 have Ihe Property marshalled. In exercising ils rights and remedies, lender shall be free 10 sell all or any part of the Property togelher or separalely, in one sale or by separale sales. lender shall be entitled 10 bid at any public sale on all or any portion of Ihe Property. Nollce of Sale. lender will give Grantor reasonable notice of Ihe time and place of any public sale of the Personal Property or of the time after which any prlvale sale or olher Inlended disposition of Ihe Personal Property Is 10 be made. Reasonable notice shall mean notice given alleast len (10) days before Ihe time of Ihe sale or disposition. Any sale of the Personal Property may be made In conjunction with any sale of Ihe Real Property. Elecllon of RemedIes. All of lender'srlghls and remedies will be cumulative and may be exercised alone or logelher. An election by lender to choose anyone remedy will nol bar lender from using any olher remedy. If lender decides 10 spend money or to perform any of Grantor's obligations under this Mortgage, after Granlor's failure 10 do so, Ihat decision by lender will not affect L.ender's right to declare Granlor In default and to exercise lender's remedies. Attorneys' Feesj Expenses. If lender Institutes any suit or action to enforce any of the lerms of Ihls Mortgage, lender shall be entitled to recover such sum as Ihe court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whelher or not any court action Is Involved, and 10 Ihe exlent nol prohibited by law, all reasonable expenses lender Incurs Ihat In lender's opinIon are necessary at any time for the prolection of its Inlerest or the enforcement of its rights shall become a part of the Indebledness payable on demand and shall bear interest althe Nole rale from Ihe dale of Ihe expenditure until repaid. Expenses covered by Ihls paragraph Include, wilhoutlimitation, however sUbject to any limits under applicable law. lender's reasonable attorneys' fees and lender's legal expenses whether or nollhere Is a lawsuil, Including reasonable allorneys' fees and expenses for bankruplcy proceedings (Including efforts 10 modify or vacate any automatic stay or Injunction), appeals, and any anticlpaled posl-judgment collection services, the cost of searching records, oblalning title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title Insurance, to Ihe extent permitted by applicable law. Granlor also will pay any court costs, In addition to all other sums provided by law. NOTICES. Any nOtice required to be given under Ihls 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 aclually received by telefacslmlle (unless olherwlse required by law), when deposited with a nationally recognized overnlghl courier, or, if mailed, when deposited In the United Stales mail, as first class, certified or reglslered mall poslage prepaid, direcled to Ihe addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which has priority over Ihls Mortgage shall be sent to lender's address. as shown near Ihe beginning of this Mortgage. Any person may change his or her address for notices under this Mortgage by giving formal writlen notice to the other person or persons, specifying Ihatthe purpose of the notice Is 10 change the person's address. For notice purposes, Granlor agrees to keep lender informed at all times of Granlor's current address. Uniess olherwlse provided or required by law, If there Is more than one Granlor, any nollce given by lender to any Granlor Is deemed 10 be notice given to all Granlors. It will be Granlor's responsibility to lellthe 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 Ihe Relaled Documenls Is Grantor's entire agreement with lender concernIng Ihe mailers covered by this Mortgage. To be effective, any change or amendmenllo this Mortgage must be In wrllingand musl be signed by whoever will be bound or obligated by Ihe change or amendment. Capllon HeadIngs. Caption headings: In this Mortgage are for convenience purposes only and are notio be used to Interpret or define Ihe provisions of Ihis 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, Granlor agrees upon lender's request to sub mil to the jurisdiction of the courts of Lincoln County. Slale of Wyoming. No WaIver by lender. , Grantor understands lender will not gIve up any of lender's rights under this ~òrtgage unless lender does so in writing. The facllhal lender delays or omits to exercise any right will not mean Ihat lender has given up Ihat right. If Lender does agree In writing to give up one of lender's rights. ,Ihat does not mean Grantor will not have 10 comply with Ihe olher provisions of this Mortgage. Granlor also underslands that If lender does consent to a request, Ihat does not mean that Grantor will nol have to get lender's consent again If Ihe siluatlon happens again. Granlor further understands thaI jusl because lender consenls to one or more of Granlor's requests, that does not mean lender will be required to consent to any of Granlor's future requesls. Grantor waives presenlment. demand for payment, prolest. and notice of dishonor. Granlor waives all rights of exemption from execution or similar law In the Property, and Grantor agrees that Ihe rig hIs of lender In the Property under this Mortgage are prior to Granlor's rights while this Mortgage remains In effect. Severability. If a court finds that any provision of this Mortgage Is not valid or should not be enforced, that fact by Itself will not mean that Ihe resl of this Mortgage will not be valid or enforced. Therefore, a court will enforce the resl of Ihe provisions of thisMortgage even if a provision of Ihls Mortgage may be found to be invalid or unenforceable. . Merger. There shall be no merger of the Interest or estate created by Ihls Mortgage with any olher Interesl or estate In the Property at any time held by or for Ihe benefit of lender In any capacity, without the wrllten consent of lender. Successors and AssIgns. Subject to any limitations slaled In this Mortgage on transfer of Granlor's Interest, this Mortgage shall be bindIng upon and inure to the benefit of the parties, Iheir successors and assigns. If ownership of the Property becomes vested In a person olher Ihan Granlor, lender. wilhout notice to Grantor, may deal, wilh Grantor's successors with reference to Ihls Mortgage and Ihe Indebtedness by way of forbearance or extension without releasl~g Granlor from the obligations of Ihis Mortgage or liability under Ihe Indebledness. Time Is of the Essence. TIme Is of the 'essence In the performance of Ihls Mortgage. Waiver of Homestead Exemption. Granlor 'hereby releases and waives all rig hIs and benefits ôf the homeslead exemption laws of Ihe Slate of Wyoming as to aillndebledness secured by this Mortgage. DEFINITIONS. The following words shall have the following meanings when used In this Mortgage: . '." I.,... ,_,.:' . Borrower. The word "Borrower" means CARO~ROBERTS and Includes ail co-slgners and cO-makers signing the Note and all their successors and assigns. Environmental Laws. The words "Envlronm!imtallaws" mean any and all state, federal and local stalules, regulallons and ordinances relating to the prolecllon of human health or the environment, Including without limitation the Comprehensive Environmenlal Response, Compensallon. and Liability Act of 1980, as amended. 42 U.S.C. Section 9601, ,et seq. ("CERCLA"), Ihe Superfund Amendments and Reaulhorlzallon Acl of 1986. Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportalion Act, 49 U.S.C. Section 1801, et seq., Ihe Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable slate or federal laws. rules, or regulations adopled pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default set forth In this Mortgage In the evenls of default section of ' this Mortgage. ' Grantor. The word "Grantor" means CAROL ROBERTS. Guaranty. The word "Guaranty" means .the guaranty from g·uarBntor, endorser, surety, or accommòdation party to lender, Including wlthoul limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Subslances" mean materials that, because of their quantity, concentration or physical, chemical or Infectious characterlsllcs. may cause or pose a present or potenllal hazard to human health or the environment when Improperly used, trealed, stored, disposed of, generated, manufactured, transported oj' otherwise handled. The words "Hazardous Substances" are used In their very broadest sense and Include without limltallon any and all hazardous or toxic substances. materials or wasle as defined by or lisled under the Envlronmenlal laws. The lerm "Hazardous Substances" also Includes, withoutlimllation, pelroleum and petroleum by-products or any fracllon thereof and asbestos. ' Improvements. The word "Improvemenls" means all existing and future Improvements, buildings, slruclures, mobile homes affIXed on the Real Property, facilities, additions, replacements and olher construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal, ¡nlerest, and olher amounts, cosls and expenses payable under the Note or Related Documenls, togelher with all renewals of. extensIons of, modificallons of, consolidations of and subslilutlons 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 Granlor's obligations underthis Mortgage, together with Inlerest on such amounts as provided in Ihis Mortgage.· ' 09173Z,1t i ,~8:«::~:f.~:::~ 'MÖfl¡*~~GE (Continued) Loan No: 64003319 Page 5 lender. The word "Lender" means FIRST NATIONAL BANK - WEST, lIs successors and assigns. The words "successors or assigns" mean any person or company that acquires any Inlerest In the Note. Mortgage. The word "Mortgage" means this Mortgage between Granlor and Lender. Note. The word "Nole" means the promissory nole daled March 2, 2006, In the original principal amount of $34,228.51 from Granlor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and subslllutlons for Ihe promissory note or agreement. The maturity dale of Ihls Mortgage Is July 10, 2011. , Personal Property. The words "Personal PropertY' mean all equipment. fixtures, and 01 her articles o{personal property now or hereafter owned by Granlor, and now or hereafter aUached or affIXed to Ihe Real Property; together with all accessions, parts. and additions to, all replacemenls of, and all substitutions for, any of such property; and togelher 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 ·Properly" means collectively the Real Property and the Personal Property. Real Property. The words "Real Properly" mean Ihe real property, In leresIs and rights, as further described In this Mortgage. Related Documents. The words "FIelated Documents· mean all promissory notes, credit agreements, loan agreemenls, envlronmenlal agreemenls, guaranties, security agreements, mortgages. deeds of trusl. security deeds. collateral mortgages, and all olher Inslrumenls, agreemenls and documents, whether now or hereafter existing, execuled in connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, income. Issues, royallles. profits. and other benefits derived from the Property. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: X CAROL ROBERÛ ~ I ~-tJ INDIVIDUAL ACKNOWLEDGMENT STATE OF UJ:JDYYl (ýlj COUNTY OF -=:f),' ÛI ~\~'('\ , Kathleen crOft-Jell NOTARY PUBLIC COUNTY OF " STATE OF BIG HORN WYOMING My Commission Expires January 3. 2010 ) ) SS ) On Ihls day before me, the undersigned Notary Public, personally appeared CAROL ROBERTS, to me known to be the Individual described In and who execuled Ihe Mortgage, and acknowledged that he or she signed Ihe Mortgage as his or her free and voluntary act and deed, for the uses and purposes Ihereln mentioned. GIven u er my h}ßd-a officIal seal this· B day of ~.YbJ... .20 0(" Resldl ef· !Jnll?l~ Yþ.lJmlty My commIssion expires - , -;2 Ð / D LASER '''0 bncØng, Y.r. S.JO.00.004 Copr. HarlAnd Finane"'l Solution., Inc. laal, 20041. AU Righll R...rvod. .. WY D:\LASERPRO\fHI'CfI\LPL\G03,FC TR-I281 9917324 -20'0483 ·SCHEDULE C PARCEL 1 A portion of the NE1I4NE1I4 of Section 24, T32N R119W of the 6th P.M., Lincoln County, Wyoming, more particularly described as follows: BEGINNING at a point S 0°06' E, 893.18 feet and S 89° 54' W, 50 feet from the Northeast corner of said Section 24, said point being located on the West right of way line of Highway U.S. 89 North and running S 0° 06' E, along said right of way line, 133.77 feet; thence S 89° 49' W, 477.80 feet; thence N 0° 06' W, 134.47 feet; thence N 89° 54'E, 477.80 feet to the POINT OF BEGINNING. LESS AND EXCEPT any land contain in Quit Claim Deed recorded January 11, 1994 in Book . 344PR on page 21 of the records of the Lincoln County Clerk. PARCEL 2 All lands lying East of that tract of record in Book 130PR on page 286 of Lincoln County public records and West of the East boundary line of said NE1I4NE1I4 of Section 24, T32N R119W of the 6th P.M., Lincoln County, Wyoming. .