HomeMy WebLinkAbout917400
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RECORDATION REQUESTED BY:
FIRST NATIONAL BANK - WEST
Afton
314 South WashIngton St.
P.O. Box 1620
Anon, WY 83110
COC693
WHEN RECORDED MAIL TO:
FIRST NATIONAL BANK - WEST
Afton
314 South WashIngton St.
P.O. Box 1620
Afton, WY 83110
RECEIVED 4/11/2006 at 4:20 PM
RECEIVING # 917400
BOOK: 616 PAGE: 693
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, ~__ _
SEND TAX NOTICES TO:
FIRST NATIONAL BANK - WEST
Afton
314 South Washington St.
P.O. Box 1620
Anon. WY 83110
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE dated April 5. 2006, Is made and executed between PATRICK A. LOWDER (referred to below
as "Grantor") and FIRST NATIONAL BANK - WEST, whose address Is 314 South Washington St., P.O. Box 1620,
Afton. WY 83110 (refèrred 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 exlsUng or subsequently erected or affixed buildings, Improvements and fixtures; all easements,
rights of way, and appurtlimances; al,water, water rights, watercourses and ditch rights (Including slack In utilities with ditch or Irrigation rights); and all
other rights, royalties, and profits reJatll}g to the real property~ IncludinD without I/mitaUon all minerals, oil, gas, geothermal and similar mailers, (the
"Real Property") located In LINCOLN County, :,tate of Wyoming:
Lot 27 In Star Valley Ranch Plat 7, Lincoln County, Wyoming as described on the official plat thereof.
The Real Property or Its address Is commonly known as LOT 27 SVR #7, THAYNE, WY 83127.
Grantor presenUy asslgns.Jo Lender all of Grantor's right, IiIle, 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.
¡HI'. MO.·.RTG~.;INc:LtJDiNG THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
öiväl TO $E .E: (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
'fHi: REl..ATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMtÑ:'l' AND ÞERFORMANCE. Except as otherwise provided In this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage
. thêy~. due and shall strictly perform all of Grantor's obligations under this Mortgage.
PØSSESš.IØN AND MAINTENANCE: OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the
fòllowlng provisions:
Possession .,.d Use. Unlit the occurrence of an Event of Default, Grantor may (1) remain In pos$èSSloÍ'l and control of the Property; (2) use,
operate or manage the Properly; and (3) collecl the Rents from the Property. . .
Duty to Maintain. Grantor shall maintain the Property In good condition and promptly perform all repairs, replacements, and maintenance
neceSsary to preserve its 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, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall be conducted In compliance 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 against 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 directly or indirectly sustain or suffer resulting from a breaçh of this section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disppsal, 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. Withoùt limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including 011 and gas), coal, clay, scoria, soil, 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 allend to
Lender's interests and to Inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental RequIrements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter In
effect, of all governmental authorities applicable 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 Protect. 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 ¡¡ectlon, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.
TAXES AND LIENS. The fOllowing provisions relating to the taxes and 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 those liens specifically agreed to In writing by Lender, and except for the lien of taxes and assessments not
due as further specified In the Right to Contest paragraph.
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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 sufficient
to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under
the lien. In any contest, Grantor shall defend Itself 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 0' Payment. Grantor shall upòn demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental oHiclal to deliver to lender at any time a written statement of the taxes and assessments against the
Property.
Notice 0' 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 other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of lender furnish to Lender advance assurances satisfactory to lender that Grantor can and will pay the
cost of such Improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring Ihe Property are a part of this Mortgage:
Maintenance 0' 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 Property In 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 be reasonably acceptable to lender. Grantor shall deliver to lender certificates of coverage from each Insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to Lender and not containing
any disClaimer of the 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 Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and mainlaln Federal Flood Insurance, If available, within 45 days after notice Is given by lender 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 National Flood Insurance Program, or as otherwise required by lender, and to maintain such Insurance for
the term of the loan:
Application 0' Proceeds. Grantor shall promplly notify lender of any loss or damage to the Property If the estimated cost of repair or
replacement exceeds $1,000.00. lender may make proof of loss If Grantor falls to do so within fifteen (15) days of the casualty. Whether or 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
Ì'èijijCtlon of the Indebtedness; payment of any lien affecting the Property, or the restoration and repair of the Property. .If lender elects to apply
the þfoceeds to restoration and repair, GrantC)r shall repair or replace the damaged or destroyed Improvements In a manner satisfactory to lender.
lendêr shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or
restoral/øn 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 commlttec;t 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 Grantot falls (A) to 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 then lender may do so. If any action or proceeding is
commenced that would materially affect 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 Ihe Indebtedness and, at lender's option, will (4).. be payable on demand; (B) be added to the balance of the Note and be apportioned among
and be plwable with any Installment payments to beêbme due during either (1) the term of any applicable Insurance policy; or (2) the remaining term
bf the Note; or (C) be treated as a balloon payment Which will be due and payable at the Note's maturity. The Mortgage also will secure payment of
these amounls. 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 It otherwise
would have had. .
WARRANTY¡ DEFENSE OF TIlLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Granlor holds good and marketable title of record 10 the Property In fee simple, free and clear of all liens and
encumbrances other than those set forth In the Real Property description or In any title Insurance policy, title report, or final title opinion Issued In
favor of, and accepted by, lender In connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver
this Mortgage to Lender.
De'ense 0' 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 tille 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
entitled 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 Instrumenls as lender may request from time to 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 governml!lntal authorities.
Survival 0' Promises. All promises, agreements, and statements Grantor has made In this Mortgage shall survive the execution and delivery of
this Mortgage, shall be continuing in .n.ature..a.nd shall rema.in In full force, and effect until such time.> a.s Grantor's Indebtedness is paid In full.
CONDEMNATION. The followIng provisions relating to condemnation proceedings arèa pàrt of this Mortgage:
Proceedings. If any proceeding In condemnation Is filed, Grantor shall promptly notify Lender In writing, and Grantor shall promptly lake such
steps as may be necessary to defend the action and obtain the award. Grllntor 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 Its own cnolce, and Grantor will 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 0' 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 of the 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 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 execute such documents In addition to this Mortgage and lake
whatever other action is requested by Lender to perfect and continue lender's lien on the Real Property. Grantor shall reimburse lender for all
taxes, as described below, together with all expenses Incurred In recording, perfecting or continuing this Mortgage, Including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this 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 Grantor which Grantor 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 Grantor.
Subsequent TaXes. If any tax to which this section applies Is enacled subsequent to the date of this Mortgage, this event shall have the same
effect as an Event of Default,and Lende~ 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. '
SECURITY AGREEMENT¡ FINANCING S'rATEMENTS. The. following provisions relallng to this Mortgage as a security agreement are a part of this
Mortgage: . .. . . ... . . .'
Security Agreement. This instrument shall constitute a Security AgreemenÙo the extent any of the Property constitutes fixtures, and lender shall
Loan No: 64003328091. 7¿100
MORTGAGE
(Continued)
~. OC695
Page 3
have all of the rights of a secured party under the Uniform Commeroial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action 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 time 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 oontinulng this security Interest. Upon default, Grantor shall 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 II 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 (secured party) from whIch Informallon concerning the security Interest
granted by this 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 following provisions relating to further assuranoes and attorneY-in-fact area part of this
Mortgage: .
Further Assurances. At any time, and from time to time, 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, cause 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, ~ul1ity Ilgreements, financing statements, continuation statements, Instruments of further assurance, certificates,
and other documents as may. In ÐWs~opi !' lon of Lender, be necessary or desirable In order to effectuate, oomplete, perfect, continue, or
preserve (1) Grantor"s obligatiol'l$ tin'" :theNøia, this Mortgage, and the Related Documents, and (2) the liens and security Interests created
by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender
agrees to the contrary In wrillng, Grantor $hall reimburse Lender for all costs and expenses Incurred In connection with the matters referred to In
this paragraph. .
Attorney-In-Fact. If Grantor falls to do any of the things referred to In the preceding paragraph, Lender may do so for and In the name of Grantor
and at Grantor"s expense. For such purposes, Grantor hereby irrevooably 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.
FlLL PERFORMANCE. If Grantor pays all the Indebtedness, including without limitation all future advances, when due, and otherwise performs all the
obligallons Imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable sallsfactlon 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 permlUed by applicable law, any reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At Lender"s oJilliøm, Grantor \MOl be In default under this Mortgage If any of the following happen:
ÞaymentDefa~lt. Grantor faÌlS to ml1keany'p.liy~ent w~e;, 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 Insuranoe, or any
Qtn..p.Y~!!iiìiØêSsaIY to prevent filing of or to effect discharge of any lien.
.".. ()~ J\III1ømlses. Grantor breaks any promise made to Lender or falls to perform promptly at the time and strictly In the manner provided In
IhlsUiØ/itgage or In any agreement related to this Mortgage. . " .
Fatse Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor"S behalf under this Mortgage or the
Related Documents 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 Documents ceases to be In full force and effect (Including failure of any collateral·
documEint to create a valid and perfected security Interest or lien) at any time and for any reason.
Death or Insolvency. The death of Granlor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor"S property;· any
assignment for the benefit of oredltors, any type of creditor workout, or the commencement of any proceeding' under any bankruptcy or Insolvenc:ý
laws by or against Grantor. .
Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Grantor"s propérty In which Lender
has a lien. This Includes taking of, garnishing of or levying on Grantor"s accounts with Lender. However, If Grantor disputes In good faith whether
the claim on which the taking of the Property Is based Is valid or reasonable, and If Grantor gives Lendèr 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 breaoh by Grantor under the terms of any other agreement between Grantor and Lender that Is not remedied
within any grace period provided therein, Including without limitation any agreement conoernlng any indebtedness or other obligation of Grantorlö
Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preéeding 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 Inoompetent, or revokes or disputes the validity
of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at Its option, may, but shal/ not be required to, permit the
guarantor"s estate to assume unconditionally the obligations arising under the guaranty In a manner satisfactory to Lender, and, In doing so, cure
any Event of Default.
Insecurtty. Lender in good faith believes Itself Insecure.
RtGHTS 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:
Acceterate 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 Remedtes. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, Including during the pendency of
foreclosure, whether Judicial or non-Judicial, and collect the Rents, Including amounts past due and unpaid, and apply the net proceeds, over and
above Lender"s costs, against the 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 Gr'ântor"s
attorney-In-fact to endorse Instruments received In payment thereof in the name of Grantor and to negotiate the same and col/ectthe 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 exerolse 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 to take possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to col/eot 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 exoeeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a Judicial decree foreclosing Grantor"s Interest In all or any part of the Property.
Nonjudtclal 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 reoelved from the exeroise 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 topossession 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.
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Loan No: 64003328 091.I"7t~OO
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Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives 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 time and place of any public sale of the Personal Property or of the time after
which any private sale or other intended disposition of the Personal Property Is to be made. Reasonabie notice 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 entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is Involved, 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 allorneys' 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 tllle reports (Including foreclosure reports), surveyors'
reports, and appraisal fees and title Insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, In addition to 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 telefacslmile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, If mailed, when deposited In the United States mall, as first class, certified or registered mall postage
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 purpose of the 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. Unless 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.
MtSCELLANEOUS PROVISIONS~ The following miscellaneous provisions are a part of this Mortgage:
Amendments. What Is wrilfen In this Mortgage and In the Related Documents Is Grantor's entire agreement with Lender concerning the matters
covered by this Mortgage. To' be effEictlve, any change or amendment to this Mortgage must be In writing and must be signed by whoever will be
bound or obligated by the change or amendment.
Caption Headings.. Capllon 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 lenderand,tothe extent not preempted by federal law, the
lows 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 laws.ult, Grantor agrees upon Lender's.request to submit to the Jurisdiction of the courts of Un coin County, State of
Wyoming.
No Waiver by lender. Grantor understàÌ1ds Lenderwlll not give up anynf 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. . f lltnder does agree In writlno to give
liP one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage. . G~antor also
underStands that If lender d~ consent to a request, that does not mean that Grantor will not have, to get Lender's consent again If the sitUitlon
happens again. Grantor furt~er understands that just, because l :lnder consents to one or more of Grantor's reqUests, that does not mean Lender
wül be required to co~q.t~oany of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor.
Grantor waives aII~Qfexemptlon from execution or similar law in the Property, and Grantor agrees that the rights of lender In the Property
under this Mortgag'eåre prior to Grantor's rights while this Mortgage remains In effect.
Severability. If a court finds that any provision of this Mortgage Isnot våild or should not be enforced, that fact by Itself wlll'Ìot 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 eYell if a provision of this
Mortgage may be found to be Invalid or unenforceable.
Merger. There shall be no merger of toe 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, ¡his 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 wlth'reference to this Mortgage and the Indebtedness by way of
forbearance or extension without n~leaslng 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 Exempllon. 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 PATRICK' A. LOWDER and i~cludes all co-signers arid co-~àk~~s signing ih~ Note and all their
successors and assigns.
Envlronmentat laws. The words "Envlronmentaf Låws· mean any and all state, federal and local statutes,r¡¡gulations and ordinances relating to
the protection of human health or the environment, Including without limitation the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the SuperfUnd Amendments and Reauthorization Act of 1986, Pub.
L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events· of default set forth In this Mortgage In the events of default section of this
Mortgage.
Grantor. The word "Grantor" means PATRICK A. lOWDER.
Guaranty. The word. "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without
limitation a guaranty of all or part of the Note. ..,
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of ihelr quantity, concentration or physical, chemical
or Infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when Improperiy used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used In their very
broadest sense and Include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction
thereof and asbestos.
Improvements. The word "Improvements· means all existing and future improvements, buildings, structures, mobile homes affixed on the Real
Property, facilities, additions, replacements and other construction on the Real Property.
tndebtedness. The word "Indebtedness" means all principal, Interest, and other amounts, costs arid 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. .
09· 1 7(\00
Loan No: 64003328 ·
MORTGAGE
(Continued)
; or697
Page 5
Lender. The word "'ender" 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 April 5, 2006, In the original principal amount of $164,500.00 from
Grantor to Lender, together with all renewals of, extensions ot, modifications ot, refinanclngsot, consolidations of, and substitutions for the
promissory note or agreement. The maturity date ot this Mortgage Is January 5,2007.
Personal Property. The words "Personal Property" mean all equipment, fixtures, andothêr articles of personal property now ·or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements ot,
and all subslflutlons for, any ot such property; and together with all proceeds (including without limitation all Insurance proceeds and retunds ot
premiums) from any sale or other disposition ot the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Reat Property. The words "Real Property" mean the real property, Interests and rights, as further described In this Mortgage.
Related Documents. The words "Relaled DOcuments· mean all promissory notes, credit agreements, loan agreements, enVlrenmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed In connection with the Ind¡¡btedness.
Rents. The word "Rents" means all present and tuture rents, revenues, Income, Issues, royalties, profits, and other benefits derived trom the
Property.
WLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
INDIVIÐtJ~L ACKNOWLEDGMENT·
STATE OF Wyoming
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COUNTY OF Lincoln
GLORIA K BYERS -NOTARY PUBUC '-
. County of & State of
Uncoln ~ Wyoming .
:-~y CommlssfonExpires Sept. 15,2007
.Qn .,ltYþ.fðre 1liiie, l"U'l!idersigned· Notary Public, personall,y appearedPA TRICK A. LOWDER,tb me known to be the Individual described In and
·}WÞ\o....Øthe,Mortgage, and acknowledged that he or she signed the Mort~age as his or her free and voluntary act and deed, ter the uses an~
,*p~"__nmentloned. . .
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April
.2006
Thayne, Wyoming
September IS. 2007
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