HomeMy WebLinkAbout917625
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RECORDATJON REQUESTED BY:
First Jnterstate Bank
~ckson Main Branch
B42 West Broarlway
P. O.Box 11095
.Jackson, WY B3002-1095
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WHEN RECORDED MAJL TO:
First Interstate Bank
.Jackson Main Branch
B42 WestBrmulway
P. O.Box 11095
-'ackson, WY .83002-1095
RECEIVED 4/20/2006 .at 1 0:51 AM
RECEIVING =# 917625
BOOK: 617 PAGE: 404
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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SPACE ABOVE THIS .LINE IS FOR RECORDER'S USE ONLY
-, ¡ FJTStJnterstateBank
MORTGAGE
MAXIMUM lJEN. The Jien of 1his Mortgage shall not exceed .at .any Dne time .$BO,DOO.DD.
THIS MORTGAGE rlated April 13, 2006, is made .and executed between LARRY N. .LAMB .and PATRICIA 1. LAMB,
husband .and wife, .as 1entants by 1he entireties, whose .address is 244 WEST .ELKHORN, STAR VALLEY RANCH,
WY B3127 (referred 10 below .as "Gr.antor") .and First Jnterstate Bank, whose .address is B42 West BrDadway, P.
O. Box 11D95, ~ackson, WY B3D02-1D95 (referred 10 below.as ".L-ender").
.GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages lInd conveys 10 .Lender all of Grantor's right, 1itle, .and interest in .and 1:0
1:he following Llescribed r-ealproperty, 1:ogether with .all -existing or subsequently -erected Dr .affixed buildings, improvements· Bnd fixtures; .all
-£!Bsements, rights of WBY, Bnd .appurtenances; all wBter, wBter rights, w<ltercourses <lnd ditch rights (including stock in utilities with rfitch or
irrigation rights); 13nd <III other rights, roYBlties, <lnd profits relating 10 1he real property, including without IimitBtion 1311 minefills, oil, gas,
geothermal <lnd similar mãtters, (the "Real Property") located in lJNCOLN County ,State of Wyoming: .
LOT 45, PRATER CANYON UNIT 4, LINCOLN COUNTY, WYOMlNG ACCORDlNG TO THAT PLAT OF RECORD
IN THE OFFJCE OF .LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING
The Real Property or its .address is commonly known.as 244 WEST ELKHORN, STAR VALLEY RANCH, WY
B3127. The Real Property1aX identification number is 3519251D301600.
REVO.L VING .LINE OF CREDIT. This Mort£ age secures !he Indebtedness includin£ , without JimitBtion, 11 revolvin£ Jine Df creLlit, which Dbligates
.Lender :to makelldvances :to Gr.antor so Jong .as Gr.antor complies with .all !he "terms Df!he Credit A£ reement. Such .Bdvances may be maLle,
repaid, .Bnd remade irom "time :to "time, .subject :to !he Jimitation ":that !he :total Dutstanding .balance owing .at .Bny Dne "time. not jncludin.! iinance
.char.! es Dn such balance.Bt.a iixed Dr variable r.ate Dr sum.as provided in 1he Credit Agreement, .Bny 1emporary Dverages, Dther charges, .and .any
~mounts expended or .advanced .as provided in either !he Indebtedness paragraph Dr 1his paragraph, shall not exceed 1I1e Credit jJmit.as provided
jn 1I1e i:redit A£ reement. It js 1he intention of Grantor .Bnd .Lender :that !his Mortgage secures !he balance Dutstanding .under !heCr.edit
A.! reement irom "time to 1ime from 2ero .up:to!he Credit jJmit.Bs provided jn 1I1e Credit Agreement lInd .Bny intermediate .balançe.
Gr.antor presently 13ssigns 10 .L-ender BII of GrBntor's right,1:itle, and inter-est in <lnd 1:0 .all present <lnd future leases of1:he 'Property <lnd <III Rents
from 1he Property. In Bddition, Grantor grants 10 .L-ender.a Uniform Commercial Code security interest in 1:he Personal 'Property <lnd Rents.
"THIS MORTGAGE,. INCWDING THE ASSIGNMENT OF RENTS AND THE .sECURITY INTEREST IN THE RENTS AND PERSONAl PROPERTY, 1S
.GIVEN TO .sECURE (AI PAYMENT OF THE JNDEBTEDNESS AND (B) PERFORMANCE OF EACH OF GRANTOR'S AGREEMENTS AND
OBliGATIONS UNDER THE CREDIT AGREEMENT, THE RElATED DOCUMENTS. AND THIS MORTßAGE. THIS MORTGAGE JS GIVEN AND
ACCEPTED ON THE FOLlOWING TERMS:
PAYMENT AND 'PERFORMANCE. .Except BS D1:herwise provided in 1:his . Mortgage, Grantor shall pay 1:0 .Lender 1311 .amounts secur-ed by 1:his
Mortgage <IS 1hey become Llue 13nd shall strictly perform 1311 of Grantor's obligations .undenhis Mortgage.
l'oSSESSION AND MAINTENANCE OF THE PROPERTY. Gr<lntor lIgr-ees-mat Gr.antor's possession lInd .use of1:he 'Property shall be governed by
-meiollowing provisions:
PDssession .Bnd Use. Until1:he occurrence of 13n .Event of Default, Gfilntor TIUIY (1) remain in possession 13nd control of 1he Property; (2)
.use, OpeŒte Dr manage -me 'Property; <lnd (3) collect the Rents from 1:he 'Property.
Duty:to Maintain. GrBntor shall maintain 1:he 'Property in good condition <lnd promptly perform 1311 repairs, replBcements, 13nd maintenance
necessary 1:0 preserve its value.
I:ompliBnce With Environmentall.aws. GrBntor represents <lnd W<lrrBnts 1:0 .Lender 1:hat: (1) D.uring 1he period of Gr<lntor's ownership of
1:he Property,1:here has been no .use, f enefiltion, manufBcture, stoTBge, 1:reatment, disposal, release or1:hreatened releBse Df 13ny tiB2ilrdous
.substanc-e by lIny person on, .under, .a.bout Dr from 1:he Property; (2) Gfilntor has no knowledge of, or reason 1:0 believe -m<lt 1herenas
been, -except .as previously disclosed 1:0 .and .acknowledged by.Lender in writing, (a! .any breach or violation of <lny .Environmental .Laws,
(b) Bny use, !Jeneration, manufacture, stor<lge, 1:reBtment, disposal, release or 1:hreatened release of .any tiiazardous .substance on, .under,
.a.bout Dr from !he Property by <lny prior owners or occupants of 1:he 'Property, or (c) <lny .actual or 1:hre<ltened litigation or claims of .any
kind by 13ny person relating 10 such mãtters; <lnd (3) Except as previously disclosed 1:0 <lnd 13cknowledged by .Lender in writing, (<I) neither
Gfilntor nor Bny "tenant, contŒctor, <lgent or other&Jthorized .user of 1he Property shall .use, geneŒte, manufacture, store, 1:re<lt, Llispose of
Jjr releBse .any HB2iIrdous .substance on, under, Bbout or from 1:he Property; 13nd (b! .any such 13ctivity shall be conducted in compliance
with 1311 13pplicBble feder.al, state, and local Jaws, regulations <lnd ordinances, including without limitBtion .all .Environmental .Laws. Gr<lntor
13uthorizes .Lender lInd its 13gents to -enter .upon 1he Property 10 m<lke .such inspections 13nd 1ests, <It Gr<lntor's -expense, liS .Lender may Lleem
Bppropriate :to determine complillnce of 1:he Property with !his section of "the Mortgage. Any inspections or 1:ests made by .l-ender shall be
for .Lender's purposes Dnly BOO shall not be constr.ued 1:0 cre<lte Bny responsibility or liability on 1:he part of .Lender:to Grllntor or 1:0 lIny other
person. "The representations .and w<lrr.anties contained her-ein 13re based on Grantor's due dili!Jence in investigating 1:he Property for
tiiazardous Substances. Grantor hereby (1) releBses <lnd w<lives <lny future cI<lims <lgainst .lender for indemnity or contribution in 1:he
-event Gr.antor becomes lilIble for cleanup Dr other costs .under .any such laws; <lnd (2) agrees 10 indemnify <lnd hold harmless .Lender
13gainst <lny Bnd BII claims, losses, lilIbilities, damages, penalties, 13nd -expenses which .Lender may directly or indirectly sustain or suffer
r-esulting from a ÌJre<lch Df !his section of 1:he Mortgage or .as <I consequence of any .use,gener.ation, manufacture, stofilge, dispoSilI, r-ele<lse
or 1:hr£ültened r-eIeBse occurring prior:to Gr<lntor's ownership or interest in 1:he Property, whether or not 1:he .same was or should have been
known 1:0 GŒntOr. The provisions of 1his section of me Mortgage, including !he obligation 10 indemnify, shall survive 1:he payment of 1:he
Indebtedness .Bnd ""the satisf<lction lInd reconveyance of !he lien of 1his Mortgage <lnd shall not be Bff-ected by .Lender's 13cquisition of any
interest in1:he Property, whether by foreclosure or otherwise.
.Nuisance, W.aste. Gr.antor shall not cause, conduct or permit <lny nuisBnce nor commit, permit, Dr .suffer any stripping of or W<lste on or1:o
""the 'Property Dr .any portion of 1:he 'Property. Without limiting !he gener.ality of 1:he foregoing, Gr.antor will not remove, or gŒnt 10 Bny other
p<lrty 1:he right 1:0 r-emove, <lny 1:imber, miner.als (including oil 13nd gas). cO<lI, clay, scoria, soil, !Jf.avel Dr rock products without .Lender's prior
written consent.
Remov.al Df JmprDvements. Gfilntor shall not Llemolish or remove <lny Improvements from -me Real Property without .lender's prior written
1:onsent. As 13 condition 1:0 -me remov<ll Df 13ny Improvements, .Lender mBY r-equir-e GŒntor 10 m<lke 13rr.angements .satisfactory 1:0 .l-ender 1:0
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09176ZS
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MORTGAGE
(Continued)
(:,00405
Page- Z
replace such Improvementt with Improvementt of at least equal value.
Lender's RightttJ Enter. Lender and .Lender's agentt and representatives may enter upon the Real Property at all reasonable times tu attend
tu Lender's interests and tu inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance wittr Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable tu ttTe 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 tu doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender
may require Grantor tu post adequate security or a surety bond, reasonably satisfactury to Lender, to protect Lender's interest.
Duty ttJ Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those
acts set fortIT above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property .
DUE ON SALE - CONSENT BY LENDEFf. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
Mortgage upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real
Property. A" sale or transfer" means the conveyance of Real Property or any right; title or interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract; land contract, contract for deed,
leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest ilT
ortu any land trust holding title to the Real Property, or by any other method of conveyance of alT interest in the Real Property. However, this
option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND UENS. Thee fallowing provisions relating to thee taxes and liens an thee Property are part of this Mortgagee:
Payment. Grantor shall pay when due (and in all eventt prior to delinquency) all taxes, payroll taxes, special taxes, assessmentt, water
charges and seewer 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 far the EXisting Indebtedness refelTed to in this Mortgage or those liens specifically
agreed to ilT writing by Lender, and except far the lien at taxes and assessments not due as furtlTer specified in thee Right tu Contest
paragraph.
Right tl7 Contest. Grantor may wittThold payment of any tax, assessment; or claim in connection with a goad faith dispute aver the
obligation to pay, so long as Lender's interest ilT the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (1 cr¡ days after thee lien arises or, if a lien is filed, within fifteen (1 cr¡ days after Grantor has noticee of the filing,
secure thee discharge of thee lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety band or ather security
satisfactory to Lender in an amount sufficient to dischargee thee lien plus any casts and reasonable attorneys' fees, or ather 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
adversee judgment before enforcement against thee Property. Grantor shall namee Lender as alT additional obligee under any surety bond
furnished in thEf contest proceEfdings.
EVidence of Payment". Grantor shall upon demand furnish to Lender satisfactory evidencEf of payment of the taxes or assessments and shall
authorizee thEf appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (1!)) days before any work is commenced, any services arEf furnished, or
any materials are supplied to the Property, it any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the
work, services, or materials and the cost exceeds $3,000.00. Grantor will upon request of Lender fumish 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 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 OIT
a replacement basis for the full insurable value covering all Improvements OIT the Real Property in alT 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 ten (10) 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 alT
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 maintain Federal Rood Insurance, if available, wittTin 45 days after notice is givelT
by Lender ttTat the Property is located in a special flood hazard area, for the maximum amount of your credit line and thee full unpaid
principal balancee of any prior liens OIT the property securing the loan, up to thee maximum policy limits set under thee National Road
Insurancee Program, or as otherwise required by Lender, and tu maintain such insurance for the term of ttTe loan.
Applicatiorr of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if thee estimated cost of repair or
replacement exceeds $3,000.00. Lender may makee proof of loss if Grantor fails to do sa wittTin fifteen (1 cr¡ days of the casualty. Whether
or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds ot any insurance and apply the
proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If
Lender elects to apply the proceeds ta restoration and repair, Grantor shall repair or replacee 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 far
thee reasonable cost of repair or restoration if Grantor is nOt in default under this Mortgagee. Any proceeds which have not beelT disbursed
within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall bee 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.
CompliancEf with EXisting- Indebtedness. During the period in which any EXisting Indebtedness described below is in effect, compliance with
thee insurance provisions contained in the instrument evidencing such EXisting Indebtedness shall constitute compliance with the insurance
provisions under this Mortgage, to the extent compliance with thee terms of this Mortgage would constitute a duplication of insurancee
requirement. If any proceeds from thee insurance become payable on loss, the provisions in this Mortgage for division of proceeds shall
apply only to that portion of the proceeds not payable to the holder of the EXisting Indebtedness.
TAX AND INSURANCE RESERVES. Subject to any limitations set by applicable law, Lender may require Grantor to maintain with Lender
reserves far payment of annual taxes, assessments, and insurance premiums, which reserves shall be created by advance payment or monthly
payments of a sum estimated by Lender to be sufficient to produce, amounts at least equal to the taxes, assessmentt, and insurance premiums
to be paid. The reservee funds shall be held by Lender as a general deposit from Grantor, which Lender may satisfy by payment of the taxes,
assessments, and insurance premiums required to be paid by Grantor as they become due. Lender shall have the right to draw upon thee reserve
funds to pay such items, and Lender shall not be required to determine the validity or accuracy of any item befare paying it. Nothing in thee
Mortgagee shall be construed as requiring Lender to advance other monies for such purposes, and Lender shall not incur any liability for anything
it may do or omit to do with respect to the reserve account. Subject to any limitations set by applicable law, if thee reservee funds disclose a
shortage or deficiency, Grantor shall pay such shortage or deficiency as required by Lender. All amounts in the reserve account are hereby
pledged to further secure ttTe Indebtedness, and Lender is hereby authorized ta withdraw and apply such amounts on the Indebtedness upon the
occurrencee of alT Event of Default. Lender shall not be required to pay any interest or earnings on the reserve funds unless required by law or
agreed to by Lender in writing. Lender does not hold the reserve funds in trust for Grantor, and Lender is not Grantor's agent for payment of the
taxes arTd assessments required to be paid by Grantor.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Froperty free of all taxes, liens, security interests, encumbrances, and other claims,
(6) to provide any required insurance on the Property, (C) to make- repairs to the Property or to comply with any obligation to maintain EXisting
Indebtedness in good standing as required below, then Lender may do sa. If any action or proceeding is commenced that would materially
affect Lender's interests in ttTe 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 thee rate charged
under the Credit Agreement 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; (S) be added to the balance of the Credit Agreement and be
apportioned among and be payable with any installment payments to becomee due during either (1) the term of any applicable insurance policy;
or (2) the remaining term of the Credit Agreement; or (C) be treated as a balloon payment which will be due and payable at the Credit
~~~!m~¡;m;m;~¡ill~
0917625 .-: '..
MORTGAGE
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Agœement's maturity. ìhe MDrtgage BlsD will secure payment Df these amDunts. ìhe rights provided fDr in this paragrBph shall be in Bddition
~o Bny other rights or any remedies 1:D which .Lender may be -entitled on account Df any default. Any such action by Ümder shall nDt be
construed as curing 1:he default SD as 1:0 bar .Lender from any remedy 1:hat it otherwise would have had.
WARRANTY; DEfENSE OF TITLE. The fDllowing prDvisiDns relating 1:D ownership of the Property are BPart of !his Mortgage:
ìitle. Grantor warrants !hat: (a) GrBntor hDlds good and marketable 1:itle of record tD the Property in fee simple, free Bnd clear of BII liens
lInd -encumbrBnces other 1:han 1:hose set 10rth in 1:he Real Property .description or in 1:he :Existing Indebtedness section below or in Bny ~itle
insurBnce policy, 1:itle repDrt, or 1inal1:itle opinion issued in 1Bvor of, Bnd Bcc-epted by, .L-ender in connection with 1:his MDrtgage, lInd Ib)
GrBntor has 1:he 1ull right, power, Bnd Buthority 1:0 execute Bnd deliver 1:his Mortgage 1:D .Lender.
Defense ofìitle. Subject 1:D 1:he -exception in~he parBgraph BbDve, Grantor WBrrBnts and will1or-ever .defend ~he.~itle 1:0 1:he Property Bgainst
1:he lawful claims of all persons. In 1:he -event lIny action or proceeding is commenced 1:hat Ljuestions Grantor's 1:itle Dr~he interest of .Lender
.under 1:his MDrtgage, Grantor shall .defend !he Bction Bt GrBntor's -expense. GrBntor may be 1:he nominal party in such proc-eeding, but
.Lender shall be entitled 1:0 participate in ~he proceeding Bnd ~D be represented in 1:he proc-eeding by cDunsel of .Lender's own choice, Bnd
GrBntDr will .deliver, Dr cBuse 1:0 be .deliver.ed, 1:D .L-ender such instruments BS .Lender may request 1rom 1:ime ~D 1:ime 1:0 permit such
participation.
Compliance With .Laws. Grantor. warrants 1:hat 1:he Property Bnd Grantor's .use of1:he Property complies with BII -existing Bpplic.able Jaws,
or.dinanc-es, Bn.d regulations of gDvernmentßllIuthorities.
ßurvival of Promises. All promises, .agreements, Bndstatements Gr.antor hBs made in 1:his Mortgage shall survive !he -execution Bnd .delivery
of 1:his Mortgage, shall be continuing in nature Bnd shall remain in full forc-e Bnd effect .until such 1:ime .as Grantor's Indebtedness is :paid in
cfull.
EXISTING JNDEBTI:DNESS. The 1ollowingprovisions concerning :Existing Indebtedness .are .a part of 1:his Mortgage:
.Existing .Lien. The lien of !his Mortgage securing 1:he Indebtedness may be secondary Bnd inferiDr 1:0 .an -existing lien. GrBntDr -expr-essly
'covenants and Bgrees 1:D pay, or see 1:D 1:he payment of, !he :Existing Indebte.dness and 1:D prevent Bny .defBult on such indebtedness, .any
default .under !he instruments evidencing such indebte.dness, or .any .default under any security doc.uments for such indebtedness.
No Modification. Grantor shall not -enter into any agreement with 1:he hol.der of Bny mDrtgage, .dee.d Df 1:rust, Dr mher security agr-eement
which has priority over !his Mortgage by which !hat .agreement is modified, .amended, -extended, or renewed withDut 1:he prior written
consent of .Lender. Grantor shall neither request nor accept .any 1uture .advanc-es under any :Such security agreement withDut 1:he prior
written consent of .Lender.
CONDEMNATJON. ìhe follDwing provisions relating 1:D condemnatiDn proceedings are .a :part of !his Mortgage:
Proceedings. If any proc-eeding in cDndemnation is1iled, Grantor shall promptly nDtify .L-ender in writing, Bnd GrBntDr shall promptly Ìilke
such steps as may be necessary to .defend 1:he action and obtßin ~he award. Grantor may be 1:he nDminal party in such proceeding, but
..Lender shall be -entitled 1:0 participate in 1:he proceeding and 1:0 be represented in 1:he proceeding by counsel of its own choice, .and Grantor
will .deliver or cause to be .deliver-ep to .L-ender such instruments and documentßtion BS may be r-equest-ed by .L-ender 1rom time to time to
permit such participatiDn.
Application of Net Proceeds. If.all or .any part of 1:he Property is condemned by -eminent .domain proceedings or by .any proceeding or
purchase in lieu of condemnatiDn, .Lender may .at its -election require "that all Dr .any pDrtion of "the net proceeds of 1:he award be .applied "to
"the Indebtedness Dr "the r-epair Dr r-estOrBtiDn Df "the Property. The net proceeds of "the award shall mean !he award after payment Df all
reasDnable costs, -expenses,.and attorneys' 1ees incurred by .L-ender in connection with "the cDndemnatiDn.
JMPOSITION OF TAXES. FEES AND CHARGES.BY GOVERNMENTAL AUTHORITJES. ìhe 1ollowing provisions relating"tD governmentßl "taxes,
f-ees .and charges ar-e B part of "this MDrtgage:
Current ìaxes. Fees and Charges. UpDn request by ..Lender, Grantor shall execute such documents in .additiDn"to "this Mortgage Bnd Ìilke
whatever other lIctiDn is requested by .Lender"tD perfect .and cDntinue .Lender's lien on 1:he Real Property. GrantDr shall reimburse .L-ender for
.all taxes, .as described belDw, tDgether with .all expenses incurred in recording, perfecting or cDntinuing !his MDrtgage, including WithDut
IimitatiDn.aU tßxes, fees, .documentary stßmps, .and other charges 10r recording or registering !his Mortgage.
ì.axes. The 1Dllowing shall constitute "taxes 1:0 which 1:his section .applies: (1) a specific Ìilx upDn "this "type of MDrtgage Dr .upon all or .any
part of the Indebtedness secured by 1:his MDrtgage; (2) a specific Ìilx on Grantor which Grantor is BUthDrized or required "to deduct from
payments on 1:he Indebtedness secured by "this "type of Mortgage; (3) a tax on !his type of Mortgage chargeable against the .Lender or "the
holder of the Credit Agreement; .and (4) a specific Ìilx on all or .any portion of "the Indebtedness or on payments of principal Bnd interest
made by Grantor.
ßubsequent Taxes. If any Ìilx to which "this section lIpplies is -enacted subsequent to "the .date 01 !his Mortgage, "this -event shall hBve "the
same -effect liS lIn :Event of Default, and .L-ender may exercise any or .all of its lIvailable remedies for lIn .Event of De1ault liS provided below
.unless GrBntor either (1) pays "the "tax before it becomes delinquent, or (2) contests !he !.ax liS provided ßÌ)ove in "the TlIxes lInd .Liens
section lInd deposits with .Lender cash or a sufficient corpoŒte surety bond or other security satisfllctory 1:0 .Lender.
:SECURITY AGREEMENT; FJNANCING STATEMENTS. ìhe 1ollowing provisions r-elating to !his Mortgage as 11 security .agreement lire 11 :part of
this Mortgage:
ßecurity Agreement. ìhis instrument shall constitute B Security Agreement -xc "the -ext-ent lIny of 1:he Property constitutes fixtures, lInd
.L-ender shall have 1111 of!he rights of B secured party under "the Uniform Commercial Code as amended from "time to "time.
ßecurity Jnterest. Upon request by ..Lender, GŒntDr shall "take whatever lIction is requested by .Lender 1:0 perfect lIndcontinue .Lender's
security int-er-est in "the P-ersonal Property. In .addition to recording !his MDrtgage in "the r-eal property recor.ds, ..L-ender may, Bt lIny "time lInd
without further lIuthoriza!ion from Grantor, file -executed counterparts, copies or reproductions of "this MDrtgage liS a financing statement.
GrantDr shall reimburse .Lender 10r all -expenses incurred in perfecting or continuing 1:his security interest. Upon .default, Grlln10r shall not
r-emove, sever or :detßch "the P-ersonal Property from 1:he Property. Upon .default, Grantor shall .assemble Bny P-ersonal Property not affixed
1:0 !he Property in a manner lInd at a place reasonably convenient 1:0 Grantor lInd .Lender and make it lIvailable to .Lender within !hree (3)
.days lIft-er œc-eipt of written demand 1rom .Lender "to 1:he -extent permitted by lIpplicable law.
Addresses. ìhe mailing lIddresses 01 Grantor (debtor) and .L-ender (secured party) 1rom which information concerning "the security int-er-est
1 ranted by 1:his Mortgage may be obtßined (each as required by "the Uniform Commercial Code) .are liS stated on "the first page of 1:his
Mortgage.
FURTHER ASSURANCES; ATTDRNEY-JN-FACT. ìhe 1ollowing provisions œlating"to further assurances lInd .attorney-in-fact Bre 11 part of this
Mortgage:
Further AssurBnces. At any time, lInd 1rom "time to 1ime. .upon request of .Lender, Grantor will make, -execute and .deliver, or will cause "to
be made, -executed or .deliver-ed, "to .Lender or 1:0 .Lender's .designee, and when requested by ..L-ender, cause to be 1i1ed, recor.ded, r-efiled, or
œrecorded, 115 "thecllse may be, lit such "times lInd in such offices lInd places liS .Lender may .deemllppropriate, any Bnd 1111 s.uch mortgages,
.deeds of "tr.ust, security deeds, security lIgr-eements, 1inancing statements, continuation statements, instruments of 1urther aSSUŒnce,
.certificates, lInd other documents as may, in !he sole opinion of .Lender, be necessary or desirable in order 1:0 -effectuate, complete, perfect,
l:ontinue, or pr-eserve (1) Grantor's obligations .under "the Credit Agr-eement, "this Mortgage, lInd "the Related Doc.uments, lInd (2) the
liens and security int-erests cr-eated by this Mortgage on "the Property, whether now owned or hereafter acquired by Grantor. Unless
.prohibited by law or .Lender lIgrees1:O "the contrllry in writing, Grantor shall r-eimburse .l-ender for .all costs lInd -expenses incurred in
.connection with !he matters referred 1:0 in "this paragraph.
Attorney-in-FBct. If Grantor 1ails to do any of the "things referred 10 in "the preceding paragraph, ..L-ender may .do so for .and in !he name 01
GrantDr lInd lit Grantor's -expense. For such purposes, Grantor heœby irrevocably lIppoints .Lender liS Grantor's .attomey-in-1l1ct for the
.purpose of making, -executing, .delivering, filing, recording, and doing 1111 other "things as may be necessary or .desirable, in .Lender's sole
opinion, 1:0 lIccomplish "the ma1;t-ers r-eferred to in the preceding paragraph.
FULL PERFORMANCE. If GŒntor pays 1111 "the Indebtedness when .due, "terminates ~he credit line account, lInd mherwise performs all ~he
obligations imposed .upon GrBntor .under 1:his Mortgage, .L-ender shall -ex-ecute lInd .deliver"to GŒntor a suitable sBtisfaction of "this Mortgage lInd
suitable stßtements of ~ermination of lIny financing statement on 1i1e -evidencing .Lender's security interest in 1:heRents and "the Personal
Property. Grantor will pay, if permitted by applicBble law, lIny reasonable "termination f-ee BS determined by .Lender 1rom "time "to "time.
žV.ENTS DF D.EFAULì. Grantor will be in .default .under 1:his Mortgage if lIny of !he following happen: (A) Grantor commits 1rllud or makes 11
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091.762~
MORTGAGE
(Continued)
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material misrepresentation at any timE!' in connection witIT thE!' Credit Agreement. This can includE!', for examplE!', a falsE!' statement about
Grantor's incomE!', assets, liabilities, or any other aspects of Grantor's financial condition. (6) Grantor does not meE!'t thE!' repayment terms of
thE!' Credit Agreement. (C) Grantor's action or inaction adversely affects the collateral or Lender's rights in thE!' collateral. This can includE!', for
examplE!', failure' to maintain required insurance, waste or destructivE!' use of the dwelling, failurE!' to' pay taxes, death of all persons liablE!' on the
account, transfer of titlE!' or sale of thE!' dwelling, creation of a senior lien on thE!' dwelling without Lender's permission, foreclosure' by thE!' holder
of anotlTer lielT, or thE!' USE!' of funds or the dwelling for prohibited purposes.
RIGHTS' AND REMEDIES ON DEFAULT. Upon thE!' occurrencE!' of an EVent of Default and at any tirrre thereafter but subject to any limitation in
thE!' Credit Agreement or any limitation in tlTis MortgagE!', Lender, at Lender's option, may E!'xercise any onE!' 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 Property, lender shàll havE!' all thE!' rights and remedies of a secured party
under thE!' Uniform Commercial CodE!'.
C;ollect Rents. lender shall havE!' thE!' right; without noticE!' to Grantor, to takE!' possessio IT 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 otlTer user of thE!'
Property to makE!' payments of rent or USE!' fees directly to lender. If the Rents are collected by Lender, then Grantor imwocably desigITates
Lender as Grantor's attornE!'y-in-fact to endorse instruments received in payment thereof iIT thE!' namE!' of Grantor and to negotiatE!' thE!' samE!'
and collect the proceeds. Payments by tenants or other users to Lender iIT 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 either in perSOIT, by agE!'nt, or through a receiver.
Appoint Receiver. LendE!'r shall havE!' thE!' right to havE!' a receiver appointed to take possession of all or any part of the- Property, witIT the
power to protect and preservE!' thE!' Property, to operare thE!' Property preceding foreclosure' or salE!', and to collect thE!' Rents frof'!T 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 E!'xist whethE!'r 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.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest iIT all or any part of thE!' Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest iIT 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 obtailT a judgment for any deficiency remaining iIT thE!' Indebtedness due
to lender after applicatiolT of all amounts received from the E!'xercise of thE!' rights provided iIT this sectiolT.
Tenancy-at Sufferance. If Grantor remains in possessio IT 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 UpOIT the demand of lender.
Other Remedies. Lender shall havE!' all other rights and remedies provided iIT this MortgagE!' or the Credit Agreement or availablE!' at law or in
equity .
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to havE!' thE!' Property marshalled.
lIT 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
separare sales. Lender shall bE!' entitled to bid at any public salE!' OIT 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 privare salE!' or other intended dispositiolT of the PersolTal Property is to bE!' madE!'. Reasonable notice shall meaIT notice
given at least ten (1 OJ days before thE!' timE!' of thE!' salE!' or disposition. Any salE!' ot thE!' Personal Property may bE!' madE!' in conjunction with
any sale of the Real Property.
ErectiolT of Remedies. All of Lender's rights and remedies will bE!' cumulativE!' and may be exercised alone or together. An electiolT by
LeITder ta choosE!' any onE!' remedy will not bar lender from using any other remedy. If Lender decides to spend money or ta 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 iIT 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 ot its interest or thE!' enforcement ot its rights shall become a part of thE!' Indebtedness payablE!' on demand and shall bear
interest at thE!' Credit Agreement ratE!' from thE!' dare 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 after default and referral to an attorney not Lender's salaried employee- 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 titfe 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 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 postage prepaid, directed to the addresses shown near the beginning of this Mortgage-. All copies of notices of foreclosure' from
the holder of any lielT which has priority over this Mortgage shall be sent to lender's address, as shown near the beginning of this Mortgage.
Any persolT may change his or her address for notices under this Mortgage by giving formal writteIT notice ta 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 keeJJ 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 re-sponsibility to tell the others of the notice from lender.
MISCELLANEOUS PROVISION5. The following miscellaneous- provisions are a part of this MortgagE!':
Amendments. What is written iIT 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 amendment to this Mortgage must be in writing and must be- signed by
whoever will be bound or obligated by the- change or amendment.
CaptiolT Headings. CaptiolT 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 ta 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 beerT accepted by Lender iIT the State of
Wyoming.
Joint and Several Uability. All obligations of Grantor under this Mortgage- shall be joint and several, and all references to Grantor shall mean
each and eve-ry Grantor. This means that each 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 iIT
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
iIT writing to give- UJJ 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 conse-nt
again it the situation happens- agaiIT. 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 effect.
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091.7625
.\
MORTGAGE
(Continued)
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Severability. If B court finds 1hat any provision of 1his Mortgage is n01 valid or should not be enforced, ~at fact by itself will not mean 1hat
~hø rest of~isMongage .wjILnot.be VBlid. Dr enforced. Therefore,.a court will enforce 1he rest of ~he provisions of 1:his Mortgage even if a
prpvisionohhis·Mof.t!! ageJ)1a'l.,t;J.~ 101j!1d1()b,:" iryvalid Dr J.menforceable.
M;erger. Ì'here·ihall b~'f¡Ò1 1erger..of 'thß,i~res't Dr estate created by 1his MDÍ1:gage with <my other interest or estate in 1he Property..at any
~iV1e hel& 'by briföf 1he\þ,er'fit of ~P9~r>Í.g anyqapacity, withDut 1:he written cDnsent of .Lender.
S~C~~s9Ts¡~riii·Ms1~j~.S¡¡¡blj¡ct'1D ðnv)li!'11ttatí~ns stated in ~his MDrtgage on 1:ransfer Df GrBmDr's interest, ~his Mortgage shall be binding
.upD¡:¡olínêniiì:íré°1ò"i1íè"bêrrefí't"O'f'thë'part-ies;-.otAelr succeSSDrs Bnd .assigns. If ownership of ~he Property becDmes vested in B perSDn other
~han Grantor, l£:nder, withDut nDtice 1D GrantDr, may deal with GrantDr's succeSSDrs with reference 1D 1his MDrtgage and 1:he Indebtedness
by way Df fDrbearance Dr extensiDn without releasing GrantDr from 1he obligatiDns of1:his Mortgage Dr liability under ~he Indebtedness.
"Time js of "the Essence. Time iSDf 1he essence in ~e perfDrmance of ~is Mortgage.
Waiver of Homestead Exemption. GrantDr hereby releases Bnd wBives BII rights Bnd benefits Df~he hDmestead exemption laws of~e State
of WYDming BS 10 Blllndebtedness secured by 1:his MDrtgage.
DEFINITIONS. The following words shall have ~he follDwing meanings when .used in 1his Mortgage:
Borrower. The word "Borrower" means .LARRY N. .LAMB Bnd PATRICIA I. .LAMB and includes BII co-signers .and cD-makers .signing ~e
Credit Agreement .and BII1heir succeSSDrs .and .assigns.
Credit Agreement. ìhe words "Credit Agreement" mean ~he credit .agreement .dated April 13, 2006, with .credit limit Df
.$BO,OOD.OO from Gr.amor 1D l£:nder, 10gether with BII renewals of, extensions of, mDdiiications of, refinancings of, cDnsolidatiDns of.
~nd substitutions for ~e promissory note Dr .agreement. ìhe maturity date of 1his Mortgage is April 13,2011. NOTICEìO .GRANTOR: ìHE
CREDIT AGREEMENT CONTAINS A VARIABlE INTEREST RATE.
Environmental.Laws. ìhe wDr.ds "Environmental .Laws" mean Bny .and .all state, feder.al and local .statutes, regulations .and or.dinances
.relating 1D 1:he protection of human health Dr ~heenvironment, including withDut IimitatiDn 1he Comprehensive EnvirDnmental RespDnse,
CompensatiDn, .and .Liability Act of lBBO, as .amended, 42 U.S.C. Section B601, et seq. ¡"CERClA "L 1he Superfund Amendmems .and
ReauthDrizatiDn Act of 1BB6, Pub. L ND. B9-499 ¡"SARA"), ~e tlazardous Materials TransportatiDn Act, 49 U.S.C. SectiDn 1B01, et seq.,
1he Resource Conservation .and RecDvery Act, 42 U.S.C. Section 6901, et seq., Dr other .applicable state or federal laws, rules, Dr
regulations .adopted pursuant1:heretD.
Event .of Default. ìhe wor.ds "Event of Def.ault" mean .any of 1he evems of def.ault set forth in 1his MDrtgage in 1he events of .default
section of~is Mortgage.
Existing Jndebtedness. ¡he words "Existing Indebtedness" mean 1he indebtedness described in 1he Existing .Liens provision of ~is
Mortgage.
.Grantor. The word "Gr.amor" means .LARRY N. .LAMB Bnd PATRICIA I. .LAMB.
Hazardous Substances. ¡he wDrds "Hazardous Substances" mean materials ~at, because Df ~heir quamity, concentr.ation or phY$ical,
chemical Dr infectious characteristics, may cause or pDse a presem Dr pDtential hazard 1D human health or ~e envirDnment when
improperly .used, 1reated, stored, .dispDsed of, generated, manufactured, ~ransported or otherwise handled. ¡he words "tI.azardous
Substances" .are used in 1heir very broBdest .sense .and include without limitation Bny and all hazardous Dr 10xic substances, materials or
waste .as defined by or listed .under 1he Environmental.Laws. The 1:erm "tlazardDus Substanc€s" .also includes, without !imitatiDn, petrDleum
.and petroleum by-products or .any fractiDn 1:hereDf Bnd .asbestDs.
Jmprovements. The word "Improvements" means all existing Bnd future improvements, buildings, str.uCtures, mobile homes .affixed on 1he
ReBI Property, facilities, Bdditions, replacemems .and other construction on "the ReBI Property.
lndebtedness. ¡he word "Indebt€dness" means all principal, interest, .and other Bmounts, costs Bnd expenses paYBble .under 1he Credit
Agreement or Related Documents, 1:Dgether with.all renewals of, extensiDns of, modifications of, consDlidatiDns of and substitutions ior 1he
Credit Agreement or Related Documents .and .any .amounts expended or Bdvancedby l£:nder10 discharge Grantor's obligations Dr expenses
incurred by .Lender 10 enforce GrantDr's obligatiDns under 1his Mortgage, 10gether with interest on such .amounts .as provided in ~is
Mortgage.
.lender. ìhe word ".Lender" means First Imerstate Bank, its .succeSSDrs .and ..assigns. ìhe wDrds ".successors or .assigns" mean any persDn
Dr company 1hat .acquir€s .any interest in 1he Credit Agreement.
Mortgaj e. ìhe word" Mortgage" means 1his Mortgage between Gr.antor .and .Lender.
:Parsonal Property. ìhe words "PersDnal Property· mean .all equipment, fixtures, and other articles of personal property nDW orhereafter
owned by Gr.antor, .and nDW or hereafter .attached or .affixed 1D ~e Real Property; 10gether with BII .accessions, parts, .and ..additiDns 1D, .all
replacements of, .and .all substitutions fDr, Bny of such prDperty; and 10gether with .all proceeds (including withDut limitation .all insurance
proceeds .and refunds Df premiums) from .any sale or other disposition Of1he Property.
:PrDperty. ìhe wor.d "Property· means collectively 1he Real Property ..and 1:he Personal Property.
Real Property. ¡he words "Real Property" mean~e real property, interests .and rights,.as further .described in~is Mortgage.
Related Documents. The words "Related DDcuments" mean .all promissory nDtes, credit agreements, IDan .agreements, -€nvironmental
.agreements, guarBnties, security agreements, mDrtgages, deeds of 1rust, security deeds, collateral mDrtgages, .and all other instr.uments,
.agreements .and rlocuments, whether now or hereafter existing, executed in cDnnection with 1:he Indebtedness;
Rents. ìhe word "Rents" means .all present .and future rents, revenues, income, issues, royalties, profits, .and other benefits rlerived from
1he Property.
.EACH .GRANTOR ACKNOWlEDGES HAVJNG READ Ail ìHE PROVJSIONS OF ìHIS MORTGAGE. AND .EACH ERANTOR AGREES ìO ITS
"TERMS.
.GRANTOR:
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PATRICIA I. .LAMB
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INDlvroUAL ACKNOWLEDGMENT
STEPHANIE A. COOPER· NOTARY PUBUC
County of ~ State ,of
Uncoln ~ Wyoming
My Commission Expires May 24, 2008
STATEOF W~
COUNTY OF ~~.-
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On this day before me, the undersigned Notary fTublic, personally appeared LARRY N. LAMR ami: fTATRICIA I. LAMR, ta me known ta be the
individuals described in and who executed the Mortgage, and acknowledged that they signed the Mortgage as their free and voluntary act and
deed, for tho eo uses and purposes therein mentioned. ~ ~. \ . f'1 ( f)
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