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HomeMy WebLinkAbout917704 I '.I. ~.- ,~ t:::1 ~ ~i~~J I.l~'~' RECORDATION REQUESlED BY: The Jackson State Bank & Trust Main Office P.O. Box 1788 112 Center Street Jackson,WY B3001 000653 WHEN RECORDED MAIL TO: The Jackson State Bank & Trust Main Office P.O.Box 1788 112 Center Street Jackson,WY B3001 RECEIVED 4/24/2006 at 9:44 AM RECEIVING # 917704 BOOK: 617 PAGE: 653 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTICES TO: The Jackson State Bank & Trust Main Office P.O. Box 1788 112 Center Street Jackson.WY 83001 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY ..:......,. ,,'" .~_.~.:...,,~. I~...,¡·. ..l¡ ~.~'It:':., ~JJ'.;:-".,.;.:;..tl... '-:.:';'-<"',,' ;..._':.' .:..,;,-...;.....;., -.,... ...'".... ..._,____ , , "\ MORTGAGE /lL\ ~' THIS MORTGAGE dated October 13, 2005, is made and executed between Catherine S. Peet, and Patrick J. Milligan as wife and husband, as tenants by the entireties, whose address is PO Box 13165, Jackson, WY 83002-3165 (referred to below as "Grantor") and The Jackson State Bank & Trust, whose Bddress is P.O. Box 1788, 112 Center Street, Jackson, WY 83001 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages Bnd conveys to Lender .all of Grantor's right, title, .and interest in .and to the following described real property, together with all e?d~ting or subsequently ,erected or affixed buildings, improvements and fixtures; .all Ðélsements, rights of way, and appurtenances; all water,wate'r rights, watercöurses and ditch rights (including stock inutilities with ditch or irrigation rights); .and all other rights, royalties, and profits relating to the real property;jncludi~~l wifhout limitation allininerals, oil, gas, geothermal and similar matlers; (the "Real Property") located in Lincoln County, State of Wyoming: ,",,' " ", , "," d'd" Lot 86, Riverview Meadóws' Secò"ndAddition 'fothê town ö{"Alp¡'né:'iinc'oirÏ 'County WyOming within the SE1/4 of Section 30, T37N, R118W, according to that plat filed February 11,,1994, Plat No. 264-D, Instrument No. 7785G8. , The Real Property or its Bddress is commonly known as 521 Snake River Drive, Alpine, WY 83128. REVOLVING LINE OF CREDIT. This Mortgage secures the Indebtedness Including, without limitation, a revolving line of credit, which obligates Lender to make advances to Borrower so long as Borrower complies with all the terms of the Note. Grantor presenlly .assigns to Lender all of Grantor's right, tille, and interest in and to all present and future leases of the Property .and .all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents. IHIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: " GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or ''anti-deficiency'' law, or any other law which may prevent Lender from bringing any action .against Grantor, including a claim for deficiency to the extent Lender is otherwise entitled to a claim for Deficiency, before or after Lender's commencement or completion of any foreclosure .action, either judicially or by exercise of a power of sale. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at Borrower's request and not.at the request of Lender; (b) Grantor has the full power, right, and authority to enter into this Mortgage and to hypothecate the Property; (c) the provisions of this Mortgage do not conflict with, or result in a Default under any .agreement or other instrument binding upon Grantor and do not result in a violation of .any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on a l:ontinuing basis information about Borrower's financial condition; and (e) Lender has made no representation to Grantor .about Borrower (including without limitation the creditworthiness of.Borrower); PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Borrower shall pay to Lender all Indebtedness secured by this Mortgage as, it becomes Due, and ~~,!ower an~" Grantor shall ,strictly perform all Borrower's a~dGrantor's obligations u,nder this Mortgage. ' POSSESSION AND MAINTENANCE OF THE PRoPErrY. ' Borrower and Grantor .agree th~t Borrower's .à~d Grantor's Possessi~n .and .use of the Property shall be,gov~rned byth,e t¡)lIpwing provisi,ons: , , , , Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control ,of the Property; (2) use, operate or manage the ~roperty; ~nd(3) collect the ~ents from the Property. ' " Duty to MaIntain: Gæntor shall maintain the Property in tenantable 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 Gæntor's ownership of the Property, there has been no .use, generation, manufacture, storage, treatment, disposal, release or thrætened 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, trætment, 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, geneFate, 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, Bnd local laws, regulations .and ordinances, including without limitation all Environmental Laws. Grantor .authorizBs 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. Ihe 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 taws; .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 breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage.and shall not be .affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. NuIsance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or w.aste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or gænt to .any other party the right to remove, any timber, minerals (including oil 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 arrBngements satisfactory to Lender to replace such Improvements with Improvements of at least equal value. Lender's Right to Enter. Lender .and Lender's .agents and representatives may enter .upon the Real Property.at.all reasonable times to .attend to ·:;:;:íf.:Ž:i~:;:;;,; ': ;:'~:.:",::i:::~;> i ¡~~ ~' .~ ¡ _.:I,,!, . .,~ ~, Loan No: 33056063 MORTGAQIjq17?O (Continueèf)- 4 f 000654 Page 2 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 promplly comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities., applic~ble to the use or occupancy of the Property, including without limitation, the Americans With Disabilities Act. Gral')tor,may contest in, gOpdf~ith,apy .such, law, ordinance, or regulation and. withhold ,c::pmpliance C; uringany proceeding, including app~op.ri~te app'e,a!s, ,~Q '19;11g,_as .Gfa~t9Í' ~~$ '!10tifiefUEinder in writing' prior to doing. so, and so long. as: .In, !-ender's sole 'opinion, Lender's interests in the Property are riot Jeopardized. ' Lender may require Grantor to póst adequate' security or' a' surety bond, reasonably satisfactory to Lender, to protect Lender's interest.. , ' .' ..,.. , ',',' , ' Duty to Protect.. C3rantoragrees'~n~iit1ér iQ 'abandpn C¡rleavé unalle-nded the Propérty. . Gråntor' shall do 'all othér'~cts, in addition to those' acts set forth above in this section, which from ttie character and use of the Property are reasonably necessary to protect and preserve the Property. DUE 'oN SALE - CONSENT BY LENDER. 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 wrillen 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, tille 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 in or to any land trust holding tille to the Real Property, or by any other method of conveyance of an interest in the Real Property. If any Grantor is a corporation, partnership or limited liability company, transfer also includes any change in ownership of more than twenty-five percent (25%) of the voting stock, partnership interests or limited liability company Interests, as the case may be, of such Grantor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law. 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 servic~ 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 the Existing Indebtedness referred to in this Mortgage or 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. 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 Ihe filing, secure Ihe discharge of the lien, or if requested by Lender, deposit with Lenqercash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the liel) pius any costs, an~ re~sonable attorneys' fees, or other charges that could accrue as a result of a fOreclosure or sale under the lien. In any ,contest, Grafltorshan defend,itsE¡lIf and Lender ,and shall,satjsfy any aqverse jUdgm,ent before ,enforc,ement against the Property. !3rantor *~II.(1aO,1eLender,asanJlddi.tiQn!i1 obl!g!ge,under any s~retybolld turnishedinth.e contes,t proceedings.; , , Evidence OfPaYment.Graritor, shall upondemai1d furnish to Lender satisfactoryèvidence'o,f payment~fthe .taxes()r assessments and shall authorize the 'appropriidegovernrrierital official to'deliver'to Lender at anytime ,8:. y.'rítten statementof ~~e,taxes andasse~sf!1ents,against the P~oþerty.':. .'" ", ." ",' .' " .." ':':' " " ". ','. ., ',' :' ;' ..,." : ' . , '. . Notice of Construction. Granlor 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 the Property are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender, Grantor shall also procure and maintain comprehensive general liability insurance in such coverage amounts as Lender may request with Lender being named as additional insureds in such liability insurance policies, Additionally, Grantor shall maintain such other insurance, including but not limited 10 hazarö;business interruption and boiler insurance as Lender may require. 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 liabililyfor 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 maintain Federal Flood Insurance, if available, within 45 days atter notice is given by Lender that Ihe 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 of Proceeds. Grantor shalf promplly notify ~ender of any loss or damage to the Properly. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security,is, impair(;!d, Lend~r,may, at Lender'seleçtion, receive and retain ihe proceeds' o'f any insúrance and 'apply ttie p'roCéedsto the reduction oflhe Indebtedness, paymefltof ~ny lief,laf!¡¡cting the Property, or the restorali6h arid' re'pair' oftha Properly; If L:.èndère/ects, to apply the proceeds 'to restoration' and repair, Grantor shall' repair or 're'place the damaged o(,destroyed Improvements",ln a manner satisfactory to Lender', Ler¡de(shall, upon satisfactory proof of sÌJchexpE¡lndi\ure, paYÄt' reimburse Grantor from the proceeds for the reasonable 'cost of repair or restoration if Grantor is not in default under this Mortgage'. Anyproceeds' which have not been disbursed within 180 days after th¡¡lr receipt and which Lender has no! committed to the repair or restoration of the Property shall be useä first to' páy any amourit' 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 paymènt in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's Interests may appear. Compliance with Existing Indebtedness. During the period In which any Existing Indebtedness described below is in effect, compliance with the 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 the terms of this Mortgage would constitute a duplication of insurance requirement. If any proceeds from the 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. LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor fails to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to comply with any'obligation to maintain Existing Indebtedness In good standing as, required below, or to discharge or pay when due any amounts Grantor is required to discharge or pay under this Mortgage or any Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests. encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining and preserving Ihe Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor, All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (8) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable Insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entilled upon Default. WARRANTY; DEFENSE OF TITLE. The following provisions' relating to ownership of the Properly are a part of this Mortgage: " , Title. GråAtor warra~isth~t: "(a) G¡'~nt~rholdsgood àndmarketable tille of record to theProp~rty i~ieesimpl~, freå 'ai1dclear of alll¡~ri~ ~~d' encumbrances-other than those' set forth, in the Real Property description or in the Existing Indebtedness section below or in any title insurance policy, title report, or final t,it,le opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, powe~,:and aùthority to execute and deliver this Mortgage to Lender, . Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's tille or the interest of Lender under this Mortgage, Grantor shall defend the ¡¡ction at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be entilled to p'articipate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to lime to permit such participation. ' J,". :) :::::~:::r:;:~~!1;1:¡) ~~li~òiliJ¡:i:J \\Ii ·17I""jC~~~ O· 9 ,:,;,:,;,;",;:",:,.,,:;;; :- I;;;::':¡;¡:!;g~,;,: ::':)'} Œ::¡¡¡¡~¡¡i¡~J Loan No: 33056063 MORTGAGE (Continued) 000655 Page 3 Compliance With Laws. Grantor warrants th;t ,the Property and Grantor's use cf the Prcperty ccmplies with all existing applicable laws, ordinances, and reg~latiens of governmental auth~rities. Survival 'of Representallens and Warranlles. 'Allrepresentatiens, warranties, and' agreements made by Grantar in this Mortgage shall survive the executio.n.;a,ndd~!ive':Y, ~(t~is ~p~gag~~~~all: Þ~59ry!!'1~i.n9. in~ature, and shall remain in full farce and effect until such time as Barrewer's In,qebte.cJ,ne!!SS~1iIl.þ'~,p'~Iq,.In f~I)¡"",., ','·'1 ".;' I', ",,"', <.,;;.,r, :0::: ,'~,." " ' "," '...." x":'., ,..,,:, .'., ','.'",:¡;., ,-,n ;i}.' ;!' '':¡': ,.. :;, 'Ii,I EXISTING IN·DEBTEDNESS.: 'The fallawlng pravi~¡(>ns cencerningExisting Indebtedness are a pari of this MOrtgage:. ..'" ;.' t" " '. , ,,;'::' ':,j -" ',' '," . - ". """. ., -'. "::; ", " '_"":" ~_~ " : . ,: :'::" _, :';- .·.Ii"~ '~"~-_',;' ," '" Exlsllng Lien.' The lienaf this Mertgagesecuring the lridebtednessmay be secondary and 'Inferior to an existing . lien: " Grantor expressly cevenants and agrees to. pay, or see to the payment ef, the Existing Indebtedness and to prevent any default'oh s'uch indebtedness, any default under the instruments evidencing such indebtedness, er any default under any security documents fer such indebtedness. No. Madlflcallen. Granter shall net enter into. any agreement with the holder of any mertgage, deed of trust, or ether security agreement which has prierity aver this Martgage by which that agreement is medified, amended, extended, ar renewed witheut the prier written cansent af Lender. Granter shall neither request ner accept any future advances under any such security agreement witheut the prier written consent of Lender. CONDEMNATION. The following previsions relating to condemnation preceedings are a part of this Mortgage: Proceedings. If any proceeding in condemnation is filed, Grantor shall promplly notify Lender in writing, and Grantor shall promplly take such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party In such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the preceeding by ceunsel of its ewn choice, and Grantor will deliver or cause to be delivered to. Lender such instruments and.documentatie~ as may be requ~sted ~y Lender frem time to. time to. permit such participa.t,ion. Appllcatian af Net Preceeds. If all er any part e(the Preperty Is cendemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may at its electien require that all or any portion of the net proceeds of the award be applied to. the Indebtedness ar the repair ar resteratian af the Preperty. The net preceeds af the award shall mean the award after payment ef all reasonable cests, expenses, and attorneys' fees Incurred by Lender in cennection with the candemnatien. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The fellowing pravisiens relating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upon request by Lender, Grantar shall execute such dacuments in addition to. this Mortgage and take whatever other actianls requested by Lender to perfect andcentinue Lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described belqw: tagetlÍer with all ex'pensesincurred in recording, perfecting or cantinuing this Mertgage, including without limitation all 'axe~,fees, docume!"tary s!amps,:~n,d.C?th~rcha'rges fer recerding or registering this Mertgage, , , , . \ .." Taxes. The fellewing shall constitute taxes to which this .section applies: (1). a specific taxupen .th.is type ~f Mortgåge :or..upon~lIor ah{partQf thelndëbtëdness seèùred by'this Mörtgage:' "(2)" a speCific tax on Borrower which BòiToV/eris'authorized or'rèquired tò deduct (rom payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type ef Mòrtgl!ge'chàrgeåble' againslthe Leride(;br tl:1è holder of the Note; and (4) a specific tax òi1'a1l or any pertiònof the Indebtedness or en'paymer:'ts of prinCipal andinterest'made by Bor~ower." ' " ", " sUbseq~e~t Taxes':" Ii any tax . io Whichìhis"~~¿j¡oP~PpU~~'is e~acted s~bsequ~ni t~ 'lIie ,date of 'this Mortgâge: this~vent shall' ha~~ ih~ sa~e effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before it becomes delinquent, ar (2) contests the tax as provided above in the Taxes and Liens sectien and deposits with Lender cash or a sufficient corporate surety bend or other security satisfactery to. Lender. SECURITY AGREEMENT¡ FINANCING STATEMENTS. The fallowing previslans relating to this Mertgage as a security agreement are a part of this Mortgage: Security Agreement. This instrument shall censtitute a Security Agreement to. the extent any af the Praperty censtitutes fixtures, and Lender shall have all of the rights af a secured party under the Unifarm Commercial Cede as amended fram time to. time. Security Interest. Up en request by Lender, Grantor shall take whatever actien is requested by Lender to perfect and centinue Lender's security Interest in the, Ren.ts and Persenal Prop.erty.lr¡ additien to.. recerding this Mertgage in the real preperty records" Lender may, at any time and without further authorization from Granter, file executed ceunterparts, cepieser repreductions of this Mertgage as a financing statement. Granter shall reimburse Lerider fer all expenses Incurred in perfecting er continuing this security interest. Upen default, Grantor shall nct remove, sever or detach the Personal Property frem the Property. Upon default, Grantor shall assemble any Persenal Property net affixed to the Property in a manner and at a place reasenably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of wrillen demand from Lender to the exlent permilled by applicable law. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which informatien concerning the security interest granted by this Mertgage may be ebtained (each as required by the Uniferm Cemmercial Cade) are as stated en the first page af this Mertgage. FURTHER ASSURANCES¡ ATTORNEY-IN-FACT. The fellowing pravisians relating to. further assurances andalterney-in-fact are a part of this Mortgage: ' ' , " , ' '. ',' ., . Further Assurances. At any time, and frem time to. time, upon request af Lender, Grantor will make, execute and deliver, or will cause to. be made,executed er delivered, to. Lender or to. Lender's designee, and when requested by Lender, cause to. be filed, recorded,refiled, qr rerecerded,as the case may' bel,atsUchtimès and In such offices and places'as Lendèr may deem'appropríate, anyand"åll such mortgages, deeds of trust, security deeds,security iågreements:financingstatements', 'centihuatien shiténí'ents, 'instrúment's MfürtlÍër 'assurarice', certificates, and other docurpents as may. In, the sole apinionofLender; be, necessary er desirableinerderto effectuate, camplete, perfect, centinue, ar preserve (1) Borrower's~nd ,Grantor~sobligations under the Note, this Mertgage, and the RelatedDpcuments"and(2) , the liens and security interests created by this Mortgage' on the Property, whe.lhernow ewned or hereafter acquired by Grantor. Unless prohibited by law or Lender a'grees to. the c'ontraryin' writing, Grantor shall reimburse Lender fer all cOsts and expenses incurred in connection with the mailers referred to. in this paragraph. Atterney-in-Fact. If Granter fails to do any of the things referred to in the preceding paragraph, Lender may do so. fer and in the name of Ç3ranter and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's allorney-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 eplnion, to accemplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Berrower pays all the Indebtedness when due, and otherwise performs all the obligations Impesed upen Granter under this Mertgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Martgage and suitable statements. ef termination ef any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any reasenable terminatien fee asoetermined byLenderfrem time to. time. EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Mortgage: Payment Default. Borrcwer fails to make any payment when due under the Indebtedness. Default on Other Payments. Failure af Granter within the time required by this Mortgage to make any payment for taxes or insurance, or any ather payment necessary to. prevent filing af ar to. effect discharge af any lien. Other Defaults. Borrewer ar Granter falls to. cemply with ar to. perfarm any ether term, obligatien, cavenant er cenditian cantained in this Mortgage or in any of the Related Documents or to comply with or to. perform any term, obligation, covenant or conditien contained in any other agreement between Lender and Berrower er Granter. Default In Faver ef Third Parlles. Shauld Berrcwer or any Granter default und~r any loan, extensien ef credit, security agreement, purchase or sales agreemept, ar any etheragreemønt;ln !avprcf any Qthercrøditararpersan that may ,mater,ially affect any ef Borròwer's or any Grantor:s property or Borrower's ability to repay the . Indebtedness . or Borrawer's er' Granter's ability 'to perform their' res'pectivè obllgatióris under this Mortgage or any Jelated document. 'iè...,·);,,:.,' , , , . '. , ' , ... _. , ..., " ' '.' '.,..,...,~..' . :":" t)·'~I,>.1 .,,~., ,.... !........._,.. .'I·'·."·~'· r.·... ....... . ¡.~, .'.'I_-~'''''':' "",.,::,.:,..t .t· ,',', .....:.,.~ '.....':".. '¡'·r: '.. .... :........, .. ,It(' 1_' _' '.' ~:.. F.~I!?e "~tat~mei1i~,'.AÌ1Y. ~,~J;r~.n!y, i~p:r~~é,rt~'i,p.";::Qr~.tatem,~n,\.!1lad~"òri4rriishŸJq, toÜ:nåer )jy, Eleáo,w'å,r: or,Grll~'~r '.or'o."' B,ôjr.ovièr'soC. Grailtor:!; bella!f unçJer' this I'JQ~gag~ Qrthffl.E!Jäteçl PO:CUl'{\ø"ts;is ,fals~..óÌ'·;m(sl~ading in aný n:'at~ria ,rèspect,eìltíe(f.1oweraUhe time madé"orfurnished or bêcomësfalse ormisleadihg'a,tarty tiriletMreåflet;, '..:' "." ,.' , ", ,'., . ...' "..' I,. ,..".."., . "'~T"':' ~ :<;;;>" -: :J., ,';.-.:: : ·.7 :"¥' .... '....-,.,..;'. '. ,: .:.'..-'-. ;. .,.... pefecllve Collatera.llzatlen.Tl:1is Martgage ar any qf the Related Dacuments ceases to. beln full ferce and effect (including failure of any collateral çJocument tocre~te a ~l:Ilid and perf~cted security Interest er Jien) at any time and for any reason. Death or Insolvency. The disselutien of Grantor's (regardless of whether election to continue is made), any member withdraws from the limited liability campany, er any ether terminatian af Barrower's ar Grantar's existence as a geing business or the death ef any member, the Inselvency of , , ,,' -~ ,-~,~ i ~: , . ',;- 091:n04 MORTGAGE (Continued) 000656 Loan No: 33056063 Page 4 Borrower or Grantor, the appointment of a receiver for any part of Borrower's or Grantor's property, any assignment for the benefit of creditors, any type of creditor work.~ut, or ,the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower or Grantor. Creditor or .Forfelture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession orañyothe'r'methÒd, þyany çreditorOfBorrower or. Grantor or by any gov~rnmental agency against any property ,securing the Indebtednes$;, This hçluc: as, a. 9I\rnis.hme,nt.of !lOY .Òf ,E~órrower.'s or Grantor'såccounts., InCluQing ,deposit acco!Jnts,. with Lender. .' However, this Event of Defaült~hall not'a'p¡;>ìy if th'åre $~ good f8:¡'th disp,utel:>y~Òrroiter ~r Graiitor'ås '~~ þíè:yali~ityÓr reaso~aþien'ess, qfÏhe claim Whi~h is.ths. basis of the creditor or forfeiture proceeding and If Borrower or Grantor gives Lender written notice of the creditor or forfeiture procéedlng and deposits with Lender monies or. a surety bond for the creditor or forfeitUre proceeding; in'anamount determined by Lender, In its sole discretion, as being an adequate reserve or bond for the dispute:': " "'.." '"'' '"" '" .. ,.'.. ' Existing Indebtedness. The' payment 'of anylnstailmerit of principal or any Interest on the 'Existing Indebtedness Is not made within the time required by the promissory note evidencing such indebtedness, or a default occurs under the instrument securing such indebtedness and is not cured during any applicable grace period in such instrument, or any suit or other action is commenced to foreclose any existing lien on the Property. Breach of Other Agreement. Any breach by Borrower or Grantor under the terms of any other agreement between Borrower or Grantor and Lender that Is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Borrower or Grantor to Lender, whether existing now or later, Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Gu'arantor dies or. becomes incompetent, 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 shall not be required to, permllthe Guarantor's estate to assunié Unconditionally the obligations arising under the, guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of Default. Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance of the Indebtedness is impaired. Right to Cure. If any default, other than a default In payment is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the preceding twelve (12) months, it may be cured if Grantor, after receiving written notice from Lender demanding cure of:such default: (1), cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately Initiates steps which Lender deems In Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES. ON DEFAULT. ,Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may exercise anyone ç¡r more ,of the !ollowingrights,al)d remedies, in addition, to any other rigtlls or rem~dies provided by,law: . ',' , ~.' . . . .'. -: ..... : ',- ; ., :' . ,: _ ..... '. '. . " " . '.' 'ì., '. ': . : . " . Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due and paya.ble,includi~g any. ~~eP8:yment. penalty ~hic~ Gr:antorwoulçt be required to gay,:, .,", ".. '" , " " "", ". µCC Rerned!es. ,~ii,h resp'~ct'tpallor any part of the Personal Property, Lender shau'ha,ve ¡ill the fights and rer:nedie~'of a secured party under the Uniform Comme,rèial Code. ".' ,":" " , " " ",:" .,' " " , ' COllecí Renì~" Lender sh~1I have the right, without notice to Borrower or Grantor, to take possession of the Property, Including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees direclly to Lender. It the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse Instruments received In payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligallons 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 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 ~roperty, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the' receivership, against the Indebtedness. The receivér may serve without bond if permitted' by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain a jUdicial decree foreclosing Grantor's interest In all or any part of the Properly. Nonjudicial Sale. Lender may foreclose Grantor's ¡ntereslin all or in any part of the PropeitYby non-judicial saie, and specifically by "pòwer of sale" or "advertisement and sale" foreclosure as provided by statute. DeficIency Judgment. It permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this section. 'Tenancy atSuffei'ünce.!f Granto(rém~inslnpossessìön of the Property after the Property Is sold as provided above or Lender otherwise becomes entilled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sUfferance of Lender or the purchaser pf the Property ar¡d',shall, ¡It :Lender~s option, either. (1) pay a reasonable rental for the use"of, the Property, or (2) vacate the Properly Irnmediately,upon the demand of Lender:' ,'.1' ".". '(',' " " '" ," r\ "I ' , c. .' . .,. "", ..' ' Oihe'r Remedies. Lender shall hàvei; all dtheri'ig'his'añdrémedies provided In this Mori¡jàge or the N'ote or á\Îailable a't :Iåw or in equitY.' , . , ..:: ' \, . ". : .'. ':. , '.,' " '.: '.. ~ ".. ~ : - I' , '. 'j.. . . . "," ;, .,' I..:. -. ~.: -.". ::;'. : . ~ . i ... ::, :. . ... , Sale of the Prc~perty. To the extent permitted by applicable law, Borrower and Gr,antor herebY waive any and, all right to have the Property marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part oflhe,Property together or separately, in one sale or by separate sales. Lender shall be entilled to bid at any public sale on all or any portion of the Property. . Notice of Sale. Lender shall 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. Reasonable 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. ElecllOn by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perfòrm an obligation Of Grantor under this Mortgage, after Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or restrict the rights and remedies available to Lender following an Event of Default, or in any way to limit Or restrict the rights and ability of Lender to proceed dlreclly against Grantor arid/or Borrower arid/or against any other co-maker, guarantor, surety or endorser and/or to proceed against any other collateral direclly or indlreclly securing the Indebtedness. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entilled to recover such sum as the court may adjudge 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 thai In Lender's opinion a.re 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 theexpenqiture until~epald. Expenses covered by this paragraph include,without limitation,however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (Including efforts to modify or vacate 'any automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining tille reports (including foreclosure reports), surveyors' reports, and appraisal fees and tille Insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all othersumsprovidedbylaw." ,.,.'..:¡'.". " ':'.':'.,.... "I,:", ,.."., ',;; '., . .', .... I. _' ..' " .,.. .' .' " " ,", ,'",.' !":' NOTICES. Any nollce required to be given under this Mortgage, including without limitation anY notice of de'fåultand 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 II. nationally recognized overnight courier, or,if maileçt, when deposited in the United States mail, as first class; certified or registered mail postage prepaid, directed to the addresses shòwn 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 party may change its address for notices under this Mortgage by giving formál written notice to the other parties, specifying that the purpose of the notice is to change the party'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. . : :;¡ . .1. " ". ~ I:;::::::::::::::::;;:::¡ ~:1:::~:::~:t:!::lliill ~! @ r. ,. ':':'I'~~ 0<:'::,'.". . ";." ,··01\1 ~,i":_" a...r !;~~imml~im~~ ;~i~~ r: !:¡~~~m~~¡~¡~m Loan No: 33056063 MORTGAGE (Continued) OD0657 Page 5 MISCf:LLANEOUS PROVISIONS. The following'mlscellaneousprovislons are a part of this Mortgage: Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the mailers set forth in this Mortgage, No alteration of or amendment to this Mortgage shall beeffectilJeunless given in writing and signed 'by the party or'parties sought to be charged 'or' bound by the alleralion or'amendment. :." ,. ..,_,. ': " . ' :;, '" .',~ ,:' " .." Annual Repo'rts.; If thei Pr6p~rIy s' uskdf6r p'~rpo~es other :tha~ Gra~tor's residenè~, Grantor šh~1I fürnish' to Le¡'¡der,~p~n re~'uest,a certifieéJ statement of net operating Income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require. "Net operating income" shall mean all cash receipts from the Property 'less all cash expenditUres made in connection with the operation of the Property. Caption HeadIngs. Caption headings in this Mortgage are for convenience purposes only and are not to be used to Interpret or define the provisions of this Mortgage. GovernIng Law. ThIs Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Wyoming without regard to Its conflicts of law provisions. This Mortgage has been accepted by Lender In the State of WyomIng. Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Teton County, State of Wyoming. Joint and SeveralUablllty. Ali obligations 0; Borrower and Grantor under this Mortgage shall be joini and several; and all references to Grantor shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each Borrower and Grantor signing below is responsible for all obligations in this Mortgage. No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Mortgage. No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender Is required under this Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent Instances where such consent is required and In all cases such consent may be granted or withheld In the sole, discretion of Lender. Severability. If a court' of 'competel1ì jurisdiction' finds any provision of this MortQage to be illegal, iiwalid, or unenforceable as to any person ,Or circumstance, that finding shall not make the offending provision illegal, invalid, or unenforc~able as to any o-'her, personor circumstance. If feasible, the offending provision shall be' considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, il shall be co!,sidereddeleted from Ihis Mortgage. Unless otherwise required by law, the illegality, invalidity, or unenforceabilily of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision of this Mortgage. Merger. There shallbeno merger of the ini~n:istor estate 'èreatedbyfhis,Mortgage with Ëiny otlier 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 Asslgris. SUbjecttö any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time Is of the Essence. Time is of the essence in the performance of this Mortgage. Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtedness secured by this Mortgage. DEFINITIONS. The following capitalized words and terms shall have the following meånings when used in this Mortgage. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code: Borrower. The word "Borrower" means The Store at Fish Creek LLC, a Wyoming limiled liability company and includes all co-signers and co-makers signing the Note. Default. The word "Default" means the Default set forth in this Mortgage in the section tilled "Default". Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection Of human health or the environment, Including withoutlimitat!.on t~e ç..2.~p'r~~,.Q§i-Y~,~J)~irpnmental Response, Compensation, and Liability Act of '1980, a. s am, ended, 42 U.S.C. S~ction 96Q;1'~,~t'~I!.!((~~I1~'f..'i8 ,Be5r~!lP Am, eW~,n.?el'lts and Reauthorization Act of 1986, Pub. L. . No. '9,9-49,.9. C.',SA,RA,, "),' ,th,.,eHa. zar, d,O, us, Mater.,lals ,Tr., a., nSþorta.tt, '100, 'Ad; ,¡ªì~.. . ,.". lð~ ~,Ið.,q1,::é\.'$, eq'.',.t~, eRe, S,o. urce, Conservation and R, ecovery ~ct!, 42 U,S.C. $ection 6~01 ~ ,~! ~~q.~ or ot~~~ applIcable ~tate O~'~~é!(;à! la~s, , ~~,"! r re6~~q¡ri~rqoPte~. pur~~ant,thereto. .- , ' ,,: : ~b~~~~.~~,e~~~:;:;J~~w,9.rº\,,~~~,n:t:~~,.Def!l~!t':,~~ar~fY,O~;t.;'irt~!~&k~~~~~~je in th,e ~vents O,f default section of this Exl!¡tlng ,lndeb'~dl1ess. .Th,e: V;lorqs ¡'~E.xisting Incle~tednešš" mean th~ indebtedness ~escrlbed in th,e E:1'isting Llrns provision of this Mortgage. Grantor. Thewo~d "Gré\ntòr" means Catherine S. Peet and Patrick I. Milligan. Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness. Guaranty. The word "Guaranty" means the guaranty from Guarantor 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 their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly 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 fracllon thereof and asbestos. Improvements. The word "Improvements" means, all existing and future improvements, building,s, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together With all renewals of, extensions of, modifications of, ,?onsolidations of and substitutions for the'Note or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's oblIgations or expenses incurred by Lender to, enforce Grantor's oblIgations under this Mortgage, together with Interest on such amounts as provided in this Mortgage, Lender. The word "Lender" means The Jackson State Bank & Trust, its successors and assigns. Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender. Note. The word "Note" means the promissory note dated October 13, 2005, in the original principal amount of $35,000.00 from Borrower to Lender, together with all 'renewals, of, extensions of, modifications of" refinancings of, consolIdations of, and substitutions for the promissoj'ynote,.~ragre~~ent.:~OTl~,ET.0 G,RAN,TOR: T~E NOT,E CON!A~NS A~ARIA~LE IN.~EREST RATE. " ,',: ' "., ',', '," Personal Pröpef¡Y: Thê' words' "PersOnal Pro'pertY"meanåll equipment,' fixtures,änd othêrartiClèš' o(þersonal'propèrtinow'or herea'tler' ownèd RY. Grantor, a,i1d .no,w,:Or he~~áfler,alla9~!!,d,oi)f!~!,!d ",o:thi! ,~è~1 Prqpéitý;t~ge\l1.èr' wit~ a:II,a,ccessi~ri~, Rarts; a~d;a:dditiorst.o,aIÜep aceme;'tsof, ~ndallsubstltullons f.or, any' Ol.,such,property; an~. tpgether.,y.'lth all proceeds (irçlu,dl(1g"Y1th<?ut,llmltatlo/,!: an Insurance proce!!ds,and refunds of pr~Ún¡ums)fionia~'~,~IiIe',~r_òtherßi~posit!on9U~ePro~~rty,': ,,,' , ," ' ;, ' , ' Property~ The word ':p'ro¡:Jerty", r;nell~sconect!~ely the RE!aL Property and the Personal Property,.: Real Property. The wordS "Real Property" mean theresl property, interests and rights, as further described in this Mortgage. Related Documents. The words "Related Documents" mean an promissory notes, credit agreements, loan agreements, environmental ~., .. .'. i. !: -- ~' - # .' ~ 'V 0917704 MORTGAGE (Continued) rqn658 \..J \..' L', Loan No: 33056063 Page 6 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 Indebtedness. Rents. The word "Rents· means all .presenl..and, future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. ,., '.,' " ......... _. 0', ., . '. . .. '~.' I.. ','! . ~ ;; .~.. ,,; . . ", .' ". . . EACH GRANTOR ~CKNOWLEDGESHAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. . , .' . .., . :~~~ · . n. -, P'" . STATE OF \ J td -l· ~ D COUNTY OF \' , ' ^"""" INDIVIDUAL ACKNOWLEDGMENT ) ) SS ) On this day before me, the undersigned Notary Public, personally appeared Catherine S. Peet and Patrick I. MIlligan, to me known to 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, forlhe ses and urposes t eln e,nti!>ned. , I r~""-. .., Given an \ ~. -- , day' of KATHY S. ~"g County of M .SIO"~. Dl In ,y WYõmrn"(, y,Comrnlsslon Expires March 19, 2008 l~ LASER PRO L.ndlng, V.r. 5.21.00.001 Copr. Hartlnd financial 5011ol1l0n',lnl:. 1Q¡'I. 2005. All Rights Rutrv.d. _ WY C:\CfnlPL\Go.JFC TR-1015ð PR-1' - '. -"...... .....- --" . (:. ¡:¡:!:ir::::::::¡:;:;::, ",:"~!.I.!~:¿~'~i~.¡ ~¡: /jrþ .. : ''''~': :'. ~ :'~'{:i~ {', -\ 1" 9-." ',' .... i.