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HomeMy WebLinkAbout917738 \...~ ¡ '7. ·,·1 í)U) Z ", '. / ,I" , J,./ ( It t: # '¡I 0747 m~~~m::: RECORDATION REQUESTED BY: FIRST NATIONAL BANK - WEST Afton 314 South Washington SI. P.O. Box 1620 Afton, WY 83110 " WHEN RECORDED MAIL TO: FIRST NATIONAL BANK - WEST Afton 314 South Washington SI. P.O. Box 1620 Afton, WY 83110 RECEIVED 4/25/2006 at 10:18 AM RECEIVING # 917738 BOOK: 617 PAGE: 747 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTICES TO: FIRST NATIONAL BANK - WEST Afton 314 South Washington SI. P.O. Box 1620 Afton. WY 83110 SPACE ABOVE THIS LINE IS FOR AECORDER'S USE ONLY MORTGAGE THIS MORTGAGE dated March 27, 2006, is made and executed between , not personally but as Trustee on behalf of LERON H. ALLRED, as Trustee of the Leron H. Allred Revocable Trust, dated the 30th of August, 1996, an undivided 1/2 interest and ROSALYN P. ALLRED, as Trustee of the Rosalyn P. Allred Revocable Trust, dated the 30th of August, 1996 an undivided 1/2 interest (referred to below as "Grantor") and FIRST NATIONAL BANK - WEST, whose address Is 314 South Washington St., P.O. Box 1620, Afton, WY 83110 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, litle, and Interest In and to the following described real property, together with all existing or subsequenlly erected or affixed buildings, Improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock In utilities with ditch or Irrigation rights); and all other rights, royalties{ and profits relati~g to the real propertY.!. Including without limitation all minerals, 011, gas, geothermal and similar matters, (the "Real Property") located in LINCOLN County, ~tate of Wyoming: Beginning at a point twenty-four (24) rods East of the Northwest corner of the Southwest Quarter (SW1/4) of Section Six (6) of Township Thirty-one (31) of Range One Hundred Eighteen (118) West of the Sixth (6th) P.M. and runnmg thence East One Hundred Ten (11U} rods; thence South Eighty (80) rods· thence West One hundred Ten (1 fO) rods; thence North Eighty (80) rods to place of beginning, excepting therefrom however, the North two rods of the said described property. The Real Property or its address is commonly known as VALLY VU DRIVE, AFTON, WY 83110. Grantor presenlly assigns to Lender all of Grantor's right, . tille, and inlerest In and to all present and future leases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest In the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANy AND .ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: 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 othelWlse 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 connict wit!:!, 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 meims of obtaining from Borrower on a continuing basis Information about Borrower's financial condition; and· (e) Lender has madeno representation to Grantor about Borrower (Including without limitation the creditworthiness of Borrower). PAYMENT AND PERFORMANCE. Except as othelWlse provided In this Mortgage, Borrower and Grantor shall pay to Lender all Indebtedness secured by this Mortgage as It becomes due, and Borrower and Grantor shall strictiy perform all Borrower's and Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possession and use of the Property shall be governed by the following provisions: -:, " PossesSion and Use. Unlilthe occurrence of af! Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate' or> manage the Property; and (3) collec!the Rents from the Property. , Duly to Maintain. Grantor shall maintain the Property In good condition and promplly. perform all repairs, replacements, and maintenance necessary to preserve lis value.· . , . . . Compliance With Envlromrièntal Law$. Grantor repres 3nts and warrants to Lender that: (1) During the period of Grantor'sowriership of the Property, there has been no" use, generatiòn, manufacture,. slorage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from 'the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender In writing, (a) any breach orviolalion of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender In writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generale, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the~roperty; and (b) any such activity shall be conducted in cómpliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and Its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liabilily on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence In investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims agaInst Lender for indemnity or contribulion in the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to Indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or Indirectly sustain or suffer resulting from a 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 o~ not the same was or should have been known to Grantor. The provisions of this sectio'n of ihe Mortgage, Including Ihe obligalion 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 othelWlse. "..'.. Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to Ihe Property or any portion of the Property. Without limiting the generality of the foregoing, Granlor will not remove, or grant to any other party the , right to remove, any timber, rlJinerals (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 arrangements satisfactory to Lender to replace 091.7738 ~~:~~~~:::~:;:!:¡¡j~; MO~f~XGE (Continued) .i~I~;iffi;~~~i!¡~;}¡~~¡:¡~ Loan No: 64003324 00748 Page 2 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 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 applicable to the use or occupancy of the Property. Grantor may contest In good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property, are not Jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Len.der's interest. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, In addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage: Payment. Grantor shall pay when due (arid In all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Prpperty. Grantor shall maintain ~he Property free of any liens having priority over or equal to the Interest of Lender under this Mortgage, except for those liens specifically agreed to In writing by Lender, and except for the lien of taxes and assessments not due as further specified in the Right to Contest p·aragraph. Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's Interest in the Property is not Jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing,secure the discharge of the lien, or 11 requested by Lender, deposit with Lender cash ora sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrUe as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety b~ndfurnished in the contest proceedings. Evld!!nc~ of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Nollce of Construcllon. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Lender fúrnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. PRO~ERTY DAMAGE INSURANCE; The folíowlrig provisions relating to Insuring the PrOperty areåpart 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 Properly In an ar,nC:J\:Jritsl!Jfflcient to avoid application of any coinsurance clause, and with a standard mortgagee clause In favor of Lender. Grantor shall also procure äJ'\~ maintain comprehensive gener.aJ liability Insurance In such coverage amounts as Lender may request with Lender being named as addillonallnsureds In such liability Insurance policies. Addillonally, Grantor. shall maintain such other Insurance, Including but not limited to hazard, business interruptIon and boil!trlrisl. rance 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()r diminished without a minimum of thirty (30) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for fàJfuretò give such notice, Each insurance policy also shall Include an endorsement providing that coverage In favor of L.nder wlflnofbe impaired 1" anyWay by any act, omission or default of Grantor or any other person. Should the Real Property be located In ana'rØ& designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal FloQd nsur!lnce~ if available, within 45 days after notice is given by Lender that the property Is located In a special flood hazard area, for the full unpaid principal balance of the loan ånd 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 ,equired by Lei:1der, and to maintain such Insurance for the term of the loan. Application of Proceeds.. G.l'ar:ítOl'~hall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or replacement exceeds $1,000,00. L9nd~rmay make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is Impaired, Lender may,at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the 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 to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements In a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay ,or relmþurse Grantor from the proceeds for the reasonable cost of repair or restoration If Grantor Is not In default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment In full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear. lENDER'S EXPENDITURES. If Grantor falls (A) to keep the Property free of all taxes, liens, security Interests, encumbrances, and other claims, (B) to provide any required Insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or proceeding is commenced that would materially affect Lender's. interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action that Lender believes to be appropriate to protect Lender's interests, All expenses Incurred or paid by Lender for such purposes will then· bear Interest at the rate charged under the Note from the date Incurred or paid by Lender to the date of repayment by Grantor. AU such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable wilhany installment payments to become due during either (1) the term of anyapplicable·insurancepolicy; 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. The rights provided for In this paragraph shall be In addition to any 'other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have had. WARRANTY; DEFENSE OF TITLE. Thefollowlng.provislons relating to ownership of the Property are a part of this Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property In fee simple, free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any title Insurance policy, title report, or final title opinion issued In favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender. . . Defense of Title. Subject to the exception In the paragraph above, Grantor warrants and will forever defendihe title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party In such proceeding, but Lender shall be entitled to participate in the proceeding ,and to be represented In the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from time to time to permit such participation. Compliance With laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. , Survival of Promises. All promises, agreements, and statements Grantor has made In this Mortgage shall survive the execution and delivery of this Mortgage, shall be continuing In nature and shall remain In full force and effect un~1 such time as Borrower's Indebtedness is paid In full. CONDEMNATION, The following provisions relating to c~ndemnatlon proceedings are apárt of this Mortgage: Proceedings. If any proceeding In condemnation Is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such steps as may be necessary to de.fend 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 proceeding by counsel of its own choice, and Grantor will deliver or cause to be delivered to Lender such instruments. and documentation as may be requested by Lender from time to time to permit such participation. Application of Net Proceeds. If all or any part of the Property Is condemned by eminent domain proceedings or by any proceeding or purchase In lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award .afte(þayment of all reasonable costs, expenses, .. ,> Loan No: 64003324 0917738 MORTGAGE (Continued) ., coo 74 9 Page 3 and attorneys' fees Incurred by Lender In connection with the condemnation. , IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Current TaXes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents In addition to this Mortgage and take whatever other action Is. requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, together with all expenses Incurred In recording, perfecting or continuing this Mortgage, Including without limitation all taxes, fees, documentary stamps, and other charges for r~Cqrding or registering this Mortgage.· ... Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Borrower which Borrowar is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Borrower. Subsequent Taxes. If any tax to which this section applies Is enacted subsequent to the date of this Mortgage, this event shall have the same øffect as an Event of Defauit, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (1) pa~the tax before it become,s delinquent, or (2) contests the tax as provided above ,In the Taxes and Liens section and deposits with LendElr cash ¿ia sufficient corporate su~ety bond or other security s¡:ltisfactory to Lender. . SECURlTV AGJtEÊMålt¡ FINANCING STATEMENTS. The following provisions relating, to this Mortgage as a security agreement are a part of this MorIQa~ Sécurltý Agr"ement. This Insitumerit shall cOnstitute a Security Agreement to the extent any of the Proþer1y constlil¡tes fixtures, and Lender shall have all of the rights ota secured party under the Uniform Commercial Code as amended from time to time. . Security Interest. Upon request by Lender, Grantor shall take whatever action Is requested by Lander to perfect and continue Lender's security Interest in the Personal Property. In addition to recording this Mortgage In the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a finanCing statement. Grantor shall reimburse I,.ender for all expenses Incurred In perfecting or continuing this security Interest. Upon defauit, Gra~tor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property In a manner and at a plaêe reasonably cOnvenient to Grantor and Lender and make II available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses. The mailing addresses of Grantor (debtor) and Lender, (secured party) from which Information concerning the security Interest granted by this Mortgage may be obtained (each as.requlred by the Uniform Commercial Code)are ~s stated onthe first page of this Mortgage. FURTHER ASSURANCES¡ ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-In-fact are a part of this Mortgage:, . Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be ff1ed, recorded, refi/ed, or rerecorded, as the case may be, at such times. and In such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statemEjnts, Inslrumentsof further assurance, certíflca:t~. and other documents as may, In the sole opinion of Lender, be nacesssry or desir¡¡ble In order to effectuate,complete, perfect, contlnua,or preserve (1) ,Borrowèr's and Grantor'sobilgations under the Note, this Mo¡. ~~,q~.a"dthe Rela,ted ,Docùments, and (2) the liens and security Interests created by this Mortgage as first and prior liens on the Property, whethèr now, owned or he.reaftElracqulred by Grantor. Unless prohibited bylâW or Lender agrees to the contrary lil writing, Grantor shall reimburse Lender for all costsaild eXpenses Incurred In connection with the matterS referred to in this paragraph. . .. . . '. .'. . .ttorriey-in-Fact. if Grantor faf/stb do :any of theihings referred to In the preceding paragraph, Lender may do so for and In the name of Grantor Jnd at Grantor's expe~;,for~\Jch purposes, Grantor hereby Irrevocably appoints Lender as Grantor's àttornay-ln-fact for the purpose of ' ,ialdng, executlilg,d8livert,i¡!g, fÎlfnQ. recordlng,anddolng'all other things as may be necessary or desirable, In Lender's sole opinion, to accomplish the matters refeU"d to' In the preceding paragraph;. . . F\.LI,. Pi;RFORMANCE. tf Bor'QW~ ~nd Grantor pay all the Indebtedness, Including without IImitallon all future advances, when due, and Grantor otherwlþpørlorms aU the obligations imposed upon Grantor under this Mortgage, L.ender shall execute and deliver to Grantor a sultabie satisfaction of this Mortg$ge and suitable statements of termlnallon of any financing statement on file. evidencing Lender's security Interest in the Rents and the Personal Property. Grantor will pay, If permitted by applicable law, any reasonable terminallon fee a~ determined by Lender from time to tlma. EVENTS OF DEfÀ(.LT. At Lender's opllon, Grantor will be In default under this Mortgage if any.of the following happen: Payment Det_ .BorroW4Kfallst¡) make any p.ayment when dÌJe under the Indebtedness. " , , " " " ' .'¡', ' Default on. OthefPaymenl,. Failure of Grantor within the ~me required bV ~ Uotlgage to make any payment for taxes or Insurance, or any other payment n8êàssary to prevent filing of or to effect discharge of any lien. . Break Other Promise*- Borrower or Grantor breaks any promise made to Lender or falls to perform promplly at the lime and strlcllyln the manner provided in this Uortgage or In any agreement related to this Mortgage. False Statements. Any representation· or statemønt made or furnished to Lender by Borrower òr Grantor or on Borrower's or Grantor's behalf under this Mortgage or the Related Documents Is falsø or misleading In any material respect, either now or at the time made or furnished. Defective Collatera :t~tlon. . This Mortgage or any of the Re!atød Documents ceases to be In full force and efføct (Including failure of any collateral document to create a valid andper;tected security interest or lien) at any time and for any re.ason. .. ..., Insolvency. The dissolutl>(),fJ~~rrust,ttlÈl)nsolvency of BOrráIÑ"r or Grantor, .the appointment of arecellier for any part of Borrower's or Grantor's" PIT!,e~t for the b~nefit of creditors, any type of creditor workout, or the commencement of any proceeding undør any ban . ... .". "cyJaws by or against Borrower or Grantor.. Taking of the Property. Ányci'é~iið#¡ >.Iag~ncy tries to take any of the Property· or any other ~f Borrower's or Grantor's property In which Lender has a lien. This InclY .I~.hln,g¡gf ~rlevying on Borrower's or Grantor's accounts wjth Lender. However, if Borrower or Grantor disputes In good faith w ,..Whlçþthetakl(lg,qttQ~·Property Is basød Is valid or reasonable, and If Borrower or Grantor gives Lender written notice of the claim :tenderwith moMiësor a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply. Breach of Other Agreement. Any breach byBorrower orGràntor under the terms of sny other agreement betwøen Borrower or Grantor and Lender that is not remedied within any grace period provided therølil, inclUding without limitation any agreement concerning any Indøbtedness or othør obligation of Borrower or Grantor to Lender, whether existing now or later. . , Events Affecting Guarantor. Any of.lhe pre¡;edJrigøvents occurs with respect to ani Guarantor of any of the Indebtedness or any Guarantor 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 opllon, may, but shall not be required to, permit the Guarantor's estate to assUme unconditionally the obllgallons arising under the guaranty in a manner satisfactory to Lender, and, In doing so, cure any Event of Default. Insecurity. Lender In good faith believes itself Insecure. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any lime thereafter, Lender, at Lender's option, may exercise anyone or more of the following rights and remedies, in addition to any other rights or remedies provided by law: Accelerate Indebtedness. Lender shall have the right at its opllon 'without nollce 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 shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Lender shall have the· right, without nollce to Borrower or Grantor, to tlike possession of the Property, Including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender. If the Rents are cOllecl,ed by Lendar, then Grantor irrevocably designates Lender as Grantor's attorney-In-fact to endorse Instruments received In payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender In response to Lender's demand shall satisfy the obligations for which the ::~~:::~::~ú:;¡:::¡ ~œ~~·j Loan No: 64003324 0917738 (~~:::?::f.::::~~10 Mo~ft:JAGE (Continued) C00750 Page 4 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 Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost oUhe receivership, against the Indebtedness. The receiver maý 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 ForecloslÌre. Lender may obtain a judicial decree foreclosing Grantor's Interest In all or any part of the Property. Nonjudicial Sale. Lender may foreclose Grantor's interest In all or In any part of the Property by non-Judicial sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute, . Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this section. Tenancy at ~\Jfferarice. If Grantor remains in possession of the Property after the Property Is sold as provided above or Lender otherwise becômes~l1t¡f ed to po~ession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property .$nd shan, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property Îmmediatêly upon the demand of Lender. Othêr Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity. Sale of the Property. To the extent permitted by applicable law, Borrower and Grantor hereby waive any and all right to have the Property marshalled. In exercising lis rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by separate sales. Lender shall be entitled to bidat'any public sale on all or any portion of the Property. .. ' Notice of Sale. Lender will give Grantòr 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. All QILender's rights and remedies will be cumulative and may be exercised alone or together. An election by Lender to choose anyone remedy will not bar Lenderfrom using any other remedy. If Lender decides to spend money or to perform any of Grantor's obligations under this Mortgage. after Gi.intor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor In default and to exercise Lender's remedies. Attorneys' Feeš; Expenses. .1(Lender InstitiJtesany suit oractlönto enforée any of the terms' of this Mortgage, Lender shall be entitled to recover such sum as ttie éourt may adjudge reasonable as attorneys'feesat trial and upon any appeal.YVhetheror nöt any courtactionls involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that In Lender's opinion are necessary at any time for the protection of Its Interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid, Expenses covered by this paragraph Include, without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's leg¡¡1 expenses whether or not there isa lawsuit, Including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacateanyautomatl~ stay or, Injunction), appeals, and any antièipated post-judgment collection services, th!J cost of searching records, obtaining title reports (Including foreclosure reports), surveyors' reports, and appraisal fees and title Insu'rance, to tne 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 IliIlQl'laUy recognized overnlgtit courier, or, if mailed, when deposited In the United States mall, as first class, certified or registered mall postage prepaid, Qlrectedto the addresses shbWn near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage. Any person may change his or her address for notices under this Mortgage by giving formal written notice to the other person or persons, specifying that the purpose of the notice Is to change the person's address. For notice purposes, Grantor agrees to keep Lender Informed at all times of Grantor's current address. Unless otherwise provided or required by law, If there Is more than one Grantor, any notice given by Lender to any Grantor Is deemed to be notice given to all Grantors. It will be Grantor's responsibility t~ tell the others of, the notice from Lender. ... .. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are ii. part ofthls Mortgage: Amendmen\1. What Is written In this Mortgage lind In the Related DoCÛh1ents Is Grantor's entire agreeme~t 'with Lender concerning the matters covered 'by this Mortgage. To be effective, any change or amendment to ¡his Mortgage must be in writing and· must be signed by whoever will be bound or obligated by the change or amendme'nt. Caption Headings.. Caption headings ,in this Mortgage lIre 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 appilcable to Le'nder and, to the extent not preempted by federal law, the laws of the State of Wyoming without regard to Its conflicts of law provisions. This Mortgage has been accepted by Lender In the State of Wyoming. Choice of Venue. If there Is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Lincoln County, State of Wyoming.· . . ., Joint and Several Liability. All obligatipns of Borrower and Grantor underthis Mortgage shall be joint and several, and all references to Grantor shall mean each and every Grantor, and all references to Borrower shall mean each .and every Borrower. This means that each Borrower and Grantor signing below Is responsible for all obligations In this Mortgage. . . No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give up one of Lender's rights, that does not mean Grantor will 110t 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 ha~e to get Lender's consent again if the situation happens again. Grantor further understllnds thatjust because Lender consents to one or more of Gra~tor's requests, that does not mean Lender will be required to consent to any of Grant~r'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. . Severability. If a court finds ttíåtany provision of this Mortgage is not valid or should not be enforced, that fact by Itself will not mean that the rest of this Mortgage will not be valid or enforce~. Therefore, a court will enforce the rest of the provisions of this Mortgage even if a provision of this Mortgage may be found to be Invalid or une'nforceable. Merger. There shall be no merger of the interest or estate created by this Mortgage with any other Interest or estate In the Property at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender. . Successors and Assigns. Subject to any limitations stated In this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon and Inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested In a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time Is of the Essence. Time is of the essence in ¡he performance of this Mortgage. Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits ·ofthe homestead exemption laws of the State of Wyoming as to all Indebtedness secured by this Mortgage. . ... DEFINITIONS. The following words shall have the following meanings when used In this Mortgage: Borrower. The word "Borrower" means LERON&ROSALYN ALLÀED REVOCABLE TRUST· and Includes all c~slgners and co-makers signing the Note and all their successors and assigns. Environmental Laws. The \\lords "Envli'onmental Laws" mean any ándail state, fêderaland local statutes, regulations and ordinances relating to ~ Loan No: 64003324 091'7738 . ¿ MORTGAGE (Continued) C007/51 Page 5 the protection of human health or the environment, Including without limitation the Comprehensive Environmental Response. Compensation, and liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorizallon Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportalion Act, 49 U.S.C. Seclion 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Seclion 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage In the events of default section of this Mortgage. . . Grantor. The word "Grantor" means LERON H. ALLRED, as Trustee of the Leron H. Allred Revocable Trust, dated the 30th of August, 1996, an undivided 1/2 interest and ROSALYN P. ALLRED, as Trustee of the Rosalyn P. Allred Revocable Trust, dated the 30th of August, 1996 an undivided 1/2 Interest. Guarantor. The word "Guarantor" means any guarantor, surety, or accommodallon parly of any or all of the Indebtedness. Guaranty. The word "Guaranty" means, the guaranty from Guarantor to Lender, Including without limltallon a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials. that, becaµse of their quanti!Y, concentrallon 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 arid petroleum by-products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and future Improvemenls, buildings, struCtures, mobile homes affixed on the Real Properly, facilities, additions, replacements and other construction on the Real Properly. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or· advanced by Lender to discharge Grantor's obligations or expenses Incurred by Lender to enforce Grantor's obligations under this Mortgage, together with Interest on such amounlsas provided In this Mortgage. Lender. The word ,"Lender" means FIRST NATIONAL BANK- WEST, its successors and assigns. The words "successors or assigns" mean any person or company that acquires any Interest In the Note. Mortgage. The word "M0rigage", means this, Mortgaç;¡ ¡ between Grantor and Lender. .. . Note. The word "Note" m~ai'ls íh~ promissory note dated March 27, 2006, In the original principal amount of $201,043.00 from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolldallons of, and substitutions for the promrssøry note or agreement. The maturity date of this Mortgage is April 5, 2007. Personal Property. The words "Personal Properly" mean all equipment, fixtures, and other articles oì:'pe~onal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Properly; together with all accessions, parts, and additions to, all replacementS of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all Insurance proceeds and refunds of premiums) ftòm any sale or other disposition of the Properly. Property. The word "Properly" means collectively the Real Properly and the Personal Property. Real Property. The words "RealProperly"måan the real properly, Interests and rights, as further described In this Mortgage. Related Documents. The words "Related Oocuments" mean all promissory notes, credit agreements,. loan agreements, environmental agreements, guaranlles, security agreements, mortgages, deeds oftrµst, security deeds,collateral mortgages, and all other Instruments, agreemel'its.anddocuments, whether now or herÈ¡afler exlsllng, executéd In connection with the Indebtedness.. . R.~t.a. the wocd "Rents" means all present and future rents, revenues, Income, Issues, royalties, profits, and other benefits derived from· the Properly. ~ . " GRANTOR ACKNOWLEDGES HA VINGREAD Au. THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: LERON H. ALLRED, ÀS TRUSTEE OF THE !..EROH H. Au.RED REVOCABLE TRUST, DATED .THE 30TH OF AUGUST,1996, AN UNDIVIDED 1/2 INTEREST AND ROSALYN P. ALLRED, AS TRUSTEE OF THE ROSALYN P.ALLRED REVOCABLE TRUST, DATED THE 30TH OF AUGUST, 1996 AN UNDlV 1/2 INTEREST . 7"r "'>1; ( ED..Js Trustee of the Lero H. Altred Revocable. Trust, dated the 30th of August, 1996, an undhildèd 1/2 Interest and ROSALYN P. ALLRED, as Trustee of the Rosalyn P. Allred Revocable Trust, dated the 30th of August, 1996 an undivided 1/2 Interest '\ e~ p ~ .'t~..~~. TRUST ACKNOWLEDGMENT STATE OF Ì1/y It m;" rvP/' / . / A./ /VC tY Iv-- ) ) SS ) ROGER J COL!S -' ... NOTARYPUBl/C COUNTY OF . l/NCOl. .N. . . STATE OF WYOMING MY COMMISSION EXPIRES JANUARY 29. 2008 On this ;L , before me, the undersigned Notary IIc, personally appeared ¿ and known to me to be (an) authorized trustee(s) or agent{s) of the trust that executed the Mortg~ge and acknowledged the Mortgage to be the fr~e and voluntary act and deed of. the trust, by. authority set forth In the trust documents or, by authority of statute, for the uses and purposes therein mentioned, a on oath stated that r~~rEtauthorized to execute this Mortgage and In fa.ct executed the MO~gage on behalf of the trust. By . ~.. ··_Resldlngat¿'-'/~/o/, ·r;y~ . In .nd' Ih. SI.I. 0' 1jTtJ7~ My commission exp'''' I -:; 9-C'ff' COUNTY OF LASER PRO L.naing, V.r, 5.J~t.10,001 Copr, !iarland finAncial Solullons, Inc. 1897. 2006. All RIghlt Rutry.d. .. WY D:\LASERPRO\fNI\CfI\LPL\G03.FC TR-H21 ::::!:j:~:~*:!?il' ~~~~JÓ~;,~.