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HomeMy WebLinkAbout918005 r: 0 ('. 6 r¡ 9 '.; I... I :... ~ RECORDATION REQUESTED BY: FIRST NATIONAL BANK- WEST Afton 314 South Washington St. P.O. Box 1620 Afton, WY B3110 WHEN RECORDED MAIL TO: FIRST NATIONAL BANK- WEST Atton 314 South Washington St. P.O.Box 1620 Afton, WY B3110 RECEIVED 5/212006 at 4:00 PM RECEIVING # 918005 BOOK: 618 PAGE: 629 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTICES TO: FIRST NATIONAl:BANK- WESt Atton 314 South Washington St. P.O. Box 1620 Atton. WY 83110 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY j MORTGAGE THIS MORTGAGE dated April 26, 2006, is made and executed between JAMES B. FAIRCHILD and SANDRA C. FAIRCHILD, not personally but as Trustees on behalf of JAMES B FAIRCHILD AND SANDRA C. FAIRCHILD, TRUSTEES OF THE JAMES B. FAIRCHILD. AND SANDRA C. FAIRCHILD FAMILY TRUST DAlEO SEP1EMBER 22,· 2003 (referred to below as "Grantor") and FIRST NATIONAL BANK - WEST, whose .address js 314 South Washington Sl, P.O. Box 1620, Afton, WY83110 (referred to below .as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and Intenast in BOO to the following described real property, together with BII iOOsting or sUbsequently erected or Bffixed buildings, improvements Bnd fixtures; BII.easements, rights of way, Bnd Bppurtenances; BII 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 miners.Js, oil, gas, geothermal Bnd similar matters, (the "Real Property") located in LINCOLN County, ::.tate of Wyoming: Lot 9 of Rayco Ranch Estates, Second Filing, Lincoln County, Wyoming as described on the official plat filed on Aprß 19, 2006 as instrument No. 917589 of the records of tt1e Lincoln County Clerk. The Real Property or its address is commonly known as RAYCO RANCHES, THAYNE, WY 83127. Grantor presently BSSigns to Lender all of Grantor's right, title, Bnd Intenastln Bnd to BII present Bnd future leases of the Property Bnd BII Rents irom the Property. In Bddition, Grantor grants to Lender B Uniform Commercial Code security interest in the Psrsonal Property Bnd 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 (8) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEP1ED ON THE FOlLOWING TERMS: PAYMENT AND PERFORMANCE. Except s.s otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage liS they become due Bnd shall strictly perform BII of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor Bgrees that Grantor's possession and JJSe of the Property shall be governed by the 1ollowing provisions: Possession :and Use. Until the occurrence of Bn Evenl of Default, Grantor may (1) remain In possession Bnd control Df the Property; (2) JJSe, operate or manage the Property; and (3) collect the Rents irom the Property. Duty to Maintain. GrBntor shall maintain the Property in good condition and promptly perform BII repairs, replacements, lInd maintenancs necessary to prsserve its value. Compliance With Envlronmental.Laws. Grantor represents Bnd warrBnts to Lender that: (1) During the period of Grantor's ownership of the Property, there has been no JJSe, generation, manufacture, storage, trœtment, disposal, rslease or thrœtened release of Bny tlazardous Substance by Bny person on, under, about or irom the Property; (2) Grantor has no knowledge of, or reason to believe 1hat there has been, mccept as previously disclosed to and Bcknowledged by Lender in writing, (a) Bny breach or violation of any Environmental Laws, (b) Bny JJSe, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, Bbout or irom the Property by lIny prior owners or occupants of the Property, Dr (c) any actual or threatened litigation or claims of Bny kind by Bny person rslating to such matters; and (3) Except as previously disclosed to and aCknowledged by Lender in writing, (a) neither Grantor nor Bny tenant, contractor, Bgent or other Buthorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release Bny Hazardous Substance on, under, about Dr irom the Property; Bnd (b) Bny such activity shall be conducted in compliance with all Bpplicable federal, state, Bnd local laws, regulations Bnd ordinances, including without limitation all Environmental Laws. Grantor Buthorizes Lender Bnd its Bgents to snter upon the Property to make such inspections Bnd tests, Bt Grantor's &pense, liS Lender may deem Bppropriate to determine compliance Df the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only Bnd shall not bs construed to crœte Bny responsibility or liability on 1he part of Lender to Grantor or to Bny other person. The representations Bnd warranties contained herein are based Dn Grantor's due diligence in investigating the Property for tlazardous S1Jbstances. Grantor hereby (1) releases Bnd waives Bny future claims Bgainst Lender for indemnity or contribution in the event Grantor becomes liable for cleal11Jp or other costs lJnder Bny such laws; Bnd (2) Bgrees to indemnify Bnd hold harmless Lender against Bny Bnd BII claims, losses, liabilities, damages, penalties, B.nd expenses which Lender may directly or Indirectly sustain or suffer resulting irom B breach of this section of the Mortgage or lIS B consequence of Bny JJSe, ,generation, manufacture, storage, disposal, release or thrœtened release occurring prior to Grantor's ownership or. interest in 1he Pr¡:¡perty, whether or not the same ws.s or should have been known to Grantor. The provisions of this seclion of the Mortgage, Including the obligation to indemnify, shall survive the payment of the Indebtedness Bnd the satisfaction and reconveyance of the lien of this Mortgage Bnd shall not be Bffected by Lender's 1lCquisition of Bny interest in the Property, whether by foreclosure or otherwise. . Nuisance, Waste. Grantor shall not cause, conduct or permit Bny nuisance nor commit, permit, or suffer Bny stripping of or ws.ste on or to the Property Dr Bny portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to Bny other party the right to rsmove, Bny timber, minerals (including oii Bnd gas), coal, clay,scoria, soii, gravel or rock products without Lender's prior wrillen consent. Removal of Jmprovements. Grantor shall not demolish or remove Bny Improvements irom the Real Property withoJJt Lender's prior written consent. As B condition to the removal of Bny Improvements, Lender may requirs Grantor to make Brrangements satisfactory to Lender to replace such Improvements with Improvements of Bt Jeastsqual value. Lender's Right to .Enter. Lender Bnd Lender's Bgents Bnd representatives may snter upon the Real Property lit 1111 rsasonable times to Bttencl to Lender's interests Bnd to inspect the Real Property for purposes of Grantor's compliance with the terms Bnd conditions of this Mortgage. Compliance with Governmental Requirements. Grantor shall promptly comply with BII laws, ordinances,Bnd regulations, now Dr herœfter in .sffect, Df BII governmentallluthorities Bpplicable to the JJSe or Dccupancy of the Property. GrBntor may contest in good 'faith any such Jaw, Drdinance, Dr regulation Bnd withhold ,gomg,liance during any proceeding, including appropriate .appeals, so long lIS Grantor has notified lBnder in writing prior to doing so Bnd so lotlg':as; rn~lBnder's sole ¡:¡pinion, Lender's interests in the Property Bre not jeopardized. lBncler may require Grantor to post Bdequate security orB surety bond, reasonably satisfactory tolBnder, to protect Lender's Intenast. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do BII other BCts, in Bddition to those Bctsset forth above in this section, which irom the character and JJSe of the Property are reasonably necessary to protect Bnd prsserve the Property. TAXES AND LIENS. The following provisions relating to the taxes Bnd liens on the Property are part of this Mortgage: Payment. Grantor shall pay when Llue (and in 1111 svents prior to Llelir,¡quency) Blltaxes, payroll taxes, special taxes, B.SSessments, water charges I~~i~~ilij:~! 0918005 Loan No: 64003336 ¡'j', i','.' t'¡f¡' MOR AGE (Continued) 000630 Page 2 and sewer service charges levied against or on account of the Property, and shall pay whan due all claims for work done on or for services rendered or material furnished to the Property. Grantor shall mainlain the Property free of any liens. having priority over or equal to the interest of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments not due as further specified in the Right to Contest paragraph. Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other secUrity satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement .against the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or JiSsessments 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. Notice of Constructlon. Grantor shall notify l.ender 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 Ümder that Grantor can and will pay 1he cost of such improvements. ' PROPERTY DAMAGE INSURANCE. Ihe 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 Dn 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 to hazard, 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 thirty (30) days' prior written notice to Lender and not containing any disclaimer of the insurer's liabiUty for failure to give such notice. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by .any act, omission or default of Grantor or any other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if .available, within 45 days after notice is given by Lender that the Property is located in a special flood hazard .area, for the full unpaid principal balance of the loan and .any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or JiS otherwise required by Lender,.and to maintain such insurance for the term of the loan. ApplIcation of Proceeds. Grantor shall promptly notify Lender of .any loss or damage to the PrDperty if the estimated cost Df repair Dr replacement exceeds $1,000.00. l.ender may make proof of loss if Grantor fails to do so within fifteen (15) Llays of 1he casualty. Whether Dr not l.ender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to 1he reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If l.ender elects to .apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements ina manner satisfactory tol.ender. l.ender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair Dr restoration If Grantor Is not in defaullunder this Mortgage. Any proceeds which have not been disbursed within 180 Llays 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, sh,all 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 fails (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 Dr proceeding is J::ommenced 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 l.ender for such purposes will then bear interest lit 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 of1he Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance Dfthe Note and be apportioned .among and be payable with .any installment payments to become f1ue 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 whichwJI1 be due and payable at the Note's maturity. Ihe Mortgage eo will secure payment of these amounts. Iherights provlåed for in this parVi8Øh shaU be in addition to any other rights Dr .any remedies to which Lender may be entitled on .account of any default. Arty such action by Lender shall not be construed as curing the default so AS to bar l.ender from any remedy that it otherwise would have had. W ARRANTY¡ DEFENSE OF TITLE. Ihe following provisions relating to ownership of the Property are a part of this Mortgage: IltIe. Grantor warrants that: (a) Grantor holds goad 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 tol.ender. Defense of TUle. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Pmperty ligainst the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's 1itle 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 Dwn choice, and Grantor will Lleliver, Dr 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 Pmperty complies with all existing .applicable Jaws, Drdinances, and regulations Df I ovemmental authorities. SurvIval of Promises. AI1 promises, agreements, and statements Grantor has made in this Mortgage shall survive the BXecution and Llelivery Df 1his Mortgage, shall be continuing in nature .and shall remain in full force and effect until such time as Grantor's Indebtedness is paid In full. CONDEMNATION. Ihe following provisions relating to condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender In writing, and Grantor shall promptly 1ake such steps AS may be necessary to defend the .action .and !>btain the award. Grantor may be the nominal party in such proceedin9, but Lender shall be ~mtitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver Dr 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 purêhase 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 rest~ration of the Prope,rty. Ihe n.et pr~ceeds Df the .awa~LI shall mean the award after payment Df all reasonable costs, expenses; and attorneys' fees Incurred by Lender In connection with the condemnation. IMPOSITION OF I AXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. Ihe following provisions relating to governmental taxes, fees and charges .are .a part of this Mortgage: Current "sxes,Fees and Charges. Upon request by Lender, Grantor shall sxecute such documents in .addition 10 this Mortgage and 1ake whatever other action is requested by l.enderlo perfect and continue Lender's lien on the Real Pmperty. Grantor shall reimburse l.ender for all 1axes, AS Described below, together Ylith !ill ~xpenses incurred in recording, perfecting Dr continuing this Mortgage, including without limitation all 1axes, fees, documentary stamps, a1!Iã"othér charges for recording or registering this Mortgage. lues. Ihe following shall const.itute taxes to which this ~~ction applies: (1) a. specific tax. upon th~s type of Mortgage or upon all or .any part Df the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor IS 1iuthonzed or required to deduct from p1iyments Dn the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable 1igalnst the Lender or the holder of ihe Note; and (4) a specific tax on all Dr any portion of the indebtedness or on payments of principal and interest made by Grantor. Subsequent lues. If any íax to which this section applies isenactsd subsequent to the date Df this Mortgage, 1his .event shall have 1he same -effect AS.an Event of Default, .and Lender may exercise any or all of its available remedies for an Event of Default AS provided below unless Grantor \~ /' 0918005 Loan No: 64003336 MORTGAGE (Continued) I' 00631 Page 3 ßither (1) pays the tax before II becomes delinquent, or (2) contests the tax as provided 1lbove in the Taxes and Liens section Bnd Deposits with .Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to Ihis Mortgage lIS B security Bgreement Bre B part of this Mortgage: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Properly constitutes fixtures, and Lender :shall have all of the rights of a secured parly under the Uniform Commercial Code lIS amended from time to time. Security Interest. Upon request by Lender, Grantor shall take whatever Bction is requested by Lender to perfect .and continue Lender's :security interest in the Personal Properly. In addition to recording this Mortgage in the real properly records, Lender may,.at any time Bnd without further .authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage lIS a financing statament. Grantor shall reimburse Lender for .all expenses incurred in perfscting or continuing this security interest. Upon default, Gr.antor shall not remove, sever or Detach the Personal Properly from the Properly. Upon Iilefault, Grantor shall assemble any Personal Properly not BffJXed to the Properly In a manner .andBt B place reasonably convenient to Grantor Bnd Lender and make it .available to Lender within three (3) rtaYSBfter receipt of written demand from .Lender to the extent permitted by applicable Jaw. Addresses. The mailing addresses of Grantor (debtor) Bnd Lender (secured parly) from which information concerning the security inteœst granted by this Mortgage may be obtained (each BS required by the Uniform Commercial Code) Bre BS stated on the first page of this Mortgage. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances .and attorney-in-fact .are B part of this Mortgage: Further Assurances. At Bny time, Bnd from time to time, upon request of Lender, Grantor will make, axecute and Deliver, or will causa to be made, executed or delivered, to Lander or to Lender's designee, Bnd when requested by Lender, cause to be filed, recorded, refiled, Dr rerecorded, .as the case may be, al such times.and in such offices and places as Lender may deem Bppropriate, any .and all such mortgages, Deeds of tr1JSt, security deeds, security agreements, financing statements, continuation statements, instruments of further .assurance, certificates, and other documents as may, In the sole opinion of Lender, be necessary or desir1lble in orDer to effectuate, complete, perfect, continue, Dr preserve (1) Grantor's obligations under the Note, this Mortgage, Bnd the Related Documents, Bnd (2) the liens Bnd security Inteœsts created by this Mortgage lIS first and prior liens on the Properly, whether now owned or hereafter Bcquired by Grantor. Unless prohibited by law or Lender .agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to In this paragraph. Attorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for .and in the nama of Grantor Bnd at Grantor's expense. For such purposes, Grantor hereby irrevocably Bppoints Lender BS Grantor's Bttorney-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things BS may be necessary or desir1lble, in Lender's sole opinion, to .accomplish the matters referred to in the preceding paragraph. FULl. PERFORMANCE. If Grantor pays all the Indebtedness, including without limitation Jill future Bdvances, when £Iue, Bnd otherwise performs.all the obligations imposed upon Grantor under this MDrtgage, Lender shall execute and deliver to Grantor B suitablesa1isfection of this Mortgage and suitable :statements of termination of Bny financing stalement on file evidencing Lender's security interest in the Rents .and the Personal Properly. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage Ifany of the following happen: Payment Default.. Grantor fails to make any payment when due under the Indebtedness. Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes Dr Insurance, Dr Bny other payment necessary to prevent filing of or to effect discharge of Bny lien. Break other Promises. Grantor breaks Bny promise made to Lender Dr fails to perform prompllyat the time Bnd strictly In the manner provided in this Mortgage or In any ag¡¡¡¡¡¡ment ralated to this Mortgage. False Statements. Any rapr-esentatlon or statement made or furnished to Lender by Grantor or on Grantor's behalf .under this Mortgage w the Related Documents is false or misleading in .any material respect, either now or Bt the time made or furnished. Defective Collaterallzation. T.gis Mortgage or Bny of the Related Documents ceases to be In full force and effect (including failure of Bny collateral Document to create B valid aoo'P8rlected security interest or lien) at any time Bnd for Bny reason. Insolvency. The dissolution or termination of the Trust, the insolvency of Grantor, the appointment of a receiver for Bny part of Grantor's properly, any Bssignmant for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under Bny bankruptcy Dr Insolvency laws by or against Grantor. TBklng of the Property. Any creditor or governmental Bgency trias to take Bny of the Properly or Bny other of Grantor's properly in which .Lender has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lander. However, if Grantor disputes in good faith whether the claim on which the taking of the Properly is based is valid or reasonable, and if Grantor gives Lander written notice of the claim and furnishes Lender with monies or B surety bond satisfactory to Lender to satisfy the claim, then this Default provision· will not apply. Breach of other Agreement. Any breach by GrBntor under the terms of any other agrßement between Grantor and Lender that is not remedied within any grace period provided therein, including witho.ut limitation any agreement concerning Bny Indebtedness or other obligation of Grantorto .Lender, whetherBXIsting now or later. Events Affecting Guarantor. Any of the preceding events occurs with œspect to any Guarantor of any of the Indebtedness or Bny GuarBntor ,dies Dr becomes incompetent, or revokes or disputes the validity of, or liability under,1iny Guaranty of the Indebtedness. In the svent of 1i Death, .Lender, at its option, may, but shall not be required to, permit the Guarantor's !!State to .assumaunconditionally the obligations Brising .under the guaranty in a manner satisfactory to Lender, Bnd, In doing so, cure Bny 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 Bt .any time thereafter, Lender, Bt !.ender's option, may exercise Bny one or more of the foJlowing rights and remedies, in Bddition to Bny Dther rights or rßmedies provided by Jaw: Accelerate Jndebtedness. Lender shall have the right at its option without notice to Grantor to Declare the Ðntire Indebtedness immediately Due 1ind pay1lbIe, including Bny prepayment penalty which Grantor would be required to pay. UCC Remedies. With respect to all Dr any part of the Personal Properly, Lender shall have all the rights Bnd remedies of a secured parly .under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Properly, Including during the pendency of forÐclosure, whether judicial or non-judicial,1ind collect the Rents, including Bmounts past due and unpaid, Bnd apply the net proceeds, over 1ind Bbove Lender's costs, Bgainst the Indebtedness. In furtherance of this right, Lender may rÐquire any tenant or other .user ofthe Properly to make payments of rent or .use fees direclly to Lender. If the Rents are collected by Lender, then Grantor irrevocably Designates Lender as Graritor's Bttorney-in-fact to Ðndorse instruments received in payment thereof in the name of Grantor and to negotiate the same Bnd collect the proceeds. Payments by tenants or other 1JSers to Lender in response to Lender's demand shall satisfy the obligations for which the payments 1irÐ made, whether or not any proper grounds for the demand Ðxisted. Lender may ßxercise its rights under this subpBragraph ßither in person, by agent, nr thro.ugh B. receiver. Appoint Receiver. Lender shall have the right to have B rÐceiver appointed to take possession of BII Dr Bny part of the Properly, with the power to protect and pr-eserve the Properly, to operate the Properly preceding forÐclosure or sale, and to collect the Rents trom the Properly 1ind 1ipply the proceeds, over Bnd .above the cost of the receivership,1igalnst the Indebtedness. The receiver may serve without bond if permitted by law. .Lender's right to the Bppointment of a receiver shall t!Xist whether or not the apparent value Df the Properly Ðxceeds the Indebtedness by 1i :substantial amount. Employment by LendeI ~_hall not disqualify B person from serving as 1i receiver. ,Judicial Foreclosure. Lender ma~iri ii Judicial decree foreclosing Grantor's inteœst in BII or any part of the Properly. Nonjudicial Sale. Lender may foreclose Grantor's interest in 1i1l or in any part of the Properly by non-judicial sale,and :specifically by "power of sale" of ".advertisement Bnd sale" forßclosure as provided by:statute. ' Deflclency,Judgment. If permitted by 1ipplicable Jaw, Lender may obtain a judgment for Bny deficiency remaining in the Indebtedness due to .Lender after .application of 1i1l1imounts received from the ÐXercise of the rights provided In this section. Tenancy at .sufferance. If Grantor remains in possession of the Properly Bfter the Properly is :sold lIS provided .above Dr Lender Dtherwise . !. :j¡~':~I,6;~I .';~"l.IN. ;'·,'j·ó·~I·'· r,;'¡'; j MoPtlf~)i;'GE (Continued) n ~ 6 ,~~l~~t~fß~rt~ , . ~ I) 2 \~. \. ,) Page 4 Loan No: 6400~18005 becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property Immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided In this Mortgage or the Note or available at law or In equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, In one sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property. Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after which any private sale or other Intended disposition of the Personal Property is to be made. 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 of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by Lender to choose anyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default and to exercise Lender's remedies. Attorneys' Fees; Expenses. If Lender Institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be enlilled 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 Inc;urs 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 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 title reports (Including foreclosure reports), surveyors' reports, and appraisal fees and title Insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, In addition to all other sums provided by law. NOTICES. Any notice required to be given under this Mortgage, Including without limitation any notice of default and any notice of sale shall be given In writing, and shall be effective when actually delivered, when actually received by telefacslmile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mall, as first class, certified or registered mall postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of .notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage. Any person may change his or her address for notices under this. Mortgage by giving formal. written notice to the other person or persons, specifying that the purpose of the notice Is to change the person's address. For notice purpbses, Grantor agrees to. keep Lender Informed at all times of Grantor's current address. Unless otherwise provided or required bylaw, If there Is more than One Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. It will be Grantor's responsibility to tell the others of the notice from Lender. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: Amendments. What Is written In this Mortgage and In the Related Documents Is Grantor's entire agreement with Lender concerning the matters covered by.this Mortgage. To be effective, any change or amendment to this Mortgage must be In writing and must be signed by whoever will be bound or obligated by the change or amendment. 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 Lincoln County, State of Wyoming. 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 not have to comply with the other provisions of this Mortgage. Grantor also understands that If Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation happens again. Grantor further understands thaI just because Lender consents to one or more of Grantor's requests, that does not mean Lender will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand forpayment,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 rlghls while this Mortgage remains In effect. Severability. If a court finds that any provision of this Mortgage Is not valid or should not be enforced, that fact by itself will not mean that the rest of this Mortgage will not be valid or enforced. Therefore, a court will e~force the rest of the provisions of this Mortgage even if a provision of this Mortgage may be found to be invalid or unenforceable. 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'limllatlonsstated 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 Qwnership 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. 11me 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 words shall have the following meanings when used In this Mortgage: Borrower. The word "Borrower" means JAMES B. FAIRCHILD AND SANDRA C. FAIRCHILD, TRUSTEES OF THE JAMES B.FAIRCHILD AND SANDRA C. FAIRCHILD FAMILY TRUST DATED SEPTEMBER 22, 2003 and includes all co-signers and co-makers signing the Note and all their successors and assigns. 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 without limitation the Comprehensive Environmental Response, Compensation, and liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA'1, the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S~C. Section 6901,et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default section of this Mortgage. Grantor. The word "Grantor" means JAMES B. FAIRCHILD AND SANDRA C. FAIRCHILD, TRUSTEES OF THE JAMES B. FAIRCHILD AND SANDRA C. FAIRCHILD FAMILY TRUST DATED SEPTEMBER 22, 2003. Guarantor. The word "Guarantor" mea!1S 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. Ha2ardous 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 'include~, wllhoutlimltatlon, petroleum and petroleum by-products or any fraction thereof and asbestos. ";::~~.- / Loan No: 640033ß91800S MORTGAGE (Continued) no· r633 w.I \"" , Page 5 Improvements. The word "1I1'I:(i)I'ovwnents· means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, addi,tions, repf~~é_nts and other construction on the Real Property. , Indebtedness. The word "fndebtedness" rTl.eansall principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of,extenslons 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 obligallons under this Mortgage, together with Interest on such amounts as 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 "Mortgage" means this Mortgage between Grantor and Lender. Note. The word "Note" means the promissory note dated April 26, 2006, in the original principal amount of $101,500.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitullons for the promissory note or agreement. The maturity date of this Mortgage is May 1, 2011. Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of persqnal property now or hereafter owned by Grantor, and now or hereafter attached or affIXed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitullons for, any of such property; and together with all proceeds (including without limitation all Insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real property, Interests and rights, as further described In this Mortgage. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental 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 present and future rents, revenues, Income, issues, royalties, profits, and other benefits derived from the Property. . GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: JAMES B. FAIRCHILD AND SANDRA C. FAIRCHILD, TRUSTEES OF THE JAMES B. FAIRCHILD AND SANDRA C. FAIRCHILD FAMILY TRUST DATED SEPTEMBER 22, 20031 _ By: ~¡¿~~ ~ES B. FAIR· HILD TRUSTEE. By: ~.1fL. ~'~Wf~ ~ SANDRA C. FAIRCHILD TRUS E~ .. TRUST ACKNOWLEDGMENT By , , \ I r/ NOTARY PUBLIC I STATE OF /)A/pm! n ) ROXIE JENKINS . STATE OF I / ) SS COUNTY OF WYOMING I ~ / LINCOLN COUNTY OF J:-l r¡ CO, "'--' . ) MY COMMISSION EXPlR£5 APRIL 4. 2010 On this . .:l /.. . . day of ...4 ~r.i'l . , 20 CJ ~ ,before me, the undersigned Notary Public, personally appeared JAMES B. FAIRCHILD,. and SANCF\f'C. J:AIRCHILD, of JAMES B. FAIRCHILD AND SANDRA C. FAIRCHILD, TRUSTEES OF THE JAMES B. FAIRCHILD AND SANDRA C. FAIRCHILD FAMILY TRUST DATED SEPTEMBER 22, 2003, and known to me to be authorized trustees 01' agents of the trust that executed the Mortgage and acknowledged the Mortgage to be the free 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, and on oath stated that they are authorized 10 execu . Mortgage an In fact execute~ the Mortgage on behalf of the trust. Residing at 5dt¿1tY!- ~V t1/7///J;? My commission expires {1~/~/ tJ ) " u VW1Y77 LASER PRO L.ndlng. V.r. S.31.00,004Copr. Harl.ndRnancla' SOluUon., Ine, 1en. 200'. AN Righi' R...rv.d. .. WV D:\LASEAPRO\FHI\CfI\lPL\GO.1FC TR-18S4 ~ :;. :::~ ~)::t~::~::~!:i::::; "'.' ·I I .;;I;;/'.!;'.-;~ i:¡æilla:ù..,----".. ¡'{:f~1,.; ¡.¡¡jl;m~mîmii!ilif1iJj .~. ... '