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HomeMy WebLinkAbout918422 bU.::Sbl 11 1,'t - , j~ ,(I . ,. \. i " .~... ,../ ~ '::;::::~:~:::::::::::~ 4....;I.·iSII~il......;, : !¡ :I:'~~'!(.~:.~.~.' :~~~;i:;:~:$}[:Ù;t;:::~ ;:::;:¡:@:;:~,Jn 148 c ~ËCORDATION REQUESTED BY: FIRST NATIONAL BANK· WEST Alpine 100 Greys RiverHd. P.O. Box 3110 Alpine, WY 83128 RECEIVED 5/16/2006 at 1:15 PM RECEIVING # 918422 BOOK: 620 PAGE: 148 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY WHEN RECORDED MAIL TO:. FIRST NATIONAL BANK· WEST Alpine 100 Greys River Rd. P.O. Box 3110 Alpine, WY 83128 J SEND TAX NOTICES TO: FIRST NATIONAL BANK· WEST Alpine 100 Greys River Rd. P.O. Box 3110 Alpine, WY 83128 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY CONSTRUCTION MORTGAGE THIS MORTGAGE dated May 4. 2006. is made and executed between MATTHEW D BARBER and SHERENE TETON. whose address is PO BOX 1496. THAYNE. w,y 83127 (referred to below as "Grantor") and FIRST NATIONAL BANK- WEST, whose address is 100 Greys ~iver Rd.. P.O. Box 3110, Alpine, WY 83128 (referred to below as "Lender"). GRANT OF MORTGAGE. For vaiuable consic!eration, Grantor mortgages and conveys to lender all of Grantor's right, title, and interest in ahd to the following described real property, together with all existing or sUbsequently 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 relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in LINCOLN County. State of Wyoming: See LEGAL DESCRIPTION. which is attached to this Mortgage and made a part of this Mortgage as if fully set forth herein. The Real Property or its address is commonly known as 1875 EAST ETNA ROAD. ETNA. WY 83118. The Real Property tax Identification number is 3519220041200. Grantor presently assigns to lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents from the Property. In addition, Grantor grants to lender a Uniform Commercial Code security interest in the Personal Property and Rents. 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: PA YMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to lender all amounts secured by this Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage. CONSTRUCTION MORTGAGE. This Mortgage is a "construction mortgage" for the purposes of Sections 9-334 and 2A-309 of the Uniform Commercial Code, as those sections have been adopted by the State of Wyoming. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: . , Possession and Use. Until the occurrence of an Event of Default, Grantor may (11 remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental laws. Grantor represents and warrants to lender that: (11 During the period of Grantor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by lender in writing, (a) any breach or violation of any Environmental laws, (b) iiily' 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 t6ånd acknowledged by lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use.. generate, inanufactute,store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental laws. Grantor authorizes lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by lender shall be for lender's purposes only and shall not be construed to create any responsibility or liability on the part of lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless lender against any and all claims, losses, liabilities, damages, penalties, and expenses which lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify" shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. Nuisance, Waste. Grantor shall not cause, conduct or permit any (1uisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas). coal, clay, scoria, soil, gravel or rock products without lender's prior written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without lender's prior written consent. As a condition to the removal of any Improvements, lender may require Grantor to make arrangements satisfactory to lender to replace such Improvements with Improvements of at least equal value. lender's Right to Enter. Lender and lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to Lender's interests and to inspect the Real Property for purposes of Gr¡mtor's compliance with the terms and conditions of this Mortgage. Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in effect. of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified lender in writing prior to doing so and so long as, in lender's sole opinion, lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to lender, to protect lender's interest. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those LOI:ln No: 764003528 MORTGA&~318422 (Continued) 000149 PI:Ige2 BCts set forth Bbove in ,his section, which from the character Bnd use of the Property Bre reasonably necessary to protect Bnd preserve ,he Property. CONSTRUCTION l.OAN. If some or BII of ,he proceeds of the loan creating ,he Indebtedness Bre to be us'ed ,0 construct or complete construction of any Improvements on the Property, ,he Improvements shall be completed no later than the maturity date of the Note (or such earlier date as Lender may reasonably establish) Bnd Grantor shall pay in full all costs and expenses in connection with the work. l.ender will .disburse loan proceeds under such ,erms Bnd conditions BS Lender may deem reBsonably necessary to insure ,hat ,he interest creBted by ,his Mortgage shBII have priority over BII possible liens, including those of material suppliers Bnd workmen. .Lender may require, among other things, ,hat disbursement requests be supported by receipted bills, expense Bffidavits, wBivers of liens, construction progress reports, and such other .documentation BS 1.ender may reasonably request. ìAXES AND lJENS. The following provisions relating ,0 ,he -raxes Bnd liens on the Property Bre part of ,his Mortgage: PByment. GrBntor shall pay when due (and in BII events prior to delinquency) BII ,axes, payroll 'taxes, special taxes, Bssessments, water charges Bnd sewer service charges levied Bgainst or on Bccount of the Property, Bnd shall pay when .due BII claims for work done on or for services rendered or material furnished to ,he Property. Grantor shall maintain the Property free of Bny liens having priority over or equal to 'the interest of Lender under ,his Mortgage, except for those liens specifically lIgreed ,0 in writing by l.ender, and except for ,he lien of -raxes Bnd Bssessments not due as further specified in 'the Right to Contest paragraph. Right to Contest. Grantor may wi1hho!d pzyment of Bny tax, assessment, or claim in connection with a good fBith ciispute over the obligation to P~y'. so . long BS 1.ender's interest .in th: Prope~y is; no: je?pardiz.ed: I! a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (fS) days after the hen arises or, If a hen IS filed, within fifteen (1'5) days Bfter Grantor has notice of ,he filing, secure ,he discharge of ,he lien, or if requested by 1.ender, deposit with 1.ender cash or a sufficient corporBte surety bond or other security satisfactory ,0 l.ender in Bn Bmount sufficient to discharge "the lien plus any costs and reasonable attorneys' fees, or other charges that could Bccrue BS 11 result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself Bnd 1.ender and shall satisfy any adverse judgment before enforcement Bgainst the Property. Grantor shall name l.ender BS an Bdditional obligee under Bny surety bond furnished in the contest proceedings. Evidence of PByment. Grantor shall upon demand furnish ,0 l.ender satisfactory evidence of pByment of the taxes or Bssessments and shall authorize ,he BpproprÌBte governmental official ,0 deliver to Lender Bt lIny Lime a written statement of the ,axes Bnd lIssessments Bgainst ,he Property. ' Notice of Constr.uction. GrBntor shall notify.Lender at least fifteen (1'5) days before Bny work is commenced, Bny services Bre furnished, or Bny materÌBls Bre supplied to ,he Property, if Bny mechanic's lien, materialmen's lien, or other lien could be Bsserted on Bccount of ,he work, services, or materials. GrBntor will upon request of 1.ender furnish ,0 l.ender Bdvance Bssurances satisfactory to 1.ender that Gnmtor can Bnd will pay "the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring 'the Property lire B part of this Mortgage: Mainterumce of Insurance. GrBntor shall procure Bnd maintain policies of fire insurBnce with standard extended coverage endorsements on B replacement basis for the full insurBble vBlue covering BII Improvements on ,he Real Property in Bn amount sufficient to Bvoid Bpplication of Bny coinsurance clBuse, Bnd with a standard mortgagee clause in favor of .Lender. Policies shall be written by such insurBnce companies lInd in such form BS may be reBsonBbly acceptable to 1.ender. GrBntor shall .deliver ,0 .Lender certificBtes of coverBge fromeBch insurer containing B stipulation 1:hat coverage will not be cBncelled or .diminished without a minimum of ,hirty (30) days' prior written notice ,0 Lender Bnd not containing Bny disclBimer of the insurer's liability ior iailure 'to give such notice. .E.ach insurance policy Blso shall include Bn endorsement providing that coverBge in favor of l.ender will not be impaired in Bny way by any act, omission or default of GrBntor or Bny other person. Should "the Real Property be located in Bn Brea designated by "the Director of ,he Federal Emergency Management Agency as a special flood hazBrd Brea, Grantor agrees to obtain and maintain federal flood Insurance, if available, for the full .unpaid principal balBnce of ,he JOBn and Bny prior liens on the property securing ,he loan, up to ,he maximum policy limits set under ,he National Flood Insurance Program, or as otherwise required by l.ender, and to maintain such insurBnce for the term of the loan. Application of Proceeds. Gnmtor shall promptly notify 1.ender of any loss or .damage 'to ,he Property if ,he estimated cost of repair or replacement exceeds $ 1,000.00. l.ender may make proof of ioss if Grantór fails tc dc ::;0 withi;:¡fifti:eh (15) .days of the r.Esualt,y. Wbether or not l.ender's security is impaired, 1.ender may, at l.ender's election, receive Bnd retain ,he proceeds of Bny insurance and apply ,he proceeds 'to 'the reduction of the Indebtedness, payment of any lien Bffecting ,he Property, or ,he restoration Bnd repair of the Property. If l.ender elects to apply the proceeds 'to restorBtion Bnd repair, GrBntor shall repair or replace ,he damaged or destroyed Improvements in a manner satisfactory to 1.ender. .Lender shall, upon satisfactory proof of such expenditure, payor reimburse GrBntor from ,he 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 1 BO days after ,heir receipt Bnd which 1.ender has not committed to the repair or restoration of the Property shall be used first ,0 pay Bny amount owing to 1.ender under this Mortgage, ,hen ,0 pay Bccrued interest, Bnd 'the remainder, if Bny, shall be Bpplied 'to 'the principal Í)alance of 'the Indebtedness. If l.ender holds any proceeds Bfter payment in full of "the Indebtedness, such proceeds shall be paid ,0 Grantor BS GrBntor's interests may Bppear. ' liNDER'S EXPENDITURES. If Grantor fails (A) to keep ,he Property free of BII-raxes, liens, security interests, encumbrances, Bnd other claims, (B) to provide any required insurance on 'the Property, or (C) to make repairs 'to ,he Property 'then l.ender may do so. If Bny Bction or proceeding is commenced ,hat would materially Bffect 1.ender's interests in ,he Property, ,hen .Lender on Grantor's behalf may, but is not required ,0, take Bny Bction ,hat l.ender believes 'a be Bppropriate ,0 protect 1.ender's interests. All expenses incurred or paid by l.ender for such purposes will ,hen bear interest at ,he rate charged under ,he Note from 'the .date incurred or paid by l.ender '0 1:he dBte of repayment by GrBntor. All such expenses will become B part of ,he Indebtedness Bnd, Bt .Lender's option, will (A) be pByable on demand; (H) be Bdded ,0 ""the balance of'the Note Bnd be Bpportioned among Bnd be payable with Bny installment payments to become due .during either (1 j 1:he'term of Bny applicBble insurBnce policy; or (2) "the remaining 'term of 'the Note; or (C) be 'treated lIS 11 balloon payment which will be due Bnd payable .at 'the Note's maturity. ìhe Mortgage Blso will secure payment of1:hese Bmounts.The rights provided for in ,his pBragrBph shall be in lIddition to Bny other rights or Bny remedies to which .Lender may be centitled on Bccount Df any default. Any such Bction by l.ender shall not be construed.as curing the .defBult so BS tobarl.ender from Bny remedy that it otherwise would have had. WARRANTY; DEÆNSE Ofì/Tl.E. The following provisions relating to Dwnership of the Property are B part of this Mortgage: ìitle. Grantor warrBnts 1:hat: (a GrBntor holds good Bnd marketable ,itle of record ,0 "the Property in fee .simple, free:and clear of Bllliens Bnd encumbrBnces other ,han 1:hose set forth in ,he Real Property .description or in any title insurBnce policy, ,itle report, or final,itle opinion issued in favor of, Bnd Bccepted by, 1.ender in connection with ,his Mortgage, :and (b) Grantor has ,he full right, power, Bnd Buthority 'a execute Bnd deliver 1his MortgBge to l.ender. Defense of Title. Subject ,0 ,he exception in ,he pBragraph Bbove, Grantor WBrrants and will forever defend 'the ,itle 'to ,he Property Bgainst ,he lawful claims of DII persons. In ,he event Bny action or proceeding is commenced "that questions Grantor's title or ,he interest of l.ender JJnder'this Monf age, GrBntor shall .defend "the Bction Bt GrBntor's expense. Grantor may be 1:he nominal party in such proceeding, but .Lender shBII be entitled to participate in 'the proceeding Bnd 'to be represented in ,he proceeding by counsel of l.ender~s own choice, and Grantor will .deliver, or CBuse to be delivered, ,0 .Lender .such Ìi1struments BS Lender may request from "time to "time ,0 permit such participation. ComplÌBnce With .Laws. GrBntor warrBnts 1:hat ,he Property and GrBntor's use of ,he Property complies with all existing applicable IBws, ordinances, Bnd regulations of governmental Buthorities. Survival of Promises. All promises, lIgreements, Bnd statements Grantor has made in ,his Mortgage shall survive ,he ßxecution and rlelivery of 'this Mortgage, shall be continuing in nature Bnd shall remain in full force Bnd effect until such time liS GrBntor's Indebtedness is paid in iull. CONDEMNATION. The following provisions relating ,0 condemnation proceedings Bre B part of this Mortgage: Proc.eedings. If Bny proceeding in condemnation is filed, GrBntor, shall promptly notify .Lender in writing, Bnd Grantor shall promptly 'take such steps lIS may be necessary 'to .defend ,he Bction Bnd obtain -the BWBrd. GrBntor may be the nominal party in such proceeding, but 1.ender shall be entitled ,0 participate in 'the proceeding Bnd to be represented in the proceeding by counsel of its own, choicß, Bnd Grantor will .deliver or cause 'a be .delivered ""to ,.Lender such instruments Bnd doc.umentation BS Truly be requested by .Lender from 'time 'to Lime ""to permit such 1)articipation. AppliCiltion of Net Proceeds. If BII or Bny part of ,he Property is condemned by eminent domain proceedings or by Bny proceeding or purchase in lieu Df condemnation, l.ender may Bt its election r.equire 'that BII or Bny portion of ""the net proceeds of ,he Bward be Bpplied 'to ,he Indebtedness or ,he repair or restorBtion of ,he Property. The net proceeds of 'the award shall mean 'the BWBrd Btter payment of DII ¡¡m¡!~i¡j¡rlimim1m ::~:: MOR GAGE 091..8422 (Continued) Page 3 .loan No: 764003528 reasonable costs, expenses, and attorneys' 1ees incurred by lender in connection with the condemnation. IMPOSITION OFIAXES, FEES ~ND CHARGES BY GOVERNMENTAl AUTHORITIES. Ihe 1ollowing provisions relating to governmental taxes, 1ees and charges are a part of this Mortgage: Current laxes, Fus Bnd Charges. Upon request by lender, Grantor shall execute .such documents in addition "to "this Mortgage and take whatever other Bction is requested by lender to perfect and continue lender's lien on 1he Real Property. Grantor shall reimburse Lender 10r all taxes, as described below, 10gether with all expenses incurred in recording, perfecting or continuing "this Mortgage, including without limitation all Laxes, 1ees, documentary stamps, and other charges for recording or registering "this Mortgage. Taxes. Ihe 1ollowing shall constitute taxes to which this section applies: (1) a specific 1ax upon "this type of Mortgage or upon all or any part of "the Indebtedness secured by "this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by "this type of Mortgage; (3) a tax on this type of Mortgage chargeable against "the Lender or the holder of the Note; and (4) a specific tax on all or any portion 'of the Indebtedness or on payments of principal and interest made by Grantor. .subsequent laxes. If any "tax "to which this section applies is enacted subsequent "to the date of 1his Mortgage, this event shall have the same effect BS an Event of Default, and lender may exercise any or all of its available remedies for an Event of Default as provided below unless GrBntoreither (1) pays the LaX befDre it becomes delinquent, or (2) contests the 1ax BS provided above in "the laxes and Liens section and deposits with Lender cBsh or B sufficient corporate surèty bond or other security satisfactory to Lender. .sECURITY AGREEMENT; FINANCING STATEMENTS. Ihe following provisions relating to this Mortgage as a security agreement are a part of "this Mortgage: Security Agreement. Ihis instrument shall constitute a Security Agreement "to the extent any of the Property constitutes 1ixtures, and lender shall have all 01 the rights of a secured party under the Uniform Commercial Code as amended 1rom time to 1ime. Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by lender to perfect and continue lender's security interest in the Personal Property. In addition 10 recording ':his Mortgage in the real property records, Lender may, at any 1:ime and without 1urther authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for illI expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall not remove, sever or Detach "the Personal Property from 1:he Property. Upon default, Grantor shall assemble any Personal Property not affixed 1:0 "the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within "three (3) days aiter receipt of written demand 1rom lender to the extent perrì1itted by applicable law. Addresses. Ihe mailing addresses of Grantor (debtor) and lender (secured party) 1rom which information concerning the security interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the 1irst page of this Mortgage. FURTHER ASSURANCES; ATIORNEY-IN-FACT. Ihe following provisions relating 10 1urther lIssurances and lIttorney-in-1act are a part bf this Mortgage: Further Assurances. At any time, lInd 1rom time 1:0 time, upon request of Lender, Grantor will make, execute and deliver, or will cause 10 be made, executed or Delivered, 1:0 lender or to Lender's designee; and when requested by Lender, cause 10 be 1iled, recorded, refiled, or rerecorded, as the case may be, Bt such times and in such offices and places as lender may deem .appropriate, any and all such mortgages, deeds of trust, security deeds, security lIgreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in the sole opinion of lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Grantor's obligations under the Note,' this Mortgage, .and the Related Documents, and (2) 1:he liens and security interests created by "this Mortgage as first and prior liens on "the Property, whether now owned or heTi~aiter acquired by Grantor. Unless prohibited by law or lender agrees to the contrllry 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 pa~agraph, Lender may do so for Bnd in 1:he name of Grantor and .at Grantor's expense. for such purposes, Grantor høreby irrevocóbly Bp¡jDiilts Ü,ndeT .as Grantor's Bttorney-in-fact fOT "the purpose of making, executing, delivering, 1iling, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FUll PERFORMANCE. If Grantor pays :a1l1:he Indebtedness when due, and otherwise performs :aU the obligations imposed upon Grantor under this Mortgage, Lender shall execute .and Deliver to Gr.antor a suitable satisf.action of 1his Mortgage and .suitable statements of termination of any 1inancing statement on 1ile evidencing lender's security interest in the Rents and 1:he Personal Property. Grantor will pay, if permitted by .applicable law, .any re.ason.able termination 1ee .as determined by Lender from time to time. EVENTS OF DEfAUlI. At Lender's option, Gr.antor will be in default under this Mortgage if Bny of the 1ollowing happen: PlIyment Defllult. Grantor 1l1ils to make :any payment when due under the Indebtedness. Defllult on Other Payments. f.ailure 01 Grantor within the time required by this Mortgage to make :any payment 10r Laxes or insurance, or lIny o"ther payment necessary 1:0 prevent filing of or to effect discharge of lIny lien. .Break Other Promises. Grantor breaks .:anypromise made to Lender or 1.ails to perform promptly .at 1:he time .and strictly in the manner provided in this Mortgage or in .any .agrument related to this Mortgage. Fillse Statements. Any representation or statement made or 1urnished to Lender by GrBntor or on Grantor's behalf under this Mortgage Dr the Related Documents is false or mislellding in lIny m:aterial respect, either now or :at "the 1:ime made or furnished. Defective CDllateralization. Ihis Mortgage Dr lIny of the Related Documents ceases to be in 1ull iorce:and ~ffect (including failure of any collate r.a I Document to create :a v.alid :and perfected security interest or lien) lit .any time and 10r lIny reason. Dellth or Jnsolvency. ¡he death of Grantor, "the insolvency of Grantor, the lIppointment of a receiver 10r lIny part of Grantor's property, lIny .assignment for the benefit of creditors, .any type of creditor workout, or the commencement of any proceeding under .any bankruptcy or insolvency laws by or against GrBntor. laking of 1he Property . Any creditor or governmental agency tries.to take any of the Property or any other of Grantor's property in which Lender has .a lien. This includes "taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Gr:antor disputes in good fllith whether 1he claim on which the taking of the Property is based is valid or reasonable, lInd if Grantor gives Lender written notice of the claim lInd furnishes Lender with monies or .a surety bond satisfactory 10 Lender "to satisfy the claim, "then "this Default provision will not apply. .Breach Df Other Agreement. Any breach by Grantor under the terms of any other lIgreement between Grantor and Lender that is not remedied within .any grace period provided therein, including without limitation :any :agreement .concerning .any indebtedness or other obligation of Grantor to lender, whether existing now or later. :Events Affecting Guanmtor. Any Df the preceding events occurs with respect "to any guarantor, endorser, surety, or accommod:ation p:arty Df lIny of the Indebtedness or lIny gu:ar.antor, endorser, surety, Dr :accommodation party dies or becomes incompetent, or Tßvokes or Disputes 1:he validity of, or liability lJnder, .any Guarllnty of 1:he Indebtedness. In 1:heevent of II de:ath, Lender, .at its option, may. but shall not be required to, permit the guarantor's ,estate to .assume unconditionally the obligations :arising under 1he guaranty in a manner satisf.actory to lender, .lInd, in doinf so, .cure :any Event of Defllult. Jnse.curity. Lender in good 1l1ith believes itself insecure. RIGHTS AND REMEDIES ON DEFAULI. Upon 1:he occurrence of .an Event of Default lInd :at any time thereaiter, lender, lit Lender's option, may exercise lIny one or more of 1he following rights .and remedies, in .addition to lIny other rights or remedies provided by law: Accelerate Jndebtedness. Lender shall hBve the right at its option without notice 10 Grllntor 1:0 Declare the entire Indebtedness immediately due and pay:able, including lIny prepayment penalty which Grantor would be required to pay. uce Remedies. With respect to illI or :any part of the Personal Property, Lender shall have .all the rights and remedies of a secured party under1:he Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice 10 GrBntor, 1:0 1:ake possession of the Property, including During 1:he pendency of foreclosure, whether judicial Dr non-judicial, and collect1:he Rents, including .amounts pllst Due and unpaid, :and :apply the net proceeds, over ilnd ilbove Lender's costs, :against "the Indebtedness. In further.ance of this right, Lender may fequireany tenant or other user of 1:he .. loan No: 764003528 r.Q"'¡¡ 0 Ai~"::,!I MORTGAGE ,;J4.,C'}"±,,,,,,,,,,,,,, (Continued) 000151 Pi1ge 4 Property to make payments of rent or use fees directly to .Lender .If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to ~ndorse instruments received in payment thereof in 1;he name of Grantor and to negotiate the same and collect the proc-eeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations ior which the payments are made, whether or not any proper grourids for the demand existed. L-ender may ~xercise its rights under this subparagraph either in person, by Bgent, 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 ioreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall -exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all Dr 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 1:0 Le~der after application of BII amounts received from the exercise of 1:he rights provided in this section. "Tenancy.at Sufferance. If Grantor remains in possession of the Property after 1he Property is sold as provided Bbove or l.ender otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant Bt sufferance of l.ender Dr 1he purchaser of the Property and shall, BtLender's option, either (1) pay a ræsonable rental for the use of1:he Property, Dr (2) vBcatethe Property immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights Bnd remedies prpvided in this Mortgage or the Note or available Bt law Dr in equity. Sale of1he Property. 10 the extent permitted by applicable law, Grantor hereby waives Bny Bnd BII right to have 1heProperty marshalled. In exercising its rights and remedies, Lender shall be free to sell BII 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 Dr disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real Property. .Election of Remerlies. All of Lender's rights Bnd remedies will be cumulative Bnd may be exercised Blone or together. An -election by l.ender to choose Bny one remedy will not bar Lender from using Bny other remedy. If l.ender decides to spend money or to perform Bny of Grantor's obligations under this Mortgage, Bfter Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare GrBntor in default andiD exercise Lender's remedies. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce Bny of the terms of this Mortgage, L-ender shall be entitled to recover such sum as 1he court may Bdjudge reasonable as attorneys' fees Bt trial and upon any Bppeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable eXþenses Lender incurs 1hat in Lender's opinion Bre necessary at any time for the protection of its interest or 1he enforcement of its rights shall become a part of the Indebtedness payable on demand and shall beBr interest Bt the Note rate from the date of 1he expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to Bny limits under Bpplicable law, Lender's reasollable Bttorneys' fees and Lender's legal expenses whether or not there is B lawsuit, including reasonable BttOrneyS' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate Bny .automatic stay or injunction). Bppeals, .and any anticipated post-judgment collection services, 1he cost of searching records, obtaining title reports (including foreclosure reports). surveyors' reports,Bnd appraisal fees Bnd 1itle insurance, 10 the extent .permitted by applicable law. Grantor Blso 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 actuaily delivt<red, when Bctuailv received by 1e!efacsi:1li:~ (unless .0me~wisE:re!ju;red b'l'aw'), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as iirst class, certified or registered mail postage prepaid, directed to 1he addresses shown near 1he beginning of 1his Mortgage. All copies of notices of foreclosure irom the holder of Bny lien which has priority over this Mortgage shall be sent to Lender's Bddress, as shown near the beginning of this Mortgage. Any person may change his or her .address for notices under 1his Mortgage by giving formal written notice 10 the other person Dr persons, specifying that the purpose of the notice is to change the person's Bddress. For notice purposes, Grantor Bgrees to keep Lender informed .at BII 1imes of Grantor's current Bddress. Unless otherwise provided or required by law, if1here is more1han one GrBntor, lmy notice given by.Lender to Bny Gr.antor is deemed to be notice given to all GrBntors. It will be Grantor's responsibility to tell the others ofíhe notice from Lender. MISCELLANEOUS PROVJSIONS. Ihe iollowing misc~lIaneous provisions Bre .apart of this Mortgage: Amendments. WhBt is written in 1his Mortgage Bnd in 1he Related Documents is Grantor's entire agreement with Lender concerning the matters covered by this Mortgage. To be effective, Bny change or .amendment to this Mortgage must be in writing Bnd must be signed by whoever will be bound or obligated by the change or amendment. Caption -Headings. Caption headings in this Mortgage Bre for convenience purposes only and are not to be used to interpret or define the provisions of this Mortgage. Governing uw. Ihis Mortgage will be governed by ierlerBllaw .applicable 10 .Lender and, 10 1:he extent not preempterlby ierleral Jaw, Í/le Jaws .of1:he State of Wyoming without regarrl1:o its conflicts .of Jaw~provisions. This Mortgage has been .accepted by .Lender in 1:he State .of Wyoming. Choice of Venue. If 1here is B lawsuit, Grantor .agrees upon Lender's request to submit to the jurisdiction of the COLJrts of Lincoln County, State of Wyoming. Joint .and .5everall.ia.bility. All obligations of Grantor under this Mortgage shall be joint Bnd severBl, Bnd all references to Grantor shall mean each .End every Grantor. Ihis means 1hat eBch GrBntor signing below is responsible ior BII obligations in 1his Mortgage. No Waiver by .Lender. Grantor understands .Lender will not give .up .any of .Lender's rights under this Mortgage .unless .Lender .does sa in writing. "The iact 1hat .Lender delays or omits to ~xercise Bny right 'will not mean 1hat Lender has given up that right. If l.ender .does Bgree in writing to give up one of l.ender's rights,1hat does not meBn Gr.antor will not have to comply with 1he other provisions of this Mortgage. Grantor .also understands that if .Lender does consent to B request, 1hat does not rnean1hat Grantor will not have 10 get Lender's consent .again if 1he situation happens .again. Grantor iurther understands 1hat just beCBuse .Lender consents 10 one or more of GrBntor's requests, that does not mean l.ender will be required 10 consent 10 any Df GrBntor's future requests. Grantor wBives presentment, demand ior payment, protest, .and notice .of rlishonor. Grantor wBives BII rights of exemption from execution Dr similar law in 1he Property, Bnd GrBntor .Egress 1hat1he rights of ..Lender in 'the -Property .:mder 'this Mortgage are prior to Grantor's rights while 1his Mortgager.emains in effect. Severability. If a court iinds 'that .any provision of this Mortgage isnat valid or should nC1t be -enforced, that fact by itself will not mean 1hat the rest of -:this Mortgage will not be VB lid or enforced. Therefore,.a court will enforce "the rest of the provisions of this Mortgage even it .a provision of 1his M'ortgage may be found 10 be invalid or unenforceable. Merger. There shall be no merger of 1he interest or estate creBted by this Mortgage with .any other interest Dr -estate in the Property .at Bny time held by or for the benefit of Lender in Bny c.apacity, without 1he written consent of Lender. Successors .and Assigns. Subject 10 Bny limitations stated in this Mortgage on 1ransfer of Grantor's interest, this Mortgage shall be binding upon and inure 10 1he benefit of 1he parties, their .successors .and assigns. If ownership of 1he Property becomes vested in B person other 1han GrBntor, Lender, without notice 1:0 GrBntor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by WBY of forbeBrance Dr ~xtension without releasing GrBntor from the obligations of this Mortgage or liability under the Indebtedness. lime is .of Í/le Essence. lime is of 1he essence in 1he performance Df this Mortgage. Waiver .of Homestead .Exemption. GrBntor hereby releBses Bnd waives.E1I rights Bnd benefits of the homestead exemption Jaws of the State of Wyoming as "to Blllndebtedness secured by this Mortgage. DEfJNITJONS. The iollowing words shall have thefoJlowing meanings when .used in this Martgage: Borrower. Ihe word "Borrower" means MATTHEW D BARBER .and SHERENEìETON .and includes BII co-signers and co-makers signing1:he Note and all their successors and Bssigns. 'n~.:;~~:¡:¡:::,;;:~ t¡~~~·i,..M'·'·";·1 lli~~~~~·:~ ¡::::~$.;e::::~¡::~::: .....,I.I,I...:t1.,·.:/1 Molff'GÁGE (Continued) íP91 R[J; ...,.- c,J .5,,(.::) ~~~ Loan No: 764003528 000152 Page "5 Environmental.Laws. The words "Environmental Laws" mean any and all state, federal lInd local statutes, regulations and ordinances relating 10 1he protection of human health or the environment, including without limitation 1he Comprehensive Environmental Response, Compensation, and jjability Act of 19BO, as lImended, 42 U.S.C. Section 9601, et seq. ("CERCLA"¡' 1he Superfund Amendments and ReauthorÎZ1ltion Act of 1 9B6, Pub. L No. 99-499 ("SARA"j, the Hazardous Materials Transportation Act. 49 U.S.C. Section 1801, et seq., 1he Resource Conservlltion and Recovery Act, 42 U.S.C. Section 6901, et seq., or other lIpplicable state or feder1ll laws, rules, or regulations lIdopted pursuant 1hereto. Event of Defllult. The words "Event of Default" mean lIny of 1he events of .default set forth in 1his Mortgage in "the events of .default section of 1his Mortgage. Grllntor. The word "Grllntor" means MATTHEW D BARBER Bnd SHERENETETON. Guaranty. The word "Guaranty" meBns 1he guarBnty from guarantor, endorser, surety, or .accommodation party "to Lender, including without limitation a guarBnty of all or part of1he Note. Hazard01Js SubSUru:es. The words "Hazardous Substances" mean materials1hat, because of "their quantity, concentrBtion or physicBl, chemicBI or infectious charBcteristics, may cause or pose a present or potential hazard "to human health or "the environment when improperly used, 1reBted, stored, disposed of, gener1lted, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broBdest sense and include without limitation Bny and all hazardous or toxic substances, materials or waste as defined by or listed under 1he Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction 1hereof Bnd lIsbestos. Improvements. The word "Improvements" means 1111 existing and future improvements, buildings, structures, mobile homes affixed on 1he Real Property, facilities, lIdditions, replacements Bnd other construction on "the Real Property. Jndebtedness. The word "Indebtedness" means all principal, interest, and other Bmounts, costs and expenses payable under the Note or Related Documents, 10gether with 1111 renewals of, extensions of, modificBtions of, consolidations of and substitutions for the Note or Related Documents and Bny amounts expended or lIdvanced by -Lender to discharge Grantor's obligations or expenses incurred byLender to enforce Grantor's obligations under this Mortgage, together with interest on such amounts liS 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 lIcquiresBny interest in the Note. Mortgage. The word "Mortgage" meBns1his Mortgage between Grantor and Lender. Note. The word "Note" means the promissory note dated May 4,2006, in 1he original principal amount of $222.000.00 from Grantor to l.ender, "together with .all renewllls of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for 1he promissory note or lIgreement. Persollill Property. The words "Personal Property" mean all equipment, fixtures, lInd other Brticles of personal propérty now or hereafter owned by GrBntor, lInd now or hereafter attached or Bffixed to the ReBI Property; 10gether with 1I1I1Iccessions, parts, and additions to, 1111 replacements of, Bnd 1111 substitutions for, any of such property; and together with 1111 proceeds (including without limitation <III insurance proceeds lInd refunds of premiums) from lIny sale or other .disposition of the Property. Property. The word ·Property" meBns !:ollectively 1he Real Property lInd the Personal Property. Real Property. The words "RelIl Property" mean "the real property, interests lInd rights, liS further .described in this Mortgage. Related Documents. The words "Related Documents" meBn 1111 promissory notes, credit agreements, loan lIgreements, environmental agreements, guaranties, security <lgreements, mortgages, deeds of "trust, security deeds, collaterBl mortgages, lInd 1111 other instruments, lIgreements lInd documents, whether now or nereafter existing, executed in !:onnection with 1he Indebtedness. Rents. The word "Rents" means 1111 present lInd future rents, revenues, income, issues, royalties. profits, lInd bther benefits derived from the Property. EACH GRANTOR ACKNOWlEDGES HA VINGREAD ALL THE PROVJSIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES 10 ITS J£RMS. ~- x,~~ EHEBENE TETON --- JNDJVJDUAl ACKNOWLEDGMENT PE.N NY JONES e- NOTARY PUBLIC COUNTY' OF . STATE OF .LINCO.LN WYOMING MVCOMMISSIONEXPIRESSEPTEMBER 18,2007 I STATE DF CDUNTY OF LINCOLN ) )S5 ) ,.rVHMTlITr- Dn this dllY befor-e me, the undersigned Notary Public, personally appeared MATTHEW D BARBÐbmd SHERENETETDN, 10 me known to be the individuals Described in lInd who executed "the MortgBge, lInd .acknowledged that they signed 1he Mortgage.1l5 "their free lInd voluntary lIct lInd deed, for 1he uses lInd purposes "therein mentioned. y hand lInd official -4th IIayof "MAY ,20 . 06. WYOMING Residing .at ì:TWr.OT:N r.OTTNTv My-commissionexpjres Oq11 R/o7 B l.ASER PRO .i.ending. V...!i..:n.ÐO.OO4 CD 1I'. ri.,llOIul F"'.....ciõol Sglul>On.. I",:. 1.957...2006. AU Ibghta R__v", . WY D:\1..AS£RPRO\FNSlCfI\LP1.\GCI3.FC TR.1733 000153 LEGAL DESCRTPTI ON OSj C,\d.....:.,;. ,. Q, &:;;..q A portion Dfíhe BW1/4NW1/4 of BecÍion24,T35N,Rl19W,6th:P M.,LincolnCounty, Wyoming, being lllon~ particularly described.as follows: BEGrnNlNG llt1he Bouthwest Comer of .said BW1/4NW1/4; íhence IllnninzN OOOT25"W~ .along 1he Weest line of .said BW1/4NW1/4, 665.26 feet; :thence N 89°59'52" E, 330.65 .feet; thence B o-oOT58"E, 66;4.65 feet1011pointm íhe BonthJine of .said BW1/4NW1/4; 1:hence B 89°53'32" W~ .alonglast.said Bonthline,330.76feétio íhe point ofbeginniTIB. - .- ;::::::::~:::::¡:r;~1 ..Ii&ó~!i~ì~;'.i