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HomeMy WebLinkAbout919206 d---'3 00C695 RECORDATION REQUESTED BY: FIRST NATIONAL BANK - WEST Afton 314 South Washington St. P.O. Box 1620 Afton,WY 83110 WHEN RECORDED MAIL TO: FIRST NATIONAL BANK - WEST Afton 314 South Washington St. P.O. Box 1620 Afton, WY 83110 SEND TAX NOTICES TO: FIRST NATIONAL BANK - WEST A fton 314 South Washington St. P.O. Box 1620 Afton, WY 83110 RECEIVED 6/9/2006 at 4:13 PM RECEIVING # 919206 BOOK: 622 PAGE: 695 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MORTGAGE THIS MORTGAGE dated June 9, 2006, is made and executed between GEOFFREY IMLAY and DEBORAH IMLAY, HUSBAND AND WIFE (referred to below as "Grantor") and FIRST NATIONAL BANK - WEST, whose address is 314 South Washington St., P.O. Box 1620, Afton, WY 83110 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to lender all of Grantor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all casements, 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: ' Lot 2 of Rocky Point Business Park, Lincoln County, Wyoming as described on the official plat filed on January 10, 2002 as instrument No. 878471 of the records of the Lincoln County Clerk. The Real Property or its address is commonly known as LOT 2 ROCKY POINT BUSINESS PARK, THAYNE, WY 83127. REVOLVING LINE OF CREDIT. This Mortgage secures the Indebtedness including, without limitation, a revolving line of credit, which obligates lender to make advances to Grantor so long as Grantor complies with all the terms of the Note. 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 (AI 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, 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 (1) 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 tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of 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, (bl any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, 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. .,Cí { L\ ii ' 70, Nuisance, Waste. Gran~or shall not cause, conduct or permit any nuisance 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 Grantor'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, including without limitation, the Americans With Disabilities Act, 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 Bcts, in addition to those :"~;I:I~;'¡I~J~~'t!~ (&t1i'Šl¡~f'·\:# ~~?~H;Þ: U~¡¡i;¡;;i¡::~:::t:!;·¡h206 ""':""""-"';"'J J.L ð ::;:::i;:::if:~::~ ::f:!:;::;r::*~~:~n; MORTGAGE (Continued) 000696 Page 2 acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. CONSTRUCTION lOAN. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete construction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (or such earlier date as lender may reasonably establish) and Grantor shall pay in full all costs and expenses in connection with the work. lender will disburse loan proceeds under such terms and conditions as lender may deem reasonably necessary to insure that the interest created by this Mortgage shall have priority over all possible liens, including those of material suppliers and workmen, lender may require, among other things, that disbursement requests be supported by receipted bills, expense affidavits, waivers of liens, construction progress reports, and such other documentation as lender may reasonably request, TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage: Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied against or on. account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property" Grantor shall maintain the Property free of any liens having priority over or equal to the interest of lender under this Mortgage, except 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 cbligation 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, ~ecure 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 assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. . Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials, Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements, PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage: I\~"intenance of Insurance, Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and maintain céJmprehensive 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 di~claimer of the insurer's liability 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 as otherwise required by Lender, and to maintain such insurance for the term of the loan, l,pplication of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or «'placement exéeeds $1,000,00, Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether vr not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property, If L',nder elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a r;1iJnner satisfactory to Lender, Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for t¡;(~ reasonable cost of repair or restoration if Grantor is not in default under this Mortgage, Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal bal1lnce 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 any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor fails 10 comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to discharge or pay when nue any amounts Grantor is required to discharge or pay under this Mortgage ot any Related Documents, Lender on Grantor's behalf may (but shull not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, securi'y interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining and preserving the Property, All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor, All such expenses will become a part of the Indebtedness and, 111 Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with f'ny installment payments to becbme due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of these amounts, Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default, WAR:;ANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage: Tit'e. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens ¡",ei encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender. Cefcnse of Title. Subjec.t to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful claims of all p'ersons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this Mortgage, Grantor shall defend the action at Grantor's expense, Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such pH ticipation. Compliance With laws, Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws, or~linances, and regulations of governmental authorities, Survival of Reprosentations and Warranties, All representations, warranties, and agreements made by Grantor in this Mortgage shall su'vive the execution and delivery of this Mortgage, shall be continuing in nature, and shall remain in full force and effect until such time as ('r."ntor's Indebtedness shall be paid in full. CONr EMNA TlON. The following provisions relating to condemnation proceedings are a part of this Mortgage: Prucccdings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take ~UC:'l steps as may be necessary to defend the action and obtain the award, Grantor may be the nominal party in such proceeding, but Lcnder shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor wi'l deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to I'.·"mit such participation, 0919206 MORTGAGE (Continued) C00697 Page 3 Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property, The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES, The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upon request by lender, Grantor shall execute such documents in addition to this Mortgage and take whatever other action is requested by Lender to perfect and continue lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage, Taxes. The following shaJl constitljte taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by this type orMortgage; (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. SIIbsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the 5,'''1e 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 unfess Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with lender cash or a sufficient corporate surety bond or other security satisfactory to lender. SECUf1ITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Me,rtgage: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by lender, Grantor shall take whatever action is requested by lender to perfect and continue Lender's security interest in the Rents and Personal Property, In addition to recording this Mortgage in the real property records, lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shiJlI not remove, sever or detach the Personal Property from the Property, Upon default, Grantor shall assemble any Personal Property not ai fixed to the Property in a manner and at a place reasonably convenient to Grantor and lender and make it available to Lender within three (:J) ¡jays after receipt of written demand from Lender to the extent permitted by applicable law, Adurp.sses. The mailing addresses of Grantor (debtor) and lender (secured party) from which information concerning the security interest g:"':ed by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this ~.~. ngage. FURTHEH ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this Mortg'Jrje: Fwthcr Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation 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, cOlnir,ue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created by this Mortgage on the Property, whether now owned or hereafter acquired by Grantor, Unless prohibited by I:,,,,, '~r Lender agrees to the contrary in writing, Grantor shall reimburse lender for all costs and expenses incurred in connection with the 0': lers referred to in this paragraph. r W'rr1ey-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 name of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints lender as Grantor's attorney-in-fact for the pUr;1f1Se of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in lender's sole O'':n'on, to accomplish the matters referred to in the preceding paragraph. FULL ¡. "dFORMANCE. If Grantor pays all the Indebtedness, including without limitation all future advances, when due, and otherwise performs all Ü\;; e>!)lìgalions imposed upon Grantor under this Mortgage, lender shall execute and deliver to Grantor a suitable satisfaction of this Mort,: .<>, and suitable statements of termination of any financing statement on file evidencing lender's security interest in the Rents and the Perst"'.1 Property, Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Mortgage: Payment Default. Grantor fails to make any payment when due under the Indebtedness. ecl::ult on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or a"y other payment necessary to prevent filing of or to effect discharge of any lien. C1hcr Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Mortgage or in iJny of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other a:;rciJment between Lender and Grantor, Dcfiwlt in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales i'lrGemen!, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or c.:, oIcr's ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related C'"':': Ul-j-H~nt. r,:,,,.) Statements. Any warranty, representation or statement made or furnished to lender by Grantor or on Grantor's behalf under this rV"JC¡,Jilgc or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes f~'·J or misleading at any time thereafter. C,: c rlive Collateralization. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. D~,,'h or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any v"sì,,:1I1lent for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or ir,.;o/v¡,;ncy laws by or aQainst Grantor, Cr ~ditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, rc~possession or any other method, by any creditor of Grantor or by any governmental agency against any property securing the l"d'Jbtedness, This includes a garnishment of any of Grantor's accounts, including deposit accounts, with lender, However, this Event of Der"ult shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the c,()o:'cr or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender r,'·("':S or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an i',' '.;".-1Ie reserve or bond for the dispute. [1, ,,'ch of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not r "'1<::li,)d within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other ouli,,;,,!ion of Grantor to Lender, whether existing now or later, E')l1ts A ffecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party 01 iJ"Y of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or aisp:IifJs the validity of, or liability under, any Guaranty of the Indebtedness, In the event of a death, Lender, at its option, may, but shall n',¡ ".J required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner s':islilctory to lender, and, in doing so, cure any Event of Default. ';':·:"':'1':':':';';': ::~;:~:~::::::::~~1J O§1'?}206 iijfmmm~~J MORTGAGE (Còntinued) 000698 Page 4 Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance of the Indebtedness is impaired, Insecurity. Lender in good faith believes itself insecure, RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may exercise ony one or more of the following rights and remedies, in addition to any other rights or remedies provided by law: Ace ',Ierate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due ond payable, including any prepayment penalty which Grantor would be required to pay, UCC Rcmedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness.' In furtherance of this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds, Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this sulJµafiJgraph either in person, by agent, or through a receiver, Apµ,-jnl Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the f'ow'~r to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the f'·o¡·crt·{ 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 excl;cJs the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver, Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property, Nwjud;c;al 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. DP.f;c'cllcy Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to La'K!..:r after application of all amounts received from the exercise of the rights provided in this section. Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise b0c(J( ,..s entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the r:',rd,,'ser 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. Cther Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity, fain of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. 1(: e':i:c',ising 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 scp;;r¿He sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property, Noti¡;c of Sale, Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after which any private sale or other intended disposition of the Personal Property is to be made, Reasonable notice shall mean notice given "I least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with Ð,'y ",,1.:;"'( 1110 Real Property. EI"CI;'JIl of Rcmedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make et) :r-!;I,'((;S or to take action to perform an obligation of Grantor under this Mortgage, alter Grantor's failure to perform, shall not affect L,_'ntkc' '. ri,jllt to declare a default and exercise its remedies, Nothing under this Mortgage or otherwise shall be construed so as to limit or rcsli'j,:: :he ris¡hts and remedies available to Lender following an Event of Default, or in any way to limit or restrict the rights and ability of Len:!", If) P' oeeed directly against Grantor and/or against any other co-maker, guarantor, surety or endorser and/or to proceed against any c:her "'::01"'<11 directly or indirectly securing the Indebtedness. A IWII1"YS' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to rceo,·('e sllch sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is invu:Vf¡ci, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time kr :h, ¡'rc:(;ction of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear i¡,:..:'''·;: :,l the Nole rate from the date of the expenditure until repaid, Expenses covered by this paragraph include, without limitation, he.·va SL:iJjoCI to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a I" '.'s"i:, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any aL;t""~ii'i;; stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title (('PUI s (;,'cluding foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law. (-r¡¡nler ais;> ·.'Jill pay any court costs, in addition to all other sums provided by law, NOTICES, ^n',' notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given i" wri'ing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when depo~': ,;'! 'vi!', iJ nil tionally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or regisl'.'re.! c,,!i! postage prepaid, directed to the addresses shown near the beginning of this Mortgage, All copies of notices of foreclosure from the hGIi,~' ,)1 "n'/ I,:n which has priority over this Mortgage shall be sent to Lender's address, as 'shown near the beginning of this Mortgage. Any pal ""o' cklnge its address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the purpo, of lh" notice is to change the party's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's curren dll":, ss. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deem,··.! 'e r¡olice given to all Grantors. ASSC ':1 "'. ~ i(:N OF UNIT OWNERS. The following provisions apply if the Real Property has been submitted to unit ownership law or similar law for th, " . ,,:;:;:,")(,nl of condominiums or cooperative ownership of the Real Property: p'!)'..." ,1: r'ltorney. Grantor grants an irrevocable power of attorney to Lender to vote in Lender's discretion on any matter that may come ldoe ! 0 iLi.ociation of unit owners, Lender shall have the right to exercise this power of attorney only after Grantor's default; however, Lend'r lay Jceline to exercise this power as Lender sees fit. If$'" ,. ,. '. c-'lC insurance as required above may be carried by the association of unit owners on Grantor's behalf, and the proceeds of such in,.tlfa:,ce may be paid to the association of unit owners for the purpose of repairing or reconstructing the Property, If not so used by 11e ¡'SSar i.1 lion. such prÓceeds shall be paid to Lender, Def,,,,!!. Gr¡IC,tor's failure to perform any of the obligations imposed on Grantor by the declaration submitting the Real Property to unit ("Nn '., ,"¡;P, by the bylaws of the association of unit owners, or by any rules or regulations thereunder, shall be an event of default under t ,is i - .¡, .'''>J8. If Grantor's interest in the Real Property is a leasehold interest and such property has been submitted to unit ownership, any' ,I", c y Grantor to perform any of the obligations imposed on Grantor by the lease of the Real Property from its owner, any default ¡'nc,-: ·u,.;h ICilse which might result in termination of the lease as it pertains to the Real Property, or any failure of Grantor as a member of <:",;, s'J,'i1Iio', of unit owners to take any reasonable action within Grantor's power to prevent a default under such lease by the association c f l!li: 0\, .,ers or by any member of the association shall be an Event of Default under this Mortgage, MISCFLL',J tenus PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: AI, ,I, W;':5. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to rh, c'a,' 'IS set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and S;,;I1' " Ih,· rarty or parties sought to be charged or bound by the alteration or amendment. Ann",,1 '¡c:;,',rts. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon request, a cer; ,r; s I';' (~ment of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as LCJn ler ",,,:1 .,.:quire. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in connection \Jith tlo, ;'I'_'dion of the Property. 091.9206 MORTGAGE (Continued) C00699 Page 5 Captif'n HenJings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the provi~ions 01 this Mortgage. Governil'C) law, This Mortgage will be governed by federal law applicable to lender and, to the extent not preempted by federal law, the laws úf 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 Venuc. If there is a lawsuit, Grantor agrees upon lender's request to submit to the jurisdiction of the courts of Lincoln County, State of Wyoming. Joint and Sc.veral Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and every Grantor, This means that each Grantor signing below is responsible for all obligations in this Mortgage, No Wniver by lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in writing and ''¡'In()d by Lender, No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any oth, ó" right. A waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Mortgage, No prior waiver by Lender, nor any course of dealing bet'Necn Le:lder and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future transa,;tionô, Whenever the consent of lender is required under this Mortgage, the granting of such consent by Lender in any instance shall c,ot cconstitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be gran:(~,i or v'ilhlield in the sole discretion of Lender; Sev~r;-¡bi!'ty. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any person or ci,cU/nstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person or c:rC'J,st¡nce, If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable, If the offenc!iny provision cannot be so modified, it shall be considered deleted from this Mortgage, Unless otherwise required by law, the il:!g:,Iity, ¡:w¡1iidity, or unenforceability of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision úi this Mortgage. 1I.1erser. 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 t¡;ne helt' by or for the benefit of Lender in any capacity, without the written consent of Lender, Succes,.ors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding ur~ ",iI"! inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other tl;;, Cri"l¡Or, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by \' J¡' üf i. :hearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. rim" is f'f the Essencc. Time is of the essence in the performance of this Mortgage, Wai·.'(" of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of,', ,':i:1Y ¡:3 10 ülllndebtedness secured by this Mortgage, DEFlr!~TI )1;:. The following capitalized words and terms shall have the following meanings when used in this Mortgage, Unless specifically stateule :1(~ .., 'fi'~y, all references to dollar amounts shall mean amounts in lawful money of the United States of America,' Words and terms used in 1'1 si 1".:I~r shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined i, ',i, M ':Jage shüll have the meanings attributed to such terms in the Uniform Commercial Code: L,:;".- ". cr. T~:e word" Borrower" means GEOFFREY IMLAY and DEBORAH IMLAY and includes all co-signers and co-makers signing the No,c and ,dl their successors and assigns. [,I",tlt. 1 :'; word "Default" means the Default set forth in this Mortgage in the section titled "Default". E""i,onr;",nwl Laws, The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances n~:'ii:1J :0 \!.c, protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Cr"!H'!1' ;;:":)n, ünd Liability Act of 1980, as amended, 42 U,S.C, Section 9601, et seq. ("CERCLA"I. the Superfund Amendments and r: ;,:. I" ;:"on Act of 1986, Pub, L, No, 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U,S.C, Section 1801, et seq., the fksou"" Conservütion and Recovery Act, 42 U.S.C. Section 6901, et seq" or other applicable state or federal laws, rules, or w»:JI:¡¡iOi¡;, ;'(:opted pursuant thereto, Ev' ,: '1\ [·crau!1. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default sec;:,' , ,,' :11;,; I'Vlortgage. C'r¡, ,!'·r. i't"', word "Grüntor" means GEOFFREY IMLAY and DEBORAH IMLAY. (""'J. : :he word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including "li"I;')n a guaranty of all or part of the Note, ':, , ::s ~: IIi)s tanccs. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, c :. ,'r;¡¡1 or inlectious characteristics, may cause or pose a present or potential hazard to human health or the environment when imp, perl\! used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Su';;; 1~11f;t :;" ;He used in their very broadest sense and include without limitation any and all hazardous or toxit: substances, materials or WilS:) ilS c~p.fine(~ by or listed under the Environmental Laws, The term "Hazardous Substances" also includes, without limitation, petroleum ar', ' 1'1 [:)Ie::,-" by-products or any fraction thereof and asbestos. In ".IV!, ne!1ts. The word"lmprovements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Pi f'ro,Jen,', f:lcilities, additions, replacements and other construction on the Real Property, I, ('I'b: :Ine.· Thù word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Nole or ¡¡.,.Inter! Dc'::uments, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or ¡:.:, :,:d Do·urnnnls and üny amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to e', rei '.;r¡;¡YJr'S übligütions under this Mortgage, together with interest on such amounts as provided in this Mortgage, I.",: ì ie"~ ',"cord "Lender" means FIRST NATIONAL BANK - WEST, its successors and assigns. 1',.', r" ',;'t(! word" Mortgage" means this Mortgage between Grantor and Lender. ri·"e T,,,~ word "Note" means the promissory note dated June 9, 2006, in the original principal àmount of $201,429.00 from (" "lor to Len;ji;r, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for tl'L ;;l"lli~:ser·.· !lotl! or agreement. The maturity date of this Mortgage is July 25, 2007, Pc's on ,11 "r,- pert y. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereüher ow:wrl t·,' Gr anlnr, and .now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all rr.:';";¡"enIS 01, anei alt substitutions for, any of such property; and together with all proceeds (including without limitation all insumnce pr' :('Lf"; all.. refunds of premiums) from any sale or other disposition of the Property, r ,J': . 1 ',,; v\!ord "Property" means collectively the Real Property and the Personal Property, rr I~, , I')ert',' The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage. Pc:,' ,'; Dc.:u'1iel1ts. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental ,. ','.. ""11', ,": 1:' ¡, nties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, ¡'.' è;,-:,; i;"d docurnents, whether now or hereafter existing, executed in connection with the Indebtedness, fie, ~ I.' v:o::i "Rents" means all present and future rents, revenues, income, issues, rôyalties, profits, and other benefits, derived from 1 h., ' ~rl y. ::::::'::'i:m:::¡:::~: ,iliH~~;:;:::;:J EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: XGJJ~ ~ . .... ..... ~";::'~ .., ~~ X ' / DEBDRAH IMLAY . INDIVIDUAL ACKNOWLEDGMENT STATE or LJ)"01"\'CYj COUNTY OF __.J,'YI.(O 1,,- ) ) SS ) TRISTAN SMITH NOTARY PUBLIC COUNTY OF AIi\ STATE OF LINCOLN ~ WYOMING MY COMMISSION EXPIRES APRIL 22, 2009 On th;s day before me, the undersigned Notary Public, personally appeared GEOFFREY IMLAY and DEBORAH IMLAY, to me known to be the individuals described in and who executed the Mortgage, and acknowledged that they signed the Mortgage as their free and voluntary act and deed, for the uses and purposes therein mentioned, 9 Notary Public ill and for the State of '1/0M;~ day of .) uv--L Residing at--.J~ My commission eXPires-Afl ,20 06 . Given under my han, d and~ BY-~ -- ~ :1.2 2/'Y'JC¡ LASER PRO Landing. V." 5.31.00.004 Copr. Harland Fina",;:ílll SolL tion.. Inc. 1991. 2006, All Riyhtll R.n'....d. . WY O;\LASERPROIFNBICFI\lPLIGOJ.FC TR.2052 ( ~,