HomeMy WebLinkAbout921290
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51126
(01)
RECORDATION REQUESTED BY:
Firat Interstete Benk
Jeckson Main Branch
B42 Weat Broadway
P. 0, Box 11095
Jackaon. WY B3002-1095
..
000278
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WHEN RECORDED MAIL TO:
Firat Intaratata Bank
Jackson Main Branch
B42 West Broadway
P. 0, Box 11095
Jackson. WY B3002,1095
RECEIVED 8/15/2006 at 11 :00 AM
RECEIVING # 921290
BOOK: 630 PAGE: 278
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
.'"-,-- -
.
.
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
11 rust Interstate BarI<
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $75.905.00.
THIS MORTGAGE dated June 27. 2006. is made and executed between JONATHAN TEICHERT. a single man.
whose address is 120 COLLETT AVE. CO KEVILLE. WY 83114 (referred to below as "Grantor") and First Interstate
Bank. whose address is 842 West Broadway. P. O. Box 11095. Jackson. WY 83002-1095 (referred to below as
"Lender").
GRANT OF MOIITGAGE. For valuable consideration, Grantor mortgag.. and convaya to lander all of Grantor's right, title, and Intarest In and to
the following déscribad real proparty, together with all existing or aubsequently 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, end profits relatin9 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 95 OF ALPINE MEADOWS SUBDIVISION. LINCOLN COUNTY. WYOMING. ACCORDING TO THAT PLAT
FILED AUGUST 23. 2005 IN THE OFFICE OF THE LINCOLN COUNTY CLERK AS PLAT NO. 206-A.
The Real Property or its address is commonly known as LOT 95 OF ALPINE MEADOWS SUBDIVISION. ALPINE.
WY 83128. The Real Property tax identification number is 37182920026800. '
Grantor presently assigns to lender all of Grantor's right, title, and interest in and to all present and future leeses of tha Property and all Rents
from the Property, In addition, Grantor grents to lender e 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 (BI 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:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grentor shall pay to lender all amounts secured by this
Mortgage as they become due end shall strictly perform all of Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possasslon and use of the Property shall be governed by
the following provisions:
Possession end 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 (31 collect the Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in good condition end promptly perform all repairs, replacements. and maintenance
necessary to preserve its value.
Compliance With Environmental law.. 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 hes no knowledge of, or reason to believe that there has
been, except as pr,eviously disclosed to and acknowledged by lender In writing, la) any breach or violation of any Environmentel laws,
IbJ 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 Ie) any actuel or threatened litigation or claims of eny
kind by any person relating to such matters; 'and I:¡) Except as previously disciosed to and àcknowledged by lendar in writing, la) neither
Grantor nor any tenant, contractor, agent ór 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 ectlvity shall ba conducted in compliance
with all applicable federal. state, and local laws, regulations and ordinances, including without limitetion 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 Mortgege, 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 anv other
person~ The representations and warrantit;ts contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives sny future claims against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under eny 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 8S 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 Mortgege and shall not be affected by lender's acquisition of any
interest in the Property, whether by foreclosure or otherwise,
Nuisance. Waste. Grantor shell not cause. conduct or permit any nuisence nor commit, permit. or suffer eny 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, minerels (including oil and gas). coal, clay, scoria, soil, gravel or rock products without lender's prior
written consent,
Removel of Improvements. Grantor shall not demolish or remove eny 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 egents and representatives may enter upon the Real Property et 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 Jaws, 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,
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09~1~~90 '
MORTGAGE
(Continued)
paaQ0279
Duty to Protect. Grentor agree. neither to abandon or leave unattended the Property, Grantor .hall do all other act., in addition to those
acts set forth .bove in this .ection, which from the ch.racter and use of the Property are re.sonably necessary to protect and pre.erve the
Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender'. option, declare immediately due end payable .11 sums secured by this
Mortgage upon the sale or transfer. without Lender's prior written con.ent. of all or any part of the Real Property, or any interest in the Real
Property. A ·sale or transfer· means the conveyance of Real Property or any right. title or interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract. land contract, contract for deed,
leasehold interest with a term greater than three (3) years, lease-option contract, Dr by sale, assignment, or transfer of any beneficial interest in
or to any land trust holding title to the Real Property, or by any other method of conveyance of an intere.t in the Real Property, However, this
option shall not be exerci~ed by Lender If such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the texes and liens on the Property are part of this Mortgage: .
Payment. Grantor shall pay when due (and in all events prior to delinquencv) all taxes, payroll taxes, special taxes, assessm~nts, 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 Contast paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim In connaction with a good faith dispute over the
obligation to pay, so long 8S lender's interest in the Property is not jeopardized. If a lien arises or is filed 8S 8 result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, If a lien is filed, within fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requested by lender, deposit with lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that
could accrue as a result of a foreclosura or sale under the lien, In any contest, Grantor shall defend itself and Lender and shall satisfy any
adverse judgment before enforcement again.t 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 05) days before any work is commenced, any services are furnished, or
any materia'ls are supplied to the Property, if any mechanic's lien, materialmen's Jien, or other lien could be asserted on account of the
work, services, or materials and the cost exceeds $3,000.00. Grantor will upon request of lender furnish to Lender advance assurances
satisfactory to lender that G~antor 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:
Meintenanc. of Insurence. 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 8 standard mortgagee clause in favor of lender. Policies shall be written by such insurance companies
and In such form as may be reasonably acceptable to lender. Grantor shall deliver to lender certificates of coverage from each insurer
containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender
and not containing any disclaimer of the insurer's 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 designatad by the Director of the Federal Emergency Managament Agency as
a special flood hazard area, Grantor agrees to obtain and maintain Faderal Flood Insurance. if available, 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 .uch Insurance for the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
replacement exceeds $3,000,00, Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether
or not Lender's security is impaired, Lender may, at lender's election, receive and retain the proceeds of any insurance and apply the
proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property, If
Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a
manner satisfactory to Lender. lender shall, upon satisfactory proof of 8uch expenditure, payor reimburse Grantor from the proceeds for
the reasonable cost of repair or restoration if Grantor is not in defautt under this Mortgage. Any proceeds which have not been disbursed
within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay
any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal
balance of the Indebtedness, If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor
BS Grantor's interests may appear.
LENDER'S EXPENDITURES, If Grantor fails fA) to keep the Property free of all taxe.. liens, security interests, encumbrances, and other claims,
IB) to provide any required insurance on the Property, or fCI to make repairs to the Property then Lender may do ao. If any action or
proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not
required to, take any action that Lender believes to be appropriate to protect Lender's Interest.. All expenses incurred or paid by Lender for
such purposes will then bear interest at the rate charged undar the Note from the date incurred or paid by Lender to the date of repayment by
Grantor. All such expenses will bacome a part of the Indebtedness and, at Lender's option, will fA) be payable on demand; IB) be added to
the balance of the Note and' be apportioned among and be payable with any installment payments to become due duririg either 11) the term of
any applicable in.urance policy; or 121 the remaining term of the Note; or IC) be treatad as a balloon payment which will be due and payable
at the Note's maturity, The Mortgage a/so will secure payment of these amounts. The rights provided for in this paragraph shall be in addition
to any other right. or any remedies to which Lender may be entitled on account of any default, Any such action by Lender shall not be
construed as curing the default so as to bar Lender from any remedy that it otherwise would have had.
WARRANTY; DEFENSE OF TITLE, The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: la) Grantor holds good and marketable title of record to the Property in fee simpla, free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and deliver this Mortgage to lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property again.t
the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of lender
under this Mortgage. Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be representad in the proceeding by counsel of lender's own choice, and
Grantor will deliver, or cause to be delivered, to lender 8uch instruments IS Lender may request from time to time to permit such
participation.
Complience With Lew.. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Proml.... All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery
of this Mortgage. shall be continuing in nature and shall remain in full force and effect until such time as Grantor's Indebtedness is paid in
full.
CONDEMNATION. The following provisions relating to condamnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing. and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party In such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choica, and Grantor
will deliver or cause to be delivered to lender such instruments and documentation as may be requested by lender from time to time to
permit such participation,
Application of Net Pro Feeds. 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
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0921f~90
MORTGAGE
(Continued)
page900280
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 Taxe., Fee. and Charge.. 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, es described below, together with all expenses incurrad in recording, perfecting or continuing this Mortgage, including without
limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Texe.. The following shall constitute taxes to which this section epplies: (1) a specific tax upon this type of Mortgage or upon all or eny
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 Mortgsge; (3) e tax on this type of Mortgage chsrgeable against the lander or tha
holder of tha Note; snd (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and inter"st made by
Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the dete of this Mortgage, this event shall have the
same effect as an Event of Default, and lender may exercise any or all of its available remedies for an Evant of Default as provided below
unless Grantor either (1) pays the tax before it becomes dalinquent, 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.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of
this Mortgage;
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 Inter..t. 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 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 IS a financing statement.
Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest, Upon default, Grantor shall not
remove, sever or detach the Personal Property from the Property, Upon default. Grantor shall assemble any Personal Property not affixed
to the Property in e manner and at a place reasonably convenient to Grantor and lender and make it available to Lendar within three 13)
days after receipt of written demand from lender to the extent permitted by applicable ,law.
Addr....s. The mailing addresses of Grantor {debtor) and lender (secured party) from which Information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this
Mortgaga.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
Mortgaga:
Furthar Assuranc... At any time, end from time to time, upon request of lender, Grantor will make, axecute and delivar. or will cause to
be made, executed or delivered, to lender or to lander's dasignae, 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 othar documents as may. in the sole opinion of lender, be necessary or desirable in order to effectuate, complete, perfect,
continue, or preserve (I) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and
security interests created by this Mortgage as first and prior liens on the Property, whether now ownad or hereafter acquired by Grantor.
Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse lender for all costs and expenses incurred in
connection with the matters referred to in this paragraph.
Attornay,in-Fect. If Grantor fails to do any of the things referred to in the preceding paragraph, lender may do so for end 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
purpose of making, executing, delivering, filing, recording, end 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 all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under
this Mortgage, lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any
financing statement on file evidencing lender·s security interest in the Rents and the Personal Property, Grantor will pay, if permitted by
applicable law, any reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At lender's option, Grantor will be in default under this Mortgage if any of the following happen:
Payment Default. Grantor fails to make any payment when due under the Indebtedne.s.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or
any other payment necessary to prevent filing of or to effect discharge of any lien.
Braak Other Promises. Grantor breaks any promise made to lender or fails to perform promptly at the time and strictly in the manner
provided in this Mortgaga or in any agreement related to this Mortgage,
Default In Favor of Third Perties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or
Grantor·s ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related
document.
False Stetements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or
the Related Documents is false or misleading In any material respect, either now or at the time made or fùrnished.
Defective 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,
Death Dr Insolvency. The death of Grantor. the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property. any
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 Grantor.
Taking of the 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'. accounts with lender. However. if Grantor disputes In
good faith whether the claim on which the taking of the Property is based is, valid or reasonable, and if Grantor gives lender written notice
of the claim and furnishes lender with monies or a surety bond satisfactory to lender to satisfy the claim. then this default provision will
not apply.
Breech of Other Agreement. Any breach by Grantor under the terms of any other agreement batween 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 exiating now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or
disputes the validity of, or liability under, any Guaranty of the Indebtedness.
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 any one or more of the following rights and remedies. in addition to any other rights or remedies provided by law:
Accelerate Indebtedness. lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Ramedies. With respact 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.
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09<:1290
MORTGAGE
(Continued)
Page 4000281.
Collect Rents. lender shall have the right. without notice to Grentor. to taka possassion of the Property, including during the pendancy of
foreclosure, whether jUdicial or non-judicial, and collect tha 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 tha
Property to make payments of rent or use fees directly to lender. If the Rents are collected by lender, then Grantor irrevocably designates
Lender 8S 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
subparagraph either in person, by agant, or through a recaiver.
Appoint Recaiver. lander shall have the right to have a receiver appointed to take possession of all or eny part of tha Property. with the
power to protect and preserve the Property, to operate the Property praceding foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without
bond if permitted by law, lender's right to tha eppolntment of a receiver shall exist whether or not tha apparent value of t~e Property
exceeds the Indebtedness by a substantia' amount. Employmant by lender shall not disqualify a parson from serving as a receiver.
Judicial Foreclosure. lendar may obtein e judicia' decree foreclosing Grantor's interest In all or any part of the Prop arty.
Nonjudicial Sale. lender may foraclose 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 applicabla law, lender may obtain a judgment for any daficiency remaining in the Indebtedness due
to Lender after application of all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferanca, If Grantor remains In possession of the Property after the Proparty is sold as provided above or lender otherwise
becomes entitlad to possession of the Property upon default of Grantor. Grantor shall bacome a tanant at sufferance of lander or the
purchaser of the Property and shall, at lender's option, either (1 pay a reasonable rental for the usa of the Property. or (2) vacate the
Property immadiataly upon the demand of lendar.
Other Remedies. lender shall have all other rights and remedias provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicabla law, Grantor hereby waives any and all right to have the Property marshallad.
In exarcising its rights and remedies, lander shall be free to sail all or any part of the Property together or separataly, in one sale or by
separate sales, lendar 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 Proparty or of tha time
after which, any private sale or other intended disposition of the Personal Property is to be made, Reasonable notice shall mean notice
given at least ten (10) days before the time of the sale or disposition, Any sale of the Personal Property may be made in conjunction with
any sala of the Real Property.
Election of Remedies. All of lender's rights and remedies will be cumulative and may be exercised alone or together. An election by
lender to chaos a any ana remedy will not bar lendar from using any other remedy, If lender decides to spend monay or to perform any of
Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by lender will not affect lender's right to declare
Grantor in default and to exercise lender's remadies.
Attornays' Fees; Expenses. If lender institutes any suit or action to enforce any of the terms of this Mortgage, lander shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' faes at trial and upon any appeal. Whether or not any court action is
involved, and to tha extant not prohibited by law, all reasonable expenses lender incurs that in lender's opinion ara necessary at any time
for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
interest at the Nota rate from the date of the expenditure until repaid, Expenses covered by this paragraph includa, without limitation,
howevar subject to any limits undar applicable law, lender's reasonable attorneys' fees and lender's legal expanses whethar or not there is
a lawsuit, including raasonable attorneys' fees and expenses for bankruptcy proceedings (including afforts to modify or vacate any
automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title
reports fin eluding foreclosure reports). surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law.
Grantor also will pay ~ny court costs, in addition to all other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage. including without limitation any notice of default and any notice of sale shall be
given in writing. and shall be effective when actually delivered. when actually received by telefacsimile (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certifiad or
registered mail postage prepaid. directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to lender's address, as shown near the baginning of this Mortgage.
Any person may change his or her address for notices under this Mortgage by giving formal written notice to the other person or persons,
specifying that the purpose of the notice is to change the person's address. For notice purposes, Grantor agrees to keep lender informed at all
times of Grantor's current address. Unless otherwise provided or required by law. if there is more than one Grantor, any notice given by Lender
to any Grantor is deemed to be notice given to all Grantors. It will ba Grantor's responsibility to tall the others of the notice from lender.
MISCEllANEOUS PROVISIONS. The following miscellaneous provlsiona are a part of this Mortgage:
Amendments. What is writtan in this Mortgage and in the Related Documents is Grantor's entire agreement with lender concerning the
matters covered by this Mortgage. To be effective. any change or amendment to this Mortgage must be In writing and must be signed by
whoever will be bound or obligated by the change or amendment.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to Interpret or define the
provisions of this Mortgage.
Governing law. This Mortgage will be governed by federal law applicable to lender end. to tha extent not preempted by faderallaw. the
laws of the Steta of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by lender in the State of
Wyoming.
No Waiver by Lender. Grantor understands lender will not give 4P any of lender's rights under this Mortgage unless Lender does so In
writing, The fact that lender delays or omits to exercise any right will not mean that Lender has given up that right. If lender does agree
in writing to give up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage.
Grantor also understands that if lender does consent to a request, that does not mean that Grantor will not have to get lender's consent
again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requests,
that does not mean Lender will be required to consent to any of Grantor's future requests. Gran.tor waives presentment. demand for
payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law in the Property. and Grantor
agraes that the rights of lender in the Property under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect.
Severability. If a court finds that any provision of this Mortgage is not valid or should not ba enforced. that fact by itself will not mean that
the rest of this Mortgage will not be valid or enforced, Therefore, a court will enforce the rest of the provisions of this Mortgage even if a
provision of this Mortgage may be found to be invalid or unenforceable.
Merger, There shall be no merger of the interast or estate created by this Mortgage with any other interest or estate in the Property at any
time held by or for the benefit of lender in any capacity, without the written consent of lender.
Successors end Assigns. Subject to any limitations stated in this Mortgaga on transfer of Grantor's interest, this Mortgage shall be binding
upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other
than Grantor, lender. without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness
by way of forbaaranca or extension without releasing Grantor from the obligations of this Mortgage or liability under tha Indebtedness,
Tima is of the Essence. Time is of tha essence in the performance of this Mortgage.
Waiver of Homestead Exemption, Grantor hereby releasas and waives all rights and benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following words shall have tha following maanings whan used in this Mortgage:
Borrower. The word "Borrower" means JONATHAN TEICHERT and includes all co-signars and co'makeis signing the Note and all their
successors and assigns.
Environmental Laws. The words -Environmental Laws- mean any and all state, federal and local statutes, regulations and ordinances
;
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relating to the protection of human health or tha environment, including without limitation tha Comprehensive Environmental Response,
Compensation, and liability Act of 1980, as amended, 42 U.S,C, Section 9601, et seq. (·CERCLA·j, the Superfund Amendments end
Reauthorization Act of 1986, Pub. l. No. 99-499 ("SARA·j, the Hazardous Materials Trensportation Act, 49 U,S,C, Section 1801, et seq..
the Resource Conservation and Recovery Act, 42 U,S,C, Section 6901. et seq" or other applicable state or federal laws, rules, or
regulations adopted pursuant thereto.
Event of Defeult. The words ·Event of Default· mean any of the events of default set forth in this Mortgage in the events of default
section of this Mortgege.
Grentor. The word ·Grantor· means JONATHAN TEICHERT.
MORTGAGE
(Continued)
Guaranty. The word -Guaranty- means the guaranty from guarantor. endorser. surety, or accommodation party to Lender. including
without limitation e gueranty of all or pert of the Note.
.
Hazerdou. Sub.tanc... The words "Hazerdous Substances" mean materials that, because of their quantity. concentration dr physical,
chemical or infectious characteristics, may cause or pose a pressnt or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, ganerated, manufactured, transported or otherwise hendlad. The words .Hazardous
Substances· are used in their very broadest sense and include without limitation any and all hazardous or toxic substances. materials or
waste as defined by or listed under the Environmentel Laws. The term ·Hazardous Substances· also includes, without limitation, petroleum
and petroleum by-products or any fraction thereof and asbesto..
Improvement.. The word -Improvements· means all existing and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedn.... The word ·Indebtedness· mean. ell principal, interest, and other amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor'. obligations under this Mortgage, together with Interest on such amounts as providad in this Mortgage.
lender. The word -Lender· means First Interstate Bank, Its successors and assigns. The words ·succe$sors or assigns· mean any person
or company that acquires any Interest in the Note.
Mortgage. The word ·Mortgage· masns this Mortgage between Grantor and Lendar.
Note. The word ·Note· means the promissory note dated June 27, 2006, in the original principal amount of $75.905.00 from
Grantor to Lender, together with all renewals of, extensions of. modifications of, refinancings of. consolidations of. and substitutions for
the promissory note or agreement, The maturity date of this Mortgage is June 27, 2011, NOTICE TO GRANTOR: THE NOTE CONTAINS A
VARIABLE INTEREST RATE.
Personal property. The words ·Personal Property· mean all equipment, fixtures. and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter attached or affixad to the Real Property; together with all accessions. parts. and additions to, all
replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Raal Property. The words ·Real Property· mean the real property. Interests and right., as further described In this Mortgage.
Related Documents. The words ·Related Documents· mean all promissory notes, credit agreements, loan agreements. environmental
agreements, guaranties, security agreements. mortgages. deeds of trust, security deeds, collateral mortgages. and all other instruments,
agreements and documents, whether now or hereafter existing. executed in connection with the Indebtedness.
Rents. The word -Rents· means all present and future rents, revenues, income. issues, royalties, profits, and other benefits derived from
the Property,
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE. AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
~~~~ (\=~~
JONAT N TEICHERT
INDIVIDUAL ACKNOWLEDGMENT
~.
:::::,. :;:;;¡;t
Heidi Beachler· Notary Public
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I SS
I
County of State of
lincoln Wy7cing
My Commission Expires ß. II 9 0 7
On this day before me, the undersigned Notary Public, personally appeared JONATHAN TEICHERT.
In and who executed the Mortgage, and acknowledged that he or she signed the Mo gage as his or her free and voluntary act and deed, for the
uses and purposes therein mentioned.
dey of
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Resl ng.t I~r¡(~
My commisslonexplr.. S I 7
Notar
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