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Home My WebLink About922918 ~,i~;¡~l~iF~;: ~;:;~/~2n -';~~::'0:'~ ' f(~ (' When recorded mail to: Aftel FIRST AMERICAN TITLE INSURANCE Ke LENDERS ADVANTAGE ~~ 1100 SUPERIOR A VENUE, SUITE 200 (2 CLEVELAND, OHIO 44114 ATTN: FT1l20 RECEIVED 9/29/2006 at 2:35 PM RECEIVING # 922918 BOOK: 635 PAGE: 322 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY HOME EQUITY LINE MORTGAGE .. .... .... .... .... ....... .. ·.lOØROWæ :...::..: ....... .. '............. ......,. .........." ......... ............ -!- #0 //7 j(P(p . .... .................... .. . . , . . . . . . . . . . . . . . . . .. .. ..................... .. ... ....................,. .... ....... ... . . . . . . . . , :::::ÏlÖRÏGÄGQR::{:::::'=t\:::::::::::::::::::<::::::::: . ..... ..... .... ....... . ........................,........,... ...................,....,............. . -. .......... LAURIE HEAP LAURIE HEAP UNMAlUUED ffm::{mmmm:{::{\:m:{{:mm::{\{{::~::{:::mmmmm{{{:::{::{/:mm/:m:\/:::::: 195 HAPPY VALLEY LN ·:~~···~·~.~i:::::··:::;::·::·:::::;···:::::.~-_:..:··:.::·:.....::.:.. 195 HAPPY VALLEY LN ::~~:~~~:~:::m:::)):/\:://:::/::::::::/:{:::: >::::~~~. .... ............................ ............................ ......................... .......................... ... . ;:.::;::::::::::::::::;:::::::::::::::::;:::::::::; .............. In consideration of the loan or other credit accommodation hereinafter specified and any future advances or future Obligations, as defined herein, which may hereafter be advanced or incurred and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor hereby ~ and mortgages to Ke,yBank National Association 4910 Tiedeman Road. SUJ.te B. Brooklyn. Oh:!..9 ~H~ ("Lender"), its successors and assigns, with power of sale and right of entry and possession all of Mortgagor's present and future estate, right, title and interest in and to the real property described in Schedule A, which is attached to this Mortgage and incorporated herein by this reference, together with all present and future improvements and fixtures; all tangible personal property, including, without limitation, all machinery, equipment, building materials. and goods of every nature (excluding household goods) now or hereafter located on or used in connection with the real property, whether or not affixed to the land; aU privileges, hereditaments, and appurtenances; aU leases, licenses and other agreements: all rents, issues and profits; all water, well, ditch, reservoir and mineral rights and stocks pertaining to the real property (cumulatively "Property'); until payment in full of all Obligations secured hereby. Moreover, in further consideration, Mortgagor does, for Mortgagor and Mortgagor's heirs, representatives, successors, and assigns, hereby expressly warrant, covenant, and agree with Lender, its auccessors and assigns as follows: 1. OBUGA11ONS. This Mortgage shaH secure the payment and peñonnance of all present and future indebtedness, liabilities, obligations and covenants of Borrower or Mortgagor (cumulatively "Obligations") to Lender pursuant to: (a) this Mortgage and the following promissory notes and other agreements: .................... ·:::=:::::\/:(M1E:::t:??: VARIABLE .... ,......'.......'....... .... .. ....."... .......... ....... ....... . .'. . . . . . . .... .. ..((:~:: ............ . .:::::::::: :::;::\:::;:::c:æ&D.fUJMIT::::;:: ... $20,000.00 .. :}:~H.: ··:::::::DÄ1&:::·:·:·:·:·: 08/30/06 08/30/36 ... .......... ;....... .. .... ....... ....... }N~ .. . . . .. ......... 062191l09440C 125602326138 (b) all other present or future written agreements with Lender that refer specifically to this Mortgage (whether executed for the same or different purposes than the foregoing); (c) any guaranty of obligations of other parties given to Lender now or hereafter executed that refers to this Mortgage; (d) future advances, whether obligatory or optional, to the same extent as if made contemporaneously with the execution of this Mortgage, made or extended to or on behalf of Mortgagor or Borrower. Mortgagor agrees that if one of the Obligations is a line of credit, the lien of this Mortgage shaH continue until payment in full of aU debt due under the line notwithstanding the fact that from time to time (but before termination of the line) no balance may be outstanding. At no time shall the lien of this Mortgage, not including sums advanced to protect the security of this Mortgage, exceed $ 20 noo 00 ; and . (e) all amendments, extensions, renewals, modifications, replacements or substitutions to any of the foregoing. As used in this Paragraph 1, the terms Mortgagor and Borrower shall include and also mean any Mortgagor or Borrower if more than one. 2. REPRESENTATIONS, WARRANTIES AND COVENANTS. Mortgagor represents, warrants and covenants to Lender that (a) Mortgagor has fee simple marketable tiUe to the Property and shall maintain the Property free of all liens, security interests, encumbrances and claims except for this Mortgage and those described in Schedule B which is attached to this Mortgage and incorporated herein by reference, which Mortgagor agrees to pay and peñorm in a timely manner; (b) Mortgagor is in compliance in all respects with all applicable federal, state and local laws and regulations, including, without limitation, those relating to "Hazardous Materials" as deflOed herein, and other environmental matters (the "Environmental Laws"), and neither the federal govemment nor the state where the Property is located nor any other governmental or quasi governmental entity has filed a lien on the Property, nor are there any governmental, judicial or administrative actions with respect to environmental matters pending, or to the best of the Mortgagor's knowledge, threatened, which involve the Property. Neither Mortgagor nor, to the best of Mortgagor's knowledge, any other party has used, generated, released, discharged, stored, or disposed of any Hazardous Materials as defined herein, in connection with the Property or transported any Hazardous Materials to or from the Property. Mortgagor shall not commit or permit such actions to be taken in the future. The term "Hazardous Materials' shall mean any substance, material, or waste which is or becomes regulated by any govemmental authority including, but not limited to: (I) petroleum; (ii) friable or nonfriable asbestos; (iü) polychlorinated biphenyls; (iv) those substances, materials or wastes designated as a "hazardous substance" pursuant to Section 311 of the Clean Water Act or listed pursuant to Section 307 of the Clean Water Act or any amendments or replacements to these statutes; (v) those substances, materials or wastes defined as a "hazardous waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act or any amendments or replacements to that statute; and (vi) those substances, materials or wastes defined as a "hazardous substance" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, or any amendments or replacements to that statute or any other similar state or federal statute, rule, regulation or ordinance now or hereafter in effect. Mortgagor shall not lease or permit the sublease of the Property to a tenant or subtenant whose operations may result in contamination of the Property with Hazardous Materials or toxic substances; (c) All applicable laws and regulations including, without limitation, the Americans with Disabilities Act, 42 U.S.C. Section 12101 et seq. (and all regulations promulgated thereunder) and all zoning and building laws and regulations relating to the Property by virtue of any federal, state or municipal authority with jurisdiction over the Property, presenUy are and shall be observed and complied with in all material respects, and all rights, licenses, permits, and certificates of occupancy (including but not limited to zoning variances, special exceptions for nonconforming uses, and final inspection approvals), whether temporary or permanent, which are material to the use and occupancy of the Property, presently are and shall be obtained, preserved and, where necessary, renewed; (d) Mortgagor has the right and is duly authorized to execute and perform its Obligations under this Mortgage and these actions do not and shall not conflict with the provisions of any statute, regulation, ordinance, rule of law, contract or other agreement which may be binding on Mortgagor at any time; (e) No action or proceeding is or shall be pending or threatened which might materially affect the Property; and LPWY506 (í) FormAtion Technologies. Inc. (11/3196) (BOO) 937.37996 Page1of5 U92:¿~1.b . ',' ;. . 00032·'), (f) Mortgagor has not vlolatad and shall not violate any statute, regulation, ordinance, rule of law, contract or other agrHment which might materially affect the Property (including, but not limited to, those goveming Hazardous Materials) or lender's righxs or interest in the Property' pursuant to this Mortgage. 3. PRIOR MORTGAGES. Mortgagor represents and warrants that there are no prior mortgages affecting any part of the Property except as set forth on Schedule B attached to this Mortgage which Mortgagor agrees to pay and perform in a timely manner. If there are any prior mortgages then Mortgagor agrees to pay all amounts owed, and perform aU obligations required, under such mortgages and the indebtedness secured thereby. 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN MORTGAGORS OR BORROWERS. In the event of a sale, conveyance, lease, contract for deed or transfer to any person of aU or any part of the real property described in Schedule A, or any interest therein, or of all or any beneficial interest in Borrower or Mortgagor (If Borrower or Mortgagor is not a natural person or persons but is a corporation, limited liability company, partnership, trust, or other legal entity), Lender may, at its option, declare the outstanding principal balance of the Obligations plus accrued interest thereon immediately due and payable. At Lender's request, Mortgagor or Borrower, as the case may be, shall furnish a complete statement setting forth all of its stockholders, members or partners, as appropriate, and the extent of their respective ownership interests. 5. ASSIGNMENT OF RENTS. In consideration of the Obligations which are secured by this Mortgage, Mortgagor absolutely assigns to Lender aU Mortgagor's estate, right, tiUe, interest, claim and demand now owned or hereafter acquired in all existing and future leases of the Property (including extensions, renewals and subleases), all agreements for use and occupancy of the Property (all such leases and agreements whether written or oral, are hereafter referred to as the 'Leases'), and all guaranties of lessees' performance under the Leases, together with the immediate and continuing right to collect and receive all of the rents, income, receipts, revenues, issues, profits and other income of any nature now or hereafter due (including any income of any nature coming due during any redemption period) under the Leases or from or arising out of the Property, including minimurn rents, additional rents, percentage rents, parking or common area maintenance contributions, tax and insurance contributions, deficiency rents, liquidated damages following default in any Lease, all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability caused by destruction or damage to the Property, all proceeds payable as a result of a lessee's exercise of an option to purchase the Property, all proceeds derived from the termination or rejection of any Lease in a bankruptcy or other insolvency proceeding, and all proceeds from any rights and claims of any kind which Mortgagor may have against any lessee under the Leases or any occupants of the Property (all of the above are hereafter collectively referred to as the "Rents'). This assigrvnent is subject to the right, power and authority given to the Lender to collect and apply the Rents. This assignment is recorded in accordance with applicable state law; the lien created by this assignment is intended to be specific, perfected, and choate upon the recording of this Mortgage, all as provided by applicable state law as amended from time to time. As long as there is no default under the Obligations or this Mortgage, Lender grants Mortgagor a revocable license to collect all Rents from the Leases when due and to use such proceeds in Mortgagor's business operations. However, Lender may at any time require Mortgagor to deposit all Rents into an account maintained by Mortgagor or Lender at Lender's institution. Upon default in the payment of, or in the performance of, any of the Obligations, Lender may at its option take possession of the Property and have, hold, manage, lease and operate the Property on terms and for a period of time that Lender deems proper. Lender may proceed to collect and receive all Rents, from the Property, and Lender shall have fuU power to periodically make alterations, renovations, repairs or replacements to the Property as Lender may deem proper. Lender may apply all Rents in Lender's sole discretion, to payment of the Obligation or to the payment of the cost of such alterations, renovations, repairs and replacements and any expenses incident to taking and retaining possession of the Property and the management and operation of the Property. Lender may keep the Property properly insured and may discharge any taxes, charges, claims, assessments and other liens which may accrue. The expense and cost of these actions may be paid from the Rents received, and any unpaid amounts shall be added to the principal of the Obligations. These amounts, together \YÏth other costs, shall become part of the Obligations secured by this Mortgage. , 6. LEASES AND OTHER AGREEMENTS. Mortgagor shall not take or fail to take any action which may cause or permit the termination or the withholding of any payment in connection with any Lease pertaining to the Property. In addition, Mortgagor, without Lender's prior written consent, shall not: (a) collect any monies payable WIder any Lease more than one month in advance; (b) modify any Lease; (c) assign or allow a lien, security interest or other encumbrance to be placed upon Mortgagor's rights, tiUe and interest in and to any Lease or the amounts payable thereunder; or (d) terminate or cancel any Lease except for the nonpayment of any sum or other material breach by the other party thereto. If Mortgagor receives at any time any written communication asserting a default by Mortgagor under an Lease or purporting to terminate or cancel any Lease, Mortgagor shall promptly forward a copy of such communication (and any subsequent convnœications relating thereto) to Lender. All such Leases and the amooots due to Mortgagor thereunder are hereby assigned to Lender as additional security for the Obligations. 7. COLL£CT10N OF INDEBTEDNESS FROM THIRD PARTY. Lender shall be entitled to notify or require Mortgagor to notify any third party (including, but not limited to, lessees, licensees, governmental authorities and insurance companies) to pay Lender any indebtedness or obligation owing to Mortgagor with respect to the Property (cumulatively 'Indebtedness') whether or not a default exists under this Mortgage. Mortgagor shall diligently collect the Indebtedness owi1g to Mortgagor from these third parties until the giving of such notification. In the event that Mortgagor possesses or receives possession of any instnments or other remittances with respect to the Indebtedness following the giving of such notification or if the instruments or other remiUances constitute the prepayment of any Indebtedness or the payment of any insurance or condemnation proceeds, Mortgagor shall hold such instnments and other remittances in trust for Lender apart from its other property, endorse the instruments and other remittances to Lender, and irMIediately provide Lender with possession of the instruments and other remittances. Lender shall be entitled, but not required, to collect (by legal proceedings or otherwise), extend the time for payment, compromise, exchange or release any obligor or collateral, or otherwise settle any of the Indebtedness whether or not an Event of Default exists under this Mortgage. Lender shall not be liable to Mortgagor for any action, error, mistake, omission or delay pertaining to the actions described in this paragraph or any damages resulting therefrom. NotwithStanding the foregoing, nothing herein shaD cause Lender to be deemed a mortgagee-in-possession. 8. USE AND MAINTENANCE OF PROPERTY. Mortgagor shall take all actions and make any repairs needed to maintain the Property in good condition. Mortgagor shall not convnit or permit any waste to be convnitted with respect to the Property. Mortgagor shall use the Property solely in compliance with applicable law and insurance policies. Mortgagor shall not make any alterations, additions or improvements to the Property without Lender's prior written consent. Without limiting the foregoing, all alterations, additions and improvements made to the Property shall be subject to the beneficial interest belonging to Lender, shall not be removed without Lender's prior written consent, and shall be made at Mortgagor's sole expense. 9. LOSS OR DAMAGE. Mortgagor shall bear the entire risk of any loss, theft, destruction or damage (cumulatively "Loss or Damage") to the Property or any portion thereof from any cause whatsoever. In the event of any Loss or Damage, Mortgagor shall, at the option of Lender, repair the affected Property to its previous condition or payor cause to be paid to Lender the decrease in the fair market value of the affected Property. 10. INSURANCE. The Property will be kept insured for its full insurable value (replacement cost) against all hazards including loss or damage caused by flood, earthquake, tornado and fire, theft or other casualty to the extent required by Lender. Mortgagor may obtain insurance on the Property from such companies as are acceptable to Lender in its sole discretion. The insurance policies shaH require the insurance company to provide Lender with at least 30 days' written notice before such policies are altered or cancelled in any manner. The insurance policies shall name Lender as a loss payee and provide that no act or omission of Mortgagor or any other person shall affect the right of Lender to be paid the insurance proceeds pertaining to the loss or damage of the Property. In the event Mortgagor fails to acquire or maintain insurance, Lender (after providing notice as may be required by law) may in its discretion procure appropriate insurance coverage upon the Property and the insurance cost shaH be an advance payable and bearing interest as described in Paragraph 21 and secured hereby. Mortgagor shaH furnish Lender with evidence of insurance indicating the required coverage. Lender may act as attorney-in-fact for Mortgagor in making and settling claims under insurance policies, cancelling any policy or endorsing Mortgagor's name on any draft or negotiable instrument drawn by any insurer. AU such insurance policies shall be immediately assigned, pledged and delivered to Lender as further security for the Obligations. In the event of loss, Mortgagor shall immediately give Lender written notice and Lender is authorized to make proof of loss. Each insurance company is directed to make payments directly to Lender instead of to Lender and Mortgagor. Lender shall have the right, at Its sole option, to apply such monies toward the Obligations or toward the cost of rebuilding and restoring the Property. Any amounts may at Lender's option be applied in the inverse order of the due dates thereof. 11. ZONING AND PRIV A 1E COVENANTS. Mortgagor shall not initiate or consent to any change in the zoning provisions or private covenants affecting the use of the Property without Lender's prior written consent. If Mortgagor's use of the Property is or becomes a nonconforming use under any zoning provision, Mortgagor shaH not cause or permit such use to be discontinued or abandoned without the prior written consent of Lender. Mortgagor will immediately provide Lender with written notice of any proposed changes to the zoning provisions or private covenants affecting the Property. 12. CONDEMNA11ON. Mortgagor shall immediately provide Lender with written notice of any actual or threatened condemnation or eminent domain proceeding pertaining to the Property. All monies payable to Mortgagor from such condemnation or taking are hereby assigned to Lender and shall be applied first to the payment of Lender's attorneys' fees, legal expenses and other costs (including appraisal fees) in connection with the condemnation or eminent domain proceedings and then, at the option of Lender, to the payment of the Obligations or the restoration or repair of the Property. 13. LENDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Mortgagor shall immediately provide Lender with written notice of any actual or threatened action, suit, or other proceeding affecting the Property. Mortgagor hereby appoints Lender as its attorney-in-fact to commence, intervene in, and defend such actions, suits, or other legal proceedings and to compromise or settle any claim or controversy pertaining thereto. Lender shall not be liable to Mortgagor for any action, error, mistake, omission or delay pertù¡ing to the actions described in this paragraph or any damages resulting therefrom. Nothing contained herein will prevent Lender from taking the actions described in this paragraph in Its own name. 14. INDEMNIFICA11ON. Lender shall not assume or be responsible for the performance of any of Mortgagor's obligations with respect to the Property under any Circ1mStances. Mortgagor shall immediately provide Lender with written notice of and indemnify and hold Lender and its shareholders, directors, officers, employees and agents harmless from aU claims, damages, liabilities (including attorneys' fees and legal expenses), causes of action, actions, suits and other legal proceedings (CLmUlatively "Claims") pertaining to the Property (including, but not limited to, those involving Hazardous Materials). Mortgagor, upon the request of Lender, shall hire legal counsel to defend Lender from such Claims, and pay the attorneys' fees, legal expenses and other costs incurred in connection therewith. In the alternative, Lender shall be entitled to employ its own legal cOU1Sel to defend such Claims at Mortgagor's cost. Mortgagor's obligation to indemnify Lender under this paragraph shall survive the termination, release or foreclosure of this Mortgage. ~ LPWY506B @ FonnAli:" ~~tJ¡" , Inc. (1113196) (800) 1137-3799 ~ 'it . .~..~~,;, 9· .," , j "'::".::.'.-~..:...:~.'.::.~~.~.:.~...:t.::,..::,',: '. . n ~n_~~ -¿u0324: 15. TAXESANDASSESSIIENTS. Mortgagor shaD pay aU taxes and assessments relating to the Property when due and immediately provide Lender é\lidence of payment of same. Upon the request of Lender, Mortgagor shaD deposit with Lender each month one-twelflh (1/12) of the estimated annual insurance premium, taxes and assessments pertaining to the Property. So long as there is no default, these amounts shall be applied to the payment of taxes, assessments and insurance as required on the Property. In the event of default, Lender shaD have the right. at its sole option, to apply the funds so held to pay any taxes or against the Obligations. Any funds applied may, at Lender's option, be applied in reverse order of the due date thereof. 16. INSPEC110N OF PROPERTY, BOOKS, RECORDS AND REPORTS. Mortgagor shall allow Lender or its agents to examine and inspect the Property and examine, inspect and make copies of Mortgagor's books and records pertaining to the Property from time to time. Mortgagor shall provide any assistance required by Lender for these purposes. AU of the signatures and information contained in Mortgagor's books and records shall be genuine, true, accurate and complete in aU respects. Mortgagor shall note the existence of Lender's beneficial interest in its books and records pertaining to the Property. AdditionaUy, Mortgagor shall report, in a fonn satisfactory to Lander, such i1formation as Lender may request regarding Mortgagor's financial condition or !he Property. The information shaH be for such periods, shaD reflect Mortgagor's records at such time, and shaH be rendered with such frequency as Lender may designate. AD information furnished by Mortgagor to Lender shall be true, accurate and complete i1 all respects, and signed by Mortgagor if Lender requests. 17. ESTOPPEL CERTIACATES. Within ten (10) days after any request by Lender, Mortgagor shaH deliver to Lender, or any intended transferee of Lender's rights with respect to the Obligations, a signed and acknowledged statement specifying: (a) the outstanding balance on the Obligations; and (b) whether Mortgagor possesses any claims, defenses, set-offs or counterclaims with respect to the Obligations and, if so, the nature of such claims, defenses, set-offs or counterclaims. Mortgagor wiD be conclusively bound by any representation that Lender may make to the intended transferee with respect to these matters in the event that Mortgagor fails to provide the requested statement in a timely manner. 18. EVENTS OF DEFAULT. An Event of Default will occur under this Mortgage i1the event that Mortgagor, Borrower or any guarantor of any Obligation: (a) commits fraud or makes a material misrepresentation at any time in connection with the Obligations or this Mortgage; (b) fails to meet the repayment tenns of the Obligations for any outstanding balance; or (c) by any action or inaction, adversely affects the Property, or any right of Lender in such Property, including, but not limited to, transfer of title to or sale of !he Property without the permission of Lender, failure to maintain required insurance or to pay taxes on the Property, allowing the filing of a lien senior to that held by Lender, death of the sole Borrower obligated under !he Obligations, allowing the talmg of the Property through eminent domain, or allowing the Property to be foreclosed by a lienholder other than Lender. In addition, an Event of Default shall occur if, as a result of any of the following, the Property, or any right of the Lander in the Property, is adversely affected: the Borrower, Mortgagor or any guarantor of any Obligations commits waste or otherwise destructively uses or fails to maintain the Property, uses the Property in an illegal manner which may subject the Property to seizure, or moves from the Property; a judgment is filed against the Borrower, Mortgagor or any guarantor of any Obligation; or one of two Borrowers obligated under the Obligations dies. 19. RIGHTS OF LENDER ON EVENT OF DEFAULT. Upon the occurrence of an Event of Default under this Mortgage, Lender shall be entitled to exercise one or more of the following remedies without notice or demand (except as required by law): (a) to declare the Obligations immediately due and payable in full, such acceleration shaH be automatic and immediate if the Event of Default is a filing under the Bankruptcy Code; (b) to collect the outstanding Obligations with or without resorting to judicial process; (c) to require Mortgagor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably convenient to Mortgagor and Lender; (d) to enter upon and take possession of the Property without applying for or obtaining the appointment of a receiver and, at Lender's option, to appoint a receiver without bond, without first bringing suit on the Obligations and without otherwise meeting any statutory conditions regarding receivers, it being intended that Lender shall have this contractual right to appoint a receiver; (e) to employ a managing agent of the Property and let the same. i1the name of Lender or in the name of Mortgagor, and receive the rents. incomes, issues and profits of the Property and apply the same, after payment of all necessary charges and expenses, on account of the Obligations; (I) to pay any sums in any form or manner deemed expedient by Lender to protect the security of this Mortgage or to cure any default other than payment of interest or principal on the Obligations; (g) to foreclose this Mortgage; (h) to set-off Mortgagor's Obligations against any 8I11OU'1ts owed Mortgagor by Lender including, but not limited to, monies, instruments, and deposit accounts maintained with Lender or any currenUy existing or future affiliate of Lender; and (i) to exercise all other rights available to Lender under any other written agreement or applicable law. Lender's rights are cumulative and may be exercised together, separately, and in any order. In the event that Lender institutes an action seeking the recovery of any of the Property by way of a prejudgment remedy i1 an action against Mortgagor, Mortgagor waives the posting of any bond which might otherwise be required. Lender or Lender's designee may purchase the Property at any sale. The Property or any part thereof may be sold in one parcel, or i1 such parcels, manner or order as Lender i1 its sole discretion may elect, and one or more exercises of the power herein granted shall not extinguish or exhaust the power unless the entire Property is sold or the Obligations are paid in fuU. 20. SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Mortgage shall be considered a financing statement and a fixture fDing pursuant to the provisions of the Unifonn Commercial Code (as adopted by the state where the Property is located) covering fixtures, chattels, and articles of personal property now owned or hereafter attached to or to be used in connection with the Property together with any and all replacements thereof and additions thereto (the "Chattels"), and Mortgagor hereby grants Lender a security interest in such Chattels. The debtor is the Mortgagor described above. The secured party is the Lender described above. Upon demand, Mortgagor shall make, execute and deliver such security agreements (as such tønn is defined in said Unifonn Commercial Code) as Lender at any time may deem necessary or proper or required to grant to Lender a perfected security i1terest in the Chattels, and upon Mortgagor's failure to do so, Lender is authorized to sign any such agreement as the agent of Mortgagor. Mortgagor hereby authorizes Lender to file financing statements (as such tenn is defined in said Uniform Convnercial Code) with respect to the Chattels. at any time, without the signature of Mortgagor. Mortgagor will, however, at any time upon request of Lender, sign such financing statements. Mortgagor will pay aU filing fees for the filing of such financing statements and for the reflling thereof at the times required, in the opinion of Lender, by said Uniform Commercial Code. If the lien of this Mortgage is subject to any security agreement covering the Chattels, then in the event of any default under this Mortgage, all the right, title and interest of Mortgagor in and to any and aU of the Chattels is hereby assigned to Lender, together with the benefit of any deposits or payments now or hereafter made thereof by Mortgagor or the predecessors or successors in title of Mortgagor in the Property. 21. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender. at Lender's option, may expend funds (including attorneys' fees and legal expenses) to perfonn any act required to be taken by Mortgagor or to exercise any right or remedy of Lender under this Mortgage. Upon demand, Mortgagor shall immediately reimburse Lender for all such amounts expended by Lender together with interest thereon at the lower of the highest rate described in any Obligation or the highest rate allowed by law from the date of payment until the date of reimbursement. These sums shall be included in the definition of Obligations herein and shaD be secured by the beneficial interest granted herein. If the Obligations are paid after the beginning of publication of notice of sale, as herein provided, or in the event Lender shall, at its sole option, pennit Mortgagor to pay any part of the Obligations after the beginning of P4 ~ication of notice of sale, as herei1 provided, then, Mortgagor shall pay on demand all expenses incurred by the Lender in connection with said publication, including reasonable attorneys' fees to the attorneys for the Lender, and this Mortgage shall be security for all such expenses and fees. 22. APPUCA liON OF PAYMENTS. AU payments made by or on behalf of Mortgagor may be applied against the amounts paid by Lender (including attorneys' fees and legal expenses) in connection with the exercise of its rights or remedies described in this Mortgage and then to the payment of the remaining Obligations in whatever order Lender chooses. 23. POWER OF A TIORNEY. Mortgagor hereby appoints Lender as its attorney-in-fact to endorse Mortgagor's name on aU instruments and other documents pertaining to the Obligations or Mortgage. In addition, Lender shall be entitled, but not required, to perfonn any action or execute any document required to be taken or executed by Mortgagor under this Mortgage. Lender's perfonnance of such action or execution of such documents shall not relieve Mortgagor from any Obligation or cure any default under this Mortgage. The powers of attorney described in this Mortgage are coupled with an interest and are irrevocable. 24. SUBROGATION OF LENDER. Lender shall be subrogated to the rights of the holder of any previous lien, security interest or encumbrance discharged with funds advanced by Lender regardless of whether these liens, security interests or other encumbrances have been released of record. 25. COLLEC11ON COSTS AND ATTORNEYS' FEES. Upon default by borrower or Mortgagor under the Obligations and referral of this Mortgage to an attorney who is not a salaried employee of Lender, Mortgagor agrees to pay Lenders reasonable attorneys' fees. AdØitionally, Mortgagor agrees to pay all reasonable expenses incurred by Lender in foreclosing and realizing on the Property. 26. PART1ALRELEASE. Lender may release its interest in a portion of the Property by executing and recording one or more partial releases without affecting its interest in the remaining portion of the Property. Nothing herein shall be deemed to obligate Lender to release any of its interest in the Property (except as required under Paragraph 34), nor shaD Lender be obligated to release any part of the Property if Mortgagor is in default under this Mortgage. 71. MODIFICATION AND WAIVER. The modification or waiver of any of Mortgagor's Obligations or Lender's rights under this Mortgage must be contained in a writing signed by Lender. Lender may perform any of Borrower's or Mortgagor's Obligations, delay or fail to exercise any of its rights or accept payments from Mortgagor or anyone other than Mortgagor without causing a waiver of those Obligations or rights. A waiver on one occasion shall not constitute a waiver on any other occasion. Mortgagor's Obligations under this Mortgage shall not be affected if Lender amends, compromises, exchanges, fails to exercise. impairs or releases any of the Obligations belonging to any Mortgagor, Borrower or third party or any of its rights against any Mortgagor. Borrower or third party or any of the Property. Lender's failure to insist upon strict performance of any of the Obligations shall not be deemed a waiver, and Lender shall have the right at any time thereafter to insist upon strict perfonnance. 28. SUCCESSORS AND ASSIGNS. This Mortgage shall be binding upon and inure to the benefit of Mortgagor and Lender and their respective successors, assigns, trustees, receivers, administrators, personal representatives, legatees and devisees. ---.-....-,..--,..-.- LPWY506C @ FonnAlian Technologies. Inc. (1113196) (BOO) 937-3799 Page 3 01 5 Ð9Z~91S 000325' 29. N011CES. Except as otherwise required by law, any notice or o1her communication to be provided under this Mort~ge shall be in writing and sent to the parties at the addresses described in this Mortgage or such other address as the parties may designate in wliting front time to time. Any' such notice so given and sent by first class mail, postage prepaid, shaH be deemed given the earlier of three (3) days after such notice is sent or when received by the person to whom such notice is being given. 30. SEVERABIUTY. Whenever possible, each provision of this Mortgage shall be interpreted so as to be effective and valid under applicable state law. If any provision of this Mortgage violates the law or is unenforceable, the rest of the Mortgage shall continue to be valid and enforceable. 31. APPUCABLE LAW. This Mortgage shall be governed by the laws of the state where the Property is located. Unless applicable law provides otherwise, Mortgagor consents to the jurisdiction and venue of any court selected by Lender, in its sole discretion, located in that state. 32. NO THIRD-PARTY RIGHlS. No person is or shall be a third-party beneficiary of any provision of the Mortgage. All provisions of the Mortgage in favor of Lender are intended solely for the benefit of Lender, and no third party shall be entitled to assume or expect that Lender wiU waive or consent to the modification of any provision of the Mortgage, in Lender's sole discretion. 33. PRESERVATION OF UABIUTY AND PRIORITY. Without affecting the liability of Borrower, Mortgagor, or any guarantor of the Obligations, or any other person (except a person expressly released in writing) for the payment and performance of the Obligations, and without affecting the rights of Lender with respect to any Property not expressly released in writing, and without Impairing in any way the priority of this Mortgage over the interest of any person acquired or first evidenced by recording subsequent 10 the recording of this Mortgage, Lender may, either before or after the maturity of the Obligations, and without notice or consent release any person liable for payment or performance of all or any part of the Obligations; make any agreement altering the tenns of payment or performance of all or any part of the Obligations; exercise or refrain from exercising or waive any right or remedy that Lender may have under this Mortgage; accept additional security of any kind for any of the Obligations; or release or otherwise deal with any real or personal property securing the Obligations. Any person acquiring or recording evidence of any interest of any nature in the Property shall be deemed, by acquiring such interest or recording any evidence thereof, to have consented to all or any such actions by Lender. 34. DEFEASANCE. Upon the payment and perfonnance in fuU of all of the Obligations, Lender will execute and deliver to Mortgagor those documents that may be required to release this Mortgage of record. Mortgagor shall be responsible to pay any costs of recordation. 35. RELEASE AND WAIVER OF HOMESTEAD. Mortgagor hereby relinquishes and waives aU rights under and by virtue of the homestead laws of the State of Wyoming and covenants and agrees that Mortgagor is lawfully seized of said Property, that it is free from all encumbrances, and hereby covenants to warrant and defend the tiUe of said Property against the lawful claims of aU persons whomsoever. Spouse of Grantor upon the consideration aforesaid, does hereby release and forever quit-claim unto Lender, as Mortgagee, all hislher rights of homestead in and to the above granted Property. 36. MlSCEU.ANEOUS. Mortgagor and Lender agree that time is of the essence. Mortgagor waives presentment, demand for payment, notice of dishonor and protest except as required by law. AU references to Mortgagor in this Mortgage shall include all persons signing below. If there is more than one Mortgagor, their Obligations shall be joint and several. This Mortgage represents the complete integrated understanding between Mortgagor and Lender pertaining 10 the tenns and conditions hereof. 37. ADDmONAL TERMS: Mortgagor acknowledges that Mortgagor has read, understands, and agrees to the tenns and conditions of this Mortgage, and acknowledges receipt of an exact copy of same. IN WITNESS HEREOF, Mortgagor has executed !his instrument ellher individually or has caused this instrument to be executed and delivered in its name by its duly authorized representative on the date of the acknowledgment Dated this 2" to h day of n.11g11Rto ., nn,; ~jûJ Jlollf~ ~HEAP ~ MORTGAGOR: MORTGAGOR: MORTGAGOR: MORTGAGOR: MORTGAGOR: MORTGAGOR: MORTGAGOR: j'k:":¡';.'ì LPWY506D ® FonnAlion" '::.''::::::;;._;:~c. (1113196) (BOO) 937-3799 ~!;~~~~~ml~I~~ ~l; J! Page 4 015 CoÚÓty of On this ~ day of , IJS~~91S ~~*mf*~U: ) ) as: ) , .:lÐ-/J fp , before me personally appeared L oooa~ n Ur, f'- My Commission Expires: executed the same as to me known to be the person(s) descrÐed in and who executed hislherl\heir free act and deed, including the release Given under my hand and notarial seal this State of Wyoming ) ) as: ) County of On this day of , before me personally appeared to me personally known, who, being by me duly sworn, did say that heishellhey are the respectively, of said , executing !he foregoing instrument, that said instrument was signed on behalf of said , by au1horlty of Its , and the above signed person(s) acknowledged the execution of said instrument to be the free act and deed of said Given under my hand and notarial seal this day of My Commission Expires: Notary P~ State of Wyoming RELEASE OF HOMESTEAD RIGHTS: ) ) as: ) County of On this day of , before me personally appeared to me personally known, who, being by me duly sworn, did say that heishellhey are !he respectively, of said , executing the foregoing instrument for purposes of waiving and relinquishing histherltheir homestead rights, acknowledged that helshelthey had been fully advised of hislherltheir rights and !he effect of signing, and acknowledged that helshelthey executed the foregoing instrument as hisl11erltheir free act and deed. Given under my hand and notarial seal this day of My Commission Expires: Notary Public 1)))m)s.c.~A))))¡ The following described real property located in the County of LINCOLN See Addendum A , State of Wyomi ng .~:... J. . '~J 1::::::::::::::::::::SC'~":"::::::8';::::::::::::::::::::1 .:-:.:.;.:.:.:.:.;.: ,.. '. .', .:. :.:-:.;.:.;.;.;.:.:.: :-:.:.;.;.;.;.;.;.::. ,', .:....' .......... . ;.;. ,.;.;.;.;.;.:-:.:-:.:: BORROWER AND LENDER REQUEST THE HOLDER OF ANY MORTGAGE, DEED OF TRUST OR OTHER ENCUMBRANCE WITH A LIEN WHICH HAS PRIORITY OVER THIS MORTGAGE TO GIVE NOTICE TO LENDER, AT LENDER I S ADDRESS SET FORTH ON PAGE ONE OF THIS MORTGAGE, OF ANY DEFAULT UNDER THE SUPERIOR ENCUMBRANCE AND OF ANY SALE OR OTHER FORECLOSURE ACTION. THIS DOCUMENT WAS PREPARED BY: KeyBank National Association / David G. Fisher AFTER RECORDING RETURN TO LENDER AT ITS ADDRESS DESCRIBED ABOVE. LPWYS06E ~ FormAtion Technologies. Inc. (11/3/96) (BOO) 1137-3799 Page 5 at 5 :j~~~81S 000327 EXHIBIT A SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: LOT NO. 15 OF THE HAPPY VALLEY ESTATES SUBDIVISION ACCORDING TO THAT PLAT RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING. Permanent Parcel Number: 3118 073 04 038 LAURIE HEAP, F/K/A LAURIE H. HILLSTEAD, A SINGLE PERSON 195 HAPPY VALLEY LANE, AFTON WY 83110 Loan Reference Number 062191109440C First American Order No: 10117366 Identifier: FIRST AMERICAN LENDERS ADVANTAGE UIIIIIIII UIIIIHIU HEAP, 10117366 FIRST AnERICAN LENDERS ADVANTAGE MORTGAGE 1IIIIIIIIIIIIIIJIllllllllllllllllmll W 111111/1 ·:::*~m:::::i:·.. .¡lli r.. ~ù