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RECEIVED 10/4/2006 at 11:04 AM
RECEIVING # 923046
BOOK: 635 PAGE:.811
JEANNE WAGNER
LINCOLN COUNTY CLERK. KEMMERER, WY
State of Wyoming
Space Above This Line For Recording Data
REAL ESTATE MORTGAGE
(With Future Advance Clause)
" DATE AND PARTIES. The date of this Mortgage is 09·21.2006
are as follows:
and the parties and their addresses
MORTGAGOR:
'I ("7
JEFFERY J. DUPONT AND SHAUNA OUPONT, HUSBAND AND
WIFE
P.O. BOX 3039
JACKSON,WY 83001
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o Refer to the Addendum which is attached and incorporated herein for additional Mortgagors.
LENDER:
THE BANK OF STAR VAlLEY THAYNE BRANCH
ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING
P.O. BOX 928
113 PETERSEN PARKWAY THAYNE, WY 83127
2. MORTGAGE, For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure
the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the
power of sale, the following described property: UNIT 4 OF MOOSE RUN CONDOMINIUMS, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT
PLAT RECORDEO IN THE OFFICE OF THE LINCOLN COUNTY CLERK ON SEPTEMBER 22, 2004 AS PLAT NO. 361·B, AND FURTHER DEfiNED ANO DESCRIBED IN THE
CONDOMINIUM DECLARATION FOR SAID PROPERTY RECORDED IN BOOK 567 P.R., PAGE 752.
The property is located in LINCOLN
at 28 LARKSPUR DRIVE UNIT 4
(County)
(Address) (City) (Zip Code)
Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all
diversion payments or third party payments made to crop producers, and all existing and future improvements,
structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described
above (all referred to as "Property"). The term Property also includes, but is not limited to, any and all water wells,
water, ditches, reservoirs, reservoir sites and dams located on the real estate and all riparian and water rights associated
with the Property, however established.
, ALPINE
, Wyoming 83128
WYOMING - AGRICUl TURAl/COMMERCIAlREAl ESTATE SECURITY INSTRUMENT (NOHOR FNMA, FHlMC. FHA OR VA USE, AND NOHOR CONSUMER PURPOSES)
~ 01993,2001 Bonko.. Svst.ms, Inc., St. Cloud, MN FOI'm AGCO-RESI·WY 1/16/2003
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3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter defined) secured by this
Mortgage at anyone time shall not exceed $ 154.223.76 . This limitation of amount does not
include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges validly made
pursuant to this Mortgage and does not apply to advances (or interest accrued on such advances) made under the terms
of this Mortgage to protect lender's security and to perform any of the covenants contained in this Mortgage, Future
advances are contemplated and, along with other future obligations, are secured by this Mortgage even though all or part
may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitment to make additional or
future loans or advances in any amount. Any such commitment would need to be agreed to in a separate writing.
4, SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following:
A. The promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all extensions,
renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include
items such as borrowers' names and addresses, note principal amounts, commercial revolving loan agreement's
maximum amount, interest rates, variable rate terms, maturity dates, etc.)
ONE PROMISSORY NOTE DATED 9·21·06 IN THE
AMOUNT OF $154,223.76
B. All future advances from lender to Mortgagor or other future obligations of Mortgagor to lender under any
promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Mortgage
whether or not this Mortgage is specifically referred to in the evidence of debt.
C. All obligations Mortgagor owes to lender, which now exist or may later arise, to the extent not prohibited by law,
including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between
Mortgagor and lender.
D, All additional sums advanced and expenses incurred by lender for insuring, preserving or otherwise protecting the
Property and its value and any other sums advanced and expenses incurred by lender under the terms of this
Mortgage, plus interest at the highest rate in effect, from time to time, as provided in the Evidence of Debt.
E. Mortgagor's performance under the terms of any instrument evidencing a debt by Mortgagor to lender and any
Mortgage securing, guarantying, or otherwise relating to the debt.
If more than one person signs this Mortgage as Mortgagor, each Mortgagor agrees that this Mortgage will secure all
future adval;lces and future obligations described above that are given to or incurred by anyone or more Mortgagor, or
anyone or more Mortgagor and others. This Mortgage will not secure any other debt if lender fails, with respect to such
other debt, to make any required disclosure about this Mortgage or if lender fails to give any required notice of the right
of rescission.
5, PAYMENTS. Mortgagor agrees to make all payments on the Secured Debt when due and in accordance with the terms
of the Evidence of Debt or this Mortgage.
6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground
rents, utilities, and other charges relating to the Property when due. lender may require Mortgagor to provide to lender
copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend
title to the Property against any claims that would impair the lien of this Mortgage. Mortgagor agrees to assign to
lender, as requested by lender, any rights, claims or defenses which Mortgagor may have against parties who supply
labor or materials to improve or maintain the Property,
7, PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
document that created a prior security interest or encumbrance on the Property and that may have priority over this
Mortgage, Mortgagor agrees:
A. To make all payments when due and to perform or comply with all covenants.
B. To promptly deliver to lender any notices that Mortgagor receives from the holder,
C. Not to make or permit any modification or extension of, and not to request or accept any future advances under
any note or agreement secured by, the other mortgage, deed of trust or security agreement unless lender
consents in writing.
8. DUE ON SALE OR ENCUMBRANCE, lender may, at its option, declare the entire balance of the Secured Debt to be
immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or contract for any of these
on the Property. However, if the Property includes Mortgagor's residence, this section shall be subject to the restrictions
imposed by federal law (12 C.F.R. 591), as applicable, For the purposes of this section, the term "Property" also
includes any interest to all or any part of the Property, This covenant shall run with the Property and shall remain in
effect until the Secured Debt is paid in full and this Mortgage is released.
(page 2 of 8)
~ fC)1993. 2001 Bonkers Systems. Inc., St. Cloud, MN Form AGCO-RESI-WY 1/16/2003
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9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as a
corporation or other organizationl, lender may demand immediate payment if (11 a beneficial interest in Mortgagor is sold
or transferred; (21 there is a change in either the identity or number of members of a partnership or similar entity; or (31
there is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity, However,
lender may not demand payment in the above situations if it is prohibited by law as of the date of this Mortgage.
10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a naturål person (such as a
corporation or other organization), Mortgagor makes to lender the following warranties and representations which shall
be continuing as long as the Secured Debt remains outstanding:
A. Mortgagor is an entity which is duly organized and validly existing in the Mortgagor's state of incorporation (or
organization), Mortgagor is in good standing in all states in which Mortgagor transacts business, Mortgagor has
the power and authority to own the Property and to carry on its business as now being conducted and, as
applicable, is qualified to do so in each state in which Mortgagor operates.
B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by the
Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received all necessary
governmental approval, and will not violate any provision of law, or order of court or governmental agency.
C, Other than disclosed in writing Mortgagor has not changed its name within the last ten years and has not used
any other trade or fictitious name, Without lender's prior written consent, Mortgagor does not and will not use
any other name and will preserve its existing name, trade names and franchises until the Secured Debt is
satisfied,
11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION, Mortgagor will keep the Property in good condition and make
all repairs that are reasonably necessary. Mortgagor will give lender prompt notice of any loss or damage to the
Property, Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor will not initiate, join in or
consent to any change in any private restrictive covenant, zoning ordinance or other public or private restriction limiting
or defining the uses which may be made of the Property or any part of the Property, without lender's prior written
consent, Mortgagor will notify lender of all demands, proceedings, claims, and actions against Mortgagor or any other
owner made under law or regulation regarding use, ownership and occupancy of the Property, Mortgagor will comply
with all legal requirements and restrictions, whether public or private, with respect to the use of the Property, Mortgagor
also agrees that the nature of the occupancy and use will not change without lender's prior written consent.
No portion of the Property will be removed, demolished or materially altered without lender's prior written consent
except that Mortgagor has the right to remove items of personal property comprising a part of the Property that become
worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value to
the replaced personal property, free from any title retention device, security agreement or other encumbrance, Such
replacement of personal property will be deemed subject to the security interest created by this Mortgage, Mortgagor
shall not partition or subdivide the Property without lender's prior written consent. lender or lender's agents may, at
lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property, Any inspection of
the Property shall be entirely for lender's benefit and Mortgagor will in no way rely on lender's inspection,
12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgagor's duties under this Mortgage, or any other
mortgage, deed of trust, security agreement or other lien document that has priority over this Mortgage, lender may,
without notice, perform the duties or cause them to be performed. Mortgagor appoints lender as attorney in fact to sign
Mortgagor's name or pay any amount necessary for performance. If any construction on the Property is discontinued or
not carried on in a reasonable manner, lender may do whatever is necessary to protect lender's security interest in the
Property. This may include completing the construction.
lender's right to perform for Mortgagor shall not create an obligation to perform, and lender's failure to perform will not
preclude lender from exercising any of lender's other rights under the law or this Mortgage. Any amounts paid by
lender for insuring, preserving or otherwise protecting the Property and lender's security interest will be due on demand
and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to time
according to the terms of the Evidence of Debt.
13. ASSIGNMENT OF LEASES AND RENTS, Mortgagor assigns, grants, b~rgains, conveys, mortgages and warrants to
lender as additional security all the right, title and interest in the following (Property),
A, Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use
and occupancy of the Property, including but not limited to, any extensions, renewals, modifications or
replacements (leases).
B, Rents, issues and profits, including but not limited to, security deposits, minimum rents, percentage rents,
additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable taxes,
insurance premium contributions, liquidated damages following default, cancellation premiums, "loss of rents"
insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles,
and all rights and claims which Mortgagor may have that in any way pertain to or are on account of the use or
occupancy of the whole or any part of the Property (Rents).
In the event any item listed as leases or Rents is determined to be personal property, this
regarded as a security agreement.
Assignm~~t, .~iH< éllso be
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(page 3 of 8)
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Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true an'1-c"!rrect
copies, The existing Leases will be provided on execution of the Assignment, and all of the future Leases and any other
information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect,
receive, enjoy and use the Rents so long as Mortgagor is not in default. Mortgagor will not collect in advance any Rents
due in future lease periods, unless Mortgagor first obtains Lender's written consent, Upon default, Mortgagor will receive
any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. When Lender so directs,
Mortgagor will endorse and deliver any payments of Rents from the Property to 'Lender. Amounts collected will be
applied at Lender's discretion to the Secured Debts, the costs of managing, protecting and preserving the Property, and
other necessary expenses. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor
and Lender, This Security Instrument will remain effective during any statutory redemption period until the Secured
Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may take
actual possession of the Property without the necessity of commencing any legal action or proceeding. Mortgagor agrees
that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mortgagor's default and
demands that Mortgagor and Mortgagor's tenants pay all Rents due or to become due directly to Lender. Immediately
after Lender gives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor may immediately
notify the tenants and demand that all future Rents be paid directly to Lender.
As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and
the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants.
Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the Leases to
comply with the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or fails to observe any
applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with the
terms of the Leases, then Lender may, at Lender's option, enforce compliance.
Mortgagor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property
covered by the Leases (unless the Leases so require) without Lender's consent, Mortgagor will not assign, compromise,
subordinate or encumber the Leases and Rents without Lender's prior written consent, Lender does not assume or
become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage,
protect or preserve the Property, except for losses and damages due'to Lender's gross negligence or intentional torts.
Otherwise, Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may
incur when Lender opts to exercise any of its remedies against any party obligated under the Leases,
14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit
development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the
condominium or planned unit development,
15. DEFAULT. Mortgagor will be in default if any of the following occur:
A. Any party obligated on the Secured Debt fails to make payment when due;
B. A breach of any term or covenant in this Mortgage, any prior mortgage or any construction loan agreement,
security agreement or any other document evidencing, guarantying, securing or otherwise relating to the Secured
Debt;
e. The making or furnishing of any verbal or written representation, statement or warranty to Lender that is false or
incorrect in any material respect by Mortgagor or any person or entity obligated on the Secured Debt;
D. The death, dissolution, or insolvency of, appointment of a receiver for, or application of any debtor relief law to,
Mortgagor or any person or entity obligated on the Secured Debt;
E. A good faith belief by Lender at any time that Lender is insecure with respect to any person or entity obligated on
the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired;
F, A material adverse change in Mortgagor's business including ownership, management, and financial conditions,
which Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or
G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the
conversion of wetlands to produce an agricultural commodity, as further explained in 7 e.F.R, Part 1940, Subpart
G, Exhibit M,
16. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice
of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions. Subject
to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Mortgage in a manner provided by
law if this Mortgagor is in default.
At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become
immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
thereafter, In addition, Lender shall be entitled to all the remedies provided by law, the Evidence of Debt, other evidences
of debt, this Mortgage and any related documents including without limitation, the power to sell the Property, All
remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity,
whether expressly set forth or not. The acceptance by Lender of any sum in payment or partial payment on the Secured
Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of
Lender's right to require full and complete cure of any existing default. By not exercising any remedy on Mortgagor's
default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again.
(page 4 of 8)
~ C> 1993. 2001 Bonkers Systems. Inc,. St. Cloud. MN Form AGCO·RESI·WY 1/16/2003
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17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COllECTION COSTS. Except when prohibited by law,
Mortgagor agrees to pay all of lender's expenses if Mortgagor breaches any covenant in this Mortgage. Mortgagor will
also pay on demand all of lender's expenses incurred in collecting, insuring, preserving or protecting the Property or in
any inventories, audits, inspections or other examination by lender in respect to the Property, Mortgagor agrees to pay
all costs and expenses incurred by lender in enforcing or protecting lender's rights and remedies under this Mortgage,
including, but not limited to, attorneys' fees, court costs, and other legal expenses, Once the Secured Debt is fully and
finally paid, lender agrees to release this Mortgage and Mortgagor agrees to pay for any recordation costs. All such
amounts are due on demand and will bear interest from the time of the advance at the highest rate in effect, from time
to time, as provided in the Evidence of Debt and as permitted by law.
18, ENVIRONMENTAL lAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental law" means,
without limitation, the Comprehensive Environmental Response, Compensation and liability Act (CERClA, 42 U.S.C,
9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or
interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
"Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
environment, The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
"hazardous waste" or "hazardous substance" under any Environmental law. Mortgagor represents, warrants and agrees
that, except as previously disclosed and acknowledged in writing:
A, No Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled
by any person on, under or about the Property, except in the ordinary course of business and in strict compliance
with all applicable Environmental law.
B. Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the
Property .
C. Mortgagor will immediately notify lender if (1) a release or threatened release of Hazardous Substance occurs on,
under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of
any Environmental law concerning the Property. In such an event, Mortgagor will take all necessary remedial
action in accordance with Environmental law.
D, Mortgagor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or
proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2)
any violation by Mortgagor or any tenant of any Environmental law. Mortgagor will immediately notify lender in
writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim,
or proceeding. In such an event, lender has the right, but not the obligation, to participate in any such proceeding
including the right to receive copies of any documents relating to such proceedings.
E. Mortgagor and every tenant have been, are and shall remain in full compliance with any applicable Environmental
law.
F, There are no underground storage tanks, private dumps or open wells located on or under the Property and no
such tank, dump or well will be added unless lender first consents in writing.
G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm
that'all permits, licenses or approvals required by any applicable Environmental law are obtained and complied
with,
H. Mortgagor will permit, or cause any tenant to permit, lender or lender's agent to enter and inspect the Property
and review all records at any reasonable time to determine (1) the existence, location and nature of any
Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any
Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Mortgagor
and any tenant are in compliance with applicable Environmental law,
I. Upon lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified
environmental engineer to prepare an environmental audit of the Property and to submit the results of such audit
to lender. The choice of the environmental engineer who will perform such audit is subject to lender's approval.
J, lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section at
Mortgagor's expense,
K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Mortgagor
will indemnify and hold lender and lender's successors or assigns harmless from and against all losses, claims,
demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including
without limitation all costs of litigation and attorneys' fees, which lender and lender's successors or assigns may
sustain; and (2) at lender's discretion, lender may release this Mortgage and in return Mortgagor will provide
lender with collateral of at least equal value to the Property secured by this Mortgage without prejudice to any of
lender's rights under this Mortgage.
L. Notwithstanding any of the language contained in this Mortgage to the contrary, the terms of this section shall
survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to lender or any
disposition by lender of any or all of the Property, Any claims and defenses to the contrary are hereby waived.
19, CONDEMNATION, Mortgagor will give lender prompt notice of any action, real or threatened, by private or public
entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain,
or any other means. Mortgagor further agrees to notify lender of any proceedings instituted for the establishment of any
sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part of it.
Mortgagor authorizes lender to intervene in Mortgagor's name in any of the above described actions or claims and to
collect and receive all sums resulting from the action or claim. Mortgagor assigns to lender the proceeds of any award or
claim for damages connected with a condemnation or other taking of all or any part of the Property, Such proceeds shall
be considered payments and will be applied as provided in this Mortgage. This assignment of proceeds is subject to the
terms of any prior mortgage, deed of trust, security agreement or other lien document.
(page 5 of 8)
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20. INSURANCE. Mortgagor agrees to maintain insurance as follows:
A, Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably
associated with the Property due to its type and location, Other hazards and risks may include, for example,
coverage against loss due to floods or flooding, This insurance shall be maintained in the amounts and for the
periods that lender requires, What lender requires pursuant to the preceding two sentences can change during
the term of the Secured Debt. The insurance carrier providing the insurance shall be chosen by Mortgagor subject
to lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to mâintain the coverage
described above, lender may, at lender's option, obtain coverage to protect lender's rights in the Property
according to the terms of this Mortgage.
All insurance policies and renewals shall be acceptable to lender and shall include a standard "mortgage clause"
and, where applicable, "lender loss payee clause." Mortgagor shall immediately notify lender of cancellation or
termination of the insurance, lender shall have the right to hold the policies and renewals. If lender requires,
Mortgagor shall immediately give to lender all receipts of paid premiums and renewal notices. Upon loss,
Mortgagor shall give immediate notice to the insurance carrier and lender, lender may make proof of loss if not
made immediately by Mortgagor,
Unless lender and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or
repair of the Property damaged if the restoration or repair is economically feasible and lender's security is not
lessened, If the restoration or repair is not economically feasible or lender's security would be lessened, the
insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to
Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notice from lender that the
insurance carrier has offered to settle a claim, then lender may collect the insurance proceeds. lender may use
the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The 30-day
period will begin when the notice is given,
Unless lender and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not extend
or postpone the due date of scheduled payments or change the amount of the payments, If the Property is
acquired by lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the
Property before the acquisition shall pass to lender to the extent of the Secured Debt immediately before the
acquisition,
B. Mortgagor agrees to maintain comprehensive general liability insurance naming lender as an additional insured in
an amount acceptable to lender, insuring against claims arising from any accident or occurrence in or on the
Property.
C, Mortgagor agrees to maintain rental loss or business interruption insurance, as required by lender, in an amount
equál to at least coverage of one year's debt service, and required escrow account deposits (if agreed to
separately in writing), under a form of policy acceptable to lender.
21, NO ESCROW FOR TAXES AND INSURANCE, Unless otherwise provided in a separate agreement, Mortgagor will not be
required to pay to lender funds for taxes and insurance in escrow.
22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to lender upon request, any financial
statement or information lender may deem necessary, Mortgagor warrants that all financial statements and information
Mortgagor provides to lender are, or will be, accurate, correct, and complete, Mortgagor agrees to sign, deliver. and file
as lender may reasonably request any additional documents or certifications that lender may consider necessary to
perfect, continue, and preserve Mortgagor's obligations under this Mortgage and lender's lien status on the Property. If
Mortgagor fails to do so, lender may sign, deliver, and file such documents or certificates in Mortgagor's name and
Mortgagor hereby irrevocably appoints lender or lender's agent as attorney in fact to do the things necessary to comply
with this section.
23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage
are joint and individual. If Mortgagor signs this Mortgage but does not sign the Evidence of Debt, Mortgagor does so only
to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree
to be personally liable on the Secured Debt. Mortgagor agrees that lender and any party to this Mortgage may extend,
modify or make any change in the terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such a
change will not release Mortgagor from the terms of this Mortgage. The duties and benefits of this Mortgage shall bind
and benefit the successors and assigns of Mortgagor and lender.
If this Mortgage secures a guaranty between lender ànd Mortgagor and does not directly secure the obligation which is
guarantied, Mortgagor agrees to waive any rights that may prevent lender from bringing any action or claim against
Mortgagor or any party indebted under the obligation including, but not limited to, anti-deficiency or one-action laws.
·(page 6 of 8)
~ C1993. 2001 BankeraSystema, Inc., St. Cloud, MN Form AGCO·RESI-WY 1/16/2003
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24. APPLICABLE lAW; SEVERABILITY; INTERPRETATION. This Mortgage is governeêl by the laws of the jurisdiction in
which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is
located. This Mortgage is complete and fully integrated, This Mortgage may not be amended or modified by oral
agreement. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that
conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written
agreement. If any section or clause of this Mortgage cannot be enforced according to its terms, that section or clause
will be severed and will not affect the enforceability of the remainder of this Mortgage. Whenever uåed, the singular shall
include the plural and the plural the singular, The captions and headings of the sections of this Mortgage are for
convenience only and are not to be used to interpret or define the terms of this Mortgage. Time is of the essence in this
Mortgage.
25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to
the appropriate party's address on page 1 of this Mortgage, or to any other address designated in writing, Notice to one
mortgagor will be deemed to be notice to all mortgagors.
26. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and
assets and all homestead exemption rights relating to the Property,
27. U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Mortgage:
o Construction Loan. This Mortgage secures an obligation incurred for the construction of an improvement on the
Property,
o Fixture Filing. Mortgagor grants to lender a security interest in all goods that Mortgagor owns now or in the
future and that are or will become fixtures related to the Property,
o Crops; Timber; Minerals; Rents, Issues and Profits. Mortgagor grants to lender a security interest in all crops,
timber and minerals located on the Property as well as all rents, issues, and profits of them including, but not
limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar governmental
programs (all of which shall also be included in the term "Property"l.
o Personal Property, Mortgagor grants to lender a security interest in all personal property located on or connected
with the Property. This security interest includes all farm products, inventory, equipment, accounts, documents,
instruments, chattel paper, general intangibles, and all other items of personal property Mortgagor owns now or in
the future and that are used or useful in the construction, ownership, operation, management, or maintenance of
the Property, The term "personal property" specifically excludes that property described as "household goods"
secured in connection with a "consumer" loan as those terms are defined in applicable federal regulations
governing unfair and deceptive credit practices.
o Filing As Financing Statement, Mortgagor agrees and acknowledges that this Mortgage also suffices as a
financing statement and as such, may be filed of record as a financing statement for purposes of Article 9 of the
Uniform Commercial Code. A carbon, photographic, image or other reproduction of this Mortgage is sufficient as
a financing statement,
28. OTHER TERMS. If checked, the following are applicable to this Mortgage:
o Line of Credit. The Secured Debt includes a revolving line of credit provision, Although the Secured Debt may be
reduced to a zero balance, this Mortgage will remain in effect until released.
o Separate Assignment. The Mortgagor has executed or will execute a separate assignment of leases and rents. If
the separate assignment of leases and rents is properly executed and recorded, then the separate assignment will
supersede this Security Instrument's" Assignment of leases and Rents" section,
o Additional Terms.
(page 7 of 8)
~ ,C1993, 2001 BankeraSystams.lnc.,SI. Cloud, MN Form AGC;:,O;~E,S!-.~ 1/16/2003
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SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Mortgage and in any
attachments. Mortgagor also acknowledges receipt of a copy of this Mortgage on the date stated above on Page 1.
o Actual authority was granted to the parties signing below by resolution signed and dated
Entity Nama:
;;/"~Iì~~ f1-JJ
,gnatura)SHAUNA DUPONT
t,l6b
f (Date)
(Date)
(Signature)
(Date)
(Signature I
(Date)
o Refer to the Addendum which is attached and incorporated herein for additional Mortgagors, signatures and
acknowledgments.
Ilndividu.l)
ACKNOWLEDGMENT:
STATE OF WYOMING , COUNTY OF
This instrument was acknowledged before me this 21ST
by JEFFERY J DUPONT' SHAUNA DUPDNT. HUSBAND AND WIFE
My commission expires: ~ I 7 ( ,:L 0 I 0
-rJ'~
day of SEPTEMBER. 2006
) ss.
GAIL MARON NOTARY PUBUC
COUNTY OF . STATE OF
TETON WYOMING
MY CQMMtSSION EXPIRII AI"RtL 11,2010
~~~
/ tary Public)
STATE OF , COUNTY OF
This instrument was acknowledged before me this
by
} ss.
day of
CBusine..
or Entity
Acknowledgment) of
a
My commission expires:
(Tltla/s))
(Nama of Business or Entity)
on behalf of the business or entity,
(Notary Public)
~ 01993,2001 Banke,. Systems. Inc., St. Cloud, MN Form AGCQ·RE51·WY 1/18/2003
(page 8 of 8)
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