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HomeMy WebLinkAbout924573 aJ:~ooo RËCORDATION REQUESTED BY: American Express Bank, FSB HOme lending Headquarters 4315 Sauth, 2700 West Salt Lake, UT 84184 , WHEN RECORDED MAIL TO: American Express Bank, FSB Cansumer laan Center (P5-PClC-01-1) 2730 Liberty Avenue Pittsburgh, PA 15222 RECEIVED 11/20/2006 at 1 :20 PM RECEIVING # 924573 BOOK: 640 PAGE: 715 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ------------------. SEND TAX NOTICES TO: SUSANN~ MARIE TAYLOR, Trustee of The Kenneth Gearge Taylar and Susanne Marie Taylar Jaint Living Trust dated August 20, 2004 KENNETH GEORGE TAYLOR, Trustee af The KennAth Gearge Taylor and Susanne Marie Taylor Jaint Living Trust dated August 20, 2004 216 ALFORD WAY THAYNE, WY 83127 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY 1 -v/~\\J(y ~ -\ II I 6' L//.J Y MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any o'ne time $56,500.00. THIS MORTGAGE dated October 27, 2006, is made and executed between SUSANNE MARIE TAYLOR, Trustee.of The Kenneth George Taylor and Susanne Marie Taylor Joint Living Trust dated August 20, 2004, whose address is ... 216 ALFORD WAY, THAYNE, WY 83127 and KENNETH GEORGE TAYLOR, Trustee of The Kenneth George Taylor and Susanne Marie Taylor Joint Living Trust dated August 20, 2004, whose address. is 216 ALFORD WAY, THAYNE, WY 83127; Husband and Wife (referred to below as "Grantor'" and American Express Bank, FSB, whose address is 4315 South, 2700 West, Salt Lake, UT 84184 (referred to below as "Lender"). GRANT OF MORTGAGE. Far valuable cansideratian, Grantor martgages and conveys to. lender all of Grantor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed build'ings, improvements and fixtures; all ,) easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, incluøing without limitation all minerals, oil,gas, geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming: . . . .. See Attached Exhibit A, which is attached ta this Mortgage and made a part .of this Mortgage as i'f fully s.et .. forth herein. '. \. . The Real Property or its address is commonly known as 216 ALFORD WAY; THAYNE,WY 83127. The Real Property tax Identification number is 3418-084-000-19-00. .... Grantor presently assigns to lender all of Grantor's right, title, and inte'rest in and to all present and future leases of the Property and all Rents from the Property. In addition, Grantor grants to lender a Uniform Commercial Code security interest in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY,IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PÈRFORMANCE OF ANY' AND All OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS: . . . GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or ;'a~ti~deliciency" law, or any oth~Jrlaw . which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the e!<tent L~nder is otherwise ßntitled to a claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by·' exercis.e. 'oLa . power of sale. . .' '.. '" .' ....>.. '. ..... ,..;.... . .:. ,'..' ~ '." ~ GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at Borrowe.r's request and no.t at the request of Lender; (b) Grantor has the full power, right, and authority to enter into this Mortgage and to hypothecatethèProperty; (c) the provisions of this Mortgage do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor ànddo not result in a violation of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has establishedadeqLÌáte means 'ofobtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no re~resentation to Grantor about Borrower (including without limitation the creditworthiness of Borrower). . '.. , PA YMENT AND PERFORMANCE. Except as otherwï"se provided in this Mortgage, Bor~ower shall pay to Lender all Indebtedness secured by this Mortgage as it becomes due, and Borrower and Grantor shall strictly perform all Borrower's and Grantor's obligations under this Mortgage, .. . POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agr~e that Borrower's and'Gr'õilr1tor's :pos~ession and uSEl.qf \h,e;'·:.·: I Property shall be governed by the following provisions: . ... . ... .' . ."," <;....,. :':., " . ; '. ". .... .';.; ·.":f·/<, . I Possession and Use. Until the occurr8llce of an Event of Default, Grantör may (1 i . remain in' possession and Gontro·l.ofthePropertY; . (2) use, operate or manage the Property; and (3) collect the Rents from the Properw;' ." f.":.;' .::: . .".., ,'. . . ......" Duty to. Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, ~eplai:ements, and. rn.aintenance necessary to preserve its value. . . . .' . . ., . . Co.mpliance With Enviranmental laws. Grantor represents and warrants to Lender that: (1) Dldring the period of Grantor's own~rshipof" the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release· Qr threatened··¡:elea·se of any' Hazardous. Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or 'reason to believe that there has been, except as previously disclosed to and acknowledged by lender in writing, fa) any breach or violation of any Environmental laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardol¡s Substance on, under, .' about or from the Property by any prior owners or occupants of the Property, or ·(c), .any actual or threatened litig¡¡tion or claims of any kind by any person relating to such matters; and (3) Except as previously discl9sed toé!4Ìd acl<r'lOwlèdgedby Lender .in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized userc¡>f the Property sha.IJuse, generate;rnanufacture, sW~e,tre.l!t, dispo!\e of.., or release any Hazardous Substance on, under, about Of from the Property; and '(b) aflY such. activity shall be conducted in compljance with all applicable federal, state, and local Jaws, regulations and ordinances, including without l.imit¡¡tionaH~nvironlT)\1:nta! laws. Gr¡lfltor:... authorizes lender and its agents to enter upon the Property to make such inspections and tests, at Grantor'll exp'ense, '¡lS Lender may deem' . ':." appropriate to determine compliance of the Property with this sectiGm of the Mortg!"ge. Any inspe:ctk;ns or 'testsmade' by Lendei. shall be '.~;;' for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of lender to Grantor or to any other person. The representations and warranti.es contained herein are based on Grantor's due diligence' ininvestigatil1g the Property' for· ':': Hazardous Substances. Grantor hereby (1) releases and waives any future claims against lender for indemnity or contribution in"the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to inden:mify, defend, and hold harmless lender against any and all claims, losses, liabilities, damages, penalties, and expenses which' Lender .maY directly qr indirectly sustain or. . suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufaçture, 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 and defend, shall survive the payment of the Indebtedness and the satisfaction and. reconveyance òf the ¡ien'of this Mortgage ¡md shá.ll not he affected by Len.~e(s acquisition of any interest in the Property, whether by foreçlosure or otherwis~. . .;< ',' ..~.:..:. .:' .........';:.... .: .... .. ",> ..... '. '.: .~:,...:..., . Nuisance, Waste. Grantor shall not cause, conduct or permit ariy nuisam:e'nor cöm'~it,p~ri-r'iit, orsuffe(anyst;ippingÓior wast~qn or tQ .... . the Property or any portion of the Property, Without limiting the generality of the foregoing, Grantor will.not reinove,l;Jr grant to any other' i.·' party the right to remove, any timber, minerals (including oi.'and gas), coal; clay, scoria, soil, g!ayel orroc~ pro~uct~ v..d.thou!ler1~er's p~i.9.r '7/"~~ . .' ~ . .f _' .. ...., Loan No: 11154134 .,.~..~ MORTGAGE (Continued) Pag~ 2 . . . '000716 , . written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, lender may require Grantor to make arrangements satisfactory to Lender to replace such ImprOve~!!nt)ltíith Improvements of at least equal value. lender's Righ~,t~eØten~1r and lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage. Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law, ordinance, or regulation and wi'thhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to lender, to protect lender's interest. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. . TAXES, AND LIENS. The following provisions relating to the taxes and liens o'n the Property are part of this M~rtgage: Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to the interest of Lender under this Mortgage, except fpr those liens specifically agreed to in writing by lender, and except for the lien of taxes and assessments not due as further specified in the Right to Contest paragraph. Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, 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 attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of p¡;¡yment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could·be asserted on account of the work, services, or materials. Grantor will upon request of Lender furnish to lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to lender and not containing any 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 designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by lender, and to maintain such insurance for the term of the loan. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. 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 theproceeqs of ally insurance an9 apply the proceeds .'0 the reduction of the Indebtedness, paymen~ of any lien affecting the Property, or the restoration and repair of the Pro·perty. If lender elects to apply the proceeds to restoration andrepair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 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 as Grantor's interests may appear. LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, (B) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. 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 interests. ANY INSURANCE lENDER PURCHASES MAY BE SIGNIFICANTLY MORE EXPENSIVE AND MAY PROVIDE lESS COVERAGE THAN INSURANCE GRANTOR COULD PURCHASE OTHERWISE. In certain states, the required insurance may be obtained through a licensed insurance agency affiliated with Lender. This agency will receive a fee for providing the required insurance. In addition, an affiliate may be responsible for some or all of the underlying insurance risks and may receive compensation for assuming such risks. All expenses incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Property also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights 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 f()lIowing provisions re]atingto ownership of the Property are a part of this Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, 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 against 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 represented in the proceeding by counsel of lender's own choice, and Grantor will deliver, or cause to be delivered,. to lender such instruments as Lender may request from time to time to permit such participation. Compliance With laws. 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 Promises. 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 Borrower's Indebtedness is paid in full. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage: r------.. --~~-----., " . LOAn No: 111 54134 8.t~OOO· .. MORTGAGE (Continued) ;, 000717 Page 3 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 L~nder .shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its o~n choice, 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 Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by lender in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upon request by lender, Grantor shall execute such documents in addition to this Mortgage and take whatever other action is requested by lender to perfect and continue lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, docu~ent~ry stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Borrower which Borrower is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Borrower. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the d~te of this Mortgag~:'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 Event Qf Default as provideç!' below. unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax. as provkJedabovein the Taxes and Liens' section and deposits with lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. .' . .', '. ' S~CURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage ås· à ~ecurity agreement are a part of this Mortgage: . . . .... .... ....': . . Security Agreement, This instrument shall constitute a Security Agreement to the extent any of 'the PropertY i:oristitu~esfixtures, and lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from tim'e to time. . . Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by LenØer 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 as 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 shal! asseml?le :àny Personal Property not affixed to the Property in a manner and ata place reasonably convenient to GrantOf and lender and makeitavailélble to.tenoorwithin Jhree(3) days after receipt of written demand from lender to the extent permitted by applicable law.· ',...... '..' ... :.~ ::.. :..... .. :.::.'.",::';': '. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured partY) :from which information cpncernì)1g the'securlt:y'interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are 'as stated orithe 'first p'age of this Mortgage. . . . . .\ ".". ',' , FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further ¡lssurances and attorney:in-fact are. a part of this Mortgage: . ...' . . Further Assurances. At any time, and from time to time, upon request of lender, Grantor will make, execufeand deliver, or' will cause to be made, executed or delivered, to lender or to lender's designee, and when requested by Lender, cause to be filed, recorded, refiled,or' rerecorded, as the case may be, at such times and in such offices and places as lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may,. in the sole opinion of lender, benecessary.or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Borrower's and 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 tbe.f.roperty, wpethernow oWll.eQ or pereafteracquired by . Grantor. Unless prohibited by law or lender agrees to the contrary in writing, ,G~antor sha!l.reimburselender.f0f, aJI·c;:o·st¡¡áI)~ e~per's~s .:/ incurred in connection with the matters referred to in this paragraph. . .....:<'.' .[' ,:,:.'.,:,~.';.:, :' " :'. . ,:,:",/,: ,::~,':',' '\- ,.: , ..:»:.':' .. .' ,.' ," . .' " .' '. "', . ,. -~ ~. ", '- .. '. ~. ' Attorney-in-Fact. If Grantor fails to do any of the things referred to in the prec;:~ding pa¡",~g:raph,'-l:ender'.maY dÚ~pfor ar¡qin the' na":1e'of , Grantor and at Grantor's expe·nse. For such purposes, Grantor hereby irrevocably appoint\! lender. as Grantor's attorney-in-fact for the. ..:, , purpose of making, executing, delivering, filing, recording, and doing all other.things· as' may be necessary or desirable, in lender's sole . . opinion, to accomplish the matters referred to in the preceding paragraph. . . '. '", . .:; ,";, ' FUll PERFORMANCE. If Borrower pays all the Indebtedness when due, and otherwise perfoàns ·all.the obiigations imposed upon'Grafitor under' this Mortgage, lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and 'suitable statements of termination 'ot'a'ny 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 Mortga~e if any o~the. following happen: Payment Default. Borrower fails to make any paym~nt when Øue under t~.e Inde~,edn.~~s.:.' . ,"'; ." ,". '" Default on Other Payments. Failure of Grantor within the time required bY this Mortgage to· make anY payment for táxes or .!nsurance,: or,' any other payment necessary to prevent filing of or to effect discharge of any lien. , ..' . . '.. ...' . . . ' Break Other Promises. Borrower or Grantor breaks any promise made to Lender or fails t6þerform promptly.atthe tirrieanct ·~trictl~(n·the'. manner provided in this Mortgage or in any agreement related to this Mortgage. .',,- :."c,.,. .'. '. " ,':0 . False Statements. Any representation or statement made or furnished to lendør by Borrower or Grantor qr on Borrower's or Grantor',s. behalf under this Mortgage or the Related Documents is false or misleading in any material ,respect, . either now Or at' the. time' ma¡je ,or· ,. furnished. . . ., ... . ,. Defective Collateralization. This Mortgage or any of the Related Document~ ceases to bøin full forcè a:~d effe¡;t'(includÍllgfailure' of"any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. ..... . . . . Death or Insolvency. The death of Borrower or Grantor, the insolvency of Borrowêr or Grantor, the appoin'trT)ent ofa re¡6"eiver for any part of Borrower's or Grantor's property; any assignment for the benefit of crèditors, any type of creditor workout, pr the commencement of any proceeding under any bankruptcy or in~olvency laws !;Iy or against BCHrower o.r Grantor. , . , -: . .... .' . Taking of the Property. Any creditor or governmental agency tries to .take anyof thep'ropertýqr any' otherof.Borrower's or Grantòr's ,. property in which Lender has a lien. This includes taking of, garnishing of or levying on Borrower'.s· or 'Gra,ritor.'s '.ac¡;ounts with lender . ':..'. However, if Borrower or Grantor disputes in good faith whether the claim on wbièh the 'taking of, the 'P.roperty.is··bélsed· is'valid or,:';".,. reasonable, and if Borrower or Grantor gives lender written notice of the claim and furnist)eslender"witti ·mo'niesor· a suretYi,bOnd :.,¡ ::' . ,_ ',: . '. . . '. ., '. '. ~ ... "." J .~. '. ' '. . .. <1.' ,', . f J . ~ satisfactory to lender to satisfy the claim, then this default provision will not apply. .. . .." ,'. . ..\ '.. ";~.' '/ . ,:; .:' ,,' .' t·:·... r·:'~(· . '. ,'" ,.,".. .,' ,I. ',' '".1'-"" Breach of Other Agreement. Any breach by Borrower or Grantor under the terms of any other agreément bliltweenßorrower:or Grantor and Lender that is not remedied within any grace period provided therein, including without limitation any aweem~r1t.. cQncerning any '.. indebtedness or other obligation of Borrower or Grantor to Lender, whether existing now.or later, ." . .., . <".' , .,,' , , .. '!' "': ,,' Events Affecting Guarantor. Any of the preceding events occurs with respect to any g·uarantor, endorser;: sur¡,¡t'y,o[ accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomlils incomp!Jtent,or revokes or.. disputes the validity of, or liability under, any Guaranty of the Indebtedness. ...' .. . RIGHTS AND REMEDIES ON DEFAULT. Upon the o~currenceóf an Event of Default and at'a~y timethereaftéi, LEmde'r,at Lender's option; may exercise anyone or more of the following rights and remedies, in addition to anyot~er rights or reJ'nedi~~ p,rovi.ded by law:. , Accelerate Indebtedness. lender shall have the right at its option without notice 'to Grantor, to declare the entire Indebtedn'ess immedia~~lyt. due and payable, including any prepayment penalty which Grantor would be required to pay. " '.' .' ' . :, ., "',::~: ;,,~ .:i· '.. , , " .,. " . .,' ;.' -::i MORTGAGE (Continued) .... . , ·000718 Page 4 ... Loan No: 11 ~if~4000 UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Borrower or Grantor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, lender may require any t.enant or other user of the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver. Appoint Receiver. lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding 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 the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by lender shall not disqualify a person.from serving as a receiver. . Judicial Foreclosure. lender may obtain a judicial decree foreclosing Grantor's interest in all or any part ~f the Prope;ty·: ' Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this section. Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity. Sale of the Property. To the extent permitted by applicable law, Borrower and Grantor hereby waive any and all right to have the Property marshalled. In exercising its rights and remedies, lender shall be free to sell all or any part of the Property together or separately, in one sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property. Notice of Sale. lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the ReaIP~operty. ,_, 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 choose anyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money 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 remedies. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses lender incurs that in Lender's opinion are 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 Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings (including efforts 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 (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all other sums provided by law. NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given in writing, and shall be effective when 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, certified or registered mail postage prepaid, directed to the ad.dresses ¡¡hown near the b¡;¡ginning of this Mortgage. All copies of n.otice.sof foreclosure from the holder of any lien which has priority over this Mortgage shall be" sent to 'Lender's address, as shown ñeàr 'thè beginning 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 be Grantor's responsibility to tell the others of the notice from Lender. COMPLIANCE WITH All lAWS. Grantor shall comply with all laws respecting ownership or use of the Property. If the Property is a condominium or planned unit development, Grantor shall comply with all by-laws, regulations and restrictions of record. MISCEllANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: Amendments. What is written 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 and interpreted in accordance with federal law and the laws of the State..··of Utah, except and only to the extent of procedural matters related to the perfection and enforcement of Lender's rights and remedies against the Property, which will be governed by the laws of the State of Wyoming. However, if there ever is a question about whether any provision of this Mortgage is valid or enforceable, the provision that is questioned will be governed by whichever state or federal law would find the provision to be valid and enforceable. The loan transaction which is evidenced by the Note and this Mortgage has been applied for, considered, approved and made, and all necessary loan documents have been accepted by lender in the State of Utah. Joint and Several Liability. All obligations of Borrower and Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each Grantor signing below is responsible for all obligations in this Mortgage. No Waiver by Lender. Grantor understands Lender will not give up 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. Grantor 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 agrees 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 be 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 interest 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 arid A~sig¡'S. . Subj~ct to any limitatï"o,{s stated in this Mortgage 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 r"-._._._-~- .f; .~...ooo . .-. 000719 LO<3n No: 11154134 '. :.... -.-r. . . I':. .'/.. MORTGAGE (Continued) Page 5 than Grantor, lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the In~btedness. Time is of the Essence. Time is of the essence in the performance of this Mort§age. I Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homeste¡¡d. exempt)()n laws of the State of Wyoming as to all Indebtedness secured by this Mortgage. DEFINITIONS. The following words shall have the following meanings when used in this Mortgage: i··'· Borrower. The word "Borrower" means SUSANNE MARIE TAYLOR and KENNETH GEORGE TAYLOR and includes all co-signers and co-makers signing the Note and all their successors and assigns. Environmental laws. The words "Environmental Laws" me·an any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the ef1vironment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA "j, the SLJperfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"j, the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conserv¡¡tion 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 Default. The' words "Event of bdfault'~ ·mean any of the events of default S~t forth in this' MortgaQ.e in the events of default section of this MÒ'(tgag~:'¡ ,'. \. " . .' I .I '. . ~., . " . ..' , . , Grantor. The wQrd "Grantor" means SUSANNE MARIE TAYLOR, Trustee of Thf¡! Kenneth'George Taylor and Susanne Marie Taylor Joint Living Trust date'd August 20, 2004; and KENNETH GEORGE TAYLOR, Trustee of The Kenneth George Taylor and Susanne Marie Taylor Joint Living Trust dated August 20, 2004. Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials that, becaus~ of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. 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 Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petrol~um and petroleum by-products or any fraction thereof and asbestos.' , '. . . . Improvements. 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. Indebtedness. The word "Indebtedness" means all 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's obligations under this Mortgage, together with interest on sI,Jch amounts as provided in this Mortgage. . lender. The word "lender" means American Express Bank, FSB, its successors and assigns. The words "successors or assigns" mean any person or company that acquires any interest in the Note. Mortgage. The word "Mortgage" means this Mortgage between Grantor and lender. Note. The word "Note" means the promissory note dated October 27, 2006, in the original principal amount of $ 56,50Q.00, from Borrower 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 November 11 ¡ 2016. ' 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 affixed 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 cOliectively the Real Property and the Personal Property. Real Property. The words "Real Property" rnea.n the real property, interests and rights,. as further des~ribed in this Mortgage. Related Documents. The words "Rel.ated Documents" mean all promissory notes, credit agreements,· loan, agreements, environmentaJ agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other.!ns~ru~E!nts" agreements and documents, whether now or hereafter existing, executed in connection,w!ththe !~de~ted~.ss. .' .. .' . ' Rents. The word "Rents" means all present and future rents, revenues, income', issues,rpyalties: profits, and other' benefits derived fr91l) the Property. EACH GRANTOR ACKNOWLEDGES HAVING READ All THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. '.. . ;:,," ,.., , ',. . ,., ., . ,'~ " ,~. / ¡ e..t~OOO ;.:~}..-., Q00720 Loan No: 11154134 MORTGAGE (Continued) > ; Pag, 6. INDIVIDUAL ACKNOWLEDGMENT STATE OF 1..J 11lrYV\..J·~~ COUNTY OF Lì Y\. c.. b l (\ ) ) SS ) .1 On this day before me, the undersigned Notary Public, personally appeared SUSANNE MARIE TAYLOR, Trustee of The Kenneth George Taylor and Susanne Marie Taylor Joint Living Trust dated August 20,2004 and KENNETH GEORGE TAYLOR, Trustee of The Kenneth George Taylor and Susanne Marie Taylor Joint Living Trust dated August 20, 2004, Husband and Wife, to me known to be the individuals described in and who executed the Mortgage, and acknowledged that they signed the Mortgage as their free and voluntqry é!ct and deed, for the uses and purposes therein n ned. ,,,of l21'_~ .20 ~ "..ldlo,.. - Mw1JJI'{~i4 ~flA)y 01/ayo1 f . , , By Notary Public in and for the State Of~ ~ ~ My commission expires LASER PRO L.,..dloa. v.. 5.33.00.004 Copr. H.,land r'inaoo¡.I SONlloot. Ino. UiI'. 2001. AlllUghtt R v State of Wyoming " -~~-- ,:. ~:r .. . . . -.', . .-. , .' .. .'. , ~:' SEARÇH Report .fcir¡ (j.~P930-~,92?7 A - Trans Union Settlement Solutions EXHIBIT A f' Page 4 of 5 . , :ï ~ OOd721. Credit Request #; ID2011154134 REAL ESTATE SITUATE IN CÖUNTY OF LINCOLN AND STATE OF WYOMING, TO-WIT: BEGINNING 679.2 FEET NORTH OF THE SOUTHEAST CORNER OF SECTION 8, T34N, R118W, 6TH P.M., WYOMING AND RUNNING THENCE WEST 528 FEET TO THE EAST SIDE ACCESS ROAD, THENCE ALONG THE EAST SIDE ACCESS ROAD, NORTH 3 DEGREES 0' EAST, 547FEET,THENCE EAST 115 FEET, THENCE NORTH 100 FEET, THENCE EAST 408.89 FEET; THENCE SOUTH 646.2 FEET TO THE POINT OF BEGINNING, TOGETHER WITH IMPROVEMENTS LOCATED THEREON AND WATER RIGHTS ASSOCIATED THEREWITH. httns://transunionssi.com/renort?subcode=O 11601 ;order'aumber=060930-59297 A;prodll... 11114/2006 ~:> ..;. 'J .,. ,!..' ¡