HomeMy WebLinkAbout874757 RECORDATION REQUESTED BY:
FIRST NATIONAL BANK-WEST-AFTON BRANCH
314 Washington Slree~
PO BOX 1620
Alton, WY 63110
WHEN RECORDED MAIL TO:
FIRST NATIONAL BANK-WEST-AFTON BRANCH
PO BOX 1620
A~ton, WY 83110'
SEND TAX NOTICES TO:
ANTHONY R. ALLRED arid COURTNEY ALLRED
PO BOX 1711
AFTON, WY 83110
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
CONSTRUCTION MORTGAGE
THIS MORTGAGE IS DATED JULY, 13, 2001, between ANTHONY R. ALLRED and COURTNEY ALLRED, HUSBAND
AND WIFE, whose address is PO BOX 1711, AFToN, WY 83110 (referred to below as "Grantor"); and FIRST
NATIONAL BANK-WEST-AFTON BRANCH, whose address is 314 Washington Street, PO BOX 1620, Alton, WY
83110 (referred to below as "Lender")..
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and Interest In and to
the following described real properly, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements,
dghls of way, and appudenances; all water, water rights, watercourses and ditch rights (including stock in utilities w th d Ich or Irrlgat on rights); and ail
other rights, royalties, and profits relating to the real properly, Including without limitation ali minerals, oil, gas, geothermal and slmllar melters, located
in LINCOLN County, State of Wyoming (the "Real Property"):
ATTACHED EXHIBIT "A" AND MADE A PART THEREOF
The Real Property or its address is commonly known as 445 NORTH GROVER COUNTY ROAD 129, GROVER,
WY 83122.
Grantor presently assigns to Lander all of Grantor's right, title, and interest in and to all leases of the Property end all Rents from the Property. In
addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.
DEFINITIONS. The following words shall have lhe following meanings when used In this Mortgage. Terms not otherwise defined in this Mortgage shall
have the meanings attributed lo such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful money of
the United Stales of America.
Granlor. The word "Grantor" means ANTHONY R. ALLRED and COURTNEY ALLRED. The Grantor is'the mortgagor under this Mortgage.
Guarantor. The word "Guarantor" means and includes without limitation each and all of the guarantors, sureties, and accommodalion parties in
connection with the Indebtedness.
Improvemenls. The word "Improvements" means and includes without limitation all existing and future improvements, buildi'ngs, 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 and Interest payable under the Note and any amounts expended or advanced by
Lender to discharge obligations of Grantor or expenses Incurred by Lender to enforce obligations of Granter under this Modgage, together with
interest on such amounts as provided in this Modgage.
Lender. The word "Lender" means FIRST NATIONAL BANK-WEST-AFTON BRANCH, its successors and assigns. The Lender is the mortgagee
under this Modgage.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender, and Includes without iimltation all assignments and security
Interest provisions relating to the Personal Properly and Rents.
Note.. The word "Note" means the promissory note or credit agreement dated July 13, 2001, in the original principal amount of
$95~000.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the promissory note or agreement.
Personal Properly, 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, pads, and additions to, all replacements of,
and all substitutions for, any of such properly; and together with all proceeds (including without limitation all Insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Properly. The word "Property" means collectively the Real Property and the Personal Properly.
Real Property. The words "Real Property" mean the property, interests and rights described above in the "Grant of Mortgage" section.
Related Documenls. The words "Related Documents" mean and include without limitation all promissory notes, credit agreements, loan
agreements, environmental agreements~ guaranties, security agreements, mortgages, deeds of trust, and all other instruments, agreements and
documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Ranis. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the
Property.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SI~CURITY INTEREST IN THE RENTS AND PERSONAL PRoPERTy, IS
GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF GRANTOR UNDER THIS
· MORTGAGE AND THE RELATED DOCUMENTS. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage
as they become due, and shell strictly perform all of Grantor's obiigations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the
following provisions:
PossesslCn and Use. Until in default, Granter may remain in possession and control of and operate and manage the Property and collect the
Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform e. II repairs, replacements, and maintenance
necessary to preserve its value.
Hazardous Substances. The terms "hazardous waste," "hazardous s(Jbstance," "disposal," "release," and "threatened release," as used in this
Modgage, shall have the same meanings as set fodh in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorlzation Act of 1986. Pub. L. No. 99-499
("SARA"), the Hazardous Materials Transpodation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
. Section 6901, et seq., or other applicable state or Federal laws, rules, or regulations adopted pursuant to any of the foregoing. The terms
"hazardous waste" and "hazardous substance" shall also Include, without llmitation, petroleum and petroleum by-products or any fraction thereof
and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Grantor's ownership of the Properly, there has been no
use, generation, manufacture, storage, treatment, disposal, release or threatened release of any hazardous waste or substance by any person on,.
under, about ar from the Properly; (b) Grantor has no knowledge of, or reason to believe that lhere has been, except as previously disclosed to
and acknowledged by Lender in writing, (l) any use, 'generation, manufacture, storage, treatment, disposal, release, or threatened release of any
hazardous waste or substance on, under, about or from the P~'opedy by any prior owners or occupants of the Property or (ii) any actual or
threatened litigation or claims of any k nd by any person relating to Such matters; and (c) Except as previously disclosed to and acknowledged by
Lender in writing, (1) neither Grantor nor any tenant, contractor, agent or other authorized user
"'~" (Continued) ~ 5"~ ..... Page 2
store, treat, dispose of, or release any hazardous waste or substance on, under, about or from the Properly and (ii) any such activity shall be
conducted In compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation those laws,
regulations, and ordinances described above. Grantor authorizes Lender and its agents to enter upon the Property to make such Inspections and
tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Properly with this section of the Modgage. Any
inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the
part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in
investigating the Properly for hazardous waste and hazardous substances. Grantor hereby '(a) 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 (b) agrees to
Indemnify and hold harmless Lender against any and ail claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or
indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture,
storage, disposal, release or threatened release of a hazardous waste or substance on fha propedies. The provisions of this section of the
Modgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of
this Mortgage and shall not be affected by Lender's acquisition of any interest in the Properly, whether by foi'eclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Properly or any podion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other pady the
right to remove, any timber, minerals (including oil and gas), soil, gravel or rock products without the prior written consent of Lender.
Removal of Improvements. Grantor shall not demolish or remove any improvements from the Real Property without the prior written consent of
Lender. As a condition to the removal of any improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and its agents and representatives may enter upon the Real Properly at all reasonable times lo attend to
Lender's interests and to inspect the Property for purposes of Grantor's compliance with the terms and conditions of this Modgage.
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 Properly. Grantor may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, Including appropriate appeals, so long as Grantor has notified Lender in
writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Properly 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 nor leave unattended the Properly. 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 Properly are reasonably necessary to protect and preserve the Property.
CONSTRUCTION LOAN. It some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete construction of
any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (or such earlier date as Lender
may reasonably establish) and Grantor shall pay in full all costs and expenses in connection with the work, Lender, at its option, may disburse loan
proceeds under such terms and conditions as Lender may deem necessary to insure that lhe interest created by this Mortgage shall have priority over
all possible liens, Including those of material suppliers and workmen. Lender may require, among other things, that disbursement requests be
suppoded by receipted bills, expense affidavits, waivers of liens, construction progress repods, and such other documentation as Lender may
reasonably request.
DUE ON SALE- CONSENT ElY LENDER. Lender may, at its option, declare immediately due and payable all sums secured by this Modgage upon the
sale or transfer, without the Lender's prior written consent, of ail or any pad of the Real Property, or any interest in the Real Properly. A "sale or
transfer" means the conveyance of Real Property or any right, title or interest therein; whether legal, beneficial or equitable; whether voluntary or
involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three
(3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Properly, or
by any other method of conveyance of Real Properly interest, if any Grantor is a corporation, partnership or limited liability company, transfer also
includes any change in ownership of more than twenty-five percent (25%) of the voting stock, partnership interests or limited liability company interests,
as the case may be, of Grantor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes ~nd liens on the Property are a pad of this Mortgage;
Payment. Grantor shall pay when due (and in ail 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 alt claims for work done on or for services
rendered or material furnished to the Properly. Grantor shall maintain the Property free of all liens having priority over or equal to the interest cf
Lender under this Modgage, except for the lien of taxes and assessments not due, and except as otherwise provided In the following paragraph.
Right TO Conlesl. 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 Ihe Property is not jeopardized. If a lien arises or is filed as a result of n~3npayment, 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 filings, secure the discharge of the lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under the
lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished In the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental officiat to deliver to Lender at any time a written statement of the taxes and assessments against the
Propedy.
Nolice of Construction. Grantor shall notify Lender at least fifteen (i5) 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 asseded 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 Modgage.
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 Properly in an amount sufficient to avoid application of any
coinsurance clause, and with a standard modgagee 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 Len~der certificates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimum of ten (t0) days' prior writlen notice to Lender and not containing
any disclaimer of the Insurer's liability for failure to give such no[ice. 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 at any time become 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 for the full unpaid principal balance of 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 Properly. Lender may make proof cf 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 Its election, apply the proceeds
to the reduction of the Indebtedness, payment of any lien affecting the Properly, or the restoration and repair of the Properly. If Lender elects to
apply the'proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to
Lender. Lender shall, upon satisfactory proof cf such expenditure, pay or 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 Properly shall be used first to pay any amount owing' to Lender under this
Modgage, 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.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by this
Modgage at any trustee's sale or other sale held under the provisions of this Modgage, or at any foreclosure sale of such Properly.
EXPENDITURES BY LENDER. If Grantor fails to comply with any prov, jsion of this Mortgage, or if any action or proceeding is commenced that would
materially affect Lender's interests in the Properly, Lender on Granior's behalf may, but shall not be required to, take any action that Lender deems
appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by
Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance of the
Note and be appodioned among and be payable with any installment payments to become due during either (i) the term of any applicable insurance
po[icy or (ii) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the Nora's maturity. This'''~
Mortgage also wi[i 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 the 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.
Loan No 64002431 '. .... ..~ (Continued) b 0 Page 3
WARRANTY; DEFENSE OF TITLE. The following provisions relating io ownership of the Property are a part of this Mortgage.
Title. Grantor warrants that: la) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances olher than those set forth Jn the Real Property description or in any tlfie Insurance policy, title report, or final title opinion issued in
favor of, and accepted by, Lender in connection with this Mortgage, and lb) Grantor has the full right, power, and authority to execute and deliver
this Mortgage to Lender.
Defense of TIIle. Subject to the exception in the paragraph above, Grantor warrants and wilI 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 inlerest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expen'se. Grantor may be the nominal party in such proceeding, but Lender shal~ 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 Io 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 Propedy and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
CONDEMNATION. The following provisions relating to condemnation of the Properly are a part of this Mortgage.
Applicalion of Net Proceeds. If all or any part of lhe 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 1o 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.
Proceedings, If any proceeding in condemnation is filed, Grantor shall promptly notifY Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause ~o
be delivered to Lender such instruments as may be requested by it from time to time to permit such Participation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a part of this Modgage:
Currenl 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
taxes, as described below, together with ell expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all
taxes, fees, documentary slamps, and other charges for recording or registering this Modgage.
Taxes. The following shall constitute taxes to which this section applies: la) a specific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by Ibis Mortgage; (b) a specific tax on Grantor
Indebtedness secured by this type of Mortgage; lc) a tax on lhis type of which Grantor is authorized or required to deduct from payments on th
Mortgage chargeable against lhe Lender or the holder of the Note; anc~
(d) a specific tax on all or any portion of the Indebledness or on payments of principal and Interesl made by Grantor.
Subsequent Taxes. If any tax lo which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same
effect as an Event of Default (as defined below), and Lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Grantor either la) pays the tax before it becomes delinquent, or lb) contests the tax as provided above in the Taxes and Liens
section and deposits wilh Lender cash or a sufficient corporate surely bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this
Mortgage.
Securlly Agreement. This instrument shall constitute a security agreemeot to the extent any ef the Property constitutes fixtures or other personal
properly, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Securlly Inlerest. Upon request by Lender, Grantor shall execute financl'ng statement~ and take whatever other action Is requested by Lender to
perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property
records, Lender may, at any time and without further authorization from Grantor, file executed counterpads, 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 assemble lhe Personal Property in a manner and at a place reasonably convenient to Grantor and Lender and make it
available to Lender within lhree (3) days after receipt of written demand from Lender.
Addresses. The mailing addresses of Grantor (debtor) an'd Lender (secured party), from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code), are as stated on the first page of this Modgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances af~d attorney-in-fact are a part of Ibis
Mortgage.
Further Assurances. At any time, and from time to ·time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, raffled, or
rerecorded, as the case may be, al such times·and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, securily deeds, security agreements, financing statements, continuation statements, instruments of further assurance, cedificates,
and other documents as may, In the sole opinion of Lender, be necessary or desirable in order to effectuale, complete, perfect, continue, or
preserve la) the obligations of Grantor under the Note, this Mortgage, and lhe Related Documents, and lb) lhe liens and security interests
created by this Mortgage as first and prior liens on the Property, Whether now owned or hereafter acquired by Granlor. Unless prohibited by Jaw
or agreed to the contrary by Lender in writing, Grantor shall reimburse Lender for all costs ~,nd expenses Incurred in connection with the matters
referred to In lhls paragraph.
Attorney-In-Foci. If .,G_rantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantors expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for lhe 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 Grantor pays all the Indebtedness when due, and otherw se Performs all the Obligations Imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of thls Mortgage and suitable stalements of termination of any financing
statement on file evidencing Lender's security interest In the Rents and the Personal Property. Grantor will pay, If permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
DEFAULT, Each of the following, at the option of Lender, shall constitute an event of default ("Event of Default") under this Modgage: Default on Indebtedness. Failure of Grantor to make any payment when Clue on the Indebtedness.
Default on Olher Paymerlls. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Compliance Default, Failure of Grantor to comply with any other term, obligation, covenant or condition contained in this Modgage, the Note or In
any of the Related Documents.
False Slalemenls. Any warranty, representation or statement~made cr furnished to Lender by or on behalf of Grantor under this Mortgage,
Note or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
Defective Collaterelizaflon. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
documents to create a valid and perfected security Interest or lien) at any time and for any reason. '
Death or Insolvency. The death of Grantor, the insolvency of Granlor, the appointment of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any type of credilor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against Grantor. .
Foreclosure, Forfeiture, etc. Commencement of foreclosure or forfeiture PrOCeedings, whether by judicial proceeding, self-help, repossession or
any other method, by any creditor of Grantor or by any governmental agency against any of the Properly. However, this subsection shall not apply
in the event of a good faith dispute by Grantor as to the validity or reasonableness cf the claim which is the basis of the foreclosure or forefeIture
proceeding, provided that Grenlor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim satisfactory to
Lender.
Breach of Olher Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied
within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligalion of Grantor to
Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to anY Guarantor of any of the Indebtedness or any GUarantor dies
or becfmes incompetent or revokes or disputes the vel dty of, o[_l~hilltv under, any ~ the Indebtedness Le~d~,~¢?~ ~.? opt on, may, but
07-13-2,,';,. ~:?? Page 4
Loan No 64002431 '{ "' ~ 'ii~' (Continued) ~ G [
shall not be required to, permit the Guarantor's estate to assume unconditionally the obllgatlons arising under the guaranty in a manner salisfactory
to Lender, and, in doing so, cure the Event of Default.
Insecurity. Lender in good faith deems itself insecure.
Right to Cure. If such a failure Is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the
preceding twelve (12) months, it may be cured (and no Event of Default will have accurred) If Grantor, after Lender sends written notice
demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days, Immediately
initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce
compliance as soon as reasanably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter but subject to any limitation in the
Note or any limitation in this Mortgage, Lender, at its option, may exercise any one or more of the following rights and remedies, in addition to any other
rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at Its option without notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to pay.
UCC 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 Grantor, to take possession of the Properly, including during the pendency of
foreclosure, whether Judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Properly to make
payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Granfor's
attorney-in-fact to endorse instruments received In payment thereof in lhe 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 ~ receiver appointed to take possession of all or any part of the Property, with Ihe power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents Irc m the Property and apply Ihe
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 snal~ 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 ali or any part of the Property.
Nonjudicial Sate. Lender may foreclose Grantor's interest in all or 'n any part of the Property by nonjudicial 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 ali amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. if Grantor rematns in possession cf 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 (a) pay a reasonable rental for the use of the Property, or (b) vacate the Property immediately
upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provid'ed in this Mortgage or the Note or available at law or in equity,
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and ail right to have lha 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 ali or any portion of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice snail mean notice given at least
ten (10) days before the time of the sale or disposition.
Waiver; Election of Remedies. A waiver Dy any party of a breach of a provision of this Mortgage shall not constitute a waiver of or prejudice the
party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an election to make expenditures or take action to perform an obligation of Grantor under this Mortgage
after failure of Grantor to perform shall not affect Lender's right to declare a default and exercise its remedies under this Mortgage.
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 reasonable attorneys' fees at trial and on any appeal. Whether cr not any court action is
involved, all reasonable expenses incurred by Lender 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 shal{ bear interest from the date of expenditure until
repaid at the rate provided for in the Note. Expenses covered by this paragraph include, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys'
fees 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 Iltie 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 TO GRANTOR AND OTHER PARTIES, Any notice under this Mortgage, including without limitation any notice of default and any notice of
sale to Grantor, shall be in writing, may be sent by teiefacsimile (unless otherwise required by law), and shall be effective when actually delivered, or
when deposited with a nationally recognized overnight courier, or, if mailed, shatl be deemed effective when deposited in the United States mail first
class, certified or registered mail, postage prepaid, directed to the addresses shown near the beginning of this Mortgage. Any party may change its
address for notices under this Mortgage by giving formal written notice to the other parties;'specifying Ihat the purpose of the notice is to change the
party's address. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's address,
as shown near the beginning of this Mortgage. For notice purposes, Grantor agrees to keep Lender Informed at all times of Grantor's current address.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions a? ~. part of this Mortgage:
Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to lhe
matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be etfective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.
Applicable Law. This Mortgage has been delivered lo Lender and accepted by Lender In the Stale of Wyoming. This Mortgage shall be
governed by and construed in accordance with the laws of the State of Wyoming.
Caption Headings. Caption headings in this Mortgage ara for convenience purposes only and are not to be used to interpret or define the
provisiqns, of this Mortgage.
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 benef{f of Lender in any capacity~ without the written consent of Lender.
Multiple Parties. All obligations of Grantor under this Mortgage shall be joint and several, and alt references to Grantor shall mean each and
every Grantor. This means that each of the persons signing below is responsible for all obligations in this Mortgage.
Severablllty. If a court of competent jurisdiction finds any provision of this Mortgage to be Invalid or unenforceable as fo any person or
circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such
offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending provision cannot be
so modified, it shall be stricken and all other provisions of this Mortgage Jn ali other respects shall remain valid and enforceable.
Successors and Assigns. Subject to the [Im{{ations 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 than Grantor,
Lender, without notice to Grantor, may deal with Grunter's successors with reference to this Mortgage and the Indebtedness by way cf
forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time Is of the Essence. Time is of the essence in the performance of t'hls Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and ben,its of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by lhis Modgage. ~'~'l ,~
Loan No 64002431 ~ ' ~' ?: "~''' lvlurl I
(Continued) ,?. ~ ',.::). Page 5
Waivers and Consents. Lender shall not be deemed lo heve waived any rights under Ibis Mcdgage (or under the Related Documents) unless
such waiver is in writing and signed by Lender, No delay or omissio~ on the pad of Lender in exercising any right shalZ operale as a waiver of
such right or any other right, A waiver by any pady of a provision of this Modgage shall not constitute a waiver of or prejudice the pady's right
otherwise to demand strict compliance with that provision or any other provJslon. No ~rior waiver by Lender, nor any course of dealing between
Lender and Grantor, shall constitute a waiver of any of Lender's rights or any of Greeter's obligations as to any future transactions. Whenever
subsequentC°nsent Dy LenderinstanceslS requiredwhere suchin thlSconsentMOdgage,is required.the granting, of such consent by Lender in any instance shall not constitute continuing consent to
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
/
' ANTHONY' R. ~RED ~ ~ ~'
-~COURTNEY ALL~E~
INDIVIDUAL ACKNOWLEDGMENT
'STATE OF
On this day before me, the Undersigned Nota~ Public, persona~ly ~Ppeared ANTHONY R. ALLRED and COURTNEY ALLRED, to me known ~o be the
~nd~vlduals described In and who executed the Modgage, end acknowledged th~t they s~gned the Mortgage as their free an d voluntary act and deed,
for the uses and purposes therein mentioned.
Given under my hand and official seal this [~ day of_
Nota~ Publlc In and for the State of.. ~0~ My commission expires
LASER PRO, Reg. U.S. Pat. & T.M. OIf.~er. 3.27 (c) 2001 CFI ProServJces, Ino, All rights reserved. WY-G03 F3.26b P3.26b AALLRE D.L Nj
EXHIBIT "A"
Thc land re,fred to in tl~$ ¢om~tm~t is $i~t~ in ~¢ Sm~ of ~yomJng, Coun~ of L~ncoln, and is d~scrib~d as
~llows:
Than part of the NEWSE~ of SectiqD 32, T33N-RllSW of the 6th P.M.,
Lincoln County, Wyomin~ bein~ part of that tract of record in the Office
of the Clerk of Lincoln County in Book ~01PR on pa~e 218 described as
follow: ,
Beginning at a spike, S 00°08,00" E, 107 89 from the northeast corner of
said NE~SE~;
thence S 89057,58', W, 384 19 feet to a point on the westerly line
of said tract;
thence coursing alon~ said westerly line as follows: ,'
S 37°09'22, E, 23.83 feet to a point;
S 27o30'41" E, 86.65 feet to a point;
S 43o45'24,, E, 281 01 feet to a point;
S 58o11,11', E, 133.24 feet to a point on the westerly right of
way line of the Grover North County Road No. 12-129;
thence continuing, s 58o11,11. E, 27.18 feet, to a spike on the
east line of said NE~$E~, identical with the southerly most
point of said tract;
thence M 00008,00" W, 383.61 feet, along said east line,
spike of beginning, to the
11/91