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HomeMy WebLinkAbout874445 RECORDATION REQUESTED BY: Wyoming Employees Federal Credit Union 2223 Warren Avenue Cheyenne, WY 82001 WHEN RECORDED MAIL TO: Wyoming Employees Federal Credit Union 2223 Warren Avenue PO Box 548 Cheyenne, WY 82003 I all, t. 45 RECF:IVED LINCOLN COUNTY CLERK o 1 ..1\ .IL I 0 r·,;\~: \ 1: \ 6 JE þ,NNE ','Jþ,GNEn I<ËMMERER. WYOMING SEND TAX NOTICES TO: Wyoming Employees Federal Credit Union 2223 Warren Avenue PO Box 548 Cheyenne, WY f0t' ftELEAS£ 0,* l? t? I-/?Î/~ This Mor1gsge 8101, LJ0ì.,lf 1911U'0 ¿2) 'M~' )U I! 6:- f.,) . ') 6' () BOOK.~__~::::!PR PAGE~___ SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY '" '- ~.~'- "...._~_.. CONSTRUCTION MORTGAGE , between Andrew Booth, a sIngle man I .~ THIS MORTGAGE IS DATED May 10, 2001 whose address is: 464 Greys River Loop, Alpine, WY 83128 (referred to below as "Grantor"); and Wyoming Employees Federal Credit Union, whose address is 2223 Warren Avenue, Cheyenne, WY 8200] (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 property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all otller rights, royalties, and profits relating to the real property, including withoLlt limitation all minerals, oil, gas, geothernJaI and similar matters, LOCATED IN Lincoln COUNTY, STATE OF Wyoming (the "Real Property"): Lot 5 Greys River VilIatge, addition to the Town of Alpine within the NWI/4 SW 114 of Section 2B, NEl/4SEI/4 mol' Section 29 Township 37, Range 118W, -according to that plat filed in the Office ofCowlty Clerk, Lincoln COWlty, WY The Real Property tax identification number is Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all leases of the Property and all Rents from the Property, In addition, Grantor grants to Lender a Unifornl Commercial Code security interest in the Personal Property and Rents, DEFINITIONS, The following words shall have the following meanings when used in this Mortgage, TernlS not otherwise defined in this Mortgage shall have meaning attributed to such teons in the Unifol111 Commercial Code, All references to dollar amounts shall mean amounts in lawful money of the United States of America, GRÁNTOR. The word "Grantor" means Andrew Booth 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 acconmlOdation parties in connection with the indebtedness. IMPROVEMENTS. The word "Improvements" means 'and inclLldes without linùtation all existing and future inlprovements, fixtures, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. INDEBTEDNESS. The word "Indebtedness" mea.lS all principal and interest payable WIder the Note and any 311lOWltS expended or advanced by Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor WIder tlùs Mortgage, together with interest on such amoWlts as provided in this Mortgage. LENDER. TIle word "Lender" means Wyoming Employees Federal Credit Union, it successors and assigns. The Lender is the mortgagee under this Mortgage. MORTGAGE, The word "Mortgage" means this Mortgage between Grantor an Lender, and includes without limitation all assignments and security interest provisions relating to the Personal Property and Rents, NOTE. The word "Note" meallS the pronùssory note or credit agreement dated May 10, 2001 . IN THE ORIGINAL PRINCIPAL AMOUNT OF $93,500,00 FROM grantor to Lender, together with interest all Renewals of, extensiOllS of, modifications of, refinancings of, consolidations of, and substitutions for the promissory uote or agreement. 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 will all accessions, pars, and additions to, all replacements of, and all substitutions for, any of such property; and together witll all proceeds (including without limitation all insurance proceeds and refunds ofprenùums) from any sale or other disposition of~he Property, PROPERTY, The word "Property" means collectively the Real Property and the Fersonal Property, REAL PROPERTY. The words "Real Property" mean the property, interests and rights described above in the "Grant of Mortgage" section, RELATED DOCUMENTS, The words "Related Documents" means and include without limitation all pronùssory 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, RENTS. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from tlle Property. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY 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 tlùs Mortgage, Grantor shall pay to Lender all amoWlts secured by tllis Mortgage as they become due, and shall strictly perfornl all of Grantor's obligations wIder tllis Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of tile Property shall be governed by the following provisions: POSSESSION AND USE, Until in default, Grantor may renJain 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 perfonn all repairs, replacements, and maintenance necessary to preserve its value. HAZARDOUS SUBSTANCES, The terms "hazardous waste", "hazardous substance", "disposal", "release", and "threatened release", as used in this Mortgage, shall have the same meanings as set forth in tile Comprehensive Environmental Response, Compensation, and Liability Act of 19BO, as amended 42 U,S.C. Section 9601, et seq, ("CERCLA"), the Superfund Amendments and ReautllOrization Act of 1986, Pub, L. No, 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U,S.c. Section 1801, et seq., the Resource Conservation and Recovery Act, 49 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 ternlS "hazardous waste" and "hazardous substance" shall also include, without linùtation, petrolewn and petrolewn by-products or any fraction thereof and asbestos, Grantor represents and warrants to Lender tllat: (A) During the period of Grantor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or tllfeatened release of any hazardous waste or substance by any person on, WIder, or about the Property; (B) Grantor has no knowledge of, or reason to believe that there bas been except as previously disclosed to and acknowledged by Lender in writing, (j) any Use, generation, manufacture, storage, treatment, disposal release, or tllfeatened release of any hazardous waste or substance by any prior owners or occupants of the Property.,òr (Ii) allY actual or threatened litigation of claims of any kind by any person relating to such matters; and (C) Except as previously disclosed and acknowledged by Lender in writing, (i) neW,er Grantor nor any tenant. contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of, or release any hazardous waste or substance on, wIder or about he Property and (ii) any such activity shall be conducted in compliance with all applicable federal, state and local laws, regulations and ordinances, including without linÙtation those laws, regulations, and ordinances described above, Grantor authorized Lender and its agents to enter upon the Hoperty to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to deternune compliance of the Property with this section of the Mortgage, Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create 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 Property for hazardous waste, Grantor hereby (a) releases and waives any future claims against Lender for indenwity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws, and (b) agrees to indemnifY and hold hannless Lender against any and all claims, losses, liabilities, damages, penalties, and expense which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of Úle Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether CONSTRUCTION MORTGAGE (Continued) or not he same was or should have been know to Grantor. The provisions of this section of tile Mortgage, including the obligation to indenwifY, shall survive the payment of the Indebtedness and tile satisfaction and reconveyance ofthe lien of this Mortgage and shall not be affected by Lender's acquisition of any interest in Úle Property, whether by foreclosure or otherwise, NUISANCE, WASTE. Grantor shall not cause, conduct or pennit any nuisance nor commit, pennit or suffer any stripping of or waste on or to the Property or any portion of the Property. Without linuting the generality of the foregoing, Grantor will not remove, or grant to any other party 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 Improvement, 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 Property at all reasonable times to attend to Lender's interests and to inspect the Property for purposes of Grantor's compliance with the ternlS and conditions of this Mortgage, COMPLIANCE WITH GOVERNMENTAL REQUIREMENTS, Grantor shall promptly comply witll all laws, ordinances, and regulations now or hereafter in effect, of all govenmICntal authorities applicable to the use or occupancy of the Property, Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonable satisfactory to Lender, to protect Lender's interest. DUTY TO PROTECT, Grantor agrees neither to abandon nor leave w}attended 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 reasonable necessary to protect and preserve the Property, DUE ON SALE - CONSENT BY LENDER. Lender may, at its option, declare immediately due and payable all sunlS secured by this Mortgage upon the sale of transfer, without the Lender's prior written consent, of all or any part ofthe Real Property, or any interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, title or interest therein; whether legal, beneficial or equitable; whether volwltary or involuntary; whether by outright sale, deed, installnICnt sale contract, land contract, contract for deed. Lease hold interest with a ternl grater than three (3) years, lease-option contract or by Property Interest, If any Grantor is 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 and liens on the Property are a part of this Mortgage. 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 accowlt of the Property and shall pay when due all claims for work done of or for services rendered or material furnished to the Property, Grantor shall maintain the Property free of all liens having priority over or equal to tile interest of Lender under this Mortgage, except for tile lien of taxes an assessments not due, and except as otllerwise provided in the following paragraph. RIGHT TO CONTEST, Grantor may witlùlOld payment of any tax, assessment, or claim in connection with a good faitll 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 sufficient corporate surety bond or other security satisfactory to Lender in an amowll 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 de!""nd fWllish to Lender satisfactory evidence of payment of the taxes or assessments an shall authorize the appropriate govenmICntal official to deliver to Lender at any time a written statðment of the taxes and assessments against the Property. NOTICE OF CONSTRUCTION, Grantor shall notify Lender at least fifteen (IS) days before any work is commenced, any services are fWllished, 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 fwnish 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 amOw}t sufficient to avoid application of any coinsurance clause, and with a standard mortgage clause in favor of Lender. Policies shall be written by such insurance companies and in such for 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 minimwn of ten (10) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person, Should tile Real Property at any time become located in an area designated by the Director of the Federal Emergency ManagenICnt Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, to the extent such insurance is required by Lender and is or becomes available, for the tenn of the loan and for tile full wlpaid principal balance of the loan, or the maximwn limit of coverage that is a vailable whichever is less, 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 its election, apply the proceeds to the reduction of tile Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property, If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender, Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default hereunder, Any proceeds wbich have not been disbursed within 180 days after their receipt and which Lender has not conmutted to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to prepay 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 tile benefit of, and pass to, the purchaser of the Property covered by this Mortgage at any trustee's sale or other sale held wIder the provisions of tllis Mortgage, or at any foreclosure sale of such Property. EXPENDITURES BY LENDER. If Grantor fails to comply with any provision oflhis Mortgage, or if any action or proceeding is coounenced that would materially affect Lender's interests in the Property, Lender on Grantor'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 rated charged wIder 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) by 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 (i) the tenn of any applicable insurance policy or (ii) the remaining tern1 of the Note, or (c) be treated as a balloon payment which will be dne and payable at the Note's maturity. This Mortgage also will secure payment of these amowlts. 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 accoWlt ofthe default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy tllat it othelWise would have had. WARRANTY; DEFENSE OF TITLE, The following provisions relating to ownership of the Property are a part of this Mortgage. TITLE. Grantor warrants that; (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and encunlbrances other tllan those set forth in the Real Property description or in any title insurance poJicy, title report, or final title opinion issued in favor of, and accepted by, Lender in cOlUlection wiú} this Mortgage, and (b) Grantor has tile full right, power, and au~ority to execute and deliver tlus Mortgage to Lender, DEFENSE OF TITLÉ, Subject to tile exception in the paragraph above, Grantor warrants and will forever defend tlle title to the Property against the lawful claims of all persons. In the event any action or proceeding is conunenced that questions Grantor's title or the interest of Lender under this Mortgage, Grantor shall defend the action at the Grantor's expense, Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate in tile proceeding and to be represented in tile proceeding hy cowlsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such illStrunICnts as Lender may request from time to time to pennit 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 govenmICntal authorities, CONDEMNA nON, The following provisions relating to condemnation of the Property are a part of this Mortgage, APPLICATION OF NET PROCEEDS, If all of any part of the Property is condemned by enunent domain proceedings or by any proceeding or purchase in lieu of condenmation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to tlle Indebtedness or tile repair or restoration oftlle Property, The net proceeds of the award shall mean the award after p~ynICnt of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condeßUlation. PROCEEDINGS. /r'any proceedings in condenmation 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 to be delivered to Lender such instruments as may be requested buy it from time to time to pennit such participation. üt .~, ... "",L15 I b ¿ IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to govenunental taxes, fees and charges are a part of this Mortgage: CU RRENT TAXES, FEES AND CHARGES, Upon request by Lender, Grantor shall execute such docwnents 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, docwnentary stamps, and other charges for recoding or registering this Mortgage, TAXES, The following shall constitute taxes to which this section applies: (a) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by tlùs Mortgage; (b) a specific tax on Grantor which Grantor is authorized or required to deduct ftom payments on the Indebtedness secured by this type of Mortgage; (c) a tax on this type of CONSTRUCTION MORTGAGE (Continued) Mortgage chargeable against the Lender or the holder of the Note, and (d) a specific tax on all or any portion 0 the Indebtedness or on payments of principal and interest made by Grantor, SUBSEQUENT TAXES. Ifany tax to which this section applies is enacted subsequent to the date ofthis Mortgage, this event shall have the same effect as an Event of Default (as defined below), and Lender may exercise any or all ofits available remedies for an Event of Default as provided below unless Grantor either (a) pays the tax before it becomes delinquen~ or (b) contests the tax as provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender, SECURITY AGREEMENT; FINANCING STATEMENTS, The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage, SECURITY AGREEMENT. This instrwnent shall constitute a security agreement to the extent any oftlte Property constitutes fixtures or other personal property, and Lender shall have all of the rights of a secured party wtder the Unifomt Commercial Code as amended from time to time, SECURITY INTEREST, Upon request by Lender, Grantor shall execute financing statements 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 ftom Grantor, file execute cowllerparts, 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 the Personal Property in a maImer and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand ftom Lender, ADDRESSES. The mailing addresses of Grantor (debtor) and Lender (secured party), from which infonnation conceming the security interest granted by this Mortgage may be obtained (each as required by the Uniform ConU1rercial Code), are as stated on the first page oftlùs Mortgage, FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attomey-in-fact are a part of this Mortgage, FURTHER ASS1,JRANCES. At any time, and ftom time to time, upon request of Lender, Grantor will make, 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, refilled, or rerecorded, as tlte case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages, deed of trust, security deeds, security agreements, fmancing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in tlte sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfec~ continue, or preserve (a) tlte obligations of Grantor wtder the Note, this Mortgage, and the Related Docuntents, and (b) the liens and security interests created by this Mortgage as first and prior liens on the Property, whether, now owned or hereafter acquired by Grantor. Unless prohibited by law or agreed to tlte contrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses incurred in cOlmection with the nuttters referred to in lids paragraph, ATTORNEY-IN-FACT. If Grantor fails to do any of the tllingS referred to in the preceding paragraph, Lender may do so for and in the name of Grantor and at Grantor's expense. For such pwposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the pwpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary to desirable, in Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise perfonus all tlte obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction f this Mortgage and suitable statements of terntination of any financing statement on file evidencing Lender's security interest in tlte Rents and the Personal Property, Grantor will pay, ifperntitted by applicable law, any reasonable terntination fee as deterntined by Lender ftom time to tinte, DEFAULT, Each of the following, at he option of Lender, shall constitute an event of default ("Event of Defanlt") under this Mortgage. DEFAULT ON INDEBTEDNESS, Failure of Grantor to make any payment when due on the Indebtedness. \ DEFAULT ON OTHER PAYMENTS, Failnre of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any otber paynrent necessary to prevent filing of or to effect discharge of any lien, COMPLIANCE DEFAULT, Failure to comply with any otller tenn, obligation, covenant or condition contained in this Mortgage, tbe Note or in any of the Related Documents. DEFAULT IN FA VOR OF THRID PARTIES, Should Borrower or any Grantor default under any loan, extension of credi~ security agreement, purcbase of sales agreement, or any other agreement, in favor of any other creditor or person that may nutterially affect any of Borrower's property or Borrower's or any Grantor's ability to repay the Loans or perforn] their respective obligations under this Mortgage or any of tbe Related Documents, FALSE STATEMENTS. Any warranty, representation or statement made or furnished to Lender by or on behalf or Grantor wtder this Mortgage, the Note or the Related Docunrents is false or ntisleading in any material respect, eitlter nOW or at the time nutde or fwnished. DEATH OR INSOLVENCY. The deatlt of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for tlte benefit of creditors, any type of creditor workout, or the conunencement of any proceeding wtder any bankruptcy or insolvency laws by or against Grantor. FORECLOSURE, FORFEITURE, ETC. Conunencement of foreclosure of forfeiture proceedings, whether by judicial proceeding, self-belp, repossession, or any otber metllOd, by any creditor of Grantor or by any governmental agency against any of the Property, However, this subsection shall not apply in the event of a good faitlt dispute by Grantor as to the validity or reasonableness of the claim wlùcb is the basis of tlte foreclosure of forfeiture proceeding, provided that Grantor gives Lender written notice of sucb claim and furnishes reserves or a surety bond for tlte claim satisfactory to Lender. BREACH OF OTHER AGREEMENT. Any breach by Grantor under the tenus of any otller agreement between Grantor and Lender that is not remedied within any grace period provided therein, including witllOut lintitation any agreement concerning any indebtedness or other obJigation of Grantor to Lender, whether existing now or later. EVENTS AFFECTING GUARANTOR. Any oftbe preceding events occurs witb respect to any Guarantor of any oftbe Indebtedness or such Guarantor dies or beconres incompetent. INSECURITY. Lender in good faitb deems itself insecure, RIGHTS AND REMEDIES ON DEFAULT. Upon tbe occurrence of any Event of Defanlt and at any time tbereafter but subject to any limitation in the Note or any limitation in this Mortgage, Lender, at Its option, may exercise anyone or more of the following rights and remedies, in addition to any other rights or remedies provided by law: ACCELERATE INDEBTEDMESS, Lender shall have tlte right at its option without notice to Grantor to declare the entire Indebtedness inU1tediately 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 Unifornt Conunercial Code. COLLECT RENTS. Lender shall have the right, without notice to Grantor, to take possession of the Property, inclnding during the pendency of foreclosure, whether judicial or non- judicial, and collect the Rents, including amowtts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. [n furtherance ofthis right, Lender may require any tenant or other user of the Property to nutke payntents of rent or use fees directly to Lender, If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attomey-in-fact to endorse instruments received in payntent thereof in the name of Grantor and to negotiate the same and collect eh proceeds. Payntents by tenants or other users to Lender in response to Lender's denutnd shall satisfy obligations for which the payments are made, whether or not any proper grounds for the denutnd existed. Lender may exerc!se its rights wtder tltis 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 tile Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect tile Rents ftom the property and apply the proceeds, over and above tlte cost oftlte receiverslùp, against the Indebtedness, The receiver may serve without bond ifperntitted by law. Lender's right to tlte appointment ofa receiver shall exist whether or not tlte apparent value of the Property exceeds the Indebtedness by a substantial amount. Emp[oyment by Lender shall not disquaJitY a person ftom serving as a receiver. JUDICIAL FORECLOSURE. Lender may obtain a judicial decree foreclosing Grantor's interest in all of any part of the Property. NONJUDICIAL SALE. Lender may foreclose Grantor's interest in all or in 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. Ifperntitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender after application of all anlOW]ts received from the exercise of the rights provided in this section, TENANCY AT'StlFFERANCE. 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 (a) pay a reasonable rental for the use of the Property, or (b) vacate the Property inu11ediately upon the denutnd of Lender. ;'5-/E' OTHER REMEDIES. Lender shall have all other rights and remedies provided in tlus Mortgage of the Note available at law or equity, SALE OF THE PROPERTY, To the extent pennitted by applicable law, Grantor hereby waives any and all right to have the property marshaled. In exercising its rights and remedies, Lender shall be free to sell all or any part of tile Property together or separately, in one sale or by separate sales. Lender shall be entitled to bid at any public sale 011 all or allY portion of the Property, NOTICE OF SALE. Lender shall give Grantor reasonable notice of tlle time and place of any public sale of the Persona Property of the time after which any private sale or otller intended disposition fthe Personal Property is to be made, Reasonable noticed shall mean notice given at least ten (to) days before tlle time of the sale or disposition. WAIVER; ELECTION OF REMEDIES, A waiver by any party ofa breach ofa provision of this Mortgage shall not constitute a waiver afar 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 perfonn and obligation of Grantor nnder this Mortgage after failure of Grantor to perfornl shall not affect Lender's right 10 declare a default and exercise its CONSTRUCTION MORTGAGE (Continned) remedies under this Mortgage. ATTORNEY'S FEES; EXPENSES, If Lender institutes any suit or action 10 enforce any of the tern15 of this Mortgage, Lender shall be entitled to recover such snnl as the court may adjudge reasonable as reasonable attorneys' fees at trial and on any appeal. Whether or not any court action is involved, all reasonable expenses incurred by Lender that in Lender's opinion are necessary at any time for tlle protection of its interest or the elûorcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expenditure until repaid at eh rate provided for in the Note. Expenses covered by this paragraph include, without limitation, however subject to any linuts 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 Ì1~wlction), appeals and any anticipated post,judgment collection services, tlle cost or searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees, and title insurance, to the extent pernutted by applicable Jaw, Grantor also will pay any court costs, in addition to all other snn15 provided by law, NOTICES TO GRANTOR AND OTHER PARTIES. Any notice nnder this Mortgage, including without limitation any notice of default and any notice of sale to Grantor, shall be in writing and shall be effective when actually delivered, or when deposited with a nationally recognized ovenught courier; or, if mailed, shall be deemed effective when deposited in the United States mail first class, registered mail, postage prepaid, directed to the addresses shown near the begúming of this Mortgage, Any party may change its address for notices nnder this Mortgage by giving formal written notice to the other parties, specifying that tile 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 tile begitming ofthis Mortgage, For notice pW'poses, Grantor agrees to keep Lender úûornIed at all tinIes of Grantor's current address. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: AMENDMENTS, This Mortgage, together with any Related Documents, constitutes the entire wlderstandiog and agreemeot of the parties as to the matters set forth in this Mortgage, No alteration of or aOIendment to this Mortgage shall be effective 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 to Lender and accepted by Lender in the State 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 are for convenience purposes only and are not to be used to interpret or define the provisions of this Mortgage. MERGER. There shall be no merger of the interest or estate created by tllis 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 tile written consent of Leuder. MULTIPLE PARTIES, All obligations of Grantor wider tlus Mortgage shall be joint and several, and all 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, SEVERABILITY, Ifa court of competent jurisdiction finds any provision of this Mortgage to be invalid or nnenforceable as to any person or circun15tance, 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 deenIed to be modified to be within the limits of enforceability or validity; however, if the offending provision calU10t be so modified, it shall be stricken and all other provisions of this Mortgage in all other respects shall remain valid and enforceable. SUCCESSORS AND ASSIGNS. Subject to the limi\¡ltions stated in tlus 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 tile Property beconIes vested in a person other than Grantor, Lender, withont notice to Grantor, may deal with Grantor's successor Witll reference 10 this Mortgage and tlle Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. TIME IS OF THE ESSENCE. This is of the essence in tile performance of tllis Mortgage. WAIVER OF HOMESTEAD EXEMPTION. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtedness secured by tlus Mortgage, WAIVERS AND CONSENTS. Lender shall DOt be deemed to have waived any rights under this Mortgage (or nnder the Related DocW11Cnts) nnIess such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by any party of a provision of this Mortgage shall not constitute a waiver of or prejudice the party's right otherwise to demand strict compliance witll that provision or any other provision. No prior 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 Grantor's obligations as to any future transactions. Whenever consent by Lender is required in this Mortgage, tile granting of such consent by Lender in any instance shall constitnte continning consent to subsequent instances where such consent is required, E4-CH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: , x x STATE OF COUNTY OF . to me now to be the individuals rtgage as their nee and voluntary act and deed, for the uses and pW'poses therein mentioned. Given under my hand and official seal this 20 By Residing at Otf7..t'14·S 264 CONSTRUCTION rv10RTGAGE (Col1llnu~~fJJ ',- -----_._-~._-_.._- '--'---,"'-" ....~..;,----_..~~------~-_._" ...-.. ._-_._-~----- '-'-~'---~'-"-'~---"-----'-.-"""-'- ----~_.,...--_._-_..__.__. .-..,-.---- - ....--.--...--.--.-----..--....---...-..-. '---. .. -.--.........----------. "'-. 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