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WHEN RECORDED MAIL TO:
Bank of the Weat
4321 20th Ave SW
Fargo, ND 58103
RECEIVED 1/16/2007 at 2:33 PM
RECEIVING # 926111
BOOK: 646 PAGE: 377
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
10 L-/ 0 ù(;1';¡Ç¿38' IIJ I
MORTGAGE
THI$ MORTGAGE dated December 11, 2006. is made Dnd executed between Ste"e Sharp. whose address is 2503
Summit Dr. Cheyenne, WV 82001 (referred to below D8 "Grantor") and BANI< OF THE WEST, whose address is
801 Pine Ave, , Kemmerer, WV 83101 (referred to below as "lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgagtll and conveys to Lender all of Grantor's right, title, and Interest in and to
tile following described real propltrty, together with all existing or subsequently erected or affixed buildings. improvements and fixtures; all
easements, rights of way, ilnd appurtenances; all w;¡¡ter, water rights, watercourses and ditch rights (including stocl( in utilities with ditch or
irtig¡¡tion rights); and all other rights, royaltle!l, ;¡¡nd profits relating to the reld property, including without limitlltlon all minerals. oil, gas,
geothermal and similar matters, (the 'Real Property") locoted in lincoln County. Stote of Wyoming:
See ,Exhibit I. A". which is attached to this Mortgage and made a p8rt of this Mortgage 88 if fully set forth
herein.
The Real Property or Its address is commonly known DS 260 East Main Street, Co keville, WY 83114.
Grantor presently assign. to l.el1der all of Grantor's right. tit!e, and intereet in and to all present and future lellses of the Property and all Aents
from the PropeMy. In addition, Grantor gr;¡¡nts to Lender a Uniform Commercial Code secl,lrlty interest in the Personal Property olnd Rents,
THIS MORTGAGe, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY. IS
GIVEN '1'0 SECURE IAI PAYMENT OF THE INDEBTEDNESS AND (81 PERFORMANCE OF ANY ANO 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 defel1ses arising by reason of sny ·one action" or "anti-deficiency" law, or any other law
which m8Y prevent Lender from bringing any aCtion against Grantor. inoluding a claim lor deficiency to the extent Lender is otherwise entitled to
II claim for deficiency, before or õlfler Lender's commencement or completion of any foreclosure aCtion, either judicially or by exercise of a
POWElt of saie.
GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (al 'this Mortgage is executed at Borrower's request and not at
the request of Lender; (b) Grantor has the full power. right, and authority to enter Into this Mortgage and'to hypothecate the Property; Ie) tile
provisions of this Mortgage do not oonfllct with, or result in a default under any agreement or other instrument binding upon Grantor and do not
result in iI violation of any I¡¡W, regulation, court decree or ordlu applioable to Grantor: (d) Grantor h;¡¡s established adequaté means of obtaining
from Borrower Oil a continuing b.5is information about Borrower's financial conditioFl; and (el lender has made no representation to Grantor
abOut Borrower (Including withol,lt limitation the creditworthiness of Borrower).
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortg¡¡ge, Borrower shall pay fo Lender all Indebtedness gecuréd 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 MAII'tITENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possession and use of the
Property shall be govarned by the following provisions:
Possession and Use, Until the oocurrence 01 an Event of Default, Grantor may (1) remain In possession ¡¡nd control of the Property; (2)
use. operate or manage the Property; and (31 ooUeot the Rents from the Property,
Duty to Mainfilin. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
mainten¡¡noe necessary to preserve its value.
Compliance With Enllironmental Laws. Grantor represent$ si'ld warrants to Lender that: (1) During the period of Grantor's ownership of
the Property, there hili been no use, generation. manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (21 Grantor has no knowledge of, or reason to believe that there has
been, except ilS previously disClosed to and aoknowledged by lender in writing, (a) any bre¡¡cl1 or violation of any Environmental laws,
(h) any use, generatloi'l, manufacture, storage, treatment, disposal. release or threatened relea&e of any Hatardous Substance on, under,
about or from the Property by any prior owners or occupants of the Property. or (c) any actual or threatened litigation or claims of any
kind by 'flY person relating to such maners; and (3) Except a5 previously disclosed to ¡¡nd acknowledged by Lender in writing, la) neither
Grantor nor ai'lY tenant, contr.etor, agent or other authorized user of tile Property shall use, 9"I1erate, manufacrure. store, treat. dispose of
or relnse any Hazardous Substance on, under. about or from the Property¡ and (bl any such activity shall be conducted in compliance
with all eppllcable federel, state, and locallews, regulation; and ordinances. Including without limitation all Environmental L.aws. Grantor
authori;¡:es Lender and its agents to enter upon the Property to make such inspeCtions ;¡¡I1d tests, at Grantor's expense, lIS Lender may deem
¡ ppropriate to determine compliilFlce of the Property with this section of the Mortgage, Any inspections or tests made by LeFlder shall be
for lender'. purposes only and shall not be consttued to create any responsibility or liability on the part 01 Lender to Grantor or to any other
person. ihe repreSentations and warrantieS contained herein ere based on Grantor's due diligence in Investigating the Propeny for
Hazardous Substances. Grantor hereby 111 releases and waives any future claims against Lender for indemnity or contribution In the
9 'd
~ d 6 0 : II 900 l '6l'~ a a
IjlH'ON
AM ~3~3~~3~ 183M 3H1 ~o ~NV8
MORTGAGE
LQon No: _ 0.92.6111 (Continued) 000::178 Pege 2
el/em Grantor beoomel liable for cleanup or other costs under any such I,ws; and (2) agrees, to indemnify, defend,. a~d hold harn:'ess
Lender against any iIInd ,II cl.ims, losses, liabilities, damages, penalti ls, snd expenses whìch Lender may dlreotly or IndIrectly al.l~talO or
suffer resulting from a breach of this seCtion of the Mortgage or as a consequence of any use, generation, manufl.lct\,lre, storage, disposal.
releese or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same WIIS or ,ho~ld
have been known to Grantor. The prol/isions of this section of the Mortgage, including the obligation to indemnify and defend, shall survl~e
the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender I
acquisition of eny interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not caLise, conduot or permit any huisenoe nor commit, permit, or sLlffer any stripping of or waste on or to
the Property or any portion of the Property. Without limiting 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 9as), coal, claY', scoria, Soil, grallel or rOCk products withOut Lender's prior
written consent.
Removal of Improllements. Grantor shan not demolish or remove any Improvements from the Real Propeny without Lender's prior written
consent. As II condition to the removal of any Improvements, Lender m$y require Gr$ntor to make a"$n9I11ment. s$tisf$ctory to Lender to
replace ~uOI'l Improvements with Improvements of at least equal value.
l.nder'!I Right to I:nter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Llllnder's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mor1gi1g,.
Compliance with Governmental Requirements. Gramor shall promPtly comply with all laws, ordinances, and regulations, now or "ereafter
in effect, of all governmental al,lthorlties applicable to the use or occupancy of the Propcmy, including without limitation. the Americans
With Di$abllities Act, Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any
proceeding, Including appropriate õ'lppeals, so long as Grantor has notified Lender in writing prior to doing so and 90 long as, in Lender's
sole o )iniof1, Lender's interests in the Property ere not Jeopardized, Lender may require Grantor to post IIdequllte security or II surety bond,
renonably satisfactory to Lender, to protlllct Lender's interest.
Duty to Protect. Grantor IIgrees neither to abandon or leave unanended th, Property. Grllntor s"lIIlI do all other acts, In addition to those
acts set forth above in this sactlon, which from the character and use of the Property are rQasonably neoessary to proteot and prelQl'\1e the
Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at l.eoder's option, declare Immediately due and payable all sums securad by this
Mortgage upon the sale or transfer, wìthol,Jt Lender's prior written consent, of all or any part of the ï=\eal Property, or any Interest In the Fle,1
Property. A 'sale or transfer" means the convayanOe of Real Property or any right, titla or Interest in the Real Property; whether legal, benefioial
or equitable; whether voluntery or Involunt;IfY; whether by outright sale, deed. installment sale contract, land contract, contract for deed,
leasehold interest with a term greater than three (3) years, leøse-optlon contract, or by sale, assignment, or transfer of any beneficial inter.st in
or to any land trust holding title to the Fleal Property, or by any other method of conveyanoe of an interest in the Real Property, However, thIs
oPtion shall not be exerolled by L.ender If such exercisQ is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following )ro\lisions relating to the taxIS and lienc on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (end 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 h;aving priority over or equal to
The interest of Lender under this Mortgage, except for t"ose liens specifically agreed to in writing by Lender, and except for the IIlIIn of tax.s
and IIssessments not due as furtl'ler specifi,d 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
óblìgation to pay, so long as Linder's interest in the Property is not jeopardi2ed. If a lien ;Irises 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 01 the filing.
s.cure the discharge of the lien, or if requested by Lender, deposit with Lender ca5h or a sufficient corporllte surety bond or other security
satisfactory to Lender in an amount sufficiant to discharge the lien plus any costs and reasonable attorneyc' feea. or other charges that
could accrue as a result of a forsclosure or sale under the lien. In any COntl5t, Grentor shall defend Itself and Lender and shall satisfy any
adverse judgment before enforcement against the Property. Grantor shan name Lender as an additional obligeQ undQr any surQty bond
furnished in the contest proceedings.
J:videnoe of Payment. Grantor shall upon demand furnish to Lender catisfactory evidenoe of payment of the tllxes or assessments I.Ind shall
authorize the appropriate govQrnmental offici, 1 to deliver to lender at any time a written statement of the taxes and essessments against
the Property.
Notice of Construction. Grantor shllll notify Lender at least fifteen (15) d,ys before IIny work is commenced, any services lire furniched. 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 matlllrials. Grantor will upon request of Llilnder furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvementli.
p~OPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall prOCl,lre ,nd maintain policies of fire insuranae wltl'l standard exteflded coverage endorsements on
.. replacement basis for the fulllnsurabla value covQring all Improvements on the Real Property in an emount sufficient to avoid application
of any coincuranclI aleuse, and with a standard mortgegee clause in favor of Lender. Grantor shall also procure and maintain
comprlill'llilnsive general liability insuranoe in such coverage amoLlnts 8S Lender may request with Lender being named as additional insureds
in such liability insurance policies. Additionally, Grantor shall maintain such other insurlnoe, including but not limited to hazard, business
Interruption and boiler insuranoe as Lender may require. Policies !lhall be written by such insurance companies and In suol'l form as may be
reasonably acceptable to L.ender. Grantor shall deliver to Lender certificates of coverage from eaol'l Insurer oontllining II stipulation that
ooveraglil will not be canoelled or diminished without a minimum of ten (101 dllYs' prior written notice to Lender and not oontlllìnlng any
disclaimer of the insurer's liability for feilure to give such notice. Each insurance polloy also shlllllnclude an endorsement providing that
coverage in fevor of Lender will not be imp;¡lred in any way by any act, omission or d,fault of Grentor or any other person, Should tha Real
Property be located in an area designated by the Director of thlil Feder" !;mergency Management Agency as a special flóod hnard area,
Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid prlncipel blllance of the loan and any prior
liens on tl'le property securing the loan, up to the maximum policy limits set under the Natlon,.1 t=lood Insurance Program, or as otherwise
required by Lender, eod to maintain such insuranCIiI for the term of the loan.
9 . d
lvH' ON
AM H3H3~~3~ 183M 3H1 jO ~NV8
~d60:ll 900l '6l'~aa
Loan ND: 092611.1.
MORTGAGE
(Continued)
000.'379
Page 3
Applioation of I'roo,eds. Grantor shall promptly notify Lender of any loss or damage to the Pro~erty. , ltIn~er may make proof of loss ,if
Grantor falls to do so within fifteen (15) days of the casualty. Whether or not Lender'a securcty is Impaired, Lender may, at l.ende,r s
eleCtion, receive and retain the proceeds of any insurlmce and apply the proceeds to the reduction of the Indebtednes.s, payment ?f any hen
affecting the Property, or the restoretion Ind repeir of the Property. If Lender elects to IIPply the proceeds to restoration and repair, Grantor
shall repair or replace the damagad or destroyed Improl/ern.nts In a manner satisfactory to Lender. Lender shall" upon satisfactory proof of
suc::h expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration ,f Grantor Is not In defeult
under this Mortgiilge. Any proceeds which have not been disbursed within 180 days after their receipt IInd whlçh Lend.r has not
com mined to the repølr 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 øny prooeeds
after payment in full of the Indebtedness, such prooeed$ IIhllll be paid to GrClntor \IS Grelntor', Interests may appear.
LENDER'S EXPE:NDITURES, If any action or proceeding i8 commenced that would materially affect Lender'8 interest in the Property or if Grantor
flllls to comply with any provision of this Mortg;tge or ;tny Releted Oocuments, including but not limited to Grllntor's fellur. to discharge or pay
when doe any amounts Grantor ì. required to discharge or pay undar this Mortgage or any Related Documents, Lender on Grantor's belle If miilY
(but shall not be obligated tol take any action that Lender deems appropriate, inQluding but not limited to disCharging or paying all taxea, liens,
security Interests, encombrances and other olaims, at any timll! levied or pieced on the Property IInd põlylng 0111 costs for ¡nS\,Irlng, melntaining and
preserving tne Property. All such expenditures incurred or paid by Lender for auch purposes will then bear interest at the rate charged under the
Note from the date incurred or paid by Lender to the date of repayrn,nt by Gr'lntor. All such eXpenses will become õI part of the IndebteClne$1õ
õlnd. at Lender's option, win (A) be payable on demand; IB) be added to the balance of the Note and be apportioned among and be payable
with any installment paym.nts to become due during either (1) the term of any applicable insurance policy; or (21 the remaining term of the
Note; or IC) be treated as a banoon payment which will be due and payable at the Note's maturity. The Mortgage al80 will secure payment of
these amounts, Such right shall 'be in addition to all other rights and remedies to which Lender may be entitled upon Default.
WARRANTY: DEFENS¡: OF TITLE. The following provisions relating tø ownership of the Property are a part of this Mortgage:
TitlE!. Grantor warranta that: (a) Gr¡mtor holds good and marketable title of record to the Property In fee simple, free and clear of all liens
and encumbratICu 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 Monglge, 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 i8 commenced that ql,lesdons Griilntor's title or the Interest of Lender
under this Mortgage, Grantor shall defend the ectlon at Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to partioipate In the proceeding and to be represented In the proceeding by counsel of Lender's own choice, and
Grantor will delll/er, or cause to be delivered, to Lender such instruments as I.ender 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 gOl/ernmental euthoritles.
Survival of Representation. ønd Warranties, All representations, wiilrriilntles, and agreements made by Grantor in thi8 Mortgagfil shall
survive the ex'cution and delivery of this Mortgage, shall be continuing in n8ture, and shall remain In full force iilnd effect until such time 8S
Borrower's Indebtedness shall be paid In f\,lll.
CONDEMNATION. The following provisions relating to condemniiltion prooeedings are a part of this Mortgage:
Prooeedings. If any prooeedlng in condemnation is filed, Grantor sh_U promptly notify Lender in writing, and Grantor shall promptly take
such steps 85 may be necessary to defend the action ¡lnd obtain the award, Grantor may be the nominal party In .ugh prooeeding, b\,lt
Lender shall be entitled to partlclp_te in the proceeding and to be repr'$en~d In the proceeding by oounsel of its own choice, and Grentor
will deliver or cause to b. delivered to Lender cueh instruments IInd documentation as may be requested by Lender from tim. to time to
permit such participation.
ApplÎoation of Net Proceed.. 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. ihe net proceeds of the award shall mean the award after paym.nt of all
reasonable Costs, expenses, and anorneys' fees ínQl,Jrred bv Lender in connection with the condemnation.
IMPOSITION OF TAXES, Fr:¡:s AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisionc relating to govarnrnental taxu,
fees and charges are. part of this Mortgage:
Current Taxes, Fees and Charge,. Upon request by Lender, Grantor shall exeoute 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 Fleal Property. Grantor shan reimburse Lender for
all tOlxes, as described below, together with all expenses incurred in recording, perfeoting or continuing this Mortgage, including without
limitation all taxes, feel, documentary stamps, and other chClrges for recording or regi8tering this Morrgage.
Taxes. The following shall constitute taxes to which this section appliea: (1) a speoific t;lX upon this type of Mortgage or upon all or any
part of the Indebtedness $8cured by this Mortgage: (2) a specific tax on Borrower which Borrower is authori%ed or reQ\,Iired to deduot
from paymel'lts on the Indebtedness sèO\,lred by this type of Mortgage; (3) a taX on this type of Mortgøge ch8rgeable against the Lender or
the holder of the Note; end (41 a specific taX on all or any portion of the Indebtedne$s or on payments of principal and interest made by
Borrower,
Subsequlnt Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgagì!l, this event shall heve the
slime effect as an Event of Default, and Lender may exerci$e any or all of Its availøble remedies for an Event of Default as provided below
unless Grantor either (1) pays the tax before It becomes delinquent, or (21 Contests the tiilX as provided above In the Taxes and Liens
section and deposit, with Lender cesh or a sufficient oorporate surety bond or other security satisfactory to Lender.
SeCURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to thia Mortgage as a security Clgreement 8re a part of
this Mortgage:
SeQl,lrity Agreement. Thl, Instrument shall constitute II Seourlty Agreement to the extent any of the Property con$1:ltutes fixtures, .nd
Lender shall hal/e all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
L 'd
[tH' ON
AM H3H3~~3~ 183M 3H1 jO ~NV8
~d60:ll 900l '6l'~aa
O~26111
Loan No:
MORTGAGE
(Continued)
000380
Page 4
Security Interest. Upon reQuest by Lender. Grantor shall take whatever aotion Is requested by LendQr to perfect and continue Lender's
security Interest in the Rents and Personal Property, In addition to recording this Mortgage in thQ real property r~cords, Lender ma~, at ~ny
time and without further authorization from Grantor, file executed counterparts, caples or reproductions !;If thIs Mortgage as a financing
statèment. Grantor $hall reimburse Lender for all expenSeS incurred in perfecting or continuing this security Interest. Upon default, Grantor
shall nat remove, sever ar detach the Persan;ll Property from the Property, Upon default, Grantar Shëlll as~embl~ any Personal Pr~p~rty n!;lt
affixed to the Property in a manner and at a place reaconably convenient to Grantar and Lender and make it avallabl. to Lender WIthin three
(3) days after receipt af written demand fram L.ender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtar) ;lnd Lender (secured party) from which informatian canc;:erning the security interest
granted by this Mortgage mllY be obtained (e;lch 8S required by the Uniform Commercial Cad.) are ;III IIteted on the firet page of this
Mortgage.
FURTIiER ASSURANCES: AtTORNEY-iN-FACT. The following provisions relating to further assuranoell and attorney-in-fact arQ a part of this
Mortgage:
r:urther Assurances. At any time, and from time to time, upon request of Lander, Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lender', designee, and when reQuested by LE:nder. caUie to be filed, recorded, reflled, or
rerecorded, as the cese mOlY be, at auch time!! and in auch offices 811d places as Lender may deem appropriate, any ,"d all such mortgagas,
deeds of trust, security deeds, security agreemen1s, fil1ancing statements, continuation statElments, instruments of further anurence,
certifioates, and other documents as may, in the sole opinion of Lender, be nece&sary or desirable in order to effectuate, oomplete, perfect.
continua. or preserve (1) Borrower's and Grantor's obligations I.mder 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 the Property, whether now owned or hereafter acquired by
Grantor, Unless prohibited by law or Lender agrees to the contrary In writing, Grantor shall reimburse Lender for all cOStS and expenses
incurred in connection with the matters rQferred to In this paragraph.
Attorney-In-Fact. If Grantor fails to do sny of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor IInd at Grantor's expense, For suah purposes, Grantor hereby irrevocably ilPpolnts Lender as Grilntor's attorney-in-fact for the
purpose of making, executing, deliv.ring, filing, recording, and doing all ather things as may be necessary or desirable, in Lender's sole
apinlon, to aCoamplish the matters referred to in the preceding paragrlllPh.
FUL.L PERFORMANCE, If Borrower and Grantor pay all the Indebtedness when dUIiI, "nd Grantor otherwin performs all the abligliltions imposed
upon Grantor under this Mortgage. Lender ,hall execute and deliver to Grantor ;I suitable satisfaction of this Mortgage and ,l,Iltable statements
of terminatia" 01 any financing statement on file evidencing Lender's sècurlty Interest in the Flents and the Personal Property. Grantor will pay,
jf permitted by applicable law, any reasonable termination f.e u determined by Lender from tlm. to time.
lEVI:NTS OF DI:FAUI.T, Each of the following, ;It Lender's option, shall constitute IIn Event of DefQult under this Mortgage:
payment Default. Sorrower fails to make any payment when due under the Indebte( ness,
Default on Other payments. 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,
Environmental Default. Failure of any party to comply with or perform when dl)e any term, obligation, covenant or condition contained in
any envirOr'1mental agreement executed in connection with the Property.
Other Defaults. Borrower or Grantor fails to comply with or to perform any other term, obligation, OOvenant or condition oontalned in this
Mortgage or In any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained In any
other agreement between Lender and Borrawlilr or Grantor.
Defal,llt in Favor of third Partlês. Should Borrower or any Grantor default undar any loan, extension of credit, security agreement, purchase
or sales agreement. or any other agreement. in favor of ..ny other creditor or person that may materially affect any of Borrower's or ;lny
Grantor's property or Borrower's ability to repay the Indebtednen or Borrower's or Grantor's ability to perform thair respective obligations
under this Mortgage or any rel,ted document.
F=alse StatQments, Any warranty. representation or statement made or furnished to Lendar by Borrower or Grantor or on Borrower'. 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
made or furnished or becomes false or m¡sllilildlng at any time thereafter.
Defective Collaterallzatlon. This Mortgage or any of the Related Daouments ceas8S to be In full force and effect (including failure of IIInY
collaterill documant to create a valid af1d perfected security interest or lien) at any time and for any rea ¡an.
Deiith or Insolvency. The dissolution or tlilrminatlon of Borrower's or Grantor's existence as a going busineas, the insolvency of Borrower or
Grantor, the appointment of a receiver for any part of Borrower's or Grantor's property, any assignmlilnt for the benefit of creditors, any
tYpe of creditor workout, !;Ir the commencement of any proceeding under any bankruptcy or Insolvency lawII by or against Borrower or
Grantor.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any Other method. by any creditor of Borrower or Grantor or by any governmental agency 8galnst any prop\lrty lIecurlng the
Indebtedness, This includes a garnishment of any of Borrower's !;Ir Grantor's acoounts, including deposit accounts, with Lender. Howavlilr,
thill Event of Default shall not apply if there ill a good faith dispute by Borrower Of Grantor as to the validity or reasonableness of the claim
which is the basis of the craditor or forfaiture proceeding and if Borrower or Grantor gives Lender written notice of the cradltor or forfeiture
prOCee( ing and deposits with Lender monies or a surety bond for the creditor ar forfeiture praeeedlng, In an amount determined by Lender,
ii, its sole di$¢retlon, as being an adequate reserve or bond for the dispute,
Breach of Other Agreement. Any breach by Borrower or Grantor under the terms of any other agfeement between Borrower or Grantor and
Lender that is not remedied Within any grace period provided therein. including without limitation any agreement concerning any
indebtedness or other obligation of Elorrower or Grantor to Lender, whether ex;ating now or later.
EVBnti Affeating Guarantor. Any of the preceding eventi occurs with respect to any guarantor, endorser, surety, or accommodation party
of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes inoompetent, or revokell or
disputes the validity of, or liability under, any Guarilnty of the Indebtedness. In the event of a death, Lender, at Its oPtion, may, but shsll
not be I'Ii!quired to. permit the gU;lrantor's est,te to assum\l unconditionally the obligation, arising under the guaranty in a manner
satisfaotory to Lender. and, In doing sa, cure any Event of Default.
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Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospeCt of paymQnt or
performance of the Indebtedness is impaired,
Insecurity. Lender in good faith believes itself inseOure.
RIGHTS AND R'EMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's oPtion, may
exercise anyone 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 lit its option without notice to Grantor to declare the entire Indebtedness immediiltely
due and payable, Including Bny prepllyment penlllty which Grllntor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, LQndQr 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 pO$,usion of the Property, including during the
pendency of foreclosure, whQthQr jl,ldiclal or non.judiclal, 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 otl'1er
user of the Property to m(lke payments of rent or use fees directly to Lender, If the Rants ars collected by Lender, then Grantor irrevocably
designates Lender liS Grantor's attorney-in-faC'! 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 othQr users to Lender in response to Lender's demand shall satisfy the
obligations fOf which the payments ere mllde, 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 Reoeiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Propeny, 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 (lnd apply the proceeds. over and above the cost of the receivership, ageinst the Indebtedness. The receiver may serve without
bond if permitted by law. Lender's right to the IIIppointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substllntial amount. Employment by Lender shall not dieqv¡¡lify e person from serving as a receiver.
Jl,ldlciill Foreclosure. Lender may obtain iI judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any P;lrt of the Property by non-judicial sale, and specifically by "power
of sale" or "advertisQmlnt an(t ule" foreclosure as provided by statute.
Deficiency Jvdgment. 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.
Tenanoy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as providQd above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferanoe of Lender or the
purchaser of the Property and shall. at LendQr's option, either (1) pay a reasonable rental for the use of the Property. or (2) vacate the
Property immediately upon the demend of Lender.
Other Remedies. Lender shall have all other rights and remedies provIded in this Mortgage or the Note or (lV9ìl9ble at law or in equity.
Sale of the Property. To the extent permitted by applicable law. Borrower and Grantor hereby w¡¡lve e)"ly end ell right to hive the Property
marshalled. In e)(erOising its rights and remedies. Lendlf shall be free to sail all or any part of the Property together or separately, in one
sale or by seperate sales. Lender shall be entitle!;! to bio at any public sale on all or any portion of the Propeny.
lIIotice of Sale. Lender shall give Grantor reasonable notice of the time and plaoe of any pl,lbliC sale of the PerSOllel Property or of the time
after which any privllte sllle or other intended disposition of the PerSO)"lal Property Is to be made. Reasonable notice shall mean notice
given 8t least ten (10) daya bøfore the time of the sale or disposition. Any 8ale of the Personal Property miilY be mõloe in conjunction with
any sale 01 the Real Property.
Eleotlon of Remedie.. Election by Len!;!er to pursue any remedy shall not exclude pursuit of any other remedy, and in eleotion to meke
expenditures or to take aotion to perform an obligation of Grantor under this MortQ(lge, IIIfter Grllntor's failure to perform, shall not affect
Lendør's right to declare a default and exercise Its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or
rutriCt the rights and remedies available to Lender following an Event of DQfault. or in any w;lY to limit or restrict the rights and ability of
Lender to proceed directly against Grantor and/or Borrower and/or against any other co-maker, guar;lntor, surety or endorser ilnd/or to
proceed against any other collateral directly or indirectly securing the Indebtedness.
Attorneys' Fees; Expen!,ee. If Lender Institutes any suit or action to enforce any of the terms of this Mortgage. Lender shall be entitled to
recover such sum all the court mõlY adjudge reasonable as attorneys' fen at trialllnd upon any appeal. Whether or not any court action is
involved, IIInd to the extent not prohibited by law, all reasonable expenses Lender incvrs that In Lender's opinion are necessary at any time
for the proteotion of its Interest or the enforoement of Its rights shell become a part of the Indebtedness payable on demand anti shilll bellr
interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph Include. without limitation,
how.ver lubject to any limits under applicable law, Lellder's reasonable attorneys' fees and Lender's 'egal expenses whether or not there is
;I lawsuit. Including reasonable attorneys' feell and expenses for benkruptcy proceedings (Including efforts to modify or vacate any
;IIl,Itomatlc stay or Injunction), appeals, Bnd any anticipated poat-judgment oollection services, the cost of searching records, obtaining title
reports Hncluding foreolosure reports), surveyors' repons, and sppraisel fees end title insurance, to the extent permitted by applicablQ law.
Grantor also will pay any coun oost., In addition to all other slSms provided by law.
NoticES. Any notice required to be given under this Mortgage, including withol,lt limitation any notice of default and any notice of sale shall be
given in writing, and IIh;lll be effeC'!lve when actually deUveredr when actually received by telefac,ímile (unle.. otherwise reQl,llred by lew), when
deposited with a nationally recognized overnight cOl,lrler, or, if mailed, when deposited in the United States milil, !IS first class, certified or
reglstereo mall postege prepaid, directed to the addreasell shown near the beginning of this Mortgage. All copies of notices of foreclosure from
the holder of eny lien which has priority over this Mortgage shill! be sent to Lender's address, as shown naar the beginning of this Mortgage.
Any party may ch~nge Its address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the
pl,lrpose of the notice IS to Change the party's address. For notice purposes, Grantor agrses to keep Lender informed at all times of Grantor's
current address. Unless otherwise provided or requirsd by law, if thér. is more than one Grantor. any notice given by Lender to any Grantor is
deemed to be notice given to (III arentors,
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MISCELLANEOUS PROVISIONS. The following miscellllneous provisions are a part of this Mortgage:
Amendment". This Mortglilge, together with any Related Documents, Constitutes the entire underSteflding and agreeme~t of ~he p~~ti.s as
to the matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given In writing and
signed by the party Dr parties ¡Ougln to be charged or bound by the alteration or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's residence. Grantor shall furnish to Lender, upon request, a
Certified statement of net operating income raceived from the Property during Grantor's previous fiscal year in such form ,and detail. as
Lender shall require. "Net operating income" shalf mean all cash receipts from the ProPerty less all cash expenditures made In connection
with the operation of the Property.
Caption Headings. Caption headings In this Mortgage are for convenience purposes only and are Flot to be usad to interpret or define the
provisions of this Mortgage.
Governing Law. Thi!il Mortgage will be governed by federa' law applioable to Lender and. to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to Its conflicts of law provisions. This Mortgage has been accepted by Lender In thé SUite of
Wyoming.
Choice of Venue. If there h. a lawsuit, Grantor agrees upon Lender's request to ,l,Ibmlt to the jurisdiction of the Courts of Lincoln County,
State of Wyoming.
Joint and Several Liability. All obligations of Borrower and Grantor under thi$ Mortgage shall be joint and several, and all references to
Grantor shall mean each and every Grantor, and all references to Borrower shall mean eech and every Borrower. This means that lIach
Grantor signing below is responsible for all obligations iFl this Mortgõlge,
1\10 Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiVer is given in writing
and $ìgned 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 lender of a provision of this Mortgage shall not prejudioe or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Mortgage. No prior waiver by Lender. nor IFlY course of dealing
between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations a5 to IIny future
trllnsllctlons, Whenever the conSènt of Lendèr is required I,IFlder this Mortgage, the granting of SI,ICh consent by Lender in any Instance
shall not constitute continuing Consent to subsequent ¡nstaFlces where such con5ent Is required and in all oases such consent may be
granted or withheld iFl the Sole discretion of Lender.
Severõlbility. If II Coul"t of competent jurisdiction finds any provision of this Mortgage to be illegal, Invalid, or unenforceable as to any
circumstance, that finding shall not make the offending provision iIIegel, invalid, or unenforceable as to any other círcUmStanèe. If feasible,
the offending provision shan be considered modified so that it becomes lagal, valid IInd Inforceabla. If the offending provision cannot be so
mOdified, it shall be considered deleted from this Mortgage. Unless otherwise reql,llred by law, the illegality, invalidity, or I,Inenforceability
of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision of thil. Mortgage.
Merger. There shall be no merger of the interest or IIstate created by this Morrgilge with IIny other inter85t or estate in the Property at any
timø held by or for the benefit of Lènder In any o;lpacity. without the written consent of Lender.
Successor. and AliBig"s. Subjeot to any limitations 5tated in this Mortgage on tr<lnsfer of Grantor's interest, this Mortgage shall be binding
upon and inure to the beflefit of the parties, their SUCCeSSors and assigns. If ownership of tha Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may deal with Grantor'8 Sl,Iccessors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without rtilleaslng Grantor from the obligations of this Mortgage or liability under the Indebtedness.
time is of the Essenoe. Time is of the eSSènCe in the performance of this Mortgage.
Waive Jury. All parties to this Mortgage hereby wilive the right to any lury trial In any action, ørooeeding, or oounterclaim brought by any
party against any other party.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights õlll'1d benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness seoured by this Mortgage.
OEFINITIONS. The following cllpitalized words and terms shall have the following meanings when used In this Mortgage. Unless epec:ificlllly
stated to the contrary, all references to dollar amounts shalf mean amounts in lawful money of the United State. of America. Words and terms
used in the singular shall include the plural, and the plurel shall include the singular, as the ConteKt may require. Words and terms not otherwise
defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code:
Borrower. The word "Borrower" means Steve Sharp TranSportion, Inc. and includes all co-signers and co-makers signing the Note and an
their successors and aS5igns.
Default. The wor(l "Default" means the Default set forth in this Mortgage in the section titled "Default".
Environmental Laws. The words "Environmental Laws' meEln any and ell stete, federal and looal statutes. regulations and ordinances
relating to the prOtection of human health or the envlrOf1ment, incll,lding without limitation the ComprehensIve Environmental Response,
Compensation, and Liability Act of 1980, ss amended, 42 U.S.C. Section 9601, et seq. ("CERCLA "), the Superfund Amendments end
Reauthorization Aot of 1986, Pub. L. No. 99-499 ¡"SARA" , the Ha2ardous Material5 'Transportation Act, 49 U.S.C. Section 1801, et stq.,
the Resource Conservation and Recovery Act, 42 U.S.C. SectioFl 6901. et seq" or other applicable state or federal laws. rules, or
regulations adopted put&UilFlt thereto.
Event of Default. The words "EVel11" of Default" mean aFlY of the events of default set forth In this Mortgage in the eVents of defal,llt
5ectlon of this Mortgage.
Grantor. The word "Grantor" means Steve Sharp.
Gl,laranty. The word "Guaranty' mean5 the guaranty from guarantor, endorser, suretY, or accommodation party to lender, InCluding
without limitation a guaranty of all or part of the Note.
Hazardous Substance.. The words "Hazardol,ls Substances" maan mElterials that, becausa of their quantity, concentration or physical,
Chemical Or Infectious characteristics, may cause or pose present or PQteFltlal hazard to human health or the environment when
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Page 7
improperly uaEld, treated, stored, disposed of, gElnerated, mõlnl.lfactured, transported or otherwise handled. The words "Hazardous
Substanoe,," <Ire used In their very broadest sense and Include without limitation any and all hazardous or to)(io substances, milteri"ls or
waste liS dElfined by or listed under the Environmental L..ws. The term "Hazardous Substances" also includEls, without limitation, petrolllll.lm
and petrolel.lm by-products or any fraction thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affi)(ed on the
Aeal Property, facilities, additions, repl..cements and other construction on the Ae,r Property.
Indebtedneu. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable uoder the Note or
Related Documents, together with 1111 reT1ewals of, extensions of, modifications of, consolidations of and substitutions for the Nott or
Rlllated Documents end any amounts expended or advanced by Lender to discharge Grantor's obligations or eXpElnse, Incurred by Lender to
enforoe Grantor's obligations under this Mortgllge, together with intElrElst on such õlmounts as provided In this Mortgage,
Lender. ihe word "Lender" means BANK OF THE WEST, its suecElssors and <lssigns.
Mortgage. The word "Mortgage" means this Mortgage between Gr.mtor and Lender.
Note. The word "Nots" mnns the promissory note d..ted December 11. 2006. in the original principal amount of $108.930.00
from Sorrower to Lender, together with 1111 renewals of, extensions of, modifications cf, refinanCings of, consolidations of, and substitutions
for the promissory nots or agreement. The maturity date of this Mortgage is April 10, 2007. NOTICE TO GRANTOR~ THE NOTE
CONTAIN'S A VARIABLE INiEREST RATE.
Personal Property. The words "Per!;ona( Property" maan all eQuipment, fixtures, and other articles of personal property now or hereafter
owned by Grantor, and now or hareafter et1ached or affi)(ed to the Real Property; togethar with all accessions, parts, and edditions to, all
replaosmeT1ts of, and all sub$titutlons for, any of such property; and togethElr with illI proceeds (including without limitation all Insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property.
PropElrty. The word "Property" means collectively tha Real Property and the Personel Property.
Real Property. The words "Raal Property" mean the real property, interests IInd rights, as fl.lrther described In this Mortgaga.
Related Documents. The words "Releted Documents" mean 811 promissory notes, credit agreements, loan agreements, environmental
agreements, guerenties. security agreements, mort9i1ges, deeds of truSt, secl,lrlty deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed In conT1ection with the IndebtednellS.
REInts. 'rhe word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from
t"e Property,
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVI$IONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS Tl:RMS.
::8i~~~
Steve S arp
INDIVIDUAL ACKNOWLEDGMENT
'TATEOP~~_
COUNTY OF~~~}.~,..~_
ALTA MARIE WATHEN
Wyoming
Notary Public, County of Lincoln
My Commission Expires
October 12, 2008
On this day before me, the undersigned Notary Public, personally appeared Steve S 1arp, to me known to be the Individual dQscnbeâ in and who
executed thtil Mortgage, and acknowledged that hEl or st1e signed the Mortgage as his or her free and voluntary act and deed, for the uses and
purposes therein mentioned. ~ ~ I
G~[~" m, hood ,"d :'""'" ...It""._ "3 is _ do, of . ·...mb ~ ' 2.~. .'
by ~-\o... \'\.~~ ~Á "o.-\\~" . Residing at db~ lO-~l&d.C1lU ~~
Notary Public in and for the 91<1te of WObYY\.J...1\-LÖ My commission expire,' ~ j I:;;.;J 0 () ~
¡
155
-
LASCA MO 4'loIIj¡r¡,. v.. !t.Ü.ao,CQ.t c.,.... MIo~" F'Jltnoilll'HlNnI, 1M. III', 1OOtI. .... .iOt'u 11....011. . WY C:\C :1U!.1GD:I.N1: n-.?O&1 M-CO~&L.
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DEC, 13. 2006 4: 02PM
BANK OF THE WEST
NO. 965 p, 2
..-...-- ....-.
--..-..-
0926111
000,:J,El4
Exhibit "A"
,
Part of Lot 1 of Block 1 of the Stoner-Kinney First Atfdition to the TOWh of
Cokeville, Lincoln Cour:rty, Wyoming boing more þattleularly described as fono\VV:
Commencing at ail point 48 feet East of the SouthWQst corner of said lot 1 thence
North 121- feet:
thence East 34.5 feet;
, thenee SQuth 121 feet;
thence West 34,S feet to the ptlínt of beginning.
ALSO
Part of Lot 1 of the Stoner-Kinney First Addition to 'the Town of CokeviJIe, Lincoln
County, Wyo~lng being more particularly described as fOllows:
. .
Commencing at the Southeast comer of said Lot 1: thence running due West
from above said comer, 65 feetj
thence North 170 feet;
thence Ëast as feet;
thence South 170 feet to corner stake and place of .b~glnnrng, .
LESS AND EXCEPT any land contained in Warranty Deed recorded September
9, 1909 in 800k42 of De~ds on Pagè 243 of the records of the Linooln County
Clerk.
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