HomeMy WebLinkAbout926257
00078~
RECORD TION REQUESTED BY:
1st Ba k
A fton
314 S uth Washington St.
P.O. B x 1620
Afton. Y 83110
WHEN R CORDED MAil TO:
1st Ba k
Afton
314 S uth Washington St.
P.O. B x 1620
Afton. Y 83110
RECEIVED 1/22/2007 at 4:20 PM
RECEIVING # 926257
BOOK: 646 PAGE: 781
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SEND TA NOTICES TO:
1st Ba k
Afton
314 S uth Washington St.
P.O. B x 1620
Afton Y 83110
/ In"?'
11 L¡ ./2 ~.-'
:.Jj¡
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MO TGAGE dated January 12, 2007, is made and executed between Mike Cullimore and Carolyn Cullimore,
Husband nd Wife (referred to below as "Grantor") and 1st Bank, whose address is 314 South Washington St.,
P.O. Box 620, Afton, WY 83110 (referred to below as "lender").
GRANT OF ORTGAGE. For valuable consideration. Grantor mortgages and conveys to lender all of Grantor's right, title. and interest in and to
the followin 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 ri hts); and all other rights. royalties, and profits relating to the real property, including without limitation all minerals, oil, gas.
geothermal nd similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming:
HIBIT A
roperty or its address is commonly known as ETNA, WY 83118.
SEE
The Real
Grantor pre ently assigns to lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents
from the Pr perty. In addition. Grantor grants to lender a Uniform Commercial Code security interest in the Personal Property and Rents.
t>1
THIS MORT AGE. INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY. IS
GIVEN TO ECURE (AI PAYMENT OF THE INDEBTEDNESS AND (BI PERFORMANCE OF ANY AND All OBLIGATIONS UNDER THE NOTE.
THE RElAT D DOCUMENTS. AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS:
GRANTOR' WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other law
. which may revent lender from bringing any action against Grantor, including a claim for deficiency to the extent lender is otherwise entitled to
;.;ë a claim for eficiency. before or after lender's commencement or completion of any foreclosure action, either judicially or by exercise of a
power of sa e.
GRANTOR' REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at Borrower's request and not at
the request f Lender; (b) Grantor has the full power, right, and authority to enter into this Mortgage and to hypothecate the Property; (c) the
provisions 0 this Mortgage do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not
result in a v olation of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining
from Borro er on a continuing basis information about Borrower's financial condition; and (e) lender has made no representation to Grantor
about Borro er (including without limitation the creditworthiness of Borrowerl.
PAYMENT ND PERFORMANCE. Except as otherwise provided in this Mortgage, Borrower shall pay to lender all Indebtedness secured by this
Mortgage a it becomes due, and Borrower and Grantor shall strictly perform all Borrower's and Grantor's obligations under this Mortgage.
POSSESSIO AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possession and use of the
Property sh II be governed by the following provisions:
Posses ion and Use. Until the occurrence of an Event of Default. Grantor may (1) remain in possession and control of the Property; (2)
use. op rate or manage the Property; and (31 collect the Rents from the Property.
Duty t Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements. and
mainte ance necessary to preserve its value.
Compli nee With Environmental laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of
the Pro erty. there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substa ce by any person on. under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has
been. e cept as previously disclosed to and acknowledged by lender in writing, (a) any breach or violation of any Environmental Laws.
(b) an use, generation, manufacture. storage, treatment, disposal. release or threatened release of any Hazardous Substance on, under,
about r from the Property by any prior owners or occupants of the Property, or Ic) any actual or threatened litigation or claims of any
kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by lender in writing, (a) neither
Granto nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture. store. treat, dispose of
or rele e any Hazardous Substance on. under. about or from the Property; and (b) any such activity shall be conducted in compliance
with all applicable federal. state, and local laws. regulations and ordinances, including without limitation all Environmental Laws. Grantor
authori es Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem
approp ate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by lender shall be
for len er's purposes only and shall not be construed to create any responsibility or liability on the part of lender to Grantor or to any other
person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazard us Substances. Grantor hereby (1) releases and waives any future claims against lender for indemnity or contribution in the
event rantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless
Lender gainst any and all claims, losses, liabilities, damages. penalties, and expenses which Lender may directly or indirectly sustain or
suffer r suiting from a breach of this section of the 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 or not the same was or should
have b n known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify and defend, shall survive
the pay ent of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by lender's
acquisi on of any interest in the Property, whether by foreclosure or otherwise.
Nuisan e. Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to
the Pro erty or any portion of the Property. Without limiting the generality of the foregoing. Grantor will not remove. or grant to any other
party t e right to remove. any timber, minerals (including oil and gas). coal, clay, scoria, soil, gravel or rock products without Lender's prior
written consent.
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Remov I of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without lender's prior written
consen. As a condition to the removal of any Improvements, lender may require Grantor to make arrangements satisfactory to lender to
replace such Improvements with Improvements of at least equal value.
lender' Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Lend r's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compli nce with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations. now or hereafter
Loan No: 61010987
'25'7
MORTGAGE
(Continued)
000782
Page 2
in effe t, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans
With isabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any
procee ing, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's
sole 0 inion, Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a s rety bond,
reason bly satisfactory to Lender, to protect Lender's interest.
Duty t Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in additi
acts s t forth above in this section, which from the character and use of the Property are reasonably necessary to protect and
Proper y.
TAXES AN LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payme t. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessm nts, water
charge and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work do e on or for
servic rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to
the int rest of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the I n of taxes
and as essments not due as further specified in the Right to Contest paragraph.
Right Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispu e over the
obligat n to pay, 50 long as Lender's interest in the Property is not jeopardized. If a lien arises or is tiled as a result of n npayment,
Granto shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice the tiling,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or ot er security
satisfa tory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other c arges that
could ccrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any
advers judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any rety bond
furn~h d in the contest proceedings.
Eviden e of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessmen s and shall
authori e the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessm ts against
the Pr erty.
f Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are f rnished, or
terials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on acc unt of the
ervices, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender t at Grantor
will pay the cost of such improvements,
PROPERTY AMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Mainte ance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endor ements on
a repla ement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure an maintain
compr hensive general liability insurance in such coverage amounts as Lender may request with Lender being named as additio al insureds
in sue liability insurance policies. Additionally, Grantor shall maintain such other insurance, including but not limited to hazar , business
interru tion and boiler insurance as Lender may require. Policies shall be written by such insurance companies and in such form as may be
reason bly acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stip lation that
covera e will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to Lender and not con aining any
disclai er of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement pr iding that
covera e in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Sho Id the Real
Proper be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood h zard area,
Granto agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid principal balance of the loan an any prior
liens 0 the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or a otherwise
require by Lender, and to maintain such insurance for the term of the loan.
Applic ion of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost f repair or
replace ent exceeds $1,000.00. Lender may make proof of loss if Grantor fails to do 50 within fifteen (15) days of the casualt . Whether
or not ender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance an apply the
procee s to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the operty. If
Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improv ents in a
manne satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the p ceeds for
the rea onable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not bee disbursed
within 80 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used irst to pay
any a unt owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to t e principal
balanc of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor
as Gra tor's interests may appear.
LENDER'S PENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Property 0 if Grantor
fails to com Iy with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to disch rge or pay
when due a y amounts Grantor is required to discharge or pay under this Mortgage or any Related Documents, Lender on Grantor's ehalf may
(but shall n t be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all t xes, liens,
security int ests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, main aining and
preserving t e Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charge under the
Note from t e date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the In ebtedness
and, at Len er's option, will (A) be payable on demand; (8) be added to the balance of the Note and be apportioned among and e payable
with any in tallment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining rm of the
Note; or (C be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure ayment of
these amou ts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default.
WARRANT ; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. rantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear f all liens
and en umbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final t Ie opinion
issued n favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and a thority to
execut and deliver this Mortgage to Lender.
Defens of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Prope ty against
the law ul claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interes of Lender
under t is Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proc ding, but
Lender hall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own c oice, and
Granto will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to p rmit such
particip tion.
Compli nee With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing appli
ordinan es, and regulations of governmental authorities.
Surviva of Representations and Warranties. All representations, warranties, and agreements made by Grantor in this Mort age shall
survive the execution and delivery of this Mortgage, shall be continuing in nature, and shall remain in full force and effect until su h time as
Borrow r's Indebtedness shall be paid in full.
ION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
ings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall pro ptly take
ps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proc ding, but
Lender hall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, a d Grantor
will del ver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time 0 time to
permit uch participation.
Appliea ion of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any pro eeding or
Loan No: 61010987092625'7
MORTGAGE
(Continued)
Page 3
purch se 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 In ebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment òf all
reaso ble costs, expenses, and attorneys' fees incurred by lender in connection with the condemnation.
IMPOSITIO OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
fees and c arges are a part of this Mortgage:
Curre Taxes, Fees and Charges. Upon request by lender, Grantor shall execute such documents in addition to this Mortgage and take
whate er other action is requested by lender to perfect and continue lender's lien on the Real Property. Grantor shall reimburse lender for
all tax s, as described below, together with all expenses incurred in ecording, perfecting or continuing this Mortgage, including without
limitat' n all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes The following shall constitute taxes to which this section appli s: (1) a specific tax upon this type of Mortgage or upon all or any
part 0 the Indebtedness secured by this Mortgage; (2) a specific t x on Borrower which Borrower is authorized or required to deduct
from yments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the lender or
the ho der of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
Borro er.
Subse uent Taxes. If any tax to which this section applies is enacte subsequent to the date of this Mortgage, this event shall have the
same ffect as an Event of Default, and lender may exercise any or a of its available remedies for an Event of Default as provided below
unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens
sectio and deposits with lender cash or a sufficient corporate surety ond or other security satisfactory to lender.
SECURITY GREEMENT; FINANCING STATEMENTS. The following provis ons relating to this Mortgage as a security agreement are a part of
this Mortga e:
Securi y Agreement. This instrument shall constitute a Security Agr~ement to the extent any of the Property constitutes fixtures, and
lende shall have all of the rights of a secured party under the Uniform ¡Commercial Code as amended from time to time.
Securi y Interest. Upon request by lender, Grantor shall take whatever action is requested by lender to perfect and continue lender's
securi interest in the Rents and Personal Property, In addition to recejrding this Mortgage in the real property records, lender may, at any
time a d without further authorization from Grantor. file executed coliJnterparts, copies or reproductions of this Mortgage as a financing
state nt. Grantor shall reimburse lender for all expenses incurred in þerfecting or continuing this security interest. Upon default, Grantor
shall n t remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not
affixe to the Property in a manner and at a place reasonably convenie~t to Grantor and lender and make it available to lender within three
(3) da s after receipt of written demand from lender to the extent permitted by applicable law.
Addre ses. The mailing addresses of Grantor (debtor) and lender (seLred party) from which information concerning the security interest
grante by this Mortgage may be obtained (each as required by the IUniform Commercial Code) are as stated on the first page of this
Mortg ge. I
!
FURTHER SSURANCES; ATTORNEY-IN-FACT. The following provisions n!elating to further assurances and attorney-in-fact are a part of this
Mortgage:
i
Furthe Assurances. At any time, and from time to time, upon request of lender, Grantor will make, execute and deliver, or will cause to
be ma e, executed or delivered, to lender or to lender's designee, an~ when requested by lender, cause to be filed, recorded, refiled, or
rereco ded, as the case may be, at such times and in such offices and wlaces as lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statem ents, continuation statements, instruments of further assurance,
certific tes, and other documents as may, in the sole opinion of lender, be necessary or desirable in order to effectuate, complete, perfect,
contin e, or preserve (1) Borrower's and Grantor's obligations underlthe Note, this Mortgage, and the Related Documents, and (2) the
liens a d security interests created by this Mortgage as first and prior Iliens on the Property, whether now owned or hereafter acquired by
Granto. Unless prohibited by law or lender agrees to the contrary iri writing, Grantor shall reimburse lender for all costs and expenses
incurr in connection with the matters referred to in this paragraph. !
I
Attorn y-in-Fact. If Grantor fails to do any of the things referred to in: the preceding paragraph, lender may do so for and in the name of
Granto and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints lender as Grantor's attorney-in-fact for the
purpos of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in lender's sole
opinio ,to accomplish the matters referred to in the preceding paragraph.
FUll PERF RMANCE. If Borrower and Grantor pay all the Indebtedness, indlUding without limitation all future advances, when due, and Grantor
otherwise erforms all the obligations imposed upon Grantor under this Mortgage, lender shall execute and deliver to Grantor a suitable
satisfaction of this Mortgage and suitable statements of termination of any financing statement on file evidencing lender's security interest in
the Rents a d the Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by lender
from time t time. :
I
EVENTS 0 DEFAULT. Each of the following, at lender's option, shall cons1itute an Event of Default under this Mortgage:
i
Payme t Default. Borrower fails to make any payment when due underi the Indebtedness.
I
on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or
er payment necessary to prevent filing of or to effect discharge ~f any lien.
efaults. Borrower or Grantor fails to comply with or to perfor~ any other term, obligation, covenant or condition contained in this
e or in any of the Related Documents or to comply with or to qerform any term, obligation, covenant or condition contained in any
reement between lender and Borrower or Grantor. I
in Favor of Third Parties. Should Borrower or any Grantor defaJlt under any loan, extension of credit, security agreement, purchase
or sale agreement, or any other agreement, in favor of any other cre~itor or person that may materially affect any of Borrower's or any
Granto 's property or Borrower's ability to repay the Indebtedness or Bbrrower's or Grantor's ability to perform their respective obligations
under is Mortgage or any related document. :
False tatements. Any warranty, representation or statement made or furnished to lender by Borrower or Grantor or on Borrower's or
Granto 's behalf under this Mortgage or the Related Documents is false or misleading in any material respect, either now or at the time
made r furnished or becomes false or misleading at any time thereafter.
,
Defect e Collateralization. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any
collate al document to create a valid and perfected security interest or lien) at any time and for any reason.
I
Death r Insolvency. The death of Borrower or Grantor, the insolvency of Borrower or Grantor, the appointment of a receiver for any part
of Borr wer's or Grantor's property, any assignment for the benefit o~ creditors, any type of creditor workout, or the commencement of
any pr ceeding under any bankruptcy or insolvency laws by or against Borrower or Grantor.
Credit or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
reposs ssion or any other method, by any creditor of Borrower or Grantor or by any governmental agency against any property securing the
Indebt ness. This includes a garnishment of any of Borrower's or Grantor's accounts, including deposit accounts, with lender. However,
this Ev nt of Default shall not apply if there is a good faith dispute by ~orrower or Grantor as to the validity or reasonableness of the claim
which the basis of the creditor or forfeiture proceeding and if Borrow/'r or Grantor gives lender written notice of the creditor or forfeiture
procee ing and deposits with lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by lender,
in its s Ie discretion, 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 agreement between Borrower or Grantor and
lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any
indebt ness or other obligation of Borrower or Grantor to lender, whether existing now or later.
Other
Mortg
other
Events Affecting Guarantor. Any of the preceding events 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 incompetent, or revokes or
disput the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, lender, at its option, may, but shall
not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner
satisfa tory to lender, and, in doing so, cure any Event of Default.
Loan No: 61010987
MOK I üAGE
(Continued)
000784
Page 4
Adver e Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or
perfor ance of the Indebtedness is impaired.
Insecu ity. Lender in good faith believes itself insecure.
RIGHTS A D REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may
exercise an one or more of the following rights and remedies, in addition to any other rights or remedies provided by law:
Accel ate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness mmediately
due a payable, including any prepayment penalty which Grantor would be required to pay.
UCC medies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a s cured party
under he Uniform Commercial Code.
Collec Rents. Lender shall have the right, without notice to Borrower or Grantor, to take possession of the Property, includin during the
pende cy of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and a ply the net
proce s, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any ten nt or other
user 0 the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Granto irrevocably
design tes Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and 0 negotiate
the sa e and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the
obligat ons for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exerci e its rights
under his subparagraph either in person, by agent, or through a receiver.
Appoi t Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Proper y, with the
power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Ren s from the
Proper y and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may s ve without
bond i permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of t e Property
excee s the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a recei r.
Judici Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonju cial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specificall
of sale' or "advertisement and sale" foreclosure as provided by statute.
Deficie cy Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indeb
to Len er after application of all amounts received from the exercise of the rights provided in this section.
Tenan y at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lende otherwise
becom s entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Le der or the
purcha er of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the
Proper y immediately upon the demand of Lender.
Other emedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in e uity.
Sale 0 the Property. To the extent permitted by applicable law, Borrower and Grantor hereby waive any and all right to have t e Property
marsh lied. In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separa ely, in one
sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after hich any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall ean notice
given t least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conju ction with
any sa of the Real Property.
Electio of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an electi n to make
expen tures or to take action to perform an obligation of Grantor under this Mortgage, after Grantor's failure to perform, shal not affect
Lender s right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so a to limit or
restric the rights and remedies available to Lender following an Event of Default, or in any way to limit or restrict the rights a d ability of
Lender to proceed directly against Grantor and/or Borrower and/or against any other co-maker, guarantor, surety or endorse and/or to
procee against any other collateral directly or indirectly securing the Indebtedness.
Attorn ys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall b entitled to
recove such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any co rt action is
involve, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary t any time
for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand an shall bear
interes at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, withou limitation,
howev r subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or ot there is
a laws it, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or acate any
autom tic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, ob aining title
reports (including foreclosure reports). surveyors' reports, and appraisal fees and title insurance, to the extent permitted by app cable law.
Granto also will pay any court costs, in addition to all other sums provided by law.
NOTICES. ny notice required to be given under this Mortgage, including without limitation any notice of default and any notice of s Ie shall be
given in wri ing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by awl, when
deposited ith a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, ertified or
registered ail postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of forecl sure from
the holder f any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage.
Any party ay change its address for notices under this Mortgage by giving formal written notice to the other parties, specifyi g that the
purpose of he notice is to change the party's address. For notice purposes, Grantor agrees to keep Lender informed at all times 0 Grantor's
current add ss. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to an Grantor is
deemed to e notice given to all Grantors.
OUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amend ents. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of th parties as
to the atters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in riting and
signed y the party or parties sought 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
certifie statement of net operating income received from the Property during Grantor's previous fiscal year in such form an detail as
Lender hall require. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in onnection
with th operation of the Property.
Captio Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisi ns of this Mortgage.
Govern g Law. This Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by feder I law. the
laws 0 the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in teState of
Wyomi g.
Choice f Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Line n County,
State 0 Wyoming.
Joint a d Several Liability. All obligations of Borrower and Grantor under this Mortgage shall be joint and several, and all ref rences to
Granto shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each
Granto signing below is responsible for all obligations in this Mortgage.
No Wai er by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in writing
and sig ed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such ri ht or any
other ri ht. A waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right ot erwise to
deman strict compliance with that provision or any other provision of this Mortgage. No prior waiver by Lender, nor any course of dealing
loan No 61010987
O~26257
MORTGAGE
(Continued)
Page 5
betwe n Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transa tions. Whenever the consent of Lender is required under this Mortgage, the granting of such consent by Lender in any instance
shall ot constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
grante or withheld in the sole discretion of Lender.
Sever bility. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any person
or cir umstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person or
circu stance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the
offen ng provision cannot be so modified, it shall be considered deleted from this Mortgage. Unless otherwise required by law, the
iIIegali y, invalidity, or unenforceability of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other
provis n of this Mortgage.
Merge. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any
time h Id by or for the benefit of Lender in any capacity, without the written consent of Lender.
Succe sors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding
upon nd inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other
than rantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness
by wa of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time i of the Essence. Time is of the essence in the performance of this Mortgage.
Waive of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State
of Wy ming as to all Indebtedness secured by this Mortgage.
DEFINITIO S. The following capitalized words and terms shall have the following meanings when used in this Mortgage. Unless specifically
stated to t e contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in t is Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code:
Barra er. The word "Borrower" means MIKE CULLIMORE and includes all co-signers and co-makers signing the Note and all their
succe sors and assigns.
Defaul. The word "Default" means the Default set forth in this Mortgage in the section titled "Default".
Enviro mental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
relatin to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Comp nsation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"I, the Superfund Amendments and
Reaut orization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the R source Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or
regula ons adopted pursuant thereto.
Event f Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default
sectio of this Mortgage.
Granto . The word "Grantor" means MIKE CULLIMORE and CAROLYN CULLIMORE.
Guara ty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
witho limitation a guaranty of all or part of the Note.
Hazar us Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemi al or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
impro rly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous
Subst ces" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or
waste s defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum
and pe roleum by-products or any fraction thereof and asbestos.
Improv ments. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the
Real P perty, facilities, additions, replacements and other construction on the Real Property.
dness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or
Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
The word "Lender" means 1 st Bank, its successors and assigns.
e. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. he word "Note" means the promissory note dated January 12, 2007, in the original principal amount of $33,452.63
from B rrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions
for the promissory note or agreement. The maturity date of this Mortgage is November 5, 2018.
Person I Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all
replace ents of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance
procee s and refunds of premiums) from any sale or other disposition of the Property.
. The word "Property" means collectively the Real Property and the Personal Property.
perty. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage.
Relate Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agree nts, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agree nts 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
the Pro erty.
EACH GRA TOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE. AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
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Loan No 61010987
0926257
MOH ¡GAGE
(Continued)
000786
Page 6
INDIVIDUAL ACKNOWLEDGMENT
STATE OF ~C>._....'-....
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On this da before me, the undersigned Notary Public, personally appeared MIKE CULLIMORE and CAROLYN CULLIMORE, to me
the individ als described in and who executed the Mortgage, and acknowledged that they signed the Mortgage as their free and
and deed, or the uses and purposes therein mentioned.
Given und r my hand and official seal this I z.?::!:!.-
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R. NICK BAIRD - NOTARY PU LlC
County of tate of
Lincoln yoming
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umJ;i'er: 03017186
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A k,ort:.:i.on ot the SE1/4S1l1/4 of Section 26, T36N, Rl19W, ot the 6th P.M.,
Lì~rol~ County, Wyoming being more particularly described as follows:
BEGFNNXNG at a sp.:i.ke round ~arking the Southwest corner of sa:i.d SE1./4SEl/4;
theree Noo42'43"E, a10lJg t:b.e WeBt line oÉ sa:i.d SE1/4SB1/4, 675.02 feet: to a
Pla:rt:tC Cap on Rebar marking the Southwest corner or Nord:i.c .Ranches DJ.vis:J.on
No. 3 Subdivision, more particularly being Lot 26; t:b.ence S89G34'46uB, along t:b.e
Sourn l:i.ne of said Lot 2&, 226.1.0 teet to a P1ast.:i.c Cap on R.ebar found marking
the/.Southwest cor~er of Lot 27) thence S89°29'46"E, along the south li.ne of
Bai pLot 21, 1S&. 19 feet to as Iron Pi.pe set: marking the Northwest: corn.er or
the I Selleck property; thelJce South along said Selleck property, 678.13 teet to
a C':ltton Gi.n Spike set at: a point in the sout:h line of said SE1/4SIl1/4; thence
I
NSBr47'56øW, along said south line, 391.32 feet: to tne Poi.nt: o£ Beginning.
Ji'xC'rPting thererrom a port:i.on of the SEl/4SE1/4 of Sect:i.on 26, T36N, R119P11 ot
the 6th P.M., Lincoln County, Wyoming, beJ.ng JJ ore particularly descr:ibed as
rol·lows: Begi.:nn:J.ng at a spi.ke found marki..ng the Sout:h'Weat corner of said
SE1'r4S113./4 and rfJZ1n.:i.ng thence Nortb along t:.h.e Weat: line of the sa:l.d SE1/4SP::L/4,
242.00 feet; tbence S89G30'48-2, :L80.00 feet; thence south 242 feer: to ~e
Sou ~ line of Secti.on 26; tbence NB9G30'48"W, 180.00 feet: along last said Sout:.h.
lintl or Seotion 26 to the point oz beginning.
SCHEDULE A
501
LEGAL DESCRIPTION
000787