HomeMy WebLinkAbout874767 RECORDATION REQUESTED BY:
The Jackson State Bank
P.O. Box 1788 Li~"l(~{;~..i',i O8~NTY CLERK
112 Center Strut
Jackson, WY 83001
The Jackson State Bank
112 Center Street
Jackson, WY 83001
SEND TAX NOTICES TO:
P.O. Box ~788
112 Center Street
Jack, on WY :3001 . SPACE AB- VE THiS LINE IS FOR RECORDER'S USE ONL~
CONSTRUC+ION MORTGAGE
MAXIMUM LIEN. The lien of this Me.gage shall not exceed at any one time $87,500.00.
THIS MORTGAGE dated July 17, 2001, is made and executed between Dabble Cooper, a single woman, whose
address Is PO Box 1722, Jackson, WY 83001 (referred to below as "Grantor") and The Jackson State Bank,
whose address Is P.O. Box 1788, 112 Center Street, Jackson, WY 83001 (referred to below as "Lender"),
GRANT OF MORTGAGE. For valuable consideration, Grantor me,gages and conveys to Lender a of Grantor's right, title, and interest In and to
the foflowing described real propo~, together with all existing or Subsequently erected or afflx~ buileings, improvements and fixtures; all easements,
rights of way, eno appu~enancos; all water, water rights, watercourses and ditch rights (including stock tn utilities with ditch or irrigation rights); and all
other rights, royalties and profits relating to the real prope~, including without limitation all minerals, oil, gas, geothermal and similar makers, (the
"Real Property')located In Lincoln County, State of Wyoming:
LOT 26, REES SUBDIVISION, AS SHOWN BY THE OFFICIAL P
1.9ssOFFF C OF R CORDER OF UN LA7 THEREOF RECOROED S PTE SR 1
,ORTH HALF OF THE SOUTHEAST QUARTER AND PART O,
118 WEST OF THE SIXTH PRINCIPAL MERIDIANt /~ wr o:~/l~m z0, T~WNSHIP 37 NORTH, RANGE
The 'Real PropedY or Its address Is commonly known as 146 Spruce Drive, Alpine, WY 83128. The Real
Property tax Identification number Is 37182040301300.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of the Prope~ and ail Rents from t~e
Propb~. In addition, Grantor grants to Lender a Uniform Commercial Code securl~ interest in the Personal Prope~ and Rents.
THIS MORTGAGE, INCLUDING THE'ASSIGNMENT OF RENTS AND THE SECURI~ INTEREST IN THE RENTS AND PERSONAL pROpER
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
pAyMENT AND PERFORMANCE. Except as othe~ise provided In this Me,gage, Grantor shah pay to Lender all amounts secured by this Modgago
as they become due and shall strictly pedorm all of Grantor's obligations under ~[s Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Prope~ shall be governed by the
following provisions:
'' Possession and Use. Until the occurrence ofa'n Event of Default,' Grantor may (1) remain ~n possession and control of the Prope~; (2) Use,
operate or manage the Prope~; and (3) collect the Rents from the Prope~.
: Duty to Maintain, Grantor shall maintain the Prope~ In good condlt~n and prompt[y peflorm all repairs, replacements, and maintenance
necessa~ to prese~e its value.
.... C~mPllance With EnvirOnmental Laws. Grantor represents and warrants to Lender that: (1) DurZg the per[od
: .... Prope~¥ there has 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 Prope~; (2) Grantor has no knowledse of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in wdting, (a) 'any breach or vie{alien of any Env[ronmenta~ Laws (b) any use,
generation, manufacture, storage, treatment, disposal, release or threaten~ release of any Hazardous Substance on, under, about or from the
Prope~y by any prior owners or occupants of the Prope~, or (c) 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 Grantor nor any t0nant,
contractor, agent or other authorized user of the Properly shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
Sbbstande on, under, a~ut or from the Propo~; and (b) any such activity Shall be conduct~ in compliance with a~i applicable federal, state,
and local laws, regulations and ordinances, including without limitafio~ alt Environmental Laws. Grantor authorizes Lender and its agents to enter
upon the Properly to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of tho
· Properly with this section of the Me,gage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
construed to create any responsibility or liability on tho pad of Lender to Grantor or to any other person. The representations and warranties
contained herein are based on Grantor's due diligence in investigating th~Prope~ for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for Indemni~ or contribution in the event Grantor b~omes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnl~ and hold harmless Lender against any and all claims, losses, ~]abilities, damages, penalties, and expenses
'which Lender may directly or indirectly sustain or suffer resulting from a breach of this s~t~on of tho Modgage or as a consequence of any use,
geooratlon, manufacture, storage, disposal, release or threatened release occurring prior to Grunter's ownership or interest in the Prope~,
whether or not the same was or should have been known to Grantor. The provisio~s of this section of the Modgage, including tho obligation to
Indemn]~, shall su~ive the payment of the ~ndebtedness and the satisfaction and reconveyance of the lien of this Me,gage and shal~ not be
affected by Lender's acquisition of any interest in the Prop~, whether by foreclosure or othe~ise.
Nuisance, Waste. Grantbr shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
; Properly or any podion o~ the Propedy. Without ~imiting the genera~i~ of the foregoing, Grantor will not remove, or grant to any other pady the
right to remove, any timber, minera~s (Including oii and gas), coa~, c~ay, scoria, sol~, gravel or r~k products without Lender's prior wrl~en consent.
Removal of Improvements. Grantor sha[~ not demolish or remove any Improvements from the Real Properly without Lender's prior wrt~en
.consent, AS a cbnditlon to the removal et any Improvements, Lender may require Grantor to make arrangements satlsfacto~ to Lender to replace
sOch improvements with Improvements of at ~east ~ua~ value.
Lender's' Right to Enter. Lender and Lender's agents and representatives may e~ter upon the Real Properly at all reasonable times to a~end to
Lender's interests and to inspect the Real PropeAy for purposes of Grantor's compliance w~th the terms and conditions of this Me,gage.
Compliance with Governmental Requirements. Grantor ~hall promptly comply with ~11 laws, ordlnano~, and regulations, ~w or heroa~0r In
effect, of a¢l governmental authorities applicable to the use or occupancy of the Prope~y. Grantor may contest in good faith any such law,
'ordinance, or regulation and withhold compliance during any proceeding, ~nc~udlng appropriate appeals, so tong as Grantor has notified Lender
writing prior to doing so and so long as, in Lender's sole opinion, Lender's [~terests in the Properly are not j~par~ized. Lender may require
G~antor to post adequate security or a suro~ bond, reasonably satisfacto~ to Lender, to protect Lender's interest.
DutY to Protect. Grantor agree(neither to abandon nor leave una~ended the Prope~. Grantor shall do all other acts, In addition to those acts
set fo~h above in this section, which from tho character and use of the Prope~ are reasonably necessa~ to protec't and presage the Prope~.
Loan No: 33004524 ()~.~'~z~"~',~ MORTGAGE
-~ _. _ . _ (Continued) ~ (~ G Page 2
CONSTRUCTION LOAN, If some or a, of the proceed~ of the loan creating the indebtedness are to ce used to construct or complete construction of
any Improvements on the Property, the mprovements shall be completed no later than the maturity cate of the Note (or such earlier date es Lender
may reasonably establish) and Grantor shall pay in full all costs and exoenses In connection with the work. Lender will disburse loan oroceeds under
SUch terms and conditions as Lender may deem reasonably necessary to Insure that the interest created by thls Mortgage shall have prlodty over a[
possible liens, Including those of material suppliers and workmen Lender may require¢ among other things, that disbursement requests be supported
by receipted bills, expense affidavits, waivers of liens, construction progress reports, and such otb ar documentation as Lender may reasonably reouest,
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are earl of this Mortgage:
Payment. Grantor shall pay when due (and In all events prior to delinquency) all taxes, payroll taxes special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, an(; shah pay when cue all claims for work done on or for services
rendered or material furnished to the Property, Grantor shall maintain the Property free of any liens having Priority over or equal to the Interest of
Lender under this Mortgage~ excect for those liens speclflcally agreed to ~n writing by Lender. and exoeot for the lien of taxes and assessments not
due as further specified In the Right to Contest paragraph.
Right to Contest. Granto. may withhold payment of any tax, assessment, or claim in connection with a good faith o~spute over the obligation to
pay, so long as Lender's interest In the Property Is not jeopardized. If a lien arises or is flied as a result of nonpayment, Grantor shall withrn fifteen
requested(15} days afterby Lender,the llendepositarlses wlth°r ipLendera lien IScashfiled.orWithlna sufflclentfifteencor(15)oratedaySsuafter Grantor has notice of the .filing' secure the discharge of the lien, or if
to discharge the lien plus any costs and reasona~, ,. ,.w ........ r.p~( .....,r_ety bond or ?th.er seC,urity sabsfactory to Lender In an amount sufficient
~,,~ ,~.v,,,u¥o ~u~ or uther cnarges that ooulo accrue as a result of a foreclosure or sale under
the lien. In any contest. Grantor shall defend itself and Lender and' shall satisfy any adverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obliged under any surety bond furnished rn the contest proceedings.
Evidence of Payment. Grantor shall u~:~or demand furnish to Lencler satisfactory evidence of payment of the taxes or assessments and shall
Property.auth°rize the appropriate governmental official to deliver to Lende, at any time a written statement of the taxes and assessments against the
Notice of Construction, Grantor she I notify Lender at least fifteen (15) days before any work is commenced any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materiaimen's tien. or other ~en oouId be asserted on account of the work, services.
or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and wll~ pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a cart of this Mortgage:
Malr3tenance of Insurance, Grantor shall Drocure and ma,ntaln policies of fire insurance with standard extenoed coverage endorsements on a
replacement basis for the full insurable va;ua covering all Improvements on the Real Property in an amount sufficient to avoid application of any'
coinsurance clause, and with a standard mortgagee clause Jn favor of Lender. Policies shall be written by such insurance companies and in SUCh
form as may be reasonably acceotable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimum of ten (I0) days' prior written notice to Lender and not containing
any disc a men of the insurer's liability for failure to give such notice, Each insurance policy also shall include an endorsement providing that
coverage'In favor'of Lender will not be m2alrec in any way by any act, omission or default of Grantor or any other person. Should the Real
Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special ftood hazard area, Grantor
agrees to obtain and maintain Federal Floo~ Insurance. "available. within 45 oays after notice Is given by Lender that the Property is located In a
special flood hazard area, for the full unpaid principal balance of the loaf. and any Prior liens on the property securing the loan, uo to the
themaXlmUm[erm of P°llCYthe loan.limits set unde~ the National Flood Insurance Program or as otherwise required by Lender. and to maintain such insurance for
App cation of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property, Lender may make proof of loss If Grantor
falls to do so Wilh~r' fifteen (15) days of the casualty,. Whether or not Lender's security is ~mpalred. Lender may, at Lender's election, receive and
retain the proceeds of any Insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting t~e Property, or
the restoration and repab of the Property. If Lender elects to apply the proceeds to restoration and "epair, Grantor snail repair or replace the
damaged or destroyed Improvements In a manner satisfactory to Lender Lende shall, upon satisfactory proof of stroh expenditure, pay or
reimburse Grantor from the proceeds for the reasonable cost of repair or restoration r, Grantor is not In defaut under this Mortgage, Any proceeds
which have not been disbursed within 180 days after their rede'ut and which Lender has not committed to the repair or restoration of the Property
shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued merest and the remainder, if any, shall be
applied to the principal balance of the Indebtedness. rf Lender holds any oroceeds after payment ~n ful cf the Indebtedness. such proceeds shall
be paid to Grantor as Grantor's interests may appear. '
Unexpired Insurance at Sale. Any unexpired insurance shall Inure to the benefit of. and pass to me purchaser o~ the Property covered by this
Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such Property,
LENDER'S EXPENDITURES, If Grantor fails (A) to ke~p the Property free of all taxes liens, security interests encumbrances and other claims. (B)
to provide any required Insurance on the Prop,e. rty, or (C) to make repairs to the Property then, Lender may do so. If any action or proceeding is
commenced that would materially affect Lender s interests in the Property, then Lende- on Grantor s behalf may, but is not reautred to, take any action
that Lende, beIleves to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will then bear interest
at the.rate charged under the Note from the date Incurred ~)r paid by Lendei' to the date of repayment by Grantor. All such expenses will become a part
of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportloned among
and be. payable wth any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term
of the. Note; or (O) be treated as a balloon payment whic~ will be due and payable at the Note's maturrty. The Mortgage also will secure payment of
these amounts. The rights provided for in this Peragraon shall be ~n addition to any other rights or any remedies to which Lender may be entitled on.
account of any.default. Any such action by Lender shall not be construed as curing the default so as to Dar Lender from any remedy that rt otherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownersh p of the Properly are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record tO the Properly In fee simpie, free and clear of all liens and
encumbrances other than those set forth in the Real Property description or 'n any title Insurance policy, title report, or final title oolnlon issued ~n
favor of, and accepted by, Lender In connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver
this Mortgage to Lender.
Defense of Title, Subject to the exception in the paragraph above. Grantor warrants and w;l, forever defend the title to the Property against the
lawful claims of afl persons, n the event any action or proceeding Is commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend'the action at Grantor's expense. Grantor may De the nora ,'~1 cart./ in SUCh proceeding, but Lancer snati ce
entitled to participate [n the proceeding and to be represented r. the proceeding oy counsel of Lender's own choloe, and Grantor will de iver. or
cause to be delivered, to Lender such instruments as Lender may reauest from time to time Io permit such padic cation.
Compliance With Laws· Grantor warrants that the Property and Grantor's use of the Property complies with all existing app~rcable laws.
ordinances, and regulations of governments authorities
Survival of Promises. All promises, agreements and statements Grantor nas made in this Mortgage she survive the execution and delivery of
this Mortgage, shall De oontinu~ng In nature and shall remain in fuil force and affect unti such time as Grantor s r"debtedness is paid In full.
CONDEMNATION. The following provisions relat,-g to COndemner 3n proceedings are a cart of this Mortgage:
Proceedings. If any proceeding in condemner or is filed. Grantor snail prompt y not,fy Lender in wr!ting and Grantor shal promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may Be the nora nal ~arty in suc~' proceeding, Put Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its owl choice and Grantor will deliver or cause to
bo delivered to Lender such instruments and documental on as may De requested by Lender from time to t~,'~e to permit such participation.
App!lcat on of Net Proceeds. If ail or any ~art of the Prooerty s condemned cy eminent dor~a~n proceedings or oy any proceedlng or. purchase
Ir~ lieu of condemnation; Lender ~nay at its election redu~re Inet a or any ~ortion of the net proceeds of the award De aPplied to the Indebtedness
orthe repair or restoration of the Property. The net proceeds o' the award shall mean the award after payment of al~ reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provls[ons relating to governmenta~ taxes, fees
and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender Grantor shaI[ execute such documents in adcJitlon to this Mortgage and take
_ Loan No: 33004524O'~'~ ~zT~'~ MORTGAGE(contin ued) ..~ c° -~,
· . , Page 3
whateve, other action is requested Dy Lender to perfect and continue Lender's !ien on the Real Property. Grantor shall reimburse Lender for alt
taxes, as described below, together with all expenses Incurred In recording, Perfecting or continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes, The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Modgage or upon all or any cart of
.the. Indebtedness secured by this Mortgage (2) a specific ta~ on Grantor Which Grantor ia authorized or required to deduct from payments on
· the Indebtedness Secured by this type of Mortgage; (3) aiax On this type of Modgage chargeable against the Lender
- or the holder of the Note:
and (4) a specific tax on all or any uodion of the Indebtedness or on payments of principal and interest made by Grantor.
Subsequent Taxes, If any tax to which this section applies Is enacted subsequent to the date of this Mortgage, this event shall i~iave the same
effect as an Event of Default: and Lender may exercise any or all of its available remedies for an Event of Default as urovlded below unless Grantor
either (1) pays the tax before t becomes d~llnquent, or (2) contests the tax as provided above - me Taxes and Liens section anc deposits with
Lender CaSh or a sufficient corporate surety bond or Other security satlsfactorv to Lender,
Mortgage;SECURITY AGREEMENT; FINANCING STATEMENTS, The following provisions relating to this Mortgage as a secun~y agreement are'a cart of this
Security Agreement, This instrument shall constitute a Security Agreement to the extent any of the Properly constitutes fixtures, and Lender shal
have all of the rights of a secured party under the Uniform Commercia. Code as amended from time to time.
Security Interest, Upon request by Lender. Grantor shall execute f nanc~ng statements and take whatever other action is requested by Lender to
perfect and continue Lender's security interest In the Personal Property. ~ addition to recording this Mortgage in the real property records, Lender
may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing
statement. Granto- shall relmourse Lender for all expenses incurrecl in Dertecttng or continuing this security interest. Upon default, Grantor shall
not remove, sever or detach the Personal Property from the Property, Upon default Grantor shall assemble any Personal Property not affixed to
the Property in a manner and at a place reasonably convenient to Grantor end Lender end make It available to Lender wlth~P three (3) days after
receipt of written dema r~d from Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which Information concerning the security interest
g!anted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgage.
FURTHER ASSURANCES; ATTORNEY.IN.FACT, The following provisions relating to further assurances and attorney-in.fact are a Part of this
Modgage;
Further Assurances. At any time and from time to time, upon request of Lender, Grantor will make execute and deliver or will cause to be
made, executed or delivered, to Lender or to Lender's des gnee, and when requested by Lender cause to De filed, recorded, rallied, or
rerecorded, as the case may be. at such times and tn such offices and Places as Lender may deem appropriate any anq all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates.
and other documents as may, in.the sole opinion of Lender. be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (1) Grantor's obl'gations unqer the Note this Mortgage, and the Related Documents and f2) the liens and security Interests created
By.th s Modgage as first and Brior Hens on the Propem/, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender
ag. reds to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred connection with the matters referred to in
thi~ paragraph, n
Attorney-in-Fact, If Grantor fails to do any of the things referred to In the PreCeding paragraph, Lender may do so for and Jn the name of Grantor
and at Grantor's expense. For such, purposes. Grantor hereby Irrevocably apoofnts Lender as Grant~r's attorney-In-fact for the purpose of
accomplishmaklng' executing,the mattersdellverlng'referre(] filing,to in therec°rdtng'precedingandparagraph.d°lng all other things as may be necessary or desirable, n Lender's sole opinion to
FULL PERFORMANCE. If Grantor pays all the Indebtedness.when due and otherwise performs all the obligations imposed uoon Grantor under this
Mortgage, Lender she execute and de:~ver to Grantor'a suitable satisfaction of this Mortgage and su~tas~e statements of termination of any financing
statementreasonableOnterminatfile ev~enclngor~ fee as Lender'SdeterminedsecuritYby LenderlntereStfromlntimethe toRentStime.and the Personal Property, Grantor will pay, if permitted by applicable aw. any
EVENTS OF DEFAULT, At Lender's option, Grantor will be In default under this Mortgage if any of the following happen:
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
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 Iron.
Break Other Promises. Grantor breaks any promise made to LenDer or fails to perform 2romptly at the time and strictly ~ the man,er provided I~
this Mortgage or ~n any agreement related to this Mortgage.
Default In Favor of Third Parties, Should Grantor default under any loan. extension of credit, security agreement. ~urcnase or sales agreement.
or any other agreement, ir~ favor of any other creditor or person that may materially affect any of Grantor s procerty or Grantor's ability to reedy the
Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related cocument.
False Statements. Any representation or statement made-or furnlsheo to Lender by Grantor or on Grantor's behalf under this Mortgage or the
Related Documents Is false or misleading n any material respect, either now or at the time made or furnished,
Defeptlve CollaterallZatlon, This Mortgage or any. of the Related Documents ceases to be in full force and effect (Including failure of any collateral
document to create:a valid and perfected security interest or lien) at any time eno for any reason
D~att~ or Insolvency. The death of Grantor. the Insolvency of Grantor. the appointment of a receiver for any part of Grantor's property, any
lawsaSslgnmentby or agalnstf°r the Grantor.benefit of creditors, any type ol creditor workout, or the commencement of any Proceeding under any bankruptcy or insolvency
Taking of the Property. Any creditor or governments agency tries t.o, take any of the Property or any other of Grantor's property In which Lender
has: a lien. This includes taking of, garnishing of or levying on Grantor s accounts with Lender. However if Grantor disputes n good faith whether
the claim on which the taking of the Property is based is valid or reasonable, and if Grantor gives Lender wrtter, notice of the claim and furnishes
Lei~der with morales or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply.
Breach of, Other Agreement, Any breach by Grantor under the terms of any other agreement betweer Grantor and Lender that is not remedied
within any grace uerlod provided tnereln, Including without limitation any agreement concerning any Indebtedness or uther obligation of Grantor to
Lender. whether existing now or later.
Evente Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommoqatlon 12arty of any
of the Indebtecmess or any guarantor, endorser, sL/re~, or accommodation Party dies Or becomes ncompetent or revokes or disputes the va idity
of,' or liability un,er any Guaranty of the indebtedness, ~ [t~e event of a death Lender. at ~ts oDtio~ may but snail not be requ red to permit the
guarantor'S~ny Event ofeStateDefault.t° assume unconditionally the obi gations arising under the guaranty In a manner satisfactory to Lender, and ',, doing' so. cure
Right to Cure, I such a failure is curable and if Grantor has not ueen given a notice of a preach of the same provision of this Mortgage within the
Preceding twelve (12) months. It may be cured fend no Event of Default will have occurrea) if Grantor, after Lender sends written notice
demanding cure of such failure: (a) cures the failure Within fifteen (15) days; or (b) if the cure requires more than fifteer (15) days, immediately
Initiates steps sufficient to cure the failure and thereafter continues and completes all reasonao~e and necessary steps sufficient to produce
compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT, Upon the occurrence of an Event. of Default and at any time thereafter. Lender, at Lender's option, may
exercise any oneor more of the following rights and remedies In addition to any other rights or remedies provided by ~aw:
A¢~e crate Indebtednesa. Lender shah have the right at rt opt!on without r~atio¢ to GrantOr to declare the entire ridebtedness immediately due
end payable, Including any prepayment uenalty whlch Grantor wOUld be reauired to ~ay.
UCC Remedies, With respect to a or any part of the Personal Property, Lender snail nave all the rights and remedies of a secured party under
the. Uniform Commercial Code·
'C811ect Rents Lender shall have the right, without notice to Grantor, to take possession of the Property, Including during the i~endency of
foreclosure, whethe- judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
abo~,e Lender's costs, against the indebtedness. ~n furtherance of this r~gnt, Lender may require any tenant or other user of the Property to make
MORTGAGE
Loan No: 33004524 (,-)~'~~ (Continued) '~ ~ $
.... Page 4
payments of rent or use fees directly to Lender. If the Rents are collected by Lender, than Grantor Irrevocably as Grantor's
attorney-in-fact to endorse Instruments received in payment thereof In the name of Grantor and to negotiate the same and coIlect the proceeds.
Payments by tenants or other users to Lender In response to Lender's demand shall satisfy the obligations for which the payments are made,
throughWhethera°rreoelver.n°t any proper grounds for the demand existed Lender may exercise its rights under th~s subparagraph either in person by agent, or
Appoint Receiver. Lender Shall have the right to have a receiver appointed to take possession o¢ ~l. or any part of the Properly, with the power to
protect and preserve the Property, to ooerate the Property preceding foreclosure or sale. and to collect the Rents from the Property and apoly the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without oond if permitted by law.
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtecness by a
substantia~ amount. Employment by Lender shal~ not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a ,udlcla[ decree foreclosing Grantor'e interest ,n afl or any part of the Proper'o/,
Nonjud sial Sale. Lende~ may foreclose Gramor's Interest in al or in any part of the Property by non-judicial sale. and Specifically tJy "power of
sale" or "advertisement end sale" foreclosure as provided by statute.
Deficiency,Judgment. ~f permitted by applicable raw. Lender may obtain a judgment for any deficiency remaining in the Indebtedness cue to
Lender after appllcation of all amounts rece ved from the exercise of the rights provided in this section
Tenancy at Sufferance. f Grantor remains ~,, possession of the Property after the Property s sold as orovided above or Lancer otherwise
becomes entitled to possession of the Property upon default of Grantor. Grantor shall become a tenant at sufferance of Lender or the purchaser
of. the Property arid Shall at Lender'.~ option; either (1) pay-a reasonable rental for:the use of the Property, or (2) vacate the Property
Immediately upon the demand of Lender.
Other Remedies. Lender shall have a" other rights and remedies provided In this Mortgage or the Note or available at law or In equity.
Safe of the Property, To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In
exercising Its rights and remedies, Lender shal be free to sell all or any cart of the Prooeny together or separately, In one sa e or by separate
sales. Lender shall be entitled to bid at any oubflc sale on al:' or any POrtion of the Property,
Notice of Sale, Lender will give Grantor reasonable notice of the time and place of any oublic sale of the Persorel Prooerty or of the time after
tenWhlch(10)anYdaysPrivatebeforeSa[etheortlmeOtherof thelntendedsale ordfsp°siti°ndisposItlon.°f the Personal Property is to be mace Reasonable notice shall mean notice given at least
Election of Remedies. All of Lencer's rights and remedies will be cumulative end may be exerciseo a~one or togelher. An e~ection cy Lender to
choose any one remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to Perform any of Grantor's
and°bligatlonSto exerclseUnderLender,sthis Mortgage,remedies,after Grantors fal~ ure to do so,-that decision by Lender will not affect Lender's right to declare Grantor in default
Attorneys' Fees~ Expenses. If Lender pnstptutes any suit or action* to enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonab e as attorneys' fees at tr al and upon any appeal Whether or not any court action is inVOlVed, and
tO the extent not prohlblted by law all reasonab e expenses Lender incurs that ',' Lender's opinion are necessary at any time for the protection of
its.interest or the enforcement of its rights shal become a part of the indebtedness payable on oemand and shall bear interest at the Note rate
from the date of the expenditure until repaid, Expenses covered Dy this paragraph include, without limitation, however sublect to any limits unde~
applicable law, Lender's reasonable attorneys' fees and Lender's egal expenses whether or not there is a lawsuit, Including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or tniunctlon), appeals, and any
anticipated post-judgment collection services, the cost of searching records, obtaining title reports 0nCludlng foreclosure reports), surveyors'
reports, and appraisal fees and title Insurance. to the extent pe'rmftted by applicable law. Grantor a~so will pay any court costs in addition to all
other sums provided By law.
NOTICES, Any notice re~u~red to be given under this Mortgage, Including without limitation ar~y notice of default and any notice of sale shatl be given
in writing, and shaft ce effective when actually delivered, when actually received by telefacslmlle (unless Otherwise required Dy few) when deposited
with a'nationalfy recognized overnight courier, or,.lf malted, when de0osited in the United States mall. as first class, certified or registered 'mail oostage
prepald;.dlrected to the addresses shown near the beginning of this Mortgage, All cop~es of notices of foreclosure from the holcler of any lien which
has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of th!s Mortgage, Any person may change his.or her
address for notices under this Mortgage by giving formal written notice to the other person or persons, spec~tylng that the purpose of tlqe notice Is to
changethe person's address. For notice purposes, Grantor agrees to keep Lender Informed at al t~mes of Grantor s current address. Un ess otherwise
provided or required by law. If there is more than one Grantor, any notice given by Lender to any Grantor s deemed to be notice g~ven to all Grantors,
It will be Grantor's responsibility to tell the Others of the notice from Lender.
MISCELLANEOUS PROWS IONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Mortgage and ir the Related Documents Is Gramor's entire agreement with Lender concerning the matters
ooupdC°veredorbYobllgatedth s Mortgage,by the changeT° be oreffective'amendment.anY change or amendment to this Mortgage must be in writing and must be signed by whoever will be
Ca@etlon Headings, Caption headings In this Mortgage are for convenience purposes only and are not to ce usec to inter,ret or define the
Pi'or Sions Of this Mortgage,
GOVerning Law., This Mortgage will be governed by and Interpreted In accordance with federal law and the laws of the State of Wyoming,
This Mortgage has been accepted by Lender In the State of Wyoming,
Choice of Venue, If there is a lawsuit, Grantor agrees upon Lender's request to suomit to the Jurisdiction of the courts of Teton County, State of
Wy0mlng
No Waiver by Le~der. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so In writing.
T~e fact that Lender delays or omits to exercise any ~lght wp not mean that Lender nas given up Ihat right. If Lender does agree In writing to give
up one, of Lender's rights, that does n2t mean Granter will not have to comply with the other provisions of this Mortgage, Grantor also
understands that If Lender does consec[ to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation
happens again, Grantor further understands that Just because Lender consents to one or more of Grantor s requests, that does not mean Lender
will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest and notice of dishonor.
G~;antor waives all rights of exemotlon from execution or similar law rn the Prcoerty (Ir~oludir~g without imitation, the homestead exemption), and
Severablllty,Grant°r agreesjfthata courtthe flndsrlghts that°f Lenderany provlstonin the PropertYof th s MortUndera,thiSe IsM°rtgagen are prior, to Grantor's rights while this Mortgage remains in effect,
Of rth S MorOn'.ne w ,*,** ~, ........ :_ g g ct va d or should not Da enforced that fact by itself will not mean that the rest
.....,,~ ~wungage' *-:~ ' may = ~-pe found' "~'to""=beV"~'UinvaUridenr°r°eC'or unenforceabf herefOree a court, will enforce the rest of the orovisions of this Mortgage even f a provision of this
Merger, There shall be no merger of the interest or estate created Dy this Mortgage w~tn any Other interest or estate fn the Prooerty at any time
held by or for the benefit of Lender ~- any capacity, without the wri~en consent of Lender.
Successora and Assigns. Subject to any imitations state(] n this Mortgage on transfer of Grantor's interest, this Mortgage shall be bind ng upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Procer~y becomes vestee [na person Other than Grantor.
Lender, without notice to Grantor. may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obi gations of this Mortgage or liability unoer t~e Indebtedness
Tli~ie la of the Essence. Time Is of the essence ir, the performance of this Modgage,
waiver of Homestead Exemption, Grantor hereb role
Wyoming aS to all Indebtedness secured by this ModYgag~ases and waives all rlgnts an~ benefits of the nome~tead exemption laws'of the State of
DEFINIT bNS, The following words shall have the following meanings when used - this Mortgage:
Borrower.- The word Borrower" means Cabbie Cooper, and ail'other persons and entit es s~gn~ng the h~ote.
Eri~l~'onmental Laws, The words "Environmental Laws" mean any and all state federal and local statutes, regulations and ordinances relating to
Liability Act Of' 1980, as amended. 42 U.S,C. Section 9601, et seq. ("CERCLA
the protection of:human health or the environment, Including without limitation the Comprehensive Environmental Response. Compensation and
), the Superfund Amendments and Reauthorlzatlon Act of 1986, Pub.
L. No. 99-499 ("SARA), the Hazardous Materials Transportation Act 49 U.S.C. Sectior* 180' et sea.. the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq,, or Other applicable state 2r fedora, laws, rules, or regulations adopted pursuant thereto.
MORTGAGE
Loan No: 33004524 ()~'~7 (Continued) 2 ~ 9
· '- --. Page 5
Event of Default, The woros "Event of DefaJIt meaT, any of the events of default ,
Mortgage,
set forth ~n this Mortgage ~n the events of default section cf this
Grantor, The word "Grantor" means Dabble Cooper.
Guaranty, The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender. including without
limitation a guaranty.of all or Bart of the Note.
Hazardous Substances. The words "HaZardous Substances" mean materials that, because of the~, quantity, concentrat on or physical, chemical
or Infectious characterlsbos, may cause or pose a present or POtentla hazard to human health or tt3e environment when ~mprooer~y used treated.
stored, disposed of, generated, manutaotured, transported or otherwise handled. The words "HaZardous Substances" are used in their very
broadest sense and Include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental Laws. The term "Hazardous Suostances" also Includes, without limitation, petroleum and petroleum by-eroaucts or any fraction
thereof and asbestos.
Improvements. The word "Improvements" means all existing and future mbrovements, buildings, structures, mobile homes affixed' on the Real
Property, facilities, additions, reolacements and other construction on the Rea Property.
Indebtedn ess, The word "Indebtedness" means all adncipal, Interest. and other amounts, costs and expenses payable under the Note or Related
Documents. together with all renewals of, extensions of, modifications of consolidations of and substitutions for the Note or Related Documents
and any amounts expended or advance(: by Lender to discharge Grantor's obligations or expenses incurred Dy Lender To enforce Graqtor's
obligations under this Modgage, together with interest on such amounts as Drovlded in th~s Mortgage.
Lender.' The Word "Lender" means The Jackson State Bank, its successors and assigns, The words 'successors or assigns" mean any person or
company that acquires any interest in the Note.
Mortgage, The word "Mortgage" means this Mortgage between Grantor eno Lender·
Note. Tho word "Note" means ~ne promissory note dated July 17. 2001. In the original principal amount of $87,500,00 from Grantor
crt° agreement.Lender' together with all renewals of. extensions of. modifications of. refinancings of. consolidations of, and substitutions for the promissory
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal ~roperty now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of,
and all substitutions for. any of sucr property; and together with all proceeds (including without limrtation al ~nsuranoe Proceeds and refunds of
premiums) from any sale or other disposition of the Property,
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real property, Interests and rights, as further described ir, this Mortgage.
Related Documents; The words 'Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments.
agreements and documents, whether now or hereafter existing, executed In corm action with the Indabteoness.
Rents. The word "Rents" means all [~resent and future rents, revenues, tnoome, issues, royalties· profits· and other benefits derived from the
Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
P., dually .... r - ~
I -DIVIDUAL
STATE'OF
COUNTY OF ~~..i.,% ) SS
)
On thlS-:day beforeme, the undersigned Notary Public arson I
_ cuted .th.e,
pure,Cs t~ffreln mentloned~ ~,u ...... ~v~odgage as h~s ~ner free and vo un, .......... ~c?e¢~n and who
' O ~ ~'~ * '"'z ~, ..u ~eu ~or the uses and
Given Uncle', my hand and offlcla'l~al this /_'/' ~ day of
~o[ary~bllc In and for the State of ~.~ .n ~',~ , ~
[~:~0~ Expires Janua~ 31,200S