HomeMy WebLinkAbout928610
RECORDATION REQUESTED BY:
C.ltlc Bank Corpor.tlon
340 E..t 400 South
S.lt Lak. City, UT B4111
000212
SEND TAX NOTICES TO:
Glenn Knopp
St.c.y Knopp
66 Lark.pur l.ne
AIDlne. WY B312B
RECEIVED 4/20/2007 at 4:20 PM
RECEIVING # 928610
BOOK: 655 PAGE: 212
JEANNE WAGNER
LlNCO~N COUNTY CLERK, KEMMERER, WY
WHEN RECORDED MAIL TO:
C.ltlc Benk Corporation
340 E..t 400 South
SIlt Lake Chy, UT 84111
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
CONSTRUCTION MORTGAGE
THIS MORTGAGE dated April 18, 2007, Is made and executed between Glenn Knopp and Stacey Knopp, husband
and wife as tenants by the etlretles. (referred to below as "Grantor") and Celtic Bank Corporation, whose address Is
340 East 400 South, Salt Lake City, UT 84111 (referred to below as "Lender").
GRANT OF MORTGAGE, For v.luabl. con.ld.ratlon, Grantor mortgag.. and conv.y. to Lender all of Grantor'. right. title, and Intere.t In and to
tha following da.cribed raal property, together with .11 ui.tlng Dr .ub.equently erected Dr affixed buildings, improvement. and fixtures: all
easements, rights of way, and appurtenance.: all watar, water righta, wetercour.es and ditch rights including stock In utilities with ditch Dr
Irrigation rlght.l: and .11 othor ril ht., royaltie., and profit. rolatlnl/ to the raal property, includinq without limitation all mln.rals, oil, gas.
gaothermal and similar matt.rs, (the "Real Property") 10cBted In Lincoln County, State of Wyoming:
LOT 14 (141 LAZY B SUBDIVISION, LINCOLN COUNTY, WYOMING ACCORDING TO THAT PLAT NUMBER
340, RECORDED DECEMBER 13, 1991 AS DOCUMENT NUMBER 742138,K IN THE OFFICE OF THE CLERK OF
LINCOLN COUNTY, WYOMING.
The Real Property or its address is commonly known as 66 Larkspur Lane, Alpine, WY 83128. The Real Property
tax Identification number Is 12-3718-20-3-00-033.00. .
Grantor presently a..ign. to lender all of Grantor's right, title. and intere.t in and to all presant and future leases of the Property and all Renta
from the Property. In addition, Grantor grants to Lender a Uniform Comm.rcial Coda ..curlty Int.rest In the Personal Property and R.nt..
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE IAI PAYMENT OF THE INOEBTEDNESS AND (BI PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS. AND THIS MORTGAGE. THIS MORTGAGE. INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY
INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND All OF GRANTOR'S OBLIGATIONS UNDER
THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN GRANTOR AND LENOER OF EVEN DATE HEREWITH. ANY EVENT OF
DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO
BE AN EVENT OF DEFAULT UNDER THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTEO ON THE FOLLOWING TERMS:
PA YMENT AND PERFORMANCE. Excapt as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts sacured by this
Mortgage as thay become due and shall strictly parform all of Grantor's obligations undar this Mortgaga.
CONSTRUCTION MORTGAGE. Thia Mortgage Is a ·construction mortgage" for the purpos.. of Sactions 9-334 and 2A-309 of the Uniform
Comm.rcial Code, as those s.ction. have been adopt.d by the State of Wyoming.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grsntor agree. that Grantor's possasslon and use of the Property .hell be governed by
the following provi.ions:
Po.....lon and Use. Until the occurrence of an Event of Dafault, Grantor may (11 r.maln In possassion and control of the Proparty: 121
us., oparata or man.ga the Prop.rty: .nd 131 coll.ct the Rants from tha Prop.rty.
Duty to M.lntaln. Grantor shall maintain the Prop.rty in good condition and promptly parform all r.pairs, r.placement., and malnt.nanc.
necessary to preserve Its value.
Compliance With Environmental law.. Grantor r.pr...nts and warrants to L.nder thet: (11 Ouring the pariodof Grantor'. ownarship of
the Property, there has been no use, generation. manufacture, storage. treatment, disposal, releBse or threatened release of any Hazardous
Sub.tance by any par.on on, und.r, about or from the Proparty: 121 Grantor haa no knowladge of, or r.ason to ball.ve that th.re has
baen. .xc.pt a. prevlou.ly disclo.ed to and acknowladged by Lender in writing. lal any breach or violation of any Envlronm.ntal Laws,
tbJ soy use, generation, manufacture. storage, treatment, disposal, release or threatened releBSS of any Hazardous Substance on, under,
about or from the Property by any prior own.r. or occupant. of the Property, or (cl any actual or thr.aten.d litigation or claims of any
kind by any person raleting to such matters: and (31 Excapt aa pr.viously dlscloa.d to and acknowledged by Lender In writing, lal neither
Grantor nor any tenant, contr.ctor, agent or other authorized usar of the Property shall use, genarat., manufactur., store, traat, dl.pos. of
or r.laas. any Hazardous Substance on. undar. .bout or from the Prop.rty: end (bl any .uch activity .hell be conducted in compliance
with all appllcabla f.d.ral, state, and local laws, r.gulations and ordinanc.s, including without limitation all Environmental Law.. Grantor
authorizes Lendar and it. agont. to antar upon the Prop.rty to moka .uch Insp.ctions and t..t., at Grantor'. .xp.ns., a. Lender may de.m
appropriate to determln. compllanc. or the Proparty with this s.ctlon of the Mortgag., Any insp.ctions or tests made by Lender shall be
for L.nd.r'a purpos.. only and shall not b. construad to create any raapon.ibility or liability on the part of Lender to Grantor or to any oth.r
per.on. The r.pr..entation. and warranties contained herein are b..ed on Grantor's due dlllg.nc. In inv..tigatlng the Property for
Hazordou. Sub.tances. Grantor hareby 111 r.l.as.. .nd walv.. any lutur. claim. agaln.t L.nder for Indamnlty or contribution In tha
ev.nt Grantor b.com.. liabl. for cl.anup or oth.r co.ts und.r any .uch law.: and 121 agre.. to Ind.mnify, d.fend, and hold harmlas.
Lander against any and all claim., 10..... liabilities, damag... p.nolti.s. and .xp.naa. which L.nd.r may directly or indlr.ctly su.t.in Dr
.uller r.sulting from a br.ach of thl. section of the Mortgag. or as a cons.qu.nc. of any us., g.neratlon, manufacture, atorage. disposal,
r.lease or threat.ned r.l.aae occurring prior to Grantor's ownorshlp or int.r..t in the Prop.rty, whether Dr not the .om. was or should
hove baan known to Grantor. Th. provision. of this .ectlon of the Mortgag., including the obligation to indemnify and defend, .hall survive
the payment 01 tha Indebtednasa and the satisfaction and r.conv.yance of th.a li.n of this Mortgaga and shall not be affacted by Lander'.
acquisition of any interest in the Property, whether by foreclosure or otherwisB.
Nullance, Wa.te. Grantor .hall not cau.e, conduct or permit eny nui.onc. nor commit. p.rmlt. or suller any stripping of or waste on or to
the Property or any portion of the Property, Without limiting the ganerality of the foregoing, Grantor will not r.mov., or grant to any oth.r
party the right to remove, any timber, minerals (including oil and ga.I, coal, clay, scoria. soil, gravel or rock product. without lend.r'. prior
writt.n consent.
Removal of Improvaments. Grantor shall not damoli.h Dr r.mov. any Improvements from tha R.al Proparty without Lendar's prior writt.n
con.ant. A. a condition to the removal of any Improv.mants, L.ndar may r.quir. Grantor to make arrang.ments .atisfactory to L.nder to
r.plac. auch Improv.m.nt. with Improv.m.nt. of at laa.t aquol value.
Lander'. RIght to Enter. Lender and L.ndar's agenta and r.presentativ.. may .nt.r upon the R..I Proparty at all r.asonable timas to att.nd
to Lender's interests and to in.p.ct tha R.al Proparty for purpo.a. of Grantor's compliance with the terms and condition. of this Mortgag..
Compllanc. with Govarnmental Raqulroments. Grantor shall promptly comply with all law., ordlnanca., and r.gulotion., now or haroafter
in ell.ct, of all gov.rnmant.1 authorltlas applicable to tha usa or occupancy of the Property. Grantor may cont..t In good faith any such
law, ordinance. or regulation and withhold compllanc. during any proc.eding, including epproprlat. appeels, .0 long .. Grentor has notified
L.nd.r in writing prior to doing so and so long as, In Lendar'a .01. opinion, Lend.r'. intere.t. in the Proparty are not J.opardized, L.nd.r
may require Grantor to post adequate security or 8 surety bond. reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattanded the Property, Grantor shall do all oth.r act., in addition to thosa
acts s.t forth above In this s.ctlon, which from the charactar and ua. of tha Property are r...onably n.c..sary to prot.ct and pr.serva the
J-
~µJ
"
Loan No: 18510180 092861.0
ML... _. .3E
(Continued)
00021.3
Page 2
Property.
CONSTRUCTION LOAN. If some or all of the proceeds of the loan cresting the Indebtedness are to ba used to construct or complete
construction of any Improvomants on the Property, the Improvements shall bo completed no loter thon the maturity date of the Noto lor such
earlier date as Lender may reasonably establish) and Grsntor shall pay in full all costs and oxpensos In connection with the work. lender will
disburse losn proceeds undsr such terms and conditions as Lendsr may dosm ressonably necessary to Insure that the intersst created by this
Mortgage shall have priority over all posslbla liens, Including those of msterial suppliers and workmen. Lender may rsqulre, among other things,
that disbursement requests be supported by recaipted bills, expenss affidavits, waivers of liens, construction progress raports, and such other
documentation es Lender may reasonably request.
DUE ON SALE· CONSENT BY lENDER. Lender msy, st Londer's option, declsre immediately due and payable all sums sscured by this
Mortgsge upon the sale or transler, without Lender's prior written consent, of all or any part of the Real Property, or any interest In the Rssl
Property. A ·sale or transfer" means the conveyance of Real Property or sny right, titls or Intereat in the Real Property; whether legal, beneficial
or equitable; whether voluntery or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed,
leasehold interest with a term greater than three (3) years, lease-option contract, or by eale, assignment, or transfer of any beneficial Interest in
or to eny land trust holding title to the Real Proparty. or by any other method of conveyance of on interest In the Roal Property. However, this
option shall not be exercisad by Lendor il such exercise Is prohibited by federal law or by Wyoming lew.
TAXES AND LIENS. The following provisions relalÌng to the taxes and liens on the Property sre psrt of this Mortgsge:
Peyment. Grantor shsll psy when due (and in sll events prior to delinquencyl sll tsxas, psyroll taxes, special taxes, sssessments, water
charges and SeWer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services renderad or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to
the interest 01 Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes
snd assessments not due as further specified in the Right to Contest paragroph.
Right to Contest. Grantor may withhold payment of any tax, assossment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest In the Property is not Jeopsrdlzed. If a lien erises or is filed as a result of nonpayment,
Grantor shall within fifteen (16) days sfter the lien arises or, if alien is filed. within filtoen 1151 days alter Grantor has notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other aecurlty
satisfactory to Lender In an amount sufflclont to discharge the lien plus any costs and attorneys' fees, or other charges that could accrue
as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend Itsell snd Lendar and shsll satisfy any sdverse
judgment befors enforcement against the Property. Grantor shall name Lendor as an edditional obligee under any surety bond furnished In
tha contest proceedings.
Evldonco of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessmsnts and shall
authorize the appropriate governmental official to delivor to Lendor at any time a writton statement of the taxes and assessments against
the Property.
Notlca of Construction. Grantor shall notify Lendar at loost fiHsen 1161 dsys before any work is commenced, any sorvices are furnished. or
any materials ars supplied to the Property, if any mschsnic's lisn, materialmen's lisn, or other lion could bo asssrted on eccount of the
work, servicss, or msterlals. Grantor will upon rsquest of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
cen and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relsting to insuring the Property are a psrt of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage andorsements on
a replacement besls for the full Insurable value covering all Improvements on the Real Property In an amount sufficient to avoid epplicetion
of any coinsurance clause, and with a standard mortgagea clause In favor of Lender. Policies shall be written by such insurance compsnies
and In such form ss may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer
containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender
and not containing any dlsclalmor of the insurer's liability for failure to give such notice. Each Insurance policy slso shall include sn
endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any
other person. Should the Real Property be located in an area designated by the Director of the Faderal Emergency Msnagement Agency as
a special flood hszsrd area, Grantor agrees to obtsin and maintain Federal Flood Insurance, if available, for the full unpaid principal balance
d. the loan and any prior liens on the property securing the loan, up to the maximum policy limit. 1st under the National Flood Insurance
Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan.
Application of Procoads. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if
Grantor fails to do so within fifteen (151 days of tho casualty. Whether or not Lender's security Is impaired, Lender may, at Lender's
election. rocoive and ratsin the proceeds of sny insurance and spply the proceeds to the reduction of the Indebtedness, payment of any lien
affecting the Proporty, or tho restoration and ropair of tho Proporty. If Lender olects to apply the proceeds to restoration and ropalr, Grantor
shall repair or replace the damaged or destroyed Improvements in a menner satisfactory to Lender. Lender shall, upon satisfactory proof of
such expenditure, payor reimburse Grantor from the proceeds for tho ressonable cost of repsir or restoration if Grantor Is not in default
under this Mortgsge. Any proceeds which hsve not been disbursed within 180 days alter their receipt snd which Lender has not
committed to the repair or restoration of the Property shsll be used first to pay any amount owing to Lender under this Mortgago, then to
psy accrued interest, and the remainder, if any, shall be spplled to the principal balance of the Indebtedness. If Lender holds any proceeds
after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grsntor's Interests msy appear.
LENOER'S EXPENDITURES. II Grantor fails IAI to keep the Property free of all taxes, liens, security Interests, encumbrances. and other claims.
(8) to provide any required insurance on the Proporty, or ICI to make repsirs to the Property then Lender msy do so. If any action or
proceeding Is commenced that would materislly sflect Lender's Interests In the Property, then Lender on Grantor's behall msy, but is not
required to, take sny action thet Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by lender for
such purposes will then bear interost at tho rate charged under the Note from the date incurred or paid by Lender to the date of repayment by
Grantor. All such expenses will become a part of the Indebtedness snd, st Lender's option, will IAI be psyable on demand; (81 be added to
the bslance of the Na1e snd be apportioned among snd be paysble with any Installment payments to become due during either (11 the term of
sny applicable insurance policy; or (2) the remaining term of the Note; or ICI be treatod as s bslloon psyment which will be due and paysble
at the Note's maturity. The Mortgage slso will secure payment of these smounts. The rights provided for in this paragraph shall be in addition
to any other rights or any remedies to which Lendor may be entitled on account of any default. Any such action by Lender shall not be
construed as curing the default so as to bar Londer from any remedy that It otherwiso would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions rolating to ownership of tho Property are a part of this Mortgage:
Title. Grsntor werrants that: (a) Grantor holds good and marketablo title of record to the Property In fee simple, free and clear of all liens
and encumbrances other than those set forth in the Real Proparty description or in any title Insurance policy, titlo report, or final title opinion
Issued in favor of, and accepted by, Lender in connection with this Mortgage, and (bl Grantor has the lull right, power. and authority to
execute and deliver this Mortgago to Lender.
Oefensa of Title. Subjoct to the exception In the paragraph sbove, Grantor warrants and will forever defend the title to the Property against
the Iswful claims of all persons. In the event sny sction or proceeding Is commenced that questions Grantor's title or the Interest of Lender
under this Mortgage, Grsntor shall defend the action st Grantor's expense. Grantor may be the nominal party In such proceeding, but
Lender shsll be entitled to participate in the proceeding snd to be represented in the proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such
participation.
Compliance With Laws. Grantor warrsnts that the Property snd Grantor's use of the Property complies with all existing applicable Isws,
ordinonc8s, and regulations of governmental authorities.
Survival of Promll8s. All promises, agreements. and statements Grantor has msde in this Mortgage shall survive the exocution and delivery
of this Mortgage. shsll be continuing In nsture and shall remain in full force and effect until such time as Grsntor's Indebtedness is paid in
full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceeding.. II sny proceeding in condemnation is filed. Grsntor shall promptly notify Lender In writing. and Orsntor shall promptly tske
such stops ss msy be necessary to defend tha action snd obtain the awsrd. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to psrticlpate in the proceeding and to be represented In the proceeding by counsel of its own choice, and Grentor
~ el-
I
I
Loan No: 18510180092861.0
IVlvn'\,:IMU'"
(Continued)
000214
Page 3
will deliver or cause to be delivered to Lender such instruments and documentation 88 may be requested by Lender from time to time to
permit such perticlpatlon.
Application of Net Proceeda. I! all or any part of the Property ia condemned by em!nant domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceede of the award be applied to
the Indebtedness or the repair Dr restoration of the Property. The net proceeds of the award shall mean the award after payment of all
reasonable costs, axpanses, and attorneys' fees Incurred by Lender In connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions reletlng to governmental taxes,
fees and charges are a part of this Mortgage:
Current Tax.., Fe.. .nd Charg... Upon requeat by Lender, Grantor shsll execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perlect and continue Lender's lien on the Reel Property. Grentor shall reimburse lender for
all tsxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without
limitation all taxes, fees, documentsry stamps, snd other chsrges for recording or registering this Mortgege,
Taxe.. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon ell or eny
part of the Indebtedness secured by this Mortgage; 121 a specific tax on Grantor which Grantor Is authorlzad or required to deduct from
paymenta on the Indebtedneas secured by this type of Mortgage; 131 a tax on this type of Mortgage chargeable ageinst the Lender or the
holder of the Note; and 141 a specific tax on ell or any portion of the Indebtedness or on payments of principal end Interest made by
Grsntor.
Subs.quent Tex.s. I! any tex to which this section applies Is enacted subsequent to the dete of this Mortgage, this event shsll have the
same effect as en Event 01 Oefault, and Lender may exercise any or all of Its available remedies for an Event of Defeult 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
section end deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgsge ss a security agreement are a part of
this Mortgage:
Security Agreement. Thia inatrument shall constitute a Security Agreement to the extent eny of the Property constltutee fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code es amended from time to time.
Security Intere.t. Upon request by Lender, Grantor shall take whatever action Is requested by Lender to perfect snd continue Lender's
security Interest in the Personal Property. In addition to recording this Mortgage In the real property records, Lender may, et any time and
without further authorization from Grantor. file executed counterpartø. copies or reproductions of this Mortgage 88 8 financing statement.
Grantor shall reimburse Lender for all expensea incurred In perfecting or continuing this security Interest. Upon default, Grantor shell not
remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not efflxed
to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make It available to Lender within three (31
days after receipt of written demand from Lender to the extent permitted by applicable law.
Addr...... The mailing addresses of Grantor (debtorl and lender Isecured party) from which Information concerning the security Interest
granted by this Mortgage may be obtained (eech as required by the ·Unlform Commercial Codel are as steted on the first page of thla
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT, The following provisions rei sting to further assurances and ettorney-in-fact are a part of this
Mortgage:
Further Anuranc... At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be flied, recorded, reflled, or
rerecorded, as the case msy be, at such times and in such offices end places as Lender may deem appropriate, any and all euch mortgages,
deeds of trust, security deeds, security sgreements, financing statements, contlnuetion statements, Instruments of further assursnce.
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 11 I Grantor's obligations under the Note, this Mortgage, and the Related Documents, and 121 the liens and
security Interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grentor.
Unless prohibited by law or Lender agrees to the contrery In writing, Grantor shall reimburse Lender for all costs end expensea Incurred In
connection with the matters referred to in this paragraph.
Attornay-In-Fact. It Grantor falls to do any of the things referred to In the preceding paragraph, Lender may do so for and in the nsme of
Grantor and at Grantor's expense. For such purpoaes, Grantor hereby Irrevocably appointa Lender as Grentor's attorney-In-fact for the
purpose 01 moklng, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable. In Lender's sole
opinion, to accomplish the matters relolled to in the preceding poragraph.
FULL PERFORMANCE. I! Grentor pays all the Indebtedness when due, and otherwise performs all the obligations Imposed upon Grantor under
this Mortgage, Lender shsll execute and deliver to Grantor a suiteble sstisfaction of this Mortgage and suitable statements of termination 01 any
flnsnclng statement on file evidencing Lender's security interest In the Rents and the Personal Property. Grantor will pay. " permitted by
applicable law, any reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage If any of the following hoppen:
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
D.fault on Oth.r Paym.nt.. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or Insurance, or
any other payment necesaary to prevent filing of or to effect discharge of any lien.
Break Oth.r Proml.... Grantor breaks any promise made to Lender or fails to perform promptly at the time snd strictly In the manner
provided in this Mortgage or in any agreement related to this Mortgage.
Fal.e Stat.mant.. Any representation or statement made or furnished to Lender by Grsntor or on Grantor's behalf under this Mortgage or
the Related Documents Is false or misleading In any material respect, either now or at the time made or furnished.
D.fectlv. Collaterellzetlon. This Mortgage or any of the Related Documents ceaaes to be In full force and effect {Including fsilure of any
collateral document to create a valid and perfected security Interest or lienl at any time and for any reason.
D8Ith or Insolvency. The deeth of Grantor, the Insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any
esslgnment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any benkruptcy or
Insolvency laws by or against Grantor.
T.klng of the Property. Any creditor or governmental agency tries to take eny of the Property or any other of Grantor's property in which
Lender has a lien. This includes taking of, gornishlng of or levying on Grantor's accounts with Lender. However, If Grentor disputes In
good faith whether the claim on which the taking of the Property is bosed is valid or reasonable, and If Grantor glvea Lender written notice
of the claim and lurnishes Lender with monies or a surety bond satlsfectory to Lender to satlafy the claim, then this default provision will
not apply.
Broach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not
remedied within any grace period provided therein, Including without limitation any agreement concerning any indebtedness or other
obligation of Grantor to Lender, whether existing now or later.
Event. Affecting Guarantor. Any of the preceding Bvents OCCUfS with respect to any guarantor, endorser, surety, or accommodation party
of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies Of becomes Incompetent, or revokes or
dioputes the velldity of, or liability undor, eny Guaranty of the Indebtedneas. 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 8 manner
satisfactory to Lender, snd, in doing so, cure any Event of Default.
In..curlty. Lender in good faith believes itsel! Insecure.
Right to Cur.. "any default, other than a default In payment Is curable and If Grantor has not been given a notice of a breach of the same
provision of this Mortgage within the preceding twelve ('21 months, it mey be cured" Grantor, after receiving written notice lrom Lender
demanding cure of such defoult: (11 cures the default within ten (10) doys; or (21 if the cure requires more than ten (101 daya,
immediately Initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and ~
completea all reaaonable snd necessary steps sufficient to produce compliance ss soon as reaaonably practical.
ç~
Loan No: 18510~28610
MC,.., ....~JE
(Continued)
000215
Page 4
RIGHTS AND REMEOIES ON DEFAULT. Upon the occurrence 01 an Event 01 Dalault and at ony time thoroaltor, Lender, at Lender's option, may
exercise ony one or more 01 the following rights ond remedios, in addition to any other rights or remedies provided by low:
Acc.l.rat. Ind.bt.dn.... Londer shall have the right at its option without notice to Grantor to declare tha entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect to all or any part 01 the Personal Property. Lender shall have ell the rights and remedies 01 a sacured party
under the Uniform Commercial Code.
Coll.ct Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency 01
loreclosure, whethar judicial or non-judicial, and collect the Rents. including amounts past due ond unpaid, and apply the net proceeds, over
ond obove Lender's costs, agolnst the Indebtedness. In furtherance 01 this right, Lender may require any tenant or other u.er 01 the
Property to mske payments of rent or use lees directly to Lender. I! the Rents are collected by Lender, then Grentor Irrevocebly designates
Lender as Grentor's attorney-In-Iect to endorse Instruments received In payment thereol in the nama 01 Grantor and to negotiate the same
and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demend shell setisly the obllgotlons for
which the peyments ore made, whether or not ony proper grounds for the demand existed. Lender may exercise Its rights under this
subparagraph aither In person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to toka possession of all or eny part 01 the Property, with the
power to protect and preserve the Property, to operate the Property preceding loreclosure or sale. and to collect the Rents from the
Property and epply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without
bond If permitted by law. Lender's right to the appointment 01 a receiver shsll exist whether or not the apparent velue of the Property
exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person Irom serving as a receiver.
Judicial Foraclosure. Lender may obtain a judicial decree loreclosing Grantor's Interest In all or any part 01 the Property.
Nonjudicial Sale. Lender may loreclose Grantor'e Interest in all or In any part 01 the Property by non-Judicial sale, and specifically by 'power
01 sale" or "advertisemant and sale" loreclosure as provided by atatute.
Deficlancy Judgment. II permitted by applicable law, Lender may obtain a judgment lor any deliciency remaining in tha Indebtedness due
to Lender after applicstlon 01 all amounts recaived Irom the exercise of the rights provided In this section.
T.nancy at Sufferance. I! Grantor remains In possession of the Property alter the Property Is sold as provided abova or Lendar otherwise
becomes entitled to possession 01 the Property upon delault 01 Grantor, Grantor shall become a tenant at suffarance 01 Lender or the
purcheser of the Property end shell, st lender's option, either (11 pay a reasonable rental lor the use 01 the Property, or (2) vecate the
Property Immedletely upon the demend 01 Lender.
Other Remadles. Lender shall have all other rights and remedlea provided in this Mortgage or the Note or available at law or in equity.
Sale 01 tha Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to hava the Property marshalled.
In exercising its rights and remedies, Lender shall be Iree to sell all or any part 01 the Property together or separately, in one sale or 'by
separate sales. Lender shall be entitled to bid et any public sele on all or any portion of the Property.
Notice of Sala. lender will give Grantor reasonable notice 01 the tima and place 01 any public aale 01 the Personal Property or 01 the time
alter which any prlvste sale or other Intended disposition 01 the Personal Property is to be made. Reasonsble notice shall mean notice
given at least ten 110) days belore the time 01 the sele or disposition. Any ssle 01 the Personal Property may be mada In conjunction with
any sele 01 the Real Property.
EI.ctlon of R.madles. All 01 Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by
Lender to choose anyone remedy will not bar lender lrom using any other remedy. I! Lender decides to spand money or to perlorm any of
Grantor's obligetions under this Mortgage, alter Grantor's failure to do so, that decision by Lender will not affect Lender'a right to declsre
Grantor In delault and to exercise Lender's remedies.
Attorneys' Fe.s; Expensas. If Lender Institutes any suit or ectlon to enforce any 01 the terms 01 this Mortgage. Lender shall be entitled to
recover such sum as the court may adjudge reesonable aa attorneya' fees et trial and upon any appeal. Whether or not any court action is
Involved, and 10 the extent not prohibited by law, all reasonable expenses Lender incurs that In Lender's opinion are necessary at any time
lor the protection 01 Its Interest or the enlorcement of its rights shell become e pert 01 the Indebtedness payable on de mend and shall bear
Intereat at the Note rate lrom the date of the expenditure until repaid. Expenaes covered by this paragraph Includs, without limitation,
however subject to any limita under appliceble law, Lender's attorneys' fees snd Lender's legsl expenses whether or not there is e lawsuit.
Including attorneys' fees snd expansea for benkruptcy proceedings (including efforts to modify or vacste any autometic stay or Injunction),
appeals, and any anticipated post-judgment collection services, the coat of aearchlng records, obtaining title reports lincluding foreclosure
reportsl, aurveyors' reports, and appreisal fees end title Insurance, to the extent permitted by applicable lew. Grantor also will pey any
court costs, in addition to ell other sums provided by law.
NOTICES. Any notice required to be given under this Mortgege, including without limitation eny notice 01 defeult end any notice of sale shall be
given in writing, and shall be effective when actually delivered, when actually received by telelacslmile lunlesa otherwise required by law), when
deposited with a nationally recognized overnight courier, or. If mailsd, when deposited In the United States mall, aa Ii rat class, certilied or
registered mall postage prepaid, dirscted to the addresses shown neer the beginning of this Mortgage. All copies of notices of loreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage.
Any person may chenge his or her address for notlcea under this Mortgege by giving formal written notice to the other person or persons,
specifying that the purpose 01 the notice is to change the person's eddress. For notice purposes, Grantor agrees to keep Lender Informed at all
times of Grantor's current eddress. Unless otherwise provided or required by law, il there is more than one Grantor. any notice given by lender
to eny Grantor Is deemed to be notice given to all Grantors. It will be Grentor's responsibility to tell the others 01 the notice from Lender,
MISCELLANEOUS PROVISIONS. The following miscelleneous provisions are a part 01 this Mortgege:
Amendm.nts. What is written In this Mortgage and in the Related Oocuments Ie Grantor's entire agreement with Lender concerning the
matters covered by thia Mortgage. To be effective, any change or amendment to thla Mortgage must be in writing and must be signed by
whoever will be bound or obligated by the change or smendment.
Caption Headlnga, Caption heedings In this Mortgage are for convenience purposes only and are not to be used to Interpret or define the
provisions of this Mortgage.
Governing Law. With respect to procedural mattara ralated to the perfec110n and enforcement of Lender's rlghta agelnst the Proparty, thla
Mortgag. will be governed by federal law applicable to Lender and to the extent not pre.mpted by federal law, the laws of the Stat. of
Wyoming. In all othar respecta, this Mortgage will ba govarned by federellaw applicable to lander and, to the extent not preempted by
federal law. the laws of the State of Utah without regard to Its conflicts of law provisions. However, If there ever Is a question ebout
whether eny provlalon of this Mortgage la valid or .nforceable. the provision that la qu.stlonad will be gov.rned by whlchaver state or
federal law would find the provlalon to be valid and enforceable. The loan tranaactlon that Is' evldanced by tha Note and this Mortgage has
been applied for. conalderad. approved and mede, and all necesaary loan documents have been accepted by Lender In the Stata of Utah.
Cholca of Venu.. If there is e lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction 0.1 the courts 01 Salt Lake County,
Stete 01 Utah.
Joint and S.veral Liability. All obligetions 01 Grentor under this Mortgege shall be joint and several; end all referencea to Grantor ahell mean
each and every Grantor. This meens thet eech Grentor signing below is reaponsible lor all obligations in this Mortgege.
No W.lver by lender. Grantor understands Lender will not give up any 01 Lender's rights under this Mortgage unless Lender does so in
writing. The lect that Lender delays or omita to exercise any right will not meen that Lender hes given up that right. "Lender does agree
in writing to give up one 01 Lender's rights, that does not mean Grantor will not have to comply with the other provialons of this Mortgege.
Grantor also understands thet il Lender does consent to a request, that does not meen that Grentor will not have to get Lender's consent
egeln " the situation happens egein. Grentor lurther understends that just becauae Lender consents to one or more of Grantor'a requeats,
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. Grantor weives all rights 01 exemption Irom execution or almilar law in the Property, end Grentor
egrees thet the rights 01 Lender in the Property under this Mortgege ere prior to Grantor's rights while this Mortgage remains In effect.
Sevarablllty. If a court finds that any provision of this Mortgage is not valid or should not be enforced, thet lact by Itsel! will not mean that
the reat of this Mortgage will not be valid or enlorced. Therelore, e court will enlorce the rest of the provisions of this Mortgage even" e
provision 0' this Mortgege may be lound to be Invalid or unenlorceable.
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Loan No: 18510180 O~;C::bb1.U
IVlvn I u"'u~
(Continued)
00021.6
Page 5
Merger. There shall be no merger 01 the interest or estate created by this Mortgage with eny other interest or estate In the Property at any
time held by or for the benefit 01 Lender in any capacity, without the written consent 01 Lender.
Succesloll and Alllgns. Subject to any limitstlons stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding
upon and inura to the benefit 01 the parties, their successors and assigns. If ownership of the Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with relerence to this Mortgage and the Indebtedness
by way of lorbearance or extension without releasing Grantor from the obligations 01 this Mortgage or liability under the Indebtedness.
Time II of tha E..enc.. Time is 01 the easence in the perlormance 01 this Mortgage.
Waive Jury. All partl.. to this Mortgag. her.by walv. the right to .ny Jury trial In any action. proceeding. 0' countarclalm b,ought by any
party against any other party.
Waiver of Homest.ad Ex.mptlon. Grantor hereby releaaes and waives all rights and benefits of the homestead exemption laws 01 the State
01 Wyoming as to all Indebtedness secured by this Mortgage.
OEFINITIONS. The following words shall have th. lollowing meanings when used in this Mortgage:
Borrower. The word ·Borrower" means Glenn Knopp and Stacey Knopp and includes all co-signers and co-makers signing the Note and all
their successors and assigns.
Environmental Laws. The words "Environmental Laws" mean any and all state, lederal and local atatutes, regulations and ordinances
relating to the protection 01 human health or the environment, including without limitation the Comprehansive Environmental Response,
Compenaation, and liability Act 01 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA·), the Superfund Amendments and
Reauthorization Act of 19B6, Pub. L. No. 99-499 ,"SARA"), the Hazardoue Materials Transportation Act. 49 U.S.C. Section 1B01. et seq.,
tha Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal lawa, rulas, or
regulations adopted pursuant thereto.
Event of Default. The words "Event 01 Delault" mean any 01 the events 01 delault set lorth in this Mortgage in the events 01 default
section of this Mortgage.
Grantor. The word ·Grantor· means Glenn Knopp and Stacey Knopp.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty 01 all or part 01 the Note.
Hezardoul Substanc.s. The words "Hazerdous Substances" mean materials that, because 01 their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of. generated. manulactured, transported or otherwiae handled. The words "Hazardous
Subatances" are used In their very broadeat sense and include without limitation any and all halardoua or toxic subatances, materlala or
waste aa defined by or listed under the Environmental Laws. The term "Hazardous Substances" also Includes, without limitation, petroleum
and petroleum by-products or any fraction thereol and asbestos.
Improvem.nts. The word "Improvements" means all existing and luture Improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Ind.bt.dn.... The word "Indebtedness" means all principal, Interest, and other amounts, costs and expenses payable under the Note or
Related Oocuments, together with all renewals of, extensions 01, modillcations 01, consolidations 01 and substitutions lor the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligetions or expenses incurred by Lender to
enlorce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means Cel1lc Bank Corporation, its successors and assigns. The words "successors or assigns" mean any
person or company that acquires any interest In the Note.
Mortg.ge. The word "Mortg.ge" means this Mortgage between Grantor and lender.
Not.. The word "Nota· means the promissory note dated April 1 B, 2007, in the original principal amount of $400.000.00 Irom
Grantor to Lender, together with all renewals of, extan.ions 01, modifications of, refinancings of, consolidation. of, and substitutions lor
the promissory note or agreement. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE.
P.rsonal Property. The words "Personal Property" mean sll equipment, fixtures, and other articles 01 personal property now or here.fter
owned by Grantor, end now or hereafter allached or ."ixed to the Real Property; together with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and together with all proceeds \including without limitation all insurance
proceeds and refund. of premiums) Irom any sele or other disposition of the Property.
P,operty. 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 dascribed in this Mortgaga.
Rel.ted Documents. The words "Related Documents· maan all promissory notes, credit agreements, loan agreements. anvlronmental
agreaments, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other Instruments,
agreements snd document., whether now or herealter existing, executed in connection with the Indebtadne.s.
Rents. The word "Rent." mean. all present and luture rents, revenues. Income, issues, royalties, profits, and other banelits derived from
the Property.
EACH GRANTOR ACKNOWLEDGES HAVING REAO ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
'''MØ~
X Stacey Knop~
Loan No: 18510180 092S610
ML... _. .JE
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000217
Page 6
INDIVIDUAL ACKNOWLEDGMENT
STATEOF~~\~
COUNTY OF -G~\~ .
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155
,
On this day belore me. the undersigned Notary Public, parsonslly appeared Glenn Knopp and Stacey Knopp, to me known to ba the individuals
describsd In and who executed the Mortgage, and acknowledged that they signed the Mortgaga as their Iree and voluntary ect and deed, lor the
usea and purposes therein mentionsd.
Given un r y hand and official .aal thl.
CÀpt l \ .20Ö1- .
Ingat U_00~M ~ CoY
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By
My comml..lon expire.
!.AS,,, ~ l..""". v.. '.".OO,!ICH C'I"' ......1..... ""....... .....,"".. "'e. In1, z001. .. """',........... . WVNT ':1A",IICnwIN'lC,I\U1.\QØ3.fC ","111004 "'-10
CHERYL A. JONES - NOTARY PUBLIC
CoWlty of. S.... of
UncoIn Wyoming
I
My Comml8slon ExpIres Feb. 4, 2009