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HomeMy WebLinkAbout929584 000853 - , .; i~: ~': \ , RECORDATION REQUESTED BY: SANK OF THE WEST ROCK 5PRINGS 200 NORTH CENTER STREET ROCI( SPRINGS. WY 82902 601ÕfîS353 ,. WHEN RECORDED MAIL TO: BANK OF THE WEST DIRECT SERVICING P.O, BOX 8160 NC- TRE-01-M WALNUT CREEK. CA 94596 RECEIVED 5/21/2007 at 4:02 PM RECEIVING # 929584 BOOK: 658 PAGE: 853 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY .' ',\ SPACE ABOVE THIS LINE IS I=OR RECORDER'S USE ONLY ;;- :~, f,qTf~r: :". (t''!"'' MORTGAGE . ,. \ " MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $33,197.00. THIS MORTGAGE dated May 15, 2007, is made and executed between DARREN MEHLER, A MARRIED MAN, whose address is 113 SOUTH BLA (E ST, LABARGE, WY 83123 (referred to below as "GnlOtor"¡ and BANK OF THE WEST, whose address is 200 NO~TH CENTER STREET, ROCK SPRINGS, WY 82902 (referred to below as ·'Lender"). . GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right. title, and imerEst in and to the following dS$cribed real property. Together with all existing or Gubt'equently erected or affixed bUildingG, improvemltnt5 and fixturss; all easements, righn: of way, and appurtenance5; all Watsr, water rights, wan:rcourses and ditch rights (including stock in utiliiies with ditch or irrigation rights);. a?d all other rights:, royalties, and p~oflt& relatin9 to the real property, including ,wIthout li,:"iTaTion all minerals. oil, 9119. geothermal and similar rnauers, (the Real Prope,rty') located In LINCOLN County, State of Wyommg: ' ¡..... tOT 14 OF EUBANK FOOTHILL ESTATES SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBÈD.ÓN THE OFFICIAL PLAT THEREOF. ,. " , The Real Property or its address is commonly known as LOT 14 EUBANK FOOTHILL ESTATES, LABARGE, WY 8312.3, The Real Property tax identification number is 1 2-2612-30-1-02-004.00. Grantor presQntly assigns TO Lend!!r all of Grantor's right. title, and interest in and to all present and future lebses of the Property and all RenTS from the Property. In addition. Grantor grants to Lander a Uniform Commercial Code ¡¡ecurity interlt~t in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY. IS GIVEN TO SECURE (AI PAYMENT OF THE INDEBTEDNESS AND (81 PERFOfllVIANCE 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. E)(cept as otherwise provided in this Mortgage. Grantor 5hall pay to londer all amOUnts secun"d by 1his Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and Use of 1he Property shall bc governed by the f( IIQwing provisions: Po'sliession and Use. Until the occurrence of an Evellt of Def~ult. Grantor nlay (11 rElm~in in posGession and control of th& Pr6pelÏyl . (2) use, opf:rate or man!Jge the Property; and (3) collect ths Rents from the Prop~rty. ' .' ," ': ',' >, Duty to Maintain_ Grantor shall maintain the Property in good condition and promptly perform all repairs. replacements, 'd~Êi,'~,~il1te;'anc~ necessary to preserve i,& value. ' Compliance With Environmental Laws. Grantor represants' and warra~,s to Lsnder that: (1) During tile period of Grantor's ownership of the PropertY, there has been no use. generation. manufacture;:. storage, tr¡;atment. disposal. release or thr€atened r~lease of any Hazardous Sub5Tancl.t by any plJrson on, undllr. about or from the Property; (2) Grantor hes no knowledge of, or reason to believe that there has been. ~xCeDt 8S previously disclosed to and acknowlctdged by Lender in writil1g, (a) any breach or violaTion of any Environmemal Law$, (b) any use, generation, manufacture. storage, treatment. disposal, release or threatened refeasll of any Hazardous Substance on, under, about (lr from the Property by any prior OV/Mrs or occupants of the Property, or Ic) any O'JctlJal or threatened litigation or claims of any I:.ind by any person relating to such matters; and (3) Exeep1 as previously di$closed to and acknowledged by Lender in writing. \8) nsithør GranTor nor any tensnt. contractor, agEnt or other authori~ed ussr of the Prope;:rty shall use; gen¡¡rate, manufacrure. store, treat, dispose of or release any Hazardous SubsTanco on, undl!r. about or from the Property; and (b) any G\.Ich aCTivity shall be conduCTed In compliance with all applicable federal. state, and ,local laws. regulations and ordinances. including without limitation all Environmental Laws, Grantor authorizes Lel1der and its agents to enter upon the Property to make such inspections and tests, at Grantor's axpense. as Lender may deem BpproprlafB to determiris complianclt of the Property with this section of the Mortgage. Any ills~eetions or tests made by Lender šh!lll be for Lender's PUrpO¡¡BS only and shall not be construed 10 create any responsibilitv or liability on the part of Lender to Grantor or to a~y ð~her petson. Tho repres~ntatiot1s and warranties contained herein are based 011 Grantor's due dilig€nos in invesTigeting the .J?ropèrry. for Hazardous Substances. Grantor hereby (1) rll/gilses al1d waive~ Oiny future claims against L~nder for indemnity or .;.oritribution In the" Avent Grantor becomes liable for cleanup or "ther COSt5 under any ¡¡ueh laws; and (2) agrees to indemnify. defend. and hold,hatrnless, Lender against Elny and øll claims. losse6, liabiliTies, d¡¡m;,¡ges. penalties. and expl!lnsss which Lender may directly or indireètly sustaih or :suffer resulting from a bre3ch of this section of the Mortgage or as a cons€Quence of any use. gllneration, manufacture, storllge, dispoGal, release or threatened rølease occurring prior to Grantor's ownership or inter?st in the Property. whetner or not the aame wes or should have been known to Grantor. The provisions of ~his section of the Mortgage, including tile obligation to indemnify and defend, shall survivs the payment of the Indebtœdneu and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by L~nder's ( 'I o~" (I '(\\1 f\Ç /(,7 ~I elf) ç I ~ U ~ ~ I ~() ~ ~1\fH IN\! It: A I nor. 'q ',WI}; {' tj)\(. ">958 " ' "),,,," ~ " {ir MORTGAGE (Continued) " 000854· Page'2 acquisition of any interest in The Property. whether by foreclosure or otherwise. Nuisance. WaSTe. Grantor &hilll not cause. conduct or lJermit any nuisance nor commit, permit. or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other pan:y the right to remove, any timber, minE:ralli (including oil and gas). coal, clay, scoria, sOil, gravel or rocl( products without Lender' ¡ prior written COI15ent. Removal of Improvements, Grantor shall not demoli5h or remove any Improvements from the Real Property without Lender's prior written conSf¡nt. As a condition to the removal of any ImproVements. Ll$nder may require Grantor to make arrangements satisfactory TO Lender to replace 5uch Improvements with Improvements of at lea~t equal value, ' Lender's Right to Enter. LQnder and Lender's agents and representatives may enter upon the Real Property at all reasonable timES to attend to Lander':; interest:; and to inspect the Real Prop~rty for pu(poses of Grantor's compliance with the terms and conditiOM of this M.or,tgage. , Compliance with Governmental Requirements. Gr<llltor shall promptly comply with all laws. ordinances, and regulations, nòw ór h<treatter in effect, of all 90v~rnmental authorities applicable to tha use or occupancy of thQ Property. Grantor may contest in good faith any liuch law, ordinance. or regulation anò withhold compliance during any proceeding. including appropriate appeals, so long as Grantor hils notified Lender in writing prior to doing so and 50 long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardiied. Lender lTIay require Grantor to post adQquate security or a surety bOl'ld. reasonably satisfactory to Lender, to protect Lender's interest, Duty to Protect. Grantor agrees neithœr to abandon or leave unattended the Property, Grantor shall do all other aC1:S. In addItion to those acts Get fon:h above in this lIecTion, which from the character and use of the Propen:y are reasonably necessary TO protQct and preserVE! the Property. TAXES AND LIENS. The following provision:; relating to the tB)(~S ¡¡nd liens on the Property are part of this Mortgage; Payment. Gramor shall pay when dUG! (and in all ¡¡vents prior to delinquency) all taxes, payroll taxes, :;pscial taxcs. assessments. water charges and sewer liervice charges levied against or on ¡¡ccoum of the Proþðn:y, and shali pay when due all claims for work done on or for service¡¡ rElldered or mafl~rial furnishE:d tQ the Property. Grantor shall maintain the Property free of any liens having priority over or equaJ to the int!ire3t of Lender und~r this MorTgage. except tor those liens specifically agreed to in writing by Lender. and except for the Jien of tax(}s an,d a5sessments not du'J a6 further specified In the; Right to Contest paragraph. Right to Contest. Grantor may withhold payment of any tax, assessment. or claim in conn~ction with a good faith dispute oVer the obligation to p-'y, so long as Lender's interest in the Property IS not jeopardized. If a lien arises or is filed 1IS a result of nonpayment, Gr¡¡ntor shall within fifteen (15) day ¡ after the lien arises or. if a lien is filed. within fifteen (15) days after Gramor has notice :ofthe filing, secure the dischargE of the lien, or if requested by Lender, deposit with Lender cash or a sufficient oorporate surety bond or other security satisfactory to Lender in an ¡¡mount sufficiellt to discharge the lien plus any COSTS and re!ll5onable attorneys' fees. or other charge5 that could accrue 115 a result of a foreclosure or $al~ under the lion, In any conte:;t. Grantor :shall defelld Itsolf and Lender and shall satisfy any advern judgment before enforcement against the Prop.erty, Grantor shall name Lender as an additional obligee under any suretY bond furni,hed in the contest proceedings. Evidence of Payment. Grantor shaJl upon demand furnish to Lendfilr satisfactory evidence of payrnllnt of the taxes or assessments and shall authorize the apNopriate governmental official to deliver to Lender at any time a writT~n statenlent of tile ta:o;e5 and aUeS5mel'lts againat the Prop6'rty. Notice of Construction. Grantor shall notify Lender at lea${ fifteen (15) days bafore any work is commenced, !Jny services ara furnished, or any materials arø supplied to the Property, if any mechanic's hen, materialmen's lien, or other lien could be a:;serted on account of the work, services. or n1aterials. Grantor will upon request of Lender furnilih to Lender advance assurancr;s saTisfactory to Lender that Grantor can and will pay the cost of ¡;uch improvements, PROPE~TY DAMAGE INSURANCE. The following provi¡;ions relating to insuring the Property are a pan of thili Mon:gage: Maintenance of Insurance. Grantor shall proClure and rn!lintain policies of fire insurancs with standard extended coverag8 endorsen~e~ts., on a replacement basIs for the full insurable value covering all Improvunumts on the Real Property in an amount :;ufficient to avoid,ilpplication of any coinsurance clause, and with a standard mOrtgi gee clause in favor of Lender. Policies shall be written by such inf;uranCeCOmp¡¡nies and in such form ae may bø reUOMbly acceptable TO Lsnder. Grantor shall deliver to lImder cen:ificates of coverage from each insurer containing a foT1pulation thBt coveragQ willl'lot be can called or diminished without a minimum of tcn 11 0) d~ys' prior writt~n notice to Lender and I\ot containing ilny disclaimer of the Insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsllment providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of G(¡' ntor or any other person. Should the Real Property be located in all area designated by the Director of the Federal Ernergency Managcmem Agency as a special flood hí:lzard area. Grantor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days aftE:r notice is given by Lender that the Property is located in a special flood h<nard area. for thê full unpaid prillcipal bal~nce of The loan and ilny prior liens 01\ th€ property securing the ioan. up to the maximum policy limits set under the National Flood JI1surance Prograrn, or as othenNisQ required by Lender, and to maintail'l $uch Insurance for the term of the loan. Application of Proceeds. Grantor shall pro/TIptJy notify Lendar of ilny loss or d/Jmage to the Property. Lender may mak~ proof of loss If Grantor fails to do ~o within fiftcQn (15) days of the cilsualty. Whether or not Lend~r's security ;s impaired, Lender may. at L~:ndar's elaction. recciva and retain th6 proceeds of any in:¡urance and apply the proceeds to the reduction of the Indebtedness. payment of any lien aff~cting the Property, or the restoration and repair of the Property. If Ltnder elects to apply the proceeds tt, restoration and repair, Grantor shall repair or replace the damased or destroy¡¡d Improvements in a milnller satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reason¡¡¡ble cost of repair or restoration if Gr"ntor i5 not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt IInd which Lenòer h<l:$ Il0t. committed m Th~ repair or resToration 01 the Property shall be used first to pay any amount owing to Lender under thi:> Mortgage. then to pay accrued interest, and the remainder, if any, shall be applied to the principal balallce of the Indebtedness. If Lender holds any proceeds aftar paynlent in full of the IndebTtldness, liuch proceeds shall be paid to Grantor as Grantor's interests may appear. LENDER'S EXPENDITURES. If Grantor fails tA) to !coop the Property free of all taJ(es, liens, securitY interøsTS, encumbrilnces, and other claims, (S) to provide anv required insurance on the Property, or IC) to make repairs to the Property then Lender may do so. If any action or ¡¡raceeding is commenced that would mi terially affect Lander':; interests in ths Property, thel'l Lender on Grantor's bshalf may. but is not required to, tak.e any actJon that Lender befisves to be appropriate to protect Lender's interests, All E:)(pen ¡es inl;urred or paid by Lender for such purposes will then bear ¡l'Iterest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by 9 'd 8709 'ON O£L6~8£LüE lS3M 3Hl ~O ~NV8 ~Wll:6 LOOl'SI'f,VIfJ .I'. 'Ò' ·ì2((*"-~··" \, , Ì' ,\\)" MORTGAGE (Continued) 000855 Page 3 Grantor. All such eÄpenses will becomB a part of the Il'IdebtedntlGs and, at LÐrlder's optiol1, \'IIiII (A be payable on demand; (8) be added to the balance of thø Note Bnd be apportioned among and be payable with any installment payments to b0come due during either (1) the term of any applicable insurance policy: or (2) The (sm¡lInlng turm of the Note; or (C) b¡¡ treated as a balloon paym~urt which will be due and paYèlblø at the Note's maturity. The MOr1gage also will secure payment of th~se amounts. The rights provided for jn this paragraph ¡¡hall be in addition to any other rights or any remedies to which Lønder may bo entitled on account 0'" any default. Any such action by Lender shall not be conlitrued as curing the default so u to bar Lønder from any remedy that it crtht'rwiiiø would havG had. WARRANTY: DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage: Title. Grantor warrantlS that: la) Grantor holds good and markstable title of record to the Property in feat simple, free and clear of all lien:> ¡¡,nd encumbrances oTher than those set forth in the Real ProperTy description or in any title insurance policy, title rsport, or fil1a" title qpinion i&$ued in favor of, and accepted by. Lender in conn¡¡ction with this Mortgago, and (b) Grantor has the 1ullright, power, and authority to execute and deliver this Mortgage to Lender. Defenlie' of Title. Subjsct to the exception in the paragraph above. Grantor warrants and will forever defend the title to the Property again6t the lawful claims 01 all persons. In the event any action or proceeding ili commenced that questions Grantor's title or the int¡¡rest of LendN under this Mortgage, Grantor shall defend the action at Grantor's ellpense, Grantor may be the nominal party in Eucn proceeding but Lender shall be Qntitled to participate in the proceeding and to be represented in ths proceeding by counsel of Ler¡der's own choice, and Grantor will deliver, or cause to bE: delivered, to Lender such Instruments as lender may raquest from time to tims to permit such participation. Compliance With laws. Gf1Intor warrants that the Propßrty and Grantor's use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authontlaG. Survival of Promises, All promises, agreements, and $'tatemants Grantor has made in this Mortgage shall survive the eKecution and delivery of this Mortgage, shall be cor¡tinuing in nature and shall remai;¡ in full force and effect until such time as Grantor's Indebtedness is paid in full. CONDEMNATION. The following provisions relating ~o condemnation proceedings are a part of this Mortgëlge: Ptoceedings. If allY proceeding In condemnation is fiiud, Grantor shall promptlv notify Lender In writing, al1d Grantor shall pr'ômptly take suctl steps as may be nQcessary to dofend the action and obtain the award. Grantor may be the nominal parry in such proàeding.but Lender shall be entitled to participato in the proceadir¡g and to be reprllsented in the proceøding by counsel of its own choice, and Gràntor will deliver or cause to be delivered to L'ilnder such instruments and documentation as may be requested bv Lender fromtirne'to time to permit such particip:¡ltion. Application of Net Proceeds. If all or any part of the Property i$ condemned by cmlllent domain proceedings or by any proceeding or purchase in lieu of condemnati(¡n, Lender mey at Its election require that all or ¡my portion 01 the net proc€lIds of the a.ward be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the awar:! shall mean the award after payment of all reasonable costs. e)<,penses, and anorneys' fees incurred by lendGr in connection with the condemrlation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisíons reJating to governmental t~xe:;, fees and charges are a pêll"( of this Mortgage: Current Taxes, Fees and Charges. Upor¡ request by Lender, Grantor shall ex('¡cute such documents in addition to this Mortgage and tak.e whatever other action is requested by Lender to perfect and continua Lender's lien on the Real Property. Gr¡¡ntor shall reimburse Lender tor ell taxes, as described below. together with all expen:;es incurred in recording, perfecting or continuing this Mortgage, includihg >¡vithQut li",ìtation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. , r." Taxes, The following shall constitute taxes to which this section applies: (1) II specific tilX upon thili type of Mortgage or upon aÙ or any part of the Indebtedness secured by this Mortgage>; 12) a specific tax on Grantor vvhich Grantor is authorized or required fo' deduct from paym.:nts on the Indebtedness securEid by this TYps of Mortgage;;; (3) a ta ( on this type of Mortgage chargeable against the .Le¡'d~r or 'the holder of the Note; and (4) a specific télX on all or any portion of the IndebtQdness or on paymsnts of principal and ir/terest made by Grantor. Subfiequent Taxes. If any tax to which this section applies is enacted sub$equent to the date of this Mortgage, this event shall have the same effect as an Event of Default. and Lender may exercise any or all of its available remedies for an Event of Dsfault as provided below unless Grantor either (1) pays the tax before It becomes delinquent, or (2) contests the tal( as provided above in the T¡¡xes and Liens section and deposits with Lender cash or ði sufficient corporate suretY bond or other security sati~facto(y to Lend~r. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: Security A9reement. This insTrument shall constitute a Security Agreement to the extlwt any of The Property constitutes fiKwres, and Lender ahall have all of the rigt1ts of a secursd party under thE: Uniform Commercial COdB as amended from time to dm€. Security Inter~st. UPOI'\ request by lander, Grantor shall take whatever action is requested by Lender to perfGct and continUe Lender's security interest in thø Perlional Property. In addition to recording this Mortgilge in the relll property n¡cords, lender may, at any tim.e, and without further authorization from Grantor, file aÄec;uted counterparts, copies or reproductions of this Mortgage as iI financing statement. Grantor 6hall reimburse Lender for !III ø)Cpenses incurred in perfecting or continuing thIs õElcurity interest. Upon default, Grantor shall not remove, saver or detach the Pørsonal Property from the Property. Upon d~fault, Grantor shall assemble any Personal Property not affixed to the Proparty in a manner and at a place reasonably convenient to Grantor and Lender and makQ it available tQ Lender within three (3) days after receiot of wnttl:n demand from Lender to the extent pern,itted by applicablE/law. Addr8ues. The mailing addresses of Grantor (debtor) anti lender (secured party) from which information concerning the security intere~t grilr¡ted by this Mortgage may be obtained (¡¡ach !IS required by the Uniform Commercial Cede) are as stated on the first page of th,s Mortgage, FURTHER ASSURANCES; ATTORNEY·IN·FACT. The following provisions rlllating to further assurar¡ces and attorney-in-fact are a part of this Mortgilge: Further A"urances. At any time, and from Time to time, upon request of Lender, Grantor will make, e,x:ecute and deliver, or will c~uss to be made, executed or delivered, to Lender or to Lendsr's designee. and when requested by Lender, cause to be filed, recorded, ref¡lsd, or L 'd 8709 'ON U£LG~S£LO£ lS3M 3Hl jO ~NV8 WVL I: 6 LOOL 'Sl 'AV~~ MORTGAGE (Continued) Page 4 '.j:~;':3j8.~ Oöðê56 rerecorded, <13 1he CBGe may be, at such times Bnd in such offices and places as Lend~r may deem appropriate, any and all Guch mortgagGG, dlled:s of tru.~t, sscurity deeds, security agreement:;, financing statements, continu<ltion statements, instrum~ntl; of further BS¡;urance, certificate:s, and other documents as may, in the sole ooinion oi Lender, be necessary or desirable in order to effectuate, complete, p~rfQct, continue, or preservfl (I) Grantor's obligations under the Note, this MClrtgCtge, and the Related Documents, and (21 the (iens and Geeuritv interests created by 1his Mol'tgél.ge as first and prior liens on thlJ Property, whether now owned or hereafter acquired by Grantor, Unlos$ prohibited by la.... or Lender agrees to thll contrary In writing, Grantor shall ruimburse Lender for aU costs and expenses inci:Jfr9d in connection with the maners referred to in this peragraph. Anornoy-in-Fact. If Grantor faits to do any of the things ref6rred tCi in the preceding paragraph, Lender may do so for and in the name óf Grantor and at Gralltor's expense. For such pUrpo~es, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpO$e of making, E/xecvting, delivering, filing, recording, and doing all other thin9$ <IS may be neces:sary or de:¡¡rable, in Lender's sole opinion, to accomplish The mattars referred TO in the preceding para9r~ph. FUll PERFORMANCE, If Grantor pays all the Indebtednes$ when due, and otherwise performs ..II the obligations impo:;ed upon Grantor under this Mortgage, Lender shall ex&cute and dGJiver to Grantor a suitable satisfaction of this Mortgage and suitable statements of 'termll1ation of any financing sraternent on file evidencing Lender's 68cunty interest in the Rent~ and the Persollal Properw. Grantor will pay, if permitted by applicable Jaw, allY reasonilble terminarion fee a3 determined by Lender from time to time. EVENTS OF DEFAULT. At Lender's option, Grantor will be in daf3ult under this Mortgage if any of the following happen: Payment Default. Grantor i~il$ to mak.e any paymen't when due under the Indebt.ednGIiG. Default on Other Payments. Failure of Grantor within the tima required by this Morrgagl! to m.al(e any payment for taXe$ Qr insurance, or any other payment neceuary to prevent f;ling of or to effeC't discharge of any lien. Br.eak Other PromJ6eli. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly inths, m.~nner p,rovided in This Mortgage or in any agreement related 'to thiE Mortgage. ' " False. Statements. Any represent!ltion or :rtatarnellt made or furnished to Lender by Grantor or on Grentor' ¡ 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. Detective CollateralizalÌon. This Mortgage or any of the Related Documents ceases to be in full force and effect íincludin~j' failure oi any ..ollateral document to create a valid and perfected security interest or Ilfln) at any time and for any reasOll. Doath or Insolvency. The death of Grantor, the insolvency of Grantor, the appoi"tment of a r9ceiver for IIny part of GrantC'r's property, any assignment for the benefit of creditors, any tYpe of credit"r workollt. or the commancement ot any proceedll1g under any bankruptcy or insolvency laws by or eg¡¡jnst Grantor. Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Grantor':; property In ......hich Lender has a lien, This includes taking of, garnishing of or levying Qn Grantor's ( ccount:; with Lender. Howevur, if Grantor disputes in good faith ....hether the claim on which the taking of the Propsrtv is based ili v¡¡lid or reason¡¡ble, alld if Gramor give3 Lender writte" noticlI of the claim and 1urnisheli Lender with monies or a :surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply, Br lac:h of Oth~r Agreement. Any breach by Grantor under .hE terms of any other agrsement betwaan Grantor and Le'nder thilt is not remedied wlrhin any grace period provided therein, including without limitation any agreement concerning any indebtr.!dnsss or, other obligation of Grøntor to Lender, whether eJCi5ting now or latBr. " ': events Affecting Guarantor, Any of the preceding events occurs ~lIìth respect to any guarantor, endorser, surety, or accornmodation'party of eny of the Indebtedne$5 or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or di:;putes the villidity of, or liability under, any Guaranty of the Indebtedness, In the event of a deilth, Lender, ilI its option, may, but shall not be reqUired to, per",it the guarantor'5 estate to assumG unconditionally the obligation, arising under The guaréJntY in a manner satisfactory to Lender, and, in doing so, cure any Event of Default. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any Time thereafter, Lender, at Lender's oPtion, may exerci~e anyone or more of the following rights ¡¡"d remlildia!l, in addition to any other rights or r€rnadies providœd by law: Accelerate Indebtedneu. Lender shilll have the right at IIG opTion wIthout notice to Gr~ntor to declare the entire Indebtedness immediiltely due and payable, including any prepayment pel'1alty which Grantor would be required to pay. UCC Remedies. With re~pect to all or any part of the PQrsonal Propeny, lender shall have all the right:; /lnd remedies of a secured party under the Uniform Commercial Code. Collect Rents, L~nder shall have the right, without notice to Grantor, to ~ai(e possession of The Property, including dur'ing the pendency of 10reclosur~, whether judicial or non·judicial. and collect the R~ntli, including arnount.$ past due and unpaid, and apply the net procQec!'s, over and above Lender's Coats, against the Il1debtQdne¡¡:¡. In furtherence of this ri9ht, Lendt:r may require any tenam or other U:i9r'of the Property to make payments of rent or use fee$ diractly to Lender. If the Rents are collected by Lendsr, then Grantor irrevOCilbly designataG Lender as Grantor's /lttorney-in·fact to endorse instrvments received in paymllnt thereof il1 thE name of Grantor ðnd to negotiate thll Game and colleC't the proceeds. Payments by ten( nts or other lIsers tD Lender il1 response to Lender's demand shall satisfy the obligations for which the payments are made, wh9ther or not any proper grounds 101' The demand existed. Lender mey e~ercise its rì9htS undllr this subparagraph either in person, by ilgel,t, or throu9h a receiver. Appoint Receiver. Lender shall have the right t" halle a receiver appointed to ta\l.e poesessiol' of all or any pert of the Property, wirh the power to protect and preserve the F'ropeny, to operate me Property precsding foreclosure or sale, and 10 colleC't the Rents from the Propc:rty <lnd apply the proceeds, OVer and above th6 cost of the:: r¡¡ceivership, against 'the Indebtedness, Thll receiver may serve ......ithout bond if permitted by law. Lender's right to the appoÎnt",ent of a reCljIlVer shall exist ....hether or not the appêlrent value of tfie Property exce~ds the Indebradne" by a :;ubstantial amount. Employment by Lsnder shall not disqualify a parson from serving as a receiver. Judicial Foreclosure, Lellder may obtain a judicial decree fon¡¡c/osin!) Grantor's intere!rt in all or Bny part of the Property, Nonjudicial Sale. Lender may foreeloliB Gra"tor's intere:st in all or in any pllrt of 1he Property by ""n-judicial sale. and specifically by "power of sale" or "advertisement and ~ille" foreclosure as provided by staTute. Def.iciønçy Judgment, If permitted by applicable la......, Lender may obtain a judgmant for any deficiency remaining In the Jndebtedn~~~ due 8 'd 8P09 'ON O£L6L8£LO£ lS3M 3Hl JO ~NV8 WV L I : 6 L 00 L 'S l '^ VIII lJ~J~~S8¡t MORTGAGE (Continued) 000857 Page 5 to Lendc:r after applioation of all amounu received from the sxerçise of ths rights proVided in this section. Tenancy at Sufferance. If Grantor remains in possession of the Property after ths Propen:y is sold as provided above or Lender otherwise becomes ¡¡ntitled to possession of the Propt'rty upon default of Grantor, Grantor shall become a tenant at sufferance of Land,eror the purchfJser of the Propen:y IInd shall, at Lsnder's option, either i1) pay a reasonable rental for the use of the PropertY, or,. i2J. vaoate the 'Property immediately upon the demand of Lender. Other Remedies, Lender shall have all other rights and renledies provided in this Mortgilge or the Not$ or ilvailable at law or in equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all fight to have the Property nlarshalled, In e;o;erciSlng it!!! rights ancl remedies, Lender shall be fr¡:;¡¡ to eell all or any pan: of the Propen:y together or separll'tf¡ly, In one salt! or by separate sales, Lender shall be entitled to bid ilt any public sale on all or any portion of the Property. Notice of Sale. Lender will give Grantor reasonablB notice of the time and place of <lny public sale 01 the PGrsonal Property or of the time after which any private sale or other inTended di6position of the Persol'\!ll Property is to be nlade, Reasonable notice shall mean notice given at IGast ten (10) days before the time of the sale or di..position. Any sale of the Personal Property may blS made in conjunction with any sala at the Aeal PropertY. Election of Rf>I1Iedies, All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An slQction by Lender to cho08e anyone remedy will not bar Lender from using ally other remt'dy. If Lender dlô1cldes to spend money or to perfornl any of Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default and to exercise Lender's rem,dies. Attorneys' Fees: Expenses, If Lender institutes any suit or action to enforce any of the terms of this Mon:gage, Lender shall ~9'imiitled to rècover 6"uch sum as the court nlay adjudge reasonable as attorney:.' fQe~ at trial and upon any appeal. Whether or not any, court action is involved, and to .he ¡)(tent not prohibited by law, all rei!i50nabf!t axpenses Lønder incurs thfJt ill Lender's opinion ar!! necessary' at any time tor the prot9ctiQn of ita ¡l1terest or the enforcement of its rights shall become a part of the Indebtedness payablø on demand and (jhall bear interest at ths Note rate from the date of the expenditure until repaid, Expense, covered by this paragrapl1 includE, without limitation, however subjsct to 8n\' limits under applicable law, L~l\der's reasonable IIttorl1eys' fees ,and Lel1der's legal eJ\penses whether or not there is II lawsuit, including reasonable anornlly:;' fees and exp,mses for bankruptcy proceedings (including efforts to modify or vacatG any automatic stay or hjunctionJ, appeals, and any anticipated post-judgment c.ollection servJcEls, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permlttlSd by applicable law. Grantor al:oo will pay any court costs, in addition to all other sums provided by law. NOTICES. Any notice required to ba given under this Mortgage, including without limitation any notics of default and any norit.iI.of sale shall be given in writing, and shall be IIffective when actually delivered, when actually recsived by telefacsimile (unless otherwise required by law), whQn deposited with a nationally recognizQd overnight courier, or, if mailed, whan deposited in the UnitGd States mail, as first class, certified or registered rnail pO$tage prepaid, directed to the addresses shown near the beginning of this Mortgage, All copies of notice$ of foreclosure from the holder of any lien which has priority over this Mon:gage shall be sent to Lender's address, as shown near the beginning of this Mortg¡¡ge, Any person may change his or her address for IlQtic~~ under thi:. Mortgilge by giving formal written notice to tho other person or persons, spl!cifying that the purpose of the notice iiS to change the pl!:rson's addres3. For notice purposes, Grantor agree~ to I~eep Lender informed,at all times of Grantor's current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors, It will be Grantor's respon:;ibility to tell the others of the notìcefrom LGnder., MISCELLANEOUS PROVISIONS. The following rniscelJan¡:ou:¡ provisions are a part of this Mortgage: Amendments. Whet is wrinen in thi:;; Mortgage and in thi! Related Documents is Grantor's øntire agreE/ment with Lender concerning the matters covered by this Mortgage, To be effective, any change or amendment to this Mortgage must be in writIng and must be signed by wholl'ver will be bound or obligated by the ohange or amendmr:nt. Caption Headings. Caption headings in thilS Mortgage are for convenience purpo:;e, only and are not to be used to interpret or define thEl provisions of this Mortgage. Governing Law, This Mortgagc will be governed by føderal law applicable to Lender and, to the extcnt not preempted by federal law, the Jaws of the State of Wyoming without regard to itG conflicts of law provisions, This Mortgage has bean açcepted by Lender in the Stato of Wyoming. No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing, The fact that Lender delays or omits to exercise any right will not mean that Lender has given vp that right. If Lender does agree in writing to give up one of Lender's rights, thëtt does not mean Grantor will not havo to comply with the other provisions of thi~ Mortgage, Gr~ntor also vnderst!l.nds that if Lender does consent to a request, that does not mean that Grantor will not have to get Lander's consEnt ag~in If the 5ituation happens again, Grantor further understands that just becau~e 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 reqllestS. Grantor waiyes prli:santmem, demand for paymont, prate 1St, af1d notice of dishonor. Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor agrees that the Tlgtm: of Lender in the Property under this Mortgage are prior to Grantor's rights while this Mortgage rsmaillS in effect. Severability, If e court finds that any prollision of this Mortgage is not valid or should not be enforced, that fact by itself will not mean that the rest of this Mortgage will not ba valid or enforced. Therefore, a court will enforclI the rest of the provisions of this Mortgage even if a provision of this Mortgage may be found to be invelid or unenforceable. Merger. There shall be no merger of the inurest or estate created by this Mortgage wIth any other intereS1: or estate in the Prop,erty at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender. Successors and Assigns. Subject to any limitations stated in this Mongagø on transfsr of Grantor's interest, this Mortgage shall ba binding upon and inure to the benefit of the parrIes, their successors and assigns. If ownarship of ths Property becomes vtsted in a person other than Grantor, Lander, without notice to Grantor, may d9al with Grantor's SUccessors with referellce to this Mortgage and the Indebt¡¡dne~s by way of forbearance or extension without releasing Grantor from the obligGtions of this Mon:gage or liability under thEl Indebtedness. Tima is of tho Essence, Time is of the essenCe ill the performance of this Mortgage. Waiver of Horne:itead Exemption. Grantor hereby releases and wOlves all rights and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtvøness secured by this Mortgage, 6 'd_8Þ09 'ON_ OEL6~8ELOE lSjM 3Hl jO ~NV8 Iwlt:6 LOOl'SI'AV~~ ¡: ii" "Þ~:.:l..t::' ¡;:).<; u.:..:¡ Ã.lJ ....11 ÿ ::J L ~ MORTGAGE (Continued) 000858 Page 6 DEFINITIONS, The following words ~hall have the tollowinQ m~anin9:; when used in this Mortgage: , ·Borrowsr. The word "Borrower" means DARREN MEHLER and inclUde:; all co-slgnsrs and co·malters signing the Note iml aU their $lIccessor.\ and aS5ign:;. Environmental Law:s. The words "EnvironmenTal Laws" mean âny and all state. tederal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and liabilitY Act of 1980, as amQnded, 42 U.S.C, SeC1ion 9601, et seq, ("CERCLA"), the Superfund Amendment:! and Reauthorization Act of 1986, Pub. L. No. 89·499 ¡"SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Rer;ource Connrvation and RecovE:ry Act, 42 U.S.C, Section 6901. et seq., or other applicable statB or federal laws, rules, or rGgulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage In the events of default :>eC1lon of thi5 Mortgage. Grantor, The word "Gr¡mtor" mE/ana DARREN MEHLER. Guaran~y. The word "Guøranty" mean:; the guaranty from guarantor, endorser, surety, or accommodation party to lender, includins without limitation a guar.mty of all or part of the Note. Hazardous Substances. The words "Hazardous S~bstancGs" mean materials that, b€c/lU5e of their quanti(y, concentration .or ¡p~ysjc:al. chemical or infeC1ìous characteristics, may ciluse or pose a prøaent 01' potential hazard to human health or the tnvironment when improperly used, treated, stored, disposed of. generated, manufactured, trilnsported or otherwise handled. The wQrd·s "Hazardous SUbstances" are used in their very broadest sense and include without limltatlcn allY and all h¡¡zardous or toxic substances, materials or wa~te as defined by or listed under the Envirollmemal Lilws. The term "Hazardous Substances" also includes, wlthuut Jinlltation, petroleum and petroleum by-products or ¡my fraction th~reof a(ld asbestos. Improvements. The word "Improvements" means all existing and future improvements. buildings, strUCtures, mobile homes affixed on the Real Properw, facilities. additions, replllcements and other construction on the Real Property. Indubtedness. The word "Indebtedness" means all principal. intllre:;t, and other amounts, costs and expenses payable under the Note or Rel¡ned Documents, together with an renewals of, extel1sionr; of, modifications of. consolidations of and &ubfjti{utions for the Note or Flefatc>d Documents and Bny amounts expendad or advanced by Lender to di~charge Grantor's obligations or expenses incurred by Lender to ellforcQ Grantor's obligations under this Mortgage, together with ¡ntere:;t on such amOUnts as provided in this Mortgage. Lender. The word "Lunder" mtans BANK OF THE W!õST, its successors and assigns. The words "succeslõors or assigns" mean any person or company that acquires any intere:n ill the Note. Mortgage. The word "Mortgage" means this Mortgagtl between Grantor ilnd Lender. Note. The word "Note" mellns the promi5sory note dated May 15, 2007, in the original principal amount of $33,197,00 from Grantor to Lender, together with all renewals of. extenlõions of, modificationG of, refinancings of. consolidatiOl1Ii of. and substitutions for the promiçsory note or agreement. The maturity date of this Mortgage is MBy 29, 2032. Personal Property, The wordi5 "Personal Property· mean all equipment. fixtures, and other articles of personal property now or here3,(ter ownad by Grantor, and now or hsreafter attached or affixed to the Real Property; together with all accessions. parts, and additions to, all replacements of, and all &ubstitutions for, any or $uch property; and togethsr with all proceeds (including without limitation all insurance proceeds and refunds of premiurns) 1rom any sale or other disposition of thE: Property, Property. The word "Propertv" means collectively the Real Property and the Personal Property, Real Property. The words "Real Property" mean the real proPQrty, inter~sts alld rights. as further describ~d in this Mortg¡¡ge. Related Documents, The worda "ReJatad Documents" mean all promissory notes, cradit ¡¡greements, loan 89reements, enviro(lmental egreements, guaranties. ~8curity agreements, mortgages, deeds of trust. 5Qcurity deeds. collateral mortgages, and all other inlrtrllments. agreements and documents, whether now or l1ereafter existing, executed ;n connection with the Indebtedness. Reots. The word "Rents" means all present and fUTure rents, revenu¡¡s. illcome, j~5ues, royalties, profits, and other benefIts derived from the Property. ALL THE PROVISIONS OF THIS MORTGAGE, AIIID GRANTOR AGREES TO ITS T~MS. o ¡ 'd 8P09 'ON O£L6~8£LO£ lSjM 3Hl JO ~NV8 vw~¡:6 Lorn'Sl'AViN : 1"., "::;r. ,1 r- C A' \~,)fJ..cVJ~ :~!.:i' MORTGAGE (Continuedl 000859 Page 7 INDIVIDUAL ACKNOWLEDGMENT STATE OF __ Wyoming -- ) ) ss ) COUNTY OF Lincoln --- On this day before me, tho undersigned Notary Public, personally appeared DARREN MEHLER, to mil known to b~ th9 individual described in and who executed the Mortgage, and acknowledged that he or ~hQ signed the Mortgage as his or her free and voluntary act and deed, for the uses and purposes 1herçin mentioMd. GiVe~~ an~hi8 By ~;;t';'¿- ~ .-L/ Notary Public in and for the State of #~~J~~:::r 15th day of ,20 07 Residing at ¿,;, /kL'''( ~&.- -d., My commission expints ¿1...;:> ~~'Md// May WI." rAO "GIIiI.. ·\lCI ,.JieAA).(J)4 ~4fr. 1'19..... 'M."~!'I "Out"....., Inc. 1:16'1,. :pJQ'. NI 1'\1;,,&1 ",...... . \"'T G:\Crll¡'!i\.\C02 'C TA..'\I6W\ AA.17: LORI KALAN - NOTARY PUBLIC COUNTY Of STATE Of LINCOLN WYOMING My Corm1lsslon Expires F.b. 26, 2011 II 'd 8V09 'ON OEL6~8ELOE lS3M 3Hl ~O ~NV8 ~WE l : 6 LOO~'S 1 'AWi