HomeMy WebLinkAbout930403
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RECORDATION REQUESTED BY:
The Jackson State Bank & Trust
West Office
P.O. Box 1788
50 Buffalo Way
Jackson, WY 83001
WHEN RECORDED MAIL TO:
The Jackson State Bank & Trust
West Office
P.O. Box 1788
50 Buffalo Way
Jackson. WY 83001
SEND TAX NOTICES TO:
The Jackson State Bank & Trust
West Office
P.O. Box 1788
50 Buffalo Way
Jackson WY 83001
RECEIVED 6/15/2007 at 1 :40
RECEIVING # 930403
BOOK: 662 PAGE: 225
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEM ERER, WY
SPACE ABOVE THIS LINE IS FOR ECORDER'S USE ONLY
* 000000000033055675 %0745 %061 22007 %000000000000000 *
MORTGAGE
if
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $138,750.00.
THIS MORTGAGE dated June 12, 2007, is made and executed between Emmett Mavy and Ro ina Mavy, Husband
and Wife, whose address is PO Box 3821, Alpine, WV 83128 (referred to below as "Grantor') and The Jackson
State Bank & Trust, whose address is P.O. Box 1788, 50 Buffalo Way, Jackson, WV 83001 (r ferred to below as
"Lender"),
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, ti e, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, impro ments and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitati n all minerals, oil, gas,
geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming:
See Exhibit "A", which is attached to this Mortgage and made a part of this Mortgage s if fully set forth
herein,
The Real Property or its address is commonly known as 107598 Highway 89, Etna, WV 8311
CROSS-COLLATERALlZATION. In addition to the Note, this Mortgage secures all obligations, debts and liabilities, Ius interest thereon, of
Grantor to Lender, or anyone or more of them, as well as all claims by Lender against Grantor or anyone or mor of them, whether now
existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, hether due or not due,
direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Grantor mal be liable individually or
jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery pon such amounts may
be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts ay be or hereafter may
become otherwise unenforceable.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of t e Property and all Rents
from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Pr perty and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND P RSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLlGATI NS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWI G TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all mounts secured by this
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 the Prop rty shall be governed by
the following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and co trol of the Property; (2)
use. operate or manage the Property; and (3) collect the Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replace ents, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period 0 Grantor's ownership of
the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened elease of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason 0 believe that there has
been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of ny Environmental Laws,
(b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardo 5 Substance on, under,
about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened Ii igation or claims of any
kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lend r in writing, (a) neither
Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufactur . store, treat, dispose of
or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be onducted in compliance
with all applicable federal, state, and local laws. regulations and ordinances, including without limitation all Envir nmental Laws. Grantor
authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expe se. as Lender may deem
appropriate to determine compliance of the Property with this section of the ,Mortgage. Any inspections or tests made by Lender shall be
for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender t Grantor or to any other
person, The representations and warranties contained herein are based on Grantor's due diligence in inves igating the Property for
Hazardous Substances. Grantor hereby (1) relea'ses and waives any future claims against Lender for indemn ty or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, d fend, and hold harmless
Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directl or indirectly sustain or
suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manuf cture, storage, disposal,
release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should
have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify and defend, shall survive
the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall no be affected by Lender's
acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any strip ing of or waste on or to
the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not rem ve, or grant to any other
party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock produ ts without Lender's prior
written consent.
Loan No: 330556 5
09~10403
MOHTüAGE
(Continued)
000226
Page 2
Removal of Impr vements. Grantor shall not demolish or remove any Improvements from the Réal Property without Lender's prior written
consent. As a c ndition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Imp ovements with Improvements of at least equal value.
lender's Right to Enter. Lender and lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Lender's intere ts and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
in effect, of all g vernmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such
law, ordinance, 0 regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified
Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender
may require Gran or to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither ,to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those
acts set forth ab ve in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
DUE ON SALE - CO SENT BY lENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
Mortgage upon the s Ie or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real
Property. A "sale or t ansfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed,
leasehold interest wit a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in
or to any land trust hiding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. However, this
option shall not be ex rcised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. he following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grant r shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sew r service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to
the interest of Le der under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes
and assessments not due as further specified in the Right to Contest paragraph.
Right to Contest Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall wit in fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after 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 security
satisfactory to L nder in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that
could accrue as result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any
adverse judgmen before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond
furnished in the c ntest proceedings.
Evidence of Pay ent. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the app opriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Constr ction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the
work, services, 0 materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay he cost of such improvements.
PROPERTY DAMAGE NSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of I surance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement ba is for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsuran e clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies
and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer
containing a stip lation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender
and not containi g any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an
endorsement pro iding 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, Sh uld the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as
a special flood hard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given
by Lender that th Property is located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on
the property secu ing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by
Lender, and to m intain such insurance for the term of the loan.
Application of Pr ceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if
Grantor fails to 0 so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's
election, receive nd retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien
affecting the Pro erty, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor
shall repair or rep ace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of
such expenditure payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Mortg ge. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not
committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to
pay accrued inter st, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds
after payment in ull of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear.
lENDER'S EXPEND IT RES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims.
(B) to provide any r quired insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or
proceeding is com me ced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not
required to, take any ction that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for
such purposes will th n bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by
Grantor. All such exp nses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to
the balance of the No e and be apportioned among and be payable with any installment payments to become due during either (1) the term of
any applicable insuran e policy; or (2) the remaining term of the Note; or IC) be treated as a balloon payment which will be due and payable
at the Note's maturity The Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition
to any other rights 0 any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall not be
construed as curing th default so as to bar Lender from any remedy that it otherwise would have had.
WARRANTY; DEFENS OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor w rrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple. free and clear of all liens
and encumbrance other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
issued in favor 0 , and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and deliv r this Mortgage to Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against
the lawful claims f all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender
under this Mortg ge, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lender shall be e titled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
Grantor will deli er, 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 warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and r gulations of governmental authorities.
Survival of Promi as. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery
Loan No: 33055675" .. ··o.~;S0403
MOrn-uAGE
(Continued)
) '10;0'0',6'227
Page 3
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings r by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to
the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the a ard after payment of all
reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relatin to governmental taxes,
fees and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition t this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property, Grantor s all reimburse Lender for
all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mo tgage, including without
limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of M rtgage or upon all or any
part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized 0 required to deduct from
payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable gainst the Lender or the
holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of princi al and interest made by
Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, his 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 efault as provided below
unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided abov in the Taxes and Liens
section and 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 Mortgage as a security agreement are a part of
this Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property onstitutes fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfe t and continue Lender's
security interest in the Personal Property. In addition to recording this Mortgage in the real property records, Len er may, at any time and
without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage s a financing statement,
Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon efault, Grantor shall not
remove, sever or detach the Personal Property from the Property, Upon default, Grantor shall assemble any Pers nal Property not affixed
to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available t Lender within three (3)
days after receipt of written demand from Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concer ing the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated n the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney in-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute an 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 iled, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, an and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instrume ts of further assurance,
certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effe tuate, complete, perfect,
continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and
security interests created by this Mortgage as first and prior liens on the Property, whether now owned or herea ter acquired by Grantor.
Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs nd expenses incurred in
connection with the matters referred to in this paragraph.
Attorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do s for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor' attorney-in-fact for the
purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or d sirable, in Lender's sole
opinion, to accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations imp sed upon Grantor under
this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statem nts of termination of any
financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor ill pay, if 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 happe
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment r taxes or insurance, or
any other payment necessary to prevent filing of or to effect discharge of any lien.
Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time a d strictly in the manner
provided in this Mortgage or in any agreement related to this Mortgage.
Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agree
agreement, or any other agreement, in favor of any other creditor or person that may materially affect any
Grantor's ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this
document.
ent, purchase or sales
f Grantor's property or
ortgage or any related
False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's beha f under this Mortgage or
the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
Defective Collateralization. This Mortgage or any of the Related Documents ceases to be in full force and effec (including failure of any
collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part f Grantor's property, any
assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
insolvency laws by or against Grantor.
Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Gr ntor's property in which
Lender has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. Howev r, if Grantor disputes in
good faith whether the claim on which the taking of the Property is based is valid or reasonable, and if Grantor gi es Lender written notice
of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then his default provision will
not apply.
Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grant r and Lender that is not
remedied within any grace period provided therein, including without limitation any agreement concerning a y indebtedness or other
obligation of Grantor to Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes inc mpetent, or revokes or
disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at ts option, may, but shall
not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under th guaranty in a manner
satisfactory to Lender, and, in doing so, cure any Event of Default.
Right to Cure. If any default, other than a default in payment is curable and if Grantor has not been given a notic of a breach of the same
provision of this Mortgage within the preceding twelve (12) months, it may be cured if Grantor, after receiving ritten notice from Lender
demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires mo e than fifteen (15) days,
immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
loan No: 330556 5
,O~~1040.]
MORTGAGE
(Continued)
: J r
000228
Page 4
completes all reas nable. and necessary steps sufficient to produce compliance as soon as reasonably practical.
RIGHTS AND REMEDI S ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, lender, at Lender's option, may
exercise anyone or m re of the following rights and remedies, in addition to any other rights or remedies provided by law:
Accelerate Indebt dness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. ith respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents. Le der shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whet er judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over
and above Lende 's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the
Property to make ayments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates
Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same
and collect the pr ceeds, Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for
which the payme ts are made, whether or not any proper grounds for the demand existed, Lender may exercise its rights under this
subparagraph eith r in person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the
power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the
Property and appl 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 of a receiver shall exist whether or not the apparent value of the Property
exceeds the Inde edness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosu e. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. ender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power
of sale" or "adver isement and sale" foreclosure as provided by statute.
Deficiency Judgm nt. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due
to Lender after ap lication of all amounts received from the exercise of the rights provided in this section.
Tenancy at Suffe ance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the
purchaser of the roperty and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the
Property immedia ely upon the demand of Lender.
Other Remedies. ender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Prope ty. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled.
In exercising its r ghts and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by
separate sales. L nder shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. L nder will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after which any rivate sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice
given at least ten (10) days before the time of the sale or disposition, Any sale of the Personal Property may be made in conjunction with
any sale of the R al Property.
Election of Reme ios. All of 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 from using any other remedy. If Lender decides to spend money or to perform any of
Grantor's obligati ns 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 remedies.
Attorneys' Fees; xpenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is
involved, and to t e extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time
for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
interest at the N te rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation,
however subject 0 any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is
a lawsuit, includ ng reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any
automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title
reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law.
Grantor also will ay any court costs, in addition to all other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be
given in writing, and s all be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when
deposited with a nati nally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or
registered mail postag prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure 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 cha ge his or her address for notices under this Mortgage by giving formal written notice to the other person or persons,
specifying that the pu pose of the notice is to change the person's address. For notice purposes, Grantor agrees to keep Lender informed at all
times of Grantor's cur ent address. Unless otherwise provided or required by law, if there is more than one Grantor. any notice given by Lender
to any Grantor is dee ed to be notice given to all Grantors, It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PR VISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. hat is written in this Mortgage and in the Related Documents is Grantor's entire agreement with Lender concerning the
matters covered y this Mortgage, To be effective, any change or amendment to this Mortgage must be in writing and must be signed by
whoever will be b und or obligated by the change or amendment,
Caption Headings Caption headings 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. his Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in the State of
Wyoming.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Teton County,
State of Wyomin .
Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean
each and every G antor. This means that each Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Le der. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in
writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree
in writing to give up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage.
Grantor also und rstands that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent
again if the situa 'on happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requests.
that does not m an 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 waives all rights of exemption from execution or similar law in the Property, and Grantor
agrees that the ri hts of Lender in the Property under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect,
Severability. If a court finds that any provision of this Mortgage is not valid or should not be enforced, that fact by itself will not mean that
the rest of this M rtgage will not be valid or enforced, Therefore, a court will enforce the rest of the provisions of this Mortgage even if a
provision of this ortgage may be found to be invalid or unenforceable.
Merger. There s all be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any
time held by or for the benefit of Lender in any capacity, without the written consent of Lender,
Loan No: 33055675
O~i30403
MON Il:iAGE
(Continued)
o
Page 5
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this
upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes
than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortga
by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability unde
Time is of the Essence. Time is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exe ption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following words shall have the following meanings when used in this Mortgage:
Borrower. The word "Borrower" means Emmett Mavy and Romina Mavy 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, federal and local statutes, reg lations 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 amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"). the Sup rfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"). the Hazardous Materials Transportation Act, 49 U.S. . Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or
regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage n the events of default
section of this Mortgage.
Grantor. The word "Grantor" means Emmett Mavy and Romina Mavy.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation pa ty to Lender, including
without limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, c ncentration 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, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic ubstances, materials or
waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, with ut limitation, petroleum
and petroleum by-products or any fraction thereof and asbestos,
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mob Ie homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses pa able under the Note or
Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and subst tutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expens s incurred by Lender to
enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mort age.
Lender. The word "Lender" means The Jackson State Bank & Trust, its successors and assigns. The words "succ ssors or assigns" mean
any person or company that acquires any interest in the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated June 12, 2007, in the original principal amount f $277,500,00 from
Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations f, and substitutions for
the promissory note or agreement. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE.
Personal Property, The words "Personal Property" mean all equipment, fixtures, and other articles of personal p operty now or hereafter
owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, p rts, and additions to, all
replacements of, and all substitutions for, any of such property; and together with all proceeds (including withou limitation all insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real property. interests and rights, as further described in this ortgage.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan ag eements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, a d all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and ot er benefits derived from
the Property.
ortgage shall be binding
ested in a person other
e and the Indebtedness
the Indebtedness,
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE. AND EACH GR NTOR AGREES TO ITS
TERMS.
GRANTOR:
~~~~
~
. -
STATE OF
COUNTVO' , ,~~
INDIVIDUAL ACKNOWLEDGMENT
)
) SS
)
DONNA BOOTH· NOTARY PUBLIC
COUNTY OF STATE OF
LINCOLN WYOMING
MY COMMISSION EXPIRES SEPT. 20, 2007
LASER PRO Lending, VIt. 5.36.00.004 Copt. Hllfllnd FIn.nol.1 Solutlonl, Ino. 1997, 2007. All Rlghtl A""Yld. . WY C:\CFI\LPL\GOJ.FC TA·12991 PA·46
LEGAL DEStRlPTION
EXHlÍ:Urr 'A'
0-930403
000230
PARCEL 1
A portion of the Southwest Quarter of th~ ~outhwest Quarter, Section 11, To ship 35
North, Ran~e 119 West, 6'h P,M., Llnc:oln.county, Wyoming, being more par cUJarly
descrbied as follows:
Beginning at a Point in the West line of S~1~ Southwest Quarter of the S Duthw st
Quarter, said point being 238.16 feet Sout'h:from the Northwest corner of Baid
Southwest Quarter ofthe Southwest Qua~~r;
thence South 89°32'13" East 272.25 feet; ,
thence South 20~OO feet;
thence South 89°32'13" East 272.25 feet;
thence South 72.72 feet;
.' I
thence North 89°32'13" West 544.50 feeftolthe said West line of said Soutbwe t
Quarter of the Southwest Quarter;
thence North 92.72 feet to the Point ofBell~Ding.
Also
A portlon oftbe Southwest Quarter of th~ ~outhwest Quarter, Section 11, To nship 35
North, Range 119 West, 6t11 P.M., LinroIJÌ'qounty, Wyonûng, being more par cularly
described as follows:
Be~inning at a point 165.44 feet South f~ the Northwest corner 01' said Sout west
Quarter of the Southwest Quarter;
thence South 89°32'13" East, 544.50 feet;·
thence South 92.72 feet;
thence North 89C132'1.3" West 272.25 feet;:
thence North 20.00 feet;
thence North 89°32']3" West 272.25 feei'~ojthe West line ofsaid Southwest Q Arter of
the Southwest Quarter; :
thence North 72.72 feet to the Point ofBeii~ning.
,I ¡
LESS AND EXCEPT any lany lying OUtlidþ of land contained in Warranty D ed
recorded November 22, 194610 Book 16 òf/Deeds on page 114 ofthe records 0 the
Lincoln County Clerk
LESS AND EXCEPT the land 31 contained in Warranty Deed recorded Augu t 6, 1931
.. I
in Book 17 of Deeds on page 160 of the re.è~rds of the Lincoln County Clerk.
(it)
INITIAL
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