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HomeMy WebLinkAbout932396 RECORDATION REQUESTED BY: BANK OF THE WEST JACKSON P.O. BOX 52B 160 WEST PEARL STREET JACKSON HOLE, WY 83001 RECEIVED 8/22/2007 at 3:34 PM RECEIVING # 932396 BOOK: 669 PAGE: 736 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY WHEN RECORDED MAIL TO: BANK OF THE WEST DIRECT SERVICING P.O. BOX 8160 NC· TRE-01-M WALNUT CREEK, CA 94596 000736 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ON (jl &17, OJ MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $151.093.00. THIS MORTGAGE dated August 21, 2007. is made and executed between KAREN GILL, A SINGLE WOMA whose address is 4650 S LITTLE HORSETHIEF, JACKSON, WY 83001 (referred to below as "Grantor") and BAI OF THE WEST, whose address is P.O. BOX 528, 160 WEST PEARL STREET, JACKSON HOLE, WY 830 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in am the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditcl irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, ~ geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming: LOT FOURTEEN (14) OF SHADOW DANCER ESTATES SUBDIVISION, LINCOLN COUNTY, WYOMING f. DESCRIBED ON THE OFFICIAL PLAT THEREOF RECORDED AUGUST 11, 2004, AS DOCUMENT NUMBI 901862 AND MAP NUMBER 173-C, IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. The Real Property or its address is commonly known as LOT 14 SHADOW DANCER ESTATES, ALPINE, V 83128. The Real Property tax identification number is 12-3619-10-4·00-472.00. Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Re from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NO' THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by 1 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 Property shall be governed the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; use, operate or manage the Property; and (31 collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenal necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownershi~ the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazard Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental La' (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, Un! about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of . kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) nei1 Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, disposE or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in complia with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grar authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may de appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any 01 person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harml Lender against any and all claims, losses, liabilities, damages, penalties. and expenses which Lender may directly or indirectly sustair suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, dispo release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or she f/;-. have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify and defend, shall sun the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lendl 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 stripping of or waste on 0 the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any ot party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's p written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior writ consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lende replace such Improvements 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 att, to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortga· Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or herea in effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any s' law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has noti 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. Ler may require Grantor 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 th acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve Property. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage: Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, Wi charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equa the interest of lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of ta 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 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 nonpaymr Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the fili secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other secu satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges t could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety b furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and s authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments aga the Property. Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grar can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid applicat of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance compal and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each ins! containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Ler and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency Management Agenc~ a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is gi' by Lender that the Property is located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise requirec Lender, and to maintain such insurance for the term of the loan. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. . Lender may make proof of los Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lendl election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of eny affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Gral shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proo such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in defl under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, ther pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If lender holds any proce after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear. lENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other clair (8) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any actior proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is kG- IVIVIn. ''I"",\:I~ (Cl ed) UUUï"Ç- Pagf required to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repaymenl Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (6) be addec the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the tenT any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and paYI at the Note's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addi' to any other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall not construed as curing the default so as to bar Lender from any remedy that it otherwise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all Ii and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opir issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authorit) execute and deliver 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 aga the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Len under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit s participation. Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable la' ordinances, and regulations of governmental authorities. Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and deliv of this Mortgage, shall be continuing in nature and shall remain in full force and effect until such time as Grantor's Indebtedness is pail full. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly t such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grar will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time permit such participation. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceedin~ purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be appliec the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment 01 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 relating to governmental tax 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 to this Mortgage and t whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including with 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 Mortgage or upon all or part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct fl payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made Grantor. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided be unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Li 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 parI this Mortgage: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, ¡ 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 perfect and continue Lend, security interest in the Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time, without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing stateml Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affi to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three 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 concerning the security intel granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of . Mortgage. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of I Mortgage: ~ Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will causl be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortga~ deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurar certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perf! continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens, security interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Gran Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurre, 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 so for and in the naml Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's ! 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 imposed upon Grantor un this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted 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 happen: Payment Default. Grantor fails to make any payment when due under the Indebtedness. Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance 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 and strictly in the man provided in this Mortgage or in any agreement related to this Mortgage. False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgagl 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 effect lincluding failure of 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 of Grantor's property, ' assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptc\ 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 Grantor's property in wi Lender has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Grantor dispute! good faith whether the claim on which the taking of the Property is based is valid or reasonable, and if Grantor gives Lender written no of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision not apply, Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or 01 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 pi of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at its option, may, but s not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in a man 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, n exercise anyone or more of the following rights and remedies, in addition to any other rights or remedies provided by law: Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immedia' due and payable, including any prepayment penalty that Grantor would be required to pay. UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured pi under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendenc\ . foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, C and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably design< Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the Sf and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under subparagraph either 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 power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from Prooerty and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve wit~ bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Propl exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property. Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "po. of sale" or "advertisement and sale" foreclosure as provided by statute. ~ IYI~n I ~,",UL. (C ued) 000' Page Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness· to Lender after application of all amounts received from the exercise of the rights provided in this section. Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherVl becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate Property immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshal In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property. Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the t after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean no' 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 V' any sale of the Real Property. Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election Lender to choose anyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform an) Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to dec Grantor in default and to exercise Lender's remedies. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitle, recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court actiol involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any t for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall t interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitati however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not ther a lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining 1 reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable I; Grantor also will pay 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 given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), wI deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certifiec registered mail postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure fl 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 Mortge Any person may change his or her address for notices under this Mortgage by giving formal written notice to the other person or persc specifying that the purpose of the notice is to change the person's address. For notice purposes, Grantor agrees to keep Lender informed a1 times of Grantor's current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Len to any Grantor is deemed to be notice given to all Grantors. It will be Grantor's responsibility to tell the others of the notice from Lender. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: Amendments. What is written in this Mortgage and in the Related Documents is Grantor's entire agreement with Lender concerning matters covered by this Mortgage. To be effective, any change or amendment to this Mortgage must be in writing and must be signed whoever will be bound 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 provisions of this Mortgage. Governing Law. This Mortgage will be governed by federal law applicable to lender and, to the extent not preempted by federal law , laws of the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by lender in the Stat\ Wyoming. No Waiver by lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does Sl 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 ag 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 Mortga Grantor also understands that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's cons again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requel that does not mean Lender will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law in the Property, and Gral agrees that the rights 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 1 the rest of this Mortgage will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Mortgage even provision of this Mortgage may be found to be invalid or unenforceable. Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at 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 Mortgage on transfer of Grantor's interest, this Mortgage shall be bind upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person 01 than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedn by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. 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 exemption laws of the S1 of Wyoming as to all Indebtedness secured by this Mortgage. KG- DEFINITIONS. The following words shall have the following meanings when used in this Mortgage: Borrower. The word "Borrower" means KAREN GILL and includes all co-signers and co-makers signing the Note and all their success and assigns. Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinan relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Respor Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA "I, the Superfund Amendments I Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA "I, the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et SE the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, regulations 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 def section of this Mortgage. Grantor. The word "Grantor" means KAREN GILL. Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, incluc without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physi, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment wi improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazard Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, material£ waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petro Ie and petroleum by-products or any fraction thereof and asbestos. Improvemants. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on 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 payable under the NotE Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lende enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means BANK OF THE WEST, its successors and assigns. The words "successors or assigns" mean 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 August 21, 2007, in the original principal amount of $151,093. from Grantor to Lender, together with' all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substituti for the promissory note or agreement. The maturity date of this Mortgage is August 24, 2009. Parsonal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or herea owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insura 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 Mortgage. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmel agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instrumel 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 other benefits derived fl the Property. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: XKA~~ ' IVI\Jn I ~I"'\':n;; (( ued) 0007~- Pagt .. INDIVIDUAL ACKNOWLEDGMENT STATE OF l ~~ COUNTY OF V l.i(\oD \'V\ I S5 I On this day before me, the undersigned Notary Public, personally appeared KAREN Gill, to me known to be the individual described in and v executed the Mortgage, and acknowledged that he or s~e signed the Mortgage as his or her free and voluntery act and deed, for the uses ; purposes therein mentioned, _r"\ 1 S~ ~ i Given d r my hand d ic 1 al this ~ ~ day of 0 ß Ll.. «t;~ . 20ro. By Residing at 1 \.V\Qb\ \1\ ~ My commission expires 2 ~ .:<:f1 LASER PRO lendinG, V.r. 6.37.00,003 COpt. H.rlllfld An.nel.1 SolutlGn., Inc. 1117,2001. AM Right. A...rnd. . WV C:\CFI\lPL\003,FC TR.3223Z30 PA.17e CHERYL A. JONES - NOTARY PUBUC County of ,.... Slale of Lincoln . Wyoming My Commission Expires Feb. 4, 2009 r<G . /