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SINCE 1904
~
. RECORDATION REQUESTED BY:
BANK OF THE WEST
JACKSON
P.O. BOX 628
160 WEST PEARL STREET
JACKSON HOLE, WY 83001
WHEN RECORDED MAIL TO:
BANK OF THE WEST
DIRECT SERVICING
P..O. BOX 8160 Ne- TRE-01-M
WALNUT CREEK, CA 94596
RECEIVED 1/8/2008 at 3:36 PM
RECEIVING # 936106
BOOK: 683 PAGE: 331
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
OOOa3j.
SPACE ABOVE THIS UNE IS FOR RECORDER'S USE ONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any on8 time $64,034.00.
TI:IIS MORTGAGE dated December 31, 2007, is made and executed between MELINDA SHIRK, UNMARRIED,
whose address Is 282 W COTTAGE LN, ALPINE, WY 83128 (referred to below as "Grantor") and BANK OF THE
'WEST, whose address is P.O. BOX 628, 160 WEST PEARL STREET, JACKSON HOLE, WY 83001 (referred to
below as "Lender").
GRANT OF MORTGAGE. For".Juab/e conaldenltlon. Grantor rnortgages end COIIV'8'P to Lender all of Grantor's right, title. and Interest in and to
the following described real property, together with all existing or subsequently erected or lIffixed buildings. Improvemenu and fixtures; all
easements, rights of way, and appurtenances: all water, water rights. watercourses and ditch rights lincluding stock In utilities with ditch or
Irrigation rights'; and aU other rights, royalties. and profits relating to the reel property. Including without limitation all minerals, oil, gas,
geothermal and similar matters, (the KReal Property") located In UNCOLN County, State of Wyoming:
LOT 36, LEON LIVINGSTON SUBDIVISION AS SHOWN BY THE OFRCIAL PLAT OF SAID SUBDWISION FILED
IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY, WYOMING AND BEING SITUATED IN SECTION 19.
TOWNSHIP 37 NORTH. RANGE 118 WEST. 6TH P.M.
The Real Property or Its address is commonly known as LOT 36 LEON LIVINGSTON, ALPINE. WY 63128.
Grantor presently assigns to Lender all of Grantor's right. title. and interest in snd to all present and future leases of the Property and all Rents
from the Property. In add"mon, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rants.
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 (BI PERFORMANCE OF ANY AND ALL OBUGATIONS UNDER THE NOTE,
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 this
Mortgage as they becorne due and shall strictly perform all of Grentor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees thet Grantor's possession and use of the Property shall be governed by
the following provisions;
'"-talon and Use. Until the occurrence of an Event of Default. Grantor may 111 remain in possession and control of the Property: (21
use. operate or rnanage the PropC!rty; and (31 collect the Rents from the Property.
Duty to Melnteln. Grantor shall maintain the Property in good conditIon and promptly perform all repairs. replacements. and maintenance
necessary to preserve ita value.
Compliance With EnvIranrnentlll Laws. Grantor rapresents and warrants to Lender that: 111 During the period of Grantor's ownership of
the Property, there has been no use. generation, manufacture. storage. treatment, disposal. release or threatened release of any Hazerdous
Substance by any person on, under, about or frorn the Property; 121 Grantor has no knowledge of, or reason to beUeve that there has
been. except as previously disclosed to and ICknowledged by Lender in writing. lal any breach or violation of any Environmental Laws,
(b) any use, generation. manufacture. storage, treatment. dIsposal, release or threatened release of any Hazardous Substance on. under.
about or frorn the Property by any prIor owners or occupanu of the Property, or Icl any actual or threatened litigation or claims of any
kind by any person relating to such rnatters; and 131 Exoept as previously disolosed to and acknowledged by Lender In writing. lal neither
Grantor nor any tenant, contractor. agent or other authorized user oftha Property shall use, generate. manufacture, store. treat. dispose of
or release any Hazardous Substance on. under. about or from the Property; and Ibl any such activity shall be conducted In compliance
with all appUcable federal. state, and local laws, regulations and ordinances, Including without limitation all Environmentellaws. Grantor
authoñzes Lender and Its agents to enter upon the Property to make such Inspections and tests. at Grantor's expense, as Lender may deem
apprOpriate to determine compliance of the Property with thl. section of the Mortgage. Any Inspactions or tests mede by Lender shall be
for Lender's purposu only IRI shall not be constrUed to create any responsibility or Uablllty on the p8lt of Lender to Grantor or to any other
person. The representations end warranties contained herein sre based on Grantor's due diligence In investigating the Property for
Hazardous Substances. Grantor hereby (11 releeses and waives any future clams against lender for indernnlty or contribution In the
event Grantor becomes lIeble for cleanup or other costs under any such 18W1I; and (2) agree. to indemnify. defend. and hold hamless
Lender against any and all claims. los.es. Uabllities, damages. penalties. and expenses which Lender may dlrectty or lnäll'ectly sustain or
suffer resulting from a breach of this section of the Mortgage or as a consequence of any uee, ·generatlon. manufactUre. 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 IndemnJfy and defend. shall survive
MORTGAGE
(Continued)
.,'
000332
Page 2
the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's
acquisition of any Interest In the Property. whether bV foreclosure or otherwise.
Nuisance. W...... Grantor shall not cause. conduct or permit 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 ths foregoing, Grentor will not remove. or grant to any other
party the right to remove. any timber. minerals (Including oil and gas). coal. clav. scoria, soil, gravel or rock products without Lender's prior
written consent;..
Removal of Im lfOV8lllllflts. Grantor shall not demolish Dr remove any Improvements from the Real Property without Lender's prior written
consent. A. a condition to the removal of any Improvement.. Lender maV requira Grantor to make IIrTlngements satisfactory to Lender to
replace such bnprowments with Improvements of at least equal value. .
lender'. Right to Enter. Lender and Lender's agents end representativ.s may enter upon the Real Property at all reasonable times to attend
to Lender's interests and to inspact the Real Property for purposes of Grantor's compliance with the terms end condItions of this Mortgage.
Compll8noe with ø_ental Hequl........... Grantor .t1all promptlv comply with all laws. ordinences, and regulations. now or hereafter
in effect. of aU governmental authorities eppllcable to the use or oCCUpancy of the Property. Grantor may contest in good faIth any such
law, ordinance. or regulation n withhold compliance during any proceeding. Including appropriate appeala. ao long IS Grantor has notified
lender In writing prior to doing ao and so long as. In Lsnder's sole opinion. Lender's Interests in the Property are not jeopardized. lender
may require Grantor to post adequate security Dr a surety bond. reasonably s8tiafactorv to lender. to protect Lender's interest.
Duty to Protect. Grantor ag_ neither to abandon or leaw unattended the Property. Grantor shall do all other acts, In addition to those
acts set forth above in this section, which from the chøracter and use of the Proparty Ire reasonably necesøsry to protect .-xl presØI'VII the
Property.
TAXES AND UENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
pøyment. Grantor shall pay when due (and in .11 events prior to delinquency) all taxes, payroll taxes. special taxes. au.ssments. water
ch..ges and sewer service charges levied against or on account of ths Property. ønd shall pay when due all claims for work done on or for
servIces rendered or materløl fumlshed to the Propeny. Grantor shøll maintain the Property free of any liens having priority over or equal to
the interest of Lender under this Mortgage. except for those liens speclflcalv agreed to In writing by Lender. and except for the lien of nixes
and øuesaments not due as further specified In the Right to Contest paragraph.
Right to Con_t. Grantor mey withhold psyment of anv tax. anesament, 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 flied as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or. if a Ren is flied. within fifteen (15) døys after Grentor has notice of the filing,
secura the discharge of the lien. or if requested by Lender. deposit with Lander cash or a sufficient corporate surety bond or other security
satisfactory to L.ender In an amount sufficient to discharge the lien plus any corts and reasonable attorneys' fees. or other charges that
could accrue as a rasult of a foreclosure or sale under the lien. In any contest, Grantor shall defend ltsalf and Lender end shall satisfy øny
adverae judgment before enforcement ageinst the Property. Grantor shsll name Lender as an additional obligee under eny surety bond
furnished in the contest proceedings.
Evidence of Payment. Gl'Ørltor shall upon demand fumlsh to Lender satisfactory evidence of payment of the taxes Dr au_ments and shall
authorize the appropriate gowmmental official to deliver to lender et env time a written statement of the taxes and ønessmam. against
the Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) davs bafore any work is commenced. any services are furnished, or
any materials are supplied to the Property, if any mechanic's nen, materlalmen's lien, or other Ran could ba asserted on account of the
work. services, or materials. Grøntor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and wDI pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. Tha following provisions relating to insuring the Property are a part of this Mortgage:
M......nance of Insurance. Grantor shall procure and maintain policIes of fire insurance with standard extended coverage endorsements on
a repløcernent basis for the full insurable value covering øll Improvements on the Raal Property In an amount sufficient to avoid appBoatlon
of any coinsurance clause. and with a standard mortgagee clause In favor of lender. Policies shall be written bV such nlMance companies
and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certIficates of coverage from each iT\8UTØl'
containing a stipulation that coverage wfll not be cencelled Dr diminished without a minimum of ten (10) days' prior wrItten notice to lender
and not containing any dlsclølmer of the insurer's liøbIlity for failure to give such notice, Elch insurance policy allO shall include an
endorsement provld1ng that cowrage In favor of Lender win not be Impaired in any way by any act, omission or default of Grantor or any
other person. Should the Real Property be Jocøtsd In an area designated bV ths Director of the Federal Emergency Management Agency as
a special flood hazard area. Grantor øgrees to obtain end maintain Federal Flood Insurance, if avalabla. for the full unpaid principal belance
of the loan and any prior liens on the property securing the loan. up to tha maximum poncy limits set under the National Flood Insurance
Program. or as otherwise required by !.ender. and to maintain such Insurance for the term of the loan.
Appßcetlon of Proceeds. Grantor shall promptlv notify Lender of øny loss or damage to the Property. Lender may maka proof of Jos. If
Grantor fails to do so within fifteen (15) days of tha casusltv. Whether or not Lender's security is impaired, lender møy, at Lender's
elactlon, receive end retain the proceeds of any Insurance and apply the proceeds to the reduction of the Indebtedness. payment of snv lien
affecting the Property, or the restoration and replir of the Property. If Lender elects to applv the proceeds to restoration and repair. Grantor
shell repair or replece the damaged Dr destroyed Improvements in a rnamer satisfactory to Lender. !.ender 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 Mortgage. 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 shaD be used first to pay any amount owing to Lender under this Mortgøgø, then to
pay accrued interest. and the remainder. If any, shøll be applied to the principal balance of the Indebtedness. If Lender holds anv proceeds
after payment in fun of the Indebtedness. such proceeds shall be peid to Grantor as Grantor's Interests mav appeør.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, Rens, security Interests. encumbrances, and other clølms.
(8) to provide any required Insurance on the Property. or ICI to make repairs to the Property then Lender may do so. If anv action Dr
proceeding is commenced that would materially Iffect Lender's interests in the Property. then Lender on Grantor's behalf may, but is not
requirad to. teke any action that Lender believes to be appropriate to protect Lender's Interests. All expenses Incurred or paId by lender for
such purposes win then bear interest at the rate charged under the Note from the date incurred Dr paid bV Lender to the date of repayment by
MORTGAGE
(Continued)
000333
Page 3
Grantor. All such expanses will become a pan of the Indebtedness and. at lender's option, will (A) be payable on demand: (8) be added to
the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (11 the tenn of
any appllcabla Insurance policy; or 12) the remaining term of the Note; or IC) be treated as a belloon payment which win be due end payable
at the Note's maturity. The Mortgage also will secure payment of these emounts. The rights provided for In this paragraph shall be in addition
to any other rights or any remediea to which lender may be entitled on account of eny default. Any such action by Lender shall not be
construed as curing the default so as to bar lender from any remedy that It otherwise would have had.
WARRANTY: DEFENSE OF 11TLE. The following provisions releting to ownership of the Property are a part of this Mortgage:
11t1e. Grantor werrants that: (a~ Grantor holds good end markatable title of record to the Property In fee simple. free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report. or final title opinion
issued In favor of. and açcepted by, Lender in connection with this Mortgage. and (bl Grantor hes the full right. power. and authority to
execute end deliver thl. Mortgage to lender.
Defense of 111Ie. Subject to the exception in the paragraph above. Grantor warrants and will forever defend the title to the Property ageinst
the lewful claims of all persons. In the lIVent any action or proceeding is commenced that questions Grantor's title or the interest of Lender
under this Mortgage. Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party In such proceeding. but
lender shall be entitled to partlcipeteln the proceeding and to be reprasented In the proceeding by counsel of Lender's own choice, and
Grantor win deliver, or ceuse to be delivered, to Lender such instruments as Lender may request from time to tlma to permit such
participation.
Complillnce Wlth Law.. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws.
ordinances. and regulations of governmental authorities.
Survival of Proml.... All promises. agreements. and statements Grentor has made In this Mortgage shall survive the execution end delivery
of this Mortgage, shall be continuing In nature and shall remain in full force end effect until such time as Grantor's Indebtedness is paid In
full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
proceedng.. If any proceeding in condemnation Is filed, Grantor shall promptly notify Lender In writing, and Grantor shall promptly take
such steps a. may be necessary to defend the action and obtain the eward. Grantor may be the nomInal perty in such proceeding, but
Lender shall be entÎlled to participate In the proceeding end to be represented in the proceeding by counsel of its own choice, and Grentor
wUl deliver or cause to be delivered to Lender such Instruments and documentation as may be requested by Lender from time to time to
permit such participation.
Appllclllfon of Net PIOIHNId8. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
purchelle in lieu of condemnation. Lender may at Its election require that ell or any portion of the nllt proceeds of the award be applied to
the Indebtedness or the repeir or restoration of the Property. The nat proceeds of the award shall mean the award after payment of all
reesonable costs, expenses, and attorneys' fees Incurred by Lender in connection with the condemnatIon.
IMPOSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAL AUmORITIES. The following provisions releting to governmental taxes,
fees end charges are e pert of this Mortgage:
Current Taxes, Fee. and Charges. Upon request by Lender. Grantor shall execute such documents in addition to this Mortgage and take
whatever other ectlon is requested by Lender to perfect end continue Lender's lien on the Real Property. Grantor shall reimburse Lender for
all taxes. as described below. together with ell expenses incurred in recording, perf8ct1ng or continuing this Mortgage. including without
limitetlon all taxes. fees, documentery stamps. and other charges for recording or registering this Mortgage.
Taxe.. The following she. constlMe taxes to which this section applies: 11) a specific tax upon this type of Mortgage or upon all or my
part of the Indebtedness secured by this Mortgege; (21 a specific tax on Grantor which Grantor is BUthorized or required to deduct from
payments on the Indebtedness secured by this type of Mortgage; (3) e tax on this type of Mortgage chargeable agelnst the Lender or the
holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on peyments of principal and interest made by
Grantor.
Subsequent Taxe.. If any tax to which this section applies Is enacted subsequent to the date of this Mortgage, this event shall have the
same effect es en Event of Default. and Lender may exercise any Dr all of its available remedies for an Event of Default as provided below
unless Grantor either 111 pays the tax before it becomes delinquent, or (21 contests the tax as provided above in the Taxes and Uens
section and deposit. with Lender cash or a sufficient corporete surety bond or other security satisfactory to Lender,
SECUIUTY AGREEMENT; FINANCING STATEMENTS. The foRowlng provisions relating to this Mortgage as a security agreement are a part of
this Mortgage:
Securfty Agreement. ThIs instrument shall constlMe a Security Agraement to the extent any of the Property constitutes fixtures, and
Lender shall heve all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security 1nf8n18t. Upon request by Lender. Grantor shall take whatever action is requested by lender to perfect and continue Lender'.
security interest In the Personel Property. in addition to recording this Mortgage in the real property records, Lendlit' may, at any time and
without further authorization from Grantor, file executed counterparts, copies or reproductIons of this Mortgage as a f'lI18rIcing statement.
Grantor shall reimburse Lender for ell expenses Incurred In perfecting or continuing this security Interest. Upon default. Grantor shall not
remove. sever or detach the Personal Property from the Property. Upon default. Grantor shall assemble any Personel Property not affixed
to the Property ill a manner and at a place reasonably convenient to Grantor and Lender and make it avalable to Lender within three (31
days efter receipt of written demand from lender to the extent permitted by eppllcablelew.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which Information concerning the .ecurlty interest
granted by this Mortgege may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of thi.
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact sre a part of this
Mortgage:
Further Aguren... At any time. and from time to time. upon request of lender. Grantor will make. execute and deliver. or will cause to
be made. executed or delivered, to Lender or to Lender'. designee. and when requested by Lender. cause to be filed, recorded, reflled, or
MORTGAGE
(Continued)
000334
Page 4
rerecorded. as the case may be, at such times and In such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds· of trust. security deeds. security agreements. financing statømems. continuation statemems. Instruments of further assurance.
certifICates. and other documents as may, In the sole opinion of Lander, be necessary or desirable in order to efføctuatø. complete. perfect.
continue,· or preserve (1) Grantor's obligations under the Note. this Mortgage, and the Related Documents. and (2) the nens and
security interests created by this Mortgage as first and prior liens on the Propeny. whether now owned or hereafter acquired by Gramor.
Unless prohibited by law or Lender agrees to the contrary In writing, Gramor shall reimburse Lender for all costs and expenses Incurred In
connection with the matters referred to in this paragraph.
Attomey~n-Fect. If Grantor falls to do any of the things referred to in the preceding paragraph. Lender mey do so for and In the name of
Grsntor and at Grantor's expense. For such purposes. Grantor hereby irrevocably appoints Lender as Grantor's attorney-In-fact for the
purpose of malting. executing, delivering. finng. recording, and doing all other things as may be necessary or desirable. In Lender's sole
opinion. to accomplish the matters referred to In the preceding paragraph.
FULL PERFORMANCE. If Grantor pays an the Indebtedness when due. and otherwise performs all the obligations Imposed upon Grantor under
this Mortgage, Lender shall execute and derIVer to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any
financing atatement on file evidencing Lender's security imerest In the Rents and the Personal Property. Grantor will pay, if permitted by
appliceble law. any reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At Lender's option, Grantor will baln default U1der this Mortgage if any of the following heppen:
PlI'(Inent Default. Grantor falls 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 paymem for tIXes or Insurance, or
any other payment necessary to prevem filing of or to effect discharge of any lien.
Breek Other PronIf_. Gramor breeks any promise made to Lender or falls to perform promptly at the time and strictly In the manner
provided In this Mortgage or In any agreement related to this Mortgage.
F.I,e Statements. Any represemation or statement made or turnlshed to lender by Gramor or on Grantor's behalf under this Mortgage or
the Related Documents Is false or misleading in any material respect. either now or at the time made or furnished.
Defective CoIlac.raØzatlon. This Mortgage or any of the Related Documents ceases to be In full forca and effect (including fsilure of any
colllftøral documem to create a valid and perfected security Imerest or lien) at eny time and for any reason.
Deed! or In,oIwncy. The death of Gramor, the insolvency of Grantor. the appointment of a receiver for any part of Grantor's property. any
assignment for the benefit of creditors. any type of creditor workout. or the commencement of any proceeding under anV 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 Gramor's property In which
lender has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However. If Grantor diaputM In
good faith whether the claim on which the taking of the Property Is based Is valid or reasonable, snd if Grantor gives Lander written notice
of the clelm and furnishes Lender with monies or a surety bond satisfactory to Lander to satisfy the claim. then this default provision wUI
not epply.
Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that Is not
remedied within eny grace period provided therein, Including without limitation any agreement concerning any indebtedness or other
obligation of Gramor to Lender, whether existing now or later.
Events Affactlng Gu....ntor. Any of the preceding events occurs with respect to eny guarantor, endorser, surety. or accommodation party
of any of the Indebtødnesl or any guarantor, endorser, lurety, or accommodation party dies or becomes incompatem, or revokes or
disputes the validity of. or Dab/llty under. any Guaranty of the Indebtedness.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Evem of Default snd at any time thereafter, Lender. at Lender's option. may
exercise anyone or more of the following rights and remedies. in addition to any other rights or remedies provided by law:
Accelerate Indebtednesl. Lender shall have the right st Its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable. Including any prepayment perutlty that Grentor would be requirad to pay.
UCC Remedes. WIth respect to all or any part of the Personal Property, Lender shall have an the rights and remedies of a secured party
under the Uniform Commercial Code.
ColeatRents. Lender shall have the right. without notice to Grantor. to teke possession of the Property, inclUding during the pendency of
foreclosure, Whether judicial or non-judicial. and collect the Rents, including smoums past due and unpaid. and apply the nat proceeds, over
and above Lender's costs. against the Indebtedness. In furtherance of this right. Lender may require any tenant or other user of the
Property to make payments of rem or use tees directly to Lender. If the Rents are collected by Lender. then Grantor irrevocably designates
Lender as Gramor's attorney·in-fact to endorse Instruments received in paymem thereof In the name of Grantor and to negotiate the lame
and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for
which the paymems are made, whether or not any proper grounds for the demand existed. Lender may exercise Its rights under this
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 al/ or any part of the Propany. with the
pOwer to protect end preserve the Property, to operate the Property preceding foreclosure or sale, and to coUect the Rents from the
Property and apply the proceads, over and above the cost of the receivershIp. against the Indebtedness. Thlt receiwr 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 Indebtedness by a substantial amount. Employment by Lender shaD not disqualify a person from serving as a receiver.
Judichll Forvclosure. Lender may obtain a judicial decree foreclosing Grentor's Interest In all or any part of the Property.
Nonjucldal Sale. Lender may foreclose Grantor's interest In all or in any part of the Property by non·judlcial sale. and specifically by .power
of sale" or "advertisement and sale" foreclosure as provided by statute.
DefIciency Judgment. If permitted by øpplicable law. Lender may obtain a jUdgment for any deficiency remeining In the Indebtedness due
to Lender after application of all emounts received from the exercise of the rights provided in this section.
Tenlll1C:Y at Sufferance. If Grantor remains in possession of the Property after the Property Is sold as provided above or Lender otherwise
MORTG.
{ Continued}
O()Oa35
Page 6
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of lender or the
purchaser of the Property and shall. at Lendar's option, either (11 pay a reasonable rental for the use of the Property. or 121 vacate the
Property Immediately upon the demand of lender.
Other RemecB... lender shall have all othar rights and remedies provided in this Mortgage or the Note or available at law or In equity.
Sel. of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled.
In exercising it& rights 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. 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 tine and place of any public sale of the Personal Property or of the time
after which any prIvate sale or other Intended disposition of tha Personal Property Is to be mede. Reasonable notice shall meen notice
given at least ten 1101 daY' before the time of the sale or disposition. Any sale of the Personal Property may be made In conjunction with
any sale of the Real Property.
Eteo1lon of Relll8lies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by
Lender to choolltl any one remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of
Grantor's 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 remedies.
Attol'lHtY8' Fees; Expen.... If Lender institutes any suit or action to enforce any of the terms of this Mortgage. lender &hall be entltllld to
recover such sum as the court may adjudge reasonable as attorney.' fees at trial and upon any eppeal. Whether or not any court action is
involved. and to the extent not prohibited by law, all reasonable expenses Lander incurs that In Lender's opinion are necessary et any time
for the protection of its interest or the enforcemerrt of its rights shall become a part of the Indebtedness payabl. on demand and shall bear
interest at the Note rete from the dete of the expenditure until repaid. Expenses coveted by this paregraph Include, without limitation,
however subject to any limits under applicable law. Lender's reasonable attorneY" fees and Lender's legal expenses whether or not there Is
a lawsuit. including reasonabfe attorneys' fees and expenses for bankruptcy procaedings (including efforts to modify or vacete any
automatic my or Injunctlonl, 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 applicsble law.
Grantor also wBI pay any court coats. In addition to all other sums provided by law.
NOTICES, Any notice required to ba given under this Mortgage. Including without limitation any notice of default and any notice of sBle shall be
given in writing. and shall be effective when actually delivered. when actually received by telefacslmlle (unless otherwise required by lawl. when
deposited with a nationally recognized ovemlght courier, or. if mailed, when deposited In the United States mall. as first class. certified or
rag/stered mail postage 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 change his or her address for notices under this Mortgage by giving formal written notice to the other person or persons.
specifying that the purpose of the notice is to change the person's address. For notice purposes. Grentor agrees to keep 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 notioe given by Lender
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. lñe 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 Lander 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
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 ulled to interpret or define the
provisions of this Mortgage.
Governing Law. ThIs Mortgage wDl be govemed by fedarellaw applicable to Lender and, to tha extent not preempWd by faderal 18w, the
laws of the State of Wyoming without regard to ita conflicts of lew provisions. ThIs Mortgage hes been accepted by Lender In the State 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 m.an 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 understands thet If Lender does consent to a requQt, that does net mean that Grantor will not have to get Lender's consent
again If the situation happens agBin. Grantor further understands that just because Lender consents to one or more of Grentor's requests.
that does not mean Lander 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 sJmilar law in the Property, and Grantor
agrees that the rights of Lender in the Property under this Mortgage are prior to Grantor's rights while this Mortgage remains In effect.
Sevenlbility. 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 Mortgage 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 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 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 Mortgage on transfer of Grantor's interest. this Mortgage shall be binding
upon and Inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested In a person other
than Grantor, lender. without notice to Grantor. may deal with Grantor's successors with reference to this Mortgage and the Indebtedness
by way of forbsarenc. or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time I. of the E.~. Time is of the essence in the performance of this Mortgage.
W"wr of Homesteed Exentptian. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFlNmONs. The following words shall have the following meanings when used in this Mortgage:
Borrower. The word "Borrower" means MELINDA SHIRK and Includes all co-signers and co-makers signing the Note and all theIr
MORTGAGE
(Continued)
OO()336
Page 6
successor8 and 88signs.
EnvlronmentBl Law.. The word8 REnvlronmental Laws" mean any IWId all state. federal and local statutes. regulations and ordinances
relating to the Pf'otBction of human health or the environment. Including without limitation the Comprehensive Envlronmentll Response.
Compensation. and UabDIty Act of 1980, as amended. 42 U.S.C. Section 9801. et 8eq. r"CERCLA"), the Superfund Amendments and
Reauthorization Act of 1986. Pub. L. No. 99-499 ("SARA"). the H83:8rdous Mlterials Transportation Act. 49 U.S.C. Section 1801. at seq.,
the Resource C~ervltlon end Recovery Act, 42 U.S.C. Section 6901, at seq.. or othel IIPpliceble stllt8 or federal laW1l, rules, or
regul8tions adopted pursuant thereto.
E".nt of O'....1t. The words "Event of Defeult" mean eny of the IVents of default aet forth in this Mortgage in the events of default
section of this Mortgage.
Gran1Ol'. The word RGrantor" means MELINDA SHIRK.
Gueranty. The word "Guaranty" means the gueranty from guarantor. andorser. surety, or aeçommodetion perty to Lender. Including
without limitation a guar.w, of all or part of the Note.
HllZllrdoue Substances. The words "Hazardous Substances" mean materials that, because of their quentity. concentration or physical,
chemical or infectious characterIstics. may cause or pose a present or potential hazard to human health or the environment when
Improperly used, treat8d, stored. disposed of. generated, manufactured, transported or otherwise handled. The words "Hezlrdous
Substancea" are used In their very broadest sense and include without limitation any and all hazardoua or toxic substances. materials or
waste as defined by or listed under the Environmental Laws. The tenn "Hlzlrdous Substances" also includes, without limitation. petroleum
and petroleum by-products or Iny fraction thereof and asbestos.
ImprovementB. Tha word "Improvements" means ell existing and future improvements. buildings, structures, mobile homes affixed on the
Real Property, facilities. Iddttion8. replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal, Interest. and other amounts, costs Ind IXperl8ea pøyable under the Note or
Relltad Documents, together with all renewals of, extensions of, modlfication8 of. consolidations of and substiNtlon8 for the Note or
Relllt8d Document8 and any amounts eXpended or advanced by lender to disch8rge Grantor's obligations or expenses incurred by Lander to
enforce Grentor's obligations under this Mortgage. together with Interest on such amounts 8S provided In this Mortgage.
L.nder. The word "Lander" means BANK OF THE WEST, Its successors and 18slgns. The words "successors or Issigns" mean any
Plraon or company that acquires any Interest In the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" mean8 the promissory not. dated December 31. 2007. In the original principal amount of $64,034.00
from Grantor to Lender, together with all renewal8 of. extensions of. modlfioations of, rafinancing8 of. con80ßdatlons of. and substiNtlons
for the promissory note or agreement. The maturity date of this MortgIge is January 14. 2033.
P....on., Property. The words 'Personl' Property" mean all equipment, fixtures. and other articles of personal property now or hereafter
owned by Grentor, and now or her.lfter ettached or efflxed to the Reel Property; together with aU acce8sions. parts. end Iddhions to, In
replacemants of. and ail-substitutions for, any of suçh property; and together with 811 proceeds (including without limitation In Insurlnce
proCeed8 and refunds of premiums' from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property Ind the Personal Property.
Reel Property. The words RReBl Property" mean the real property, interests and rights. .s further described In this Mortgage.
Related DcJcuments. The words "Releted Documents" mean all promls8ory notes, credit agreements. 108n agreements. environmental
agreements. guaranties. security sgreements. mongages. deeds of trust, security deeds, collateral mortgag.s. and all other insttuments.
agreements and documents, whether now or hereafter eldstlng, executed in connection with the IndebtBdness.
Rem. The Word "Rents" means all prasent and futura rents. revenue8. income. Issues. royalties, profits. and other benefits derived from
the Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
X
M
MORTGAGE
(Continued)
000337
Page 7
nAn~
COUNTY OF .__
INDIVIDUAL ACKNOWlEDGME..¡¡.. ................... II' II II... II' ~
_ D. Fenton - Notary Public =
= =
æ County of State of =
= Uncoln Wyoming ::
= :
= My Commission expires 1 0/11/2011 -
......................................
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ISS
1
On this day before me. the undersigned Notary Public. personally appeared MEUNDA SHIRK, to me known to be the Individual described in and
who executed the Mortgage. and acknowledged that he or she signed the Mort age as his or her free and voluntary act and deed, for the uses
and purposes therein mentioned. -2 )t/- [' ....¡ oJ
Give, nd 8 mel.I.... thI...Ÿ:--- day of· , l/ 20~.
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f ,
My comml.8lon .xplres
LASER PRO Lending. Ver. 5.39.00.008 Copr. Herland Financial Solutions. Inc. 1997, 2008. All Rights Reserved. - WY C:\CFI\LPL\G03.FC
TR-3413313 PR-175