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HomeMy WebLinkAbout936616 RECORDATION REQUESTED BY: First Bank of Idaho, fsb, dba First Bank of tha Tatons Jackaon - Main Office 185 Powderhorn Lane PO Box 12860 Jackson, WY 83002 RECEIVED 1/30/2008 at 4:13 PM RECEIVING # 936616 BOOK: 685 PAGE: 294 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY 000294 WHEN RECORDED MAIL TO: First Bank of Idaho, fsb, dba First Bank of the Tetons Jackson - Main Office 185 Powderhorn Lane PO Box 12860 Jackson,WY 83002 SEND TAX NOTICES TO: First Bank of Idaho, fab, dba First Bank of the Tetons Jackson - Main Office 185 Powderhorn Lane PO Box 12860 Jackson. WY 83002 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY ,\ MORTGAGE THIS MORTGAGE dated January 28, 2008, is made and executed between WANDA STUDZINSKI (referred to below as "Grantor") and First Bank of Idaho, fsb, dba First Bank of the Tetons, whose address Is 185 Powderhorn Lane, PO Box 12860, Jackson, WY 83002 (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 and to the following described real property, together with ell existing or subsequently erected or affixed buildings, Improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock In utliltles with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, includinll without limitation· all minerals, oil, gas, gaothermal and similar matlers, (the "Real Property") located In Lincoln County, State of Wyoming: LOT TWENTY-FOUR (24) OF THE TRAIL RIDGE SUBDIVISION ACCORDING TO THAT PLAT THEREOF RECORDED OCTOBER 21, 2003 AS DOCUMENT NUMBER 894618 AND MAP NUMBER 225-F IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING The Real Property or Its address is commonly known as Lot 24 Trail Ridge Subdivision, Alpine, WY 83128. The Real Property tax Identification number is 12-3619-10.4-00-426.00. Grantor presently assigns to Lender all of Grantor's right, title, and Interest In and to all present and futura leases of the Property and all Rents 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, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Excapt as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shail strictly perform all of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possasslon and use of the Property shall be governed by the following provisions: Posselllon and Use. Until the occurrence of an Event of Default, Grantor may (1) remein in possession and control of the Property; (2) use, operate or manage the Proparty; and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements. and maintenance necessary to presarva Its valua. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the pariod of Granlor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of eny Hazardous Substance by any person on. under, about or from the Property; (2) Grantor has no knowledge of. or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender In writing, (a) any breach or violation of any Environmental Laws, (b) any use, genaration, manufacture, storage, trealmenl, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigatIon or ciaims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender In writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted In compliance with all applicable fedaral, state, and locel laws, regulations and ordinances, Including without limitation ail Environmental Laws. Grantor authorizes Lender and Its agents to enter upon the Property to make such Inspections and tests, at Grantor's expensa, as Lender may deem appropriate to determina 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 eny responsibility or liability on the part of Lender 10 Grantor or to any other person. The representations and warranlles contelned hereIn are basad on Grantor's due diligence in Investigating tha Property for Hazardous Substances. Grantor hereby (1) releases and waives any fulure claims against Lender for Indemnity or contribution In the event Grantor becomes ilabla for cleanup or othar costs under any such laws; and (2) agrees to Indemnify, dafand, and hold harmlass Lendar against any and ail claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resultIng from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or Interest in the Property, whather or not the sama 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 Indabtedness and the satisfaction and reconveyance of the lien of this Mortgage and shail not be affected by Lander's acquisition of any Interest In the Property, whether by foraclosure or otherwise. Nuisance, Waate. Granlor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to Ihe Property or any portion of the Property. Without limiting the generality of the foregoing. Granlor will not remove, or grant to any other party the right to remove, any timber, minerals (Including oil and gas), coal, clay, scoria, soli, graval or rock products without Lender's prior written consent. Removal of Improvements. Grantor shall not damollsh or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may require Granlor to maka arrangements satisfactory 10 Lender to 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 allend 10 Lender'. Inlerests 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 governmental authorities applicable to Ihe use or occupancy of the Property. Grantor may contast In good faith any such law, ordinanca, or 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 Granlor 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 acls. In addition to thosa acts sel forth above In this section. which from the character and use of the Property are reasonably necessary 10 protecl and preserve the Property. Loan No: 494027873 MORTGAGE (Continued) ùOtJ295 Page 2 DUE ON SALE· CONSENT BY lENDER. lender may, at lender's option, declare Immediately due and payable all sums secured by Ihls Mortgage upon the sale or transfer, withoul Lender's prior written consent, of all or any part of the Real Property, or any Interest In the Real Property. A "sale or transfer" 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 contrect, contracl for deed, leasehold Interest with a term greater than Ihree (3) years, lease-oplion contract, or by sale, assignment, or Iransfer of any beneficlellnterest In or to eny land trust holding title 10 the Real Property, or by any other method of conveyance of an Intereslln the Real Property. However, this option shall not be exercised by Lender If such exercise Is prohibited by federellaw or by Wyoming law. TAXES AND liENS. The following provisions reiatlng to the taxes and liens on Ihe. Property are part of Ihls Mortgage: PsymenL Grantor shall pay when due (and In all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments. water charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property. Grantor shall maintain the Property free of any lIans having priority over or equal to the Interest of lender 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 Righi to Contast 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 resull of nonpayment, Grantor shell within fifteen (15) days after the lien arises or, If a lien Is filed, within fifteen (15) days after Grantor has notice of the filing, secura the discharge of the lien, or If requested by Lender, deposit with Lender cash or a sufficient corporata surety bond or other security sallsfactory to Lender In an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrua as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend Itself and lender and shall satisfy any adverse Judgment before enforcement against the Property. Grantor shall name lender as an additional obligee under any surety bond furnished In the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satlsfectory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a wrlllan statement of tha taxes and assassments against the Property. Notice of Construction. Grantor shall nollfy Lender at least fifteen (15) days bafore any work Is commenced, any sarvlces are furnished, or any materials are supplied to the Property, If any mechanic's lien, materialmen's lien, or olher lien could be asserted on account of the work, services, or materials. Grantor will upon request of lender furnish to lender advance assurances sallsfactory to lender that Grantor can and will pay the cost of such Improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring Ihe Property are a part of this Mortgage: Malntenanca of Insuranca. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full Insurable value covering all Improvements on the Real Property In an amount sufficient to avoid eppllcatlon of any coinsurance 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 stipulation that coverage will not be cancelled or diminished without a minimum of fifteen (15) days' prior written nollce to Lender and not containing any disclaimer of the Insurer's liability for failure to give such nollce. Each Insurance policy also shall Include an andorsement providing that coverage In favor of Lender will not be Impaired In any way by any act, omission or dafault of Grantor or any other parson. Should the Real Property be located In an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, If available, within 45 days after notice Is given 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 on the property securing the loan, up to the maximum policy limits set under the National Flood Insurence Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Application of Proceeda. Grantor shall promptly notify Lender of any loss or damage to the Property. lender may make proof of loss if Grantor falls to do so within fifteen (15) days of the casualty. Whether or not Lender's security Is impaired, lender may, at Lender's election, receive and retain the proceeds of any Insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner sallsfactory to Lender. lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repelr or restoration If Grantor is not in defaull undar 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 Proparty shall be used first to pay any amount owing to lender under this Mortgage, then to pay accrued Interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment In full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's Interests may appear. lENDER'S EXPENDITURES. If Grantor falls (A) to keep the Property free of all taxes. liens, security Interests, encumbrances, end other claims. (B) to provide any required Insurance on the Property. or (C) to make repeirs to the Property then lender may do so. If eny action or proceeding is commenced that would materially affect lender's Interests In the Property, then lender on Grantor's behalf may, but is not required to, take any action that Lender believes to be appropriate to protect Lender's Interests. All expenses Incurred or peld by Lender for 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 repayment by Grantor. All such expenses will become' a part of the Indebtedness and, at Lender's option, will (A) be payeble on demand; (B) be added to the balance of the Note and be apportioned among and be payable with eny Installment payments to become due during either (1) the term of 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 payabla at the Note's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in this peragraph shall be In addition 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 be construed as curing the defaull 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 thaI: (a) Grantor holds good and marketable 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 accepted by, lender In connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to lender. Dafense 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 of all persons. In the event 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 participate In the proceeding and to be rapresented In the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from lime to time to permll such participation. Compliance With laws. Grantor warrants that the Property and Grantor's use of the Property complies wllh all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Promise.. All promises, agreements, and statements Grantor has rnadein this Mortgage shall survive the execution and delivery of this Mortgage, shall be continuing in nature and shall remain in full force and 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: Proceedlnga. If any proceeding In condemnetion Is filed, Grantor shall promptly notify lender In writing, and Grantor shall promptiy take such steps as may be necessary to defend the action and obteln the award. Grantor may be the nominal party In such proceeding. but lender shall be entitled to participate In the proceeding and to be represented in the proceeding by counsel of Its own choice, and Grantor will deliver or cause to be delivered to Lender such Instruments and documentation as mey be requested by Lender from time to time to permit such participation. Application of Net Proceeds. If all or eny part of the Property Is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender rnay 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 award after payment of all reasonable costs, expenses, end 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 taxes. Loan No: 494027873 MORTGAGE (Continued) Page 3 fees and charges are a part of Ihls Mortgage: Current Taxe., Fe.. and Charg... Upon request by Lender, Grantor shell execule such documents In addlllon 10 Ihls Mortgage and lake whalever othar acllon Is requested by Lender 10 perlecl end conllnue Lender's lien on the Real Property. Grentor shall reimburse Lender for all taxes, as described below, together with all expenses Incurred In recording, perlectlng or continuing this Mortgage, Including without IImltallon all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. T.xe.. The following shall consUtute taxes to which this section applies: (1) e specific tax upon this type of Mortgege or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grentor which Grantor Is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) e tex on this type of Mortgage chargeable against 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 principal and interest made by Grantor. UUV2~6 Sub.equent Taxe.. If any tax to which this secllon applies Is enacted subsequent to the date of this Mortgage, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of its available rerÅ“dles for an Event of Default as provided below unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxas and Uans section and deposits with Lender cash or a sufficient corporate surety bond or other security sallsfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relallng to this Mortgage as a security agreement are a part of this Mortgage: S.curlty Agreement. This Instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time. S.curlty Int.r..t. Upon request by Lender, Grantor shall take whatever action Is requested by Lender to perlect and conllnue Lender's security Interest In the Personal Property. In addition to recording this Mortgage In the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred In perlectlng 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 Personal Property not affixed to the Property In a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable lew. Addresse.. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security Interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgage. FURTHER ASSURANCES; ATIORNEY-IN-FACT. The following provisions reiatlng to further assurances and attorney-In-fact are a part of this Mortgage: Furth.r A..uranc... At any time, and from lime to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender'or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all auch mortgages, deeds of lrust, security deeds, security agreements, financing statements, conllnuation statements, instruments of further assurance, certificates, and other documents as may, In the sole opinion of Lender, be necessary or desirable In order to effectuate, complete, perleet, continue, or preserve (1) Granto~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 awned or hereafter ooquired by Grantor. Unless prohibited by law or Lender agrees to the contrary In writing, Grantor shall reimburse Lender for all costs and expenses Incurred In connection with the matters referred to In this paragraph. Attorn.y-In-Fect. If Grantor falls to do any of tha things referred to In the preceding paragraph, Lender may do so for and In tha name of Grantor and at Granto~s' expense. For such purposes, Grantor hereby Irrevocably appoints Lender as Granto~s attorney-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, In Lende~s sole opinion, to accomplish the matters referred to In tha preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise perlorms all the obligations Imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satlsfection of this Mortgage and suitable statements of termination of any financing statement on file evidencing Lende~s security Interest in the Rents and the Personal Property. Grentor will pay, If permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. EVENTS OF DEFAULT, At Lefl!!e~s option, Grantor will be in default under this Mortgage If any of the following happen: Payment Default. Grantor falls to make any payment when due under the Indebtedness. Default on Othtr Paym.nts, Failure of Grantor within the time required by this Mortgage to make any paymant for taxas or Insurance, or any olher payment necessary to prevent filing of or to effect dlschsrge of any lien. Break Othtr Proml.... Grantor breaks any promise made to Lender or falls to perlorm promplly at the time and strictly In the manner provided In this Mortgage or In any agreement related to this Mortgage. Default In Favor of Third Partl.s, Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Granto~s property or Grantor's ability to repay Ihe Indebtedness or Grantor's ability 10 perlorm Granto~s obligations under this Mortgage or any related document. F.lse Statem.nts. Any reprasentatlon or statement made or fumlshed to Lender by Grantor or on Granto~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 fumlshed. D.fectlve Collaterallzatlon. This Mortgage or any of Ihe Related Documents cesses to be In full force and effect (Including failure of any collateral document 10 creale a valid and perlected security Interest or lien) at any time and for any reason, Death or In.olvency. The dealh of Grantor, 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 sny bankruptcy or Insolvency laws by or against Grantor. Taking of the Property. Any creditor or governmentel agency tries to take any of the Property or any other of Granto~s property In which Lender has a lien. This Includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, If Granlor disputes In good faith whether the claim on which the taking of the Property Is based Is valid or reasonable, and If Grantor gives Lender written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender 10 satisfy the claim, then this default provision will not apply. Bresch of Othsr Agre.m.nt, Any breach by Grantor under the terms of any other agreement between Grentor and Lender that is nol remedied within any grace period provided therein, Including without limitation any agreement concemlng any Indebtedness or other obligation of Grantor to Lender, whether existing now or later, Ev.nts Affecting Guarentor. 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 Incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at Its option, may, but shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty In a manner satisfactory to Lender, and, In doing so, cure any Event of Default. Ins.curlty, Lender In good faith believes Itself Insecure, Right to Cure. If any default, other than a defeult In payment Is curable and If Grentor has not been given a notice of a breech of the same provision of this Mortgage within the preceding twelve (12) months, it may be cured If Grentor, after receiving written notice from Lender demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) If the cure requires more then fifteen (15) days, Immediately Initiates steps which Lender deems in Lende~s sole discretion to be sufficient to cure the default end thereafter continues end completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, al Lender's option, may exercise anyone or more of the following rights and remedies, in addition to sny olher rights or remedies provided by law: Loan No: 494027873 MUK I üAüc (Continued) û00297 Page 4 Accelerate Indebtedness. lender shall have the right at Its option without notice to Grantor to declare Ihe entire Indebledness immediately due and payable, Including any prepayment penalty that Grantor would be required to pay. UCC Remedle.. With respeel to all or any part of the Personal Property, lender shall have all the rights and remedies of a secured perty under the Uniform Commercial Code. Collect Rent.. lender shall hava the right, without notice to Grantor, to take possession of the Property, including during Ihe pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, Including amounts past due and unpaid, and apply the nel proceeds, over and above lender's cosls, against the Indebtedness. In furtherance of this righI, lender may require any tenanl or olher user of the Property to make payments of rent or use fees directly 10 lender. If tha Rents are collecled by lender, then Grantor Irrevocably designates lender as Grantor's attorney-In-fact to endorse Inslrumenls received In payment thereof in the name of Grantor and to negotiate the seme and collect the proceeds. Payments by tenanls or other users to lender In response to lender's demand shall satisfy the obligations for which the paymenls are made, whether or not any proper grounds for the demand existed. lender may exercise Its rlghls 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 all or any part of the Property, with Ihe power to protect and preserve Ihe Property, 10 operate Ihe Property preceding foreclosure or sale, and 10 collect Ihe Renls from Ihe Properly and apply the proceeds, over and above Ihe cost of the receivership, against the Indebtedness. The receiver may serve wlthoul bond if permitted by law. lender's right to Ihe appointment of a receiver shell exist whether or not the epparent value of the Property exceeds the Indebtedness by e subslantlal amount. Employmant by lender shall nol disqualify a person from serving as a recalver. Judlcl.1 Foreclo.ure. lender may obtain a Judicial decree foreclosing Grantor's interesl in all or any part of Ihe Property. Nonjudicial Sale. lender may foreclose Grantor's Intereslln all or In any part of the Properly by non-Judicial sale, and specifically by "power of sale' or "advertisement and sale' foreclosure as provided by statute. Dellcl.ncy Judgment. If permitted by applicable lew, lender may obtain a judgment for any dellclency remaining In the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this seelion. Tenancy at Sufferance. If Grentor 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 Property and shall, at lende~s option, either (1) peya reasonable rental for the use of the Property, or (2) vacate the Property Immediately upon the demand of lender. Other Remedle.. 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 10 have the Property marshalled. In exercising Its rights and remedies, lender shall be free to sell all or any part of Ihe Property together or separalely, In one sale or by separate sales. lender shall be entitled to bid et any public sale on all or any portion of the Property. Notice of Sale. lender w III give Grantor reasonable notice of the lime and place of any public sale of Ihe Personal Property or of the time after which any private sale or other Intended disposition of the Personal Properly Is to be made. Reasonable notice shall mean notice given etleasl ten (10) days before Ihe time of the sale or disposition. Any sale of Ihe Personal Property may be made In conjunction with any sale of Ihe Real Property. EI.ctlon of Remedl.s. All of lende~s rights end 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 peñorm any of Granto~s obllgallons under this Mortgage, after Granto~s failure to do so, that decision by lender will not affect lende~s right to deciare Grantor In default and to exercise lende~s remedies. Attorney.' F.e.; Expen.... If lender Inslilutes any suit or action to enforce any of the terms of this Mortgage, lender shall be entllied to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court aelion is Involved, and to the extent not prohibited by law, all reasonable expenses Lender Incurs that In lende~s opinion are necessary at any time for the proteellon of Its Interesl or the enforcement of lis rights shall become a part of the Indebtedness payable on demand and shall bear Interest at the NoIe rate from the date of the expenditure until repeld. Expenses covered by this paragraph Include, without limitation, however subjeelto any limits under applicable law, lende~s reasonable attorneys' fees and lender's legal expenses whether or not there Is a lawsuit, Including 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 colleellon services, the cost of searching records, obtaining tille reports (Including foreclosure reports), surveyors' reports, and appraisal fees and tille Insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, In addition to all olher sums provided by law. NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any nollce of sale shall be given in writing, and shall be effective when actually delivered, when actually received by lelefacslmlle (unless olherwlse required by law), when deposlled with a nallonally recognized overnight courier, or, If mailed, when deposited In Ihe United States mall, as IIrst class, certified or registered mail postage prepaid, dlreeled to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosura from Ihe holder of any lien which has priority over Ihls Mortgage shall be senl to lende~s address, as shown near the beginning of Ihis Mortgage. Any person may cnange his or her address for nollces under this Mortgege by giving formel written notice to the olher person or persons, specifying Ihatthe purpose of the notice Is to change the person's address. For notice purposes, Grantor agrees to keep lender Informed at all times of Granlo~s current address. Unless otherwise provided or required by law, If Ihere is more Ihan one Granlor, any notice given by lender 10 any Grantor Is deemed to be notice given 10 all Granlors. II will be Grantor's responslblllly to telllhe others of the nolice from lender. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a pari of this Mortgage: Amendments. What Is wrlllen in this Mortgage and in Ihe Relaled Documents is Grantor's entire agreement with lender concemlng Ihe matters covered by this Mortgage. To be effective, any change or amendmenllo Ihis Mortgage must be In writing and must be signed by whoever will be bound or obllgaled by the change or amendment C.pllon H.adlngs. CapUon headings In this Mortgage are for convenience purposes only and are not to be used 10 interpret or define the provisions of Ihis Mortgage. Governing law. Thl. Mortgage will be governed by federel law .ppllc.ble to lender .nd, to the extent nol preempted by feder.1 law, the law. of the Stale of Wyoming without regard to It. conflict. of law provisions. Thl. Mortgage h.. been accepted by lender In the State of Wyoming. No Waiver by l.nder. 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 10 exercise any right will nol mean that lender has givan up that rlghl. If lender does agree In writing to give up one of lender's rights, that does not mean Granlor will not have to comply wllh the other provisions of this Mortgage. Grantor also understands that If lender does consent to a request, Ihat does not mean thaI Grantor will not have to gel lende~s consent again If the situation happens again. Grantor further understands that just because lender consents to one or more of Granto~s requests, that does not mean lender will be required to consent to any of Grantor's future requests. Grantor waives prasentment, demand for paymant, prolest, and notice of dishonor. Grantor waives all rights of exemption from exacutlon or similar law in the Property, and Grantor agrees that tha rights of lender In the Property under this Mortgage are prior to Grantor's rights while this Mortgaga remains In effect. Severability. If a court IInds that any provision of this Mortgage Is not valid or should not be enforced, thai fact by itself will not mean that the resl of Ihis Mortgage will nol be valid or enforced. Therefore, a court will enforce the rest of the provisions of Ihls 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 Ihls Mortgage with any other Interest or estate In the Property at eny time held by or for Ihe banefit of lender in any capacity, without the written consent of lander. Succe..ors .nd A,slgns. Subject to any limitations slated In Ihls Mortgage on transfer of Grantor's Interest, this Mortgage shall be binding upon and Inure 10 the benefit of Ihe partlas, their successors and assigns. If ownership of the Property becomes vesled In a person othar Ihan Grantor, lender, wllhout notice to Grantor, may deal wllh Granlor's successors with reference to this Mortgage and the Indebledness by way of forbearance or exlenslon without releasing Granlor from Ihe obligations of this Mortgage or liability under the Indebtedness. Time I. of the Esllnce. Time is of the essenca In Ihe peñormance of this Mortgage. Waiver of Home.tead Exemption, Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the Slale of Wyoming as to all Indebledness secured by this Mortgage. Loan No: 494027873 MORTGAGE (Continued) û00298 Page 5 DEFINITIONS. The following words shell have !he following meanings when used in this Mortgage: Borrow.r. The word 'Borrower' means Wanda Studzinski and includes all co·signers and co·makers signing the Note and all their successors and assigns. Envlronm.ntal laws. The words 'Environmental Laws' mean any .nd all state, federal and local statutes,. regulations and ordinances relating to the protection of human health or the environment, Including without limltalion the Comprehensive Environmental Response, Compensation, and liability Act of 1980, as amanded, 42 U.S.C. Seclion 9601, et seq, ('CERCLA"), the Superfund Amendments and Reaulhorlzation Act of 1986, Pub. L No. 99-499 ('SARA'), the Hazardous Materials Transportation Act, 49 U.S,C. Section 1801, et seq., Ihe Resource Conservation end Recovery Acl, 42 U.S.C. Section 6901, et seq., or other applicable slale or federal laws, rules, or regulalions edopted pursuant thereto. Ev.nt of Defaull. The words 'Event of Default" mean any of the events of default sel forth in this Mortgage In !he events of default section of this Morlgage. Grantor. The word 'Grentor" means Wanda StudzinskI. Guaranty. The word 'Guaranty' means the guaranty from guarantor, endorser, surety, or accommodation party to lender, Including wlthoutllmltalion a guaran!y of all or part of the Note. Hazanlou. Sub.tanc... Tha words "Hazardous Subs!ances" mean materials that, because of Ihelr quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potentiel hazard to human heelth or the environment when Improperly used, treated, stored, disposed of, generated, manufaclured, transported or otherwise handled. The words "Hazardous Substances' are used in their very broadesl sense and Include wilhout limilation any and all hazardous or toxic substances, malerlals or waste as defined by or listed under the Environmental Laws. Tha term 'Hazardous Substances" also Includes, wilhout limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvem.nts. The word "Improvements" means all existing and future Improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, addillons, replacements and other construction on the Real Property. Indebt.dn.... Th. word 'Indebtedness' means all principal, Inleresl, and oth.r amounts, costs and expenses payable under the Note or Related Documents, together with all renawals of, axtensions of, modifications of, consolidations of and substitutions for the Note or Relaled Documents and any amounts expended or advanced by lender to discharge Granlor's obligations or expenses Incurred by Lender to enforce Grantor's obligations under Ihis Mortgage, together wilh interest on such amounts as provided In this Mortgage. lender. The word "lender' maans First Bank of Idaho, fsb, dba Firs! Bank of the Tetons, its successors and assigns. The words "successors 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. Nota. The word 'Nole" means the promissory note dated January 28,2008, in the original principal amount of $98,400.00 from Grantor to lender. together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. Tha maturity data of this Mortgage is January 28, 2011. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE. Parsonal Proparty. The words "Personal Proparty" mean all aquipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including wilhout limitation all Insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Prop.rty. The word ·Prop.rty" means coll.ctiv.ly Ihe Real Prop.rty and tha Personal Property. Real Prop.rty. Tha words "Real Property" mean the raal property, interesls and rights, as further described In this Mortgage. R.lat.d Docum.nts. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trusl, security deeds, collateral mortgages, and all other Instruments, agreements and documents, whether now or hereafter existing, executed in connection with the indebtedness. Rants. The word "Rents' means all present and fulure rents, revenues, Income, Issues, royallles, profits, and olher benefits derived from the Property. GRANTOR ACKNOWLEDGES HAVING READ All THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRA(;3: X Warms sf1DJ J.O ðt~ 'L--- ~ · I STATE OF ø~\A.\~ 'à. \ COUNTY OF U'fQ \1\ INDIVIDUAL ACKNOWLEDGMENT ) ) SS ) CHERYL A. JONES - NOTARY PUBUC County 01 51818 01 Lincoln Wyoming res Fe.b. 4, 2009 On Ihis day before me, the undersigned Notary Public, personally appeared Wanda Studzlnakl, to who executed the Mortgage, and acknowledged that he or she signed the Mortgaga as his or her free and voluntary act and deed, for the uses ---,...- ~ ~ u er my han nd cia aa this' day of. , 20~ Residing at "" ~~ Z..,,4-0Q.. My commission axplres I.AlllIiA I'RO L.nd..... v.., 1.31.10.00 I C"'f, H.... FlrIencIoJIlolu ,,,,.. ,"Co 1"', Zool. AI "'lIhI, R_ . WV N:1CONVER11CfIllPl'GD3.fC TR..... PIII-LttNDCDNI