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Home My WebLink About936883 RECORDATION REQUESTED BY: Rrst sc.te Bank øf Plnedlle p,O, Box 619 . Taledelll. WY 82941 RECEIVED 2/12/2008 at 11:17 AM RECEIVING # 936883 BOOK: 686 PAGE: 400 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ôO~400 WHEN RECORD!O MAIL TO: Rrst StIlt8 Ba...k of Plnlld"e P.O. Box 619 Pinedale. WY 821141 SEND TAX NOTICES TO: first s_ 8Imk of Pineda/II P.O. Sq. 519 Plnldllll. WV 8284' SPACE ABOVE nllS LINE IS FOR RECORDER'S USE ONl V MORTGAGE MAXIMUM UEN. The lien of thiø Mortgage shell not exceed lit IIny one time $80.000.00. THIS MORTGAGE dated January 29. 2008. is made and Dxe<:Uted between Carrie Delorme. whose address Is 30 Engle Street. Apt 21-2. TenøfJy. NJ. 07670. Jaannlne Edwards. whose address is 160 Nesbitt Road. Colora. MD 21917 and MaryAnn Phillips. whose addraeo Is 212 Marcotte Lane. Børgenfield.NJ 07621, BB Joint Tenants with Rightl of Survivol'Shlp (referred to below as "Grantor") and Rrlit State Bank of Pinedale. whose address Is P.O. Box 619. Pinadale. WV 82941 (referred to below as "Lender"). ORAI\IT OF MORTaA6E. For 'tlllluable -...lderllt!on. GIW\1IOI' mortlJlllJlIS ..d Danwys Þ;ll.9nder ~" ot Grantor'e right title. 4100 Inllilr"t In end to the following deecribed teal propertY, together witlt all exlstJng or subeElQuently erected or affixed buildi...ge, improvemel'ltll and fixturea; en ~a.se~ent8. rights of w~y, and eppurteJl8nc8S; ~II w~ler. WBler righlie. watercourses and ditch rights Onçl\ldlng stook In utlltlllS with ditch or Il'I1gatíon rights); and all other tfgltts;, rovaltle., e!'ld pro1it:s relating to the real property, IncludinG, without limitation all minerel., 011. g~, geotltennaJ and aimiler matters, (1;I1e Real PrOpertyR) located In Lincoln Coùnty. State of Wyoming: lOT SEVENTY-8EVEN 1771 OF STAR VALLEY RANCH PLAT ONE (1) AS PLATIED AND RECORDED JANUARY , GC'O'971 AS DOCUMENT NUMBER 427341 AND MAP NUMBER 173 IN THE OFFICE OF THE CLERK. UNCOLN . UNTY. WYOMING. The Real Property or its address is commonly known as 859 Spruce Drive. Thayne. WY 83127. Grantor preøently asslgl'l8 to Lender all of Grantor', right, title. SOO Intereat In end to all ll'8SØnt and future I1Ils... of the Property end aU Rents from the Property. In addition, Grllntor grants to L.ender a Uniform Commercial Coda security Interest In the Penlonal Property and Rents. THIS MORTGAGE. INCWDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN "tHE RENTS AND PB'lSONAl PROPt;RYV. IS GIVEN TO SECURE IAI PAYMENT OF THE INDEBTEDNESS AND (8) PERFORMANC& OF ANY AND AlL OBLIGATIONS UNDER THE NOTE. THE RELATED DDCUMElllTS. AND THIS MORTOAaE. TH/6 MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PA YMIiNT AND PERFORMANCE. Excapt 88 othelWiM ptovided in this MOrlQlIa, ßr~lßtor shell psy to Lender ~II amounts Hcunrd bV this Mortgagl .. they. beooml dUll IOI'Id ehell $trictly perform all at Grantor'. Dbliglltiolle lAnd.. tltie MOrt{a¡¡G. POSSESSION AND MÀINTENANCE OF THE PROPERTY. Gfllntor 8gre88 that Grantor'e pOlllleeeion and uee of the Property elten be goverlllild by the following provlslomll ' . Pass.slon IIId UIIII. Until the occummce of an Event of Défault. Grantor may 111 remain In /IOSSIIaslDn .00 contrDI of the Proparty; 12) USQ. ol>$rete or managl the Property; end (3) coUeet thB Rents from th8 PropertV. ' DutY 10 MeintDin. Grantor ehaM maintain the Proparty 111 good condition and pl'lmplly perform all repal,"" replaC$,ments, BOO maintenance nActl88ury to preserve Its vllua. Compll_e WIllI EnvlronmenteJ Lllws. Grentor repre8DnlB eoo wel'TllntB to Lender the\; '(11 During the period of Grantor'B ownership at tlte ProPlrty, there Itaa been no UH, g"nlr~tlon. menufecture, etorsge. treatment. disposal. releue or threatened releaee of eny HnardolJ& Sublltsnoe by enV penlon ·on. under, Bbout or from the Property; 121 Grantor has no knowledge of. or reason to believe thØl there hae been. exCept as. prsvloualy dlecloaed to aoo acknowledged bV lendlt In writing, (al ~ breBch or vlolBtlon of any EnvlronmemelLawe. (b anv UH. generetio.... manufacture, storage, trBarment, dlllp088I, rele..e or tlnetened reI".. of ¡InY HlIZ.8rdoUG Substance on. under, abD\It or from 1:ha Property by any prior owners or occupantB of the Property. or (el any eoluel or threatened litigation or cl~lmS ot any kind by env peF\lon relating to ,uch l1Iettere; end (31 Ex<Iept el prevtouøly dlsglosed to and acknowledged by lender i... writing, III) nelthBr Grantor nor anv tenant, contrector, egent or other authotfœd user ot the Property shea use. generate. monufllCtUTe. etore. treet, dilpOse of or reJeasB Bny HuardoUe SUbetanoa 0.... undor, about or from tha'PropertY¡ ~nd (bl sny suoh activity shaH be conducted in compliance with 1111 appJicable'federol. atare. and 10Dal laws, rBeulallone Ind ordinenc8e. Includirlg without limitation all Enylronmental Lawa. Grantor ~uthorlzea Lender and IlBeg\ll\!S'to enter upon the Property to make eLleh inapections and teate, et Grentor'a e¡cpense, " L.endaf may deem appropriate to determine complienoa of the Property with this seollon of tha Mortgege. Any InspectIons or te81B made by Lender shall be fOf LendBr'" PUrp088/1 only and shall not be construed to create ~ny reaponelblllty or lIeblllty on thll part of Lender to Grantor or to any other plrson. The reprellBnrellons and wlrrant!88 oontained herein are beaed on Grentor'1 due diligenoe In InV9$tleatlng'the Property for Harll"doUII Sublltllnces. Grantor hllrllby (11 releeeea end weivB8 any futul8 oluimv agalOllt Lender for indemnity or contribution In the eWlnt Gl'llmot beDoines liable for aieanup or othlr oom uoder any euch lewe; end (2) agtElBS to iooemnifV, defend. Ind hold harmleaa lender against any and all claim.., los8ee. liebilitiee. demegee, peneltiea. snd expaOllea which Lender may dlrectlv or IndlrBclJy sustain or suffer reeultlng' from a breloh of thi. aection of the Mortgage or al e conaequIIßCe of eny U8e, generetion, manufecture. storøga. disposal. releeae or thl'1llltlln8d rele8lle ooourring ptior to Grantor'a ownersltip or IntereBt In the Property. whether Of not the eame was 'or shDUld hew been known to Grantor. The provieiol18 of tltie aaction of the Morty8lJl', including the obligation to indemnifY and dafend. shall survive the payment ot the Indabtedneee end the "tiefection and recol1VBvence of the lien of thie Mortgage end ehell not be aff80ted by Lender'e acqulsllJon ot any Intere$t in the Propenv, whether by foreclosure or otherwise. NuIs~nce. W8Øt8. Grantor eltall not cause, conduDt or pBrmlt any nuisance nor commit, permit, or autler eny $tripping of or waste on or to the Property or any portion of the Property. Without limiting the genBrallty at tha for8olng. Grantor will not remove. or grant to any other perty the right to ramove, snv timber, mlneral8 (Including on and 9881. coal. clay. scorlB. eoil, grawl or rock produott without LendBr's prior wrItten consent. Remoll8l of I"""ovements. Grantor sltaD nol dBmollsh or "mow any Improyements from the Reel Propertv without lender's prior written consent. As I condition to the removel of eny Improvementa, Lender may require Grantor to make arrangemen!8 8allefeotory to Lender to replaCtl such Improvemente with Imptovemenlie of et leset equel veluG. LIInder', Ri(lht to E..."'r. Lender end Lander's agents end representatlYe$ mey enter úpon the Ree' Property $t aU reasonable tim88 to attend to Lender's Interests and tD Inspect the Rell Property for purpDSRS ot.l3rantor's oompllanca with the terme ønd conditions of thia Mo~glil. Compliance" with G_mmentøl Raquirem.nts. Grantor 8liall promptlv comply with ell lawe, ordNncøs, and reguletiona, now or hereøfter In Iflect, ot ~II govemmental authorltlea applicable to the lJ&e oroccupenoy ~f the Property. ~rtlntor may contest In lIood feitft ~nv IUGh lew. ordinancø, or regulation aOO withhold òomplienoa during any proceeding. Including Ippropnale appeale. eo long as Granlor hee notlflld lend" In writing prior to doing so end eo long 88. In lender's sole opinion. Lender'e Intere'lt In the Property ate not jeopardized. Lend... mey require Grantor to poel edequete aecurily or e eurety bond. relllOn~bIv satlsfaGtorv Þ;llender. to proleot Lender'e inten,.¡t. Dutr to ProtIIOt. (3rentor sgms neither to ,bBndon or lewe unattended the Property. Grantor ehell do 1111 other acte, in eddl~on 10 those IIcte eet forth lIbove in tltia Mctlon. which from the oh.ra_ and use of the PropertY Bre rll8sonablv necellNry to proteGt eoo praserve the PrOPertY. DUE 'ON SAlE . CONSENT BY LENI;)ER. Lender may, at !..ender's optJon. deelere immecllñlly due end paYlbl1l aU sum.. aecurld by this Mortgage upon the sale or transfer. without lender'u prior written consent, of all or eny Pllrt of the Real Property. Of any Intere$t In the ':'':8' Property. A "sale Of trBn$ler" mlans tltl conveyance of Reel PropertY or Iny right, title DI' interaet In the Rell PrOþlrtV¡ whethar legel. benaficl8l Loan No: 110071479 , MOR I \:11'\\:1111: (C~nti"ued) Page 2 or equltGble: whether volunt¡lry or involunUlry; whether· by oWight aale, deed, lnatallment salo contract, land contrsct, cO!ltl'act for deed, leosehold Intereat wllh a term grr¡øter than three (3) years, leesB-Qpt!on contfalrt, or by Hie, ooslgnmant, or transmr of any beneflolal intllroet in or to any land trust holding IItle to the Real Property, or by any other method of oonvøysnca of øn Interost In the Raal Property, Ho~eYer. this option ehell,not be axerci.ed by Lender If such 9xercree ia prohibited by fødømllow or by Wvomj'1g I~, ... Od\401. TAXES AND LIIi~S: ,The following provisIon. releting to, thE! þlxøs and Ilene on the Pro~ny ere pert of this MDrtgBge: U V Pavrnent. 'Grentor shall poly when due (BI1d In aD events prior to delinquency) all taxes, payrDII taxes, special tlOOlIJ, 8S$tll;Sments,· water ,chargee end sewer sørvlce cherges levied against or on account of the Propllrty, arid oriall pay wtlen due ell clerme for work done on or for eervlces rend!ll'lld or matal1al furnlshBd to the Property. Grantor mall rrialnteln the Property free of eny liens having priority over or equal to the ÎntetÐst of lend.er undet this Morlgage, except for those liens apøclfleaßy agreed to in writing by lender'. IInd exc:ept for tho Ii"n of tmtes , end aalleBllmente not du" ae further apeclfled In tha Rlgln tD Contest pal1lgl'llph, ! 'RI¡tJt tv Cantes:t.. G~nior ~ay' withhold payment of any tax, oSsass~, or dlalm in conneclion with II· gDod faith dløpuw 'over thE! obli{jetion tD pay, 1;10 long BB Lender's Interest in the ;oroperty Is not Jeopmll2lild. If a lien ati811B or Is fllad aa 0 r"oult of nDnpaymel1t. GrBntot øholl within flftelln (161 daye after tha lilln orJaeø Dr, If e lion Ie filed, within fiftilen (16) do\'ll ofœr {røntor hos notice of tho flllng. aecure tho dlecharge Df the /len, or If requeøted by Lender, depoeit with Lender cam or e sufflclont OOI'porete tlure.tII bond or other esourll.y øotlsfeetory 10 Lender In an omount auffiolent to dlschar¡¡e the Ii,," plus ony COS1B and reesonable attorneys' føøe, or other chargee thot cDuld accNEI as B result of a Ioreclo8urø or sale ullder the lien. In ony CDnteat, Grentor ahell defend iteelf and Lender and sholl oatiafy Bny ødveree judgment before enfotcement agalnat the Property. Grønt\Jr shaH name Lender BO an edditional obllgeo under ony SUrBty bond furnished In ths contset proceødlnll$, , : ' EVldencB of ""ymem. Grantor shall upon demand furnish to LBnder sallufactory avidence of ptlyment Df the taxes Dr BSsessments ond shall authorlm ,the appropriate govemmentel official to deßvlH' to' lender st any tlma 0 wrhtøn statel11\lnt of me wxee IInd aueeeementa egam.t the Property. ¡ " . " . Notice of ~atrue1Ion. GrøntDr shall notify Lender at lesst fifteen (f 5) deyu before Bny work i. commenced. any servjcos ore furnIshed. Dr any moterløla ere aupp/led to the Property, If any mechenlo'e Den, meœrielmen'8 lien. or other IIDJ:I could be assarted on account of the work, servlcee, or matBrlale. Gre"tor will UPDn requeot of lender fumi.h 10 Lander; IIdvonce o,,"uranCØIIlIBlIsfeotory to lander met Grentor ~an ond will PIlY the OOBt of eucli improvements. ~ ,: , 'PROPERTY DAMAGE 1N81,/RANCE. The following prnYluiona rÐlllting to Inourlng the Pro~rty are e part of this Mortgage: , MBlnblnlncø of nu...,... Grernor shall·prooul'll and maintain, policies of flrø Insuninoø with stsndard extende'd CQverege endOOlementa on o røplecement basIs for the full inaurabkl value covering all Improvoments on the Real Property in en amount eufficlant 10 ovoid application ' . of any QOÎnllUrollCS o\luee, and with a standard mortgll"" clouse In favor of lender, Polieiee ehilll bEl written by such II1.IUI'once componleo end In .uch fDrm aa may be reBaonably aocøpUlble to Lendor, Grantor shall deD".r to lender certificlltell of COvero¡¡e frvm eaoh Insurer containit"l 8 stipulation thet eoverege wiD not be cøncelled Dr diminished without a inlnlmum of tan (10)' days' prior written notice to Lander and not contaInIng any dloololm... of the ¡Murer's IIobIRW for raoul'll to give such· ntrtlce. Eøch IlUIuronoe policy 0180 she/l Include IIn ondol'llernent ptDvldlng thet coverage in fowr of Lender will !lot ba impaired In ony woy by any aar. omission or dotllUIt of Grantor or a'ny Dther pereon. Should the Real Property be IoDBt8d In III Ilel dèIIignrrted by the DlrBDtor of the Fedllral Emergency Management Agenoy all II apeaiol flood hazard lree, Grantor'ogrøes to obtain al'ld malnmln Federal Flood In,urellce, It avlHebls, within 4õ ""va after noliee ÍII given by Lender, that the Property Ie located In a apeeial flood fi8zord ·orea, for the full unpaid principal balance of the loan and any prior 811M on tho property lIecuring the'lDon, up to the ma~imum policy IImltll eØ'l under the Nationall=lood Inoursnce Progrom, Dr BS otherwIse røqull'lld by Lender, elO t(! molntøln suoh IlUIurence for the term of the loan, ' : ApprÇlI1Ion of Proae"eIII. Grantor aholl promptlv notify Lender of ony IDIIS Dr dømiige to thll ProPllrty. lender mey make proof of lee. If G~antor flllls to do eo within flftøøn (15) dave of.thll!casuolty. Whl!1har Dr not Lender'1 eecurity ia impaired, Lender mllY, lit Landar'. election. recelvø end retein the prooøeds of any in.unmoe and apply the PfIll!lIIciII to the reduction ofths IndebtednØIIlI, pllyment of any lien ~cting tho Property, of tho rastorotlon and replir ot, tha Property. If l.øncer ,lecW to eµp1Y the proosada to reetoration and repair, GrantOr ehell rapalr or røpleca the d~maged or døstroYIiId Improyemanta In a manner satlsfB~blry to Lendar. Lender ehall, upon altiefaetory proof of auch expenditure, pay or rermbUl'lle (¡rentor from tl1e'l!Iroc:eøde for the rOB80rHlblø cost of rePtlJr or røe1XIratlon It Gr,,,tor Ie not III døfllult undet this Mongøge. Any prolM/eds whloh have no~ bean dløburoød within 180 daya after theIr receipt and whieh lender has not commlttød to the· repair or røøtDrotlDn of the Property ehlll be uaed ftrst to poy any amount owing to lender under thl$ MQrtgage~ then to pay oocrwKl1nterellt, ond the I"IImatnder, if any. sholl be oppllød In the principal belance of the Indebtadneae. If Landar holda any proceede attar peyment In full of the Indebtedneae, aueh prooeedS ahall be pajd to Grantor ee Gl1\f1tDr'a intsrellttl moy OppBtlr. LENDER'S I:XPENDITURES. If Grantor falls (A) ÍI;I' ~eep the Property fraI!! of 011 Ì8xea, II~ns, s8curlty Interests, encumbrances, and other clolms, (01 to provide, any required InsurunCI' on the Property. o~ IC) tD ma/ul repalr'ø to thø Property then LendlH' may do so, If any action Dr procøødl/1g III commenced,that would matarlally affeot Lender's Interve'lll In the PropØny, then Lender on GrBntor'lbehalf møy, but Ie not required to, to~a ony IIOtlon that Lendar beDews to be epproprlllta to pI'!rtect Lender's :Interests. All expøl1lll!s Incurred or pIIld by Lendat for euch purpollBB.wIll,then bllllt IntøreBt Bt the rete charged undet the NolB from the date inoulTllld or paid by L.erider to I:hø dBlB.of repayment by Grantor. All euch expansell Yo!III become a pan of the Ind,,~edl1ØB8 and, at lender'e option, will (A) be pøyabkl on dem81'1d; 'IB) be added In the balønce of the Note end be apportioned llmong and 'ba payoble with eny InØ'laUment paymentll to become due during either (1) tha term of any epplicablo Inourance poUey; or (2) the remaining term of thø Notel or ICI be trelltad os 0 ballDon paYJTIØnt whiCh will be dUll end payabfø af. the Note', rnøtUrlW. The Mortgage 1180 will IIIcurl' PÍlynjent of thal8 amount8. The 'rIghts provided fDr In thia patllgtaph ehaa be in ¢dition to any uthør rlghte or any remedies tD whloh lander ma't\. be entitled on accDunt of ~ny default. Ar)y such oetlDn by Lender shall not be Conøtrulld os aurlng the default aD 88 to bar Lender from en~ remedy that It ctharwlH w~uld how had; , WARRAIVTY; DEFENSE OF TITLE. The fo.llawlng provlelonl raleti/1g 10 ownership of the Property om 0 port ,Df this MDngage: TJtIø. Grentor warr~ntII thåt: 10' Grantor boldeood and marketilbla tItIB of record: to tho Propllrty In fee ølmple, ·froo and clear of 1111 lien. ond encumbrancee other thøn those ',et forth In the Reel Propørty daacrlptJon or In ai1v title InsUl'onca pelley, title repDrt, or final title opinion Issusd III favor of. and accepted by, lender In cilnnec1lon with thia MDrtgage, and; (b) Gronter hes t~e full right. power. and authority to , exaauœ end dallver this Mol'tage to· lander, i ; , Defenae of TItle. SUbJeat to the exception In the paregr¡ph above; GranIDr wal'nlnbi ol1d wDl forever defend the title 10 the Property ageÞ18t tho lawful clelms of oil paisans. In the event any actiori or proceødlng Is commanced that quas.tlana Grantor'a title or the intørellt 0' lander under thie Monuage, Gl1ntor uhaD defend the BOtlDn et Grootor's expan... Grantor may be thø nomlnøl portv 11'1 auoh proceeding, but Lender ehall be entitled to ponloJpate In the proeeedlng and to be I'8preeented in the proceedi/1g bV couneel ot le/1der's awn choloB, and Grantor wll dtlllwr, or caUla to .be delivered, to Le~dor HUoh IlIIIttUmentll OB L.fndtlr may requØllt from timø to· time 10 pennlt aueh partlelpetJon, · ' ~ Compliwlae Wl1II Lewa, Orøntor wlrrlnta that thÌI ProPètty ond Grontor's uae of iha Propl!rty co~lie8' with III eldetlng applicable 10WI, ortJln8ncea. end regullltiDr18 of governmontal authorltJe,,~. Survival of Proml.... All promises, agreements, aoo stlltemonts Grontor haB modø In thlo Mortgage shall 8urvive the axecutlon and dellvøry of thie Mortgege. shall be continuing In noture IInd ohell ramaln In full forC\! and efføat u~1 such time 88 'Grønþ)". IndebtedneØII Is pold In full. I , CONDEMNA'J'JON. The,foIlowlng proviøiona relllting 10 condemn.lion proceadinga are pa.n òf thla Mortgage! . . PrOC8fdi\lllll. If ony Proceeding In e~ndem1atJcn Ie fßed, 'Grentor ahaM promPtfy .notlfy Lender In writing, IInd GranlOr 'hall pmmptly to. ouch stops as may be nec"sary to defend the Iction end obtain the Iward. Grantor maY be the nDmlnal party in euch proaeødlng. but !.snder ahall be entitled to participate in the ptoceeding 'and to be repreaentad In the proceeding by cDunoel of Ita own choice, end (3l11ntor will dalivar or CBIlBII to be dallvørød tD Lender ouch Instromamo end documentation ee may be requ"t8d by Lendat from time 1;0 time tg permit sUl'h. participation. Appllcetion af lllet Proc...., If oil or IllÌy part of the ¡Property' ie condemned bv eminent dDmllin proceedings Dr by any proClIsdlng or puroh8Bø In lieu Of condømnatlr;Jn lender may øt Its eløåtior\ requira the1: ell or any portJcn of the net proceed' of th" aWllrd be applied to the ·lndebtednel8 or the" repair, 0; reetorellon of the PrQpenv. Thø net praoGllda of thø ewanf IIhBII mean the eward aftBt payment of oil raosonable oasIS, 8JCpel1.les. ond attomeys' faN incurred by Lender In connøa1lon with Ih,e condemnøtlon. . IMPOSITION OF TAXES; FEES AND CHARGES BY GOVE~MENrA" AU'I"HORlTlES. The following p~ovllllono ralatl,:,9 10 governmental taXM, fas 000 ohargu 111'8 a plll1 of thle MOl'fgags: CUrrent Taxee, Fa88 Ind CI1&I'II8, Upon reqUIIGt bv Limder, Grontot ehall BXØ~ 'euch documanta In addltlDn tò thie Mortgege and take whltaver other action ia requellted by lender.to perfect and oontlnu" Lander'a lien on the Reol PropertY, Grantgr ehell ralmbul'88 Landsr for I I Loan No: 110071479 IVlvn I \:II'\\2C (Continued) OUVIiU~ Page 3 all taxes,. es descrIbed below, together wl1h all expensee incurred in recDfdlng. perfecting Dr continuing this Mortgage. including without IimitatJon all tax". feee. documentery Sl8mpe. end other chatge.. for recording Dr registering this Mortgogll. TWl88. The followIng shall constJtute texas to which thia aection applies: 111 D speclflc tex upon this type 01 Mortgoge Dr upon 01/ Dr onv part of thø IndøbUldne.. 80cured by this Mortgage; (2) e øpocific tn on Grontor which ßr.,ror Is outhQr~ød Dr requlrød to døduct from pavments on tha Indebtednas secured by thie type of Mortgage; 13) . tax on this type of Mongage chargeable agalnet the Lender or the holdsr of th.. Note; ond 141 a specific tllX on all Dr anv portion of the IndebtedneBR Dr on povmente of princlpol ond interest msde bV Grantor. Subeequønt TaJl8l. If any tox to wÞloh this aection applies is "nact.ød 5Ub8equent to the date of thle Mortgage. thie event ehall heve the II"",,, eff\ct aa an livent of Default, and Lender msy "Kercllle any or all of ita aVIIRable remadies for lilt Event of Default as provided below unleee Grentor either I1J paya1hø tox beforo It becomes delinquem. or (2) contests the tax as provldod above In the Taxes and Liens llection IÌnd depoBltll with Lender CIIsh or 0 sufficient corporate .ure1y bond Dr other ucurlty se~factory to Lender. SECURITY A~REEMENT: FINANCINQ STATEMENTS, The following provisions relating to thlG Mongege as e securitY sgreement ere a P..rt of thle Mortgsge:. Søc:urlry Agreement, 1hIs Instrumant 8hall conotitute a Søcurlty Agreemønt to the extent anv of the Property constituteS fixturea. and Lender shell have oU of the rlghte 01 a eecured psrtv under the Uniform Commercial Code tis amendlld from time to tine. SIICLlrity Intllrut. UPOf1 reque.t bV Lender, ßrantor shall teke whatever action Is rBquestsd bv Lendar to pertoct IInd continue Lender's teCurity intel'8st.111 the 1'ênIol1lll,propørtv. In addition to recording this Mortgage In the real property reoorda, Landar may. at any time and whhoLlt furthar authorization from Grantor, file executed counterpert8. copisa or I'IIproducdono ot this Mortgage as a flnanclng støtement. Grantor ehan reimburse lGndef for all expenllllll Incurred In perfecting or continuing this security Interest. Upon default, Grantor shall not rGmove. aaver Dr detach the PerlHlnal PropertY from the Proparty. Upon default, Grentor IIhllll aS88fT1b1G any Personal Property I10t etflxed to the Property In e meoner end at a plaCII reaeonøbly convanie"t to Grantor 8nd Lander and ~Ite It aV;llilable to Lendar within three /31 clava after receipt of written demand from Lender to the exlllnt pennlttad by applicable lew. AcIdr_lIlII. The maiUng addl'l8aee of Grantor Idebtor) 8nd landør (sscured partyl from which information concerning tho aacurity intoreat grantlild bV thia Mortgage may þe obtaIned (each 8S required by the Uniform Commemlel Code) are as stated on ,the flrst page of thla Mortgage. FURTHER ASSURANCES: ATTORNEY-IN-FACT. The following provioions relating to further 8118uranclltl and attorney-in-fact "II e pørt of this MOrtgll\8:. , FurtlNr A88uI'IIIßCes. At el1V time. and from time to time, upOn request of Lender. Gfllntor will make. execute and deliver. Or will cauaa to be msde. exeoutlld or delivered, to Lender or to lender''¡ deelgnee, .nd whan requested by Lender. couse to be fllsd. recorded. reflled. or rerecOrded. as the oaee mav be, at suoh tlmBS ønd In euch offices and places as Lendør mav dum approprJO!8. onv end oil such mortgages, deedø of trust, 8eourity deed., uourity egreemente, financing atatements. continuation statementa, In$trumenIØ of furthar 08llurance. certiflcatell. and other documents as msy, 111 the eola opinion of Lender. ba n_B88rV or desirable In ordør to efttatUate, compløtø. pørfect, oontlnue. Dr preeeM /1) Grantor's obllgGtiona under the Nota. this Mortgage, ønd the Related Documents. and (2) the liens ønd SBCUrlty ~"ta Created bV this Mortgege ell linn and prfor Uens on the Property. whll1her now owned or herøaftllr IIOqulred bV Grantor. Unless prohibited bV Isw Dr Lender agreee to the contrary In writing. Grantor shall rølmburøø Lllnder for ell coste and. expønsBs Inourred In eonneatlon with the matters referred to in this p.ra¡¡1'eph. ' Atlamey../n-Fact. If Grantor falls to do any of the thinee refurred to In the preceding parograph. Lender mav do so for and In the nome of Grantor end at Grantor's øxpenBe. For auch purpollllS. Grantor hereby Irrevocablv appoints lønder 11& IJrantor's attorney-In-fact for the purpose of making, executing. d"IIverlng, filing, røc:onllng. and doing a. other !hlngs as may bø neouaery or desirable, In Lender's sole opinion, to accomplish the matter, referred to in the preceding paragraph. FUU PERFORMANCE. If Grentor Pèya all the IndebtednellS when dUG, end otherwiee performs all tho obJir¡etiona impoeed vpon Grantor undør thia Mortgage, lender ahell eXèCutè and døllvør ~o ijrentor'8 lultøble aatiafaction of thia Mortgllgtl and auitable statemente of termination of anv flnanclng etetament on fllø evidencing Lender's security Interest In the Rents end thø Personal PropertY. Grantor wID paV, If pennitted bV ,ppllcable law. anv I'81110neble termination fee aB determined bV Londør from time to time. ' EVENTS OF DEFAUL.T, At Llinder'. Option. Grilntor will be In default under thle Mortgegs i1 any of the following happen: payment Def8uIt; Grantor f;ll/l, to meke any payment woon due under the Indebt8dness. DeftluIt on Other Paym8l1te. Failure 01 Grantor within the time re(llIred by this Mortgage to make any· psymønt for taxes Dr Insurooc:e. or any D1:her peymenl necessary to pnlvont flUng of or to effect diecherge at eny lien. Break Other PromI.... ßrentor breeke any promise made to Lender or fell. to perform promptlV at the time and strictfV in the menner provided In this Mortgage or in Gny egrøement ralated to thIs MortgaØ. Default In FIItIOI' of Third P8I1iII8. Should Grantor default under anv IDJln. extension ot oredlt, søourllV agreament. purchG8Ø or aslee egreemønt, Dr anv other agraement, In favor of anv other creditor Dr parson thaI may metllrtølly off1lot ony of Grantor'o property or Grantor'a ability to repay 1hø Indebtedness Dr Grantor's abilitY to pørform Grantor's obllgåtlonB under this Mortgage Dr anv related dOD\JlTlent. False Statemente, AnV representotJon Dr stlltllment made or f\U'm.t1ed \0 Lender by ßrantDr or on Grantor'lI behÐlf under thie Mortgege or the Reletècf Documents Is false Dr misleading In anv mater/el r"pect, either now or lit the time madø or turnlshed. DIIf80tive CoI8I8NßZBtIon. Thla Mortgage Dr any of the Rølated Doouments caSRB to be In full fome snd eltect (Includinø failllre of any collateral document to GI1Ia~ a valid and perfected security Inter"t or lien) at II1Y time end fI)r any reason. Dnth or Insoh..ncy. The dllilth of Grantor. tha inaolvancy of Gramor. the appointmant of a receiver for any Pllrt of Grantor's property, any aslgnment for the benefit at credltora. any type 01 cradltor workout, Dr the commencement of any proceeding under anv benkruptoy or lneolvencv lews by or against Grsntor. TaJdng gf the Property. Any credJtor or governmentel agencv trilll to teke Gny of the Property or Gny other 01 Grontor's proPérty in which LendBr has ellen, Thie includell taking of. garnishing of or levvlng on Grontor's occounte with Lender, However, It Grantor diapuUls In good faith whether. the claim on which the tllklng of the Property Is based Is volld or reasonoble, end it Grentor giVIIs lendllr written notice of the claim and fumiahes Lender with monies Dr 0 sunlty bond lIatJsfoctory to Landar to autisfy the claim, then thle default provision will not apply, Ikeech gf Othar AgrHmant. Anv breøch bV Grantor under thø terms of IInV other agrøement betwaen Grantor end Lander that io not remødled within ønv' srace period providad therein, including without limitation ønv agraament concerning onV inde~dnÐss Dr other obligation of Grantor to Lender, whether ellialÌng now Dr IlIter. Events Affecting BulU'llntor. AnV 01 the preclldlng eVRn"lS occurs with respect to anv guarantor. endorser, surety, or uccommodatlon party of env Of the Indebtadnall8 or any guarantor, 'endorser. surety, or accommodation party diaa or becomes Incompetent. or revolces or dlsputea the velidity of, or lillbility under. any Guaranty of tha Indabtednes8, In the event of a death. Lender, at Its option. may, but &hllll not be required to. permit the guarantDr'ø esteta to lIuume uncondilionellV tha obUsatlons arising. under the guaranty In a mIInner øatlsfactory to Lender, end. In doing 80, cur, 8nV Event of Default. Right to Cla'e. If any default, other thøn a dafault in payment ia curabla end If Grantor haB not been ghlen a notlcø of 0 braGch of the ssme provision of this Mortg89V 'IY1thln the precadlng twalVø (12) months, it mlly be cured It Orantor, after receiving written notice from Lender demanding cure of such default: (11 cutes the default within fifteen (15) daVs; Dr (2) if tha cure requires more than fltteen (151 daya, Imrnedlatølv initiates staps which Lender deems In Lender'. eola diecretlon to bll sufficient to cure the dBfault and thereaftl>r contlnuBII and cornþleta, ell reaeoneble end nlOGSslII'V step. sufflolant to produco cornpliGnce 8llliIDOn as reasonably prectlcal. RIGHTS AND REMEDIES ON DEFAULT, Upon the occurrence ot en Event of Def8ult and at any time thereafter. lender. at Lender'e option, msv IIXIIrolse anv one or mol'8 of the following rights snd r..mediae, in eddltlon to anv other righta or remedies provided bV law: Accelal'llte Indøbteclne8e. Lel1der shaD have the right at ite option without notice to Grantor to deolare the entire In~ebtedneee Immødletely due Bnd poyeble, including anv prBpaymønt penalty that Grantor would bø required to pey. UCC Rømediee. WIttI refP80t to all or onv Part of the Parsonll Property, Lendar ahaP heve all the rishte and remediae of a secured party und..r the Unifonn Commercial Code; . -Loan ND: 110071479 MG... -.....JE (Continued) 000403 ,Page 4 CoAlct Rents. Lllnder Ihell heW! the right. without notlce'to Grantor, to take poneeelon 01 the Property, including' during the pendenoy of fo(eclrnllre, whether judicial or non-judlciaf, and colleot the Rer¡ta, IncludIng lmounts pUt due and unpaid, and apply the net proceeds, over and ebov8 lender's coete, aguinst the Indøbtednl¡G. In furth8ranoo of this rIght, Lander mey require any tenant or 01l18r LlB8r of the Property tv males paVlT\entG of nlnt or usa føsa dlractJy to Lend8r. If the RenlB 8ra cDllected by Lender, then Grantbr irrevocably designates Lendet as Grantor'e anomey-In-faot to Bndoree inatrumentø received In paymB'It thlreof in the name of Grantor and to negl!tlate the BDme and colløct the proceeds. PaymBnta by tenente or othar US81'S to LRndRr in respoN8 10 lender'a demBnd shBlI satisfy the obllgetlons for which the' paymlnta ere made, whethar or not any propur grounds tor the demand existed. Lendsr mllY ""II rei" It!I rights undllr this lIubparagraph Ii1hBr In psrson, by agent or through B recelvlIf. ': ' AppoInt RecelVllr. LandE'r ehell heW! ths' right to heve a receiver ePPOlntsd to take poølW..'on of all or any palt of the Proparty, with tha power to protec:! and preeerve the Þropeny. tv OP'i!rete the Property preosdlng forBCIDIIUre or uele, and to collect the Rente from the Property and apply thø proceede, over and BboVll' the coat of the recelwrshlp. against thø Indebtadnese, The receiver may serve wIthout bond 11' Petmitted by law. LendElr'e right tv the appointment o.f a racelVer ahllll éxlst whi!lthor ar nDt the BPparent value of tile Property exceeds tho'llIdebtednaBS by a suhBœntiel amount. EmpJoymllnt by lender ahell notdlaquanry a parson from S8!vlng as a rBcalvar, ,Judla/lll Farec/oaure. Lender may obœin a judicial daorøB forøclQølng Grentor', inter~st In all or any part,af tha Propørty. l\IonJudlclll15ele. Lender may foreclDIØ Grantor's InblrRst 111 eU or in any part Ofthe:Proparty by na,,"udlclslsaI8, ard epeclflceny by .Power af sala" or "advertlsament IIlId aalEl" foreclosurR as provldlld by etatute. :., DelicillJ1GY Judgment, If permitted by applicable la,w, Lender msy abUln e Judgment for eny deficiency remaining In the Indebtødness dùa tv Lender ,after applioatlon of sll amounta I'IÞcalved from the wrerçi8a of thII rights provided In this sBotlcl1, , Tan-vat Sufferllnce. If Grantor remeins In pos~aselon cf the Property after ,hrI;PropElrty Ie eold es provided above or Lender otherwiee' becomEle entltJad tb posseeeion of tho Property Upon default of Grantbr, Grentor'shan become a tenanl at suffaranoe ct Lendar or tha purcha~r ct thII Property and shBlI. 'at LendElr'a option. either 11) pay s reseonable rental for the ùsø of the PropertY, cr (21 v¡lC!lts tlia Property Immedlatelv upDn the damand of Lendar. , , Óthet RlII1WdIaa. Lender shall have all other righbl and remedlas provided in this Mdrtgags or the Note or avsllable st law or In equIty. Sa" of the Property. To the e)rùJtTt permitted by Bpplicsbla law, Grantor hBrsby ";alves eny 'and ail right tv have the Property marshalled. In axsrcfslng ita rlghtB and rsmBd"...... l.Ðnder shall be free to eell sll or any part of thII Property together or aeparately, In one sele or by separøtG ~Bles. Lender shall ba entitled 10 bId et BfYi pUblic sale on all or allY portion of thEl Property. Notice ,of Sale. LendSr will give Grantor reasonBbIe noUclI of the time and placs of any public sala of the PerllOr¡;l1 Property or of the time aftsr which any prlvlmJ "'S or,other Inmndsd dIsPOsition of the Parsonel Propertv'le to'be made. RElBGOnllble notice shall mean nDtioe gM¡n at 18ast tan 1101 days before the time of the aale or dlaposlllon. Arrv G81e of the Pal'lÞonel Property -may be mads In conJunotlon wIth øny esla of thB Roal Property. " ' , Election of IIømediel, AU of Lender's rlghta and rømedles wUI be cumulative and may be lI~rollled alone or togath@r. An election by Lendar to chooee arrv one remedy will not ber lI/nder from ueing any othsr remedy" It Lender decides to spend money or.to perform anv Of Grantor'. 'obligations under thie Mortgage, alter Grsntor'ÍI failure to do 110, that dac/slan by Lender will not uffaC1 Lender's rI¡¡ht tb deolara Granwr in default and to exercIse Lendsr's remsdlee. ' , ,',' Attomllys' "'881 &pensøs. If Lendar InatiMe.II BOY suIt or ectlon to enforèe any Df ths tarms of this Mortg4lge, Lender ehall be entitlsd to raoovør auch BUm as the court m8V adjudga reasonsbl9,ae IIttornGye' faes at trial and upon eny 'eppeal, Whether or 'flat any court action Ie Involvød, I1I1d to the extent not prohibited by lew, BII r""sonable expenaes Lander Incul'll that In .l.ender'e opinion ere necEl8eary lIt.any time fur thB protection of Ita Intareat or tha enforoement I;!f IU righte ahall become a pari of the' Indebtlldneee paYllble on demand and ahell 'beet l'lterest at the NOle rete from the data at the expenditure until fBpald. ExPlltlSe8 covered by thia paragraph in¡¡Juda. without limitation, however aubJsct to any limIte undsr appllcøble law, Lander'a rBBsDnablø øttomeye' feEle end Lend.....s legsl expanses whethsr or not there Is 'e IBwault. Includfng reseonabfs attomeye' IeiII and expenses for bønkruptcy procoadlngs «ncludlng efforts to modify or wDate any automatic atay or injunDllonJ, ;lpP'i!ele, end eny anticipated poet-Judgment cDlleçtJõri øeNlcal, thII COst of SBarahlng records, obtaIning title reports Uncluding foraolosurll reportlt), surveyors' rsports, end eppreiaal fees and tI*la Insuranca, tl;! tho, IIIXtRl1t permitted by øpØ"ceble lew. Grantor ølllo will pay any QO~ costø, In addition to 811 other eUll1a provided by law. ; . NOTICES. ArÏy notice required to be glwn under thIs Mortgage, Including without limitaUon Brrv notll:a Df dBfault and any nodoa of a;lle øhall bø given 'In. writing, and shall bB effective when actual,ly deNversd, when actuelly rllcoived by teIBmC81mKII (unløee Othllrwlsll required by lew), wher¡ , deposlbld with 8 nationally recogniæd' overnight courier, ór, if maUad, when deposited In tha United Steles mail, as firet clllee, certified or ' reglstsrBd mail poBtBge prepaid, directed'tv the lI(fdf8SS8S shown neer the beginning òf this Mortgage. All cop/ea of notices of forecloaure from tha holder Of 'any lien which has priOrity owr this Mortgllga ahall be sant to LøndBr's eddreee, es ahoWn near the beginning of thie MortgÐge, Any pareon may ohange hie or, har Bddn¡se for notices undllr this Mortgega by gMng: formal written notice to the other pel'llOn or perecns. ' epeeltylng th;lt thII purpose of tile notice II to chenga the pef$On's address. For notice purposes, Grantor egrees to keep Lendsr InformBci at an tfmÎls of GraMor's current addreN'. Unless othllrwllla provided or required by law. It thorB Ie morø thBII one Grantor, eny notice glvan by Lender to aily Grantor Is deemed tr;¡ be notlca gven,to a/l Grantol'll.' It wDl be Grantor's responelblllty to tGlI thII othere ofthll notice from Landsr, fWaCB..LANEOUS PROVISIONS. The following mlaoølJanaouB provioione el'lÞ a part of thl~ MOl'I9ago: , Amendments. What Ie written In' this Mortgaga and In the Related DDèumenblls Grantor's IIn1lre'IIgroomsnt with Lander concarnlng the matter. covel'1l~ by thls'Mortgage. To be effootJve. any changll or amendment to thia Mortgage muut be in writing Bnd mUllt be signsd by whoaver will be bound or obligated by the change or amendment.,' ': Caption Hlllldlngs, Ca~on headings In this Mortgege are for oonvelJiønc;e pUrposes only and ars '101 tb be ussd to Inlerpret or deflne the prov~lons of thla Mortgage. " . ~ . , ' QD1IIImIng Law. ThIs MortDBgEI wi. be govarned by federeJ /aw,appltDIIIbIB to ~ar IIfId. to tha IIxttnt not prllÐll1PCØd by ftlderallaw. ths IaWl! øf tþÞ Stute øt Wyoming without regBl'd to Ita confllolB of law provisions. ThIs MqrtøllllØ hIllS bean lICCepttld by LAndar In Ihø S_ or W~. . , CholaB of Venue. If there Is a lawsuit, Grllntor IIgrees upon Lender'a request to submit to tha jurl8diction of thø courta of Sublette COunty. Statll or Wyoming.' , ' : Joint III'1d Several Liability. All obng8tiDne of Grantor undllr thIs MDrtgaga sh;lll bll Joint ~ aeveral, end aK raførencBB to Grantor shall mean each and svøry I3l11'1tor, Thie means that each Grentor signing below III reeponelble;for. a/l obll08tJone In this Mortgllg". " No Waivar by 1.110081. Grantor underetende Lender will not give up any of Landsr:s rights uooer this Mortgag,; unleee LèI'Ider d088 so IÞ writing. The faot that lander delayø or omit8 to exerolsa arrv right 111(111 not maRn fhi't LBndBr hall glvøn up that right. If Lender doea Bgre,EI In writing to give up one of Ldl'lder's rlghÞ!, thft doee not'mean GrBlltor wUI not have to comply with tha othar provisions of this Mortg... Grantor alllO undlll1ltende that if Lender does con"nt to a røqlJllat, that doøs ,not rrlean that Grantor wRI not hS118 to get Lender'a COtlSBnt ugaln If the elluation happens &gain. Grsntl)r further underetll!1da thet uet beceUEl8:1.ender coneEÍnts to on. or mOrB of Grantor's requseta, fhat:does 'not'møan Lender wIll be required to ~neent to Bny of Grantor'8 future requÞ$t8. Grantor welvea pree80tmønt, demand fur paVlT\ent, !II'01elt, and notice of dishonor. Grantor wBlves all rlght8 of exømptJon frOm execution IX' similar Isw in the Property, and Grantor Bgr_ thlt the rlghta of Lender in the Property uoo.r this M'ortgaga ara prior to Gr&r!tDr's rights wltlla this Mortgage remains In eftimt. . SøwrebAlty. If a court finds 'thBt any provIsion of this MDrtgllgB' h¡ not valid or sho..,ld not be snfofGed, that fset by its.'f will not n10an thBt thø reat of this' Mortgage will not ba vBlld or IInforeød. Therøforø, ø court will ønlDrco tho fIIst of tI1a provisions of thi, Mortgøg" llvøn If a P/'ovlalon of this Mortgege may be found to be Invalid or unenforoasb1e, ' lU/rgW. There ahan be no merge~ of tha intBI'ÌISt ~r aslma oreeled by this Mortgsge; with eny oiher Inter8llt or estatø In lhe Property at al1Y ,time held by Dr for the bensflt of Lender In any capacity, without the written COl1Sllnt of !.endur. . , . Successats!l'ld Asslg';'. Subjeot In any IImltatlons'stated In this MDrtgåge on trensfer of Grsntor'alntal1lllt, thill Mortgage øhttll ba binding upon and InLlre to the benefit of the parties. their succeSSOI'8 and,a88igna. It ownei8hlp of thll Property bacomes Velltlld In a pere.on other than GrantOr. Lendar, Without notlca to Grantvr, may dBB! with Grantor'e succeseori with reftll'Elnoa to this Mortgege and the Indebtvdoèsø , by way of forbøarsnoa or øxtens!OIl without reJøa.lng I3rantor from th. oblJgationa of thla Mortgaga or IIBbltity under the Indabtødnee8, TIma Is ,or ti'HI eu-". TIm" I. of the 8sløncaln the performance of !hie MoÌtgøgø1' , W.......r or HOIIIlIMnd 1iix/FlptIon. Grantor heraby ,,'eas88 and wolve. all rights end;benøflts of tha homaatGEld exømptlon lawe of thll Stam of wyoming al to ,all'lndebtsdp8S8 secured bv this MortgttllB. ' Loan No: 110071479 ..,"'... ...,,~... (Continued) OOV)4D4 Page 5 DEFlNInONS. Thll following worde ohBlJ hove the following meanings when UOIlld in thl8 Mortgage: BIIfJOWBr. The word 'Borrower" means CarrIe Delonne, Jeannlno Edwarde and MoryAnn PhllUp" end IncludBe an co-aÎ¡¡nere and co-makers eÌ1/nlng 1IIe Note end aD their aucceasors and l18eigna. Envll'onmentuI Lawe. The words "EnvirOnmental law," mean any and all mte, federel end local statums, regulations and ordinanCGII relating 10 tile protection Of human health or the environment, including without limitation the Compreheneive Environmental Response, Compensation, and Uablllty Act of 1980, ao omende<t. 42 U,S.C. Semion 9601, et I18q. C'CERCLA', tho;! Superfund Amendments end RMllthorlzollon Act of 1886. Pub. L. No. 99·499 ('SARA'), the Hazardous Materials Transportation Act. 49 U.S.C. Section 1801. et seq.. the Resource Conservation and RaCQvo;!rv Act. 42 U,S.C. SaçtJon 6901. at søq,. or other applicable state or fedaral lows, rules, or l'IIuletlone adopmd purauont tharato. !;vent øf Døfgt, The worde "Event of Døfault" mean any of tha events of defsult Bét forth In this Mortgegll hl the evllnte or default oemlon of thiD Mortgege. Grantor. ìha word "Grantor' meane Cerria Oelorme, Jeannine Edwards and MaryAnn Phlllipa, GIIIIrIII1ty. The word "Guaranty" means the guarsnty from gua.....ntor. endol'ller, surety, or accammodetlon porty to Lender, includi1g without limitation a gu;lranty of all or part of the Note. , H.uørdoue Sœsrancll8. The words 'Hazardous Sub"lanCIIs" msen mlltBrlols that, beceuse of their quuntlty, conconlratfon or phylllcal, chomical or InMotloue chørlKllerlstlcø, may cause or pOGe a )1'eaBnt Dr potential hazen! to human heellh or the environment when Improperly used, treated, stored, dispoaed of, generated, manufactured, trensported 01' otherwJaa handled. Thø wørds "Hezal'doue Bubetanoes" are U8ed In thalr very brood08t sense and Include without IIm~tlor1 any and all huzerdous Dr toxic sUbstanclI, mamrlala or ~aetØ B8 defined by Dr II~ød under the Envlmnmental Lawe. The term "HlWlrlloue Bubatancøe" 81110 IncludBs, without limitation, pWølsum end petroleum by-produets or any fraçdon thereof and aa.be8tOo. 1mpn)Ir_. The word "lmprovømente" meona all øxlstlng and future improvam8nts, buildings, etructuree, mobile homea affixed øn the Raal Property, faollitiea, additions, røpl.tc.emøma and olher construction on the Real Propgrty. Indebtuclnus. The word 'Indebtednses" means all principal, interest, and other ernountll, 00814 end Bxpenses NI.yoblB undBr the Note or Related Documentll, tDgBther with all renuwals of, extenaions of, modlflcøtlone of, coneo/idstlono of and substlttnlons for the NOIII or I1elelBd Documontll and eny amounts axpencled or eclvunced bv Lander to diecharge Grantor's obligations or expensØ8 Incurred by Lender to enforce Grantor's obllgatlone uncIRr thl$ Mortgego, tDgath8r with Interest on euch amounts 88 provided In thle Mortgage. L$ndør. ThB word "Lender' meane Aret StBle Bank of Pinedale, ita SUCC8SSOr1l and eeeigne, The words "suOcesøon! or 88slgns' mun any PIIl'8on or oompany that aoqulree any interest In the Note, ' MurtgBøe. The word "Mortgage" møøns this Mortgage between IIrantor end lender, NDtR. The wOl'd "Nots" meanB the pmmlsSorv note doted Jenuary 29, 2008, in the original prlnclpai 8ß1Qllnt of $80,000.00 from Grentor to Lender, together wIth all n¡newele of, extensions of, modifiCGtiona of, reflnanolngs of, DONloIIdatione of. and eubadtutionø for the prornislOry notØ or agreoment. PRrBoneI Proparty. The words "Personal Property" mean all equipment, fixtul'rlll, and othør artlclss 01 Þ8reonel property now or hereflftØr owned by Grantor, and now or hara~fter ettechod or offtxed to the Reel Property; together with ell aCc.erlsione, parte, end additions to, all replaCBmantB of, and el! substitutions fot. Bnv of such property: end togather with all proc.erlde (Including without Imitation au insurance procllClds and refunds of premlulIIII) from anv e.le or other disposItion of the Pro)llrty, Property, The word "Property" me.uns ooUøçtlvelv tho Real PropertY !II1d tile PD(8onel Property. Re. Prapørt¡r. The words "Reel Property' maon the real property. IntarMts and rlghte, ae further dstlOrib8d in this MOrtgagD. HelMed DuGUIIIIln\$. The words "Related Documents" mBan all promlll8ory note8. credit IIgrtlBl11enta, loan agrfil8ments, envtronmentel aore_ante. guaranties, security egreements. mortgagee, deede of truSt, suourlty døøds, colløteret mortgegeB, and all other inet1'ument8, agl'8llm''"te end dooWTKInta, whether now or hare, Iter Bxieting, executed In aonnactlon wltll the Indebteclneee. Rente. The word "Rente" ß\8B118 aU preeent and future rents, revenueç. Income, iaøuee, roveltiès. profits. and othør buneflts derlvud from the Property. ;::&C~s?IIANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE. AND EACH GRANTOR AGREES TO ITS ::- J, IIU~/ , C.r .Jølllllllnll Ecm.cIs X MaryAm PhißiPi STATE OF ~Q..W ~ w1L. COUNTY OF _f'\ew- ~ ~ INDIVIDUAL ACKNOWLEDGMENT ) ISS On thie dav before me, the underalgned Notary Publlo, persol\llllv appeen¡d Cerrle oerorine, 10 me knowll to be thB Individual described in and who exeouted the, Mortgage, ßd acknowledged that he or she algned the Moltgege ee hie or her tree end vOluntary eat end deed, for the ueee BJ1d purpOBle therein mentioned. \~ ~ n ø. ' GIve 'e r!I' I..., this dey of r1J~ . 20~. r ~ Reeidinut My commiufon oxplree Q.9, lO N PAT M. TILLERY NOTARY PUBLIC, STATE OF NEW YORK No. 01Tl60B0150 QUALIFIED IN NEWYORKCOUNTY MY COMMISSION EXPIRES SEPT. g, 20lQ RECORDATION REQUESTED BY: First State Bank of Pinedale P.O. Box 519 Pinedale. WY 82941 WHEN RECORDED MAIL TO: First State Bank of Pinedale P.O. Box 519 Pinedale. WY 82941 SEND TAX NOTICES TO: First State Bank of Pinedale P.O. Box 519 Pinedale. WY 82941 õOð405 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $80,000.00. THIS MORTGAGE dated January 29, 2008, is made and executed between Carrie Delorme, whose address is 30 Engle Street, Apt 21-2, Tenafly, NJ, 07670, Jeannine Edwards, whose address is 160 Nesbitt Road, Colora, MD 21917 and MaryAnn Phillips, whose address is 212 Marcotte Lane, Bergenfield, NJ 07621, as Joint Tenants with Rights of Survivorship (referred to below as "Grantor") and First State Bank of Pinedale, whose address is P.O. Box 519, Pinedale, WY 82941 (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 all 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 utilities with ditch or irrigation rights); and all other ri9hts, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming: LOT SEVENTY-SEVEN (77) OF STAR VALLEY RANCH PLAT ONE (1) AS PLATTED AND RECORDED JANUARY 6, 1971 AS DOCUMENT NUMBER 427346 AND MAP NUMBER 173 IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. The Real Property or its address is commonly known as 859 Spruce Drive, Thayne, WY 83127. 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 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 IA) PAYMENT OF THE INDEBTEDNESS AND IB) 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: PA YMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) 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 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, generation, manufacture, storage, treatment, 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 claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, la) 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 federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes 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 this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless Lender against any and all 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, whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. Nuisance. Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent, Removal of Improvements. Grantor shall not demolish 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 Grantor to make arrangements satisfactory to 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 attend to Lender's interests 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 the use or occupancy of the Property. Grantor may contest in good faith any such law, ordinance, 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 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 those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all su~s secur,ed by this Mortgage upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any Interest In the ~~al Property. A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial Loan No: 110071479 MORTGAGE (Continued) Page 2 It\i0040G or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law. 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, 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 liens 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 Right to Contest paragraph. Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall 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, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that 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 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 satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify Lender at least fifteen (1 5) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor 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 on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application 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 ten (10) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. 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 Insurance Program, or as otherwise required by 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 loss if Grantor fails 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 satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this 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 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 fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, (B) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any 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 paid 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 payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any 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 payable at the Note's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights 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 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 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. ' Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful claims 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 represented 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 time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution an~ deli~e~y 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 m 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 writin~, and Gra~tor shall promp,tlY take such steps as may be necessary to defend the action and obtain the award. Grantor may be the nommal p~rty m such ,proceedmg, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of ItS own ChOIC?, and G,rantor will 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. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceedi,ng or purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation. IMPOSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes. Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this ~ortgage and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for Loan No: 110071479 MON' \.:IAGE (Continued) Ù00407 Page 3 all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax 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. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same effect as ari Event of Default, and Lender may exercise any or all of its available remedies 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 Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: ' Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property 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. Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue 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 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 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 law. Addresses. 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; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this Mortgage: Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute 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 such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation 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, perfect, continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired 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. 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 name of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor'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 Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage if any of the following 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 fòr taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien. Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner provided in this Mortgage or in any agreement related to this Mortgage. Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related document. False Statements. Any representation or statement made or furnished to Lender by Grantor 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 Collateralization. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor. Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Grantor'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 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 to satisfy the claim, then this default provision will not apply. Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to Lender, whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes 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, Right to Cure. If any default, other than a default in payment is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the preceding twelve (12) months, it may be cured if Grantor, 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 than fifteen (15) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and 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, 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 Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due and payable, including any prepayment penalty 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 party under the Uniform Commercial Code. ;' Loan No: 110071479 MORTGAGE (Continued) 00\)408 Page 4 Collect Rents. 'Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net 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 rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments 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 all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the 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 "power of sale" or "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due 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 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 Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the 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 marshalled. 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 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 time and place of any public sale of the Personal Property or of the time after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition, Any sale of the Personal Property may be made in conjunction with any sale of the Real Property. Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by Lender to choose anyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of Grantor's 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. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender'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 collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will 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 be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered 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, Grantor 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 notice 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. 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 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 used to interpret or define the 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. the laws of the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in the State of Wyoming. Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction' of the courts of Sublette County, State of Wyoming. Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and every Grantor. This means that each Grantor signing below is responsible for all obligations in this Mortgage. No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing, The fact that Lender delays or omits to exercise any right will not mean that Lender has given 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 that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requests, that does not mean Lender will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor, Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor agrees that the 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 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 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 State of Wyoming as to all Indebtedness secured by this Mortgage. ,JL Loan No: 110071479 MOk I \:JAGE (Continued) 000409 Page 5 DEFINITIONS. The following words shall have the following meanings when used in this Mortgage: Borrower. The word "Borrower" means Carrie Delorme, Jeannine Edwards and MaryAnn Phillips and includes all co-signers and co-makers signing the Note and all their successors and assigns. Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA "), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No, 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U,S,C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default section of this Mortgage. Grantor. The word "Grantor" means Carrie Delorme, Jeannine Edwards and MaryAnn Phillips, Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, 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, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means First State Bank of Pinedale, 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. Note. The word "Note" means the promissory note dated January 29, 2008, in the original principal amount of $80,000.00 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. Personal Property. The words "Personal Property" mean all equipment, 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 without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: X MaryAnn Phillips x ~~/7Jp¡)~ Jeann dwar s , n~J/:¡ J'J.);m6~, '7J. 6",/ bX;þ/r-e.S . 1/ I.R.I¡; f ik ~lLG~,wÜi(/l- ~ \ - 05' , t~ \....o·\~ ~...... INDIVIDUAL ACKNOWLEDGMENT X Carrie Delorme STATE OF ) ) SS ) COUNTY OF On this day before me, the undersigned Notary Public, personally appeared Carrie Delorme. to me known to be the individual described in and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and purposes therein mentioned. Given under my hand and official seal this day of , 20 By Residing at Notary Public in and for the State of My commission expires Loan No: 110071479 MORTGAGE (Continued) Page 6 INDIVIDUAL ACKNOWLEDGMENT STATE OF I I SS I OOð41.0 COUNTY OF On this day before me, the undersigned Notary Public, personally appeared Jeannine Edwards. to me known to be the individual described in and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and purposes therein mentioned. Given under my hand and official seal this day of .20 By Residing at Notary Public in and for the State of My commission expires INDIVIDUAL ACKNOWLEDGMENT STATE OF COUNTY OF I I SS I On this day before me, the undersigned Notary Public, personally appeared MaryAnn Phillips. to me known to be the individual described in and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and purposes therein mentioned. Given under my hand and official seal this day of . 20 By Residing at Notary Public in and for the State of My commission expires LASER PRO lending. Ver. 5.38.10.001 COþl'. HlII'lend Finanol.1 Solution., Ino. 1997, 2008. All Right. R._"d, - WY R:\CFI\LI't\GOJ.FC TR·808 PR-S8 Loen No: 110071478 MORTGAGE , (ContInUed) 000411. p. .. LINDA S. SHAMBLIN NOTARY PUBLIC' STATE OF DELAWARE 'My Commission Expires Nov. 2, 2008 OIIfn dlY '*- "" .. ~ NotIIV I'UbJo, ",1ionIby ......d "...".. ..... 1ID ßII mciwn to '-1M IndIvidI/tlI d"orlllcd In IIKI who -0UIIICI1he MCIftV.... II'Id .Olcnowlldøed __ hi or l1li &Igned rile M~ ~ htr .... end wla.røry lOt and tfftd. far till .... Ind ......... thIreIn,IIItIlliOMd. 11 -::? Y;t , ),,} c> -~~ ~éJ-..... :.1/ÆA?r-£:L. B¥, . IXµ; '.... /"'~, .1j (ØìJf .--~"'''''- ' '~~ ..-- //- ;p '---;1 / INDIVIDUAl ACKNOWI..J5DGMENT ....,... ø( ¿f auJ-ff..e.. I COUNTY 01' ~ .a(;¿¡¿-I¿ :ss INDIVIDUAL ACkNOWLEDGMENT BY....... OF COUIQY 011 t I$IS I 0111ft1& dlY before hII. 1ft. undêl'llJl'lld IIICltlry Public" pnollllly ....... IIII\'AIIÞ ........ to l1'li IIÌown .. be IIIe iniIIvIcIUI d.lèrlbItIln ItId wno ~ .. ~. .,d llIIIn""JadøMI \lilt /It or ... IIþ" ~ MonIIIge .. 1ft or her ..... .,d wI.mwy IIc:t 8IId ðied,. fQ/' 1M .... and JIUtPOII8IIIIIeteIn "IIlnåcmad. ..... ..... Illy '-d .. ofIuII ... ... _at ....... .. Illy -.Iuian fIII*.. ev. ...., ......l1li....,., 1M .... of .20_. ............. -....... .............~......-. .............. ... ...~ .. ...... RECORDATION REQUESTED BY: First State Bank of Pinedale P.O. Box 519 Pinedale. WY 82941 WHEN RECORDED MAIL TO: First State Bank of Pinedale P.O. Box 519 Pinedale, WY 82941 SEND TAX NOTICES TO: First State Bank of Pinedale P.O. Box 519 Pinedale, WY 82941 û0041.2 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $80,000.00. THIS MORTGAGE dated January 29, 2008, is made and executed between Carrie Delorme, whose address is 30 Engle Street, Apt 21-2, Tenafly, NJ, 07670, Jeannine Edwards, whose address is 160 Nesbitt Road, Colora, MD 21917 and MaryAnn Phillips, whose address is 212 Marcotte Lane, Bergenfield, NJ 07621, as Joint Tenants with Rights of Survivorship (referred to below as "Grantor") and First State Bank of Pinedale, whose address is P.O. Box 519, Pinedale, WY 82941 (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 all 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 utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming: LOT SEVENTY-SEVEN (77) OF STAR VALLEY RANCH PLAT ONE (1) AS PLATTED AND RECORDED JANUARY 6, 1971 AS DOCUMENT NUMBER 427346 AND MAP NUMBER 173 IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. The Real Property or its address is commonly known as 859 Spruce Drive, Thayne, WY 83127. 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 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 (AI PAYMENT OF THE INDEBTEDNESS AND (BI 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: PA YMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1 I remain in possession and control of the Property; (2) 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 maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) 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 Hazardous Substance by any person on, under, about or from the Property; (21 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, generation, manufacture, storage, treatment, 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 claims 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 federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes 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 this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and (21 agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which LençJer 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, whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. Nuisance. Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas). coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent. Removal of Improvements. Grantor shall not demolish 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 Grantor to make arrangements satisfactory to 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 attend to Lender's interests 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 the use or occupancy of the Property. Grantor may contest in good faith any ~~ch law, ordinance, 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 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 those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sun:s secur,ed by this Mortgage upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any Interest In the ~~al Property, A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial Loan No: 110071479 MOH IliAGE (Continued) û0041.3 Page 2 or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. Howev.er, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law. 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, 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 liens 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 Right to Contest paragraph. Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall 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, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that 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 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 satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor 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 on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application 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 ten (10) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such notice, Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. 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 Insurance Program, or as otherwise required by 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 loss if Grantor fails 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 satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair tlr restoration of the Property 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 fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, (B) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any 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 paid 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 payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (e) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights 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 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 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. Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful claims 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 represented 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 time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities, Survival of Promises. All promises, agreements, and statements Grantor has made in 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: Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such steps as may be necessary to defend the action and obtain 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 may be requested by Lender from time. to time to permit such participation. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceedi.ng or purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation. IMPOSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes. Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this ~ortgage and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property, Grantor shall reimburse Lender for / Loan No: 110071479 IVlvn I U"",UI:. (Continued) ü00414 Page 3 all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax 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. Subsequent Taxes. If any tax to which this section 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 remedies 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 Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property 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. Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue 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 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 Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and mak,e it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information 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; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this Mortgage: Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute 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 such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation 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, perfect, continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurr¡¡d in connection with the matters referred to in this paragraph. Attorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor'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 Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage if any of the following 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, or any other payment necessary to prevent filing of or to effect discharge of any lien. Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner provided in this Mortgage or in any agreement related to this Mortgage, Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related document. False Statements. Any representation or statement made or furnished to Lender by Grantor 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 Collateralization. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor. Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Grantor'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 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 to satisfy the claim, then this default provision will not apply. Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to Lender, whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes 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 50, cure any Event of Default. Right to Cure. If any default, other than a default in payment is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the preceding twelve (12) months, it may be cured if Grantor, 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 than fifteen <.15) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter çontlnues and 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, 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 Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due and payable, including any prepayment penalty 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 party under the Uniform Commercial Code. ;, ,~,,: 0- "i¡.. ...;..' Loan No: 110071479 MOH I üAGE (Continued) fI'r\!''OO4j..5 Page 4 Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net 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 rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments 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 all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the 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 "power of sale" or "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due 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 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 Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the 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 marshalled. 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 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 time and place of any public sale of the Personal Property or of the time after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition, Any sale of the Personal Property may be made in conjunction with any sale of the Real Property. Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by Lender to choose anyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of Grantor's 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. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender'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 collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will 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 be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered 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, Grantor agrees to keep Lender informed at alt times of Grantor's current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. It will be Grantor's 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 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 used to interpret or define the 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. the laws of the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in the State of Wyoming. Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Sublette County, State of Wyoming. Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and every Grantor. This means that each Grantor signing below is responsible for all obligations in this Mortgage. No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given 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 that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requests, that does not mean Lender will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor agrees that the 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 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 Mortgag~ 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 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 State of Wyoming as to all Indebtedness secured by this Mortgage. .. ~:;;",~ ~ fi·{.dìt':;:5if--r,~I. ~ "Töã"nÑo:-"1 0071479 ~. ..", I cx..vv U IVIUI1I uAu~ (Continued) ûOÒ41.6 Page 5 DEFINITIONS. The fallawing wards shall have the fallowing meanings when used in this Martgage: Borrower. The ward "Barrawer" means Carrie Delarme, Jeannine Edwards and MaryAnn Phillips and includes all ca-signers and co-makers signing the Nate and all their successars and assigns. Environmental Laws. The wards "Environmental Laws" mean any and all state, federal and lacal statutes, regulatians and .ordinances relating ta the pratectian .of human health .or the environment, including withaut limitatian the Camprehensive Enviranmental Respanse, Campensatian, and Liability Act .of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA "), the Superfund Amendments and Reautharizatian Act .of 1986, Pub. L. Na. 99-499 ("SARA"), the Hazardaus Materials Transpartatian Act, 49 U.S.C. Sectian 1801, et seq., the Resaurce Conservatian and Recavery Act, 42 U.S.C. Sectian 6901, et seq., .or ather applicable state .or federal laws, rules, or regulatians adapted pursuant thereta. Event of Default. The wards "Event .of Default" mean any .of the events .of default set farth in this Mortgage in the events .of default sectian .of this Martgage. Grantor. The ward "Grantar" means Carrie Delarme, Jeannine Edwards and MaryAnn Phillips. Guaranty. The ward "Guaranty," means the guaranty fram guarantar, endarser, surety, .or accammadatian party ta Lender, including withaut limitation a guaranty .of all or part .of the Nate. Hazardous Substances. The wards "Hazardaus Substances" mean materials that, because .of their quantity, cancentratian .or physical, chemical .or infectiaus characteristics, may cause .or pase a present .or patential hazard ta human health .or the environment when improperly used, treated, stared, dispased of, generated, manufactured, transported .or .otherwise handled. The wards "Hazardaus Substances" are used in their very broadest sense and include withaut limitatian any and all hazardaus or toxic substances, materials .or waste as defined by or listed under the Enviranmental Laws. The term "Hazardaus Substances" alsa includes, withaut limitatian, petroleum and petroleum by-praducts or any fractian thereaf and asbestos. Improvements. The ward "Improvements" means all existing and future improvements, buildings, structures, mabile hames affixed an the Real Praperty, facilities, additians, replacements and ather canstructian an the Real Property. Indebtedness. The ward "Indebtedness" means all principal, interest, and ather amaunts, casts and expenses payable under the Nate .or Related Dacuments, tagether with all renewals .of, extensians .of, madificatians .of, cansalidatians .of and substitutians far the Nate .or Related Dacuments and any amaunts expended .or advanced by Lender ta discharge Grantar's abligatians or expenses incurred by Lender ta enfarce Grantar's abligatians under this Mortgage, tagether with interest an such amaunts as pravided in this Martgage. Lender. The word "Lender" means First State Bank .of Pinedale, its successars and assigns. The wards "successars .or assigns" mean any person .or campany that acquires any interest in the Nate. Mortgage. The ward "Martgage" means this Martgage between Grantar and Lender. Note. The ward "Nate" means the pramissary nate dated January 29, 2008, in the original principal amount of $80,000.00 fram Grantar ta Lender, tagether with all renewals .of, extensians of, madifications .of, refinancings .of, consalidatians .of, and substitutians far the pramissary nate or agreement. Personal Property. The wards "Persanal Praperty" mean all equipment, fixtures, and other articles .of persanal praperty now .or hereafter awned by Grantar, and naw .or hereafter attached .or affixed ta the Real Praperty; together with all accessians, parts, and additians ta, all replacements .of, and all substitutians far, any .of such praperty; and together with all praceeds (including withaut limitatian all insurance praceeds and refunds .of premiums) fram any sale .or ather dispasitian .of the Praperty. Property. The ward "Praperty" means callectively the Real Property and the Persanal Praperty. Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Martgage. Related Documents. The wards "Related Dacuments" mean all pramissary nates, credit agreements, laan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds .of trust, security deeds, collateral martgages, and all ather instruments, agreements and dacuments, whether now .or hereafter existing, executed in cannection with the Indebtedness. Rents. The ward "Rents" means all present and future rents, revenues, inca me, issues, rayalties, profits, and ather benefits derived from the Praperty. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: X Jeannine Edwards ) INDIVIDUAL ACKNOWLEDGMENT STATE OF bttúµ-n;L.o- COUNTY OF ~' ) ) SS ) 1'W/.r¿;/,;(.UI1. Pev~'(]f> On this day befare me, the undersigned Notary Public, persanally appeared Cerr Delorme, ta me knawn ta be the individual described in and wha executed the Martgage, and acknawledged that he .or she signed the Martgage as his or her free and valuntary act and deed, far the uses and purposes therein mentioned. f%v~ day of -kJrvvt wvV ,20 C) ~ Residing at U /)J1 ¡,.£,...¡...t-l f C-{ My commission expires (,..~ ~ ofMJt:<I'Gi I (;~I11I..¿wl Walter Singer AmIr8pIatz 31111. Lullpoldblock 80333 MOnch.n Tel. (088) 280 14 90 Loan No: 110071479 MOk I \.:iAGE (Continued) Page 6 INDIVIDUAL ACKNOWLEDGMENT 000417 STATE OF COUNTY OF ) ) SS ) On this day before me, the undersigned Notary Public, personally appeared Jeannine Edwards, to me known to be the individual described in and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and purposes therein mentioned. Given under my hand and official seal this day of , 20 By Residing at Notary Public in and for the State of My commission expires INDIVIDUAL ACKNOWLEDGMENT STATE OF COUNTY OF ) SS ) On this day before me, the undersigned Notary Public, personally appeared MaryAnn Phillips. to me known to be the individual described in and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and purposes therein mentioned. Given under my hand and official seal this day of , 20 By Residing at Notary Public in and for the State of My commission expires LASER PRO boding. Vet. 5.38.10.001 Copr. Harlend Flnanoial Solution., 'no. t997, 2008. AM Right. R.....¥ed. . WY R:\CFI\lPl\003.FC TR-808 PR.88 " I