Loading...
HomeMy WebLinkAbout937540 lX'"L,;' I I \ D ~ 0::: W ~ 0::: a.. w N 00 ~ "¢ o:t 0::: ~ N 0 C'? w W 't"" ~ "z ~ - 'l') W(9 co r--- (9« ~ OJ (II') ã:5; 0::: 0 Q) UJ 0 w-I N N =1:1: Z 0 't"" (9 Zç -- ('I) Z en L5z C ~ 00 -, :J W W CD 0 >0 :;¿ 0 -W 0 Z Wo::: 0 -I U CD 0 W ° a::: z :::; RECORDATION REQUESTED BY: FIrst Bank of Idaho r.b JacQon Hole Raaid.nll8l Lending 17 0 E. Broadway P.O. Box 12810 Ja.kaon. WY 83002 "~ Jänd lìtle .......; (9mpa ny SINCE 1904 WHEN RECORDED MAIL TO: First IIInk of Idaho r.b Jackson Hot. Residential Lending 17 0 E. Broadway P.O. Box 12810 Jackson, WY 83002 SEND TAX NOTICES TO: First Bank of Idaho r.b Jackson Hot. RllldanUal lending 170 E. Broadway P.O. Box 12880 Jackson. WY 83002 000348 SPACE ABOVE THIS UNE IS FOR RECORDER'S USE ONLY CONSTRUCTION MORTGAGE THIS MORTGAGE dated March 5, 2008, Is made and executed between RICKY L. JACKSON and DEBRA L. JACKSON, husband and wife, IS tenants by the entireties (referred to below a. "Grantor") and First Bank of Idaho f.b , whose add rea. I. 170 E, Broadway, P.O. Box 12860. Jackson, WY 83002 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable conalderation, Gnontor rnort 8 11 and conveys to Lender all of Granlor's right, title, .nd Int.rest In .nd to the following d8lOribed raal prop.rty, togathar with all existing or subsequently erected or .ffix.d buildings. Improv.mants and fixtures; all ....ments. rights of w.y, and .ppurten.nces; all w.t.r, w.t.r rights, w.t.rcours.s .nd ditch rights (Including atock In utllitl.s with ditch or Irrig.Uon rights); and all oth.r rights , royaltl.s. and proflts relaUng to tha reel prop.rty, Includl"ll. without limitation all minerels. oil, g88, geothermal and 8lmllar m.ttars, (tne Real Property") located In Uncoln County, State Of Wyoming: Lot 78 of STAR VALLEY RANCH PLAT 1 AMENDED Uncaln County, Wvomll)Q, as shown on the official plat thereof flied January 6. 1971, as Receiving No. 427346. In the Office onhe Clerk, Lincoln County, WyomIng, as Plat No. 174 The Real PropertY or Its address Is commonly known as Lot 78 of STAR VALLEY RANCH PLAT 1 , Uncoln County, WY. The Real Property tax Identification number Is 3519-24-1.01.082.00. Grantor pres.ntly 888Igns to Land.r .11 of Grantor's right, tltI., and Interest In and to .11 pnlsønt and futurs le_s of the Property end .11 Rents Irom th. Property. In addition, Grantor granls to Lend.r a Uniform Commercie/ Code security Interest In the Penron8f Property and R.nls. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTERIST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (8) PERFORMANCE OF ANY AND ALL OBUGATlONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE 8I!CURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY. IS ALSO GIVEN TO SECURE ANY AND ALL OF GRANTOR'S OBUGATIONS UNDER THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BE1WEEN GRANTOR AND LENDER OF EVEN DATE HEREWITH. ANY EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO BEAN EVENT OF DEFAULT UNDER 'rH1S MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOUOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided In this Mortg.ge, Grantor shall pay to Lender all amounts secured by this Mortgage 88 th.y become due and shall strictly perform all of Grantor's obligations under thie Mortg.g.. CONSTRUCTION MORTGAGE. this Mortgag. Is . 'construction mortgag.' for the purposes of Sections 9-334 and 2A-309 of tha Uniform Commerci.1 Cod., .. those s.ctlons have been adopted by the Stat. of Wyoming. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's poss.sslon and u.. of the Property sheU be governed by the following provl81ons: Po.....1on snd U... Until the occurrance of.n Event of Default, Grantor may (1) remain In possession .nd control of the Property; (2) us., operate or menage the .Property; and (3) coIl.ct the Rents from the Property. Duty to Mal""'/n. Grantor shell maintain the Property In gOOd condition .nd promptly parform all repairs, replacem.nts. and maintenance neceSS8l}' to pr.serva Its valu.. Compllanca With environmental Lsws. Grantor repres.nts and warr.nts to Lendar Ihat; (1) During the p8rlod of Grantor's own.rshlp of the Prop.rty, there has been no use, g&n8retlon. manufacture, slorag., tre.tment, disposal. release or Ihraetened relea.. of any Hazardous Substance by .ny person on. und.r. .bout or from tha Property; (2) Grentor has no knowledg. of, or reason to believe th.t th.re has been, except.. previously disclosed to and .cknowledged by Lender In writing. (a) any breech or violation of any Environmental Laws, (b) any u.., g.neratlon. manufacture, storag.. tre.tm.nt, dlsposel, release or threat.n.d rel8888 of any Hezerdous Substance on, under. about or from the Prop.rty by any prior owners or occupants of tha Prop.rty, or (c) any .ctual or threat.ned IItlg.tlon or claims of any kind by .ny person relaUng to such matt.rs; and (3) Except 88 previously disclosed to end acknowl.dged by Lender In writing, (a) n.lther Grantor nor any t.nant. conlractor, agent or other authorized user of the Property shall use, generat.. m.nuf.cture. store, tre.t, dispose of or ret.... .ny Hazardous Subst.nce on. under. about or from the Prop.rty; and (b) any such .ctlvlty sh.n be conducted In compliance with .11 eppllcebl. federal, state, and local I.ws, regul.Uons and ordln.nces, Including without limitation all Envirorvnentel Laws. Grantor authorizes Lsnd.r and Its agents to .nt.r upon the Prop.rty to make such Inspections and tasts. at Grantor's .xp.nse. 81 Lander may deem .ppropriate to determine compliance of the Property with this section of the Mortgage. Any Inspactlons or t.sts mad. by Lender shall be for Lend.r's PUrposll only and shall not b. construed to creela any responsibility or lI.blllty on the p.rt of Lander to Grantor or to any oth.r person. The representations and warrantl.s contained herein &nI based on Gr.ntor's due dillg.nce In Investlg.ting the Property for Hazardous Substances. Grantor h.rsby (1) relea888 and w.lv.s any future claims &galnst L.nd.r for Ind.mnlty or contribution In the ev.nt Grantor becomes lIabl. for cleanup or other costs under .ny such I.ws; and (2) agrees to Indemnify, defend, .nd hold h.rmless Lander ag.lnst any and all cl.lms. losses, lI.bllltles, damages. penalties, and 8XpeI1888 whIch Lender m.y directly or Indlr.cUy sustain or suffer resulU~g from. breech of this section of tha Mortgaga or 81 a consequ.nce of any us., g.n.ration, manufacture, storage. disposal. ret..... or threatened release occurring prior to GrantOf's own.rshlp or Int.reslln the Property. whether or not the same w.s or should have been known to Grantor. The provisions of this secUon of the Mortgag., Including the obllg.Uon to Ind.mnlfy and dafend, shall survive the p.yment of the Indebt.dness and the s.Usfactlon and reconveyance of the lien of this Mortg.g. and shaU not be .ffect.d by Lender's .cqulsltlon of any Int.rest In tha Prop.rty, whether by foreclosure or otherwise. Nul....... W..te. Grentor shall not caus.. conduct or p.rmlt any nuisance nor commit, parmlt, or suffer any slrtpplng of or waste on or to the Property or any portion of the Property. Without limiting the g.nerality of tha foregoing. Grantor will not remov., or 9rent to any oth.r party tha right to remov.. any tlmb.r, mlnerels (Including 011 end gas), co.I, cI.y. scoria, soli, gravel or rock products wlthoul Land.r's prior wriUen consent. R.moval of Improvam.nts. Grentor shall nol d.mollsh or remove any Improv.m.nts from the Reel Property without Lend.r's prior wrillen consent. As. condition to the removal of any Improvements. Lender may require Grantor to make arrang.ments satlsf.ctory to Land.r to replece such Improvem.nts with Improvem.nts of atle.st equal velu.. Lender's Right to Entar. Lendsr and L.nder's agents and represantatlves may .nt.r upon th. Reel Propsrty .t all rs.son.bl. tlm.s to attend to Lend.r's Int.r.sts and to Insp.ct ths Reel Property for purpos.s of Grantor's compliance with the t.rms and conditions of this Mortgag.. Compliance with Governm.ntal Requlrem.nts. Grenlor sheU promptly comply with .11 laws, ordinances, and regulations, now or hereafter In effect. of .11 govemmental .uthoritles .pplicable to the use or occup.ncy of the Property. Grantor may cont.st In good f.ith any such law, ordinance. or ragul.Uon .nd withhold compll.nce during any proceeding, Including appropri.te .ppeals, 80 long 88 Grantor has notified Loan No: 494028145 MORTGAGE (Continued) 000349 Page 2 Lender In writing prior to doing so and so lOng as, In Lende~s sola opinion, Lende~s Interests In the Proparty are not jeopardized. Lender mey require Grantor 10 posl edequete securily or e surety bond. reuonaI:i4y satisfactory 10 Lend...., to protect Lende~s interest. Duty to Protect. Grantor agrees neither to abandon or leeve unattended the Property. Grantor shall do all other eCh!, In addlUon to those acts set forth above In this secUon, which from the character and UH of the Property 111'9 reæonably necessary to protect and praseMlthe Property. CONSTRUCTION LOAN. If soma or all of the proœads of the 10M a'8ØIJng the II'IdebIadnas are to be used to oonstruot or OOfT1)Iete oonstructlon of any I~ on the Property. the Impravements shall be completed no leter than the maturity dete of the Note (or such ewtler date \18 Lender nwy reasonably esIabIlsh) and Grantor shallJ8)' In full all costs and 8JC )8I\S88 In oonnecUon with the work. Lender will dlsbul'88 Ioøn prooaeds under such terms and oondlUons \18 Lander may deem reasonably neoasaary to Insure that the Int_t aeated by this Mortgage shall haw priority over all possible llana, Including thœe of material suppliers and workmen. Lender may require, among oCher things, that disbursement requests be supported by receipted bills, e>cpenSe amdavlts, waivers of liens, oonstrudlon progreB8 reports, and such O1her documentation \18 Lander may røasonabIy request. DUE ON SALE . CONSENT BY LENDER. Lender msy, at Lende~s opUon, declsre Immediately due and peyable all sums secured by this Mortgage upon the sale or trensfer, without Lender's prior written consent, of all or any part of the Real Property. or any Interest In the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, tllle or Interast In the Real Property; whether legal. beneficial or equlteble; whether voluntery or involuntary; whether by outright sele, deed. Instellment sale contract, land contract, conlract for deed, leasehold Inlerasl with e term greater than three (3) years, lease-opUon contract, or by sale, assignment, or transfer of any beneficial Interest In or to any land trust holding tlUe to the RsaI Property, or by any other method of conveyence of an Interest In the RsaI Property. However, this opUon shall not be exercised by Lander If such exercise Is prohibited by federal law or by Wyoming lew. TAXES AND UENS, The following provisions relaUng to the taxes and liens on the Property ere part of this Mortgege: P.y....nL Granlor shall pay when due (and in all events prior to delinquency) all taxes, payrolllaxes, spedaltaxas, assaBSmanlB. water charges and sewer service charges levied against or on account of the Property, and shall pey when due all claims for work done on or for services rendered or material fumlshed to the Property. Grantor shall melnlaln the Proparty free of any liens having prlortty over or equ.1 to the Interest of Lander under this Mortgage, except for thosa lIans specifically agreed to in wrlllng by Lender, and except for the IIan of texea and _manta not due 88 further specified In the Right to Conteat paragraph. Right to ContesL Grantor may withhold payment of any tax, assessment, or claim In connection with a good faith dispute over Ihe obllgetion to pay, so long 88 Lander's Interast In the Property Is not jeopardized. If e flen 811_ or Is filed es a r88ult of nonpayment. Grantor shall within fifteen (15) deys after thellan arises or, If a lien Is ßled. within fifteen (15) deys after Grantor has notice of the flllng, secure the discharge of the lien, or If requested by Lender, deposit with Lander cash or a eufflclent oorporaIa surety bond or other security satisfactory to Lander In an amount sumclenl 10 discharge the IIan plus any costs and ræsonabIe attorneys' fees. or other chatgee thlll cx>uld accrue 118 a result of a foreclosure or sale undar tha lien. In any contest, Grantor shall defend Itself and Lender and shall aetisfy any advertle judgment before anforcement against the Property. Grantor shall nama Lander 88 an eddltional obligee under any surety bond fumlshed In the contest proceedings. Evidence of Psyment. Grantor shall upon demand fumlsh to Lender satisfactory evidence of payment of the taxes or 88sessmants and shall authorize the eppropriate governmental official to deliver to Lander el any lime s written statement of the taxes and _ againet the Property. Nollce of Construction: Grantor shall noUty Landar at least fifteen (15) days before any work Is commenced. any services are furnishad, or any materiels are supplied to the Property, If any mechanic's lien, materialmen's lien, or other lien could be asserted 011 account of the work, services, or materiels. Grantor will upon request of Lander fumlsh to Lander advance assurances satisfactory 10 Lender thai Grantor cen and will pay the cost of such Improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property ara 8 part of this Mortgage: M.lntenance of Insurance. Grantor shaH procure and malnlaln policies of fire Insurance with standard ex1ended CX>V8l'8ge endorsements on a replacement basis for the full Insurable value covering all Improvements on the Real Property In an amount sumclent to avoid application of any coinsurance clause, and with a standard mortgagee cia..... In favor of Lendar. Policies shall be written by such Insurance companies and In such form as may be reasonably acceptable to Lender. Grantor shaQ deliver 10 Lander certillcates of coverage from each Insurer containing a stipulaUon that ooveraga will not be cancelled or diminished wlthoul a minimum of flfteen (15) 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 shalllncluda an endorasmant providing that coverage In favor of Lander will nol be impaired In any way by any acl, omlssloo or default of Grantor or any other person. Shoufd the RsaI Property be located In an erea designated by the Dlractor of the Fedn Emergency Manøgamant Agency es a speclalllood hazard area, Grantor agrees to oblllln and maintain Federal Flood Insurance. If evelleble, within 45 days after noUca Is given by Lander that the Property Is located In a special flood hazard 111881 for the full unpaid principal balance of Ihe lcen and any prior liens on the property securing the loan, up to the maximum policy limits set under the Natiooel Flood Insurance Program. or as otherwise required by Lender, and to malnlllln such Insurance for the term of the loan. ' Application of Procøda. Grantor shall promptly notify Lander of æ!y loss or damage to the Property. Lender may make proof of loss If Grantor falls to do so within fifteen (15) days of the casualty. wrather or not Lande~s sacurlty Is Impaired, Lander may, at Lander's election, receive and retain the proceeds of eny Insurance and apply tha proceeds to the reduction of the Indebtednaas, paymanl of eny lien affecting tha Property, or the restoration and repair of the Property. If Lander elects to apply the proceeds to restoraUon and repair, Grantor shall repair or replace the demagad or destroyed Improvements In a .I1annar satisfactory to Lender. Landar shall, upon satisfeclory proof of such expendltura. pay or ralmburtle Grantor from the proceeds for the reasonable cost of repair or r88toraUon if Granlor Is nol In dafault undar this Mortgage. Any proceeds which have not been dlsbuJiSed within 180 deys after thalr receipt and which Lender has not committed to the repair or resloration of the Property shall be used first to pay any amount owing 10 Lander under this Mortgage, than to pay accrued Interas~ and the remainder, If any. shall be applied 10 I!je principal belance of the Indabledn.... If Lander holds any proceeds after payment In full of the Indebtedness, such proceeds shall be paid to Granlor 88 Grantor's Interasts may appear. LENDER'S EXPENDITURES. If Grantor falls (A) 10 keep the Property tra8 of all taxes, llana, security Interests, 8I'1CI.UTÐranœ8 and oCher clalnw. (B) to provide any required lnauranoa on the Property, or (C) to rrøke repairs to the Property than Lander may do eo. If any action or ~ 18 IXIfIIUElIIOed thaI would nwtertally affect Lander'a InteresIa In the Property, than Lender on Grantor'a behalf may, bul Is not required 10. taka any action thet Lander ball4MIs to be appropriate to protect Landar'a Int..-Ie. All IIXp8I"Ø88 Incurred or pøld by Lender for such p¡.rposea will than '-" Interest at the rate charged mdar the Note il'rom the date Incurred or pøId by Lender to the date o.f r8J8Y'1'I8I1I by Grantor. All such expanses will baoome a part of the Indebtedness and, Bllaoder's opllOO, will (A) be payable on·demand; (B) be edded to the balance of the Note and be apportioned among and be payable with any Installmenl payments 10 become due during either (1) the lerm of any applicable Insurance policy; or (2) the remaining lerm of tha Nole; or (C) be treated as a balloon payment which will be due and peysble at tha Note's maturity. The Mortgaga also will aacure payment of these amounts. The rights provided for In this paragraph shall be In addlUoo to any 01ller rights or any remadl88 to which Landei- may be enUlled tin accounl of any default. Any such actioo by Lander shall not be conatrued as curing the default so as to bar Lander from any remedy thallI otherwlae would have had. WARRANTY; DEFENSE OF TITLE. The following provisions raleling 10 ownership of the Property are a part of this Mortgage: TItle. GrantOr'warrants that: (a) Granlor holds good and marketab'- title of record to the Property In fee simple, free and clear of 811 liens and encumbrances other than those 88t forth In the Real Property descripUon or In any title Insurance policy, lltie report, or final title opinion Issued In favor of, and accepted by, Lander In connacUon with this Mortgage, and (b) Grantor has the full right, power, and authority to axecute and deliver 1IIIs Mortgage 10 Lendar. ' Detan.. of Title. Subject to the excepUon In the paragraph above, GrenlOr warrants and will forever defend the title 10 the Property agalnal the lawful claims of ell persons. In the event any action or proceeding Is commanced Ihat questiona Grantor's Utie or the Intereel of Landar under this Mortgaga. Grantor shall defend the action at Granlor's expanse. Grantor may be the nominal perty In such proceeding. bul Lander shall be enUtied 10 participate In the proceeding end to be represented In the proceeding by counsel of Lender's own choice, and Grantor will deliver. or ceuse to be delivered, to Lender such Instruments as Lender may request from time to Uma to permit such partlclpaUon. I ComplltJnce With Laws. Grantor warrants Ihal the Property and Grentor's usa of the Property complies with all existing applicable laws, ordinances, and regulaUons of govemmental authorities. ' Survival of Promls". All promises, agreements, and statements Grantor has made In thle Mortgage IIhaII survive the axacutfon and delivery of this Mortgage, shall be conUnulng In natura and shall remain In full force and effect until such time 88 Grantor's Ind~ Is paid In full. Loan No: 494028145 MORTGAGE (Continued) 000350 Page 3 CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding In condermaUon Is fited, Grantor shall prort'4IIIy notify l.ørJ:Ier In writing, and Grantor shall promptly take such steps as may be necæaary 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 O3pIBSellted In the proceeding by counsel of Its own choIoe. and Grantor will dell_ 01' causø to be deII~ to l.ørJ:Ier such InstnJments end dowmøntaUon es may be requested by Lender from time to time to pet'TT1/t such partJcipøtion. AppIIcaIIon of Net Proceeds. "ell 01' any part of tha Property Is cCllden. oed by emi'*1l domain prcceedIngs or by any proceeding or ptJId1æe In lieu of rondermetIon, Lender may al Its election require lhel all or any portion of the nel proceeds of the award be applied 10 the IndebIedness 01' the repair or resloration of the Property. The net proœøds of the award shall IT1BIIO the award allar peymønt of all reøsonebIe coals, ~, and attorney¡¡' fees Incurred by Lender In connøctJon with the rondermøUon. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to govemmentallaxes, fees end charges are a part of this Mortgage: Currenl Tue., Feas and Charge.. Upon requ..1 by Lender, Grantor shall execute such document. In addition 10 this Mortgage and lake whataver other action Is requested by Lender 10 pertect and continue Lender's lien on the Real Property. Granlor .hall reimburse Lender for all taxes, as described below, together with all expenses Incurred In reçordlng, partacllng or continuing this Mortgage, Including wlthoul limitation all taxes, fees. documentary stamps, and other charges for reçordlng or registering this Mortgage. Tax... The following .hall constitute taxes to which Ihls saction applias: (1) a speclllc tax upon this Iype of Mortgage 01' upon ell or any part of the Indebtedness secured by this Mortgage; (2) s specific lax on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by this Iype of Mortgage; (3) e tax on Ihls type of Mortgage å1argøøble against the I..ender or the hoIdar of the Note; and (4) a speclllc tax on all or any portion of the Indebtedness or on payments of principal and intare.t made by Grantor. Subsequent Tue.. "any tax to which thle B8cI1on applies Is ønøcted subsequent to the dale of thle Mortgage, this event shall have the same effect es an Event of Default, and Lender may exerdse any or all of Its available remedies for an Event of Default .. provided below unless Grantor either (1) pays the lax before It becomes delinquent, 01' (2) contests the tax.. provided above in the T_ and liens B8cI1on and deposita with l.ørJ:Ier cash or a sufftclent corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relatJng to this Mortgage as a security agreement 1ft e part of this Mortgage: Security Agreem.nL This Instrument shall constJtute a Securily Agreement to the extent any of the Property çonstilutes fixlures, and Lender shall have all of Ihe rights of a secured party under the Uniform Convnerclal Code as amended from time to tlm.. Securlly Inl.re.l. Upon request by Lender, Grantor shall lake whalever actJon Is requesled by Lander to perfect and contJnue Lander's security Intarest In the Personal Property. In addltJon to reçording this Mortgaga In the real property reçorda, Lender may, at any tJme and wlthoul further authorlzøtJon from Grantor. IIle executed countarparts, copies or reproductions of this Mortgage 88 a financing alalemenl. Grantor shall reimburse Lender for all expenses Incurred In pertectlng or continuing thl. sacurily Interesl. Upon demull, GfBntor ahell not remove, sever or detach the Personal Property from the Properly. Upon deføull. Grantor ahan assemble any PenIonøI Properly not afftxed to the Property In a mennar and al a plaoe reasonably çonvenlenllo Grantor and Lender and make II avanable to Lander within three (3) daya after receipt of written demand from Lender to the extent permitted by applicable law. Add....H.. The mailing addresses of Grantor (debtor) and Lender (secured psrty) from which Information concemlng Ihe security Inlerest granlad by this Mortgage may be obtained (aach as required by the Unlfonn Commercl.1 Code) are 88 staled on the first page or this Mortgage. FURTHER ASSURANCES; ATTORNEy.¡N~ACT. The following provisions relating to further assurences and attomey-ln-facl are a part of this Mortgage: Further Assuranca.. At any tJme" and from lime to time, upon request of Lender. Granta will make, exscuIe and dell_, cr will œusø to be mode, ~ed cr delivered. to Lender cr to Lendør's cIesIgrwe. and \MIen reqU8llled by Lender. CIIUIIØ to be filed, reoorded, refited. cr nnoorded. l1li the CIIS8 may be, at such times and In such ofIioes and pIaœa .. l.ender may CIøøm øpproprIaIø, any and all such mortgøgea. dN:Ia of !rust. sacwlty deeds. aecurily 8QI-,-ds. financing atatemenIa, oonUnuatJon ataIern8nta, II'18IrurnIIrU of further __. oertiftcates. and other c:Iocurnenta .. may, In the sole opinion of Lender, be I1ØOII8IBY or deairable In on:Iar to effectuate, <XX11JIete, perfect, contJnua, cr ~ (1) Grøntor's obligations os1døt the Note, this Mortgage, ond the RaløIed Documenls, and (2) the liens and SØQJriIy Intørøsta aeøtad by this MJrtgøge l1li first and prior Ilene on the Property, whether now owned 01' høreøfter øc:quIred by Granta. lk1I_ prohibiled by law 01' Lender ageœ to the contrary In writing, Granta shall reinixne l.ender for 1111 coals and ~ fr'IQmed in comection with the møtIøra referred to In this peregraph. AUomey. n~scL If Grantor falls to do any of the things refeITed to In the ~Ing pørøgraph. l.ender may do eo for and In the I1ØOI8 of Grantor and at GrantOf's expense. For .uch purposes, Grentor hsreby lnøvocøbly appoints Lander 88 Grantor's altomey-In-fact for the purpose of making, eJlecutlng, delivering, filing, reçordlng, and doing all other things 88 may be necessary or desirable. In Lender's sole opinion, to accomplish the matters, referred to In the "",ceding paragraph. FULL PERFORMANCE. If Grantor pays 1111 the Indebtedness when due, and otherwise peñorms 1111 the obIigallons IITpJIIEId upon Grantor under this Mortgage, l.ørJ:Ier shall ØK8QJte and dell_ to Grantor a suitable satisfactJon of this Mortgage and suitable stalements of termlnatJon of any financing stalament on IIle evfdenclng Lender's securlly 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 tJme to tJme. EVENTS OF DEFAULT. At l.åndeI's option, Granta will be In default os1døt this MJrtgage If any of the following happen: Psyment DefaulL Grantor falls to 'make any peyment when due under the Indebtedness. Default on Other Paymenta. Failure of Granlor within ths time required by Ihls Mortgage to make any payment for taxes or insurance, or any other payment,necessary 10 prevent filing of or to effect discharge of any lien. Break Olher Proml.... Grantor breaks any promise made to Lender or falls to peñorm promptJy el the tJm. and strictly in Ihe manner provided In this Mortgage 01' In any agreement relatad to this Mortgage. D.fault In Favor of Third Partie.. Should Granlor default undar any loan, extension of credil. sacurlty agreement, purchase or sales agreement. or any other agreement, in favor of any other credllor or parson thaI may materially affact any of Grantor's property or Granlor's abillly to repay the Indebledness or Grantor's eblllly to pertorm Grantor's obllgatJons under this Mortgaga or any related documant. False Stalemanla. Any re"",sentallon or sletemant made or fumlshed to Lendar by Grantor 01' on Grantor's behalf undar this Mortgage or the Rølaled Documents Is false or misleading In any material respect, either now or al the tJme made or fumlshed. Oafeçt ve ColløteraJIzaIIon. this Mortgage or any of the Related Documents ceases to be In full force and effect (Including failure of any çollaleral document to create a valid and pertectad security interest or lien) at any tJme and for any reason. Death or Insolvency, Tha death of Grentor, the Inaolvency of Grantor, the appointment or a receiver for any part of Grenlor'a property, any assignment fur the baneflt of credllors, any typa of creditor workout, or tha commencement of any proceeding under eny bankruptcy or Insolvency laws by or against Granlor. Teklng of Ills Property, Any creditor or governmental agency tries to take any of the Properly or any other of Grantor's properly In which Lender hes a lien. This Includes taking of, gamlshlng of or levying on Grantor's accounts wllh Lander. However, If Grantor dlapules 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 noUce of the claim and furnishes Lander wllh monies or a surely bond satisfactory to Lender to setlsry Ihe claim. then this default provision will not apply. \, Brelch of Oth.r Agreem.nl. Any breach by Grantor under Ihe terma of any other ag....ment between Grantor end Lender that la not remedied within any grace period provided thareln, Including without limitation any agreement conœrnlng any Indebtedness Of other obllgetlon of Grantor to Lender. whethar exlstJng now or later. Events Affecting Guaranlor. Any of the ~Ing events occurs with respøct 10 any guarantor, endorser, .urely, or øccommodatJon perty of any of tha Indebtedness or any guerøljor¡!, endorser, surely, 01' accommodation party dies 01' becomes inçompatent, or revokes or disputes the valldily of. or lIabnlly under, lir\y Guaranly of the Indebtedness. In the event of a death. Lender, allls optJon, may, but shall Loan No: 494028145 MORTGAGE (Continued) 000351. Page 4 not be required to, pennit the guerantor's estate to assume unconditionally lhe obllgatJona erielng under the gU8ranty In a manner saUsfactory to Lender, end, in doing so, cure any E\WIt of Default. Inl8CUllty. Lender in good fslth believes IIsell Insecure. Right to Cu.... If ørry default other than a default In paymenlle curable and If Grantor has not beM gillen a notice of a breech of the .... provision of this Mortgage within the preceding twelve (12) months, It may be cured if GrantOl', aftar reœiving written notice from Lender demIndIng cure of such defautt: (1) cures the default within fifteen (15) days; 01' (2) if the cure requlras ITØ1I than fifteen (15) days, IrrrnedlateIy initiates steps which Lender deamlln Lendet's sola dlscralion to be sulllcient to cure the default and thereafter oonUnuøe and compIates all .--orøbIe and neœ&88IY steps eumclent to produce compliance 88 lOOn 88 .-onabIy pracUcaI. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Defeult and at any lime thereafter. Lender, at Lendafs opUon, may exercise anyone or more of the following rights end remedies, In addiUon 10 any othar rights or remedies provided by law: Accelerate Indeblitdn.... Lender shall hsva tha right allls opUon wlthoul nollce 10 Grantor to daclare the enUre Indebtedness Immediately due'snd payable, Including any prepayment penalty that Grantor would be required to pay, UCC Remedle.. With respect to all or any pert of the PersoneI Property, Lender shall have all the rights end remedies of a .cured party under the Unlloon CommercIal Code. CoIlsct Rents. Lender shall have the right. without notice 10 Grantor. to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-Judicial. and collecl the Rents, Including amounts past due and unpaid, and apply the net proceeds, over snd above Lendefs costs, agalnsl the Indebtedness. In furtherance of this right, Lander may require any tenant or other user of the Property to make payments of rani or use fees directly 10 Lender. If the Rents are collected by Lender, then Grantor Irrevocebly deslgnatee Lender as Grantor's aUdmey-ln-fact to endorse Instrumenls rscelved in payment thareof in the name of Granlor and to nagotiate the same and collect Ihe proceeds. Paymenls by lenants or other users to Lender In response to Lendefs demand shall satisfy the obllgaUons for which the payments are msde, whether or not any proper grounds for the demand exisled. Lender may exercise its rlghl. under this subparagraph either In person, by agent, or through a receiver. Appo nt Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of tha Property, wllh the power 10 protecl and preserve the Property, to operate Ihe 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 recalver may serve wllhoul bond II pennlUed by law. Lender's right to the appointment of a recalver shell exlsl whether or not the apparent value of the Property exceeds the Indebtedness by a substanUal amount. Employment by Lender shell not disqualify a per80n from serving as a receiver, JudiciI! Foreclosure. Lender may obtain a Judicial decree foreclosing Grantor's Intereslln all or any pert of the Property. NonjudiCial Sals. Lender may foreclose Granto~s Intereslln all or In any part of Ihe Property by non-judicial sale, and specifically by 'power of sale' or "advertisement and sele" foreclosure as provided by slalute. D.flcl.ncy JudgmenL If parmttted by applicable law, Lender may obtain a Judgment for ørry deficiency remaining In the 1__ dua to Lender after application of all amounts received from the exerdse of the rights provtded In this section. T.nancy at Sufference. If Grantor remains in ~on of the Property after the Property Is sold as provided IIbo\Ie 01' Lender otherwise becomes entitled to potIII8SIIIon of the Property upon default of Grantor. Grantor shall beccme a tenant at suft'enJnœ of Lender 01' tha pIIChaear of the Property and shall, at Lender's opUon, either (1) pay a .--orøbIa rental for the U88 of the Property, 01' (2) vacate the Property Inmedlalely upon the derrønd of Lender. Other Remedlea. Lander shall hays all other rights and remedies provided In this Mortgage or the Nole or avaUable at law or In eqully. Sal. of tha Property. To the axtent permlUed by applicable law, Grantor hereby waives any and all right 10 have the Property marshailed. In exercising lis rights and remedies, Landar shall be free to sell all or any part of the Property logether or separately, In one sela or by separate seles. Lender shall be enUUed to bid at any public sale on all or any portion of the Property. Notice of Sals. Lender will give Grantor reasonable notice of Ihe lime and place of any public sele of the Personal Property or of the time aftar which any private sale or other Intended dlsposlllon of Ihe Personal Property is to be mede. Reasonable notice sheU mean notice given at lesstlen (10) daYI' before the tima of Ihe sale or dlspositJon. Any sale of the Personal Property may be made In conJuncUon with any sale of Ihe Real Property. Election of Remldle.. All of Lendefs rights and remedies will be cumulative end may be exSfdsed aIooe 01' together. An elecUon by Lender to chooøe anyone remedy will not bar Lender from using ørry other remedy. If Lender deddes to spend money or to perform ørry of Grantofs obligations under this Mortgage. after Granto~s failure to do so, that decision by Lender will not affect Lender's right to declare Grantor In default and to exercise Lender'e remedies. Attorneys' F_;' Expaneea. If Lender institutes ørry eult or action to enforœ ørry of the terms of this Mortgage, Lender shall be antItiad to I'8OOIIØI' such sum.as the oourt may adJudga reasonable as attorneys' fees at bial and upon any appeøI. \I'Jhether or not ørry court ecUon Is Involved, and to the extent not prohibited by law, all reasonable axpenees Lender Incurs that In Lander's opinion .... neœ&88IY at any Urne lor the proIedIon of Ita Intareal 01' the anforcernent of Its rights shall beccme a part of the IndeblecIr-. payable on derrønd and shall bear Interest at the Note rate from the date of the expenclture unUI repaid. ~ oovered by thle paragraph Include. without limitation, however subject to ørry limits under applicable law. Lender's reasonable attorneys' fees and Lender's legal axpenees whather or not there is II lawsuit, Including .--orøbIe aUomeys' f_ and expenses for bankruptcy proceIIIings (including efforts to modify 01' vacate ørry automatic stay or Injunction), appeøIs, and any anUctpated posI-Judgment collection services. the coal of -mlng reoords, obtaining IllIe reports (including foreclosure reports), surveyors' reports, and appraisal fees and title Insuranoe, to the extent permtted by applicable law. Grantor also will pay ørry court costs, In addftjon to all other sums provided by law. NOTICES. Any notice required to be given under this Mortgage, Including without IImltetlon any notice of default and any nollce of sale shall be given In writing, and shall be effecUve when actuaRy delivered, when actually received by telefaealmlle (u~eSl otherwise required by law), when deposlled with a nationally recognized overnight courier, or, If mailed, when deposited In the United Statee mall. as first d8ll, certified or ragtstered mall postage prepaid, directed to the addraeses shown near the baglnning of this Mortgage. All copies of noUcas of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's address, es shown near the beginning of this Mortgage. Any person may change his or her addrasa for nollces under this Mortgage by giving formal written notice to the other person 01' persona. spedfylng that Ihe purpose of the nollce Is to change the person's addrasa. For nollce purposes, Grantor agrees to keep Lender Informed at all times of Grantor's current address. Unless olherwlse provided or raqutred by law, If there Is more then one Grantor, any notice given by Lender to any Grantor Is deemed 10 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. Whet Is written In this Mortgage and In the Related Documents Is Grantor's enUre agrasmanl with Lender oonoeming tha mailers COvered by thla Mortgage. To be effective, any change or emendment to this Mortgage must be in wrttlng and must be slgnad by whoever will be bound or obtlgated by the change or amendment. Caption Headings. 'Caption heedlngs 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 Mortgag. will be govlmad by lede..llaw appllcabls to Lander Ind, to the extent not pnemptad by ledarellaw, the I&WI of the Stale of Wyoming without regard to Its conflicts of law provisions. ThIs Mortgage has bean accepted by Lander In the Stets of Wyoming. Joint snd Severa. Liability. All obllgaUons of Grantor under this Mortgage shall be Joint and several. and all referancas to Grantor shell ..-n e.::h and 8VIIIY Grantor. ThIs means that e.::h GranlCr signing ~Iow Is responsible lor all obtlgatlons In this Mortgage. No Waiver by Lander. Grentor understands Lander will not give up any of Landefs rights under Ihls Mortgage unless Lander does 80 In writing. The fact that Lender delays or omlls to exercise any rig hi will not mean that Lander has given up thet right. If Lander does agree In writing to give up one of L.end8f's rights, thet does not mean Grantor will not have to oomply with the other provisions of Ihls Mortgage. Grantor also understands that If Lender does consenl to a request, that does not mean that Grantor will not have 10 get Lend8f's oonaent again if the sllllallon happens ageln. Grantor further understands that Juat because Lander consents to one or more of Granlor's requeats. Ihal does not mean Lander will, be required 10 consent to any of Grantofs future requests. Grentor waives preSsntmant, demand for payment, protest, and notice of dishonor. Grantor walvas all rights of exampUon from execution or similar law In the Property, and Grantor agrees that the rights of Lander in the Property under this Mortgage are prior to Grantofs rights while this Mortgage remains In effect. Loan No: 494028145 MORTGAGE (Continued) 000352 Page 5 s.vel'llblllly. If a court finds that any provision of this Mortgage Is not valid or should not be enforced, thai fact by itself will not ,..... that the reet of this Mortgage will not be valid or enforced. Thenlfore, a court will enforce the rest of the provIslone of this Mortgage ØII8I1lf a provision of this Mortgage may be found to be Invalid or unenforœabIe. Melller. There shall be no merger of tha Interest or estala created by this Mortgage with any othar Interest or estate In the Property at any time held by or for the benefit of Lendar In any capacity, without the written consent of Lender. Succ...ors and ",.Ign.. Subject to eny limitations stated In this Mortgage on transfer of Grantor's Interest. this Mortgage shell be binding upon and Inure to the benefit of the partlas, thalr SUcceSSOf1l and assigns. If ownel'llhlp of the Property becomes vested In e person other then Grentor, Lender, without notice to Grantor. may deal with Grantor's successors with reference to this Mortgege and tha Indebtedness by way of fOlbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time Is of th. Esaence. TIme Is of the essence In the peñormance of this Mortgage. Waiver of Home.lead exemption. Grantor hereby releases and walvas all rights and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtedness secured by this Mortgage. DEFlNmON8. The following word. shan have the following meanings when used In this Mortgage: Borrower. The word "Borrower" means Ricky L. Jsckson and Debra L. Jackson and includes all CQ-slgners and co-mskers signing the Nota and all their successors and assigns. Environmental Law.. The words "Envlronmantal Laws" mesn any and sll state, federal and local statutes. regulations and ordlnences relating 10 the protection of human health or the environment, Including without limitation Ihe Comprehensive Environmental Response, Compansatlon, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601. el ssq. ("CERCLA"). the Superfund Amendments and Reauthorlzalion Acl of 1 986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materiels Transportation Act. 49 U.S.C. Section 1801. et seq., the Resource Conservation and Rscovery Act. 42 U.5.C. Section 6901, al ssq., or other applicable slate or federal laws. rUlea, or regulations adopted pursuant Iheralo. Event of DefaulL The words "Event of Default" mean any of the events of dafault set forth In thla Mortgage In the events of default section of this Mortgage. Grsntor, The word ·Granlor· maans Ricky L. Jackson and Debra L. Jackson. 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. Hazerdous Substances. The words "Hazardous Substances" mean matertels that, because of their quantity, concentretlon or physical. chemical or Infactious characteristics, may cause or pose a present or potential hazard to human health or the environment when Improperly used, treated, stored, disposed of. ganerated, manufactured, transported or otherwise handled. The words "Hazerdous Substances" are used In their very broadast sense and Include without limitation any and all hazardous or toxic subslances. materials or waste as denned by or listed under the Environmental Laws. The term "Hazardous Substances" also Includea. without limitation. petroleum and patroleum by-products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all axlsting and future Improvements, buildings, structures, mobile homes affixed on the Real Property. fecilltles, additions, replacements and other construction on the Real Property. Indttb&edn.... The word "Indebtedness" means all principal, Interes~ and other amounts, costs and expenses peyable under the Note or Related Documents. togelher with all renewels of, extensions of, modifications of, consolidations of and subsUlutlons for Ihe Nole or Related Documents and any amounts expended or advanced by Lendar to discharge Granlor'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" meens First Bank of Idaho fsb , Its successol'll and assigns. The words "successors or assigns" mean any person or company that ecqulres any Interest In the Note. Mortpua. The word "Mortgage" means this Mortgage between Granlor end Lender. Nole. The word "Note" means the promissory note dated March 5. 2008. In the original principal amount of $250,000.00 from Grantor 10 Lender, together with all renewals of. extensions of, modifications of, refinønclngs of. consolidations of, end substitutions for the promissory note or agreement. The maturity date of this Mortgage Ie March 6, 2009. NOTICE TO GRANTOR: THE NOTE CONTAINS ~ VARlAllLE INTEREST RATE. Pe-' Property. The words "Personal Property" mean ell equipment. nxtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter alteched or affixed 10 the Real Property; together with ell accessions, perta, end eddltlons 10, ell replacements of, and all substitutions for, any of such property; and togethar with all proceeds (Including wllhout limitation an Insurance proceeds and refunds of premiums) from any sale or othar disposition of the Property. Property. The word "Property" means collectively the Reel Property and Iha Personal Property. Real Property. The words "Real Proparty" mean the real property. interesls and rights. as further described in this Mortgage. Relaled Documents. The words "Relaled Documents" mean ali promissory notes, cradlt agreaments, loan agreements, environmental agreements. guerantles, security agreements, mortgages, deeds of Irusl, security deeds, collateral mortgages. and all other Instruments, agreements end documents, whether now or hereafter existing, executed in connection with the Indebtedness. Renla. The word "Rents" means all prasent and future rents, ravenues, Income, Issues, royalties, proftls, 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. (I t ' ~l:__~ RIcky L. on x IQehÎ~ c:/Jn~. Debni L. Jacbon Loan No: 494028145 MORTGAGE (Continued) 000353 Page 8 INDIVIDUAL ACKNOWLEDGMENT STATEOf' ~ (\ llJ\O \ S COUNTYOf' mn S on ) ) SS ) "OFFICIAL SEAL" PAULETTE JULIUS Notary Public, State ofIllinois My Commission Expires 08/01/2010 On this day before me, the undersigned Notary Public, personally appeared Ricky L JackaDn, 10 me known I who executed the Mortgage, In! acknowfedged Ihal he or she signed \he Mortgage 8B his or her free In! voluntary act In! deed, for the UIIØII end purpoaes lhereln mentioned. -tti.. ,1 Givan under my hMd and official & day of ~ œ.-Ll'./f\. , 20~. By Raaldlng al M(!J v\ d-c My commlaalon axplrea 'is-I '~O 10 INDIVIDUAL ACKNOWLEDGMENT STATE Of' j::1 \ l "l D LS COUNTYOf' MC(~o h ) )68 ) "OFFICIAL SEAL" PAULETTE JULIUS Notary Public, State ofIllinois ~£9.m~Wires 08/0112010 On Ihls day before me, the undersigned Notary Public, personally appeared Deb... L, Jackaon, 10 me known 10 who exewted the Mortgage, II'1d acknowfedged thel he or she 8igned the Mortgage 8B his or her free end vol II'1d purposes therein mentioned. t::Ø<.- I), GJvan under my hand and offici II? day of ~11 a~ , 20~. By Rasldlng al {V\rv i\.' ~ My commlnlon axplrea g .- ( -;)..0 J D ~,..-.......... IJIRfIfllllDlAnftot. v... 1.31.10001 ClIp. ,........,,_....._.... 1"'.2OOt. MI.....__. -W'l' "~'ØaI,'C """"1 M-CCINtnM