Loading...
HomeMy WebLinkAbout938271 RECORDATION REQUESTED BY: 1st B....k· Alpine 79 Highway 89 P.O. Box 3110 Alpine. WY 83128 RECEIVED 4/15/2008 at 10:14AM RECEIVING # 938271 BOOK: 692 PAGE: 38 JEANNE WAGNER LINCOLN COUNTY CLERK. KEMMERER, WY WHEN RECORDED MAIL TO: , It Bank Alpine 79 HIghway 89 P.O. Box 3110 Alpine. WY 83128 SEND TAX NOTICES TO: 1st 8ank Alpine 79 Highway 89 P.O. Box 3110 Alpine. WY 831Z8 000038 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MORTGAGE THIS MORTGAGE dated !April 7, 2008. Is made and executed between PAIGE SAVARESE. A SINGLE PERSON (referred to below as "Grantor") and 1st Bank, whose address is 79 Highway 89, P.O. Box 3110, Alpine, WY 83128 (referred to below:as "lender"), GRANT OF MORTGAGE. For ¡,,¡Iuable conslder.tion. Grantor mortg.gea and convey. to Lender ell of Grantor's right, title. and interest in end to the following described real property, together with all existing or subsequently erected or affixed buildings. improvements end fixtures; ell easementS, rights of wey, en<:l appurtensnces; a" water, wator right., watercoureesand ditch rights (Including stock In utilities with ditch or Irrigetlon rights); and ell other Irights, royeltles,end Profits reletlnQ to the real property, Including without limitation .11 mlnorals. oil, gas. geothermel end similermetters, I(the "Real Property") located In LINCOLN County, State of Wyoming: HENRY'S MOUNTAINiESTATES lOT 10 TOTAL 9.30 ACREST35 R119 S13 The Real Property or its address is commonly known 8S 183 TEALA LANE. ETNA, WY 83118. REVOLVING LINE OF CREDIT. This Mortgage Ucureathe Indabtednass Including, without limitation. a revolving IInaaf cradlt. which abllgates lender to meke .dvences ta Gr.ntar sa lang IS Gramor camplles with ell the term. of the Credit Agreement. Such advances may be made. repeld, end remade frl1m time t'1 time. subJeot tatha IImitatfon that the totll outstanding ballnce awing It any '11'10 time. not Including finance oharges on such balençeet efhced·or verlebla rste anum as pravlded In the CraditAgraament,any temporary avarages, othercherges. and any emounts expended or .dvenced:.. provided In e¡ther tha Indebtedness paragreph or 1hls paragraph. shall not exceed. the Credit Limit e. provided In the Credit Agreement. It Ii the Intantlon 01 Grlntor end Landlr thlt this Mortgaga secures tha belence autstandlng under the Credit Agreemant from tlm. to tlma 1rdm zero up to tha Cradit Limit as provided In the Cr.dit Agreement end any Intermediate balance. Grsntor presently assigns to Le~der all of Grentor's right, title,. end Interost·ln end ta all present end future le..es 01 the Property end aU Rents from the Property. In addltlon,Orantor grants to lender a Uniform Commarclsl Code security interest in Iho Pereonal Prapertyand Rem.. THIS· MORTGAGE. INCLUDING ~HE ASSIGNMENT OF RENTS AND THI: SECURITY INTI:REST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INOEBTEDNESS AND (B) PERFORMANCE OF EACH OF GRANTOR'S AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT ANDPERFORMANCÈ. Except ðS otherwise provided In this Mortgage, Grantor sheU pay to Lender aU amounts slcured by this Mortglge as they become due and shell stilctlyperform eU of Grsntor's obUgetlons under this Mortgegl. POSSESSION AND MAINtENANCE OF THE PROPERTY. Grantar agrees that Grsntor's po.sesslon Ind USI of the Property shall be governed by the followIng provisions: : Posses.ion and Use. Until ¡the occurrenoe·o! an Event of Default, Grentor may 111 remeln In possession end control of the Property; (2) .uae, operete or manage thei Property; al1d{31 collact the Aentsfrom the Property. Duty to Maintain. Grentor ¡.hall maintain tho Proporty in good condition and pramptlyperform ell repairs, repllcements, and maintenance necessary to preserve ·its value. CompUenco With Envlronmènte¡ laws. Grantor repreaents end warrants ta lender that: (1) During the period ·of Grantor's owner. hip of the Property. there has beeh no use, generstíon, manufacture, storage, treatment, dl.posel, release or threat.ned relesse of any Ha.erdous Substance, by any person on, undar, about or from the Property; (2) Grentor has no. knowledge of, or reaaon to believe that thara has ·been, except es prlvlously;dlscl08éd to Ind acknowledged by lender In writing, la) eny breech ar viOlation ar eny Environmental lews. (b) any :use'~ generation, tI1snufacture. storage, treatmen~ -disposal, release or threatened ral88se of any Hazardous. Substeince on. under, about or from the Proparty, by any prlorownars oroccupents of the Property. or (c) any actual or threaten ad litigation or claims of eny kind by any person relotlng ita such metter.; and (3) Excapt .as previously dlsclosld loond aoknowledged by Lender In writing. (aJ nalther Grøntor t1Q"t any,tenant,' contractor, agent or other authorfzed ussr of the Property shall use, generate, manufacture, store, treat, dispose"of orre.leaae any H..srdaus$ubslanc.on, under, about or from tho Property; and (bl any suoh ectivitY shAll be conducted In complllnce with ell appllceble federal. 8teto, and locellaws; regulations and·ardlnancos, including withoUt limitation ell Envlronmentll laws. Grantor authorl.ea·lender· and Its agants to· enter upon the· Property to make· suoh Inepectlon. and tests. etGrantor's axpense, as Lendar may deam eppraprl·eteto determine· compliance of the Property with this sectian of the Mòrtgago. Any Inspectiona or testa mada· by Lender shAll be for Lender'. PU'POSIS only end shIll· not be construed to create any responsibility or liabilitY on the psrl of Lender to Grentor or to eny othar ·person. The reprasentallqns and warrlntles contained herein Itebased on Grantòr's due diligence. in investigating the Property ror Hazerdous Substances. Gtlntor hereby (1) releasos and waive. any future claims .gal....t Lender for Indemnity or contribution In the evant Grantor becomes,lIa~le·for cleanup or other costS under any .uch laws; and 121 agree. to indemnify, delend, and hold hermless Lendar against any end all ¡olelms, losses, liabllltlas, damages, penalties, and expenses which Lender may directly or indirectly sustain or ·sufferresultlng from a breach of this aectlon of the MortgAge or as a consequence of any usa, generatlan, manufacture, storage, dlspoaal, release or threetenedrelease occurring prior to Grantor'. ownership ar Interest In the Property; whether or not the same was or should heve been known to Grentor. Tha provisions of this section of the Mortgage, Including the obligation to indemnify end defend; shall survive ·tho··plyment of the Indobtepness and the satisfsction Md reconveyance ot the lien of thl. Mortgage end shall riot be affectad by lender's ecqulsltlon 01 any 1nlarlst I~ tha Property, whether by fareclosure or otherwise. Nulslnce, Waste. Grlntor ~hall not cause, conduct or permit any nuisance nor cammll, permIt. or luffer any stripping of Or waste on or to thaPropertyor Iny portioniof the Proparty, Without limiting the generality of the foregoing, Grentor will not remove, or grant to any other psrtV the right to remove; MY timber, minerals (IncludIng 011 and gasl, coal, clay, scoria, soli. gravel or rock products without lender's prior written conaent. . Remavel af Improvements.: Grantor ahell not damollsh or remove ·Iny Improvements from the Raal Property without Lender'a priot written consent. Aa· a·condltlòn to; tha removäl of any Improvamenls, Lender may require Grantar to make arrangements satlsfaotory to Lender to raplece suoh Improvemenlsi with Improvemants of at least equal value. Lander'. Right to Enter. lerder and Lender's agents and representatlvas may enter upon the Real Propert 8Iall. asonablet ea to aHend to lender's Interests and todnspect the Real property for purposes ·01 Grantor's oompliance with the terms ndc nditlon. a 's Martgloe. Complllnoe with Govarnm~ntal Requirements. Grantar shall promptly comply with all lews, ordinances. an r glJr¡\~ãi;, w or hereafter in effect! of all governmen~1I1 suthorlt]e. apPllca~le to the use oroccupency ot the property. ~rsntor msy c, tem\tlnbÞ~~~ch law,.ordlnanca; or regulad0i' and withhold compllanoedurlng anyproceldlng, Including appropriate Ippeals. sp\¡ng as Grantor has notIfied Lender In writing prior ta doing so end sa lang a., In londer's sole opinion, lender's Interests In the Propertto·arè't1ot eoperdlzad. lender ! I '....... l -...,'>. loan No: 764005128 IVlutu \:iAGE (Continued) '~00039 V Page 2 may require Grantor topo.~ .dequate security or . surety bond, re.sonably satisfactory to Lender, to protect Lender's Interest. Duty to Protect. Grantor egrees neither to abandon ,,,leave un.ttended the Property. Grantor.hall do .all other acts, In addition to those aCtS set forth abòvo.ln this: section, which from the ·ch.racter and uSe of the Prop.rty are reasonably nec....ry to proteot a"d preserve.th. f>roperty. : DUE ON :SALE . CONSENT SY·LENDER. Lender may, at Lender's option. declare Immediately due and payable all sums secured by this Mortgage upon the sale or tranlsfer, without Lender's prior written consent, of all or any part of.the Reel Property, or any '"terest in the Roal ProperlY. A "sale or tran.fer" r¡.eans the conveyance 01 Raal Property or any right, title or·lntarest1n the Real Property; whether legal. beneficial or aqultable; whether voluntary or involuntary; whether by outright aal.. deed, Installmant sele contract, land contract, contract for deed, leasehold Interest wltha. tor,,:, groater then three (3) ye..., lea.e-optlon contr.ct, or by sale, asslgnm.nt, or transfer of any benaflclallnterest In or to any land trust holding t,l19'to·the Real Property, Or by any other method of conveyance of an Interest In the ReaIProp.rty. However. this option shall not be exercised. byjLender Wsuch exercise is prohibited by federal. law or by Wyoming law. TAXES AND LIENS, rhefollowlngprovlslons relating to thetaxee end liens on the Property are pert of this Mortgage: Payment. Grsmor:shall p~y ",!,hen'due land in all events prior to delinquericy)all taxes, pay toll taxes, special taxes, .assessments, wÐter cherges: end sewer 80rvicejcharges levledegainst or on account 01 the Property, and ahell pay when· due all cleims for work done on or for services, rendered or msteri,al furnlshad to the Property. Grantor,shall maintain the Prop8rtyfree of any liens hevlng priority over or equal to tha Int.rest of Lenderund.r this Mortgage, ""Cept for the Exis.tlng. Indebtedness referred to In this Mortgage or those liens specifically agreed. to In WJitlng by Le,nder, and except for the lien 01 texes and. assessments not due es further specified In the Righ.t to Contest paragraph. ¡ . Right to Contest. Grantol mey withhold payment of any tex, .assassmant, or clelm Inconnactlon with a good faith dispute Olrer the obligation to p~y, so. lOng ¡as Lender's Interest In the Property Is not jeoperdlzed. .1I·a lien arises or laliled as e result of nonpayment, Grantorshall within f,fteen, (15)days áfter the lien arises or, If a lien Is flJed, within fifteen (151 days after Grantor has notice of the filing, secure the dlscherge·cfthO lien, or If requested by Lender, deposit with Lenderc.sh ora sufflcl.nt corporate surety bcnd or other security satisfactory to Lender In a~ amount sufficient to discharge the lien plus any costs and raasoheble attorneys' fees, or·other chergesthat could eccrue as a reaultof!e foreclOsure or. sele unde, the lien, In any contest, Grantor shall defend Itself and Lendor and shall satisfy any adverse Judgment before enforcement .agalnst the Property. Grantor shall name lender .esan ·addltlonal obligee under any surety .bond furnished ·In the contest pr<jceedlngs. Evidence of Payment. Grarttor shell upon demand furnish to Lender satisfactory avldonce of payment of the taxes or"assesomentsand.shall authorlz.nhe appropriate gpvernmantel offlclel to deliver to Lender at any time a written etatement of tho taxes and aasessments egainst the Property. Notice of Construction. aritntor shall notify Lender et loast fifteen (15) .days befcro .ny work is commenced, any services are furnished, or eny materlsls. are supplied ¡to the Property. if any mechenlc's lien,meterlalmen's lien, or cther lien could be asserted on account of the work. aervlces. or meterlals. Gremor will upon request of Lenijer furnish to Lendor edvsnce assurancaa aatisfectory to Lender that Grentor can .and will pey the cost of such ,improvements. PROPERTY DAMAGE INSURAN(;E. The following ·provlslons ralating to Insuring the Property ere a part ollhls Mortgage: Melntenance of Insurance. i Grantor shall procure and maintain policies of fire Insurance with stendard extended coverage endorsements on e raplacament baels for the full Insurebla value covering all Improvemants on ,the Raal Property In an. emount sufficient to evoldepplicatlon of eny colnsurenca claua.. and with ·astandard mortgegee cleuse In favor of Lender. POlicies shall be written by such Insuran.ce Compenios and In such formes mey be reasonably accaptable to Lender. Grantor shall deliver to LendercertJflcates of Coverage from each Insurer containing· a stipulation thát coversga will not becancellad or diminished withoute minimum of thirty (30) days' prior written notice to lender and not conteinlng !lny dlsclsimer of the Insurer's lIebllltv for failure to give such notlca, Each Insurance polley also shall Include an endo,semant providing that covarage in favor of Lender will nct be Impaired In any way by any act. omlaslon or default of Grantor or eny other person. Should the Rosl Property be loca.ted In an area designated by tha Dlractor of the Federal Emergency Management Agency as a specie, flood hazard area, Grantor agrees to obtain and malnt.ln Federel Flood Insurence, if available, within 45 days after notice Is given by Lender thet the Property Is located In 8 apeclal flood hazard area, for the mexlmum emount of Grantor's cradlt line end the full unpaid principal balance of eny prior liens on .the propertyaecurlng the loan, up to the maximum policy. limits set under the National floOd Insurenc.e Program, or as otherwise required· by Lendor, and to melntaln such Insurance for the term of the loan. Application of Proceed.. Grentor shall promptly notifY lendor ofeny loss or demage to the Property if the estlmeted coat of repair or replacemant8>lceeds $1,0<10.00. Lender may meke proof of loss If Grantor falls to do so within fifteen 115 .days of the caeUalty. Whether or not lendar'. .ecurity Is,lmpelred, Lendermey, at Londer's election, recelva and reteln the proceed. of .ny Inaurance and apply the proceeds. to the reduct/onof the Indebtedness, payment of any lien affecting· theProporty, or tho restoration and repelr of the Property. If Lender elects to .pply the proceeds to restoration and ropair, Grantor shell repair or replace the· damaged or destroyed Improvements in a manner setlsfectoryto lenper. Lender shsn, upon seUsfectory proof of such expenditure, payor relmburae Gr.ntor from the proceeds for the, reesoneblecost ,of reþalr or restoration if ·Grantor Is not In defeult under this Mortgage. Any proceeds which have not bean disbursed within 180 days alter· their ;receipt and which lender has not committed to thareplilr ·or restoretion of'the Propertyshlill be used flrsHo pey any emount owing to lendêr under this Mortgage, then 10 pay accrued interest. ·and the remainder. if any, shell be epplled to the principal balanco of the Indobtedness. If Lender holds any proceeds alter payment in full of the Indebtednass. such proceeds shall b. paldlo Grantor as Grantor.~$ Interests mey ilppear. Compliance with Existing I~debtedness. During the porlodln which any Existing Indebtedness described below Is In effect, compliance with tha Insuranca provisions contained in the Instrument evidencing such Existing Indebtednesslihall coniitltute èomplianca with the Insurante provisions under this. Mortgage, to tha extant compllenca with the· terms of this Mortg.ge would constitute a duplication of Insuranco requirement. If any proce.ds from the Insurance become peyeble on loss. the provisions In this Mortgege for division of proceeds ehell apply only to that porticn 0t the proceeds nct payable to the holder of the Existing Indebtedness. lENOER·SEXPENDITURES. IIGrentor fall. (A) to keep the Property fraeof all texes. liens. security Interesls, encumbrancea, and other cle/ms, (BI to provide eny required Insurence on tho.Property, IC) to meke repairs to the Property or to comply with any obligation to m.intaln EXisting Indebtedness In good standing iss reqúíred below, then Lender may do so. It any action or procseding Is commenced thet would materially affect Lender's interests In the f'roperty, thon Lender. on Grantor's behalf may, but Is notrequlred to, take any ection that Lender bellevee to be appropriate to protect Lender's interests. All expenses Incurred or paid by Lander for such purposes will then bear Interest at the rate charged under the Credit Agreement from the date Incurred or peld by Lender to the date of repaymont by Gr.ntor. All such expenses will become a part 01 the Indebtedness, and, at le~der's option, will (A) be payable on demand; IB) be added 10 tha balance of the Credit Agreement and be epportioned omong and be paya,ble· with anylnatellment payments to beccme due during either 11) tha term ofanyappllcabla InsuranCI! pcllcy; or (21 the' remaining term of ~he .Cr'1dit Agraement; or (t) be tre.ted as a bello on paymant which will ba due end payable at the Credit Agreement'a maturity. The Mo(tgage also will secure payment of theae amounts. The rights provlded for In this paragraph shall be In addition to any ·otherrlghts or any remedies to which Lender mayba entitlod on eccount of any default. Any such action by Lender shall not be construed. es curing the default ~o es to bar Lender from eny remedy thaí It otherwise would have had, WA.RRANTY; DEFENSE O.F TITLE, Tho/allowing provisions relating to ownership of the Property are e pert of this, Mortgage: Title. Grantor warrantsthØt:(a) Grantor holds good end marketeble titla of record to the Property In fea simple, freaend cleerol ell liens and en.tumbrencas other ttjan those set lorth In the Real Property descripticn or In the Existing Indabtednese eection balow or In any title Insurence policy, title. report, or'final tltie opinion Issued In favor of, .nd atcepted by, Lender In. connection with this Mortgage, and Cbl Grentor has the full right, ppwer, and aUthcrlty to.execule end dellvor this Mortgago to lender. Defense· of Tltla. Subject to the exception In the peragraph. above, Grentor warrants and will forever defend the tltlo to tha Property against the .lawful claims of'sll persons. In the event".any action ·or proceeding i$ commencod thatquGstions Grantor's tide or the interest ot Lender under this Mortgage, Greníor shall defend the ection ·at Grantor's expense. Grantor may be the nomlnel peny in euch proceeding. but Lender shall be entitled to 'pertìcipate 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 auch instruments as Lander may request from time to time to permit sllth participation, ' Compliance W.ith Laws. Grenlor warrants that ·the Property and Grantor's use of the propet cotnplias with. a~tI"!LJÞpllceble lews, ordinances, and regulations: of governmental authorities. ~~__ Survival of Promises. All piomises, agreements, and statements Grantor has mada In ·thls Mo ga Shsl~'Ii~~e tha lon,and delivery ·ofthls Mortgage"ehell be continuing In nature and .hell remein In fuU.force and effect until S~hl Ime...\~f1It\\'i!";r'=ess Is paid In ~. ~ I" f "'.--..., I ", loan NQ; 764005128 ---- -. .-- ----...." (Continued) Page 3 EXISTING INDEBTEDNESS. The following provision. concarnlng Existing Indebtedness are e part of thl. Mortgage: Exlating Lien. The lien of this Mortgaga sacurlng the Indebtedness may be secondary and Inf.rlor to an exlatlng lien. Grantor expr..aly covenant. and agrees to p,ay, or se. to the paym.nt of, the existing Jndebt.dnøss IIndto prevent any default on such Indebtednese, any defsult under the Instrume~1S evidencing such Indebtednea8, or any dafault undar any security documant. for .uchlndebtadn.... No Modification. Grantor shall not enter Into any agre.ment with the hold.r of sny mortgage, deed of trust, or other security agreement which has priority over thIs' Mortgage by which that' sgre.m.nt I, modified, am.nded, .xtended, or r.newed without the prior written cons.nt of Lender; Grsnt9r '.hsll n.lth.r,r.quest nor sccept any future edvancea under enY .uch a.curityagr..ment Without tho prior wrlttoncon.ont 01 L.ndo" : CONOEMNA TlON. The following provisions r.lating to condemnstlon proce.dings sre a part of this Mortgag.: Pracaall1ng.. "anv proceeding in condemnation Is filsd, Grantor sh.1I promptly notify L.nder in Writing, and Grantor shall promptly Iska such .teps ss"may be nec~s.~ry to ~efend tha sction and obtain the award. Grantor may b. the nominal party in such proceeding, but Lender shall be'entlUed to partlclpata 10 the proceodlng ond to be repre.ented In the procaedlng by counael 01 it. awn Choice. and Grantor will deliver or causa to ba ,delivered to ,Lendar such instruments and documentetion a. may be requeeted by Lendar from time to tima to permit such partlclpatlcm. ; Application of Net Proceeds. If all.or any part of tha Property Is condemn.d by eminent domain proceedings or by any proceeding Or purchese, In lJeu of condemnation, Lender may at its election require that ell or eny portion of tho natproc.eds of the award be applied to the Indebtedness or the reþalror restoration of the Property. The net' proceeds of the award shell meen tha award aftor payment of all reasoneble co.ts, exponsaS', and attorneys' feas incurred by Lender in connection with the condemnation. IMPOSITION OF TAXES, FEES .¡\ND CHARGES 8Y GOVERNMENTAL AUTHORITIES. The following provisions relating to govarnmental taxes, fees and chargessre a part of t~l. Mortg.ge: Current Taxas. Feas' and Charg... Upon request by Lendor, Grentor shell execute such documonts In addition to Ihis Mortgage and take 'WMtever other'octlonis requestsd by Londer to porfect snd continue Lender's lien on the Reel Proparty. Grantor shall relmbursa Lender for .11 taxes,a' descrlb.d bel~w, together with all axpensee incurred In recording, perl.ctlng or continuing this Mortgage. Including without limitation all taxes, fees, documentary stamps, and othar charges 'for recording or registering this Mortgege. Tax... The lollowlngshallìconatitute texes to which this section applln: !1i a spaclflc tax upon thle type of Mortgage or upon all or any pe.rt 01 the Indebtednees e,ecured, by,thls Mortgege; (21 aspecillc tax on Grantor which Grantor Is authorized or required to deduct from paymonts on thelndebtedn~.. socured by this type of Mortgage; !3¡ e tsxon this type 01 Mortgage charg.ablo ag.ln.t the Lander or the holder of tha Credit Agreement; and (4) a epeclflc t.x on all or eny portion of the Indebtedness or on paymenta 01 principal and Intere8t' mada by Grantor. Subsequant Taxel. II sny:taxto which thle section .ppllee is enact.d lubsequent to the dete 01 thll Mortg.ge, thil event sh.1I have the same .ffect a. sn Event of: Default, .nd lender O1syexarClle any .or oil of Its avellable remedlas lor an Evant of Def.ult as provldad below unless Grantor .ither '11 pays the tax bafore It becomes dolinquant, or (2) conteets the taxes provided ebove In the Texe. .nd U.n. soctlon .nd deposit. with Lender cash or . sufficient corporate surety bond or other .ecurity setllfactory to Lend.r, SECURITY AGREEMI:N'r;. FINANCING STATEMENTS. The following provisions relating to this Mortg.ge al a security agreement aro a part 01 this, Mortgoge, ' Sacurlty' Agreement. Thls,;ln.trument shall constitute a Security Agr..mant to the ext.ntany of the Proparty constltuta. fixtures, .and Lender,ehall heve all 01 the rights 01. secured perty under th.,UnlformCommercl.1 Code as amended lrom time to time. Securlty, iltera.t. Upon r.quest by Lender, Grantor .hall tako whatever action is requested by Lender tô perfect and continuo Lendar's security Im!!rast In the Per.on.i Property. In addition to recording this Mortg.ga in tho raal property records, Lender mey, at any time and without further authorization from' Grantor, fUe .xecuted count.rparts, cople.,Of reproductions of this Mortgage a. a financing statament. Grsntor shall reimburse Le¡)der for all expenae. Incurred In perfectingo( continuing thl. sacurlty Interest; UpOh default, Grantor sh.1I not remove. sever or datach the Personel Propetty from the Property. Upon dafsult. Grantor shall aSlemble any P.rson.1 Property not effixed to thoProþarlV In a menrier ond at a place rea.onebly convonlent to Grantor end Lendar and meke It avallsblato Lander within three 131 day. aft!!r receipt of wrltter¡ dem.nd from Lender to tha extent permitted by applicable law. Addre..... Th. melllng addressas of Grsntor (debtorland Lender ¡.ecured p.rtyi from which Inlormatlon concerning the .acurity Interast granted by this Mortgage may be obtainvd (vachas tequired by the Uniform Commercial Codel ero a. stated on the flr.t page of this Mortgege. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The fOllowing provisions raletlng to further aSSurance. .nd attorney.ln-Iact .re . p.rt 01 this Mortgege: Furth.r Aesurances. At any time, and from time to tlmo, upon, request of Lender. Grantor will make, execute .nd deliver, or will causa to bo made, executed or deliv,erad. to Lender or to Lender'. dasignee, and when requestad by Lender, Cau.e to b. fllad, recorded. refilod, or rerecOrded. as the case may be,atsuC::h timos and In. such offices and places as L.nder may daemspproptlste,..ny sndall .uchmortgegae. deeds of. trust, seourity.deeds, securityøgreements, financing 'statements. continuation statements, 'instruments of further assurance", certificates, and othor documents á. msy. in theaole opinion of Lender, be necessary or desirable In order to effectuate, compl!!te, perfact, continue, or pre.erve (1 I ' Grentor's obligation. under the Credit Agraament. this Mottgega. and the Releted, Documents, and (21 tho liens and security huerests creoted by this Mortgage on the Property, whothar now owned or hareafter acqulrad by Grantor. Unlo.. prohibited by law or Lender agrees to the contrary In writing, Grantor shall reimburse Lender for all costs and expenses Incurred In connaction with the matters raferrad to'ln this parsgraph. ' Attorney-in-Fact. If Grantot fslls to do onyol the thing. referred to In the preceding paregraph, Lender m.y do eo for end in the nsmo 01 Grantor and'at Grantor'se~p.n.e. For such purposes, Grantor hereby Irrevocabiy appoints Lendsr as Orsntor's ettorney-In-Iaèt for the purpose. 01 meklng. executing,dellvorlng, ,filing, recording, and , doing .11 olher thing. as may be necessery or desirebla,' In Lender's .010 opinion, to ,aècompllsh the matters referred to In the preceding psrsgraph. FULL PERFORMANCE. If Grontor pays sll the Indebtednes. whan due, terminates tho credit . line . account, and otherwise porform. all the obligations Impoaod upon ,Grentor undar this Mortgage, Lander shall executo .nd deliver to Grantor a 'Suitable s.tlsfaction 01 thia Mongage and ouitable statements of termlnotion of .ny financing .tatement on filo ,"videnclng Lender's socurity Intere.t in the Rante .nd tho Peraonal Proparty. Grentor will pey. If pe,rmitt.d by applicable I.w, anv ressonabla termination fee as determined bvLender from time to time. EVENTS OF DEFAULT. Granto! will be In default under this Mortgage If ."y of the following happen: (A) GrsnlOr commits fraud Or mskea a m.terlal mlsr.prosantat;on et. eny tlma In connactlon with the Credit Agreement. This c.n Include, for exempl., a Islse st.t.m.nt sbout Grantor's Income. a5ae19. liabilitie.,or .ny other ..pacts 01 Gr.ntor's financial 'condlllon.(B) Grantor doa. not meet the repayment terms of the Credit Agreemant, (C'Grshtor'. action orinection adver.ely aff.cts the collateral.or Lander's right. in the collateral. This c.n include, for examplo, failure to maintain required insuranco, waste or destructive u.a of the dwelling, failure 'to pay t.xsa, death 0 t all per.ons liable on the account, transfer .of tltla or sala, oltha dwelling,· creetion, of a ..nlor lien on tho dwelling without Lander's permission, foreclosure by the holder of another lIan, or tho,useof lu~d. Or tho dwelling lot prohibited purpo.... RIGHTS AND REMEOIES ON DEFAULT. Upon the occurrenoe 01 an Event 01 Default and .t any tima thereefter but subject to eny limitstion in tho èredltAgreement or any limitation In thl. Mortgage, lender. at Lender's option, mey, exerclso anyona or moro of the following right. .nd remediel. In. .dditlon to anyoth~r rights or remedies providad by law: Accelerato Indebtadness. Lender ahell heve tho right at Its option without notice to Grsntor to d.clora the .ntlre Indebtedneas Immodiately due and pay.ble; Including',anyprep.yment penølty that Grantot would b. required to pay. UCC Romadl.s.With rasPectto all or any part 01 the Peraonal Property, Lender shall have all the rights and remedies of a secured, p.rty under tho Uniform Còmme"C::I.1 Code. Collact Rants. Lender shall have the right, without notice to Grantor, to, teka possession of tho Property, Including during tha pendency of foreclosure, whether judlciàl ornon'judlclal,and collect the Rents, inciudlng amounts past duo and unpaid, and apply the net procaeds, over and sboye Lënder'.scosu,' against the Indebtednas.. In furtharance of this tight, Lender may require any t.nant or other uaer 01 the Propartyto make payments of rent or use fees directly to Londer. II the Rents are coll.cted by Lander, then Grantotlrrevocsbly deslgnatas Londar as Grantor's attornáy·in-fact to endorse Instruments recelv.d in p.yment ther.ol In tho n.me 01 Grantor and to nagotlate the .ame end collect the proceods. 'Peymants by fenants or othar users to Lender In responso to Lender's hama .h.1I satisfy »~bllgations for which tho paymante ara made, whether or not eny proper ground. for the demsnd sxi.ted. Le ar ay exercise il..~~d.r this , ·...;r~&;S.......... ';~i\ið\$___ loan No: 764005128 IVlvnl \:iAGE (Continued) 00004~ Page 4 subparagraph either In per~on, by agent, or throughe recoiver. Appoint Receiver. Lender ¡shall have the right to have a receiver appointed to take possassion of all or any parI of the Property, with the power to protect end presarve the Property, to operate the Proporty preceding foreclosure or sale, and to collect Ihe Rent. from the Property and apply the .pro'ceed.,. over end above Ihe cost of Ihe receivership. agalhstlhe Indebtedness. The receiver may sorvo wlthoul bandit permftted by law" tander'srlght to Iha appointment of a receiver shall exfst whelheror not the apparent value of the Proparty exceeds the Indebtedness by a substantial.mount. Employmant by Lender shall not disqualify a person from serving as a recelvar. Judicial Foraclosur., Lend~r may obtain a judicial decree foreclosing Grentor's Interest In ell or any· part,of the Pri;Jperty. NonjudlclalSale. Lender rriay foro close Grantor's interest In sll or in any part of the Property by non-judicial sale, and spec II/cally by "power of sale" or "8dvertlsement~nd sala" foreclosura as provided by statuts. OeflclancyJudgment. Ifp~rmittadby appllcabla law. Lender mey oblsin s Judgment for eny deficioncy remaining In the Indebtodness due, to Lender ofter oppllcellon bfsll emounls received from ths exercise of the rights provided In this seclion. Tenancy at Sufference. If:Grantor remsins in possession of the Property aller the Proparty is sold aa provided obove or Lender otherwise becomeS entllled to posse;sslon of the Property upon default of Grentor. Grantor shall become a tenant at sufferance of Lender or Ihe purChaser of tho Property ¡IOd shall, at tender's option, eilher O} pay a reasonablo rentol for the use of the Property, or (2) vecate the Property immediately upontrhe demand af Lender. OtherRemediea.~ender Shon hove all other. rIghts and remedies provided in thla Mortgage or tho CredIt Agreement or available at lew or In equity, ' Sele ohhe Property. To the extent permitted by applicable,law, Granlor hereby woives eny end all right to have the Property marshalled. In exercising ite'rightsend remedies, Lender sheil be ,free to sell all or'any pert of the Property together or aeparately, in one sale,or by separate sales. Lander sha," be entitled to bid at any public sale on all Or any portion of the Property. Notice of Sele. Lendor will glvo Grenlor reasonable natlce of the time end placa of any pUblic sala of the Personal Property or of the time after which anyprivale aale Or other 'intended disposition of the Per.onal Property is tobs msde. Reasonable notice ahell mean notice given at 10att tan (10) day. before the lima of the sale or disposition. Any sale of ,the Personal Proparly may be mede In conjunction wllh any sale of the Real Proporty. Election of Remedios. Alii of Lender's rights and remedies will be cumulalive and may be exercised alone or together. An election by Lender to choose anyone iemady will not bar Lender from using ony other remedy. If Lender decides to apend money or to perform any of Grantor's obligations under this Mortgage, after Grantor's, failure to do ao,that doclslon by Lendor will, not affect Lender's right to declare Granlor in dafault and 10 exorcise Lender's remedies. Attorneys' Fees: Expen...i If Lende.r instltùtas any suit or action 10 enforce any of the tarms of this Mortgage. Lander shall be entiUad to recover'such sum as the cÒurtm'ay adjµdge'reasonable as attornays' fees at Irlal and upon any appeal. Whether or not any courl action Is involved, and to tho extentinot prohlbltad bylaw, all reasonable expanses Lendarincur. that in tandar'a opinion are neoessary at any time for the protection of Its Interest or Ihe enforcement of ita rights ahall become a part of the Indebtedne.. peyable on damand and shen beer interest at the Credit 'Agreement rate from the date of the expenditure until rapald. Expenaea covered by this'parograph include, without IImitation¡, hOWever subject to eny limits under applicable ,law, Lender'. reesoneble ettorneys' fsea end Lender'a legal expenses whather or not there la a lawault, including reasonable attornays' fees ofter default and referral to en attorney' not Lender'. salaried employee and expenaes' for bankruptcy procaedings (Including efforts to modify or \/acata any automatic stay or injunction). appeela., and eny anticipated post-judgment collection services, Ihe C08t of searching records, obtoinlng title roporte (Including foreclosurerepons)¡ surveyora' reports, .nd ,appr.laol feea ,ond tlilo insurance. .to the extent permlned by applicable lew. Grentor also will pay any court coats. In addillon to all other sums provided by la"f. NO CES. Any notlco required to be g,lven under this Mortgage, Including wlthoulllmllatlon eny notice of defeull and any notice at salaahell be give In writing, end, shall be effective when actuellY delivered, when actually received by lelefacslmllo funless otherWise required by lawl. when dep sited with a notionally recogniud ova might couriar" or, If mailed. when deposited In the United Stet.. mail, a. firat class., certified or rogl tered mall postege,prepald; directed to the eddresaes shown near the beginning of this Mortgage. All copies of notices of foreeloeura from the older of any lien which hos prlorityovor this Mortgage shall. be sent to ~ender's addresa, a. shown near the beginning of this Mortgage. Any person may change his or he/address for notices undar this Mortgaga by giving formol wriUen notlco to the olher parson or porsons, spe~lng that the purposo of the notice Is to ohange tha person's address. For notice, purposeB, Grantor agrees to keep Lenderinrormed at all tlmaof G. ,rontor'a,cur,re,nt,addr, e..' as. unlen'other. wiao provided O,r required bY. law, If th er eis more than .one Gra, ntor, an, y notice g. Ivan by Len, d er to e y Grantor is deemad to be !,otlcagiven to all Grantors. It will be. Grantor'a responsibility to tell the others of the notice from Lendor. MIS E~tANEOUS PROVISIONS, The following miscellaneous provisions are e part of this Mortgage: mendmenta. What Is written In this Mortgage 'and in Ihe Related Documants IS Grantor'a entire agreement with Lender ooncernlng the aner. covered 'by thla Mortgege. To be effective, eny change or amendment to thia Mortgage muat be In writing end must be signed by hoevar will be bound or~biigated by the chonge or amendmant. option Headings. Capllon headinga in Ihls Mortgage era for convenience purposes only and ore nol 10 be used to Interpret or define the rovision. of this Mortgage. ' Dvemlng taw. Thla Mortgage will be governed by faderal Jaw applicable to tender end. to the extent not preempted by fadoral law. tho ews of tbe Stata of Wyoming wlthoutngard to Its conflicts. of lew provialons. This Mortgago hes been accepted by Lendor In tho State or yomÍlïg. o Waiver by tandar. Grantor understonds Lsnder will not give up any of Lendor's rights undar thla Mortgage unless Lender does sO in riting. Tho ,fact that Len!fer delays or omits to oxerciae any right will nol meon thet Lender has givon up thet right. If Lender doe a agroe n writing to give up oneot Lender's rlghts,thet does not mean Grantor will not have to comply with the other provisions of this Mortgage, rentor oi.o underatenda, that If Lender doea consent to a requeat., that does not mean that Granlor will not havil to get Lender's consent gain if the aituatioh hoppens ago In_ Grantor further understand a thot just bocouse Lender conoents to one or more of Grantor's requosts. het does not moan tender will be required to consent to any of Grentor's future requests. Grentor walvas presentment, demand for aymant, protest, and. not/co 'of dishonor. Grantor waives all rights of exemption from execution or slmiler law In tho PropertY,ond Grantor grees that the rights of L~nder In the Property undar this Mortgage oro prior to Grantor'a rlghta while thio Mortgage remains in effect. everability. if e court finds that any· provision of this Mortgoge is not· valid or should hot be enforced, that fact by JtseWwlll not meon thet he rest of this Mortgage wiU not be velid or onforced. Therefore,a court wiU, enforcotho reat of the provlalonsof this Mortgage even if a rovlsion of this Mortgage may be found to be'lnvalid or unenforceable. argar. There shall be no' mergor, of the Interast or estate created by this Mortgage with any other interest or ostate In the Property at any Ime held by or for tho benafit of lander in eny capacity. wlthoutthewrltten conaent ar Lander. uccessors, and Aaalgna.. Subject 10 any limitatlona stated In this Morlgsge on trensfar of Grantor'a interest. this Mortgage sholl be binding pon ànd Inuró totllo benèlitoJ the partlea, thair succassors and esslgna. If ownership of the Properly becomes veslod Ina person other hon Grantor, Lender. without notice. to Grantor. moy deel with Grantor's, auccessors with' reference to this Mortgage ond the Indebtedness y way' of forbearance or ~xtenslon wlthoul raleoslng Grontor Irom tho obllgatlona of thla Mortgage or liability undor 1M Indebtedness. Ime Is of tho eaaonce. Tiine is of tho. nonce in, tho performance at thl. Mortgage. alver of HomoateadExemptlon. Grantor hereby reloases ond walvea eli righls ond benefita of the homestead exemption lew. of the State fWyomingas to all Indebtedness secµred by <lhls Mortgage. DEFI mONS. The following words shali have the foliowing meanings whon used In Ihls Mortgage: orrower. Tho word "Bori,ower' means PAIGE SAVARESE and.lncludes all co-signers and co-makers signing the Credll Agreement and all heir successors end osslgns, radlt Allreamant. Tho, words "Credit Agreement" meanlhe crodit agreement dated April 7, 2008, with credit limit of $130.,000.00 from Gran.tor to Lender. together with ali renel'(a's of, extensions of, modifications of, reflnoncings of, consolldetions of, and substitutions for the promissory nota or agreement. EnvIronmental LawiI. Thli words "Environmental Laws' mean any and oil steta. faderal and locol atatule.. regulations and ordinances relating to the prolectlon ,of human health or the environment, Including without limitation tho Comprehensive Environmental Reaponae, Compensation, ond Liability Act of 1980, as amended, 42 U.S.C. Saction 9601. et seq_ ¡"CERCLA" . the Superfund Amendmenta and . : \ n¡~:é:13 ~ Initial, ( Loan No; 764005128 ." - . -~ -. --- (Continued) VUVV"i~ Page 5 Reauthorizetlon Act of 1966, Pub. L. No. 99-499 ("SARA"I, the Hazardous Meterials Transportation Act, 49 U.S.C. Section 1601, et seq.. the Resource ConservaUOI1 end Recovery Act, 42 U.S.C. Section 6901, et.seq., or .other .applicable state or federal laws, rules, or regulations adopted pursue!\tthereto. Event of Default. The wOlds "Event of Default" mean any Of the events of default set. forth In this Mortgllge In the events of default section of this Mortgage. ' Existing Ind.btodn.... The words "Existing Indet>ledness" me en tha indebtedness described in the Existing Liens provision of .this Mortgege. Grantor. The word 'Orentor" meens PAIGE SAVARESE, Hazardous'Substanoas. The words "Hazardous Substances" meanmatarlels that, beclluse of their quantity, concentration Or physical, chemical or Infectious chlirecteristics, may caUse (lr pose e present or potentiel hezard to human heelth or the. anvlronment when improperly used, treated, .stored, disposed of, generatod. manufactured, transportad or othorwlse handled. The warde 'Hazardous Substances" are used in their very broadest sense and Include without limitation any and all hazardous or toxic substances. materlais or waste as defined by or listed undllr the Environmental Laws. Tha term "Hazardous.substances" also includes, without limitation, petroleum and petroleum by-products pr any freotlon thereat and aabastos. Improvements. The word 'Improvament8' means all existing and, future improvements, buildings, structures, mobile homas affixed on tha Real Proþarty, facllltle., additions, replacements and other conetructlon on the Real Property. Indebtedness. The word "Indebtedness' means all principe I, interest, end other amounts, costs and expenses payable under the Credit Agreement or 1'Ielated Docu,rnents, together with· all renewele of, extensions of, modlficetions of, con.olldations of and aubstltutions for the Credit Agreement or Related Dooumentsend any amounts expended or advanced by Lander to discharge Grentor'.s obiigatlons or expanses inourred by Lender to enforce Grantor's obligstlons. undar this Mortgage, together with interest on such emounts as provided in this Mortgage. ,.. Lender. The. word "Lender" maano 1 st Bank, its auccassors and assigns. The words "successors or a.slgns" meen any person or compeny that acquires any Int.erast In the Cradlt Agreement. Mortgage. The word "Mortgage" means this Mortgaga batwean Grantor and Lender, Personal Property. The wòrds "Personal Property' mean all aqulpment. lixtures, snd other articles of personal property now or hereafter owned by Grantor. and no"," or hereefter attachad or aHixad to the Real Proparty; togelhorwlth 011 occ.oslon., perts. end additions to. all replacements of, and all su,batitutlons lor. any of. such property; and togethar with ell proceeds (Including without limitation all insurance proceeds and raftmds of þromiumsJ from ony slile or·other disposition of the Property. Property. Tha wor.d 'Property" me ens colloctlvely the Real Property ond.the personel Proparty. Reel property. The worda. ~Roal PropertY" mean the real property, interests and rights, a.,further described in this Mortgage. Related Doouments. The words 'Releted Doouments" mean all promissory notes, credit agreements, loon agreements, environmental agreoments, guaranties, security. agreements, mortgeges, deeds of trust, security deeds, collateral mortgages, end all other Inslrumenta, agreements and documents; whether now or hereafter existing. exacuted in connection wIth the Indebtedness, Rants. Tho word "Rents" means allpresent.snd future rants, revenues, income, issues, myalties, profits, and other boneflts derived from the Property. . G.RANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GR~ ~,_,'iÇ.Þ ~ ;JNDIVIDUAL ACKNOWLEDGMENT ,.."" .~ I ) SS COUN OF ___ I M On this day before me, the undersigned Notary Public, personally eppeared PAIGE SAVARESE, to me known to be the Indivlduel,ßescribed in and who oxecuted the Mortgage, and scknowledged thet ha or she sl d the Mar gage as his ~her free end VOluntary~cr deed, for the uses and purpo therein mentioned. Ò 0 ~ Given under y a offl I ..1 - day of c-', 20_~ By ÑÔTARY PUBLIC STATE OF WYOMING 0d;/~/ /tP Copr. H'arland Financial Solutions. Inc. 1997, 2008. D:\LASERPROIFNBICFIILPLIG03,FC TR-7042 PR-15 All Rights Reserved. . wy