HomeMy WebLinkAbout940767
RECORDATION REQUESTED BY:
1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine, WY 83128
WHEN RECORDED MAIL TO:
1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine, WY 83128
SEND TAX NOTICES TO:
1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine. WY 83128
JG\.
MORTGAGE
RECEIVED 7/23/2008 at 3:28 PM
RECEIVING # 940767
BOOK: 100 PAGE: 618
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000678
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS MORTGAGE dated July 16, 2008, is made and executed between RUSSELL R JOHNSON and DEANA K
JOHNSON, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES (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 valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas,
geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming:
Lot 6 of the Henry's Mountain Estates, Lincoln County, Wyoming, according to that plat filed in the office of
Lincoln County Clerk on November 4, 1996, Instrument No. 828555, Plat No. 371.
The Real Property or its address is commonly known as 302 TEALA DRIVE, ETNA, WY 83118.
Grantor presently assigns to lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to lender a Uniform Commercial Code security interest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (AI PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND All OBLIGATIONS UNDER THE NOTE.
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS:
PA YMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this
Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by
the following provisions:
'Po:isesliion ane! Usa. Un~i; the OGcurrcm:e of 6(; Evem of Default, Grantor ma,; (Î) remain ir, ¡Joss¡,ssicr, onJ c;ant~c, of the Pra¡,;crty; (2)
use, operate or manage the Property; and (3) collect the Rents from the Property,
Duty to Maintain. Grantor shall maintain the Property 'in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental laws. Grantor represents and warrants to lender that: (1) During the period of Grantor's ownership of
the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that 'there has
been, except as previously disclosed to and acknowledged by lender in writing, (a) any breach or violation of any Environmental laws,
(b) any use, generation, manufacture, storage, treatment, disposal, release or threatened telellse of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any
kind by any person relating to such ma,tters; and (3) Except as previously disclosed to and acknowledged by lender in writing, (a) neither
Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of
or release any Hazardous Substance on, under, about or from the Property; and (b) any such' activity shall be conducted in compliance
with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws, Grantor
authorizes lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem
appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be
for lender's purposes only and shall not be construed to create any responsibility or liability on the part of lender to Grantor or to any other
person. The representations and warranties contained herein are based on Grantor's due diligence .in investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless
Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or
suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal,
release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should
have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify and defend, shall survive
the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by lender's
acquisition of any interest in the Property, whether by foreclosure or otherwise. .
NU;3an-:s:, 'l"J.a&t~w Gr~ntc!" sha!! net r.a~sC!, c.:,~dl!ct r: I'" ~e!"rn.it any ~!..!ise!,"!~c:< "0r cQ:;'!rnlt. permit. ·:;r sL:ffer any stripp!ng of !:'r '."/a3~e on or to
the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other
party the right to remove, any timber, minerals (including oil and gas), coal, clay, 'scoria, soil, gravel or rock products without lender's prior
written consent. '
Removal of Improvements; Grantor shall not demolish or remove any Improvements from' the'Real Property without lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
lender's Right to Enter. lender and lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable to the use or occupancy of the Property, Grantor may contest in good faith any such
law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified
lender in writing prior to doing so and so long as, in lender's sole opinion, lender's 'interests in the Property are not jeopardized. lender
may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattended the PropertY, Grantor shall do all other acts, in addition to those
acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, wat3r
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Loan No: 764005304
IVIUM I üAüt:
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charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to
the interest of Lender under this Mortgage, except for the Existing Indebtedness referred to in this Mortgage or those liens specifically
agreed to in writing by Lender, and except for the lien ,of taxes and assessments not due as further specified in the Right to Contest
paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that
could accrue as a result of a foreclosure or sale under the lien. In any contes);, Grantor shall defend itself and Lender and shall satisfy any
adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings,
Evidence of Payment. Grantor shall upon demand furnish to L.ender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other liel'\ could be asserted on account of the
work, services, or milterials. Grant('r will upon requ'.~st of Lender ~.urnish to Lei)der advance assurance,; satisfactory to LÚder that Grantor
can and will pay the ccstoi sÜch ìl11provemen~s. '
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies
and in such form as may be reasonably acceptable to Lender, Grantor shall deliver to Lender certificates of coverage from each insurer
containing a stipulation that coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to
Lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an
endorsement providing that coverage in Javor of Lender will not be impaired in any way by any act, omission or default of Grantor or any
other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as
a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid principal balance
of the loan and any prior liens, on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance
Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
replacement exceeds $1,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether
or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the
proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property, If
Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a
manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for
the reasonable cost of repair 'or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed
within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay
any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal
balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor
as Grantor's interests may appear.
Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance with
the insurance provisions contained in the instrÜment evidencing such Existing Indebtedness shall con:;titute compliance with the insurance
pro\fisions und...r thi:¡ Mc.ng!l\: e, to tile extent cCJmp;iance with thtJ terms u~ this Mortgai¡6 'Noulu 'con¡,titute 'J dU!-ilic¡;~i()n" of ir.sLrünce
requirement. If any proceeds from the insurance become payable on loss, the provisions in this Mortgage for division of proceeds shall
apply only to that portion of the proceeds not payable to the holder of the Existing Indebtedness.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims,
(S) to provide any required insurance on the Property, (C) 'to make repairs to the Property or to comply with any obligation to maintain Existing
Indebtedness in good standing as required below, then Lender may do so. If any action or proceeding is commenced that would materially
affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action that Lender believes to be
appropriate to protect Lender's interests, All expenses incurred or paid by Lender for such purposes will then bear interest at the rate 'charged
under the Note from the date incurred or paid by Lender "to the date of repayment by Grantor'. All such expenses will become a part of the
Indebtedness and, at Lender's option, will (A) be payable on demand; (S) be added to the balance of the Note and be apportioned among and
be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining
term of the Note; or (C) ~be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure
payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender
may be entitled on account of any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any
remedy that it otherwise would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a pa'rt òf this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in the Existing Indebtedness section below or in any title
insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b)
Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender,
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons, In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender
under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such
participation,
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery
of this Mortgage, shall be continuing in nature and shall remain in full force and effect until such time as Grantor's Indebtedness is paid in
full.
EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness area part of this Mortgage:
Existing Lien. The lien of this Mortgage securing the Indebtedness may be secondary and inferior to an existing lien. Grantor expressly
covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such indebtedness, any
default under the instruments evidencing such indebtedness, or any default under any security documents for such indebtedness.
No Modification. Grantor shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security agreement
which has priority over this Mortgage by which that agreement is modified, amended, extended, or renewed without the prior written
consent of Lender, Grantor shall neither request nor accept any future advances under any such security agreement without the prior
written consent of Lender.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award: Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, a:1d GranliJr
will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time tQ time to
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MOn ì u¡.\GE
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000680
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permit such participati.on.
Applicatian .of Net Praceeds. If all .or any part .of the Praperty is c.ondemned by eminent damain pr.oceedings or by any praceeding .or
purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the .award be applied to
the Indebtedness or the repair .or rest.orati.on .of the Property. The net pr.oceeds .of the award shall mean the award after payment of all
reasanable c.osts, expenses, and attorneys' fees incurred by Lender in cannecti.on with the candemnatian.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The follawing provisians relating ta g.overnmental taxes,
fees and charges are a part of this Mortgage:
Current Taxes. Fees and Charges. Up.on request by Lender, Granter shall execute such d.ocuments in additi.on t.o this Martgage and take
whatever other action is requested by Lender t.o perfect and c.ontinue Lender's lien .on the Real Pr.operty. Granter shall reimburse Lender for
all taxes, as described belew, t.ogether with all expenses incurred in rec.ording, perfecting .or cantinuing this M.ortgage, including with.out
limitati.on all taxes, fees, dacumentary stamps, and .other charges fer rec.ording .or registering this M.ortgage.
Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or up.on all .or any
part .of the Indebtedness secured by this M.ortgage; (2) a specific tax an Granter which Granter is auth.orized .or required t.o deduct fr.om
payments .on the Indebtedness secured by this type .of M.ortgage; (3) a tax .on this type .of M.ortgage chargeable against the Lender .or the
h.older .of the Nate; and (4) a specific tax .on all .or any p.orti.on .of the Indebtedness .or .on ,payments.of principal and interest made by
Granter,
Subsequent Taxes. If any tax t.o which this secti.on applies is enacted subsequent t.o the date .of this M.ortgage, this event shall have the
same effect as an Ev-ant .of Default, and Lender may exercise any .or all .of its evqilable remedies fer an Event .of Default a~ pr.ovided belaw
unless Granter either (1) pays th'J tax bef.or:!" it beGomes delinqùent,.or (2) c.ontests the tax' as pr.ovided ab.ove in the T.1xes and Liens
sectien and dep.osits with Lender cash .or a sufficient c.orp.orate surety bend .or .other security satisfact.ory t.o Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The f.oll.owing provisi.ons relating t.o this M.ortgage as a security agreement are a part .of
this M.ortgage:
Security Agreement. This instrument shall c.onstitute a Security Agreement t.o the extent any .of the Pr.operty c.onstitutes fixtures, and
Lender shall have all .of the rights .of a secured party under the Unif.orm C.ommercial Cede as amended from time t.o time.
Security Interest. Up.on request by Lender, Granter shall take whatever acti.on is requested by Lender t.o perfect and c.ontinue Lender's
security interest in the Pers.onal Pr.operty. In additi.on t.o rec.ording this M.ortgage in the real pr.operty rec.ords, Lender may, at any time and
with.out further auth.orizati.on fr.om Granter, file executed c.ounterparts, c.opies .or repr.oducti.ons .of this Martgage as a financing statement.
Grantm shall reimburse Lender fer all expenses incurred in perfecting .or c.ontinuing this security interest. Up.on default, Granter shall net
rem.ove, sever .or detach the Pers.o'nal Pr.operty fr.om the Pr.operty. Up.on default, Grantor shall assemble any Personal Pr.operty net affixed
t.o the Pr.operty in a manner and at a place reas.onably c.onvenient ta Granter and Lender and make it available t.o Lender within three (3)
days after receipt .of written demand fr.om Lender t.o the extent permitted by applicable law.
Addresses. The mailing addresses .of Granter (debt.or) and Lender (secured party) fr.om which inf.ormati.on c.oncerning the security interest
granted by this M.ortgage may be .obtained (each as required by the Unif.orm C.ommercial Cede) are as stated .on the first page .of this
M.ortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The f.oll.owing pr.ovisi.ons relating t.o further assurances and att.orney-in-fact are a part .of this
M.ortgage:
Further Assurances. At any time, and fr.om time t.o time, up.on request .of Lender, Granter will make, execute and deliver, .or will cause t.o
be made, executed .or delivered, t.o Lender .or t.o Lender's designee, and when requested by Lender, cause t.o be filed, rec.orded, refiled, .or
rerecorded, as the case may be, at such times and in such .offices and places as Lender may deem apprapriate, any and all such m.ortgages,
deeds .of trust, security deeds, security agreements, financing statements, c.ontinuati.on statements, instruments .of further assurance,
certificates, and .other d.ocuments as may, in the s.ole .opini.on .of Lender, be necessary,.or desirable in .order t.o effectuate, c.omplete, perfect,
c.ontinue, .or preserve (1) Granter's .obligatians under the N.ote; this M.ortgage, and the Related D.ocuments, and (2) the liens and
security interests created by this M.ortgage .on the Property, whether new .owned .or hereafter acquired by Granter. Unless pr.ohiblted by
law .or Lenåer dgrees to the (;G,1lfary in wri'.ir,g, G~arJto~ shall reirn0ur5e Lendù( for ail c.ostsamJ expense:; in,currcå iõ: connGcti')l1 with the
matters referred t.o in this paragraph.
Attarney-in-Fact. If Granter fails t.o de any .of the things referred t.o in the preceding paragraph, Lender may de s.o fer and in the name .of
Granter and at Granter's expense. Fer such purp.oses, Granter hereby irrev.ocably app.oints Lender as Granter's att.orney-in-fact fer the
purp.ose .of making, executing, delivering, filing, rec.ording, and d.oing all .other things as may be necessary .or desirable, in Lender's s.ole
.opini.on, t.o acc.omplish the matters referred ta in the preceding paragraph.
FULL PERFORMANCE. If Granter pays all the Indebtedness when due, and .otherwise perf.orms all the abligati.ons impased upan Granter under
this M.ortgage, Lender shall execute and deliver t.o Gran.t.or a suitable satisfacti.on .of this M.ortga9,e an,d. suitable statements .of termination .of any
financing statement .on file evidencing Lender':s security interest in the Rents and the Personal Pr.operty. Granter will pay, if permitted by
applicable law, any reasonable terminati.on fee as determined by Lender from time t.o time, '
EVENTS OF DEFAULT. At Lender's option, Grantar will be in default under this M.ortgage if any .of the f.oll.owing happen:
Payment Default. Granter fails t.o make any payment when due under the Indebtedness,
Default on' Other Payments. Failure .of Granter within the time required by this Martgage ta make any payment far taxes .or insurance, .or
any .other payment necessary t.o prevent filing .of .or t.o effect discharge .of any lien.
Break Other Promises. Granter breaks any premise made t.o Lender .or fails t.o perf.orm pr.omptly at the time and strictly in the manner
pr.ovided in this M.ortgage .or in any agreement related t.o this M.ortgage.
False Statements. Any representati.on .or statement made .or furnished t.o Lender by Granter or .on Granter's behalf under this M.ortgage or
the Related Dacuments is false .or misleading in any material respect, either now .or at the time made .or furnished.
Defective Collateralizatian. This M.ortgage .or any .of the Related Dacuments ceases ta be in full farce and effect (including failure .of any
ç.ollateral dacument to create a valid and perfected security interest .or lien) at any time and fer any reason.
Death .or Insolvency. The death .of Granter, the insalvency .of Granter, the app.ointment .of a receiver fer any part .of Grantar'~ property, any
assignment fer the benefit .of credit.ors, any type .of credit.or wark.out, .or the c.ommencement .of any proceeding under any bankruptcy .or
insalvency laws by .or against Granter, '
Taking of the 'Property. Any creditCJr .or gavernmental agency tries ta tak.e any .of the Praperty .or any other of Grantar's pr.operty in which
Lender has a lien. This includes taking .of, garnishing.of .or levying .on Granter's accaunts with Lender, Hawever, if Granter disputes in
gaad faith whether the claim .on which the taking .of the Pr.operty is based is valid .or reas.onable, and if Granter gives Lender written notice
of the claim and furni£hes Lender with monies .or a surety bond satisfact.ory t.o Lender to satisfy the claim, then this default provisi.on will
net apply:
Existing Indebtedness. The payment .of any installment .of principal .or any interest an the Existing Indebtedness is not made within the time
required by the pramissary n.ote evidencing such indebtedness, .or a default .occurs under the instrument securing such indebtedness and is
nat cured during any applicable grace peri ad in such instrument, .or any suit .or ather actian is cammenced ta fareclase any existing lien an
the Property.
Breach of Other Agreement. Any breach by Granter under the terms .of any ather agreement between Grantar and Lender that is nat
remedied within any grace periad pravided therein, including without limitati.on any agreement c.oncerning any indebtedness .or ather
.obligati.on .of Granter t.o Lender, whether existing newer later.
Events Affecting Guarantor. Any.of the preceding events .occurs with respect t.o any guarantor, endorser, surety, .or acc.ommodatian party
.of any .of the Indebtedness or any guarant.or, endarser, surety, or acc.omm.odatian party dies .or bec.omes inc.ompetent, .or rev.okes .or
disputes the validity .of, .or liability under, any Guaranty .of the Indebtedness.
Insecurity. Lender in g.oad faith believes itself insecure.
RIGHTS AND REMEDIES ON DEFAULT. Up.on the .occurrence .of an Event .of Default and at any time thereafter but subject t.o any limit~t¡()f\ in
the Nate .or any limitatian in this M.ortgage, Lender, at Lender',s apti.on, may exercise any .one .or mare .of the fallawing rights and remedies. in
additi.on ta any .other rights .or remedies pravided by law:
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Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness Immediately
due and payable, including any prepayment penalty that Grantor would be required to pay,
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code,
Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over
and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the
Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates
Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same
and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for
which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this
subparagraph either in person, by agent, or through a receiver,
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the
power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without
bond if permitted by law, Lender's right to the appointment of a receiver shall exist whether or not the apparent velue of the Property
exceeds the Indebtedness by a substantial amount, Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender mny forec::ose Grantor's int.uest in all or ,n any p?rt of the Propl3rty by non-judicial sale, and specjj;"ally by "power
of sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain· a judgment for any deficiency remaining in the Indebtedness due
to Lender after application of all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the
Property immediately upon the demand of Lender,
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled.
In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by
separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice
given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with
any sale of the Real Property.
Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by
Lender to choose anyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of
Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare
Grantor in default and to exercise Lender's remedies,
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' fees at trial and. upon any appeal. Whether or not any court action is
involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time
for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
interest at the Note rate from the date of the expenditure until repaid. Expenses covered bv this paragraph include, without limitation,
however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is
a lawsuit, including reasonable attorneys' fees after default and referral to an attorney not Lender's salaried employee and expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction). appeals, and any anticipated post-judgment
collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal
fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all other sums
provided by law,
NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of .sale shall be
given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by'law), when
deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from
the holder of any liim which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage.
Any person may change his or her address for notices under this Mortgage by giving formal written notice to the other person or persons,
specifying that the purpose of the notice is to change the person's address. For notice purposes, Grantor agrees to keep Lender informed at all
times of Grantor's current address, Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender
to any Grantor is deemed to be notice given to all Grantors, It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Mortgage and in the Related Documents is Grantor's entire agreement with Lender concerning the
matters covered by this Mortgage. To be effective, any change or amendment to this Mortgage must be in writing and must be signed by
whoever will be bound or obligated by the change or amendment.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage,
Governing Law. This Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in the State of
Wyoming.
Choice of \'\J~IJe; If t.r.ere is ¡¡.laW"l:it, .Gra:'1tor ligr!!9S, upon Lenc:'er's request to submit to the .iuri.sdicr-ion of ths ç.ourts ::r: Lincoln County,
State of Wyoming. . ' .
Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean
each and every Grantor. This means that each Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in
writing, The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree
in writing to give up one of Lender's rights, that does not mean Grantor will not have :to comply with the other provisions of this Mortgage,
Grantor also understands that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent
again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requests,
that does not mean Lender will be required to consent to any of Grantor's future ·requests. Grantor waives presentment, demand for
payment, protest, and notice of dishonor, Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor
agrees that the rights of Lender in the Property under this Mortgage Bre prior to Grantor's rights while this Mortgage remains in effect.
Severability. If a court finds that any provision of this Mortgage is not valid or should not be enforced, that fact by itself will not mean that
the rest of this Mortgage will not be valid or enforced, Therefore, a court will enforce the rest of the provisions of this Mortgage even if a
provision of this Mortgage may be found to be invalid or unenforceable.
Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any
time held by or for the benefit of Lender in any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall bo binding
upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indeb:odnQ~s
initials ~
Initial.-DJ
·!L
loan No: 764005304
MOn I u¡.\GE
(Continued)
()OC682
Page 5
by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness,
Time is of the Essence. Time is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following words shall have the following meanings when used in this Mortgage:
Borrower. The word" Borrower" means RUSSELL R JOHNSON and DEANA K JOHNSON and includes all co-signers and co-makers signing
the Note and all their successors and assigns.
Environmental laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and
Reauthorization Act of 1986, Pub. L, No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C, Section 6901, et seq., or other applicable state or federal laws, rules, or
regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default
section of this Mortgage.
Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described in the Existing Liens provision of this
Mortgage.
Grantor. The word "Grantor" means RUSSELL R JOHNSON and DEANA K JOHNSON.
Guaranty. The word "Guaranty"means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property,
Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by lender to
enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
lender. The word "lender" means 1 st Bank, its successors and assigns. The words "successors or assigns" mean any person or
company that acquires any interest in the Note,
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated July 16, 2008, in the original principal amount of $34,612.00 from
Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for
the promissory note or agreement.
Personal Property. The words "P,ersonal Property" mean all equipment, fixtures, and other articles of personal property now, or hereafter
owned by Grantor.,and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all
re[Jlacements, of. IInd all ~uhstitutinns for. flny of sur.~ property; nnd together with all proceeds (includinl] without Jimitaticn all insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property.
Property. The word" Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage,
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether'now or hereafter existing, executed in connection with the Indebtedness.
Rents. The ward "Rents'" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from
the Property.
EACH GRANTOR ACKNOWLEDGES HAVING READ All THE PROVISIONS OF THIS MORTGAGE. AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
XRUSS~~
X~~ó~
Loan No: 764005304
IVlvn I UI-\UI:
(Continued)
Ü00683
Page 6
INDIVIDUAL ACKNOWLEDGMENT
State of tj'l0;Y\lf\j-
County of Ji ~tO\ \.A
This instrument was acknowledged before me on
ì -I(P/ O'D
(date) by RUSSELL R JOHNSON and DEANA K JOHNSON.
SUE E. GRIFFIN NOTARY PUBLIC
COUNTY OF . STATE OF
LINCOLN WYOMING
I . .J~,,2011
~ z.lníÝÍí)
(Notarial Signaturel
My commission expires:
10 ~t q - \ l
LASER PRO Lending, Ver. 5.41,00.004 Copr. Harland Financial Solutions, Inc. 1997, 2008,
D:\LASERPRO\FNB\CFI\LPL\G03,FC TR-7954
All Rights Reserved.
- Wy