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HomeMy WebLinkAbout942156 6010816991 RECORDATION REQUESTED BY: First Interstate Sank Jackson Main Branch 842 West Broadway P. O. Box 11095 Jackson, WY 83002-1095 RECEIVED 9/10/2008 at 12:33 PM RECEIVING # 942156 BOOK: 704 PAGE: 550 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY WHEN RECORDED MAIL TO: First Interatate Bank Jackson Main Branch 842 West Broadway P. O. Box 11095 Jsckson, WY 83002·1095 SPACE ABOVE THIS UNE IS FOR RECORDER'S USE ONLY flFirstHø..Bark MORTGAGE MAXIMUM LIEN. The lien ofthls Mortgage shall not exceed at anyone time $103,237.00. THIS MORTGAGE dated August 4, 2008, Is made and executed between Mary louise Carlson, a Single Woman, and lynn Talarico, a Single Woman, whose address Is 1528 34th St, Missoula, MT 59801-8940 (referred to below as "Grantor") and First Interstate Bank, whose address Is 842 West Broadway, P. O. Box 11095, Jackson, WY 83002-1095 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgsgea and conveys to lender all of Grantor's right. title, and Interest In and to the following described real property, together wllh all existing or subsequenlly 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 Imgallon rights); and all other rights , royallles, and profits relating to the real property, Includln!!. without IImlt,atlon all minerals, 011, gas, geothermal and similar matters, (the Real Property") located In Lincoln County, State of Wyoming: lot8 1 and 2 of Marylynn Acres, Lincoln County~ Wyoming as described on the official plat filed on October 9, 2007 as Instrument 'No. 933838 of the records OT the Lincoln County Clerk The Real Property or Its address 15 commonly known 85 S34 T36 R119, Etna, WY 83118. The Real Property tax identification number is 12-3619-34-4-00-007.00. 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 (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: GRANTOR'S WAIVERS. Grantor waives ell rights or defenses arising by reason of any "one action" or "anti-deflclency" law, or any other law which may prevent Lender from bringing any action against Grantor, Including a claim for deflclancy to the extent Lender Is otherwise entll/ed to a claim for deficiency, before or aner lender's commencement or completion of any foreclosure action, either Judicially or by exercise of a power of eale. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage Is executed at Borrower's request and not at the request of Lender; (b) Grantor has the full power, right, and authority to enter Into this Mortgage and to hypothecate the Property, (c) the provisions of this Mortgage do not conflict with, or result In a default under any agreement or other Instrument binding upon Grantor and do not rasult In a violation of eny law, regulation. court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on e continuing basis Information about Borrower's financial condition; and (e) lander has made no representation to Grantor ebout Borrower (Indudlng without limitation the creditworthiness of Borrower). PAYMENT AND PERFORMANCE. Except as otherwlsa provided In thIs Mortgage, Borrower shall pay to lender all Indebtedness secured by this Mortgage as ft becomes due, and Borrower and Grantor shall strictly perform all Borrower's and Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possession and USe of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Evant of Default, Grantor may (1) remain In possession and control of the Property; I (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, replacem;'nts, and maintenance necessary to preserve Its value. Compliance With Environmental Laws. Grantor represents end warrants to lender that: (1) During the period of Grantor's ownership of the Property, there has been no use, general/on, menufacture, 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 dlsdosed to and acknowledged by lender In writing, (a) any breach or violation of any Environmental laws, (b) any use. genaratlon. manufacture. storage, treetment, disposal, releasa or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property. or (c) any actual or threatened litigation or claims of any kind by any person relating to such metters: and (3) Except as previously disclosed to and acknowledged by lender'ln writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized uSer of the Property shall use, generate, manufecture. store, treat, dispose of or release eny Hazardous Substance on, under. about or from the Property; and (b) any such activity shall be conductad 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 shell not be construed to create any responsibility or lIeblllty on the pert of lender to Grantor or to any other person. The representations and warranl/es contained herein ara 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 beoomes lIabla 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, panaltles, and expenses which Lender may directly or Indirectly sustain or suffer resuil/ng from a breach of this section of the Mortgage or as a consequenca of any use, generation, manufacture, storage, disposal. release or threataned release occumng prior to Grantor's ownership or Interest In the Property, whether or not the same was or should have bean known to Grantor. The provisions of this section of the Mortgage, Including the obligation to indemnify and defend, shall survive the payment of the Indebtadness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by lender's acquisition of any Interest In the Property, whether by foreclosure or otherwise. Nuisance, Waste. Grantor shall not cause, conduct or pannlt any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (Including 011 and gas), coal, clay, scoria, soli, gravel or rock products without lender's prior written consant. MORTGAGE (Continued) Page 2 R.mov.' of Improv.m.nts. Grantor shall not demolish or remove eny Improvements from the Resl Property without Lender's prior written consent. As!. a condition to the removal of any Improvements, Lend.r may require Grantor to make arrangements satisfactory to Lander to replace such Improvements with Improvements of et least equal value. Lend.... Right to Ent.r. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend C Of'> 5 5', 1 to Lender's Inlerests and to Inspect the Real Property for purposes of Grantor'a compliance with the terms and conditions of thla Mortgaga. V Compliance with Gov.rnm.ntal R.qulrem.nts. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter In effect, of all govemmental 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 sre not jeopardized. Lender may require Grentor to post adequate security or s surety bond, reasonably satisfactory to Lender, to protect Lender's Interest. Duty to Protecl Grentor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, In addition to those acts set forth above In this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lend.r's option. declare Immediately due and payabla all sums secured by this Mortgege upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any Interest In the Raal Property. A ·sale or trensfer" means the conveyance of Real Proparty or any right, titie or Interest In the Real Property: whether legal, beneficial or equitable; whether voluntary or Involuntary; whether by outright aale, deed, Installment sale contract, land contract, contract for deed, leasehold Interest with a term greater than three (3) years, lease-option contract, or by sale. assignment, or transfer of any beneficial Interest In or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. However, this option shall not be exercised by Land.r If auch exercise Is prohibited by federal law or by Wyoming law. TAXES AND UENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage: Paym.nt. Grantor shall pay when due (and In all events prior to delinquency) all tsxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for worK done on or for services rendered or metarial fumlshed to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to the Interest of Lender under this Mortgage, except for those liens specifically agreed to In writing by Lender, and except for the lien of taxes and assessments not due as further specified In the Right to Contest paragraph. Right to Contest.- Grantor may withhold payment of any tax, ass8Ssment, or claim In connectlon wlih 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 lifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or If requested by Lender, deposit with Lander cesh or a sufficient corporate surety bond or other security satisfactory to Lender In an amount suttlelent 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 undar the lien. In any contest, Grantor shall defend Itself and Lander and shall satisfy any advarse judgment before enforcement agelnst the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished In the contest proceedings. Evld.nc. of Paym.nt. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessmants 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. Nolle. of Construction. Grantor shall notify Lender at least fifteen (15) days before any worK Is commenced, any services are furnished, or any materiels are supplied to the Property, If any mechanic's lien. materialmen's lIan, or other lien could be asserted on account of the worK. services, or materials and the cost exceeds $3,000.00. Grantor will upon request of Lander furnish to Lander advance assurances satisfactory to Lender that Grantor can and will pay the cost of auch Improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property are a part of this Mortgage: Malnt.nanc. of Insuranc.. Grantor shall procure and maintain pollclas of fire Insurance with standard .xtendad covarage endorsements on a raplacament basis for the full Insurable valua covering all Improvem.nts on the Real Proparty 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 L.nder certificates of coverage from each Insurer containing a atipulatlon that coverage will not be cencelled or diminished without a minimum of ten (10) deys' prior written notice to Lender and not containing any dlsclalm.r of the Insurer's liability for failure to give such notice. Each Insurance policy also shall Includa an endorsement providing that coverage In favor of Land.r 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 araa designated by the Director of the Federal Emergancy Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federel Flood Insurance, If aveilable, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to tha maximum policy limits set under the National Flood Inauranca Program, or as otherwise required by Lendar. and to maintain such Insurance for the term of the loan. Application of Proceeds. Grantor shall promptiy notify Lendar of any loss or damage to the Property If the estimated cost of repair or raplacement.xceeds $3,000.00. Lander may make proof of loss If Grantor falls to do so within fifteen (15) days of tha casualty. Whether or not Lendar's security is Impaired. Lander may, at Lander's elaction, receive and retain the proceeds of any Insurance and apply the proceads to the r.ductlon of the Indebtedness, payment of any lien affecting the Property. or the restoration and repair of the Property. If Lendar aleets to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or dastroyed Improvements In a mann.r aatisfactory to Lend.r. Land.r shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the r.asonable cost of repair or restoration It Grantor Is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 d.ys 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 appliad to the principal balance of the Indebtadness. If L.nder holds any proceeds aftar paymant In full of the Indebtadness. such proceeds shall be paid to Grantor as Grentor's interests may appear. TAX AND IN8URANCE RESERVES. Subject to any limitations set by applicable law, Lender may require Grantor to maintain with Lender res.rv.s for payment of annual taxes, assessments, and Insurance premiums, which reservas shall ba craated by advance payment or monthly payments of a sum estlmatad by Lender to be sufficient to produce. amounts at least equal to the taxes, assessments, and insurance premiums to be paid. Th. reserve funds shall be held by L.nder as a general d.poslt from Grantor, which Lender may satisfy by payment of the taxes, assessments, and Insurance premiums required to be paid by Grantor as they become dUe. Lender shall have tha right to draw upon tha reserve funds to pay such Items, and Lender shall not be required to determln. tha validity or accuracy of .ny Item before paying It. Nothing In the Mortgage shall be construed as requiring Lander to advance other monies for such purposes, and L.nd.r shall not Incur any liability for anything It may do or omit to do with respect to the resarv. account. Subject to any limitations set by applicable law, If the resarve funds disclose a ahortage or deficiency, Grantor shall pay such ahortage or deficiency as required by Lender. All amounts In the reserve account are hereby pledged to further secure the Indebtedness, and Lend.r Is hereby euthorized to withdrew and apply such amounts on the Indebtedness upon the occu"ence of an Event of Default. Lender shall not be required to p.y any Interest or earnings on the r.serv. funds unlass required by law or agreed to by Lendar In writing. Landar does not hold tha reserva funds In trust for Grantor, and Lend.r Is not Grantor's agant for payment of the taxes and assessments requlr.d to be paid by Grantor. LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Proparty tree of all taxes. liens, security Interests. encumbrances, and other claims. (B) to provide any required Insurance on tha Proparty, or (C) to make rapairs to tha Proparty than Lander may do so. If any actlon or proœadlng Is commenced that would matarially affect Lander's Interests In the Property, th.n Lender on Grantor's behalf may, but Is not required to, take any actlon that Lander bellev.s to be appropriate to protect Lendar's interasts. All expenses Incurred or paid by Landar for such purposes will then bear Interest at tha rate charged undar the Nota from the date incurred or paid by Lander to the date of repayment by Grantor. All such .xpenses will b.come a part of the Indabtednass and, at Lender's option, will (A) be payabl. on damand: (B) ba addad to the balanc. of tha Nota and b. apportioned among and be payable with any Installment payments to become due during either (1) the term of any applicable Insurance polley; or (2) the remaining term of the Note: or (C) be treatad as a balloon paymant whIch will b. dUB and payable at, the Note's maturity. Th. Mortgag. also will secure payment of thase amounts. The rights provldad for In this paragraph shall be In addition to' any other rights or any remedies to which Lend.r may be entitled on account of any default. Any such action by Lender shall not be construad as curing the default so as to bar Lander from any remedy that It otherwise would hava had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property ere a part of this Mortgage: Tltla. Grantor warrants that: (a) Grantor holds good and marKatabla title of record to tha Property In fee simple, free and clear of all liens MORTGAGE (Continued) Page 3 and encumbrances other than those set forth In the Real Property deecription or In any tiUe Insurance policy, title report, or flnal tlUe 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. Defen.e of Title. Subject to the exception In the paragraph abova, Grantor warrants and will forever dafend the tlUe to the Property against the lawful claims of all persons. In the event any action or proceeding Is commenced that questions Grantor's tltla or the Interest of Lender under this Mortgage, Grantor shall defand the action at Grantor's expense, Grantor may be the nominal party In such proceeding, but lender shall be entlUed 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. Compll.nce WIth Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing sppllcable laws, ordinances, and regulations of governmental authorities. Survlv.1 of Proml.... All promises, egreements, and statements Grentor has made In this Mortgage shall survive the execution and delivery of this Mortgage, shall be continuing In neture and shall remain In full force and effect until such time as Borrower's Indebtednass Is paid in full. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage: Proce.dlng.. If any proceadlng In condemnation Is flied, Grantor shall prompUy notify lendar In writing. and Grantor shall promptly take 8uch steps as may be necessary to defend the action and obtain the award, Grantor may ba tha nominal party In such proceeding, but Lender shall be entlUed to participate In the proceeding and to be representad In the proceeding by counsal of Its own choice. and Grantor will deliver or cause to be delivered to lender such Instruments and documentation as may be requested by Lender from time to time to permit such partiCipation. Application of N.t Proce.ds. If all or any part of the Property Is condemned by eminent domain proceedings or by any proceeding or purchase In lieu of condemnation, Lender mey at Its election require that all or any portion of the nel proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the awerd after payment of all reasonable costs. expenses. and attorneys' fees Incurred by Lender In connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and chargas are a part of this Mortgage: I Cu....nt T....., Fees and Charge.. Upon request by lender. Grantor shall execute such documents In addition to this Mortgage and take whatevar other ectlon Is requested by lender to perfect and continue lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described balow, together with all expenses Incurred In recording, perfecting or continuing this Mortgage, Including without limitation all taxes. fees, documentary stamps. and other charges for recording or registering this Mortgage. T...es. The following shall constitute taxes to which this sactlon epplles: (1) a speclflc tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Borrower which Borrower Is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on thIs type of Mortgage chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and Interest made by Borrower. Sub..qu.nt T...... f any' tax to which this section applies Is enacted subsequent to the date of this Mortgage, this event shall heve the same effect as an Event of Default, and Lender may exercise any or all of Its evallable remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before it becomes delinquent. or (2) contests the tax as provldad above In the Taxes and Uens section and deposits with lender cash or a sufficient corporate surety bond or other security satisfactory to lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: Security Agreement. This Instrument shall constitute a Security Agreement to the extent any of the Property constitutes flxtures, and lender shall have all of the rights of s sacured party under the Uniform Commercial Code as amended from time to time. S.curlty Intare.t. Upon request by lender, Grantor shall take whatever action Is requested by lendar to perfect and continue lender's security Interest In the Personal Property. In addition to recording this Mortgage in the real property records, lender may, at any time and without further authorization from Grantor, flle executed counterparts. copies or reproductions of this Mortgage as a flnanclng statement. Grantor shall reimburse Lender for all expenses Incurred In perfecting or continuing this security Interest. Upon default. Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property In a menner and at a place reasonably convenient to Grantor and lender and make It available to Lender within three (3) days after receipt of written demand from lender to the extent permitted by applicable law. Addressas. The màlllng eddresses of Grantor (debtor) and Lender (secured party) from which Informetlon concemlng the security Interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgaga. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of thIs Mortgage: Further Assurances. 'At any time, and from time to time, upon request of lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered. to lender or to lender's designee. and when requested by lender, cause to be filed, recorded, reflled, or rerecorded, as the case mey be, at such times end In such offices and places as lender mey deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, flnenclng statements. continuation statements, Instruments of further assurance, certificates, and other documents as may, In the sole opinion of lender, be necessary or desirable In order to effectuate, complete, perfect, continue. or preserve (1) Borrower's and Grantor's obllgetions under the Note, this Mortgage. and the Related Documents, and (2) the liens and security Interests created by this Mortgage as firet and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohlbltad by law or lender agrees to the contrary In writing, Grantor shall reimburse lander for all costs and expenses Incurred In connection with the matters referred to In this paragraph. Attorn.y-ln-Fact. If Grantor falls to do any of the things referred to In the preceding parsgraph. lender may do so for and In the nama of Grantor and at Grantor's axpanse, For such purposes, Grantor hereby Irrevocably appoints lender as Granlor's attorney-In-fact for the purpose of making, executing. delivering, flllng, recording, and doing ell other things as may be necessary or deslrabla, In lender's sole opinion, to accomplish the matters referred to In the preceding paragraph. FUll PERFORMANCE. If Borrower and Grantor pay all the Indebtedness when due, and Grantor otherwise performs all the obligations Imposed upon Grantor under this Mortgage, lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termlnetion of any finenclng statament on flle evidencing lender's security Intarest in the Rents and the Personal Property. Grantor will pay, If permitted by applicable law, any reasonable termination fee as determined by lender from time to time. EVENTS OF DEFAULT. At lender's option, Grantor will be In default under this Mortgage If any of the following happen: Paym.nt D.fault. Borrower falls to make any payment when due under the Indebtedness. Default on Other Payment.. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance. or any other payment necessary to prevent filing of or to effect discharge of eny lien, Break Other Proml.... Borrower or Grantor breaks any promise made to lender or falls to perform promptly at the time and strictly In the manner provided In this Mortgage or In any agreement related to this Mortgage. Default In Favor of Third P.rtles. Should Borrower or any Grantor default under any loan, extension of credit, security agreement, purchase or sales agreemant, or any other agreement, In favor of any other creditor or person that may meterlally affect any of Borrower's or any Grantor's property or Borrower's ability to repay the Indebtedness or Borrower's or Grantor's ability to perform their raspective obligations under this Mortgage or any related document. Fsls. Statem.nts. Any reprasentation or statement made or furnished to lender by Borrower or Grantor or on Borrower's or Grantor's behalf under this Mortgage or the Releted Documents Is false or mlsleedlng In any material respect, either now or at the time made or furnished. Defective Collaterellzatlon. This Mortgage or any of the Related Documents ceases to be In full forca and effect (Including failure of any ÛOû552 MORTGAGE (Continued) Page 4 collateral document to aeate a valid and perfected security Interest or lien) at any time end for any reeson, Death or Insolvency. The deeth of Borrower or Grantor, the Insolvency of Borrower or Grantor, the appointment of a receiver for eny part of Borrower's or Grantor's property, any assignment for the benefit of aedijors, any type of creditor workout, Dr the commencement of any proceeding under any bankruptcy or Insolvency laws by or against Borrower or Grantor. Tsklng of the Property. Any creditor or govemmental agency tries to teke eny of the Property or any other of Borrower's or Grantor's property In which Lender has a lien. This Includes taking of, gamlshlng of or levyfng on Borrower's or Grantor's accounts with Lender. 5 3 Howevebrl, If BodrrlofwBer or GrantoGr disputes I In gLOOd falthrl whether the claim on which the taking of the Property Is based Is valid or 00 Ó 5 reasona e, an orrower or rantor g ves ender w tten notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Landar to satisfy the claim, then this default provision will not apply. Bresch of Other Agresment. Any breach by Borrower or Grantor under the terms of any other sgreement between Borrower or Grantor and Lender that Is not remedied within any grace period provided therein, Including without limitation any agreement concerning sny Indebtedness or other obligation of Borrower or Grantor to Lendar. whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor. endorser, surety, or accommodation party of any of the Indebtednass or any guarantor. endorser, surety. or accommodation party dies or becomes Incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter. Lender, at Lender's option, may exercise anyone or more of tha following rights and remedies, In addition to any other rights or remedies provided by law: Accelerate Indebtedness. Lender shall have the right at Its option without notice to Borrower or Grantor to declara the entire Indebtedness Immediately due and payable, Including any prepayment penalty that Borrower 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. ColIsct Rents. Lender shall have the right, without notice to Borrower or 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 Dr 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 ara made, whather or not any proper grounds for the demand existed. Lender may exercise Its rights under this subparagraph alther in person, by agent, or through a raceiver. Appoint Rscelver. 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 operete the Property preceding foreclosure or sele. and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the indebtedness, The receiver may serve without bond If permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as s receiver. Judlclel Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's Interest in all or any part of the Property. Nonjudicial Sale. Lender may foraclose Grantor's Interest In all Dr In any part of the Property by non-Judicial sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute. DefIciency Judgment If permitted by applicable law, Lender msy obtain a judgment for any deficiency remaining In the Indebtedness due to Lender attar application of all amounts received from the exercfse of the rights provided In this section. Tensncy at Sufferance. If Grantor remains In possasslon of the Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Borrower or Grantor, Grantor shall become e tenent at sufferance of Lender or the purchaser of the Property and shell, at Lender's option, either (1) pay a reasonable rental for the use of the Proparty, or (2) vacate the Property immediately upon the demand of Lender. Other Remedies. Lender shell have all other rights and ramedles provided In this Mortgage or the Note or available at law or In equity. Sale of the Property. To the extent permitted by eppllcable law, Borrower and Grantor hereby waive any and ell 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 separataly, In ona sale or by seperate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property. NotIc. of Sale. Lender will give Grantor reasonable notice of the time and place of any public sele 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 ofthe sale or disposition. Any sale of the Personal Property may be made In conjunction with any sale of the Raai Property. Election of Remedle.. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An elecllon 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 declara Grantor In default and to exercfse Lender's remedies. Attorn.y.' 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 mey adjudge reesonable 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. EJCP8nses covered by this paragraph Include, without limitation, however subject to any limits under applicable law, Lender's reasonable ettorneys' fees and Lender's legal eJCP8nses whether or not there Is a lawsuit, Including reasonable attorneye' fees and expenses for bankruptcy proceedings (Including efforts to modify or vacate any automatic stay or Injunction), appeals, end any antlclpeted post-judgment collection services, the cost of seerchlng records, obtaining title reports (Including foreclosure raports), 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 requlrad to be given under this Mortgage, Including withoutllmltstlon any notice of default and any notice of sale shall be given in writing, and shall be effective when actually delivered, when actually racelved by telefacslmlle (unless otherwise required by law). when deposIted with a nationally recognized overnight courier, or, If mailed, when deposited In the United States mali, es tirst class, certified Dr reglsterad mall postage prepaid, directed to the addresses shown near the begInning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which hes priority over this Mortgage shall be sent to Lender's address, as shown naar the beginning of this Mortgage. Any penson 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 ell 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 othens of the notice from Lender. MISCELLANEOUS PROVISIONS. The following mlscelleneous 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 mattens covered by this Mortgage. To be effective. any change or amendment to thIs Mortgage rnust be In writing and must be signed by whoever will be bound or obligated by the change or amendment Caption Headlnge. 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. Govemlng Lew. This Mortgage will b. govemed by fedal'llllaw .ppllcable to Lender and, to the extsnt not preempted by federellaw, the laws of the State of Wyoming without regsrd to Its conflicts of law provisions. This Mortgags hes been acceptsd by Lender In the State of Wyoming. Joint and Sevel'lll Uebltlty. All obllgetlons of Borrower and Grantor under this Mortgage shall be Joint and several, and all references to Grantor shall mean each and every Grantor, and all references to Borrower shall mean each and avery Borrower, This means that each Grantor signing below Is responsible for all obligations In this Mortgage. Grantor 7:tlso ~nderStands that if Lender d~ consent to a request, that does not mean that Grantor will not h~ve to get Lender's co~s~nt 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 thi Mortgage are prior to Grantor's rights while this Mortgage remains in effect. Severability. If a court finds that any provision of this M rtgage 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. erefore, a court will enforce the rest of the provisionsAfhi8'~QI'! even if a provision of this Mortgage may be found to be invalid or nenforceable. U U V:::';:) ":1 Merger. There shall be no merger of the interest or esta e 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, ithout the written consent of Lender. Successors and Assigns. Subject to any limitations stat d in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon and inure to the benefit of the parties, their succe sors and assigns. If ownership of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may de I with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Gr ntor 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 Lynn C. Talarico and Mary L. Carlson 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 defauit section of this Mortgage. Grantor. The word "Grantor" means Mary Louise Carlson and Lynn Talarico. Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their ,quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements. The word "Improvements" means,all eXisting and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means First Interstate 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 August 4, 2008, in the original principal amount of $103,237.00 from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date of this Mortgage is August 4, 2010. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE. Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, arid additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: ~ ~' X D1t¿( Mary ~ on ~/~ X Lynn Talarico MORTGAGE (Continued) Page 5 No W.Iv.r by Lend.r. Grantor undenstands Lender will not give up any of Lende~s rights under this Mortgege unless Lender does so In writing. The tact that Lender delays or omits to exercise any right will not mean that Lender hes given up that right. If Lender does eg",e 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 undenstands that If Lender does consent to a request, that does not mean that Grantor will not have to get Lende~s consent ^O\"~ _55 again If the situation happans again. Grantor further understands that just because Lander consents to one or more of Granto~s requests, ~., , ..... that does not mean Lender will be required to consent to any of Granto~s future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law In the Property, and Grantor agrees that the rights of Lender In the Property under this Mortgage are prior to Granto~s rights while this Mortgage remains In effect. Severeblllty. If a collrt finda that any provision of thla 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 anforced. 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 Dr estate In the Property at any time held by or for the benefit of Lander In any capacity, without the written consent of Lendar. Succ...ors .nd Assigns. Subject to any limitations stated In this Mortgage on transfer of Granto~s Interest. this Mortgage shall be binding upon and Inure to the benefit of the parties, their successors and assigns. If ownenshlp of the Proparty becomas vested In a person other than Grantor, Lender, without notice to Grantor, may deal wIth Granto~s successons with raference to this Mortgage and the Indebtedness by way of forbearance or .xtenslon withOllt rel.asing Grantor from the obllgaUons of this Mortgage or liability IInder the Indebtedness. l1me I. of the E.sence. l1me Is of the essance In the parfonnanca of this Mortgage. Welver of Home.teed Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the Stata of Wyoming as to alllndebtednass sacured by this Mortgage. DEFINmONS. The following words shall have the following meenlngs when used In this Mortgage: BOITOW8r. The word "Borrower" m.ans Lynn C. Talarico .nd Mary L. Carison and Includes all co-slgners and co-makars signing the Note and all their successors and assigns, Envtronm.ntsl Laws. Th. words "Envlronmantel Laws" m.an any and all state, federal snd local statutes, regulations and ordinances relating to the protection of human health or the envIronment, Including without limitation the Comprehensive Environmental Response, Compansatlon, and Uablllty 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 ConservaUon and Recovery Act. 42 U.S,C, Section 6901, et seq., or othar appllceble stata or federal laws, rules. or regulations adopted put8uant therato. Event of D.fault. Th. words "Event of Defauit" mean any of the events of default set forth in this Mortgaga In the events of default section of this Mortgage. Grantor. The word "Grantor" means Mary Louise Carison and Lynn Talarico. Gu.ranty. Tha word "Guaranty" maans the guaranty from guarantor, endonser, surety, Dr accommodation party to Lender, Including without limitation a guaranty of all or part of tha Nota. Haz.rdou. Substances. Tha words "Hazardous Substances' msan materials that, bacausa of their quantity, concentration or physical, chemical or Infectious characteristics, may causa or pose a present or potenUal hazard to human health or the environment when Impropariy used, treated, stored, disposed of, generated. manufacturad, 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 weate as defined by or listed under the Environmental Laws. The term 'Hazardous Substances' also Includes. without limitation, petroleum and petroleum by-products or eny traction thereof and asbestos. Improvements. The word "Improvements" means all exlsUng and Mure Improvements, buildings, structures, mobile homas affixed on the Resl Property, facilities, additions, replacements and other construction on the Real Proparty. Ind.btedn.... 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 obllgaUons or expenses Incurred by Lendllf' to enforce Granto~s obligations under this Mortgage, together with Interest on such amounts as provided In thla Mortgage. Lender. The word "lender" means First Interstate Bank, Its successors and assigns. Tha words "successors or assigns" mean any parson or company that acqulrea any Interest In the Note. Mortgaga. The word "Mortgage" means this Mortgaga between Grantor and Lender. Note. The word "Note" means the promissory note dated August 4,2006, In the original principal amount of $103,237.00 from Borrower to Lender, together with all renewals of, extensions of. modlficaUons of, refinancings of, consolidations of, and substitutions for the promissory nota or agreement The maturity date of this Mortgage Is August 4. 2010. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE. P.reon.1 Property. The words "Personal Property" mean all equipment. fixtures. and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Proparty; together with all accessions, parta, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (Including without limitation all Insurence proceeds and refunds of premiums) from any sele or other dlsposlllon of the Property. Property. The word "Property" means collectively the Real Property and the Parsonal Property. Reet p.......rty. The words 'Real Property" maan the real property. Interests end rights, as further described In this Mortgage. Related Documants. The words 'Related Documents" mean all promissory notes, credit agreements, loan agreements, envlronmentsl agraements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collaterel mortgages, and all other Instruments, agreements and documents, whether now or hereafter existing, executed In connection with the indebtedness. Rent.. The word "Rents" means all present and future rents, revenues, Income, Issuas, royalties, profits, and other benefits derived from the Property. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. X Mary Loulsl Cartson x~d~~ GRANTOR: MORTGAGE (Continued) Page 6 INDIVIDUAL ACKNOWLEDGMENT µt/ . ~ =_.,__.'" .....m...~(... _, "!!!:~fh MARILYN C. VALLEY NOTARY PUBUC 'o~rt~( ;it~~ " ~ COUNTY OF STAïE OF ~'D ~ TETOi\j . VJ'~~~.~N~. y commission expires: II ~ ..ß1J.-tQþ P;J$_~ fJ~.~~:~::~:::-.~~ 000556 State of 108 LASER PRO Lending, Ver. 5.41.00.004 Copr. Hartand Financial Solutions, Inc. 1997, 2008. All Rights Raserved. . WY K:ICFIILPLIG03.FC TR-39920 PR·744