HomeMy WebLinkAbout876664RECORDATION REQUESTED BY:
FIRST NATIONAL BANK-WEST-AFTON BRANCH ~- ~
314 Washington Street F,, !ii il ~ [V L [)
PO BOX ~62o L.I~',~OOL;:',i (~;(:)L!t"~T'( CLERK
Afton, WY 83110 :
WHEN RECORDED MAIL TO: 8 ~ ~ ~ ~ 0~ ~)~'T {~:; ~:~;'~ ~,, ~ ~
FIRST NATIONAL BANK-WEST-AFTON BRANCH d [~?:~'.~ ~',.~ ~L ?,~' '"' ~;, , ::
314 Washington Street , ,"~
PO BOX 1620 J'~ [:. h..~ m ~ '~ E. ~"~, TM "" t", ¢~ ,'
Aflon, WY 83110
SEND TAX NOTICES TO: ~' R ~4 ~
KEITH WILLIAM MELCHER ' ' ..... :' ........ "~ ........ .
PO BOX 4O3
THAYNE, WY 83127
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE IS DATED OCTOBER 5, 2001, between KEITH WILLIAM MELCHER, a single man, whose
address is PO BOX 403, THAYNE, WY 83127 (referred to below as "Grantor"); and FIRST NATIONAL
BANK-WEST-AFTON BRANCH, whose address is 314 Washington Street, PO BOX 1620, A~on, WY 83110
(referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender ~11 of Grantor's right, tit~e, and i~terest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; ali easements,
rights of way, and appurtenances; ail water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigat on r ghts); and all
other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, located
in LINCOLN County, State of Wyoming (the "Real Property"):
Lot number 25 of the.Salt River Heights Subdivision, according to the plat thereof filed of record in the
Office of the County Clerk and Ex-Officio Register of Deeds in Lincoln County, Wyoming.
The Real Property or its address is commonly known as Hillside Loop Road, Salt River Heights, THAYNE, WY
83127. The Real Property tax identification number Is 33190140300600.
Grantor presently assigns to Lender all of Grantor's right, title, snd interest in and to all leases of the Property and all Rents from the Properly. In
addition, Grantor grants te Lender a Uniform Commercial Code security interest in the Personal Property a~d Rents.
DEFINITIONS. The following words shall have the following meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage shali
have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful money of
the United States of America.
Grantor. The word "Grantor" means KEITH WILLIAM MELCHER. The Grantor is the mortgagor under this Mortgage.
Guarantor. The word "Guarantor" means and includes without limitation each and all of the guarantors, sureties, and accommodation parties
connection with lhe Indebtedness.
Improvements. The word "improvements" means and includes without limitation 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 and interest payable under the Note and any amounts expended or advanced by
Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligalions o¢ Grantor under this Mortgage, together wilh
interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means FIRST NATIONAL BANK-WEST-A~ON BRANCH, its successors and assigns. The Lender is the mortgagee
under this Mortgage.
Mortgage. The word "Mortgage" means this Mortgage belween Grantor and Lender, and includes without limitation all assignments and security
interest provisions relating to the Personal Property and Rents.
Nolo. The word "Note" means the promissory note or credit agreement dated October 5, 2001, in the original principal amount of
$22,412,72 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
.substitutions for the promissory note or agreement.
Personal Property, The words "Personal Property" mean ali equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements
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 Properly and the Personal Property.
Real Property. The words "Real Property" mean the property, interests and rights described above in the "Grant of Modgage" section.
Related Documents. The words "Related Documents" mean and include wilhout limitation all promissory notes, credit agreements, loan
agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, 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.
THIS MORTGAGE, INCLUDING THE'ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF GRANTOR UNDER THIS
MORTGAGE AND THE RELATED DOCUMENTS. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this M~rtgage, Grantor shatl pay {o 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 previsrons:
Possession and Use. Until in default, Grantor may remain in possession and control of and operate and manage the Property and collect the
Rents from the Property.
Duty to Mainlain. Grantor shall maintain the Property in tenantable condition and promptly perform ali repairs, replacements, and maintenance
necessary to preserve its value.
Hazardous Substances. The terms "hazardous waste," "hazardous substance," "disposal," "release," and "threatened release," as used in this
Mortgage, shall have the same meanings as set forth in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended, 42 U.S.C. Seclion 9601, et seq. ("CERC~"), the Superfund Amendments and Reauthorization Act of ~986, 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 to ~ny of the foregoing.~ The terms
"hazardous w~ste" and "hazardous substance" shall also include, without limitation, pelroleum and petroleum by-products or any fraction thereof
and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Grantor's ownership of the Properly, there has been no
use, generation, manufacture, storage, treatment, disposal, release or threatened release of any hazardous waste or substance by any person
under, about or from the Property; (b) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to
and acknowledged by Lender in writing, (i) any use, generation, manufacture, storage, treatment, disposal, release, or threatened role&se of any
hazardous waste or substance on, under, about or from the Properly by any prior owners or occupants of the Property or (ii) any actual or
threatened litigation or claims of any kind by any person relating to such matters; and (c) Except as previously disclosed to and acknowledged by
MORTGAGE
= Loart NO64002736 0~'~'?(;~.~(~£~ (Continued) 8 ,~ ~ Page 2
Lender in writing, (ii neither Grantor nor any tenant, contractor, agent or olher authorized user of the Property shall use, generale, manufacture
store, treat, dispose of, or release any hazardous waste or substance on, under, about or from the Property and (ii) any such activity shall be
conducted in compliance with all applicable federal, state, and local laws, regulations and ordinanoes,,~.including wilhout limitation those laws,
regulations, and ordinances described above. Grantor authorizes Lender and its agents to enter upon the Properly to make such inspections and
tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this seclion 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 lhe
pad 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 waste and hazardous substances. Grantor hereby (a) releases and waives any fulure claims against
Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other cosls under any such laws, and (bi agrees to
indemnify 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 re~ease of a hazardous waste or s
ortgage, Including the obi gation to indemnify, shall survive the "a"m ...... ~b,s._ta~n_c~e, o~n the pr.o.p, ert es,.. T
,.% Mortgage and she, not be .... ..., ,.. o,eoness ana me sa,is,ao provisions of this section of the
affected by Lender s acquisition of any interest in the Pror~ertv wh~--
~ ,,, ,~,,~, uy ~oreclosure or otherwise.
Nuisance, Wasle. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or stiffer any stripping of or waste on or to the
Property or any portion of the Property. Without limiting the generality of the foregoing, Granlor will not remove, or grant to any olher parly lhe
right to remove, any timber, minerals (including oil and gas), soil, gravel or rock products without the prior written consent of Lender.
Removal of Improvemenls. Grantor shall not demolish or remove any Improvements from the Real Property without the prior wri/len consent of
Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangemenls satisfactory to Lender to replace
such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and its agents and representatives may enter upon the Real Property at all reasonable times to attend 1o
Lender's interests and to inspect the Properly for purposes of Grantor's compliance with the terms and condilJons of this Mortgage.
Compliance Wilh Governmental Requii'emenls. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effecl, of all governmental authorities applicable 1o the use or occupancy of the Properly. Grantor may contest Jn 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 interesl.
Duty lo Protect. Grantor agrees neither to abandon nor 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 Properly are reasonably necessary to protecl and preserve the Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at its option, declare immediately due and payable all sums secured by this Mortgage upon the
sale or transfer, without the Lender's prior wrillen consent, of all or any part of the Real Property, or any interest in the Real Property. A "sale or
Iransfer" means the conveyance of Real Property or any right, title or interest therein; whether legal, beneficial or equilable; whether voluntary or
involuntary; whether by outright sale, deed, installment sale contract, land contract, contracl 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 Real Property interest. If any Grantor is a corporation, partnership or limited liability company, transfer also
includes any change in ownership of more than twenly-five percenl (25%) of the voting stock, partnership interests or limited liability company ihleresls,
as lhe case may be, of Granlor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating Io the taxes and liens on Ihe Properly are a part of this Mortgage.
Payment, Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal to the inlerest of
Lender under this Mortgage, except for the lien of taxes and assessments riel due, and except as otherwise provided in the following paragraph.
Right To Conlest. Grantor may withhold payment of any lax, 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, Granlor 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 lo Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under the
lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement againsl the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
Evidence of Paymenl. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the
Property.
Notice of Conslruclion. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
malerials are supplied to the Property, jf any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage.
Maintenance of Insurance. Granlor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a
re.placement basis for the full insurable value covering all ImproVements on the Real Properly in an amount sufficient lo 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 cedificates of coverage from each insurer containing
stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice 1o Lender and not containing
any disclaimer of the insurer's liability for failure 1o give such notice. Each insurance policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Should the Real
Property at any time become located in an area designated by the Director of the Federal Emergency Management Agency as e special flood
hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance for the full unpaid principal balance of lhe loan, up to the maximum
policy limits set under the Nallonal 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 Properly. 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, al its election, apply the proceeds
to the reduction of the Indebtedness, payment of any lien affecting the Properly, or the restoration and repair of the Proper!y. If Lender elects to
apply lhe 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, pay or reimburse Granlor from the proceeds for lhe 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 restoralion 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.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, lhe purchaser of the Property covered by this
Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such Properly.
EXPENDITURES ElY LENDER. If Grantor fails to comply with any provision of this Mortgage, or if any action or proceeding is commenced that would
materially affect Lender's interests in the Property, Lender on Grantor's behalf may, but shall not be required lo, take any action thai Lender deems
appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by
Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance of the
Note and be apportioned among and be payable with any installment payments to become due during either (i) the term of any applicable insurance
policy or (ii) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the Nora's maturity. This
Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addilion to any other rights or any remedies
to which Lender may be entitled on account of the 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 Io ownership of the Property are a part of this Mortgage.
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth in the Real Property description or in any title insurance policy, lille report, or final title opinion issued in
favor of, and accepted by, Lender in conneclion with this Mortgage, and (b) Grantor has the fuji right, power, and authority to execute and deliver
this Mortgage to Lender.
Loan No 64002736 (,}~.~'~(~{.~[,~i~. (Continued) 8 3 4
Defense ct Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Properly 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 lhe nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represenled in the proceeding by counsel of Lender's own choice, and Grantor wiil 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 lhat the Properiy and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations ol governmental authorities.
CONDEMNATION. The following provisions relating to condemnation of the Property are a pad of this Mortgage.
Application of Net Proceeds. 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 may at its election require that all or any portion of the net proceeds of the award be applied lo the indebtedness
or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with the condemnation.
Proceedings, If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promplly take such
steps as may be necessary 1o defend the aclJon and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments as may be requested by it from time to time to permil such participation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating 1o governmental taxes, fees
and charges are a part of this Mortgage:
Current Taxes, Fees and Charges, Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other aclion is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred Jn recording, perfecting or continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (a) a specific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (b) a specific tax on Grantor which Grantor is aulhodzed or required to deduct from payments on the
Indebledness secured by this type of Mortgage; (c) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note; and
(d) a specific tax on all or any portion of the indebtedness or on payments of principal and interest made by Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same
effect as an Event of Default (as defined below), and Lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Grantor either (a) pays the tax before it becomes delinquent, or (b) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this
Mortgage.
Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other personae
property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by Lender to
perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property
records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this
Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuiqg this security inlerest.
Upon default, Grantor shall assemble the Personal Property in a manner and at a place reasonably convenient to Grantor and Lender and make it
available to Lender within three (3) days after receipt of written demand from Lender.
Addresses, The mailing addresses of Grantor (debtor) and Len~ler (secured party), from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code), are as stated on the first page of this Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
Mortgage.
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and ali such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (a) the obligations of Grantor under the Note, this Mortgage, and the Related Documents, and (b) the liens and security interests
created by this Mortgage as first and prior liens on the Properly, whether now owned or hereafter acquired by Grantor. Unless prohibited by law
or agreed 1o the contrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters
referred to in this paragraph.
Altorney-ln-Fact. It Grantor fails 1o do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose
of making, executing, delivering, tiling, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays ali the Indebledness when due, and otherwise performs all the obligations imposed upon Granlor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any '
reasonable termination fee as determined by Lender from time to time.
DEFAULT. Each of the following, et the option of Lender, shall constitute an event of default ("Event of Default") under this Mortgage:
Default on Indebtedness. Failure of Grantor to make. any payment when due on the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Modgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Compliance Default. Failure of Grantor to comply with any other term, obligation, covenant or condition contained in this Mortgage, the Note or in
any of the Related Documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by or on behalf of Grantor under this Mortgage, the
Note or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
Defective Collaterallzatlon. This Mortgage or any of the Related Documents ceases to be in full force end effect (includi0g failure of any collateral
documents to create a valid and perfected security interest or lien) at any time and for any reason.
Death or Insolvency, The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's properly, any
assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or'against Grantor.
Foreclosure, Forfeiture, otc. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or
any other method, by any creditor of Grantor or by any governmental agency against any of the Property. However, this subsection shall not apply
in the event of a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the foreclosure or forefeiture
proceeding, provided that Grantor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim satisfactory to
'Lender.
Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied
within any grace period provided therein, Including without limitation any agreement concerning any indebtedness or other obligation of Grantor to
Lender, whether existing now or later.
Events Affecting Guarantor, Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies
or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the indebtedness. Lender, at its option, may, but
shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory
to Lender, and, in doing so, cure the Event of Default.
Insecurity. Lender in good failh deems itself insecure.
Right to Cure. If such a failure is curable and if Grantor has not beer~ given a notice of a breach of the same provision of this Mortgage within the
preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Grantor, after Lender sends written notice
Note or any limitation in this'~ort;;
rights or remedies provided by law:~''-''''~''''~u-~°r~ ,~,ne o.c. cur~ence of ar~y Event of Default anfd at an time thereafter but subjecl to any limitation in the
u u-, ~-~,~ue~, at ~s oplIon, may exercise any one or more o the fol~Yowing rights and remedies, in addilion lo any other
Accelerate IndebtedneSs, Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immedialeJy due
and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect lo all or any pad of the Personal Property, Lender shall have all the rights and remedies of a secured party under
Ihe Uniform Commercial Code.
Collect Rents. Lender shall have the right, Without notice to Grantor, to take possession of the Property, including during lhe 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 inslruments received in Payment lhereof in the name of G~:antor 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 obligalions 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 aged, 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 Properly, to operate the Property preceding foreclosure or sale, and to coiled 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 it permitted by Jaw.
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Properly exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale, Lender may foreclose Grantor's interest in all or in any part of the Property by nonjudicial sale, and specifically by "power of
sale" or "advedlsement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may oblain a judgment for any deficiency remaining in the indebtedness due to'
Lender ~.fter application of all amounts received from the exercise of the rights provided Jn this section.
Tenancy at Sufferance, If Granlor remains in possession of the Property after the Properly 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 lhe purchaser of
the Property and shall, at Lender's option, either (a) pay a reasonable rental for the use of the Property, or (b) vacate the Property immediately
upon the demand of Lender.
Olher Remedies, Lender shall have all other rights and remedies provided In this Mortgage or the Note or available at law or in equity.
Sole of the Property. To the extent permitted by applicable law, Grantor hereby waives any and alt right to have the property marshalled. In
exercising ils rights and remedies, Lender shall be free to sell all or any part of the Properly together or separately, in one sale or by separate
sales. Lender shall be entitled ~o bid at any public sale on all or any podion of the Property.
Notice of Sale. Lender shall 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.
Waiver; Election of Remedies. A waiver by any pady of a breach of a provision of this Morlgage shall not conslitute a waiver of or prejudice the
party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an election to make expenditures or take act on 1o perform an obligation of Grantor under this
after failure of Grantor to perform shall not affect Lender's right to dec are a default and exercise its remedies under this Mortgage.Mortgage
Atlorneya' Fees; Expenses. If Lender institutes any soil or action to enforce any of lhe terms of this Mortgage, Lender shall be entitled Io recover
such sum as the court may adjudge reasonable as reasonable attorneys' fees at trial and on any appeal. Whether or not any court action is
involved, all reasonable expenses incurred by Lender 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 from the date of expenditure until
repaid at the rate provided for in the Note, Expenses covered by this paragraph include, without limitation, however subject lo any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable allorneys'
fees 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 TO GRANTOR AND OTHER PARTIES. Any notice under this Modgage, including without limitation any notice of default and any notice of
sale to Grantor, shall be in writing, may be sent by telefacsimile (unless otherwise required by law), and shall be effective when actually delivered, or
when deposited with a nationally recognized overnight courier, or, if mailed, shall be deemed effective when deposited in the United States mail firsl
class, certified or regislered mail, postage prepaid, directed to the addresses shown near the beginning of this Mortgage. Any party may change its
address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the purpose of the notice is to change Ihe
party's address. AIl copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's address,
as shown near the beginning of this Mortgage. For notice purposes, Grantor agrees to keep Lender informed at ali times of Grantor's current address.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together with any Related Documents, constitutes the enlire understanding and agreement of the parties as to the
mailers set forth in this Mortgage. No alteration of or amendment lo this Mortgage shalt be effective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.
Applicable Law. This Mortgage has been delivered to Lender and accepted by Lender in the State of Wyoming. This Mortgage shall be
governed by and conslrued in accordance with the laws of the State of Wyoming.
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.
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, wilhout the written consent of Lender.
S. everability. If a Court of competent jurisdiction finds any provision of this Mortgage to be invalid or unenforceable as to any person or
circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumslances. If feasible, any such
offending provision shall be deemed to be modified to be within the limils of enforceability or validity; however, if lhe offending provision cannot be
so modified, i'l shall be stricken and all other provisions of this Mortgage in all other respects shall remain valid and enforceable.
Successors and Assigns. Subject to the limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of lhe petites, their successors and assigns. Jf ownership of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the indebtedness by way of
forbearance or extension without releasing Grantor from the obligalions of this Mortgage or liability under the Indebtedness.
Time Is of lheEssence. Time is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives ali rights and benefits of the homestead exemption Jaws of lhe Slate of
Wyoming as to all Indebtedness secured by this Modgage.
Waivers and C~nsents. Lender shall not be deemed to have waived any rights under this Mortgage (or Under the Rdated Documents) unless
such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of
such right or any other right. A waiver by any party of a provision of this Mortgage shall not constitute a waiver of or prejudice the party's right
otherwise to demand strict compliance with that provision or any other provision. No prior waiver by Lender, nor any course of dealing between
Lender and Grador, shall constitute a waiver of any of Lender's rights or any of Grantor's obligations as to any future lransaclions. Whenever
consent by Lender is required Jn this Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to
subsequent instances where such consent is required.
. fiy?] 7'!'" :'::'~:' -..
Loan No 64002736 ' " (Continued) ~, ~ ~
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS,
l ~ITH YgIL4~IAMMELCHER '" - ' ·
INDIVIDUAL ACKNOWLEDGMENT
On this day before me, the undersigned Notary Public, personally appeared KEITH WILLIAM MELCHER, to me known to be the individual described
in and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for lhe uses
and purposes therein mentioned.
Glven~ndcr my hand and official seal this ~.~7''¢t''' day of /(/~-'~J - ~
/ / ~ ' - ~4 .2o ~ / .
Nota, PubllclnCndfortheS,ateo, ~/~~ Mvcommissl~-v-i,-~ 0 /~-- -
LASERPRO Reg US Pat ~~3~~~ ~.kt..~~~~
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