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HomeMy WebLinkAbout944466 RECORDATION REQUESTED BY: 1.t Bank AlpIne 79 Highway 89 P.O. Box 3110 Alpin.. WY 83128 "" WHEN RECORDED MAIL TO: 1.1 Bank Alplna 79 Highway 89 P.O. Box 3110 Alpin.. WY 83128 RECEIVED 1/2/2009 at 11 :00 AM RECEIVING # 944466 BOOK: 712 PAGE: 339 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTICES TO: 15t Bank Alpin. 79 Highway 89 P.O. Box 3110 Alolna. WY 83128 (;,0\11339 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY -"0: , ¡ MORTGAGE THIS MORTGAGE dated December 11. 2008. Is made and executed between RYAN M HAMILTON and CHRISTINE A HAMILTON (referred to below as "Grantor") and 1st Bank, whose address is 79 Highway 89. P.O, Box 3110. Alpine. WY 83128 (referred to below es "Lender"). GRANT OF MORTGAGE. For valuabla conoidaratlon, Grantor mortgage. and convay. to Lender all of Granlor's right, title, and intorest In and to the following described real property, together with ell existing or subsequently orected or effixed buildings, improvoments and fixtures; all easements. rights of way, and appurtenances; all water, water rights, watercourses and ditch rights !including stock in utilities with ditch or ìrrlgation rights); and all other riahts, royalties. and profits relating to the real property, includIng whhoul limitutlon all minerals oil gas geothermal end similar maners. (the "Real Property") located In LINCOLN County. State of Wyoming: . . , LOT THIRTY-THREE (33) OF FOREST MEADOW SUBDIVISION. LINCOLN COUNTY. WYOMING AS DESCRIBED ON THE OFFICIAL PLAT RECORDED SEPTEMBER 17. 1981 AT DOCUMENT NUMBER 565472 AND MAP NUMBER 271 IN THE OFFICE OF THE CLERK. LINCOLN COUNTY. WYOMING. The Real Property or its address is common IV known as 536 FOREST CIRCLE DRIVE. ALPINE. WY 83128. Grantor presently assigns to lender all of Grantor's right, tltl81 and Interest in and to all present end future leases of tho PfOporty and all Rents from the Properky. In addition. Grantor grants to Lender ø Uniform Commercial Code security interest 1n 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 IAI PAYMENT OF THE INDEBTEDNESS AND IB) 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: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage. Grantor shall pay to Lender 011 amounts secured by this Mortgage es they become due and shell strictly perform all of Granlor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grentor's possession and use of the Property sholl be governed by the following provisions: PanelSlon and Use. Untiltha occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use. operate or manege Ihe Property; and (31 collect the Renls from tha Property. Duty to Maintain. Grantor shall maintain the Property In good condition and promptly perform all repoìrs. replacements. Bnd maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the Property, thare has been no use, generotion, manufacture. storage, treatment, disposal, release or threatened reloase of any Hazardous Sub.tance by any porson on. under, about or from the Property; (2) Grentor has no knowledge of. or reason 10 believe that there has been, excepl es previously disclosed 10 end aCknowledged by Lender In writing. (al any breach or violation of any Envlronmenlal Laws, tb) any use, generation, manufacture, storage, treatment. disposal, release or threatened release of any Hazardous Substance on, under, about or trom 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 mellers; and 13) Except as previously disclosed to and acknowlodged by Lendar in writIng, Is) neither Grantor nor any tenant. contractor, agent or other authorized u88r of the Property shall use, generate, manufacture, store, treat. dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all epplicable federsl. state, and local laws. regulations and ordinancas, Including without limitetion all Envlronmentel Laws, Granlor authorizes Lendor and its agents to enter upon the Property to make such Inspections and tests, at Grantor's expense a8 Lander may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to craale any responsibility or liability on the part of lender 10 Grentor or to any olher person. The representBtions and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby 11) releases and waives any future claims against Lender for indemnity or contribution in the Bvènt Grantor bocomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify. do fend, and hold harmless Lender against any and all claims. loss8s, lIabilities damagea, penalties, and expenses which lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Mongage or as a consequence of any use. generation, manufacture, 5torngo, disposal. relaaso or threetened relaase occurring prior to Grontor's ownership or Interest in the Property. whether or not tho same wa. or should havo been known to Grantor. The provisions of this soction of the Mortgage. including the obligatÎon to Indemnity and defend. shall survive tho payment of the Indebledness and the satlsfaclion and reconveyanca of the lien 01 this Mortgage and shell not be affected by Londer's acquisition of any interest in the Property. whether by foreclosure or otherwise. Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit. permit, or suffer any stripping of or waste on or to tho 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 [Imber, minerals (Including 011 end gas), coal, cley, acoria. soil, grevel or rock products wilhout lendor's prior wrlnen consent. Removal of Improvament., Grantor shall not demolish or remove eny Improvemonts from tho Real Property without Lendor's prior written consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace such ImprO\'eMents w1th Improvements of at least equal value. Lender's Right to Enter. Lender and lender's agents and representatives may enter upon the Real Property at all reasonable timos to attend to Lander's Interests and to Inspect the Real Propeny for purposes ot Grantor'. compliance with the terms and conditIons of this Mortgage. Compliance with Governmental Requlrømønts. Grantor shall promptly comply with all laws, ordinances, and regulations. now or hereafter In effocl, of all governmental authorities appllcoble to the use or occupency of the Property. Grantor may contest In good fslth ony 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 8S, In Lendor's sole opinion, Lender's interests In the Property ore not jeopardized. lender may require Grantor to post adequate security or 8 surety bond, reasonably satisfactory to Lènder. to protect lender's interest. Duty to Protect. Grantor agre88 neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those sct. set forth above In this section, which from the character end use of the Property are reasonably necessary to protect end preserve the Property , CONSTRUCTION LOAN. If some or all of tha proceeds of the loan creotlng the Indebtedness ore to be used to construct or complete loan No: 764005384 MORTGAGE (Continued) Page 2 construction of any Improvements on the Property, the Improvements shall be completed no laTer than the meturity date of the Note lor such eorlier date as Lender may reasonably establish) and Grentor shall pey in full ell costs ond expenses in connecTion with the work Lender will disburse loan proceeds under such terms and conditions 8S lender may deem reasonably necessary to insure that the Interest cr~ated by this Mortgege shell have priority over ell possible liens, Including those of msteriel suppliers end workmen. Lender mey require, emong other things, , that disbursement requests be supported by receipted bills, expense effldavits, waivers of liens, construction progress reports, end such other Iii 0 ~.,. 3 4 0 documentation es Lender mey reesonably request. ~ {;I . . TAXES AND LIENS. The following provisions relating to The texes end liens on The Property are pert of this Mortgage: Payment. Grantor sholl 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 I and shall pay when due all claims for work done on or for servicos rendered or material furnished to the Property. Grantor shall maintain the Property tree 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 a6Sessments nOT due es further specified In the Right to ContesT paragraph. Right to Contest. Grantor may withhold payment of any tax, assassment. or claim in connection with a good faith dispute over tha obligation to pay.. sa long a5 Lender's Interest in the Property is not jeopardized. If 8 lien arÎses or is filed as a result of nonpayment. Grantor shan withIn fifteen (15) days after the lien arises or. If a lien is filed, within fifteen (15) days after Grentor hes notice of the filing, secure the discharge of the lien. or If requested by Lender, deposit with Lender cash 01" a sufficient corporete surety bond or other sQcurity satisfactory to Lender In an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees. or othør chargos that could accrue as a result of 8 foreclosure or sale under the lien. In any contest. Grantor shall defend itself end Lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor shall name Lender 8$ an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Landor satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmantal official to deliver to Lander at any time a written statement of the toxes and assessmants against The Property. Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are suppllad to the Property. if any machanic's lien, materialmen's lien. or other lien could be esserted on account of the work, services, or materials. 01'8ntor will upon request of Lender furnish to Londer advance assurances satisfactory to Lender thot Grontor can and will pay the cost 01 such improvements. PROPERTY DAMAGE INSURANCE. The fallowing provisions relating to insuring the Property are a part of this Mortgaga: Maintenance of Insurance. Grantor shall procure and maintain policies of fire Insurance with standard extended coveraga endorsements on a replecement basis for the full Insurable value covering all Improvements on the Real Property in en amount sufficient to avoid oppllcation 01 any coinsurance clausal and with 8 standard mortgages clause in favor of lender. Policies shall be written by such Insurence companies and in such form 88 may be reasonably acceptabla TO Lendor. Grantor shall deliver to Lender cartificetes of coverago from each insurer conteinlng a stipulation ThaT coverage will not be cancelled or diminished without a minimum of thirty (301 days' prior written notice to lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall Include an endorsement providing that coverage in favor of lender will not be impaired in any way by sny act. omission or default of Grantor or any other parson. Should the Real Property be loceted in an area designated by the Director of tha Federal Emergency Menagement Agency as a special tlood hazard area. Grantor agrees to obtain and maintain Fedel'sl Flood In5urance, If available, tor the fu1l unpaid principal balance of the loan end any prior liens on the proparty securing tha loan, up to the maximum policy limits set under the Netional Flood Insurance Program. or as othorwlse required by lender. and to maintain such insurance tor the term of the loan. Application of Proceeds. Grantor shall promptly nOTify Lender of eny loss or damage to the Properly if The eSTimated cost oj repair or replacement exceeds $1,000.00. Lendar 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, Lander mey, at Lender's election, receive end ratain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property. or the restoration and repair of the Propcrty. If Lender elects to apply the proceeds to restoration and repair. Grantor shall repair or replace the damaged or destroyed Improvements In 8 menner satisfactory to Lendar. Lender shall, upon saTisfactory proof of such expenditure, payor reimburse Grantor from Tha proceeds for the reasonablo cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not boen disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this MOrlgege, then to pay eccrued interest, end the remainder, If eny, shall be applied to The principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such procoeds shall be paid to Grantor 85 Grantor's Interests may appear. LENDER'S EXPENDITURES. if Grantor falls (AI TO keep tha Property free of all taxas, liens. security Imerests, encumbrances, and other claims, 181 to provldo any requirad insurance on the Properry, or (C) to make repairs to the Proparty then Lendar may do so. If any action or proceeding Is commenced that would materially affect Lender's interests in the Property, than Lender on Grantor's behalf may, but is nOT required to, toke any action ThaT Lender believas to be appropriaTe to protect Lender's Interests. All expanses incurred or paid by Lender for such purposes will then besr interest at the rate charged under the Note from tha date incurred or peld by Lendor to the date of repoyment by Grantor. All such expenses wiil become e part of the Indebtedness and, at Lendar's option, wiil IA) be payeble on damand; (8) be added to the, balance of the Note and bo apportionad among and be payable with any installment payments to become dua during either (1) the tarm of eny applicable insurance policy; or 12) the remaining tarm of the Note; or ICI be treated as a balloon payment which will be due and peyable at the Note's maturity. The Mortgege also will secure peyment of thesa emounts. The rights providad for in this paragraph shall be In addition to any other rights or eny remedies to which Lender may be entitled on account of eny default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that It otherwise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of The Property are a part of this Mortgage: Title. Grantor warrants that: (al Grantor holds good and marketable title of record to the Property in fee simple, free and cloar of all liens and encumbrances othar than those saT forth In the Real Propony description or in any title Insuronce policy, Title report, or f'nol Title opinion issued in favor of. and accepted by, Lender In connection with this Mortgage, and (bl Grantor has the full righT, power, iInd authority to execute and deliver this Mortgage to lender. Defense of Title, Subject to tho axcaptlon In the paragraph above, Grantor warrenlS and wiii forever dafend the title to tho Property against the lawful claims of all persons. In the event eny action or proceeding is commenced that questions Grantor's titla or the Interest of Lendar under this Mortgage. Grantor shall defend the action at Grantor's expenso. Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate In tha proceeding end to be represented in the proceeding by counsel of Lender's own cholee. 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. Complience Wlth Laws. Grantor warranTS that the Proparty and Grantor's use of the Property complies with ell eXisting applicable lews, ordinances. and regulalions of governmental authorities. Survival of Promisea. AIi promisas, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery of this Mortgage. shall be continuing in nature and shall remain in full force and effect until such time as Grantor's Indebtedness is paid in fuli. CONDEMNATION. The folio wing provisions relating to condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding in condemnatIon Is filed, Grantor shell promptly notify Lender In writing, and Grantor Ihall promptly teke such steps as møy be necessary to defend the action and obUln the award. Grantor may be the nominal party In luch proceeding. but Lender shall be entitled TO participate in the proceeding and to be represanTed In the proceadlng by counsal of its own cholca, and Grantor will deliver or cause to be delivered to lender such instruments and documentation 8S may be requested by Lender from timo to time to permit such participation. Application of Net Proceeds. If all or any port of the Property is condemned by eminent domain proceedings or by snv proceeding or purchase in lieu of condemnation, lender may at Ite election require that 811 or any portion of the net 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 award after payment of 811 reàsonable costs. expenses, and attorneys! fees incurred bV Lender in connection with the condemnation. IMPOSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAL AUTHORiTiES. The following provisions relating to governmentel texes, fees end charges are e part of this Mortgage: Loan No: 764005384 MORTGAGE (Continued) Page 3 Current Taxe., Fea. and Charge., Upon request by Lender. Grantor shall execute such documents In addition to this Mortgage and take whatavar othar action Is requested by Lender to perfect and continue Lender's lien on the Real Property, Grantor shall reimbursa lender for ~II .tR (~S. as described below. together with all expenses incurred In recording. perfecting or continuing this Mortgage, including without limitation all taxa., fees, documantary stamps, and othar charges for recording or ragistarlng this Mortgage. T.xas. The following .hell constitute texes to which this section epplles: 11) a specific tsx upon this type 0' Mortgage or upon ell or any part of the Indebtedness secured by this Mortgage; (21 a specific tax on Grantor which Grantor is authorized or roquired to deduct from payments on the Indebtedness secur~~ by this type of Mortgage; t3) 8 tax on this type of Mortgage chargeable 8gainst the Lender or the holder of the Note; Bnd 14) 8 specifiC tax on all or any portion of the Indebtedness or on payments of principal and interest made by Grantor. Subsequent T.xes, If any tax to which this section applies Is enected subsequent to the date of this Mortgage, this event shall have the seme effect as an Event of Deteult, end Lender may exercise any or all of Its avsilable remedies for an Event of Default as provided below unless Grantor either (11 pays the tax before it becomes delinquent, or (2) contests the tax os provided abova in the Taxes and Liens sectIon and deposits with lender cash or 8 sufficient corporate surety bond or other security søtÎsfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The followIng provisions relating to this Mortgage es a security agreement are a part of this Mortgage: Security Agr..ment. This Instrument shall constitute a Security Agreement to the extent any of the Property constitutes fbctures. Bnd Lender shall have all of the rights of a secured party under the Uniform Commerclel Code as amendad from time to time. Security Interest. Upon request by lender. Grantor shall take whatever eetion Is requested by lender to perfect Bod contÎnue Lende,'s security interest in the Person.' Property, In addition to recording this Mortgage in the raal property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of Ihis Mortgage as a financing statement. Grantor shall reimburse Lunder 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 shaH assemble any Personal Property not affixed to the Property In a monner and et a place reasonably convenient to Grantor end Lender end make it available to Lender within thraa (3) days after receipt of written demand trom Lender to the extent permitted by applicable law. Addre..es. The mailing addresses of Grentor (debtorl and Lender Isecured perty) from which Information concerning the security Interest grented by this Mortgage may be obtained (each as required by the Uniform Commerciel Code) are es statcd on the first page of this Mortgage. . FURTHER ASSURANCES: ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are e 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 Lendar or to lender's designee. and whan requestad by lender. cauae to be filad, recordad, refilad, or rerecorded, as tha case may be, .t such times end in such offices end pieces as Lender may deem appropriate, any and all such mortgages. deeds of trust. security deeds, security agreements, financing statements. continuation statements, instruments of further assurance, certificates, and other documents 8S may, in the sole opinion of Lender be necessary or desirable in order to effectuate, complete. perfect, continue, or preserve III Grantor's obligations under the Note, this Mortgage. and the Related Documents. and (21 the liens and security Interests created by this Mongage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor, Unless prohibited by law or Lender .grees to the contrery in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph. Attorney-In-Fact, If Grantor fails to do any of the things referred to In the preceding paragraph, Lendar may do so for and in the name of Grantor and at Grantor's expense. For such purposes. Grantor hereby Irrevocably appoints Lender 88 Grantor's Dttorney·ln-tact for the purpose of making, executing, delivering. filing, recording, and doing all other things as may be necessary or desirable, in lender's sole opinion, to accomplish Ihe matters referred to in the preceding paragraph, FULL PERFORMANCE. If Grantor pays all the Indebtednes. when due, and otherwise performs all the obllgetione imposed upon Grantor under this Mortgage. Lender shall execute and dellvar to Grantor e suitable setlsfection of this Mortgage and suitable statements of termination of any financing statement on file ovidenclng Lender's security interest in the Rents and the Personal Property. Grantor will pay. ir permined by applicable law. ony reasonable termination fee as determined by lender from timo to timo. EVENTS OF DEFAULT. At lender's option, Grentor will be in default under this Mortgaga if any of the following happen: P.yment Oefeult. Grantor falls to make any payment when due under the Indebledness. Default on Other Paymants. Failure of Grantor within the time requlrad by this Mortgage to meke any payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien. Bre.k Other Promises. 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 releted to this Mortgage. False St.tements. Any representation or statement m.de or furnished to Lender by Grantor or on Grantor's behalf undar this Mortgage 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 Raleted Documents ceases to be in full force and effact !ineluding f.llure of any collateral document to Cl'oate D valid and perfected security interest or lien) at any time and for any r9ason. Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of 8 receiver tor any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout. or the commencement of any proceeding under any bankruptcy or insolvency lows by or against Grantor. T'.klng of the Property. Any cradltor or governmental agency tries to take any of the Property or any other of Granlor's property in which Lender has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Grantol' disputes in good faith whether the c1aìm on which the taking of the Property is based is valid or reQsonable. and jf arantor gives Lender written notice of the claim and furnishes Lender with monlas or a surety bond satisfactory to Lender to satisfy tho claim, than this default provision will not apply. 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 Jater. Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor. endorser, surety, or accommodation party of any or the Indebted;ness 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. Insecurity. Lendor in good faith believes itself insecure. RIGHTS AND REMEOIES ON DEFAULT. Upon the occurrence of en Event of Defauit and el any time thereafter, Lender, et Lender's option, may exercise uny one or mora of the following tights and remedies, In addition to any other rights or remedies provided by law: Accelerato Indebtedness. Lender shall have the right at its option without notice to Grontor to declare the entire Indebtedness immediately dua and paY8ble, Including any prepayment penalty that Grantor would be required to pay. UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of 8 secured party under the Uniform Commercial Coda. Collect Rents. Lender shell have the right, without notice to Grantor, to take possession of the Property, Including during the pendency of foreclosure, whether judicial or non-judiciel, and collect the Rents, Including emounts p.st due end unpaid, and apply the net proceeds, over and above Lender's coata. against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make paymants of rent or use fees directly to Lender, If the Rents ara collected by Lender, then Grantor Irrevocably deslgnetes Lender as Grantor's øttorney·ln·fact to endorse insrruments reoeived 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 tor which the peyments are made, whether or not any proper grounds for the demand existed. Lender may exercise Its rights under this subparagraph either in person, by agent, or through 8 receiver. ûOû341. Loan No: 764005384 MORTGAGE (Continued) Page 4 Appoint Recolver. Lender shall have the right to hava a receiver eppolnted to take possession of all or any part of the Proporty, with tha power to protect and preserve the Propeny, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond If permitted by law. Lander's right to the eppolntment of a recalver shall e.lst whether or not the apparent value of the Property e.caeds the Indebtedness by a substantial amount. Employment by lender shall not disqualify a person from serving as a raceiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's Inlerest In all or any part of the Property. OOû342 Nonjudicial Sale. Lender may foreclose Grantor's interest In all or in any part of the Property by non·judicial sole. and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in tho Indebtedness due to Lender after application of all amounts received from the e.erclsa of the rights provided in this section. Tenency at Sufference. If Grentor remeins In possession of the Property efter the Property Is sold as provided above or Londer otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at suffarance of lender or the púrchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental fol' the use of the Propeny. Qr 12~ VBcate the Propony immediately upon the demand of lender. Other Remedies. Lender shall have all other rights and remedies provided in thIs Mortgage or the Note or available at law or in equity. Sale of the Property. To the anent permitted by applicable law, Grantor heraby waives any and all right to have the Property marshalled. In e.ercising lIS rights and remedies, Lender shsll be free to sell all or any port of tho Property together or separately, in one sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property. Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the tims after which any privato sale or other intendod disposition of the Personal Property Is to bo mado. Roasonable notico shall maan notice given at least tenl101 doys bofore the time of tho sale or disposition. Any sale of tho Personal Property may be modo In conjuncllon with any sale of the Real Property. Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by lender to choose anyone remady will not bar Lender from using eny other remedy. If lender dacldes to spend money or to parform any of Grantor's obligations under this Mortgage, ofter Grantor's failure to do so, that decision by Lander will not affect Lendar's right to declare Grantor In dafault and to e.erclse Lender's remedies. Attorneys' Fees; Exponses. If Lender institutes any suit or action to enforca any of the terms of this Mortgage, Lender shall beentltlod to recover such sum as the court may edjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action Is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any 1ime for the protection of its interest or the enforcement of its rights shall becoma a part of the Indebtadness psyable on demand and shall bear Interast at the Note rate from the date of the e.pendlture until repaid. Expanses covered by this peragraph Include, without limitation, however subject to any IIrnits under applicable low. lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lewsuit, including reasonable attorneys' fees and e.pensas for bankruptcy proceedings (including efforts to modify or vscate any automatic stay or Injunction), appeals, end any anticipated post·Judgment collection services, the cost of searching records, obtaining title reports (including fcreclosure reportsl. surveyors' raports, end appraisal fees and tltlo insuranca, to tha enent permitted by applicable law. Granlor also will pay any court costs, In addition to all other sums provided by law. NOTICES. Any notice required to be glvan under this Mortgage, including without limitation any notice of default and any notico of sale shall be given in writing, and shall be effective when actually delivared, when actually received by telefacsimlle (unless otherwise required by lawl. when deposited with a nationally recognized overnight couriel', or, if mailed, when deposited in the United States mail, 8S first class, certified or registered mail postage prepaid. directed to the addressBs shown near the beginnIng of this Mortgage. All copies of noticos of foreclosure from the holder of any lion which hes priority over this Mortgage shall be sent to lender's addresa, as shown near the boginnlng of this Mortgage. Any person may change his or her address for notices under this Mortgage by giving formal written notice to the other person or persons, specifying thot the purpose of the notice is to change the person's address. For notice purposes, Grantor agreos to keep lender Intormed at all times of Grantor's currel')t address. Unless otherwise provided or required by law, If thore Is more than one Grantor. any notico given by Lender to any Grantor is daemed to be notica givon to all Grantors. It will ba Grantor's responsibility to tell the othars of the notice from lender. MISCEllANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: Amendments. What Is written in this Mortgage and in the Related Documents is Grantor's entire agreement with lender concerning the maners covered by this Mortgage. To be eftective. any change or amendment to this Mortgage must be in writing and must be signed bV whoaver will bo bound or obligated by the change or amendment. Caption Headings. Caption headings In this Mongage are for convenience purposes only and are not to be used to Interpret or define the provisions of this Mortgage. Governing Law. This Mongega will be governed by federal law eppllcable to lander and, to the enent not preempted by federal law, the laws of the State of Wyoming without regard to its conflicts of law provisions. This M ortsege has been accepted bV lender in the State of Wyoming. Choice of Venue. If there is a lawsuit, Grentor agrees upon Lendar's request to submit to the jurisdiction of the courts of Lincoln County, Stale of Wyoming. Joint Bnd Several liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean aach and every Grantor. This means that eech Grantor signing below Is responsible for all obligations In this Mortgage. No Waivar by lendar. Grantor undarstands Lender will not give up any of Lender's rights under this Mortgego unless Landar does so in writing. Tho fect that Lendar delays or omits to e.erclse any right will not meen thet Lender has givan up that right. If Lender does agree in writing to give up one of Lender's rights, that does not mean Grantol' will not have to comply with the other provisions of this Mortgage. Grantor also understands that if lender does consent to a request, that doas not mean Ihat Grantor will not have to gat lender's consent again if the situation happens again. Grantor further understands that just because lender consents to one or more of Grantor's requests, that does not muan Lender will be required to consent to any of Grantol"s future requests. Grantor waives presentment. demand for paymant, protast, and notice of dishonor. Grantor waives all rights of e.amption from execution or similar law in tho Propeny, and Grentor agrees that the rights of lender in the Property under this Mortgage are prior to Grantor's rights while this Mortgage romains in effect. Sevarabllity. If a court finds that eny provision of this Mongage is not valid or should not be enforced, that fact by itsolf will not mean that the rest of this Mongage will not be valid or enforced. Therefore. 0 court will enforce the rest of the provisions ot this Mortgoge even if 8 provision of this Mortgage may be found to be invalid or unenforceable. Merger. There shall ba no marger of the interast or estate created by this Mortgage with any other Interest or astate In the Proporty at any time held by or for the benefit of Lendar In any capacity, without the written consenl of Lander. Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mongage shall be binding upon and Inure to the benefit of the parties, thair successors and assigns. If ownership of the Property bacomas vested in a person other than Orantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mong8ge and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time ia of the Essence. Time is of the essence In the performance of this Mongøge. Waiver of Homestead bemptlon. Grentor hereby raleases and waives all rights and benafits 01 the homestead examptlon lews of the State of Wyoming os to an Indebtednass secured by this Mortgoge. DEFINITIONS. The fonowing words shall heve the following meenings when used in thla Mortgage: Borrower, The word . Borrowar" means RYAN M HAMILTON end CHRISTINE A HAMILTON and Includes all co·slgnors and co-makers signing the Note and all their successors and assigns. Envlronmontøl laws. The words -Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinencøs relating to the protection of human haslth or tha environment, including without limitation the Comprehensive Envlronmentel Responsa, Compensetion, and LIabiliTY Act of 1980, 88 amended, 42 U.S.C. Section 9601, et seq. I"CERCLA"I, the Superfund Amendm.n" and Reauthorization Act of 1986, Pub. ~. No. 99-499 ("SARA"), tha Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Consftrvatlon and Recovery Act, 42 U,S.C. Section 6901, et seq" or other applicable state or federal laws, rulas, or loan No: 764005384 MORTGAGE (Continued) Page 5 regulations adopted pursuant thereto. Event of Default. The words "Event of Default" me en any of the events of delault set lorth in this Mortgege in the events 01 deleult section of this Mortgage. Grantor. The word "Grantor" me ens RYAN M HAMILTON and CHRISTINE A HAMILTON. ûOG343 Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to lendar, including without limitetion e guarantY 01 ali or part 01 the NOle. Hazardeus Substances. The words "Hazardous Subslances" mean meteriala that, beceuse of their quantity, concentration or physical, chemical or infectious chøractaristics may cause or pose 8 present or potential hazard to human health Or the environment when improperly used. treated, stored. disposed of, generatod, 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. Jmprovements. The word "Improvements" means all existing and future improvements, buildings. structuroSI mobile homes affixed on the Real Proparty, lacilities, additions, replacements and other construction on the Real Property. Indebtedness. Tha word "Indebtedness· means all principal, interest, and other amounts, costs and expenses payeble under Ihe NOle or Related Documents, together with all ranewals of, eXlenslons of, modlficalions of, consolidations of end substitutions for the Note or Reloted Oocumenta and any amounts expended or advanced by Lender to discharge Grantor's obllgetions or expenses Incurred by Lender to enforce Grantor's obligations under this Mortgage, together with imerest on such amounts as provided in this Mortgage. lender. The word "Lender" means 1st 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 botween Grantor and Lender. Note. The word "Note" means the promissory note dsted December II, 2008, in the original principal amount of $260,000.00 from Grøntor 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. Tha words "Personal Property" mean all equipment, lixtures, and other articles of personal property now or hereafter owned by Granlor, end now or hereaher attached or affixed 10 the Real Property: togelher with ell acceasions, parts, and addilions 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 cOllecUvely the Real Property and Ihe Personal Property. Real Property. The words "Real Property" meen the real property, Interaats end rights, as further described in Ihls 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, collatoral 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 trom tha Property. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. ~~O" d.~ ~rit. x~*.if-~ CHRISTINE A HAMILTON INDIVIDUAL ACKNOWLEDGMENT Sfata of _ /J4~~# County of .... ~1.JJfI.~ This instrument wes acknowledged belore me on J~:..I ~ ~ 9L (dete) by RYAN M HAMILTON and CHRISTINE A HAMILTON.: ui]~ L (Netarlal Signatural My commission expires: 4~J.q- jù LASER PRO Lending, Ver. 6.43.00.003 Copr. Harland Financial Solutiona, Inc. 1997, 2008. D:ILASERPROIFNBICFIILPLIG03.FC TR-9004 PR·13 All Rights Reserved. . wy