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HomeMy WebLinkAbout873985 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 Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due, and shall strictly perform all of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANC~ OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: PossessÎon 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 Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all 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 meànings as set forth in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendmenls and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seg., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable slate or Federal laws, rules, or regulations adopted pursuant to any of the foregoing. The terms "hazardous waste" and "hazardous substance" shall also include, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Granlor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any hazardous waste or substance by any person on, under, about or from the Property; (b) Granlor 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 release of any hazardous waste or substance on, under, about or from the Property 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 Lender in writing, (I) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, ~ GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, located in LINCOLN County, State of Wyoming (the "Real Property"): SATTACHED EXHIBIT "A" The Real Property or its address is commonly known as 1748 CROW CREEK COUNTY ROAD #1, AFTON, WY 83110. The Real Property tax identification number is 31190410002300. Grantor presently assigns to Lender all of Grantor's right, title, and interest in and 10 all 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. DEFINITIONS. The following words shall have the following meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage shall 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 ROBERT H. ROBERTS JR. and CINTA G. ROElERTS. 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 in connection with the Indebtedness. Improvements. The word "Improvements" means and includes without limitation all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facHities, 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 obligations of Grantor under this Mortgage, together with interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means FIRST NATIONAL BANK-WEST-AFTON BRANCH, its successors and assigns. The Lender is the mortgagee under this Mortgage. Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender, and includes without limitation all ¡¡.ssignments and security interest provisions relating to the Personal Property and Rents. Note. The word "Note" means the promissory note or credit agreement dated June 15, 2001, in the original principal amount of $180,000.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. Personal Property. The words "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, and 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 property, interests and rights described above in the "Grant of Mortgage" section. Related Documents. The words "Related Documents" mean and include without 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. CONSTRUCTION MORTGAGE THIS MORTGAGE IS DATED JUNE 15, 2001, between ROBERT H. ROBERTS JR. and CINTA G. ROBERTS, husband and wife, whose address is 1752 CROW CREEK COUNTY ROAD #1, AFTON, WY 83110 (referred to below as "Grantor"); and FIRST NATIONAL BANK-WEST-AFTON BRANCH, whose address is P.O. BOX 1620, 314 WASHINGTON STREET, AFTON, WY 83110 (referred to below as "Lender"). BOOK1l)() PR PAGE D .L 1 SEND TAX NOTICES TO: ROBERT H. ROBERTS JR. and CINTA G. ROBER 1752 CROW CREEK COUNTY ROAD #1 AFTON, WY 83110 E ABOVE THIS LINE IS FOR RECORDER'S USE ONLY O I '11M I iC) f, '." .g' C'3 .. ".t...<~" ~ ~ ir'r'," J JE·A· ~J' '~ 'r'jLf~) ". ,\ lJ L. j.\ ,J 1\ L \ r~E¡\t!MEf·Œn. WYOMING 813985 WHEN RECORDED MAIL TO: FIRST NATIONAL BANK-WEST-AFTON BRANCH P.O. BOX 1620 314 WASHINGTON STREET AFTON, WY 83110 t.r ~3014822 RECORDATION REQUESTED BY: FIRST NATIONAL BANK-WEST-AFTON BRANCH P.O. BOX 1620 314 WASHINGTON STREET AFTON, WY 83110 RECr::IVED LlNCOLJ, COUNTY CLERK '- 06-15-2001 087J~8S Loan No 6400242b- '''; MORTGAGE (Continued) 81¿ .., Page 2 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 condu~ted in compliance with' all applicable federal, state,' and local laws, regulations and ordinances, including without limitation those laws, regulations, and ordinances described above. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and ~ests, a.t Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part o.f L~nder to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in Invesllgallng the Property for hazardous waste and hazardous substances. Grantor hereby (a) releases and waives any future claims against Lender for indemnity or contribution In the event Grantor becomes liable for cleanup or other costs under any such laws, and (b) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may direclly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the properties. The provisions of this section of the Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the s~tisfaction 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 permit 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 oil and gas), soil, gravel or rock products without the prior written consent of Lender. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without the prior written consent of Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace such Improvements with Improvements of at least equal value. Lender's Right to Enter. Lender and its agents and representatives may enter upon the Real Property at all reasonable times to attend to Lender's interests and to inspect the Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage. Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest. Duty to Protect. Grantor agrees neither to abandon 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 Property are reasonably necessary to protect and preserve the Property. CONSTRUCTION LOAN. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete construction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (or such earlier date as Lender may reasonably establish) and Grantor shall pay in full all costs and expenses in connection with the work. Lender, at its option, may disburse loan proceeds under such terms and conditions as Lender may deem necessary to insure that the interest created by this Mortgage shall have priority over all possible liens, including those of material suppliers and workmen. Lender may require, among other things, that disbursement requests be supported by receipted bills, expense affidavits, waivers of liens, construction progress reports, and such other documentation as Lender may reasonably request. ' 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 written consent, of all or any part of the Real Property, or any interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, title or interest therein; whether legal, beneficial or equitablej whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contracl, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding tille 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 twenty-five percent (25%) of the voting stock, partnership interests or limited liability company interests, as the case may be, of Grantor. 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 to the taxes and liens on the Property 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 interest of Lender under this Mortgage, except for the lien of taxes and assessments not due, and except as otherwise provided in the following paragraph. Right To Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to 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 Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any seNices are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, seNices, 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. Grantor'shall procure and maintain policies of fire Insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such form as may be reasonably àcceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) 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 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 a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance for the full unpaid principal balance of the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such Insurance for the term of the loan. Application of Proceeds. Grantor shall promplly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at its election, apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply thé proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued Interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor. Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the 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 Property. EXPENDITURES BY 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 to, take any action that 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 Note's maturity. This Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account of 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 to ownership of the Property are a part of Ihis Morlgage. Title. Granter warrants that: (a) Granter helds geed and marketable title .of recerd te the Preperty in fee simple, free and clear .of all liens and encumbrances other than those set ferth in the Real Property descriptien .or in any tille insurance policy, tille repert, or final title epinien issued in faver of, and accepted by, Lender in connectien with this Mortgage, and (b) Granter has the full right, pewer, and authority te execute and deliver this Mertgage to Lender. Defense of Title. Subject to the exception in the paragraph above, Granter warrants and will forever defend the title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this Mortgage, Grantor shall defend the actien at Grantor's expense. Grantor may be the nominal party in such preceeding, but Lender shall be entitled te 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 frem time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Preperty complies with all existing applicable laws, .ordinances, and regulations .of governmental authorities. CONDEMNATION. The following provisions relating to condemnatien .of the Property are a part of this Mortgage. Application of Net Proceeds. If all .or any part of the Property is cendemned by eminent domain proceedings or by any proceeding .or purchase in lieu of cendemnatien, Lender may at its electien require that all .or any pertien .of the net proceeds .of the award be applied te the Indebtedness or the repair or restoratien of the Property. The net preceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in cennection with the condemnatien. Proceedings. If any proceeding in condemnatien is filed, Grantor shall promptly notify Lender in writing, and Granter shall promptly take such steps as may be necessary to defend the action and obtain the award. Grantor may be the neminal party in such preceeding, but Lender shall be entitled to participate in the preceeding and to be represented in the proceeding by ceunsel of Its own choice, and Grantor will deliver or cause to be delivered to Lender such instruments as may be requested by it frem time to time to permit such participation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to gevernmental taxes, fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upen request by Lender, Grantor shall execute such documents in addition to this Mortgage and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Granter shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, decumentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall censtitute taxes te which this section applies: (a) a specific tax upon this type .of Mertgage .or upon all or any part of the Indebtedness secured by this Mortgage; (b) a specific tax on Grantor which Grantor is authorized .of required to deduct from payments on the Indebtedness 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 en 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 bel .ow), and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Granter either (a) pays the tax befere it becomes delinquent, or (b) contests the tax as provided above in the Taxes and Liens sectien and deposits with Lender cash .or a sufficient cerperate surety bond or ether security satisfactery to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The fellowing previsiens relating to this Mertgage as a security agreement are a part of this Mertgage. Security Agreement. This instrument shall censtitute a security agreement to the extent any .of the Preperty constitutes fixtures .or other persenal preperty, and Lender shall have all of the rights of a secured party under the Uniform Commercial Cede as amended frem time to time. Security Interest. Upen request by Lender, Granter shall execute financing statemel1ls and take whatever ether actien is requested by Lender to perfect and centinue Lender's security interest in the Rents and Persenal Preperty. In addition to recording this Mertgage in the real preperty records, Lender may, at any time and without further autherization from Grantor, file executed ceunterparts, copies or reproductions of this Mertgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred In perfecting or centinuing this security interest. Upen default, Granter shall assemble the Persenal Preperty in a manner and at a place reasenably cenvenient te Granter and Lender and make it available to Lender within three, (3) days after receipt of written demand frem Lender. Addresses. The mailing addresses .of Grantor (debtor) and Lender (secured party), from which infermatien concerning the security interest granted by this Mertgage may be .obtained (each as required by the Uniferm Cemmercial Cede), are as stated en the first page .of this Mertgage. 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 frem time te time, upon request .of Lender, Granter will make, execute and deliver, .or Will cause te be made, executed or delivered, te 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 all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments .of further assurance, certificates, and ether 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 Granter under the Note, this Mertgage, and the Related Documents, and (b) the liens and security interests created by this Mertgage as first and prier liens on the Preperty, whether new .owned .or hereafter acquired by Grantor. Unless prehibited by law .or agreed te the centrary by Lender in writing, Grantor shall reimburse Lender fer all cests and expenses incurred in connectien with the matters referred to in this paragraph. Attorney-in-Fact. If Granter fails te de any .of the things referred te in the preceding paragraph, Lender may de se fer and in the name .of Granter and at Granter's expense. Fer such purpeses, Granter hereby irrevecably appeints Lender as Granter's atterney-in-fact fer the purpese .of making, executing, delivering, filing, recording, and doing all ether things as may be necessary or desirable, in Lender's sele opinien, to accemplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations impesed upen Grantor under this Mertgage, Lender shall execute and deliver to Granter a suitable satisfaction of this Mertgage and suitable statements .of terminatien .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 reasenable terminatien fee as determined by Lender from time to time. DEFAULT. Each .of the follewing, at the eptien of Lender, shall censtitute an event of default ("Event .of Default") under this Mertgage: Default on Indebtedness. Failure .of Grantor to make any payment when due en the Indebtedness. Default on Other Payments. Failure .of Grantor withir. the time required by this Martgage 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 Granter te cemply with any ether term, ebligatien, cevenant .or cenditien centained in this Mertgage, the Nete .or in any of the Related Documents. False Statements. Any warranty, representatien .or statement made .or furnished te Lender by .or en behalf .of Granter under this Mortgage, the Note .or the Related Decuments is false or misleading in any material respect, either newer at the time made or furnished. Defective CoJlaterallzatlon. This Mertgage or any .of the Related Decuments ceases te be in full ferce and effect (including failure .of any cellateral documents to create a valid and perfected security interest or lien) at any time and for any reason. Death or Insolvency. The death .of Granter, the inselvency .of Granter, the appeintment .of a receiver fer any part .of Granter's preperty, any assignment fer the benefit .of creditors, any type .of creditor werkeut, .or the commencement of any preceeding under any bankruptcy .or inselvency laws by or against Granter. Foreclosure, Forfeiture, etc. Commencement .of fereclesure or ferfeiture preceedings, whether by judicial proceeding, self-help, repossesslen or any other method, by any creditor of Grantor or by any governmental agency against any .of the Property. However, this subsectien shall not apply in the event of a goed faith dispute by Grantor as to the validity or reasonableness .of the claim which is the basis of the fereclesure .or forefeiture preceeding, previded that Granter gives Lender written netice .of such claim and furnishes reserves .or a surety bend fer the claim satisfactery te Lender. Breach of Other Agreement. Any breach by Granter under the terms of any ether agreement between Granter and Lender that is not remedied within any grace peried previded therein, including witheut limitatien any agreement cencerning any indebtedness .or ether obligatien .of Grantor to Lender, whether existing now or later. Events Affecting Guarantor. Any .of the preceding events .occurs with respect te any Guaranter .of any .of the Indebtedness .or any Guaranter dies .or becemes incompetent, .or revekes or disputes the validity .of, .or liability under, any Guaranty .of the Indebtedness. Lender, at ils option, may, but ~ Page 3 - () 1 "J U ' , ~AGE (Continued) '2_ 0 1'..' t~'~·) (,~ LI r-- 06-15- 'd t ,Ji...)(.:},...) Loan No 64002426 06-15-2001 Loan No 64002426 t" (~<i t~:1 <) ~.II f' t-· , (...1 S ...'" ..:I),.) MORTGAGE (Continued) DltJ ~ Page 4 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 faith deems itself insecure. Right to Cure. If such a failure is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the preceding twelve (12) month~, it may be cured (and no Event of Default will have occurred) if Grantor, after Lender sends written notice ~~~anding cure o! ~uch failure: (a) c~res the failure within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days, immediately Initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter but subject to any limitation in the Note or any limitation in this Mortgage, Lender, at its option, may exercise anyone or more of the 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 Grantor to declare the entire Indebtedness immediately due and payable, including any prepayment penalty which Grantor would be required to pay. ' UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under Ihe Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver. Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or såie, 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 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 "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining In the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this section. Tenancy at SUfferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, either (a) pay a reasonable rental for the use of the Property, or (b) vacate the Property immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the property marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together' or separately, in one sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property. Notice of Sale. Lender shall give Grantor reasonable notice of the lime 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 party of a breach of a provision of this Mortgage shall not constitute 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 action to perform an obligation of Grantor under this Mortgage after failure of Grantor to perform shall not affect Lender's right to declare a default and exercise its remedies under this Mortgage. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonable as 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 to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees 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 Mortgage, 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 first class, certified or registered 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 the party's address. All 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 all 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 entire understanding and agreement of the parties as to the matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall 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 construed 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, without the written consent of Lender. Multiple Parties. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and every Grantor. This means that each of the persons signing below is responsible for all obligations in this Mortgage. Severability. 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 circumstances. If feasible, any such offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending provision cannot be so modified, it 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 the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time Is of the Essence. Time is of the essence in the performance of this Mortgage. Waiver Of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of wyoMalllndebtedness secured by this Mortgage. _ _ ~ PENNY JONES_"'W ~:;:.:~1"'. County of . Slate of Lincoln Wyoming IlIton Ex~ _ ~8!!'~ !,8!.. ~.__ LASER PRO, Reg. U.S. Pal. & T.M. Off., Ver. 3.27 (c) 2001 CFI ProServlces, Inc. All rights reserved. [WY-G03 F3.26b P3.26b RROGERT1.LN) Cb~ d~Of ~ç: .æ~ Residing at ~ ~~ . ./ My commission exp es 9- d~():3 By On this day before me, the undersigned Notary Public, personally appeared ROBERT H. ROBERTS JR. and CINT A G. ROBERTS, to me known to be the individuals described in and who executed the Mortgage, and aCknowledged that they signed the Mortgage as their free and voluntary act and deed, for the uses and purposes therein mentioned. Glvel1..UAder my hand and official seal this L~ STATE OF COUNTYOF~~ ) )SS ) x-Æ#"" ¡ýAvA ch x/::C 4~ R BER H. ROB S JR. CIN.I.~ G. ROBERTS INDIVIDUAL ACKNOWLEDGMENT EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: Waivers and Consents. Lender shall not be deemed to have waived any rights under this Mortgage (or under the Related 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 Grantor, shall constitute a waiver of any of Lender's rights or any of Grantor's obligations as to any future transactions. Whenever consent by Lender is required in 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. (Î 1 1:' (j J ~AGE (Continued) 06-15-2_ . , 'lfÜ"', · ~ \( ,',-. Loan No 64002426\.Þ(~ i ~~"-~~""J Page 5 - "!J · ".. ;-.; - .-...;~. ,:,:, 08~7~j9~j,5 "EXHIBIT A" DIG A portion of the property referred to in the Deed recorded in Book 301 P.R., on Page 3 located within the NW1/4SE1/4 of Section 4, T31N, Rl19W, of the 6th P.M. " Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at a Point in the North line of said NWl/4SE1/4, said point being 923.59 feet N89°08'3311E from the B.L.M. type Monument marking the Marlowe A. Scherbel PLS 5368, 1991 location for the Northwest Corner of said NW1/4SE1/4 (C1/4 S4); thence N89°08'3311E, along said North line, 336.29 feet to a point in the Center Line of Crow Creek County Road 12-141; thence Southwesterly, along said Center Line the following: along a 478.631 foot Radius Curve to the Right, having a central angle of 6°30'1411 (chord bears S35°18'1511W 54.30 feet) an arc distance of 54.33 feet, S38°33'2211W 56.72 feet and along a 950.727 foot Radius Curve to the Left, having a central angle of 17°22'3911 (chord bears S29°52'03"W 287.25 feet) an arc distance of 288.35 feet; thence N68°49'17"W 263.18 feet; thence N26°35'09"E 265.75 feet, to the True Point of Beginning / - - -