HomeMy WebLinkAbout876739 RECORDATION REQUESTED BY:
The Jackson State Bank
P.O. Box 1788
112 Center Street
Jackson, WY 83001
WHEN RECORDED MAIL TO:
The Jackson State Bank ~}~~,~,, ~ ~ ~ ,~'*, ~.." ,~/. ::~,. ~-~:~ ~,~ ~ ["~
P,O, Box 1788
112 Center Street
Jackson, WY 83001
075
SEND TAX NOTICES TO:
The Jackson State Bank
P.O. Box 1788
112 Center Street
Jackson, WY 83001 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
' MORIGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not.'exceed at any one time $87,000.00.
THIS MORTGAGE dated October 17, 2001, is made and executed between Darren C. Rudd and Arlene L. Rudd,
husband and wife, whose address is P.O. Box 8711, Jackson, WY 83002-8711 (referred to below as "Grantor")
and The Jackson State Bank, whose address is P.O. Box 1788, 112 Center Street, Jackson, WY 83001 (referred
to below as "Lender").
GRANI OF MORIGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to
the following 0escribed real prope~y, together with all existing or subsequently erected or affix~ buildings, improvements and fixtures; all easements,
rights of way, and appudenances; ali water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irriQation rights); an0 all
other rights, royalties, and profits relating to the real propeAy, including without limitation all minerals, oil, gas, geothermal and similar makers, {the
"Real Property") located in Lincoln County, State of Wyoming:
Lot 4 of Henry's Mountain Estates, Lincoln County, Wyoming according to that plat filed in the Office of
Lincoln County Clerk on November 4, 1996, Instrument No. 828555, Plat No. 371.
The Real Property or its. address is commonly known as Lot 4, Anne Road, Etna, WY 83118.
' Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to alt present and future leases of the Propedy and all Rents from the
'. Property. In ad0ition, Grantor gra~ts to Lender a Uniform Commercial Code security interest in the Personal Prope~ and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INIEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF IHE INDEBTEDNESS AND {B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOIE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. IHIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENI AND PERFORMANCE. Except as othe~ise provi0ed in this Mortgage, Grantor shall pay t0 Lender all amounts secure0 by this Me,gage
as they become due and shall strictly perform all of Grantor's obligations under this Me,gage.
POSSESSION AND MAINIENANCE OF IHE PROPERTY. Grantor agrees that Grantor's possession and use of the Prope~y shall be governed by the
following Provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Prope~y; (2) use,
operate or manage the Property; and (3) collect the Rents from the Prope~y.
Duty to Maintain.' Grantor shall maintain the Prope~y .in good condition and promptly pe~orm all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the perle0 of Grantor's ownership of the
Prope~y, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from tho Properly; {2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
generation, manufacture, storage, ~reatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the
Properly by any prior owners or occupants of the Prope~y, or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, ia) neither Grantor nor any tenant,
contractor, agent or other authorized user of the Prope~y shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state,
and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter
upon the Prope~y to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Properly with this section of the Me,gage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
construed to create any responsibili~ or liability on the 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 Propedy for Hazardous Substances. Grantor hereby {1) releases and
waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any'
such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
which Len0er may 0irectly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Prope~y,
whethe~ or not the same was or should have been known to Grantor. The provisions of this section of the Me,gage, including the obligation to
indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Me,gage and shall not be
affected by Lender's acquisition of any interest in the Prope~y, whether by forecIosum or othe~lse.
Nuisance, Waste. Grantor shall not cause, confluct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Prope~y or any portion of the Prope~y. Without limiting the generality o[ the foregoing, Grantor will not remove, or grant to any other pa~y the
right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock pro0ucts without Lender's prior wri~en consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Prope~y without Lender's prior wri~en
consent. As a conditiOn to the removal of any Improvements, Lender may require Grantor to make arrangements satisfacto~ to Lender to replace
such ImProvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Prope~y at all reasonable times to a~end to
Lender's interests and to inspect the Real Propedy for purposes of Grantor's compliance with the terms and conditions of this Me,gage.
Compliance with Governmental R~uirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or herea~er in
eff~t, of all governmental.authorities applicable to the use or occupancy of the Prope~. 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 tong as, in Lender's sole opinion, Lender's interests in the Propedy are not jeopardized. Lender may require
Grantor to post adequate security or a surety bond, reasonably satisfacto~ to Lender. to prot~t Lender's interest.
Duty to Protect. Grantor agrees neither to aban0on nor leave una~ended the Prope~. Grantor shall do all other acts, in addition to those acts
set fod~ above in this section, which from the character and use of the Prope~y are reasonably necessa~ to protect and prese~e the Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Me,gage
upon the sale or transfer, without Lender's prior wri~en consent, of all or any pa~ of tho Real Properly, or any interest in the Real Prope~y. A "sale or
transfer" means the conveyance of Real Prope~y or any right, title or interest in the Real Properly; whether legal, beneficial or equitable; whether
Loan No: 33024019 (~'!~"~?([ i"~.~.~ MORTGAGE
(Continued) 0 7 ~ Page 2
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 contract, or by sale, assignment, or transfer of any beneficial i~terest in or to any land trust holding title to the Real
Property, or by any other method of conveyance of an tntei*est in the Real Property. 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 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 any liens having priority over or equal to the interest of
Lender under this Mortgage, except for those ~iens specifically agreed to in writ!rig by Lender, and except for the lien of taxes and assessments not
due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to
pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen
(15) days after the lien arises or, if atien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the Iien, 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 con*test, 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 Len~der at any time a written statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days'before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor wiII upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pays. 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 endors'ements on a
replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such
form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimum of 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 be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the Property is located in a
special flood hazard area, for the full unpaid principal barance of the loan and any prior liens on the properly securing the loan, up to the
maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for
the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Grantor
fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and
retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or
the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the
damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or
reimburse Grantor from the .p[oceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds
which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property
shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be
applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall
be paid to Grantor as Grantor's interests may appear.
Unexpired. Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Properly 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.
LENDER'S EXPENDITURES. If Grantor fails (Al to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, lB)
to provide any required insurance on the Properly, or lC) to make repairs to the Property then Lender may do so. If any action or proceeding is
commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action
that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will then bear interest
at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part
of the Indebtednes's and, at Lender's option, will (Al be payable on demand; lB) be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term
of the Note; or lC) be treated as a balloon payment which will be due and payable at the Note's maturity. The Modgage 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 entitted on
account of any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that It otherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a 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 clear of all liens and
encumbrances other than those set fodh in the Real Property description or in any title insurance policy, title repod, or final title opinion issued in
favor of, and accepted by, Lender in connection with this Mortgage, and lb) Grantor has the full right; power, and authority to execute and deliver
this Mortgage to Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the
lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to padicipate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such padicipation. '
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Properly complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery of
this Mortgage, shall be continuing in nature and shall remain in full force and effect until such time as Grantor's Indebtedness is paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party f,r~ such'proceeding, but Lender shall be
entitled to padicipate 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 and documentation as may be requested by Lender from time to time to permit such padicipation.
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 ail 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 all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with the condemnation,
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charge.~:, 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 action 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 al( expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all
Loan No: 33024019 {~.~,"v~ ,'~.~-~, MORTGAGE
~ ~' ~ ~'~ (Continued) 0 7 7 Page 3
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on
the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note;
and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by 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, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contests the tax as 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 relatisg 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, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Securlty Interest.' Upon request by Lender, Grantor shall execute fi.nancing statements and take whatever other action is requested by Lender to
perfect and continue Lender's security interest in the Personal Properly. In'addition to recording this Modgage in the real property records, Lender
may, at any time and without further authorization from Granto?, file executed counterparts, copies or reproductions of this Mortgage as a financing.
statement. Grantor shall reimburse Lender for all expenses 'in,curred in perfecting or continuing this security interest. Upon default, G~:antor shall
not remove, sever or detach the Personal Property from the PropertY. Upon default, Grantor shall assemble any Personal Properly not affixed to
the Property in a manner and at a place reasonably convenient to Gran, tor and Lender and make it available to Lender within three (3) days after
receipt of written demand from Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest
grahted 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; ATrORNEY-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, rallied, 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, cedificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created
by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender
agrees to the contrary 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, 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, filing, 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 'all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this
Modgage, 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.
EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage if any of the following happen:
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner provided in
this Mortgage or in any agreement related to this Mortgage..
Default In Favor of Third Parties. Should Grantor defauli under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the
Indebtedness or Grantor's ability to perform Grantor's o~)ligations under this Mortgage or any related document.
False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the
Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
Defective Collateralizatlon. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
document 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 property, 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.
Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Grantor's properly in which Lender
has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Grantor disputes in good faith whether
the claim on which the taking of the Properly is based is valid or reasonable, and if Grantor gives Lender written notice of the claim and furnishes
Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this defauJt 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 later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any
of tile Indebtedness 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. In the event of a death, 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
any Event of Default.
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 Modgage 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
demanding cure of such failure: (a) cures the failure within filteen (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 an Event of Default and at any time thereafter, Lender, at Lender's option, may
exemise any one 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 it 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 ail the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the Indebtedness. in furtherance of this right, Lender may require any tenant or other user of the Property to make
payments of rent or use fees directty 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 th~ same and collect the proceeds.
Loan No: 33024019 ~.~;~j~,.~.~: . , r. ~. , ~ , ~' MORTGAGE
~ ~' ,;~.~ (Continued) ~' '~ ~:~ Page 4
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; tender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
Lender'S right to the appointment of a receiver shall exist whether or not the apparent 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 Properly.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any pad of the Property by non-judicial sale, and specifically by "power of
sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment, I~ permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebte~lness due to
Lender after application of all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. If Grahtor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to rpossession 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 (t) pay a reasonable rental for the use of the Property, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies, Lender shall have all other rights and remedies'provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In
exercising its rights and remedies, Lender shall be free to sell all or any part 0f the Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Properly or of the time after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real
Propedy. '
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 any one remedy will not bar Lender from using any other remedy. If Lender decides to. spend money or to perform any of Grantor's
obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantorr in default
and to exercise Lender's remedies,
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and
to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of
its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate
from the date of the expenditure until repaid. Expenses covered 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 and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure repods), surveyors'
reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all
other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage
, prepa d, directed to the addresses shown near the beginning of this M~)rtgage. 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. Any person may change his or her
address for notices under this .Mortgage by giving formal written notice to the other person or persons, specifying that the purpose of the notice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise
provided or required by law, if there Is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Mortgage and in the R'elated Documents is Grantor's entire agreement with Lender concerning the matters
covered by this Mortgage. To be effective, any change or amendment to this Mortgage must be in writing and must be signed by whoever will be
bound or obligated by the change or amendment.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by and interpreted In accordance with federal law and the laws of the State of Wyoming.
This Mortgage has been accepted by Lender In the State of Wyoming.
Cholce of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of'the courts of Teton County, State of
Wyoming.
Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean
each and every Grantor. This means that each Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing.
The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give
up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage. Grantor also
understands that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation
happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requests, that does not mean Lender
will be required to consent to any Of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor.
Grantor waives all rights of exemption from execution or similar law in the Properly (including without limitation, the homestead exemption), and
Grantor agrees that the rights of Lender in the Property under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect.
Severablllty. If a court finds that any provision of this Modgage is not valid or should not be enforced, that fact by itself will not mean that the rest
of this Modgage will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Mortgage even if a provision of this
Mortgage may be found to be Invalid or unenforceable.
Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any time
held by or for the benefit of Lender in any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Properly becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Modgage 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 Exemptionl Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Modgage.
DEFINITIONS. The following words shall have the following meanings when used in this Mortgage:
Borro,~ver. The word ....
Borrower means Darren C, Rudd and Arlene L. Rudd, and all other persons and entities, signing the Note.
EnvirOnmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to
the protection of human health ortho environment, including without limitation the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub.
Loan No: 33024019 ' (Continued) 0 ';/9 Page 5
L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default section of this
Mortgage.
Grantor. The word "Grantor" means Darren C. Rudd and Arlene L. Rudd.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without
limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored; disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very
broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction.
thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real
Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and ot~er amounts, costs and expenses payable under the Note or Related
Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents
and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means The Jackson State Bank, its successors and assigns. 'The words "successors or assigns" mean any person or
company that acquires any interest in the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note, The word "Note" means the promissory note dated October 17, 2001, in the original principal amount of $87,000.00 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 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 of,
and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income,, issues, royalties, profits, and other benefits derived from the
Property.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
Barren C. Rudd, IndMduallg ~rl~u~d, IndMduall~
INDIVIDUAL ACKNOWLEDGMENT
STATE OF ~b~5 )
) SS
COUNTYOF ~~~- ' -- )
On this day before me, the undersigned Notary Pubiic, personally appeared Darren C. Rudd and Arlene L. Rudd, to me known to be the individuals
described in and who executed the MoAgage, and acknowledged that they signed the Me,gage as their free and voluntary act and deed, for the uses
and purposes therein mentioned.
Glven under my hand ~ j~h dayof~ ~~ ,20 ~
Notary Public In and for the State of ~ ~a ,,'My commission expires
J