HomeMy WebLinkAbout9486466010918179
RECORDATION REQUESTED BY:
Wells Fargo Bank, National Association
Jackson West 686
50 Buffalo Way
MAC C7832.020
Jackson, WY 83001
RECEIVED 7/30/2009 at 2:06 PM
WHEN RECORDED MAIL TO: RECEIVING # 948646
Wells Fargo Bank, National Association
BOOK: 728 PAGE: 712
C/O Real Estate Resource center JEANNE WAGNER
5201 Amelia Earhart Drive, MAC #U1252-016
salt Lake City, UT "11.5-2857 LINCOLN COUNTY CLERK, KEMMERER, WY
SEND TAX NOTICES TO: ~~~1
Jakub Passer
Linda Passer
8238 AMETHYST DR
MCLEAN VA 22102 SPACE ABOVE THIS LINE IS FOR RECORDjFrS USE ONLY
200116470220000480
CONSTRUCTION MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $259,000.00.
THIS MORTGAGE dated July 24, 2009, Is made and executed between Jakub Passer, whose address is 8238
AMETHYST DR, MCLEAN, VA 22102 and Linda Passer, whose address is 8238 AMETHYST DR, MCLEAN, VA
22102; husband and wife (referred to below as "Grantor") and Wells Fargo Bank,. National Association, whose
address Is 50 Buffalo Way, MAC C7832-020, Jackson, WY 83001 (referred to below as "Lender'").
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, (the 'Real Property") located in Lincoln County, State of Wyoming:
Lot 102 of Star Valley Ranch Plat 7, Lincoln County Wyoming as described on the official plat filed on August
4, 1971 as Instrument No. 432466 of the records otrthe Lincoln County Clerk.
The Real Property or its address Is commonly known as 109 Redwood Road, Star Valley Ranch, WY 83127. The
Real Property tax identification number Is 35183040914200.
Grantor presently assigns to Lender all of Grantor's right, title, and Interest In and to all present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security Interest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY
INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND ALL OF GRANTOR'S OBLIGATIONS UNDER
THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN GRANTOR AND LENDER OF EVEN DATE HEREWITH. ANY EVENT OF
DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, 'OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO
BE AN EVENT OF DEFAULT UNDER 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 all amounts secured by this
Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage.
CONSTRUCTION MORTGAGE. This Mortgage Is a "construction mortgage" for the purposes of Sections 9-334 and 2A-309 of the Uniform
Commercial Code, as those sections have been adopted by the State of Wyoming.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property 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 Property; (2)
use, operate or manage the Property; and (3) collect the Rents from the Properly.
Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve Its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantors ownership of
the Property, 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 the Property; (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 Environments[ Laws,
(b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any
MORTGAGE 000 713
Loan No: 0106181463. (Continued) Page 2
kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender In writing, (a) neither
Grantor nor any tenant, contractor, agent or other authorized user of the Property shell 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 ell applicable federal, state, and local laws, regulations and ordinances, Including without limitation all Environmental Laws. Grantor
authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem
appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shell be
for Lender's purposes only and shall not be construed "to create any responsibility or liability on the part of Lender to Grantor or to any other
person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous 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, defend, and hold harmless
Lender against any and all claims, lose", liabilities, damages, penalties, and expenses which Lender may directly or Indirectly sustain or
suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal,
release or threatened release occurring prior to Grantor's ownership or Interest in the Property, whether or not the same was or should
have been known to Grantor. The provisions of this section of the Mortgage, Including the obligation to Indemnify and defend, shall survive
the payment of the Indebtedness and the satisfaction and reconveyance of the Hen 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, minerala (Including oil and gas), coal, clay, scoria, sod, gravel or rock products without Lender's prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender'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 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 Property at all reasonable times to attend
to Lander's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Goveenmantal 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 or leave unattended the Property. Grantor shall do all other acts, In addition to those
acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
DUE ON SALE, - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
Mortgage upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest In the Real
Property. A "sale or transfer" rheans the conveyance'of Real Property or any right, title or interest In the Real Property; whether legal, beneficial
or equitable; whether voluntary or Involuntary; whether by outright sale, dead, installment sale contract, land contract, contract for deed,
leasehold Interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial Interest in
or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. However, this
option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming low.
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 lien having priority over or equal to
the Interest of1ender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien or 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 flied as a result of nonpayment,
Grantor shall within fifteen (16) days after the lien arises or, If a lien Is filed, within fifteen (1S) 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 underthe 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
fumished 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 services are furnished, or
any materials are supplied to the Property, if any mechanic's lion, materialmen's lien, or other lion could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender fumish 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 poHdes 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 douse 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 thirty (30) days' prior written notice to
Lender and not containing any disclaimer of the insurer's IiabHlty for failure to give such notice. Each Insurance policy also shall Include an
MORTGAGE 000 714
Loan NO: 0106191463 (Continued) Page 3
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 balance of the loan and any prior liens on
the property 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 tern 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 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 as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor falls (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims,
(B) to provide any required insurance on the Property, or (C) 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 LandePs 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 Indebtedness and, 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 (1) the term of
any applicable insurance policy; or (2) 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. The 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 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: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and deliver this Mortgage to Lender.
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 participate In the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from time to time to permit such
participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property compiles 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 shad promptly take
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor
will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to
permit such participation.
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 fieu of condemnation, Lender may at its election require that all 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 costa, 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 charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to period and continue Lender's lien on the Real Property. Grantor 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, 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
MORTGAGE
Loan No: 0106191463 (Continued)
000 71LS
Page 4
section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of
this Mortgage:
Security Agreement. This Instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue Lender's
security interest in the Personal Property. In addition to recording this Mortgage in the renal property records, Lender may, at any time and
without further authorization from Grantor, file executed counterparts, copies or reproductions of this -Mortgage as a financing statement.
Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security Interest. Upon default, Grantor shall not
remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed
to the Property In a manner and at a place reasonably convenient to .Grantor and Lender and make it available to Lender within three (3)
days after receipt of written demand from Lender 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
granted by this Mortgage may be obtained (such as required by the Uniform Commercial Code) are as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attomey-In-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and In such offices and places as Lender may doom 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 as may, In the sole opinion of Lender, be necessary or deskable in order to effectuate, complete, perfect,
continue, or preserve (1) Granto'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 relmbume Lender for all costs and expenses incurred In
connection with the matters referred to in this paragraph.
Attomey-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 Lander as Grantor's attorney-in4act 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 Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any
financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by
applicable law, any reasonable termination fee as determined by Lender from time to time.
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 Citing of or to effect discharge of any lien.
Break 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 related to this Mortgage.
Default in Favor of Third Parties. Should Grantor default 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 Grantors obligations under this Mortgage or any of the Related
Documents.
False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantors 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 Collaterelizatlon. 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 property In which
Lender has a Ilan. This includes taking of, gomishing 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 Property 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 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 later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
of any of the 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.
Insecurity. Lender in good faith believes itself Insecure.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may
MORTGAGE
Loan No: 010$191463 (Continued)
VVU 716
Page 6
exercise 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 its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable, 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 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 directly to Lender. If the Rents are collected by Lender, then Grantor Irrevocably designates
Lender as Grentor'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 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 amourri. 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 non-judicial sale, and specifically by "power
of sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender 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 (1) 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 of the Properly 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 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 We 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. 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 thin. Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's tight to declare
Grantor In default and to exercise Lenders 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 taw, all reasonable expenses Lender incurs that In Lenders 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 [Imitation,
however subject to any limits under applicable law, Lenders reasonable ettomeys' fees and Lenders 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 postjudgment collection services, the cost of searching records, obtaining tide
reports (including foreclosure reports), surveyors' reports, and appraisal fees and tide Insurance, to the extent permitted by applicable law.
Grantor also will pay any Fourt 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 telefavalmite (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 prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from
the holder of any Hen which has priority over this Mortgage shall be sent to Lenders address, as shown near the beginning of this Mortgage.
Any person may change his or her address for notices under this Mortgage by wing 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 Grantors current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender
to any Grantoris deemed to be notice given to all Grantors. It will be Grantors responsibility to tell the others of the notice from Lender.
ASSOCIATION OF UNIT OWNERS. The following provisions apply If the Real Property has been submitted to unit ownership law or similar law
for the establishment of condominiums or cooperative ownership of the Real Property:
Power of Attorney. Grantor grants an irrevocable power of attorney to Lender to vote In Lenders discretion on any matter that may come
before the association of unit owners. Lender will have the right to exercise this power of attorney only after Grantor's default; however,
Lender may decline to exercise this power as Lender sees fit.
Insurance. The Insurance as required above may be carried by the association of unit owners on Grantors behalf, and the proceeds of
such insurance may be paid to the association of unit owners for the purpose of repairing or reconstructing the Property. If not so used by
the association, such proceeds shall be paid to Lender.
MORTGAGE 00071"
Loan No: 0106191463 (Continued) Page 6
Default. Grantors failure to perform any of the obligations imposed on Grantor by the declaration submitting the Real Property to unit
ownership, by the bylaws of the association of unit owners, or by any rules or regulations thereunder, shall be an event of default under
this Mortgage. If Grantors Interest In the Real Property is a leasehold Interest and such property has been submitted to unit ownership,
any failure by Grantor to perform any of the obligations imposed on Grantor by the lease of the Real Property from its owner, any default
under such lease which might result in termination of the lease as It pertains to the Real Property, or any failure of Grantor as a member of
an association of unit owners to take any reasonable action within Grentoes power to prevent a default under such lease by the association
of unit owners or by any member of the association shall be an Event of Default under this Mortgage.
FURTHER ASSURANCES. The parties hereto agree to do all things deemed necessary by Lender in order to fully document the loan evidenced
by this Note and any related agreements, and will fully cooperate concerning the execution and delivery of security agreements, stock powers,
instructions and/or other documents pertaining to any collateral intended to secure the Indebtedness. The undersigned agree to assist In the
cure of any defects in the execution, delivery or substance of the Note and related agreements, and in the creation and perfection of any lien,
security interests or other collateral rights securing the Note.
CONSENT TO SELL LOAN. The parties herein agree: (a) Lender may sell or transfer all or part of this loan to one or more purchasers, whether
related or unrelated to Lender; (b) Lender may provide to any purchaser, or.potential purchaser, any information or knowledge Lender may have
about the parties or about any other matter relating to this loan obligation, and the parties waive any rights to privacy it may have with respect
to such matters; (c) the purchaser of a loan will be considered Its absolute owner and will have all the rights granted under the loan documents
or agreements governing the sale of the loan; and (d) the purchaser of a loan may enforce Its Interests irrespective of any claims or defenses
that the parties may have against Lender.
FACSIMILE AND COUNTERPART. This document may be signed in any number of separate copies, each of which shall be effective as an
original, but all of which taken together shall constitute a single document. An electronic transmission or other facsimile of this document or
any related document shall be deemed an original and shall be admissible as evidence of the document and the signers execution.
ARBITRATION AGREEMENT. Arbitration - Binding Arbitration. Lender and each party to this agreement, hereby agree, upon demand by any
party, to submit any Dispute to binding arbitration In accordance with the terms of this Arbitration Program. A "Dispute" shall include any
dispute, claim or controversy of any kind, whether in contract or In tort, legal or equitable, now existing or hereafter arising, relating In any way
to any aspect of this agreement, or any related agreement Incorporating this Arbitration Program (the "Documents"), or any renewal, extension,
modification or refinancing of any indebtedness or obligatiorr relating thereto, Including Without Ilmitation, their negotiation, execution,
collateralization, administration, repayment, modification, extenslon, substitution, formation, Inducement, enforcement, default or termination.
DISPUTES SUBMITTED TO ARBITRATION ARE NOT RESOLVED IN COURT BY A JUDGE OR JURY.
A. Governing Rules. Any arbitration proceeding will (1) be governed by the Federal Arbitration Act (Title g of the United States Code),
notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (ti) be conducted by the American
Arbitration Association ("AAA"), or such other administrator as the parties shall mutually agree upon, in accordance with the AAA's commercial
dispute resolution procedures, unless the claim or counterclaim is at least $1,000,000.00 exclusive of claimed Interest, arbitration fees and
costs In which case the arbitration shall be conducted In accordance with the AAA's optional procedures for large, complex commercial disputes
(the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as
applicable, as the "Rules"). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein
shall control. Arbitration proceedings hereunder shall be conducted at a location mutually agreeable to the parties, or if they cannot agree, then
at a location selected by the AAA in the slate of the applicable substantive law primarily governing the Note. Any party who fails or refuses to
submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling
arbitration of arty Dispute. Arbitration may be demanded at any time, and may be compelled by summary proceedings In Cost. The institution
and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any
party, Including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief. The
arbitrator shall award all costs and expenses of the arbitration proceeding. Nothing contained herein shall be deemed to be a waiver by any
party that is a bank of the protections afforded to it under 12 U.S.C. Section 91 or any similar applicable state law.
B. No Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i
foreclose against real or personal property collateral; 01) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff
or repossession; or (Ili) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver,
before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any
party to submit any Dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (1),
(tl) and (iii) of this paragraph.
C. Arbitrator Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be
decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any Dispute
in which the amount In controversy exceeds $5,000,000.00 shall be deeded by majority vote of a panel of three arbitrators; provided however,
that all three arbitrators must actively participate in all hearings and deliberations. Every arbitrator must be a neutral practicing attorney or a
retired member of the state or federal judiciary, in either case with a minimum of ten years experience In the substantive law applicable to the
subject matter of the Dispute. The arbitrator will determine whether or not an Issue Is arblfretable and will give effect to the statutes of
limitation in determining any claim. In any arbitration proceeding the arbitrator WIN decide (by documents only or with a hearing at the
arbitrators discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary
adjudication. The arbitrator shall resolve all Disputes In accordance with the applicable substantive law and may grant any remedy or relief that
a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The
arbitrator shall also have the power to award recovery of all casts and fees, to impose sanctions and to take such other action as the arbitrator
deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the applicable state rules of civil procedure,
or other applicable law. Judgment upon the award rendered by the arbitrator may be entered In any court having jurisdiction. The Institution
and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any
party, Including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.
D. Discovery. In any arbitration proceeding discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to
matters directly relevant to the Dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for
an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon a showing that the
request for discovery Is essential for the party's presentation and that no alternative means for obtaining information is available.
E. Class Proceedings and Consolidations. No party shall be entitled to join or consolidate disputes by or against others who are not parties to
CU00 718
MORTGAGE
Loan No: 0106191463 (Continued)
Page
this agreement in any arbitration, or to include in any arbitration any dispute as a representative or member of a class, or to act In any arbitration
In the interest of the general public or in a private attorney general capacity.
F. Miscellaneous. To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any
arbitration proceeding within 180 days of the filing of the Dispute with the AAA. No arbitrator or other party to an arbitration proceeding may
disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary Course of Its business
or by applicable law or regulation. If more then one agreement for arbitration by or between the parties potentially applies to a Dispute, the
arbitration provision most directly related to the documents between the parties or the subject' matter of the Dispute shall control. This
arbitration provision shall survive the repayment of the Note and the termination, amendment or expiration of any of the documents or any
relationship between the parties.
0. State-Specific Provisions,
If California law governs the Olopu , the following provision is Included:
Real Properly Collateral; Judicial Reference. Notwithstanding anything herein to the contrary, no Dispute shag be submitted to arbitration If
the Dispute concerns Indebtedness secured directly or Indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage,
lien or security interest specifically elects In writing to proceed with the arbitration, or (if) all parties to the arbitration waive any.rights or
benefis that might accrue to them by virtue of the single action rule statute of California, thereby agreeing that all indebtedness and obligations
of the parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and
enforceable. If any such Dispute Is not submitted to arbitration, the Dispute shall be referred to a referee In accordance with California Code of
Civil Procedure Section 638 at seq., and this general reference agreement is intended to be specifically enforceable in accordance with said
Section 638. A referee with the qualifications required herein for arbitrators shall be selected pursuant to the AAA's selection procedures.
Judgment upon the decision rendered by a referee shall be entered in the court In which such proceeding was commenced In accordance with
California Code of Civil Procedure Sections 644 and 645.
Small Claims Court. Any party may require that a Dispute be resolved In Small Claims Court if the Dispute and related claims are fully
within that court's jurisdiction.
If Idaho law Governs the Dian, the following provision is Included:
Reel Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute
concerns Indebtedness secured directly or indirectly, in whole or in part, by any real property unless 0) the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration, or (11) all parties to the arbitration waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of Idaho, thereby agreeing that oil indebtedness and obligations of the parties.
and all mortgages, Bens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable,
If Montana law governs the Dispute, the following provision is Included:
Real Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration If the Dispute
concerns indebtedness secured directly or Indirectly, in whole or In part, by any real property union (1) the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration, or (II) all parties to the arbitration waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of Montana, thereby agreeing that all Indebtedness and obligations of the parties,
and all mortgages, Bens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable.
If Nevada law governs the Disa 1ta, the following provision is included:
Real Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute
concems indebtedness secured directly or Indirectly, In whole or in part, by any real. property unless (i) the holder of the mortgage, lien or
security Interest specifically elects in writing to proceed with the arbitration, or (11) all parties to the arbitration waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of Nevada, thereby agreeing that all indebtedness and obligations of the parties,
and all mortgages, liens and security Interests securing such Indebtedness and obligations, shall remain fully valid and enforceable.
If South Dakota law govern he DisoLde, the following provision Is Included:
Real Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute
concerns Indebtedness secured directly or Indirectly, in whole or In part, by any real property unless (1) the holder of the mortgage, lien or
security Interest specifically elects In writing to proceed with the arbitration, or (ti) all parties to the arbitration waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of South Dakota, thereby agreeing that all Indebtedness and obligations of the
parties, and all mortgages, liens and security Interests securing such indebtedness and obligations, shag remain fully valid and enforceable.
ff Ittah law govama ha M:m,fa, the following provision is Included:
Real Property Collateral; Judicial Reference. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if
the Dispute concerns Indebtedness secured directly or Indirectly, In whole or In part, by any real property unless (I) the holder of the mortgage,
lien or security Interest specifically elects in writing to proceed with the arbitration, or (li) all parties to the arbitration waive any rights or
benefits that might accrue to them by virtue of the single action rule statute of Utah, thereby agreeing that all indebtedness and obligations of
the parties, and all mortgages, liens and security Interests securing such indebtedness and obligations, shall remain fully valid and enforceable. If
any such Dispute is not submitted to arbitration, the Dispute shall be referred to a master in accordance with Utah Rule of Civil Procedure 63,
and this general reference agreement is intended to be specifically enforceable. A master with the qualifications required herein for arbitrators
shall be selected pursuant to the AAA's selection procedures. Judgment upon the decision rendered by a master shall be entered In the court in
which such proceeding was commenced in accordance with Utah Rule of Civil Procedure 53(e).
ENCUMBRANCES. Grantor/MortgagodTrustor shalt not, without Lender's consent, mortgage, assign, grant a lien upon or security Interest in, or
otherwise encumber the Property or any Interest in the Property, or allow such a lien or security interest to exist or arise, whether voluntarily,
Involuntarily or by operation of law, except for lien and security interests in favor of Lender, or property taxes attributable to the Property which
are not past due.
ASSOCIATION OF UNIT OWNERS. The following provisions apply If the Real Property has been submitted to unit ownership law or similar law
for the establishment of condominiums or cooperative ownership of the Real Property:
Power of Attorney. Grantor grants an Irrevocable power of attomey to Lender to vote in Lender's discretion on any matter that may come before
the association of unit owners. Lender shall have the right to exercise this power of attorney only after Grantor's default; however, Lender may
decline to exercise this power as Lender sees fit.
MORTGAGE 0V`7 19
Loan No: 0106191463 (Continued) Page 8
Insurance. The insurance as required herein, may be carried by the association of unit owners on Grantor's behalf, and the proceeds of such
insurance may be paid to the association of unit owners for the purpose of repairing or reconstructing the Property. It not so used by the
association, such proceeds shall be paid to Lender.
Default. Grantor's failure to perform any of the obligations imposed on Grantor r by the declaration submitting the Real Property to unit
ownership, by the bylaws of the association of unit owners, or by any rules or regulations thereunder, shall be an event of default under this
Mortgage. If Grantors interest in the Real Property Is a leasehold Interest and such property has been submitted to unit ownership, any failure
by Grantor to perform any of the obligations imposed on Grantor by the lease of the Real Property from Its owner, any default under such lease
which might result in termination of the lease as it pertains to the Real Property, or any failure of Grantor as a member of an association of unit
owners to take any reasonable action within Grantor's power to prevent a default under such lease by the association of unit owners or by any
member of the association shall be an Event of Default under this Mortgage.
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 Grantors 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 federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender In the 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 Lendeea 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 Lenders 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 gat Lenders consent
again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantors requests,
that does not mean Lender will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for
payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor
agrees that the rights of Lender In the Property under this Mortgage are prior to Grantors rights while this Mortgage remains in effect.
SeverablNty if a court finds that any provision of this Mortgage is not valid or should not be enforced, that fact by itself will not mean that
the rest of this Mortgage will not be valid or enforced. Therefore, a court will errforce 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 Lander In any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantors interest, fhie Mortgage shall be binding
upon and Inure to the benefit of the parties, their successor's and assigns. If ownership of the Property becomes vested In a person other
than Grantor, Lender, without notice to Grantor, may deal with Grantors 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 Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following words shall have the following meanings when used In this Mortgage:
Borrower. The word "Borrower" means Jakub Passer and Linda Passer and Includes all co-signers and co-makere signing the Note and all
their successors and assigns.
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, at seq: ('CERCLA'), the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Seaton 1801, at seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. 'Section 6901, at seq., or other applicable state or federal laws, rules, or
regulations adopted pursuant thereto.
Event of Default The words "Event of Default" ocean 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 Jakub Passer and Linda Passer.
Guaranty, The word 'Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cAuse or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used In their very broadest sense and Include without limitation any, and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also Includes, without limitation, petroleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements. The word "Improvements" means all existing and future Improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal, Interest, and other amounts, costs and expenses payable under the Note or
MORTGAGE 000720
Loan No: 0106191463 (Continued) Page 9
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 Wells Fargo Bank, National Association, 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 "Nate" means the promissory note dated July 24, 2009, in the original principal amount of $259,000.00 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. The maturity date of this Mortgage Is July 24, 2010. NOTICE TO GRANTOR: THE NOTE CONTAINS A
VARIABLE INTEREST RATE.
Personal Property. The words "Personal Properly" 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 real property, Interests and rights, as further described in this Mortgage.
Retated 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, mysitles, profits, and other benefits derived from
the Property,
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
X " 4 ) 0t
n a riser
INDIVIDUAL
State of _v
County of This Instrument was acknowledged beforet~
(date) by Jakub Passer and Linda Passer, husband and wills.
(Notarial Sign )
My commission expires:
My Commissi~.;
November au,
;
'io, o n Ayso C Avni
~~"<Fi Notary Public
"`or Commonwealth of Virginia
~o ~ My Commission Expires
r''qY o~° Commission IDN 7104892
LASER PRO Lending, Ver. 5.44.00.102 Copr, Harland Financial Solutions, Inc. 1997, 2009. All Rights Reserved. - WY
X:ILPRO=F11LPL1G03.F0 TR-96340 PR-690