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HomeMy WebLinkAbout951942PREPARED BY: LU #354 IBEW FEDERAL CREDIT UNION 3405 West 1987 South', Salt Lake City, UT 84104 Space above this line for recorder's use MORTGAGE THIS MORTGAGE is made on January 22, 2010 by the Mortgagor, T. Scott Tovey RECEIVED 2/1/2010 at 4:35 PM RECEIVING 951942 BOOK: 741 PAGE: 622 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY C:: O:y6 22 (hereinafter referred to individually or collectively, as the context may require, as "Borrower to LU 354 IBEW Federal Credit Union, corporation organized and existing under the laws of the United States, its successors and assigns, whose address is 3405 West 1987 South, Salt Lake City, Utah 84104 "Lender Borrower does hereby mortgage, grant, and convey to Lender with the power of sale the following described property located in the County of Lincoln State of Wyoming See Exhibit "A" Which has the street address of 190 Butte Drive, Thayne, WY 83127 Together with (i) all improvements, buildings or structures of any nature whatsoever, now or hereafter erected on the property, (ii) all fixtures, including all plumbing, heating, air conditioning and ventilating equipment, now or hereafter located under? on or above the property, (iii) all rights, privileges, rents, royalties, mineral, oil and gas rights and profits, tenements, hereditaments, rights -of -way, easements, appendages, appurtenances, or riparian rights now or hereafter belonging or in any way appertaining to the property, and (iv) all of Mortgagor's right, title and interest in and to any street, rights -of -way, alleys or strips of land now or hereafter adjoining thereto, including any replacements and additions to any of the foregoing. All of the foregoing is collectively referred to in this Mortgage as the "Property." Complete if Applicable: The Property is part of a condominium project known as NA The Property includes Borrower's unit and all Borrower's rights in the common elements of the condominium project. The Property is in a Plamied Unit Development know as NA This Mortgage is given to secure to Lender the following: 1. The repayment of all indebtedness, including a principal sum of U.S. $25,000 25,000.00), finace charges, taxes, special assessments, insurance, late fees, and any other charges and collection costs due and to become due "Debt under the terms and conditions of the Close -end Note, Truth in Lending Disclosure Statement and Loan Agreement made by Borrower and dated the same day as this Mortgage, including any and all modifications, amendments, extensions and renewals thereof "Agreement The Maturity Date of the Agreement is February 1, 2020. 11100 LASP,R CMC FPDF F113396 144008 MORTGAGE (continued) 2. The payment of all other sums advanced in accordance therewith to protect thc Property, with finance charges thereon. 3. The performance of Borrower's covenants and agreements under this Mortgage and under the Agreement. This Mortgage is intended to and shall be valid and have priority over all subsequent liens and encumbrances, including statutory liens, excepting taxes and assessments levied on the Property not yet due and payable, to the extent of the maximum amount secured hereby. A. REPRESENTATIONS Borrower hereby represents to Lender as follows: 1, Validity of Security Documents. (a) The execution, delivery and performance by Borrower of the Agreement, this Mortgage and all other documents and instruments now or hereafter, furnished to Borrower to evidence or secure payment of the Debt (the "Security Documents and the borrowing evidenced by the Agreement, will not violate any provision of law, any order of any court or other agency of government, or any mortgage, indenture, trust agreement or other instrument to which Borrower is a party or by which Borrower or any of Borrower's property is bound, or be in conflict with, or will result in a material breach of or constitute (with due notice and/or lapse of time) a default under any such mortgage, Indenture, trust agreement or other instrument, or result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of Borrower's property or assets, except as contemplated by the provisions of the Security Documents; and (b) The Security Documents, as and when executed and delivered by Borrower, constitute the legal, valid and binding obligations of Borrower in accordance with their respective terms subject to applicable bankruptcy and insolvency laws. 2. Other Information. All other information, reports, papers and data given to Lender, or to Lender's legal counsel, with respect to Borrower, the Property, or the loan evidenced by the Security Documents are accurate and correct in all material respects and complete insofar as completeness may be necessary to give Lender a true and accurate knowledge of the subject matter. 3. 'Title. Borrower has good and marketable title in fee simple to the Property free and clear of all encumbrances except for encumbrances of record as of the date of this Mortgage. Borrower will preserve its title to the Property and will forever covenant and defend the same to Lender and will forever covenant and defend the validity and priority of the lien of this Mortgage. 4. Litigation. There is not now pending or threatened against or affecting g t Pro equity p nor, to knowledge an B is there contemplated, any action, suit or proceeding y administrative agency which, if adversely determined, would impair or adversely affect the value or operation of the Property. 5. Environmental Indemnity, Borrower shall indemnify and hold Lender harmless against and sfro omeaany and all loss, cost, damage, claim or expense (including, without limitation, any of an chemicals, material litigation) incurred or suffered by Lender on account of (i) the location on the Property y substance, or contaminant (including, without limitation, oil, petroleum products, asbestos, urea, formaldehyde, foam insulation, hazardous waste and/or toxic waste), thc presence or storage of which or the exposure to which is prohibited, limited, or regulated by any federal, state, county, regional. or local governmental unit, agency or authority, or which presence, storage, or exposure may pose a hazard to health and safety or (ii) the failure by Borrower or any prior owner or occupant of the Property to comply with any applicable federal, state, county, regional or local environmental laws, regulations, and court or administrative orders. B, ADDITIONAL COVENANTS Until the entire Debt shall have been paid in full, Borrower covenants and agrees as follows: 6. Payment of indebtedness. Borrower shall timely pay and discharge the Debt or any part thereof in accordance with terms and conditions of the Agreement, this Mortgage, and the Security Documents. 7, Funds for Taxes and Insurance. Subject to applicable law, Lender, at Lender's option, may require Borrower to pay to Lender on thc day monthly payments of principal and finance charges are payable td er the vcl a n Agreement, until all sums secured by this Mortgage arc paid in full, n sum (herein "Fund?) equal of the yearly taxes and assessments (including condominium and planned unit development assess e ts an which may attain priority over this Mortgage, and ground rents on the Property, if any, p... yel premium installments for hazard insurance and flood insurance, if applicable, all as reasonably estimated initially l/IIb'c 2 ur B eoPYwGHr ZOO Secuian Financial Coodp, Inc. All nghu monad MORTGAGE (continued) t :O G24 and from time to time by Lender on the basis of assessments and bills and reasonably estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional Lender. If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying thc funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall he paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not he required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debts to the Funds and thc purpose for which each debit to the Funds was made. The Funds arc pledged as additional Security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. if the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums sccurcd by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 21 hereof the Property is sold or thc Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 8. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Agreement and paragraphs 6 and 7 hereof shall be applied by Lender first in paymcnt of amounts payable to Lender by Borrower under paragraph 7 hereof, second, (in the order Lender chooses) to any finance charges, other charges and collection costs owing, and third, to the principal balance under the Agreement. 9. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," floods, and such other hazards as Lender may requirc and in such amounts and for such periods as Lender may require. Unless Lender in writing requires otherwise, the policy shall provide insurance on a replacement cost basis in an amount not less than that necessary to comply with any coinsurance percentage stipulated in the hazard insurance policy, and the amount of coverage shall be no less than the Maximum Principal Balance plus thc full amount of any lien which has priority over this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not he unreasonably withheld, All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, decd of trust or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. All insurance proceeds are hereby assigned to Lender and shall be paid to Lendcr to the extent of all sums sccured by this Mortgage, subject to the terms of any mortgage, deed of trust or security agreement with a lien which has priority over this Mortgage. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restore or repair the Property, if it is economically feasible to do so. tf the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to Collect and a pply thc insurance proceeds at L option eith to restoration or repair of the Property or to the sums secured by this Mortgage. 8100 t.ASBRCMC FPDF FI13396 12-200v page 3 of 8 COPYRIGHT 200 udan Pinencial Group, ins. All righu rrmcd. MORTGAGE (continued) OG. 625 10. Repair. Mortgagor shall keep thc Property in good order and condition and make all necessary or appropriate repairs, replacements and renewals thereof. Mortgagor agrees not to permit or allow any waste of the Property or make or permit to be made any material alterations or additions to the Property that would have thc effect of diminishing the value thereof or that will in any way increase the risk of any fire or hazard arising out of the construction or operation thcrcof. Mortgagor agrees not to alter or remove any structure or fixture in the Property without Mortgagee's prior written consent. Mortgagor shall prevent any act or thing which might adversely cfTecl or impair the value or usefulness of the Property. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration of covenants creating 01' governing the condominium or planned unit development, the by -laws and regulations of the condominium or planned unit development, and thc constituent documents, 11. Restoration Following Uninsured Casualty. In the event of the happening of any oasualty, of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, not covered by any Insurance Policy resulting in damage to or destruction of the Property, Borrower shall give notice thereof to Lender and Borrower shall promptly at Borrower's sole cost and expense, commence and diligently continue to restore, repair, replace, rebuild or alter thc damaged or destroyed Property as nearly as possible to its value, condition and character immediately prior to such damage or destruction. 12. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appcaranccs, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. Any amounts disbursed by Lender pursuant to this paragraph, with finance charges thereon, at the ratc provided in the Agreement, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon noticc from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph shall require Lender to incur any expense or take any action hereunder. Any action taken by Lender under this Paragraph shall not cure any breach Borrower may have committed of any covenant or agreement under this Mortgage. Borrower agrees that Lender is subrogated to all of the rights and remedies ofany prior lienor, to the extent of any payment by Lender to such lienor. 13. Compliance with Laws. Borrower shall promptly and faithfully comply with, conform to and obcy or contest by appropriate proceedings in good faith ail present, and use its best efforts as to future laws, ordinances, rules, regulations and requirements of every duly constituted governmental authority or agency and of every board of' fire underwriters having jurisdiction, or similar body exercising functions, which may be applicable to it or to the Property or to the use and manner of use, occupancy, possession, operation, maintenance or reconstruction of the Property, whether or not such law, ordinance, rule, order, regulation or requirement shall necessitate structural changes or improvements or interfere with the use or enjoyment of the Property. 14, Performance of Other Agreements. Borrower shall duly and punctually perform all covenants and agreements expressed as binding upon it under any agreement ofany nature whatsoever that involves the Property including, without limitation, all rules and regulations of a homeowners or condominium association if the Property is part of a condominium, cooperative, phased development or other homeowners association. 15. Inspection. Borrower shall permit Lender, and parties designated by Lender, at all reasonable times, to inspect thc Property, provided that Lender shall give Borrower notice prior to such inspection, specifying reasonable cause therefor related to Lender's interest in the Property. 16. Hold Harmless. Borrower shall, at Borrower's sole cost and expense, save, indemnify and hold thc lender, its officers, directors, employees and agents, harmless from any injury. claim, demand, suit, judgment, execution, liability, debt, damage or penalty (hereinafter collectively referred to as "Claims affecting the Properly, or the value of any of the Security Documents, arising out of; resulting from, or alleged to arise out of or result from, any action or inaction by Borrower, except as may be the direct result of Lender's negligence, Borrower shall pay all expenses incurred by the Lender in defending itself with regard to any and all Claims. These expenses shall include all out -of- pocket expenses, such as attorneys' and experts' fees, and shall also include the reasonable value of any services rendered by any employee of Lender. 17. Expenses. Borrower shall pay or reimburse Lender for all reasonahle costs and expenses paid or incurred by Lender in any action, proceeding or dispute of any kind in which Lender is made a party or appears as party plaintiff or defendant, involving any of the Security Documents, Borrower, or the Property, including, without limitation, to the foreclosure or other enforcement of this Mortgage, any condemnation involving the Property, any action to protect the security hereof, or any proceeding in probate or bankruptcy, and any such amounts paid or incurred by Borrower shall be treated as Advances in accordance with Paragraph 18 thereof. a 100 E.AgPx CMC PPDP F1133% 3 -IOUs page 4 of 8 corYw(;ar 2W> Secvi,n ritlu+clW ()rap. Inc. All righl,,wa.vu.J MORTCACE (continued) 00 626 18. Advances. In the event Borrower fails to perform any act required of Borrower by any of the Security Documents or to pay when duc any amount required to be paid by any of the Security Documents, Lender may but shall not be obligated to, make such payment or perform such act. Such payment or performance by Lender shall not have the effect of curing any Event of Default or of extending the time for making any payment due hereunder or under the Agreement. All amounts so paid by Lender, together with all expenses incurred in connection therewith, shall be deemed advances "Advances under this Mortgage and the Agreement, shall be immediately due and payable and shall be added to the Debt. Advances shall bear interest from the date expended at the rate specified in the Agreement and shall be secured by this Mortgage as though originally a part of the principal amount of the Debt. 19. Use Violations. Borrower shall not use the Property or allow the same to be used or occupied for any unlawful purpose or in violation of any permit or certificate, or any law, ordinance, regulation or restrictive covenant, covering or affecting the use or occupancy thereof, or suffer any act to be done or any condition to exist on the Property or any article to be brought thereon, that may be dangerous, unless safeguarded as required by law, or that may, in law, constitute a nuisance, public or private. 20. Other Liens. Borrower shall not. without the prior written consent of Lender, create or permit to be created or to remain, any mortgage, pledge, lien, encumbrance or charge on, security interest in, or conditional sale of or other title retention agreement on (whether prior or subordinate to the liens of the Security Documents) the Property or income therefrom other than the Security Documents "Liens In the event Borrower fails to promptly discharge any such Liens, Lender may, but shall not be obligated to, do so and any amounts paid or incurred by Lender (including reasonable attorney's fees in connection therewith), shall be treated as Advances in accordance with Paragraph 18 hereof. 21. Transfer of the Property. Borrower shall not sell, convey, transfer or assign the Property or any beneficial interest therein or any pan thereof, whether by operation of law or otherwise, without the prior notice and the prior written consent of Lender. In the event of such a sale, conveyance, transfer or assignment, Lender may, at its option, require immediate payment in full of all sums secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by applicable law as of the date of this Mortgage. if Lender exercises Lender's option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date thc notice is delivered or mailed within which Borrower must pay all sums secured by this Mortgage, If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. Even if Borrower transfers the Property, Borrower will oontinue to be obligated under the Agreement and this Mortgage unless Lender releases Borrower in writing. As a condition to iender's consent to any proposed transfer or as a condition to the release of Borrower, Lender may require that the person to whom thc Property is transferred sign an assumption agreement satisfactory to Lender and Lender may impose an assumption fee. The assumption agreement will not entitle thc person signing it to receive advances under the Agreement. 22. Default; Termination and Acceleration; Remedies. Each of the following events shall constitute an event of default "event of default under this Mortgage: (1) Borrower commits fraud or makes a material misrepresentation in connection with this Mortgage or the Agreement; (2) Borrower does not meet the repayment terms of the Agreement; or (3) Borrower's action or inaction adversely affects the Lender's rights in the Property secured by this Mortgage. if an event of default occurs, then prior to exercising any right or remedy provided for in this Mortgage and prior to acceleration, Lender shall give notice as provided in paragraph 34 hereof and as required by applicable law. The notice shall specify; (a) the event of default; (b) the action required to cure the event of default; (c) a date, not less than thirty days from the date the notice is given to Borrower by which the event of default must be cured; (d) that failure to cure the event of default on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property; and (e) any other information required by applicable law. The notice shall further Inform Borrower of the right to reinstate after acceleration, if applicable, and the right to bring a court action to assert the nonexistence of an event of default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, at Lender's option, without further notice or demand, may invoke the power of sale and any other remedies availnble under applicable law, Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph, including, but not limited to, reasonable attorneys' fees and costs of title evidence. t 1 t%1 I.A$ER CMC FPDF FI 13,'a r 2 -2006 page 5 01'8 cuYnlGHr ytgt 5cepnen ruunciel Grump, Irv, All „ylns reserved MORTGAGE (continued) e'06/627 If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to Borrower in the manner provided in section 34. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (n) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Mortgage; and (c) any excess to the person or person legally entitled to it. 23. Borrower's Rights to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Mortgage discontinued at any time prior to the earlier of (1) sale of the Property pursuant to any power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage. 'those conditions are that Borrower: (a) pays Lender all sums which would then be due under this Mortgage and the Agreement had no acceleration occurred; (b) cures all other events of this Mortgage and the Agreement; (c) pays all reasonable expenses Incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unchanged. Upon reinstatement by Borrower, this Mortgage and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraph 22. 24. interest Rate After Judgment. Borrower agrees that the interest rate payable after a judgment is entered on the Loan Agreement or in an action or mortgage foreclosure shall he the rate explained in the Loan Agreement or other such rate allowed by applicable law. 25, Condemnation, In thc event of any condemnation or other taking of any part or all of the Property, or for conveyance in lieu of condemnation, all awards or other compensation for such taking shall be paid to Lender for application on the Dcbt, provided that no such application shall result in additional interest or have the effect of curing any event of default or extending the time for making any payment due hereunder or under the Agreement. 26. Prior Mortgage. If this Mortgage is subject to a prior mortgage, the lien of which is superior to the lien of this Mortgage, Borrower agrees to pay each installment of the debt secured by the prior mortgage when it is due, whether by acceleration or otherwise. Borrower also agrees to pay and perform alt other obligations of the Lender under the prior mortgage. Borrower agrees to provide Lender with proof of payment or performance under the prior mortgage whenever Lender requests it If Burrower fails to pay any installment of principal or interest when it is due or if Borrower fails to pay or perform any other obligation under the prior mortgage; Lender has the right, but not the obligation, to pay the installment or to puy or perform such othcr obligation on Borrower's behalf. Any amounts Lender spends in performing Borrower's obligations will become part of the Debt, payable by Borrower on Lender's demand, and will bear interest at the same rate as the Dcbt bears from time to time. Lender may rely upon any written noticc of default under the prior mortgage that Lender receives from the holder of thc prior mortgage even though Borrower questions or denies the existence, extent, or nature of the default. Borrower shall not renew, extend or modify the prior mortgage, and shall not increase the debt secured by the prior mortgage, without Lender's prior written consent, 27. Survival of Warranties and Covenants. The warranties, representations, covenants and agreements sct forth in thc Security Documents shall survive the making of the loan and the execution and delivery of the Agrecmcnt, and shall continue in tuft force and effect until the Dcbt shall have been paid in full, 28. Further Assurances. Borrower shall, upon the reasonable request of Lender, execute, acknowledge and deliver such further instruments (including, without limitation, a declaration of no set- off) and do such further acts as may be necessary, desirable or proper to carry out more effectively thc purpose of the Security Documents and to subject to the liens thereof any property intended by the terms thereof, to be covered thereby and any renewals, additions, substitutions, replacements or betterments thereto. 29. Recording and Filing. Borrower shall cooperate with Lender to cause those Security Documents for which constructive notice must be given to protect Lender (and all supplements thereto) to be at all times recorded and filed, and re- recorded and re- filed, in such manner and in such places as Lender shall reasonably request, and Borrower shall pay all such recording, filing, re-recording, re- filing taxes, fees and other charges to the maximum extent permitted by the laws of the State in which the recording or filing takes place, 30. Loan Expenses. Borrower shall pay all applicable costs, expenses and fees set forth in the Agrecmcnt. 8100 LAVA CMC F PDP Al l3 )961 2 0 U page 6 of 8 COPYR 2005 Sect inn Pinwneiy10 a,p. Inc. All riyhta rwerral C 00628 s 100 LASER CMC FYDY )'11339 12.2009 MORTGAGE (continued) 31. No Representation by Lender. By accepting or approving anything required to be observed, performed or fulfilled, or to be given to Lender, pursuant to this Mortgage, including (hut not limited to any officer's certificate, balance sheet, statement of profit and loss or other financial statement, survey or appraisal), Lender shall not be deemed to have arranged or represented the sufficiency, legality, effectiveness or legal effect of the same, or of any term, provision or condition thereof, and such acceptance or approval thereof shall not be or constitute any warranty or representation with respect thereto by Lender, 32. Borrower Not Released; Forbearance By Lender Not a Walver,Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy, 33. Incorporation of Agreement. Each and every term, covenant and provision contained in thc Agreement is, by this reference, incorporated into this Mortgage as if fully set forth herein. 34. Notice. Except for any notice required under applicable law to be given in another manner, any notice provided for in this Mortgage shall be in writing and shall be deemed properly delivered three days after deposit thereof in any main or branch United Stales Post Office, certified or first class United States Mail, postage prepaid, addressed to each party's address as listed on page 1, or at such other address as may be designated by notice as provided herein. 35. Covenants Running With the Land. All covenants contained in this Mortgage shall run with the Land. 36. Successors and Assigns. All of the terms of this Mortgage shall apply to and be binding upon, and inure to the benefit of, the successors and assigns of Mortgagor and Mortgagee, respectively, and all persons claiming under or through them provided that nothing in this Paragraph shall be construed to permit a transfer, conveyance or assignment other than as expressly permitted by this Mortgage. 37. Multiple Borrower. Borrower's covenants and agreements hereunder shall be joint, several and primary. Any Mortgagor who co signs this Mortgage but does not execute the Agreement: (a) is co- signing this Mortgage only to mortgage, grant and convey the Property; (b) is not personally obligated to pay the Debt; and (c) agrees that Lender and any other l3orrower may agree to extend, modify, forebear or make any accommodations with regard to the terms of this Mortgage or the Agreement without that Borrower's consent. 38. Governing Law; Severabflity, The state and local laws applicable to this Mortgage shall he thc laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Agreement conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Agreement which can he given affect without the conflicting provision, and to this end the provisions of this Mortgage and thc Agreement are declared to be severable. As used herein. "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 39. Modification. This Mortgage may not be changed, waived, discharged or terminated orally, but only by an instrument or instruments in writing, signed by the party against which enfofcemcnt of' the change, waiver, discharge or termination is asserted. 40. Release, When Borrower has paid all sums secured by this Mortgage, Lender shall release this Mortgage. To the extent permitted by law, Lender may chargc Borrower a fee for such release, Borrower shall pay any costs of recordation. 41. Strict Performance. Any failure by Lender to insist upon strict performance by Borrower of any of the terms and provisions of this Mortgage or any of the Security Documents shall not be deemed to be a waiver of any of the terms or provisions of this Mortgage or any of the Security Documents, and Lender shall have the right thereafter to insist upon strict performance by Borrower of any and all of them. 42. Borrower's Copy. Borrower shall be furnished a copy of the Agreement and of this Mortgage at the time of execution or after recordation hereof. 43, Headings. The headings and the section and paragraph entitlements hereof arc inserted for convenience of reference only, and shall in no way alter or modify the text of such paragraphs, sections and subsections, page 7 or b CO Y IOHT 2005 Secvinn einenciel 0.wl., Lie. A11 rights raesrvaLt f!'J Ir'I (THU) JAIN 2) 2010 15:26/ST. 15:23/No. 6806588466 P 9 KAR F u b E S ro Notary State of Utah My Commission e r 3 t November 15, Comm. Number: 580857 MORTGAGE (continued) 44. Riders. If one or more riders are attached to and made a part of this Mortgage, the covenants and agreements for each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage, 45. Waiver of Homestead. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. REQUEST FOR NOTICE OF DEFAULTAND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure action. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Mortgage and in any exec ted by Borr and recorded with it. 3� 5 N� st 1981 Sou hA�'CREQIT UNION Salt Lake City, UT 84104 II I OQ LAS /3R CMC FPDF FI12794 12.2008 Witness X Witness Witness Witness Witness X X I hereby certify that the precise address s the Lender (Mortgage on behalf of the Lender.. By: 'Title: STATE STATE Ol� )AS COUNTY OF page 8 of8 My commission expires; Witness Non Borrower Owner(s); BY SIGNING BELOW, Non- Borrower accepts and agrees to the terms and covenants contained in this Mortgyo—arid in any rider(s) executed by Non Borrower and recorded with it, which means Non Borrower can lo home if Borrower defaults. However, by signing, Non Borrower is not personally obligate pa, -tai rebt contemplated i gage. h This instrument was acknowledged before me on by 77.5colir 7ivey (and Rank) 00 0629 11 213 COPYRIOH1 200 Sccurien FinwpOw Gnaw, Inc. All rizhe reearvad. n ee/01/2010 01:25 FAX mi LOT 26 OF STAR VALLEY RANCH PLAT 21, LINCOLN COUNTY, WYOMING EXHIBIT "A" AS DESCRIBED ON THE OFFICIAL PLAT FILED ON OCTOBER 22, 1982 AS INSTRUMENT NO. 586332 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. C' tI001