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HomeMy WebLinkAbout9561776011019218 AGREEMENT FOR DEED IN LIEU OF FORECLOSURE RECITALS 000837 This Agreement for Deed In Lieu of Foreclosure (the "Agreement dated September 2010, is executed by and between First Horizon Home Loans, a Division of First Tennessee Bank National Association, successor in interest by merger to First Horizon Home Loan Corporation "Lender and Larry D. Yack "Borrower Lender and Borrower may be collectively referred to herein as the "Parties." A. Loan Documents. On or about April 27, 2007, Lender made a loan to Borrower (the "Loan"). The Loan is evidenced by that certain note dated April 27, 2007, in the original principal amount of $211,375.00 (as may have been modified to date, the "Note The Note is secured by, among other things, that certain mortgage dated April 27, 2007, executed by Borrower for the benefit of Lender, its successors and assigns (as may have been modified to date, the "Mortgage The Mortgage was recorded May 7, 2007, in Book No. 656, Page No. 877 in the official records of Lincoln County, Wyoming (the "Official Records The Mortgage encumbers certain real property commonly known as 309 East 2 Ave., Afton, WY 83110 (the "Property and more particularly described as: BEGINNING AT THE SOUTHWEST CORNER OF LOT THREE (3) OF BLOCK TWO (2) IN THE TOWN OF AFTON, LINCOLN COUNTY, WYOMING, AND RUNNING THENCE NORTH 82.5 FEET, THENCE EAST 77.5 FEET, THENCE SOUTH 82.5 FEET, THENCE WEST 77.5 TO THE PLACE OF BEGINNING. Lender is the current owner of the Note and holder of the Mortgage. As used herein, "Loan Documents" means the Note, Mortgage and any other document executed in connection with the Loan. "Indebtedness" means all amounts owing under the Loan Documents. B. Existence of Default. Borrower has defaulted under the terms and conditions of the Loan Documents, including without limitation, failing to modify the Loan as set forth in the Loan Documents. Lender has complied with all notice requirements and provisions, if any, under the Loan Documents and applicable law, and all grace periods have either expired or been waived by Borrower. C. Value of the Property. As of the date of this Agreement, the amount owing Lender under the Loan Documents is no less than approximately $200,927.04 inclusive of principal and interest and the Property has an agreed upon value of $135,000.00. Borrower confirms to Lender that the current fair market value of the Property does not exceed the Indebtedness. D. Release. The parties wish to resolve Borrower's default under the Loan Documents by providing for a conveyance of the record and beneficial title to the Property to Lender in exchange for Lender's agreement to no longer pursue Borrower personally on the Note and all other monetary obligations (collectively the "Obligations secured by the Loan Documents. MRG /9901- 00359/233485 (9- 14 -10) RECEIVED 10/22/2010 at 4:18 PM RECEIVING 956177 BOOK: 755 PAGE: 837 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Page 1 MRG /9901- 00359/233485 (9- 14 -10) AGREEMENT 000838 In consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, Borrower and Lender hereby agree as follows: 1. Recitals. The foregoing recitals are true and correct. 2. Agreement to Convey. Borrower agrees to convey good and indefeasible marketable title to the Property to Lender, free and clear of any right of redemption or other right of Borrower or anyone claiming through Borrower. Borrower shall convey the Property to Lender via a warranty deed in lieu of foreclosure (the "Deed executed contemporaneously with this Agreement. Borrower acknowledges and agrees that such conveyance is an absolute conveyance of all the right, title and interest in and to the Property and was not and is not now intended as a deed of trust, mortgage, trust conveyance, or other security agreement of any nature whatsoever, and that Borrower has no further interest (including without limitation any equity rights of redemption) or claims in and to the Property or to any rents, issues or profits and other proceeds that may be derived therefrom, of any kind whatsoever. The Parties intend that the respective interests of Lender under the Deed and under the Mortgage shall not merge and shall remain distinct and independent. 3. No Personal Enforcement, No Release of Liens. Subject to the terms of this Agreement, upon Closing (as set forth in Section 5 below), Lender agrees that the Obligations will thereafter not be personally enforceable against Borrower. Notwithstanding the foregoing, the Mortgage shall not be RELEASED, RECONVEYED or RELINQUISHED in any manner or respect whatsoever, but shall remain valid and continuous and in full force and effect, unless and until specifically released by written instrument (the "Reconveyance executed by the Lender, and recorded in the Official Records. Such Reconveyance may be made as, if and when the Lender shall determine in its sole discretion. 4. REVIVAL AND REINSTATEMENT. IF THE CONVEYANCE OF THE PROPERTY FROM BORROWER TO LENDER IS VOIDED, AVOIDED OR SET ASIDE FOR ANY REASON WHATSOEVER, (A) ALL LIENS EVIDENCED BY THE LOAN DOCUMENTS, AND ALL RIGHTS OF LENDER AGAINST BORROWER EXISTING PRIOR TO THIS AGREEMENT, WILL BE AUTOMATICALLY REVIVED AND REINSTATED; (B) LENDER SHALL HAVE THE RIGHT TO FORECLOSE AND TAKE SUCH OTHER ACTION PERMITTED THEREBY; AND (C) ALL COSTS OF LENDER INCURRED IN CONNECTION WITH THIS AGREEMENT AND ANY OTHER COST OF ENFORCEMENT OF THE RIGHTS AND REMEDIES OF LENDER SHALL BE PAYABLE BY BORROWER UPON DEMAND. cxloln s zero 5. Closing. On or before (the "Closing Date Borrower shall deliver to Lender the following fully- executed documents: (a) this Agreement, (b) the Deed, notarized as required therein in the form attached hereto as Exhibit "A," (c) an Affidavit, notarized as Page 2 required therein in the form attached hereto as Exhibit `B," and (d) a Transferor's Release (the "Release the original of which is attached hereto as Exhibit "C." Subject to Borrower's compliance with all of the requirements of this Agreement, Lender shall cause the Deed to be recorded in the Official Records. Such act shall constitute the "Closing." If for any reason the Closing does not occur on or before the Closing Date, Lender may notify Borrower in writing of its intent to (1) terminate this Agreement without assuming any costs or liability, or (2) extend the Closing to a later date satisfactory to Lender. Without limiting the foregoing, Borrower shall execute all such other documents and take such additional actions as Lender may require to consummate the transactions contemplated by this Agreement. 6. Surrender of Possession/Consent to Eviction. AS AN EXPRESS CONDITION TO LENDER'S OBLIGATION TO CLOSE, BORROWER HEREBY AGREES TO VACATE THE PROPERTY, REMOVE ALL OF THEIR PERSONAL PROPERTY AND FOREVER SU' R PO SESSIO F THE PROPERTY TO LENDER BY NO LATER THAN N ak SURRENDER OF POSSESSION DATE BORROWER FURTHER AGREES THAT IN THE EVENT THEY DO NOT SURRENDER POSSESSION OF THE PROPERTY TO LENDER AS AGREED, LENDER SHALL BE ENTITLED TO EITHER (A) EXERCISE LENDER'S RIGHTS TO REVIVAL AND REINSTATEMENT UNDER SECTION 4 OF THIS AGREEMENT AND NOTIFY BORROWER IN WRITING OF LENDER'S INTENT TO (1) TERMINATE THIS AGREEMENT WITHOUT ASSUMING ANY COSTS OR LIABILITY, (B) IMMEDIATELY SEEK A WRIT OF POSSESSION WITHOUT PROVIDING ANY NOTICE (OTHER THAN THIS AGREEMENT) TO BORROWER, AND /OR (C) EXTEND THE CLOSING AND /OR THE SURRENDER OF POSSESSION DATE TO A LATER DATE SATISFACTORY TO LENDER. MRG /9901- 00359/233485 (9- 14 -10) 000839 7. Title Insurance. AS AN EXPRESS CONDITION TO LENDER'S OBLIGATION TO CLOSE, LENDER HAS THE RIGHT TO OBTAIN FROM A NATIONALLY RECOGNIZED TILE INSURANCE COMPANY "TITLE COMPANY AN OWNER'S TITLE INSURANCE POLICY, OR EQUIVALENT, ACCEPTABLE TO LENDER "TITLE POLICY DATED AS OF THE CLOSING DATE NAMING LENDER AS THE INSURED, which Title Policy shall show fee simple title to the Property vested in Lender as of the Closing Date with no junior lien holders identified. The Title Policy may (a) insure as separate parcels any easements appurtenant to the Property, (b) be in the amount of the indebtedness evidenced by the Note which is outstanding on the Closing Date (or such lesser amount as Lender shall accept), (c) contain full extended coverage insurance over all general exceptions set forth in such policy, (d) delete any so- called "creditors" rights exclusion or exceptions, (e) include such reinsurance (with such reinsurers) as Lender may require, together with direct access agreements with such reinsurers, (f) contain a date -down endorsement showing fee simple title in Lender, and (g) contain a non merger endorsement acceptable to Lender. Borrower shall cooperate with Lender to permit Lender to obtain the Title Policy and the Loan Policy Endorsements. IN THE EVENT THE TITLE POLICY CANNOT BE ISSUED THROUGH NO FAULT OF LENDER, OR CANNOT BE ISSUED AS PROVIDED HEREIN, THEN, IN LENDER'S SOLE DISCRETION, LENDER'S RIGHTS TO Page 3 000840 REVIVAL AND REINSTATEMENT UNDER SECTION 4 OF THIS AGREEMENT SHALL APPLY AND LENDER MAY NOTIFY BORROWER IN WRITING OF ITS INTENT TO (1) TERMINATE THIS AGREEMENT WITHOUT ASSUMING ANY COSTS OR LIABILITY, OR (2) EXTEND THE CLOSING TO A LATER DATE SATISFACTORY TO LENDER. 8. Representations and Warranties. Borrower further agrees, represents and warrants as follows: (a) Inspection/Negative Covenants. On or before Closing, Lender and /or its authorized agents may inspect the Property. Between the date of the execution of this Agreement and the Closing, Borrower will not enter into any agreements of any nature relating to or affecting the Property without the express and prior written consent of Lender. (b) Advice of Counsel. This Agreement, the Deed, the Affidavit and the Release were reviewed by Borrower, who acknowledges and agrees that (i) Borrower understands fully the terms and impact of each such document, (ii) Borrower has been afforded an opportunity to have such documents reviewed by and discussed with their attorneys and other persons as they may wish, and (iii) Borrower is entering into this Agreement and executing such documents of their own free will and accord and without threat or duress. (c) Hazardous Substances. Borrower has made no use involving the presence on the property of any "hazardous substance" as hereinafter defined or in violation of any federal, state, local or other governmental or quasi governmental law, ordinance, regulation or judicial or quasi-judicial doctrine relating to the protection of the environment, hereinafter collectively referred to as "environmental law." "Hazardous substance" is used in its broadest sense and shall mean any petroleum base products, pesticides, paints and solvents, polychlorinated biphenyl, lead, cyanide, DDT, acids, ammonium compounds or other chemical products and any substance or material defined or designated as a hazardous or toxic substance or other similar term by an environmental law. (d) Litigation/Title. The Property, and Borrower's interest therein, is not subject to any litigation. Borrower owns record and beneficial title in fee simple absolute, in and to the Property and there are no existing liens, encumbrances, encroachments, overlaps, special assessments, claims, leases, tenancies, other adverse interests or defects upon or affecting the Property, nor has Borrower permitted any action or entered into any contracts by which any person may claim or create any of the same. (e) No Duress /Good Faith/No Insolvency. Borrower's execution of this Agreement and the Deed, the Affidavit and the Release are voluntary and not as a result of duress or threats of any kind. Furthermore, they are executed and delivered in mutual good faith and not given or intended to hinder, delay of defraud any creditor or to contravene the bankruptcy laws of the United States or any other applicable federal or state laws. The fair value of Borrower's assets exceeds their liabilities and they will not be rendered insolvent by the transactions contemplated MRG /9901- 00359/233485 (9- 14 -10) Page 4 hereunder. 000841 (f) Bankruptcy. Borrower is not currently a parry to any pending case, action, or proceeding under the Bankruptcy Code or any similar state law; no petition in any case, action, or proceeding under the Bankruptcy Code or any similar state law has been filed against Borrower that has not been dismissed or vacated; and Borrower has not filed an answer or otherwise admitted in writing insolvency or inability to pay their debts or made an assignment for the benefit of creditors or consented to an appointment of a receiver or trustee of all or a material part of their property. The transaction contemplated herein is not a preference, voidable transfer, fraudulent conveyance, or otherwise in violation of the Bankruptcy Code or any other similar state or federal law. (g) No Brokers. No real estate broker was utilized in connection with the conveyance described herein, and Borrower agrees to indemnify and hold Lender harmless from any and all claims by real estate agents or brokers with respect to the same. (h) Condition of Property. Borrower warrants that they have not committed waste on the Property and that all fixtures will remain intact and will not be removed by Borrower upon departure from the Property. (i) Homeowner's Association. Borrower warrants that all Homeowner's Association or other community association dues are paid current through the date of this Agreement. 9. Pre Closing Claims. Borrower agrees that Lender's acceptance of title to the Property under the Deed will not create any liability on Lender's part to third parties that have claims of any kind against Borrower, in connection with the Property or otherwise. Lender will not, under this Agreement, assume or agree to discharge any liabilities pertaining to the Property. Borrower agrees to indemnify and hold Lender harmless, from and against any losses, damages or expenses (including attorneys' fees and court costs) pertaining to claims arising out of the Property, and arising from events that occurred prior to the date of Closing. This Agreement does not confer any third party benefits on persons not a signatory to this Agreement. 10. Misrepresentation. Borrower shall indemnify and hold Lender harmless from and against any losses, damages, costs or expenses (including attorneys' fees) incurred by Lender as a direct or indirect result of (a) any breach of any representation or warranty of Borrower contained in this Agreement, or (b) any breach or default by Borrower under any of the covenants or agreements contained in this Agreement to be performed by Borrower, all of which shall survive the Closing hereof. 11. Survival. All representations, warranties, covenants and agreements of the Parties made in this Agreement shall survive the execution and delivery hereof and the Closing hereunder, until such time as all of the obligations of the signatories hereto shall have lapsed in accordance with their respective terms or shall have been discharged in full. MRG /9901- 00359/233485 (9- 14 -10) Page 5 12. Miscellaneous. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and assigns. All rights and remedies herein provided are cumulative and are not exclusive of any right or remedies which the Parties hereto may otherwise have at law or in equity. Lender shall have the right to waive any of the conditions precedent to its obligations under this Agreement. No such waiver, modification, discharge or amendment of this Agreement will be valid in the absence of the written and signed consent of the party against which enforcement of such is sought, except as otherwise provided herein. This Agreement contains the entire agreement between the Parties relating to the transaction contemplated hereby. All prior or contemporaneous agreements, understandings, representations and statements, whether written or oral, are merged herein. This Agreement shall be construed in accordance with the applicable laws of the State of Idaho and applicable federal law. 13. Notices. All notices, demands and requests given or required to be given by any parry to this Agreement are to be in writing and must be sent, if mailed, by U.S. Certified Mail, Return Receipt Requested, to the addresses set forth below: If to Borrower: If to Lender: Larry Yack P.O. Box 144 Neola, UT 84053 MRG /9901- 00359/233485 (9- 14 -10) [Remainder of Page intentionally left Blank] Michelle R. Ghidotti ATTLESEY 1 STORM, LLP 2552 Walnut Ave., Suite 100 Tustin, CA 92780 Page 6 or to such other address or addresses as hereafter shall be furnished by any of the parties hereto to all other parties. Notices, demands and requests given in the aforesaid manner will be deemed given for all purposes hereunder on the third business day after being deposited in any post office or branch post office regularly maintained by the United States postal service. Any notices sent by telecopy, telex, cable or telegram shall be deemed to have been given on the date received by the addressee. IN WITNESS WHEREOF, Borrower has caused this Agreement to be duly executed and delivered as of BORROW ir e/ ARRY D AC STATE OF LLICA SS COUNTY OF W The foregoing instrument was acknowledged before me by LARRY D. YACK, this }h day of Oc,-.64k 1- 2010. Witness my hand and official seal. My commission expires: m Z 02()iy SEAL MRG /9901- 00359/233485 (9- 14 -10) Notary Public TAI L BRUCKNER Commission #582729 My Commission Expires May 2, 2014 State of Utah 1 1 J NOTARY PUBLIC Page 7 LENDER: FIRST HORIZON HOME LOANS, A DIVISION OF FIRST TENNESSEE BANK NATIONAL ASSOCIATION, SUCCESSOR IN LNTEREST BY MERGER TO FIRST HORIZON HOME LC "Cl t RATIO By /c;i�.� h Aj 'et c e 1`)) te eth [Printed Name and Title] t//P STAI'E XAS County of Q,S I 1 VAI N n this me `n0� +MQ+ LLL on tklis day personally r f t appeared W (name and ch evneC. racte o� he officer known to me (or proved to me on the oath of or through (description of identity card or other document)) to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same for the purposes and consideration therein expressed. Given under my hand and seal of office this day of 1v412G /9 901- 003 5 9/23 3435 (9- 14-10) Public's Signature o l0 (year). sou∎ P i o �i.• DENA CROMER a. Notary Public, State of Texas My Commission Expires December 19, 2010 Page 8 C QO844 MRG/9901-00359/233485 (9-14-10) EXHIBIT "A" DEED IN LIEU OF FORECLOSURE 000845 Page 9 WARRANTY DEED IN LIEU OF FORECLOSURE and ASSIGNMENT OF LEASES BEGINNING AT THE SOUTHWEST CORNER OF LOT THREE (3) OF BLOCK TWO (2) IN THE TOWN OF AFTON, LINCOLN COUNTY, WYOMING, AND RUNNING THENCE NORTH 82.5 FEET, THENCE EAST 77.5 FEET, THENCE SOUTH 82.5 FEET, THENCE WEST 77.5 TO THE PLACE OF BEGINNING C OG84 Larry D. Yack, a single person, Grantor, whose place of residence is P.O. Box 144, Neola, Utah 84053, for and in consideration of one dollar ($1.00) and other valuable consideration, conveys and warrants unto First Horizon Home Loans, a Division of Tennessee Bank National Association, its successors and assigns, whose place of business is 4000 Horizon Way, Ste. 150, Irving, TX 75063, all such right, title, interest, property, possession, claim and demand, as Grantor may have or ought to have, in or to all of the following described premises, to -wit: Commonly known as 309 East 2nd Ave., Afton, Wyoming This Deed is an absolute grant of title in effect as well as in form, and is not intended by the Grantor to be a Mortgage. The Grantor hereby releases and waives any and all of his rights under and by virtue of the homestead exemption laws of the State of Wyoming and hereby releases and waives all legal and equitable rights of redemption under the laws of the State of Wyoming. This Warranty Deed in Lieu of Foreclosure is expressly made subject to the terms and conditions of the supporting Affidavit executed in connection herewith. TO HAVE AND TO HOLD the said premises unto the said Grantee, its successors and assigns, to its own proper use and behoof forever, so that neither Grantor nor any other person in his name or behalf shall or will hereafter claim or demand any right or title to the premises or any part thereof, but he and every other shall by these presents be excluded and forever barred. Grantor further hereby assigns to Grantee all of Grantor's rights in all leases which affect the above described property. SEAL Dated: /6/ Ail /EL o/G a LEEANN GEORGE Notary Public State of Utah Comm. No. 577583 My Comm. Expires Feb 12, 2013 2010. LARRY D. CK (Grantor STATE OF UTAH SS COUNTY OF W i The foregoing instrument was acknowledged before me by LARRY D. YACK, this g day of avjr 2010. Witness my hand and official seal. My commission expires NOTARY PUBLIC MRG/9901-00359/233485 (9-14-10) EXHIBIT "B" AFFIDAVIT Page 10 AFFIDAVIT IN SUPPORT OF WARRANTY DEED IN LIEU OF FORECLOSURE STATE OF wret-4k SS COUNTY OF A- Larry D. Yack, a single person, hereinafter referred to as "Grantor," being first duly sworn, upon oath depose and says as follows: 1. On April 27, 2007, Grantor executed and delivered to First Horizon Home Loan Corporation, hereinafter referred to as "Grantee," a mortgage in the principal amount of $211,375.00 with interest thereon at the rate of 7.500% per annum on the balance remaining due which was recorded on May 7, 2007, in Book 656, Page 877 of the real estate records of Lincoln County, Wyoming Clerk and Recorder, which encumbered the following described real property: BEGINNING AT THE SOUTHWEST CORNER OF LOT THREE (3) OF BLOCK TWO (2) IN THE TOWN OF AFTON, LINCOLN COUNTY, WYOMING, AND RUNNING THENCE NORTH 82.5 FEET, THENCE EAST 77.5 FEET, THENCE SOUTH 82.5 FEET, THENCE WEST 77.5 TO THE PLACE OF BEGINNING Commonly known as 309 East 2nd Ave., Afton, Wyoming (Hereinafter "the Property. Grantor acknowledges that the entire indebtedness secured by the Mortgage described above is due and owing and that Grantor is obligated to Grantee for the full payment thereof, and that as a result, the Grantee is entitled to foreclose the above described Mortgage. 2. Grantor no longer desires to continue making payments to Grantee as required by the Mortgage. 3. Pursuant to an agreement between Grantor and Grantee, the Grantor has made, executed and delivered to Grantee, a Warranty Deed in Lieu of Foreclosure, hereinafter referred to as "the Deed," which conveyed the Property to Grantee. 4. Grantor acknowledges that he has executed and delivered the Deed voluntarily, in good faith on the part of the Grantor and Grantee, and without any fraud, misrepresentation, duress, undue influence, misapprehension as to the effect thereof, and without any misunderstanding on the part of the Grantor or Grantee, and Grantor asserts that the Deed was not given as a preference against any creditors of the Grantor. 5. The Grantor acknowledges, agrees and certifies that the Deed was an absolute conveyance of the Grantor's right, title and interest in and to the Property, together with all buildings, and improvements thereon and appurtenances thereunto belonging, and that with the delivery of the Deed, Grantor does release and waive any and all rights under and by virtue of the homestead exemption laws of the state of Wyoming and did release and waive all of Grantor's rights of redemption, both legal and equitable, and Grantor acknowledges that Grantor has no rights to a reconveyance of the Property or any right to any sale proceeds Grantee may receive from a subsequent sale of the Property. 6. Grantor acknowledges and agrees that the value of the Property is not in excess of the amount of the total debt owed the Grantee. Grantor agrees that Grantee's Mortgage against the Property shall remain in full force and effect until specifically released by the Grantee and nothing contained in the Deed or this instrument shall be construed to work as a merger of the Grantee's Mortgage and any title Grantee may acquire by the Deed. 7. Grantor agrees that neither the Deed nor this instrument shall restrict the rights of the Grantee to institute foreclosure proceedings if it desires, but the conveyance by the Deed shall be and is hereby intended and understood to be an absolute conveyance and an unconditional sale, in effect as well as in form, and is not intended by the Grantor to be a Mortgage or additionai security for any existing Mortgage. The Deed shall not restrict the right of the Grantee to institute foreclosure proceedings if it desires, but the conveyance by the Deed shall be and is hereby intended and understood to be an absolute conveyance and an unconditional sale which will fully extinguish all of Grantor's legal and equitable rights of redemption, and will fully release all Grantor's rights, title and interest of every character in and to the Property. 8. Grantor acknowledges that immediately upon execution of the Deed, Grantee shall become entitled to immediate, absolute and exclusive possession of the Property, 000849 and that Grantor shall thereafter be deemed a tenant at sufferance unless Grantee and Grantor agree otherwise in writing. 9. This Affidavit has been made for the protection and benefit of the Grantee, its successors and assigns, and all other parties hereinafter dealing with or who may acquire an interest in the Property, and shall bind the personal representatives, executors, administrators, heirs, and assigns of the Grantor. Dated: 42 STATE OF UTAH SS COUNTY OF Each` 76 1 /e' 2010. The foregoing instrument was acknowledged before me by LARRY D. YACK, this a day of 2010. Witness my hand and official seal. My commission expires: r. -11Q- o SEAL LEEANN GEORGE Notary Public State of Utah Comm. No. 577583 My Comm. Expires Feb 12, 2013 BORROWER: ARRY MRG /9 90 1- 003 5 9/23 3 4 85 (9- 14 -10) EXHIBIT "C" RELEASE 0008 Larry D. Yack (`Borrower for good and valuable consideration, the receipt and sufficiency of which are hereby ackn wded, urso that certain Agreement for Deed in Lieu of Foreclosure dated as of ST '6ci 4 s i /rEe "Agreement between Borrower and First Horizon Home Loans, a Division of First Tennessee Bank National Association, successor in interest by merger to First Horizon Home Loan Corporation "Lender does hereby forever release and discharge Lender and its successors, assigns, and past, present, and future affiliates, partners, participants, members, officers, directors, employees, shareholders, attorneys, and agents from any and all liabilities, duties, responsibilities, obligations, claims, demands, actions, causes of action, cases, controversies, damages, costs, losses, and expenses now existing or hereafter arising out of or in any way relating to or connected with, directly or indirectly, the "Property" (as defined in the Agreement) or the "Loan Documents" (as defined in the Agreement). This Release is made with reference to the laws of the State of Wyoming and shall be interpreted and enforced under and pursuant to the laws of said State. Borrower expressly waives all rights afforded by any provision under Wyoming law which generally provides as follows: "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR." IN WITNESS WHEREOF, Borrower has caused this Agreement to be duly executed and delivered as of e esrri.z.`d, 64. Page 11 STATE OF A SS COUNTY OF U3 The foregoing instrument was acknowledged before me by LARRY D. YACK, this L/ day of .1 jL r 2010. Witness my hand and official seal. My commission expires: ✓Ylb 02(')/ SEAL r Notary Public I TM 1. BRUCKNER I f r J C 4582729 My Commission Exta May 2.2014 State of Utah J MRG/9901-00359/233485 (9-14-10) 000851 Page 12