HomeMy WebLinkAbout877145RECORDATION REQUESTED BY:
FIRST NATIONAL BANK-WEST-AFTON BRANCH ~ ~ ''~ ::~ "" .7 -
314 Washington Street ~, I I'~i C ~',~ 1., i"',~J (~'; ~,ii [,J t~'~! 'i' ¥ C l_ ~ R ~
PO BOX 1620
WHEN RECORDED MAIL TO: .... ,,
314 Washington Street '~, :. ',,' .,~ ~ '. ~7. '~, '~., ~ ~.~'.; { i ~
PO BOX 1620
Afton, WY 83110
LEON ROGERS and CHRISTINE ROGERS
3164 NO 500 EAST
PROVO, UT 84604 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
CONSTRUCTION MORTGAGE
THIS MORTGAGE IS DATED OCTOBER 30, 2001, between LEON ROGERS and CHRISTINE ROGERS, HUSBAND
AND WIFE, whose address is 3154 NO 500 EAST, PROVO, UT 84604 (referred to below as "Grantor"); and
FIRST NATIONAL BANK-WEST-A~ON BRANCH, whose address is 314 Washington Street, PO BOX 1620,
Affon, WY 83110 (referred to below as "Lender").
GRANT OF MORTGAGE, For valuable consideration, Granlor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to
the following described real properly, together with all existing or subsequently er~ted or ~ffixed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all
other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, located
in LINCOLN County, State of Wyoming (the "Real Property"):
Parcel 1: SW1/4SW1/4 Section 31, Township 34 North, Range 118 West, 6th P.M. Lincoln County,
Wyoming. Parcell 2: That Right-of-way as described in Warranty Deed recorded October 23, 1992,
Book 319 P.R., Page 385.
The Real Property or its address is commonly known as 500 ASPEN HOLLOW ROAD,, BEDFORD, WY 83112.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all leases of the Property and ~11 Rents from the Property. In
addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property ~nd Rents.
DEFINITIONS. The following words shall have the following meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage shall
have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful money of
the United States of America.
Grantor. The word "Grantor" mea~s LEON ROGERS and CHRISTINE ROGERS. The Grantor is the mortgagor under this Mortgage.
Guarantor. The word "Guarantor" means and includes without limitation each and all of the guarantors, sureties, and accommodation parties in
connection with the Indebtedness.
Improvements, The word "Improvements" means and Includes without limitation all existing ~nd future improvements, buildings, structures,
mobile homes affixed on the Real Property, f~ciltties, additions, replacements and other construction on the Rest Property.
Indebtedness. The word "Indebtedness'.' means art principal and interest payable under the Note and any amounts expended or advanced by
Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor under {his Mortgage, together with
interest on such amounts ss provided In this Mortgage.
Lender. The word "Lender" means FIRST NATIONAL BANK-WEST-A~ON BRANCH, its successors and ~ssigns. The Lender is the mortgagee
under th~s Modgage.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender, and includes without limitation all assignments and security
interest provisions relating to the Personal Property and Rents.
Note. The word "Note" means the promissory note or credit agreement dated October 30, 2001, iQ the original principal amount of
$251,709.00 from Grantor lo Lender, ~ogether with ail renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the promissory note or agreemeni,
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal properly now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, p~rts, and additions to, a~l replacements
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 "Properly" means collectively the Real Property ~nd the Personal Property.
Real Property. The words "Re~l Properly" mean the prope~y, interests ~nd rights described above in the "Grant of Modgage" section.
Related Documents. The words "Related Documents" mean and include without limitation all promissory notes, credit agreements, loan
agreements, environmental agreements, guaranties, secud~y agreements, mortgages, deeds of trust, and all other instruments, agreements and
documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means al1 present and future rents, revenues,~ income, issues, royalties, profits, and other benefits derived from the
Property.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF GRANTOR UNDER THIS
MORTGAGE AND THE RELATED DOCUMENTS, THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as othe~ise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage
as they become due, and sh~ll strictly perform all of Grantor's obligations under this Modgage;
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property sha~l be governed by the
following provisions:
Possession and Use. Until in default, Grantor may remain in possession and control of and operate and manage the Properly and collect the
Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly pedorm alt repairs, replacements, and maintenance
necessary to preserve its value.
Hazardous Substances, The lerms "hazardous waste," "hazardous substance," "disposal," "release," and "threatened re~ease," as used in this
Mortgage, shall have the same meanings as set forth in the Comprehensive Environmental Response, Compensalion, and Liability Act of 1980, as
amended, 42 U.S.C. Section 9601, et seq, ("CERCLA"), the Superfund Amendments and Reauthorization Act of'1986, Pub..L. No. 9~499
("SARA"), the Ha~rdous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
Seclion 6901, et seq., or other applicable state or Federal laws, rules, or regulations adopted pursuant to any of the foregoing. The terms
"hazardous waste" and "hazardous substance" sha~l also include, withou{ limitation, petroleum and petroleum by-products or any fraction thereof
and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Grantor's ownership of the Property, there has been no
use, generation, manufacture, storage, treatment, disposal, release or threatened re,ease of any hazardous waste or substance by any person on,
under, about or from the Properly; (bi Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to
and acknowledged by Lender in writing, (ii any use, generation, manufacture, storage, ~reatment, disposal, release, or threatened release of any
h~zardous waste or substance on, under, about or from the Property by any prior owners or occupants of the Property or (ii) any actual or
10-30-2001 MORTGAGE Page 2
Loan No 6400274~ ~ ,r ~':-~',.7~ (Continued) 3 ~ 5
threatened litigation or claims of any kind by any person relating to such matters; and (c) Except as previously disclosed to and acknowledged by
Lender in writing, (i) neither Grantor nor any tenant, contractor,, agent or other authorized user of the Property shall use, generate, manutacture,
store, treat, dispose of, or release any hazardous waste or substance on, under, about or from the Property and (ii) any such activity shall be
conducted in compliance with all applicable federal, state, and local laws, regu ations and ordinances, including without limitation those laws,
regulations, and ordinances described above. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and
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 shall 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 waste and hazardous substances. Grantor hereby (a) releases and waives any future claims against
Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws, and (b) agrees to
indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may 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 of a hazardous waste or substance on the properties. The provisions of this section of the
Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of
this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to
Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including oil and gas), soil, gravel or rock products without the prior written consent ct Lender.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Properly without the prior written consent of
Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfaclory to Lender to replace
such Improvements with Improvements of'at least equal value.
Lender's Right to Enter. Lender and its agents and representatives may enter upon the Real Property at all reasonable times to attend to
Lender's interests and to inspect the Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable tc the use or occupancy of the Property. Grantor may contest in good fai{h any such law,
ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in
writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require
Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon nor leave unattended the Property. Grantor shall do all other acts, in addition to those acts
set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.
CONSTRUCTION LOAN. If some or all of th~ proceeds of the loan creating the Indebtedness are to be used to construct or complete construction of
any Improvements on the Properly, the Improvements shall be completed no later than the maturity date of the Note (or such earlier date as Lender
may reasonably establish) and Grantor shall pay in full ail costs and expenses in connection with the work. Lender, al its option, may disburse loan
proceeds under such terms and conditions as Lender may deem necessary to insure that the interest created by this Mortgage shall have priority over
all possible liens, including those of material suppliers and workmen. Lender may require, among other things, that disbursement requests be
supported by receipted bills, expense affidavits, waivers of liens, construction p.rogress reports, and such other documentation as Lender may
reasonably request.
DUE ON SALE - CONSENT ElY LENDER. Lender may, at its option, declare immediately due and payable all sums secured by this Modgage upon the
sale or transfer, without the Lender's prior written consent, of all or any pad of the Real Property, or any interest in the Real Properly. A "sale or
transfer" means the conveyance of Real Property or any right, title or interest Iherein; whether legal, beneficial or equitable; whether voluntary or
involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three
(3) years, lease-option 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 Real Property interest. If any Grantor is a corporation, partnership or limited liability company, transfer also
includes any change in ownership of more than twenty-five percent (25%) of the voting Stock, partnership interests or Iimited liability company interesls,
as the case may be, of GrantOr. However, this option shall' not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming taw.
TAXES AND LIENS, The following provisions relating to the taxes and liens en the Property are a part of this Mortgage.
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal to the interest of
Lender under' this Mortgage, except for the lien of taxes and assessments not due, and except as otherwise provided in the following paragraph.
Right To Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation
pay, so long as Lender's interest in the Property is not jeopardized, if a lien arises or is filed as a result of nonpayment, Grantor shall wilhin fifteen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficienl
to discharge the lien plus any costs and reasonable attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under the
lien. in any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcemenl against the Property.
Grantor shall name Lender as an additional obiigee under any surety bond furnished in the contest proceedings.
Evidence of Paymentl 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 lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Granter can and will pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property are a part of this Mortgage.
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a
replacement basis for the full Insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such
form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing'a
stlpuIation that coverage wilt not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing
any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Should the Real
Property at any time become tocated in an area designated by the Director of the Federal Emergency Management Agency as a special flood
hazard area, Grantor agrees to obtain and. maintain Federal Flood Insurance for the full unpaid principal balance of the !can, up to the maximum
policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of
the loan.
ApPlication of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property: Lender may make prec,! of loss if Grantor
falls to do So within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at its election, apply the proceeds
to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to
apply the pr6ceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory
Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair
or restoralion 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 commitled to the repair or ?estoration of the Property shall be used first to pay any amount owing to Lender under Ihis
Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds
any proceeds after payment in full of the indebtedness, such proceeds shall be paid to Grantor.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Properly covered by this
Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such.Property.
EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of this Mortgage, or if any action or proceeding is commenced that would
materially affect Lender's interests in the Properly, Lender on Grunter's behalf may, but shall not be required to, take any action thai Lender deems
appropriate. Any amount that Lender expends Jn so doing will bear interest at the ra{e provided for in the Note from the date incurred or paid by
Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance of the
Note and be apportioned among and be payable with any Installment payments to become due during either (i) the term of any applicable insurance
policy or (ii) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at Ihe Note's maturity. This
Modgage also will secure payment of these amounts. The rights provided for In this paragraph shall be in addition to any other righls or any remedies
10-30-20L ;: .' M~;';~ :::;~AG E Page 3
Loan No 64002'J~4_~$ ~ ~' ..~ ~",.) (Continued) ' ~ ~ ~
to which Lender may be entitled on account of the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender
from any remedy that it otherwise would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of 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 ali liens and
encumbrances other than those set forth in the Real Properly 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 Grunter's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grunter'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 Properly and Grunter's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
CONDEMNATION. The follow[ng provisions relating to condemnation of the Property are a part of this Mortgage.
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may al 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 lhe award after paymenl of all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with lhe condemnation.
Proceedings. if any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promplly take such
stops as may be necessary to defend the action and oblain 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 as may be requested by it from time to time to permit such participation.
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 addilion to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described be~ow, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including withoul limilation all
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes, The following shall constitute tax~s to which this section applies: (a) a specific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (b) a specific tax on Grantor which Grantor ts authorized or required to deduct from payments on the
Indebtedness secured by this type of Mortgage; (c) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note; and
(d) a specific tax 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 evenl shall have the same
effect as an Event of Default (as defined below), and Lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Grantor either (a) pays the. tax before it becomes delinquent, or (b) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond or other security salisfactory 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 or other personal
property, and Lender shall have all of the rights of a secured pady under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by Lender to
perfect and continue Lender's security interest in the Rents and Personal Properly. in addition to recording this Mortgage in the real properly
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 assemble the Personal Properly 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.
Addresses, The mailing addresses of Grantor (debtor) and Lender (secured pady), from which information concerning the security interesl
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Cede), are as stated on the first page of this Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT, The following provisions relating to further assurances and attorney-in-fact are a part of this
Mortgage.
Further Assurances. At any time, and 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 flied, recorded, refiled, or
rerecorded, as the case may be, at such limes and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (a) the obligations of Grantor under the Note, this Mortgage, and the Related Documenls, and (b) 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
or agreed Io the contrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters
referred to'in this paragraph.
Attorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grunter's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grunter's attorney-in-fact for the purpose
of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion,
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 ~his
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction o,f 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
~easonable termination fee as determined by Lender from time to time.
DEFAULT. Each of the following, at the option of Lender, shall constitute an event of default ("Event of Default") under this Mortgage:
Default on Indebtedness. Failure of Grantor to make any payment when due on the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Compliance Defaull. Failure of Grantor to comply with any other term, obligation, covenant or condition contained in this Mortgage~ the Note or in
any of the R~lated Documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by or on behalf of Granlor under Ibis Mortgage, the
Note or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
Defective Collaterallzation. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
documents 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 pad 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.
Foreclosure, Forfeiture, etc. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or
any other method, by any creditor of Grantor or by any governmental agency against any of the Properly. However, this subsection shall not apply
in Ihe event of a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the foreclosure or forefeilure
proceeding, provided that Grantor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim satisfactory to
Lender.
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.
10-30-2001 ~'~f~*"~'~J-,~ --<- MORTGAGE -, Page 4
Loan No 64002744~J F ~,' ]..~.~ (Continued) 3~:~ ~'
Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor dies
or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. Lender, at its option, may, but
shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty In a manner satisfactory
to Lender, and, in doing so, cure the Event of Default. '
Insecurity. Lender in good faith deems itself insecure.
Right to Cure. If such a failure is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the
preceding twelve (12) months, it may be cured (and no Event of Default wilt have occurred) if Grantor, after Lender sends written notice
demanding cure of such failure: la) cures the failure within fifteen (15) days; or lb) if the cure requires more than fifteen (15) days, immediately
initiales steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce
compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter but subjecl to any limitation in the
Note or any limitation in this Mortgage, Lender, at its option, may 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 fo declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Granlor, 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 1o Lender. If the Rents are collected by Lender, fhen Grantor irrevocably designates Lender as Grantor's
attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds.
Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made,
whether or nol 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 lake possession of all or any pad of the Property, with the power to
prolect and preserve the Properly, 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 lhe receivership, against the Indebtedness. The receiver may serve wilhout 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 Ihe ~ndebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Granfor's interest in all or in any pad of the Properly by nonjudicial sale, and specifically by "power ol
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 lhe indebtedness due to
Lender after application of all amounts received from the exercise of the righls 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 la) pay a reasonable rental for the use of the Property, or lb) vacale the Property immediately
upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this Modgage or the Note or available at taw 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 righls and remedies, Lender shall be free to sell alt or any part of the Property together or separately), in one sale or by separate
sales. Lender shall be entitled ~o bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Properly or of the time after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given al least
ten (10) days before the time of the sale or disposition.
Waiver; Election of Remedies. A waiver by any party of a breach of a provision of this Mortgage shall not constitute a waiver of or prejudice the
party's rights otherwise to demand strict Compliance with that provision or any other provision. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an election to make expendilures or take action to perform an obligation of Grantor under this Morlgage
after failure of Grantor to perform shall not affect Lender's right to declare a default and exercise its remedies under this Mortgage.
Attorneys' Fees; Expenses. If Lender ins!Itules any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as reasonable attorneys' fees at trial and on any appeal. Whether or not any court action is
involved, all reasonable expenses incurred by Lender that in Lender's opinion are necessary at any time for the protection of its interest or the
enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expenditure until
repaid at the rate provided for in the Note, Expenses covered by this paragraph include, without limitalion, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys'
fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals and any anticipated
post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and
appraisal fees, and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all other sums
provided by law.
NOTICES TO GRANTOR AND OTHER PARTIES. Any notice under this Mortgage, including without limitation any notice of default and any notice of
sale to Grantor, shall be in writing, may be sent by telefacsimile (unless otherwise required by law), and shall be effective when actually delivered, or
when deposited with a nationally recognized overnight courier, or, if mailed, shall be deemed effective when deposited in the United States mail first
class, certified or registered mai[, postage prepaid, directed to the addresses shown near the beginning of this Mortgage. Any party may change its
address for notici~s under this Mortgage by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the
party's address. Alt copies of notices of foreclosure from the holder of any lien which has priority over fhis Mortgage shall be sent lo Lender's address,
as shown near the beginning of this Mortgage. For notice purposes, Grantor agrees 'to keep Lender informed at all times of Grantor's current address.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together With any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in Ibis Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and signed by the
party or parties sought to be charged or bound by lhe alteration or amendment.
Applicable Law. This Mortgage has been de{ivered to Lender and accepted by Lender In the State of Wyoming. This Mortgage shall be
governed by and construed in accordance with the laws of the State of Wyoming.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of ibis Mortgage.
Merger. There shall be no merger of the interest or estate created by this Mortgage with any other inlerest or estate in the Property at any time
hetd by or for the benefit of Lender in any capacity, without the written consent of Lender.
Multiple Parlies. All obligations of Granlor under this Modgage shall be joint and several, and alt references to Grantor shall mean each and
every Grantor. This means that each of the persons signing below is responsible for all obligations in this Mortgage.
Severabllity. if a court of competent jurisdiction finds any provision of this Modgage to be invalid or unenforceable as to any person or
circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such
offending provision shall be deemed to be modified lo be within the limits of enforceability or validity; however, if the offending provision cannot be
so modified, it shall be stricken and all other provisions of this Mortgage in all other respects shall remain valid and enforceable.
Successors and Assigns. Subject to the limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of the padies, their successors and assigns. I[ ownership of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Modgage and the indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time Is of the Essence. Time is of the essence in the performance of this Mortgage.
10-30-20~!~.:::: ' ~. ~ ~,~..r:~..,.~,,~ ,~,~ ~.~ M~;;'~!i~;~.i;~?AGE Page 5
Loan No 64002744 ~J~-:~ ~' ~'-~-~,;.';~. (Continued) ~ ~ ~
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption taws ot the Stale of
Wyoming as to all Indebtedness secured by this Mortgage.
Waivers and Consents. Lender shall not be deemed to have waived any rights under this Mortgage (or under the Related Documents) unless
such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of
such right or any other right. A waiver by any party of a provision of this Modgage shalJ not constitule a waiver of or prejudice Ihe party's right
otherwise to demand strict compliance with that pr~vision or any other provision. No prior waiver by Lender, nor any course of dealing between
Lender and Grantor, shall constitute a waiver of any of Lender's rights or any of Grantor's obligations as to any future transactions. Whenever
consent by Lender is required in this Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to
subsequent instances where such consent is required.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS,
GRANTOR:
INDIVIDUAL ACKNOWLEDGMENT
STATE OF ~~ )
COUNTY ~~
On thts day before me, the undersigned Notary Public, personally appeared LEON ROGERS and CHRISTINE ROGERS, to me known to be the
individuals described in and who executed the Mortgage, and acknowledged that they signed the Mortgage as the{r free and voluntary act and deed,
for Ihe uses and purposes therein mentioned.
Give~r my hand and or. iai seal this ~ day of
kgS~B ~0, ~. ~.S. ~aL & T.M. Off., V~r. 8.~7 (c) ~001 ~1 ~roServlco~ Inc. ~1~