Loading...
HomeMy WebLinkAbout959184RECORDATION REQUESTED BY: Geminate Bank of Wyoming, a branch of Nebraska land National Bank 1575 Dewar Drive, Suite 100 PO Box 3000 Rock Springs, WY 82901 WHEN RECORDED MAIL TO: Commerce Bank of Wyoming. a branch of NobtaskeLand National Bank 1575 Dewar Drive, Suite 100 PO Box 3000 Rock Springe, WY 82901 SEND TAX NOTICES TO: Commerce Bank of Wyornina, n branch of Nebraska Land National Bank 1575 Dewar Dtive, Suite 100 PO Beit 3000 RECEIVED 5/5/2011 at 2:44 PM RECEIVING 959184 BOOK: 766 PAGE: 360 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000360 ACE ABOV 11115 LINE LIN S FOR RECOaMILLV.SE ONLY CONSTRUCTION MORTGAGE THIS MORTGAGE dated May 5, 2011, is made and executed between Sierra Homes Construction, Inc„ whose address is 470 N 2450 W Tramonton, UT 84341: A Utah Corporation (referred to below as "Grantor") and Commerce Bank of Wyomtng, a branch of NebraskaLand National Bank, whose address is 1575 Dewar Drive, Suite 100, PO Box 3000, Rock Springs, WY 82901 (referred to below as "Lender"). GRANT OF MORTGAGE, For valuable coniideration, Grenerg mortgages and conveys to Lender &I of Grantm'it right, fide. and interest in and to the following described real property, together with er0 existing Or subsequently erected or affixed buildings, intorovemente and fixtures; all easements, rights of way, end appurtenances; all water, water rights, watercouistie and ditch rights (incleding sleek in utilities with ditch or irrigation rightal; end all other rights, royalties, and profits releting to the real property, including without limitation at minerals, oil, gas, geothermal arta simile: matters. (the 'Reel Property") located in Lincoln County, State of Wyoming: LOT 1 HOLLAND DRIVE ADDITION 3RD FILING RECORDED JUNE 4, 2008 AT DOCUMENT NO. 939495, IN THE OFFICE OF THE CLERK. LINCOLN COUNTY, WYOMING The Real Property or Its address is commonly known as 1501 Canyon Road, Kemmerer, WY 83101. The Real Property tax Identifloation number is 12-2116-23-2-13-208.00. CROSS•COLLATERALIZATION. In addition to the Nola, this Mortgage secures aft obligations, clam and riabeilies, plus interest thereon, of Grantor to Lender, or any one or more of Meal, 00 well ae at claims by Lender against Grantor or any one or more of them, whether now exisfing or hereafter arising, whether related or unrelated 10 the purpose of the Note, whether volureary or otherwise, whether due or not tree, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Grantor rnay be liable individtwily or partly with others, whether obligated as guarantor, *unity, accommodation party or otherwise, and whether recovery upon Ouch amounts nine be or hereafter may become barred by any statute of limitations, and whether the obagation to repay such amounts may be or hereafter may become Otherwise unenforceable. Grantor presently aSsign; to Lender zel of Grantor', right, title, and interest in and to alt present and future leases of the Property and all finale from the Property. In addition, Grantor giants to Lender a Uniform Commercial Code security inlensst in the Personal Property and Remrs, FUTURE ADVANCES. In addition to the Note, this Mortgage secures all future advancer: made by Lender to Grentor whether or not the advances are made pursuant to a cortimitmeel, Specifically, without limitation, this Mortgage eecures, in addition to tee amounts; specifiers in the Nota, all Noire amounts Lender in Its reecretion May loan 10 Gramm, together with ail Interest thereon, THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, 15 GIVEN TO SECURE (Al PAYMENT OF THE INDEBTEDNESS AND (81 PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE, INCLUDING THE ASSIGNMENT Of RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND ALL OF GRANTOR'S OBLIGAT)ONS UNDER THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN GRANTOR AND LENDER OF EVEN DATE HEREWITH. ANY EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN. SHALL ALSO BE AN EVENT OF DEFAULT UNDER THIS MORTGAGE. THIS MORTGAGE 15 GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. except se otherwise provkled M this Mortgage, Grantor shall pay is Lender all amounts Secured by this !Ow as they become due, and shall etrictiy perform ell of Grantor's obligations under this NAOrtgage. CONSTRUCTION MORTGAGE. This Mortgage is 13 'conetruction mortgage' her the purposes of Sections 9.334 and 24-309 of the Uniform Commercial Code, as those sections have been adopted by the Siete 01 Wyoming, POSSESSION AND MAINTENANCE OF THE PROPERTY, Grantor agreee that Grantor?, possession end use of the Property Meal be governed by the kg/owing provisioes, Possession and Use. Until the oecurrenee of en Event of Default, Grantor may 111 remain in poSSrie,,Sion and control of the Property; 121 uee, operate or marine the Properly; and 131 collect the Rents from the PrePegv. Duty to Maintain. Grantor shall rnaintain the Property in tenantable condition and promptly perform il repairs, replacements, and maintenance necessary to preserve Its value. Compliance With Environment.' Laws, Grantee represents and warrante to Lender mar Ill During the period of Grantor's ownership of the Property, there has been no use, generation, manufacture, etorege, treatment, dieppeal, release Or threatened mane,: of tiny 710100d000 Substance by any person on, under, about or Iron) the Property; 127 Grantor has no knowledge cif, cir reason 70 believe that there hex been, except as PreelexislY di35105ed 10 and acknowledged by Lender in writing, lei any breech or viciration of any Environmental law$, (ea any use, generation, manufaeture. etorage, evatment, dieposat, release or threatened refuge of any Hazardous Substance on. under, about Or from Ih3 Property by any Wier °where Or e175uPent5 of me Property, or lel any actual of threatened litigation or clairrts of any kind by arty Persian relating 10 such matters; and (311 Exerim as previously disclosed to and acknowledged by Lender in wrPinp, la( netther Grantor not any tenant, 001111aCter, agent or other autborized user 03 1114 Property shall 1)00. generSte, menufacture, store, treat. dispose of or release any Hazardous Substance on. under, about from the Property; and thl any such activity shalt be conducted in compLance with aft applicable federal, suite, and local fawa, regulations and ordinancets, including without limitation aft Environmental Lows. Grentor authetres Lender and its agents 10 enter upon the 900951713 70 make such inspections nod testa, at Grantor's expense, As Lender may deem appropriate to determine compliance of the Poverty with the suction of the Mortgage. Any inspections at tests made by Leerier shell be for Lender's purposes only and shall not tie construed to create any responeibility or liability on the part of Lender to Granter or to any Other person. The repreeentalione and warranties contained heroin are hosed en GlarifOrS 000 diligonCe in investigating the Properly for elezardous Substances, Grantor hereby 111 releases and waives any future claims against Lender for indemnity or contribution in the event Granto r becomes liable for cleanup or 0711513 1100113 under any such ewe; and (2) agrees to indemnify, defend, and hold hermless Lender against any lino alt claims, losses. liabilities, damages, penalties., and expenses which Lander may ifirectiy er indirectly sustain 0 suffer restating from a breach of this section of the Mortgage or AS N consequence of any uso, eeneration, manelenrum. etorage, &spored, roIe550 Or threatened release OCtuffrng prior 10 Granter's ownership or interest in the Ftropp,r, ty, whether 1013 1307 the same was or shoeid have been known 10 01341110, The provisions of the; section of the Mortpage, including the obligation to indemnify and defend, shall survive the payment of the Indebtednaes and the satisfaction and recoriveyance ot the hen 3 O00 Mortgage and shall not be effected by Lender's ecquisition el any 1155041 70) the Property, whether by foreclosure or otherwise, Nuisance. Waste. Grantor shall not tause. conduct or permit any etesance nor comma, permit, 07 suffer any stripping of or waste on or to the Property or any portion of the Properly. Witnpul limiting the winerality of the foreeoing, Ciento, will not remove, or gram to ens whir Loan No 60828 MORTGAGE (Continued) 00 0361. Page 2 party the right to remove, any timber. minerals finefuding oil and ges), coat, eftw. semi& soil, eravel or rock products Without Lender's prior written consent. Removal of Improventente. Grantor shall not demolish cr remove Any improvements from the Real Property without Lender's prior written consent. As a condone to the removal Of any Improvements. Leader may require Grantor to make arrangemerts seeefactory to Lender to replace such imprevemente with Improvements of al leaSt equal value. Lender's Right to Enter. Lender and tender's agents and reporeentatives may enter upon the Reat Property at ti reasonable times to attend to Lender% interests and TO inspect the Real Property tor wearies of Grantor's compliance with one terms and conditions of this Mortgage. Compliance with Governmental Requirements. Grantor shall promptly comply with all lowe, onlinancee, and regulations, now or herealler in *Neel, of all governmental outhorinee applicable to the use or occupancy a the Property, including without limitation, the Americans With Disobilittes Act. Granter may contest in good lade any such law. oreinence, or regulation and withhold complience during any proceeding, includihg appropriate appeals, SO long at Grantor hat notified Lender in writing prior to doing so and ao long et, in Lendere sole opinion. Lender's interests in the Property are not jeopardiZed. tardier may require Grantor to post adequate security or n surely team, reasonably satisfactory to Lender, to protect Lender's interest. Deny to Protect. Grantor agrees neither to abandon or leave unattended the Properly, Grantor shall do all other Acts, rn addition to those acts set forth above in ties section, which horn the character and use of the Property are reasonably necessary to protect and preserve the Property. CONSTRUCTION LOAN. P some or all of the term:cods al the lean treating the trelebtedeese are to he ueett to tonttruct cr. complete construction Of any improvements on the Property, the Improvements shall be completed no later then the maturity data of the Nolo ler euch earlier date as Lender May reasonably esteeltSh) and Grantor Meal! pav in hal all oteste and expenses in connection with the work. Lender win disburse toan proceeds under such terms and coediteme at tender may deem reasonably necessary to insure that the interest created by nee Mortgage shall have priority over tie poesible Mane, incleellog those of material supriliets and workmen. Lender may redone, ending other danga, that disbursement requests be supported tw raceipted bills, expanse affidavits, waivers Ad Irene, conetruction progreee reports, arid such other documentation as tender may reasonably request. DUE ON SALE CONSENT f3Y LENDER. Lender may. al Lender's option, declare immediately due and payable all soms secured by thee Mortgage upon the sate or troneter, without Lender's prior written cerieent. Of all or any on of the Reel Property, or any interest in Me Seal Property A "sale ot transfer mown the Conveyance of flea! Property or any right, title or Interest in the Real Property: whether legal, benefit:let tar equitable; whether voluntary or swoluntary; whether by mangle, sate, deed, installment sale connect, lend connect, contract for deed, leesehold interest with a lerm greater than throe 13) years. lease-option cootract, or by safe, aesigernent, or irensfet of any beneficial interest in or to arty land inset holding tte to the Real Property, or by any other method of conveyance of an interest in the Real Property If any Grantor ie a corporation, partnership or limited liability company, transfer also includes arty change n ownership of more than twenty five percent f25%1 the voting stock, partnership interests or limited liability company interests, os the case may ho. of such Grantor. However, this option shal l trot ha exercised by Lender if such exercise irt prohibited by federal law or by Wyoming law, TAXES AND LIENS. i The following provisions relating to the tee and liens on Mr, Property are part of this Mortgage: Payment. Grantor shall pay when slue land in all events prior to delinquency) all ROMs. payroll taxes, SPOcfcrl cffXeff, asccatmen14, water charges and Newer service charges levied against or on account Of the Property, and shall pay when due MI claims for work done on Or for service! rendered or materiel furnished to the Property. Grantor hall Maintain the Property free of any liens having priority over or equal to the interest of Lender under this Mortgage, except for those liens specifically /ignore to in writing by Lender. and except for the In of takes and atteetternents not duo as further specified in the Right to Contest paragraph, Right to Contest, Granter may withhold payment Of any tax, aesesement, Qr claim in connection vitii a good (Mtn dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized, 11 a hen arises or is feed as a result of nonpayment, Granter shell within fifteen (1$) dot's after the lion arises Or, if n tier is filed, within fifteen (151days enter Grantor has novel: of the filing, secure, the discharge of the ban. Pr it requested by Lender, deposit with Lender cash or a sulfielent corporate surety bond or other security satisfactory to Lender in an 01710700 safficient to discharge the lien plus any coals and reasonable attorneys' fees, or other charges that could accrue as a resat of a foreclosure or sate under the lien, In any contest. Grantor shall defend itself and Lender and :Mall eat iety any adverse itidgmeni before enforcement against the Property. Grantor shalt Miele Lander ttt nn additional obligee under any surety bond furnished in the contort proceedinas. Evidence of Payment. Grantor shalt upon dernend furnish to lender satisfactory evidence Of payment of the taxes or assessments and shall authorize the aPProPrreie governmental official to deliver to lender at any time a written statement of the taxes and assessments against the Properly Notice of ConatruCtierf Orono.), shall nutify lmnder at least filteen {16) dm before any work is commenced, any $toviee4 are furnished, or any lhoteriehr ate supplied to the property, if rely mechanic's lien, materfelmee'a n. or tuner lien outdo be (Maenad On account of the wort, Imrvice.3. or materialS. Grantor will open request of tender furnish to Lender advance aiteurances itatietamory to Lender that Granter can and will pay the coat of such improvements, PROPERTY DAMAGE INSURANCE. The following provisions rotating to insuring Mc Property are tt part or this Mongagei Maintenance of Insurance, Grantor shall procure and maintain policies of tee insurance with afialrierd extended coverage endorsemente txt a replacement Weis fOr Me full insurable value covering all Impoovemente on the term Properly in an amount exiles:lent to avoid application of any coinsurence clause, and with a standard mortgagee clause in favor al Leeder. Grantor shell also procure and maintain comprehensive general liability insurance in such coverage amount: as Lender may request with tender being named as additional inStrterls in such liability insuraoce policies. Additionally, Grantor shall maintain such other mammal, including hot not limited to hazard, buniness interruption and befit)) InSMatfOff 8S Lander May Made. POIrCiefr Shell be written by mem insurahee COrnpardes and in such form as stray bit reasonably acceptable to Lender Grantor ehali deliver to Lender certificates ot coverage from each insurer containing a stipulation that coverage Will get 00 rsrateetigu or diminished without a minimum of ten (101 it prior written notice to Lender And not containing tiny datclainter of the insurer's for Ware to give such nodes. 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, Shoukl the Real Property be located in an area Ocrivregett by the Director of the Federal Emergency Management Agency es a spentral flood hazard epee, Grantor agrees to obtain and maintain Federal Reed 3130urttttttit 1 avallebkt, for the full unwed principal balance at the Marl and any prior hens on the prOperly Securing the leen, up te the maximum policy limits Stet under the National Flood insurance Program, of as Otherwise required by Lender, and to maintain such insurance Int the tetra of the loen. Application of Proceeds, Grantor MIMI promptly notify Lender of any loss or damage to the Properly. Lender may make proof of loss it Grantor faile to do se within fifteen flet days of the teevalty. Whether or not t ender'e security is impaired, Lender may. at Lendere; elettlen. 'Cleave and retain the proceeds Of any 1I10oran00 and apply the proceeds to the reduction of the IndelatedneSS, payment of arty 111311 affecting the Property, *r the restoration and repair of the Property. If Lender elects to apply the proceeds to reStOratiOn and repair, terardor shall repair or repine the damaged or destroyed Improvements Intl manner satisfactory to Lender, Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Granter from the proceeds let the reiceortable cost of repair 01 restoration d Grantor is not in defeett under this Mortgage. Any proceeds which have not been disbursed within 100 days after their receipt and which Lender has rint eommitted to the repair or restoration of the Property shall be used WM to pay any amount owing to Lender under War; Mortgage, then to pay accrued interest, and the remainder, it any, shell be applied to tee principal balance or the foriebtedriese. If Lender hotels any oroceette after payment ill full of the tntiebtedness, such proceeds shall be paid to Greeter ee Grantor's interests may appear. Grantor's Report on Insurance. Upon request at Lender, however rim more than once it year, Grantor shall furnish to Lender a report on each ginning policy iti insurance .ettowing: it) the name of the insurer; (2) the risks insured; (3) the amount of Me policy; (4) the property ineured, the then Current replacement value of such properly, and the nIrrnfler 01 determining that value; and (St the expiration date of the pOlicy. Grantor shall, upon requeet of tender, have an independent appraiser satisfactory to Lender determine the caSh value replacement cost of the Properly. LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materialty affect Lender's interest in the Properly or it Grantor fah to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Mortgage or any Related DOcuments, Lender on Grantor's behalf may (but shall not be obligated 10) take any A01100 that lender deems appropriate, including but not limited to discharging or pitying all trikes, liens, security intetems, encumbrances and other claims, at any time levied or placed on the Properly and paying elf cosrs for insuring, mainteiniqg and preserving the Property. AN such expenditures incurred or paid by Lender tor such purposes wig than beer interest at the rate charged under the Note from the dote incerred Or paid by tender to the date of repayment by (iranfor. All such expenees eel beoorne a pert or the Indebtedness Loan No 60828 MORTGAGE (Continued) m mom:_.. ,.rte- -�w': and. at Lender's option, wilt IA/ be payable on demen8; (8) be added to the balance of the Nolo and to aoportronecf among end be payable with any installment payments to become due during either 111 the curie el nny applicable insurance policy; or 121 the rerndining tvrrn el the Note; or 1CI be treated as a baboon payment which will be due and payable at the Note's maturity, The Mortgage oleo w Saeuf r! payment of thane amounts. Such right shell be in addition to an other rights and remedies to which Lender may be entitled upon Default. WARRANTY; DEFENSE OF TITLE. The totktwine provision relating to ownership of the Property are a par, of this Mortgage: Tide, Grantor warrants that; la) Grantor holds good and marketable bee M record to the Property in fee simple, tree and clear of au lien and encumbrances other than those sat forth in the Real Property description or in arty tide ,naurance policy, into report, or final title opt!. issued in favor of, and accepted bv. Lander in connection with this Mortgage. and flat Grantor has the full right. power. and authority to aXecuse and dehver this Mortgage to Lender, Defense o1 Title. Subpct to the exception in the paragraph above, Grantor warrants and will forever defend the title to (he Property against the lawful claims of all persona, In the event any action of proceeding is commenced that questions Greater s title or the interest of Lender under this Mortgage, Grantor shall defend the fiction at Grantor's expense. Grantor may be the nominal party in such proceeding. but Lender shall be entitled to participate in the proceeding nod to be represented in the proceeding by counsel or Lender's own choice, and Grantor will deliver, or caus( to be delivered, to lender such instruments es Lender may request from time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property and Granters use of the Properly complies vein apt existing applicable laws, ordinances, end regulations of governmental authorities. Survival of Repreeentadons and Weninees. Aft representations, werrantras, and agreements made by Grantor in this Mortgage shall survive the execution and delivery of this Mortgage. shalt be continuing in nature, end shelf remain in lull farce and effect until such tune as Grantor's Indebtedness shall be paid in full. CONDEMNATION. The following provisions relating to coidenm0rfon proceedings nee a part of One Mortgage: Proceedings, It any Proceeding in condemnation is tiled, Grantor shall promptly notify Lender in writing, and Grantor shall promptly tyke such Mope as may be nocesenry to defend rho action and obtain (he award Grantor may be the nominal party in sus)h proceeding, but Lender shalt be entitled to participate in the proceeding end to be represented in the proceeding by counsel of ■ts own choice, and Grnreor will deliver or cause to be delivered to Lander soon instruments and rlacumen non as may be requested by Lender (torn time to time to permit such participation, Application of Net Proceeds. II all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemation, Lender may at es election require that all or any portion of the net proceeds or the award be applied to the indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award alter payment or all teasonahle COSta, expenses. and attorneys` hoes incurred by Lender in connection with the condemnation. IMPOSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fens and charges area part of this Mortgage: Curren) Taxes, Foes and Charges. Upon request by lender, Grantor shall executes such documents in addition to this Mortgage and take whatever other aonen is requested by l Ceder to period and continue t cnder's ben on :he Heat Property, Grantor shall reimburse (.ender for all taxes, as described below. together with all expenses incurred fn recording, perfecting or continuing this Mortgage, irlchafulg without lirnifation all taxes, fees, documentary stamps, and other charges for recording or registering (his Mortgage, Taxes, The following shell constitute taxes to which 81810 section applies: (1) a specific tax upon this type. of Mortgage or upon all Or any part of the Indebtedness secured by phis Mortgage; 121 a specific tax: on Grantor which Grantor is arthori4ed or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (31 a lax on this type of Mortgage chargeable against the fonder or tau holder of the Note; and (4/ o specific tax on all or any portion of the Indebtedness or on payments of principal and interest read() by Grantor. Subsequent Taxes, If any tax to which this section applies Fs enacted subsequent to the date of Iles Mortgage, this event shalt have the 1888010 0ffaCt ns en Event of Default, and Lender may exorcise row or 40 of its available remedies for an Event of Default al provided below unless Grantor either (1I pays the tax before it becomes delinquent, or (21 contests the tax as provided above in the Taxes and Lints section and deposits with Lender cash or a autficiord corporate surety bond or other security astir, „actory to l ander, SECURITY AGREEMENT: FINANCING STATEMENTS. The following provisions relating to this Mortgage es a or,'Curity 441 48101 a part ai this Mortgage: Security Agreement. This instrument shalt constitute a Security Agreement to the extent any of the Property constitutes fixtures. anti Londe shell have alt of the right's of a secured party under the Undone, Commercial Code as amended from time to Irma, Security Interest. Upon roqueet by Lender. Grantor shall take whatever a0NOn i1 requested by lender to perfect and continue Lenrar'18 security interest fn the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at arty time and without twitter authorisation hem Grantor, 1i(0 executed counterpane) copies or reproductions of Ihia Morfgnpa as a financing statement. Grantor shall reimburse Lender (Or all expenses Incurred in perfecting et continuing this security interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property, Upon default, Grantor shall ess0mbl0 any Personal Property not affixed to the Property in a manner and 01 a place reasonably 0envenienl to Grantor and Lender and make it available to Lender withal throe 131 days after receipt of written demand ir'm Lender to 1110 emote permitter by Applicotale law, Atidrasses. Tha maims addresses of Grantor (debtor) and (.ender (seemed party! from which iMOrmr,tlon concerning the security interest granted by this Mortgage may bn obtained (each as required by the Uniform Commercial Code' are as stifled On Ilia first page of this Mortgage. FURTHER ASSURANCES; ATTORNEY- IN)FACT. Th0 fallowing provisions relating to further assurances an attorney.ia- fact are a part of this Mortgage' Further A0SUranees. Al any 14010, and from ante to time, upon tequce1 of Lander, Grantor will make. execute and deliver, or will pause LO be inane, Oseert0d or delivered, 10 Lander or to t.ender's designee, and when requested by Lender, cause to be IMMed, recorded, reeled, or rerecorded, as the case may be, at each times and in such &bees and places de Lenrler sla4 deem etrafotanat0, 8814 and all such mortgagee, deeds of 1.4801, 180eurity deeds, 0e4881tty %greenfents, financing statements, 001114trafton statements, instruments Of further assurance, 0ortif1Cat00, end other documents ail may, in the exec opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve 111 Grantors 0b14g01iens under the Note, Ilea Magog*, and the Related Documents, and 1 the liens and %MCUrity interests created by this Mortgage as first and prior liens en the Property, whether now owned 0r hereafter acquired by Grantor, Unleee prohibited by law or Lender agrees to the contrary in venting, Grantor shall raimiwrSe Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph. Atromoy- in•Faet. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor and at Grantor's esee800. F01 such Purposes, Greater hereby irrevocably appoints Leander as Grantor's attorney 1811001 for the 48,140se of making, executing, delivering. filing, recording, and doing all other things es may be necessary or desirable, ill Lenders 1010 opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE, if Grantor pay% all the Indebtedness, 104leding without limitation as future advances, when dare, 0nd otherwise port all the obligations imposed upon Grenfor under this Mortgage, Lander shall execute and deliver to Grantor a suitable satisfaction of t. Mortgage and suitable Stal0men15 of termination et any financing statement on tile evonencing Lender:: security interest re the Rents and the Personal Property, Grantor w,0 pay, if permitted by applicable taw. any raasenable 10rrn'snatrun lee as delermmed by Lender from lima to time. EVENTS OF DEFAULT, Each of the hollowing, at Lender's option, shall constitute an Event of Default under this Mortgage: Payment D0tnufl. Grantor lens to make arty payment when duo under the Indabtednoss- Defauh on Other Payments. Failure of Grunter w,thin the time required by (tea Mortgage 80 retake at any other payment necessary to prevent filing of or to effect discharge of any lien. Other Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or cry contained in ihie Mortgage or in any of the Related Documents or to comply with Or 10 puform any term, ob(irdation, etwena114 or condition cofll5ingr1 in tt11y Uf ter agreement between Lender and Grantor. False Statements. Any warranty, representation or statement made or furnished to Lender by Grantor or nr1 Gtantar'o behalf under th payment le texas or 5ns4 8MMO, Or ant are Page 3 000363 MORTGAGE Loan No: 60828 (Carait Med) Page 4 Mortgage or the Related Documents is false or misreading in any material respect, either now or al the time made or furnished or becomes false or misleading at any time thereafter. Der eetive Colfaterakation, This Mortgage or any of the Rotated Docemerite ceasea to Oe in full force and eftenn fincludieg failure of any apetian! slOcureent to create a valid and perfected aocutity interest or ot arty lime and tor any reeson. Insolvency. 'The dissolution or damnation Of Grantore existence ae Oleg business, the insolvency ol Grantor, the Appontmem of 8 receiver for any par t of Greftior's property, any assignment for the benefit of ereditore. any type of creditor workout, or the commencemoot 01 any proceeding under any bankruptcy or ineolvency lawa by or against Grantor. Creditor or Forfeiture Proceedings, COmmencement of forecloSure or forfeiture mai:awe:0gs. eatether by judicial prooeeding, wit 8100, repossession or any other method, by arty erettaor of Grantor or try ftny oovernmental agency against any property ecouring the Indebtedness, This includee garntehment of any of Grantor's accoonte, includine deposit accounts, with Lender. However, this Evern of Default shell not appiy if there IS a good faith dispute by Grantor as to the validity or reasonablenees of the claim which is the basis of the oteditor or forfeiture proceeding and ;f Grantor gives Leesder written notice of the creditor or forfeiture proceeding and deposits with Lander monies or a surety bone tor the creditor or forfeiture proceeding, in an amount determined by Lorder, in its eole discretion. as being an adegeato reserve or bond for The dispute. Breach of Other Agreement. Any breach by Grantor MOW the iefrO8 Of OfYV other agreement betweee Grantor and Lander that is not remedied within arw grace period prravided therein, including without irmitalion arty agreement concerniog any indabtednees or other obligation of Grantor tO Lend er. whether existing now or later, Events Affecting Guarantor. Any of the preceding ovente 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 ender, any Guaranty of the Indebtedness, Adverse Change, A material adverse enange occurs in Grantor's finaMt31 oondition, *r tender behaves the prospect at payment re performance of the Indebtedness Le impoired. Inseetarty. Lander in good With believes itself insecure, Right to Cure, If any default, other than a default st payment is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage mann tile preceding twelve ft 21 months, it may be cured 11 Grantor, otter Lender sends written notice to (Wendt demanding cure of euch default: (It ewes the default within fifteen itEl days; or 421. it the cure requires more than fifteen (15f daye, immediately initiatea steps which lender deems in Lender's eels discretion to be eutfleitint to core the default and thereefter zoritimaas and completes all reasonable and necessary steps sufficient to produce compliente £18, SCIi'89 08 reasonably prarnical, RIGHTS AND REMEDIES ON DEFAULT, Upon the occurrence of an Event of Default and et any erne thereafter, Lender, az Lender's 000018, ntety exercise any oil or more of the following rights and remedies, in addition to any other rights Of rtmediee provided by low; Accelerate Indebtedness. Lender shall have the right at ita option without notice to Grantor to declare ho entire Indebtedness immediately due and payable, including any prepeyment Penalty that Grantor would be required to Palo UCC Remedies. With respect to nif or Any e8Y1 Of the Personal Property, Lender shall have all the rights and remedies of a secured piety under the Uniform Commercial Code, Collect Rents. Lender shall have the ight, valho OtiC41 w Grantor, to take possession of the Properly, including during the pendency of foreclosure, whether aelicial o nonaudicial, and collect the Rents, including amounts past due and unpaid, rind apply rhe 'let proceeds, over end above Lender's coma, against tho indebtedness, In Natatorium(' el this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender, R the Rents are collected by Lender. then Grantor irrevaleabty deaignetee Lender at Grantor's attorney.M.fari to erkiterse instruments received in payment thereof in the name of Gramme and ter negotiate the earn° and collect the proceeds. Payments by tenants or other leans to tender in response to Lender demand shell satisfy the obligationt tor which the peyrnerita are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either In person, by agent. or through a rebeiver, Appoint Retelver. Lender shall have the right to have a receiver nppolnted to take pOlseettrOn et aft or any part et the Properly, with the power to protect and preserve the Property, to operate he Prnporty preceding forerdosure or sale, end In collect the Rents from the Property and apply the proceeds, over and above the COSI of the recativerehip, apainat the Mtletnednees. The receiver may kiervt without bond if permitted by law. Lender's right to the appointment of a receiver shoe exist whether or not the apparent value of the Property exceeds tho Indebtedness by e aubstantiel amourn. Employment by Lender shall riot chorea:airy person from seryrn9 art a receiver. Judicial Fereclosure. Lender mew obtain a judicial decree foreclosieg Grantor's ieterest aa or any port of the Property, Noraudicial Sale. Lender may foreclose Grantor's interest in ail or in arty part of the Properly by nonatalicial sale and epecifieally b 'power of ante or "advertisement and sale' foreclosure ea provided by austere. Deficiency Judgment, If permitted by applicable law, ',Older may obtain judgment to; any dolicicney remaining M the Indebtedness due to Londe, after appacolion of all amounts received from the exerease of the rights provided in this Sectren, Mooney at Sufferance. II Grantor remains in possession of the Properly alter the Property is sold as provided above or Lender otherwise beerones entitled to possession of the Property upon default 01 Grantor, Grantor !Mall hownle a tenant at sufferance of Lender or the eurcheser of the Property and hall, at Londare option, either III pay a reasonnhIo rentei for the use of the Property, or 121 vacate the Properly immediately upon the demand of Lender. Other Remedies. Lender shall leave ell other righte and remedies provided in this Mortgage Of the Note or available al low or in equity, Sale of the Property. To the extent permitted by epplicable law, Grantor hereby waives any and 1111 right to have the Property mere/mired, In exercising Its rights and remediee, Lender shall be free to see all or any part 01 the Property together or separately, in one Ole or by eeperate sales. Lender shall be entitled tO bal ret any public sate cri all or erry portion of the Property, Notice of Sole. Lender shall give Grantor reasonable notice of the time end lace of any public sale et the Poesonel Property or of the time after which any private eel° or other interided dispoeition of the Poieonal Property is to bo made, Reasonable notice shall mean notice given so twist ten 1101 days before the time of the sale or drepoaition, Any sale of the 0004001 Property new be merle M conainelion with arty sale of the Real Property, Election of Remotes. Erection by Lender to pursue any remedy ehal1 not exclude Olf1000 of oily other remedy, and an election 10 make eicirrenditume or to bike action 10 perform an obligation of Grantor under this kaortgage, after Grantor's failure to perform, shall not etfect Lender's right to declare a default and exercree trs remedies. Nothing under this Mortgage or otherwise shall 10 eonstruod so es to Irina or restrict the rights and remedies available to Lender hastrowino en Event of Deleutt, or in any vim/ ro limn or restrict the rights and ability of Lender 10 proceed directly agamet Grantor Drake against any other co-maker, euarantor, surety or endorsor aridarr to proceed against any other collateral directly or indirectly Securing the inelebtednesa. Attorneys* Fees; Expenses. 11 Lawler institutes any auit or action to enforce any of the terlos ot the Mortgage, Lender shall be entitled to recover Such slum as rho 00101 000 adjudge reasonable as attorneys' lees at trial 000 upon any appeal. 'Whether or <01 arer emu( 71014111 18 involved, mad to the extent not prohibited by law, all reasonable expensea Lender incurs Mat in Leriders opinioo AM necessary at any liote for the protection of i10 attoreet or the enforcement 01 10 rights shall become a part of the lodebtedness pOYAOI0 on demand and shall bear interest at the Nora rate from the date of the expenditure until repaid. Expensos covered by this paragraph include, without however subtect to any line% under applicable law, Lender's reasonable attorneys' fees and lender's legal expenses whether or not there is o Inwsuit, including reasonable attorneys' foes and expenses to bankruptcy proCeedinge (including efforts to modify or V80010 any automatic 0(00 0; iniunetionl, nottealS, and any antic100108 postledgmant c Se"'CCS th'' 000 01 180400. rocercla. ehlairartg reports linctuding foreclosure reportsi, surveyors' reports, and appraisal fees and nee inaurence, to the extent permitted by applreabre taw. Grentor also wits pay any e04118 00510, OfffiitiOO 10 all other Sums provided by law. NOTICES. Arty notice required to be given under this Mortgage— including without limitation rely notice ral default and any notice of seta shall be given in wrifmg, and shad he effective when actually delivered, when actuelfy received by teleracsinale (unless otherwise required by lawi, when deposited with a nationally recognizad overnight courier, or, if mailed, white deposited in the United States moil, as first close, certilied or registered mail poetage prepaid, directed to the adreveses shown near the bogineing of this Mortgage. All copice of notices of foreclosure from the holder or eny lien which has priority ever this Morzgage shall bo sent to Lender's address, as shown near the beginning of this Monona. Any party may change its address for notices under this Mortgage by giving 10171181 written notice to the other partios specifying that the purpose Of the notice is to change the party's address. FM notice purposes, Grantor agrees to keep Lender informed at Mt times of Grantor's current 84 1 .fhle00 otherwise Provided or retarded by law, if there is more than one Gretna:, any robot) given by Leerier co any Grantor is Loan No 60828 MORTGAGE {Continued) 000364 deemed to be notice given to all Grantors. 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 u1 the parkas as to the matters set forth in this Mortgage. No alteration of or amendment to tips irtortgago stall be effective unlnsa given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. Annual Reports. if the Properly is used for purposes other than Grantor's residence, Grantor shall furnish to tender, upon request, e Certified statement of net operating income received from the Property during Grantor'e previous fiscal year to such term and detail as Lender shall require. "Net operating income' shall mean ell cash receipts from the Property lees all cash expenditures rnade in connection with the operation of the Property. Caption Haadinge. Caption headings in this Mortgage, are for canventaticr, purposes only and are not to be used to interpret or &fine the provisions of this Mortgage. Governing Law- This Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by federal taw, the laws of the State of Wyoming without regard to its co1fecte et law provisions. This Mortgage has been accepted by Lender in the Siete of Wyoming, Choice of Venue, II there is a lawsuit, Grantor agrees upon Lender's request to submit ro the jurisdiction 01 the courts of Sweetwater County, State of Wyorning. No Waiver by Lender- Lender shall not be deemed to have waived any rights under this Mortgage unless such v✓'atver le given 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 Lender of a provision of this Mortgage: shall not prejudice or constitute: a waiver of tender's right otherwise to rfemand strict compliance with that pravieion or any other provision of this Mortgage. No prior waiver by tender, nor any course of dealing iletween Lender And Grantor, Stein eolslitute a waiver of any of Lender's right's or of Any of Grantor's ob'igationS as to any future trantactiont, Whenever the consent of Lender is tenoned under tftie Mortgage, the granting at ;luoh consent by Lender in arty rnetanee Shall net constitute Continuing consent to subsequent instances where such consent to required and in ail um.F. fruoh Consent may be granted Or withheld in the tote discretion of Lender. Severahi4ty. If a court of competent jurisdiction finds any provision of this Mortgage to to illegal, Inweid, or rinenforceebin ns io one circumstance. that finding shall net make thu offending provision illegal, invalid, or unenforceable as to any other circurnetance° If feasible, Me offending provision shall ha considered modified so dhet it becomes legal, valid and enforceable. If the offending provision canret be so rnodtfiett, it shall be considered deleted from tree Mortgage. Unless otherwise required by law the illegality, invalidity, or unentarce.hikry of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision al this Mortgage. Merger. There shell Da no merger of the interest dr' estate created by this Mortgage with any other interest ter estate in the Property at any line held by or for the benefit of hander in any capacity, without the written consent of Lender, SuCCe %ors and Assigns. Subject to any raniterions Staled in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon and inure to the benefit of the parties, their successors and designs. If ownership o1 the Property becomes vested in a p &Bon other than Grantor, Lender, without notice to Grants. may deal with Granto successors with reference to thin Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or entirety under the Indebtedness, Time is of the E &fence. Tinto is of the Aeeence in the performance Of this Mortgage. Waiver of Hontesteed Exemption, Grantor hereby releases and waives all fights and benefits of Ma homestead exemption laws of the State of Wyoming as to all Indebtedness secured by this Mortgage, 0EFIN1Ti0NS, The following capitalized words and terms ehat; have the following meanings when used in this: Mortgage. Unless spocrfie;Atly slated to the contrary,. All ralAfanCea to dflllat AruountS Shalt mean smarms in lawful peones 01 the UnilfW States of AmarK'.a. Words And terms used to the singular shall include the plural, and the plural shalt include the renguor, 00 the context nay require, Word, and terns not otherwi %P, defined in this Mortgage Chaff have the meanings attributed to such terns 01 the Uniform Commercial Coder Borrower. The word "Borrower" means Sierra Homes Construction, 100, and includes all cosigners and cn•rrlakerx S the Note and all their successors and assigns. Default. The word 'Default' moans the Default sot forth in this Mortgage in the sachets titled 'Default'. Eiwinot.nontal Laws, The words 'Environmontal Laws' mean any and all state. federal and iotal statutes, regulations and ordinances relating to the protection of human health or the environment, including without Noel /Him the Comprehensrv% Environroent& Response, Compensation, and Lability Act of 1680, as emended, 42 U.S.C. Section 9601, et. seq. ('CERCLA'f. the Superfurd Amendmenls and Reauthorizat0On Act of 1986, Pub. L. No. 99496 f SARA "I, the Hazand0u0 Materials Transportation Act, 49 U.S.C. Section 1301, of seg uhe Resource COnservatioh and Recovery Act, 42 U.S.C. Section 6901, el se0., or other applicable state or federal laws, rules, or regglalionS adopted 91001 thereto. Event of Default. The words 'Event of Oe101111' mean arty of the events of default set forth in this Mortgage in the events of default Seeder, of IhiS Mortgage. Grantor. The word 'Grantor` means Sierra llamas Construction, Inc.. Guarantor. The word °Guarantor` moans any guarantor, surety, or accnmmadalmo party of any or all of the Intrebred Guaranty. The word 'Guaranty' means the guoranly from Guarantor to Lender, Including without linl,tetion n guaranty ot all or pert 01 the Note. Hazardous Substances, The words Hazardous Subslancee' n Poo materi0le that, because of their quantity, conCenif01ion or physical, chemical ot infectious cheracl0rist cs. may cause or poem a present cur potential hazard to human heaitn or the environment when improperly used, treated. stored, disposed of, generated, manufactured, transported 01 otborwiee handled. The wards 'Hazarcleue Substances' are used to their very broadest sense and include without limitation arty and all hazardous ot toxic substances, mmterfnle ar waste as defined by or Vetted under the Environmental Laws. The term 'Hazardous Sutstances' aisd includes, without limitation, petroleum and petroleum by-PrOducts ors any fraction thereof and asbestos. Improvements. The word Improvements' means all existing end future improvements, buildings, structures, mobile Nomee ELl'r reed on the Rest Property, facilities, addlUOno, replacements and other construction on the Flea) Properly. httiebtudnees, The word 'Indoblednetes' means all principal, interest, end whet amounts, costs and 0090000e payable under the Note or Rotated Documents, together with all renewals of, eetcnsierie of, muhdihcatioes 01, consolidetiane of sod substitutions for the Nate Or Related Documents and any amo0nf% expended or advanced by Lender to discharge Grantee's oblgatien1 or expen900 incurred by Lender to enforce Grantor's obligations under this Mortgage, together with fntercet on such amounts as provided in this Mortgage. Sfdt cif Calls, without. limitation, Indebtedness incudoe the future advances see forth in die future Advances provision, together with MI interest thereon and all amounts that may be indirectly secured by the Cross•Cotlalelaliealion provision of that Martgage. lender. Tho word "Lender' means commerce Bank of Wyoming, A branch of NebreskaLand Nationre Bank, ire successors and assigns. Mortgage. The word 'Mortgage' means this Mortgage between Grantor and bender. Note. The word 'Note' means the promissory note dated May 5, 2011, in the original principal amount of $216,000.00 born Grantor to Lender, together with as renewals of, extensions of, rrhodilicalionx of, refinancings ot, consolidations of, and substitutions ter the promissory note Or agreement, Psrtonal Property. The words 'Personal Property' mean all equipment, fixtures, end other arriolee dl personal property now 01 hereafter ownod by Grantor, and now Of hereafter attached or affixed to the Real Property; together with all accessions, parts, and aileilions hi, all replacements of, And as substitutions for, ally of Sueti property; and together with All proCAC11 tincluding without limitation eft insurance, proceeds and refunds of premiums) horn any sale or other disposition of the Property, Property. The word "Property° moons collectively the Rent Property and Iho Personal Property, Real Property, The words 'Heal Pfopefty" mean the real property, interests and rights, 001 further described in this Mortg Related Documents, The words 'Related Documennu' rneart ell promissory notes, credit agreemehta, lour agreements, Onvireentental Loan No: 60828 agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: SIERRA HOMES CONSTRUCTION, INC. By: State of County of Burdette Stocking This instrument was acknowledged before me on 5 7 (date) by Burdette Stocking, Sierra Homes Construction, Inc.. DAVID B. Notary Mau �0 1094 West 400 South Logan, Utah 84321 My Commission Exp December 18, 2011 MORTGAGE (Continued) CORPORATE ACKNOWLEDGMENT S PROGRAMS \CFIWINRS \CFI \LPL \G03.FC TR -5570 PR -36 000365 (No rial ture) My commission expires: 12 5- Page 6 LASER PRO Lending, Ver. 5.56.00.005 Copr. Harland Financial Solutions, Inc. 1997, 2011. All Rights Reserved. WY