HomeMy WebLinkAbout8748990.3014512
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RECORDATION REQUESTED BY: '
First Bank ct Idaho fsb, dba First Bank Advisors i:! ~' '~i' IW~' [)
First Bank of Idaho fsb, dba First Bank Advlsors . ~': ~'":"
170 E. Broadway kl~i(~;(~iL t 1 ~ "~'"
P.O.Box 12860
WHEN RECORDED RAIL TO:
First Bank of Idaho lsb, dba First Bank Advisors 'J [;/~ ~''] t( ?L "" ....,
First Bank of Idaho fsb, dba First Bank Advisors o,,.,., v, ........ .,, W ~ Dwi,
170 E. Broadway
P,O,Box 12860
Jackson, WY 83002
SEND TAX NOTICES TO:
First Ba,k of idaho fsb, dba First Bank Advisors J~O0~ pi{ PACI~ 5 5 .[
First Bank of Idaho fsb, dba First Sank Advisors - -
170 E. Broadway
P.O.Box 12860
dacksoq, WY 83002
SPACE ABOVE THIS LINE iS FOR ~ECORDER'S USEONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $63,300.00.
THIS MORTGAGE dated July 26, 2001, is made and executed between Neal R. Kiehne and Mary A.
Snyder-Kiehne, husband and wJte (referred to below as "Grantor") and First Bank of Idaho fsb, dba First Bank
Advisors, whose address is 170 E. Broadway, P.O.Box 12860, Jackson, WY 83002 (referred to below as
"Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender ail of Grantor's fight, title, and interest in and to
the following described rea~ prope~, together w(th ali existing or subsequently erected or affixed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water r~ghts, watercourses and ditch rJDhts (including stock in utilities w/th ditch or irrigation rights); and all
other rights, royaRfes,
"Re ' - ,, and profits relating to the real prope~, including without limitation ~ minerals, oil, gas, geothermal and similar matters, (the
al Property ) located in Lincoln County, State of Wyoming:
See Exhibit "A", which is attached to this Mortgage and made a part of this Mortgage as if fully set forth
herein.
The Real Property or Its address is commonly known as County Road 108, Etna, WY 83118. The Real Property
tax identification number is 36192710017500.
Grantor presently assigns to Ledder a~l of Grantor's right, title, and ~nterest in and to all present and future ~eases of the Prope~y and alt Rents from the
Property. In addRion, Grantor grants to Lender a Uniform Commercial Code securffy ~nterest ~n the Personal Proped~ and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as othe~ise provided in th~s Mo~gage, Grantor s'~aH pay to Lender all amounts secured by this Mortgage
as they become due and shall strictly peflorm ~[j o~ Grantor's oDJigatio~s under th~s Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Gmntor's possession and use of the Proped~ shah be governed by the
following provisions:
Possession and Use. Until the occurrence of an Event of DefauR, Grantor may (1) remain in possession a~d control of the Property; (2) use,
operate or manage the Prope~y; and (3) collect the Rents from the Prope~y.
Duty to Maintain. Grantor shall maintain the Prope~y in good condfffon and promptly pedorm ai~ repairs, replacements, and maintenance
necessa~ to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) Dudng the per~od of Grantor's ownership of the
Properly, there has been no use, generation, manufacture, storage, treatment, disposal, re~ease or threatened re~e~se of any Hazardous
Substance by any person on, under, about or from the Properly; (2) Grantor has no knowledge of, or mason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in writJn~, (a) any breach or violation of any Env~ronrnenta~ Laws, (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the
Prope~ by any pdor owners or occupants of the Prope~y, or (c) any actual or threatened iffigation or claims of any kind by any person relating
to such matters; and (3) Except as previously discosed to and acknowledged by Lender in writing,
contractor, agent or other authorzed user of the Properly shall use, generate, manufacture, store, treat, (~) neRher Grantor nor any tenant,
dispose of or re~ease any Hazardous
Substance on, under, about or from the Prope~y; and (b) any such activity shaft be conducted in compliance with at~ applicable federal, state,
and ~ocal laws, regulations and ordinances, inctud[ng without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter
upon the Prope~y to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Properly with this section of the Mo~gage. Any inspections or tests made by Lender.shaH be for Lender's purposes only and shaji not be
construed to create any responsibility or liability on the pall 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 Prope~y for Hazardous Substances. Grantor hereby (1) re~eases and
waives any future c~aims against Lender for indemnity or contribution in the event Grantor becomes liable for cJeanup or other costs under any
such laws; and (2) agrees to indemni~ and ho d harmless Lender against any and
which Lender may direct y or indirectly sustain or suffer resulting from a breach of all o~afms, losses, i~abiHties, damages, penaRies, and expenses
this section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened re~ease occumng prior to Grantor's ownership or interest in the Property,
whether or not the same was or should have been known to Grantor. The provisions of th~s section of the Mortgage, includk~g the obligation to
indemnify, shall su~ive the payment of the Indebtedness and the sat~sfaofion and reconveyance of tho Hen of this Mortgage and shall not be
affected by Lender's acquisition of any ~nterest ~n the Properly, whether by foreclosure or othe~ise.
Nuisance, Waste. Grantor shall not cause, coqduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Prope~ or any.portion ct the Prope~y. Without ~mRf~g the generality of the foregoing, Grantor wJJ~ not remove, or grant to any other party the
right to remove, any timber, minerals (including o[~ and gas), coal, clay, scoria, soi~, gravel or rock products without Lender's prior written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Rea~ Properly without Lender's prior written
consent. As a condition to the removal of any ~mprovements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such h~provements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Rea] Property at a~ reasonable times to attend
Lender's interests and to inspect the Rea] Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply w~th aH laws, ordinances, and regulations, now or hereafter
effect, of all govemmenta authodHes applicable to the use or occupancy of the Prope~y.
ordinance, or regulation and withhold compliance during any proceeding nc]udtng appropriate Grantor may contest ~n good fa th any such
' ' appea~s, so cng as Grantor has not~f ed Lender in
writing prior to doing so and so ~ong as, in Lender's so~e opinion, Lender's ~nterests in the Propedy are not jeopardizeQ. Lender may require
Grantor to post adequate security or a surety bond, reasohabJy satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon nor leave una~ended the Propedy. Grantor sha~l do aH other acts, In addition to those acts
set fodh above in this section, which from ~he character and use of the Prope~y ar9 reasonably necessary to protect and preserve the Property.
TAXES AND LIENS. The following provisions relating to the taxes ~nd Hens on the Pro~edy are pad of this Modgage:
Lo'an No~ ;'90020073(];~?~;~SS MC.,,,, ~AGE
· (Continued) ~ 5 '~ Page 2
Payment. Grantor shall pay when due (and in all events prior to deiinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied aga'.nst or on account of tt~e Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Properly. Grantor shall 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 agreed to in writing by Lender, and except for the lien of taxes and assessments not
due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over tile obligation to
pay, so long as Lender's interest In the Property is not jeopardized. If a lien arises or is filed as a res[lit of nonpayment, Grantor shall within 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 sufficie~lt corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrue as a resu!t of a foreclosure or sale under
the lien. In any contest, Grantor shall defend itself arid Lender and shail satisfy any adverse iudgment before enforcement against the Property.
Grantor shall name Lender as an additional obtigee under any surety bond furnished in the conlest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes arid assessments against the
Property.
Notice of Construction. Grantor shall notify Leander 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 Grantor can and will pay the
cost of such improvements, ·
PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property are a pad 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 alt improvements on tile 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
stipulation that coverage will not be cancelled or diminished without a minimum of fifteen (15) days' prior written notice to Lender and not
containing any disclaimer of the Insurer's !iabillty for: failure to give such notice. Each Insurance po!icy also shall include an endorsement providing
that coverage in favor of Lender will not be impaired f'n any way by any act, omission or default of Grantor or any other person. Should the Real
Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is gfverl by Lender that tile Property Is located in a
special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on tile property securing the loan, Lip 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 ef the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss If Grantor
fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and
retain the proceeds of any ir~surance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or
the restoration and repair of the Property. If Lender elects to apply tile proceeds to restoration and repair, Grantor shall repair or replace the
damaged or destroyed Improvements in a mariner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or
reimburse Grantor from tile proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds
which have not been disbursed within 180 days after thelr receipt and which Lender has not committed to the repair or restoration of the Property
shall be used first to pay ar~y amount owing to Lender under th!s Mortgage, then to pay accrued interest, and the remainder, if any, shall be
applied to the principal balande of the Indebtedness. If Lender holds any proceeds after payment in fuli of the indebtedness, such proceeds shall
be paid to Grantor as Grantor's interests may appear.
Unexpired Insurance at Sale. Any unexpired insurance shail inure to the benefit of, arid pass to, the purchaser of the Property covered by this
Mortgage at any trustee's sale or other sale held un. der the provisions of this Mortgage, or at any foreclosure sale of such Property.
LENDER'S EXPENDITURES. If Grantor fails (Al to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, (B)
to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may dc so. If any action or proceeding is
commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action
that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes wi!l then bear interest
at the rate charged under the Note from tl:e date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part
of the Indebtedness and, at Lender's option, will (Al be payable on demand; (B) be added to the balance of the N~ot? and be apportioned among
and be payable with any Installment paymerlts to become due during either (1) the term of any applicable insurance pohcy; or (2) the remaining term
of the Note; or (C) be treated as a baIIoon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of
these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on
account of any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any r~.~medy 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: (al Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion issued in
favor of, and accepted by, Lender in connection with fi:is Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver
this Mortgage to Lender.
Defense of Title. Subject to th@ exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the
lawful claims of all persons, In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be tile nominal party in such proceeding, but Lender shall be
entitled to participate In the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with a!l existing appIicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and staternents Grantor has made in this Mortgage shall survive the execution and delivew of
this Modgage, shall be continuing In nature and sha',l remain in full force and effect until such time as Grantor's Indebtedness is paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Modgage:
Proceedings. If any proceeding in condemnation is fied, Grantor shall promptty notify Lender ir: writing, and Grantor shail promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the 'nominal party in such proceeding, but Lender shall be
entitled to participate in tt)e proceeding arid 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 arid documentation as may be requested by Lender from time to tinne to permit such participation.
Application of Net Proceeds. If ail or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of cond, emnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the indebtedness
or the repair or restoration of the Prope.dy. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES, The ~foIlowlng provisions relating to governmental taxes, fees
and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Modgage 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 below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registerirlg this Mortgage
Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on
the indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or tile holder of the Note;
and (4) a specific tax on ali or any portion of the h~.debtedness or on payi'rt, ents of pr qcipal and interest made by Grantor.
Loan N~: 190020073 0~~ MORTGAGE
Continued)
Page 3Subsequent
Taxes. If any tax to which th',s section applies fs enacted subsequent to tile date of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided betow unless Grantor
either (1) pays the tax before it becomes delinqLJent, or (2) 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 satisfactory to Lender,
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Modgage as a security agreement are a part of this
Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shalt
have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest, Upon request by Lender, Grantor shall execute fina~cJng statements and take whatever other action is requested by Lei~der to
perfect and continue Lender's security interest tn tile Personal Property. In addition to recording this Mortgage in t[ie real property records, Le~3der
may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions ol this Mortgage as a financing
statement, Grantor shall reimburse Lender for ali expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall
not remove, sever or detach the Persona! Property from the Property. Upon default, Grantor shali assemble any Personal Pro~)erty not affixed to
the Property in a manner and at a piece reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after
receipt of written demand from Lender to the extent permitted by applicable law.
Addresses, The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security 'interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgage,
FURTHER ASSURANCES; A'FrORNEY-IN-FACT, The following provisions retatir:g to fudher 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 deiJver, or will cause to be
made, executed or delivered, to Lender or to Lender's des ghee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times at:d in such offices and places as Lender may deem appropriate, any and a!t such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instrume~ts of further ass~rance, certificates,
and other documents as may, in the sole opin!on of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue,
by this Mortgage as first and prior liens o ~.~ ~ ........ o,,rt
preserve (1) Grantor's obligations under the Note, ti~is M gage, and the Re(ated Documents, and (2) the liens a ..... or
n ,,,u .,uNu,ty' who;nor now owned or hereafter acm,',,~H ~ ..... nd s.e. cunty l~fferests created
agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expense.~"~ .... ~, Grantur. Unless prohibited by law or Lender
thls paragraph, incurred
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 Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of
making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirab!e, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays ail the Indebtedness when due, and otherwise performs aii the cbilgations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor wi;l pay, if permitted by applicable Jaw, any
reasonable termination fee as determined by Lender from time to time.
EVENT..~ OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage if any of the following happen: Payment Default, Grantor fails to make any payment when due under the indebtedness.
Default on Other Payments, Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
ether payment necessary to prevent filing of or to effect discharge of any lien.
Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly
this Mortgage or in any agreement related to this Mortgage.
Default In Favor o¢ Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, fn favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the
Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related document.
False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the
Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
Defective Collaterallzatlon. This Mortgage or any of the Related Documents ceases to be in full force and e~
document to i failure of any collateral
valid and perfected security interest or lien) at any time and for any reason.
ec't (inc!udfngcreate a
Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any type of creditor workout, or tile commencement of any proceeding under any bankruptcy or insolvency
laws by or against Grantor.
Taking of the Property. Any creditor or governmental agency tries to take any of the Properly or any other of Grantor'.s property in which Lender
has a lien. This inctudes taking of, garnishing of or levying on Grantor's accounts with Lender, However, if Grantor disputes ir} good faith whether
the claim on which the taking of the Property is based Is valid or reasonable, and if Grantor gives Lender written notice of the claim and furnishes
Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply.
Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lende
wlthln any grace period provided therein, Including without iim t ' ·
Lender, whether existing now or later etlon any agreement concerning any indebtedness o. *+~. ...... [ tt!~t Is ?o..t remedied
' ' · u~u~ uIJiiga~lon Of L~rantor to
Events Affecting Guarantor, Any of the preceding events occurs with respect to any'guarantor, endorser, surety, or accommodatio,,~ pady of any
of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes Incompetent, or revokes or disputes the validity
of, or liability under, any Guaranty of the Indebtedness. in the event of a death, 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
any Event of Default·
Insecurity. Lender in good faith believes 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 will have occurred) if Grantor, after Lender sends written notice
demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if the cure requires more tha~'~ fifteen (15) days, immediately
initiates steps sufficient to cure the failure and thereafter continues and completes ali reasonabie and necessary steps sufficient to produce
compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's 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 I~ldebledness. Lender shall have the right at it option without notice to Grantor to declare the entire Indebtedness immedfateiy due
and payable, including any prepayment pena;ty wh{ch Grantor would be required to pay.
UCC Remedies. With respect to all or any part of tile Personal Property, Lender shall
the Uniform Commercial Code. have all the rights and remedies of a secured party under
Collect Rents. Lender shail have the right, without notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whether Judicial or non-judicial, and collect the Rents, including amounts past due and ur~paid, and apply the net proceeds, over and
above Lender's costs, against the indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make
payments of rent or use fees directly to Lender, If tile Rents are collected by Le.qder, then Grantor irrevocably designates Lender as Grantor's
attomeyqn-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 shalt satisfy the ob~igations for which the payments are made,
whether or not any proper grounds for the demand existed. Lender may exercise its r!ghts under this subparagraph either in person, by agent, or
through a receiver.
Appoint Receiver. Lender shall have the right to i~ave a receiver appointed to take possession of all or any part of the Property, with the power to
_._ Loan Noi" 190020073 O~'~r~,~ MCr,
~ ........ (Continued) '
protect and preserve the Property, to operate the Property preceding foreciosure or sale, and to coJiect the Rents from the Property and apply the
proceeds, over and above the cost of the recelvership, against the Indebtedness, The receiver may serve without bond if Peru)tiled by law.
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a
substantial 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.
Noniudicial Sale. Lender may foreclose Grantor's Interest in ail or in any part of the Property by non-judicial sale, and specifically by "power of
sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. if permitted by applicabIe law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. if Grantor remains in possession of the Property after the Property is sold as provided above or Lender 'otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Leander. or the purchaser
of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Properly, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To tile extent permitted by applicable Jaw, Grantor hereby waives any and
exercising its rights and remedies, Lender shall be free to sell ail or any part of the Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any public sale on ali or any portion of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any pubiic sale of the Personal Property or of the time after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shail rnean notice given at least
ten (10) days before the time of the sale or disposition.
Election of Remedies. All of Lender's rights and remedies will be cumuiative and may be exercised alone or together. An election by Lender to
choose any one remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of Grantor's
obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to deciare Grantor in defaull
and to exercise Lender's remedies.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Modgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any coud action is involved, and
to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of
its Interest or the entorcement of its rights shall become a part of the Indebtedness payable on demand and shali bear interest at the Note rate
from the date of the expend lure until repaid.
fees ,E, xpenses covered by this paragraph inc ude, without limitation, 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 atlomeys
and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment cdlection 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. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by tdefacsimJle (untess otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or reg!stered mail postage
prepaid, directed to the addresse& shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which
has priority over this Mortgage shall be sent to Lender's address, as shown near t'he beginning of this Mortgage. Any person may change his or her
address for notices under this Mortgage by giving formal written notice to the other person or persons, specifying that the purpose of the notice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise
provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments, What is written in this Mortgage and in the Related Documents is Grantor's entire agreement with Lender concerning the matters
covered by this Mortgage. To be effective, any change or amendment to this Modgage must be in writing and must be signed by whoever will be
bound or obligated by the change or amendment.
Caption Headings. Caption headings [n this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgagewlll be governed by and interpreted in accordance with federal law and the laws of the State of Wyoming.
This Mortgage has been accepted by Lender in the State of Wyoming.
Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean
each and every Grantor. This means that each Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Lender. Grantor understands Lender wiil not give up any of Lender's rights under this Mortgage unless Lender does so in writing.
The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that r!¢:t. If Lender does agree in writing to give
up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage. Grantor also
understands that If Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation
happens again. Grantor further understands thatjust because Lender consents to one or more of Grantor's requests, that does not mean Lender
will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor.
Grantor waives all rights of exemption from execution or similar law in the Property (including without limitation, the homestead exemption), and
G~'antor agrees that the rights of Lender in the Property under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect.
Severability. If a court finds that any provision of this Mortgage is not valid or should not be enforced, that fact by Itself will not mean that the rest
of this Mortgage will not be valid or enforced. Therefore, a court wiil enforce the rest of the provisions of this Mortgage even if a provision of this
Mortgage may be found to be lnvalid or unenforceable.
Merger. There shall be no merger of the interest or estate created by th s Mort,-,a,,e wm.
held by or for the benefit of Lender in any capacity, w thout the written coi~ser~t'°f '~e~der.'"' any other interest or estate in the Property at any time
Successors and Assigns. Subject to any limitations stated 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 assigns, if 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 Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obiigafions of this Mortgage or liability under the Indebtedness.
Time Is of the Essence. Time is of the esse,'~ce in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases arid waives ali rights and benefils of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS, Tt~e fo!lowing words shall have the following meanings when used in this Mortgage:
Borrower, The word"
Borrower' means Neal R. Kiehne and Mary A. Snyder-Kiehne, and ail olher persons and entities signing the Note,
Envlronmental Laws. The words "Environmental Laws" mean any and ali state, federal and iocal statutes, regulations and ordinances relating to
the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Arnendments and Reauthorization Act ct 1986, Pub.
L. No. 99;499 ("SARA"), the Hazardous Materia!s Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery
· Act, 42 U.S.C. Section 6901, et seq,, or other applicable state or federal laws, rules, er regu!afions adopted pursuant thereto.
· Event of Default. The words "Event of Dorm]it" mean any of the events of default set forth fn this Mortgage in the events of default section of this
Mortgage.
· Grantor. The word "Grantor" means Near R. Kiehne and Mary A. Snyder-Kiehne.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without
limitation a guaranty of all or part of the Note.
MORTGAGE
~oan No: 190020073~,)~,7~3~;) (Continued)
- ~ ~' ~ Page 5
Hazardous Substances. The words azaraous Substances" mean materials that, because of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handied. The words "H
broadest sense and Include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
azardous Substances" are used Jn their very
Environmental Laws. The term "Hazardous Substances" aisc includes, without limitation, petroleum and petroleum by-products er any fraction
thereof and asbestos.
Improvements. The word "Improvements,, means all existing and future improvements, buildings, structures, mobile hbmes affixed on the Real
Property, facilities, additions, replacements and other construction on the Real Properly.
Indebtedness, 7'he word "indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Retated
Documents, together with ail renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents
and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, together with interest on such amounts as provided in this MortgaCe.
Lender. The Word "Lender" means First Bank of Idaho fab, dba First Bank Advisors its successors and assigns. The wo~ds "successors or
assigns'* mean any person or company that acqulres any interest in the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated July 26,200!, in the original principal amount of $63,300.00 from Grantor
to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note
or agreement. The maturity date of this Mortgage is July 26, 2004.
Personal PrOperty, The words "Personal Property" mean all equ pment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together w/th ali accesslons, parts, and additions to, all replacements of,
and all substitutions for, any of such property; and.together with all proceeds (including without limitation all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Property. The word "Property" means coliectlvely the Real Property and the Personal Property.
Real Property, The words "Real Property" mean the real property, interests and rights, as Curther described !o this Mortgage.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collaterai mortgages, and ali 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.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE~ AND EACH GRANTOR AGREES TO ITS
TERMS,
GRANTOR:
INDIVIDUAL ACKNOWLEDGMENT
STATE OF ~~~~__~ )
) SS
On this day before me, the undersigned Notary Public, personally appeared Neal R. Kiehne, to me known to be the individual described in and who
executed the Mortgage, and acknowledged that he or she signed the Modgage as h~s or her tree and vok~ntary act and deed, for the uses and
purposes therein mentioned.
Notary Public in and for the State
INDIVIDUAL ACKNOWLEDGMENT
STATE OF
) SS
COUNT o, )
On.thJs day before me, the understgned Notary Public, personally appeared Mary A, Snyder-Kfehne, to me known to be the individual described
and who executed the Mo~gage, and acknowledged that he or she signed the Modgage as h~s or her free and voluntary act and deed, for the uses
and purposes therein mentioned.
Given under my hand and I seal this ~~~_ day of
EXHIBIT "A"
~ portion of the S~2N£~/4 o~ S~o~ion 27, TJ~N, RflOW, of ~ ~. pM, ~i~oo~ Oo~/ P~/om~g, bdnO mor~
. particularly desk/bed os fo~o~s,
Begi~ing at en ~on Pipe set et ~ Point ~n the South ~ne .
-SoM,~ 709,!5 feet, ~o the ~oin.t of Beginnin~ .
SUBJECT TO. A 60-feet ~e Right-of-Way Eosem~t being, thef portion of ~d alan fhe South ~ne of the above
des~ibed p~ce~ ~i~in ~t 60-foot Right-of-Way Ees~ent, being Swimmfn~ PoOl
more porticul~r~ described in Book 215PR, Pege 5~ . ' ' ~ ~ . ~d ~-108, being
TOGETHER ~, A 20-foot ~ide Uti~fZ Easement, along the North ~ne. of the edrocent P~cel
TOOETHER NTH' A 20-fOot wide Utility E~semenf, along °nd fhroU~ the Southern patti°not the adjacent P~cel
to ~o East for fha purpose of operating ~d meintoining unde~ ~ound E~ctric Powe ' ' · , · g
more pe~'tic~or~ described os fo~o~s: ~ .~ r ~d Te~Phone ~es be~n
~~ at on ~on ~ipe set at e Point in ,?~e East boundary 2ne ef the above described ercel sei '
~ezng 3Z67 feet No~ from ~e ~on pipe set m~kin~ ~e Sou*~"~-~ ....... ,
~ein~,~ point in th~ North Right-of-~dv ~ne of S~in~ PoOl~'t:~'~ ~ %~ ~c~s~,~Bo~n~ ~so .
' ~as~lj .... ,- ,,~ ~ ~. ~ ~-zu~; [hence Nort~ a/on s
, Nag'29 l 62a56 f, t; NO'02' i' 7618
feet; thence 5'0 02~1~ Z~02 feet; thence Ngg"p.qt~l~ ~zzz~ ~-~, i- -' ','.'..'~--,~, -,,~,~
. n . for ~S, H)~h~oy 89, sozd point dso being o poznt zn e JJSZ~7 feet curve to the Ri hb fh~e
$outheesfer~,. o/on said Curve fhrou fle ce ' · g '