Loading...
HomeMy WebLinkAbout874901RECORDATION REQUESTED By; The Jackson Slate Bank P.O. Box 1788 , ', ~- .~ ~i I ~ ~ ~ WHEN RECORDED MAIL TO: ....... The Jackson State Bank Jackson, WY 83001 t~ ~, ,~ ~,,~ c ~'~ c ~;, ~,¥ ¥ (.) ~,,~ Ill G SEND TA NOTICES TO: ~oOK ~Pli [~AGE ~ D o The Jackson Slate Bank P.O. Box 1788 ' ~ 112 Center Street . Jackson, WY 83001 SPACE ABOVE THI~ LINE IS FOR RECORDER'S USE ONLY. MORTGAGE M~IMUM LIEN. The lien of this Mortgage Shall not exceed at any one time $10,400.00. THIS MORTGAGE dated July 27, 2001, is made and executed between Juan L. Herrera, husband, whose address is P.O. Box 12568, Jackson, WY 83002 and Macaria Herrera, wife, whose address is P.O, Box 12568, Jackson, WY 83002 (referred to below as "Grantor") and The Jackson State Bank, whose address is P,O. Box 1788, 112 Center Street, Jackson, WY 83001 (referred to below as "Lender"), GRANT OF MORTGAGE. For valuable conslderallon, Grantor morlgages and conveys to Lender ai[ of Granior's right, title, ~nd interest in and to Ihe following described real property, together with alt'existing or subsequently erected or affixed buildings, improvements and fixtures; all easemenls, righls of way, and appurtenances; all water, water rights, watercourses and ditch righls (including stock ~n utilities with ditch or irrigation rights); and other rights royalties, and profits relating to the rea~ property, including w thout Hmit~tion sit minerals, oi~, gas, geothermal and similar matters, (the Real Property") located in Linco n County, State of Wyoming: Lot 3, Star Valley Ranch Plat 16, according to that plat record in the Office of County Clerk, Lincoln County, Wyoming. The Real Property or its address is commonly known as 234 Cedar Creek Drive, Thayne, WY 83127. Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to aH present and future leases of the Property and ~11 Rents from the Property. In addition, Grantor grants.to Lender a Uniform Commercial Code security interest in the PersonaJ Property and Ranis. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY~ IS GIVEN TO SECURE (Al 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 otherwise provided in this Mortgage, Grantor shall pay to Lender alt amounts secured by this Mortgage as they become due and shall strictly perform ~ll of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Ranis from the Property. Duly to Maintain. Grantor sha[~ maintain the Property in good condition and prompt¥ perform all repairs, replacements, and maintenance necessary to preserve tls va~ue. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the Property, there hss been no use, generation, manufacture, stor~ge, treatment, disposal, release or threatened re,ease of any Hazardous Substance by any person on, under, aboul er from the Property; (2) Grantor has no knowledge of, or reason ~o behove that there has been, except as previously disclosed to and acknowledged by Lender in wriling, (al any breach or v~o{at}on of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, re,ease or threatened release of any Hazardous Substance on, ~nder, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened ~iligatJon or c[alms of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (al neither Grantor nor any tenant, contractor, agent or other authorized user of the Property sha~l use, generate, man,lecture, slam, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity sha~i be conducted ~n compliance with al~ applicable federal, state, and local laws, regulations and ordinances, including without limitation ali Env=~ronmental Laws. Grantor authorizes Lender and its agents to enter upon the. Properly to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of Property with this section of the Mortgage. Any inspections or tests made by Lender shah be for Ler~der's purposes only and shall not be construed to create ~ny responsibility or liability on the part of Lender to Grantor or to ~ny other person. The representations and warranties contained herein are based on Granlor's due diligence In investigating the Property for H~zardous Substances. Grantor hereby (1) releases a~d waives any future claims against Lender for indemnity or contribution in the event Grantor becomes }iable for c~e~nup or other costs under any such I~ws; and (2) agrees to indemnify and ho~d harmless Lender against any and a~ c~a~ms, Josses, ]~ab~l~ties, d~m~ges, penaities, and expenses which Lender may directly or indirectly sustain or suffer result{nO from ~ breach of thfs section of the Mortgage or ~s a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in Ihe Property, whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage, inc[ud~ng the obligation te indemnify, shall survive the payment of the Indebtedness ~nd the satisfaction and reconveyance of the lien of INs Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, .whether by foreclosure or otherwise. ' Nuisance, Waste. Grantor sha~l not cause, conduct or permit any nufssnce nor commTt, permit, or suffer any str~pping of or waste on or to the Property or any portion of the Property. Without ~imiting lhe generality of the foregoNg, Grar~tor wiit not remove, or grant to any other party the right to remove, any timber, m~nera~s (including o~t and gas), coal, clay, scoria, soit, gravet or rock products without Lender's prior written consent. Removal of Improvements. Grantor shall not demolish or remove any [mproveme~ts from the Real Property without Lender's prior wdtten suchC°nsent'h~provffmentsAS a conditionwith tOlmprovementsthe removai of°f anyat ~east~mpr°vementS'equa~ va~ue. Le~der may require Grantor to make arrangements satisfactory to Lender to replace Lender's Right to Enler. Lender ~nd Lender's agents and representatives m~y enter upon the Real Property at all reasonable times lo attend to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage. Compliance with Governmental Requlremenls. Grantor sha[t prompt¥ comply with a~t Jaws, ordinances, and regulations, now or hereafter in effect, of a[~ governmental authorities applicaNe to the use or occupancy of lhe Property. Grantor may contest In good faith any such ~aw, ordinance, or regulation and withhold compliance 'during a~y proceeding, inck~ding appropriate appeals, so ~ong as Orantor has notified Lender in writing prior lo doing so and so long as, in Lender's so~e opinion, Lender's J~terests ~n the Property are not jeopardized. Lender may require Grantor to post adequate secudty or a surety bond, reasonsNy satisfactory to Lender, to protect Lender's interest. Duty to Protecl. Grantor agrees neither ~o abandon nor leave unattended the Properly. -Grantor shal~ do al~ other acts, In addition to those acts sol forth ~bove in this section, which from the character and use o¢ ~he Property sro re~sonab¥ necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's opt~on, decrare Tmmed~ate¥ due and payable al~ sums secured by tNs Mortgage upon the sa}e or transfer, without Lender's prior written co~sent, of ~l~ or ~ny part of the Rest Property, or any interest in the Real Property. A "saie or transfer" means the conveyance of Real Property or any r~ght, t~t)e or interest in the Real Property; whether legal, beneficia~ or equitaNe; whether MORTGAGE ~r ~ ~: Loan No: 33007444 U~~', ~L (Continued) , Page 2 voluntary or Involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Rea~ Property, or by any other method of conveyance of an interest in the Real Property. However, this option shall not be exercised by Lender If s(Jch exercise is prohibited by federal law or by Wyoming law. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage: Payment. Grantor shall pay when due (and In all events prior to delinquency) all taxes, payrolt taxes, special taxes, assessments, water charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property, Grantor shall maintain the Property free of any Iiens 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 taxesjand assessments not due as further specified In the Right to Contest paragraph. .- Right to Contest. Grantor may withhold payment of at'ty tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not Jeopardized. if a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is flied, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender In an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. in'any contest, Grantor shall defend itself and Lender and sha. ll satisfy any adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest 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 officiat to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify Lender at least fifteen (1'5) days before any Work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materlatmen's lien, or other lien couid 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 part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full Insurable value covering ail Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee cla~Jse in favor of Lender. Policies shail 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 ten (10) days' prior written notice to Lender and not containing any disclaimer of the Insurer's llabliity for'failure to give such notice. Each insurance policy aisc shall Include an endorsement providing that coverage In favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Should lhe Real Proper~y 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 n3aintaln Federal Flood Insurance, if available, within 45 days after notice Is given by Lender that the Properly is located in special flood hazard area, for the full unpaid principal batance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits §et.under the Nalional Flood Insurance Program, or as otherwise required by Lender, and to maintain such Insurance for the term of the loan. Application of Proceeds, Grantor shall promptly hotify Lender of any toss or damage to the Property. Lender may make proof of loss if Grantor fails to do so withfn 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 Insurance 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 the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements In ~, manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the 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 their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing (to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Ler~der hoids any proceeds after payment in foil of the Indebtedness, such proceeds shall be paid te Grantor as Grantor's interests may appear. Unexpired Insurance at Sale. Any unexpired insurance shall intJre to the benefit of, and pass 1o, the purchaser of the Property covered by this Mortgage at any trustee's sale or other saie held under the provisions of this Mortgagei or at any foreclosure sale of such Property. LENDER'S EXPENDITURES. If Grantor fails (A) ~o keep the Property free of ali taxes, liens, security interests, encumbrances, and other claims, to provide any required Insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or proceeding Is commenced that would materially affect Lender's interests in the Property, then Lender on Gra'ntor's'~ehalf may, but is not required to, take any actior that Lender believes to be approPriate to protect Lender's interests. 'Afl expenses incurred 'or paid by Lender for such purposes will then bear interes' at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. Ail such expenses will become a par of the Indebtedness and, at Lender's option, wiil '(A) be '¢)ayable on demandi (Bi b~ added to the balance of the Note and be apportioned amon.( and be payable with any installment payments 1o become due during either (1) the term of any applicable insurance policy; or (2) the remaining tern of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. 'Fha Mortgage also will secure payment o · 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 account of any default. Any such action by Lender shall not be construed as curing the default so'as to bar Lender from any remedy that it otherwis would have had. WARRANTY; DEFENSE OF TITLE, The followlng provisions relatlr~g'to own'ei'ship of the Properly are a part of this Mortgage:' Title, Grantor warrants that'. (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens an encumbrances other than those set forth in the Rea! Property descriotion or In any title insurance policy, title report, or final title opinion issued favor of, and accepted by, Lender in connection with this Mortgage, ~nd (bi Granter has the full right, power, and authority to execute and detiw this Mortgage to Lender. Defense of Title, Subject to the exception in the paragraph above, Grantor warrants and will forever defend the titie to the Property against 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 tf Morlgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nomlnal party in such proceeding, but Lender shall entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and GrantOr will deliver, 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 ~he Property and Grantor's use of lhe Property complies with ail existing applicable ordinan0es, and regulations of governmental authorities. Survival of Promises. All promises, agreemer~ts, and statements Grantor ~r~as made in this Mortgage shall survive the execui]on and deiivery this Mortgage, shall be continuing in nature and shall remain in full force and effect until such time as Grantor's indebtedness is paid in full. CONDEMNATION. The following provisions relating to ccndem.qation proceedings are a part cf this Mortgage: Proceedings. if any proceeding in condemnatic,q is filed, Grantor sha!I promptly notify Lender in writing, and Grantor shall promptly take steps as may be necessary to defend the action and cbfain the award. Grantor may be the nominal party in such proceeding, but Lender shall entitled to participate in the proceeding and to be represented in ~he 0roceedfng by counsel of its own choice, and Grantor will deliver or caus~ be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permit such pa~'ticipation. Application of Net Proceeds. If all or any pert of the Property is condemned by eminent domain proceedings or by any proceeding or purch in lieu of Condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedr or the repair or restoration of the Property. The net proceeds of the award sha!l mean the award after payment of all reasonable costs, expert and attorneys' fees incurred by Lender in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, and charges are a part of this Mortgage: Current Taxes, Fees and Charges, tJpon request by Lender, Grantor shall execute such documents in addition to this Mortgage and whatever ether action is requested by Lender lo perfect and continue Lender's liei~ on the Real Property. Grar~tor she, ii reimburse Lender taxes, as described below, togett*~er with ail expenses incurred in recording, perfecting or conlinuing this Mortgage, including without llmitati¢ 0~7~)(]~1. MORTGAGE Loan No: 33007444 (Continued) ~J {~ !-) Page 3 taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (1) a soecific tax cleon this type of Mortgage or coon all or any part of the Indebtedness secured by this'Mortgage; (2) a specific tax on Grantor which Grantor.F~.authorized or required to oeauct from paymenls on the Indebtedness secured by this type 'of Mai:tga~e; (3) a 't~'× on this type of Mortga(ie ch~.~'~C_ble against t~e Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal aha inlerest made by Grantor. Subsequenl Taxes, If any tax 1o which this section applies is enacted subsequent lo the 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 orovided below unless Grantor either (1) pays the tax before It becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposils with Lender cash or a sufficient corporate surety bond or other security satisfactory ~o Lender. SECURITY AGREEMENT; FINANCING STATEMENTS, The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: Security Agreement. Thls inslrument shall constitute a Security Agreement to the extent any of tim Property constitutes fixtures, and Lender shall 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 shali execule fi¢~ar:cing statements and take whatever other action is requested by Lender to perfect and conlinue Lender's security Interest In the Personal Property. /r~ addition to recording this Mortgage in the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security Interest. Upon default, Grantor not remove, sever or detach the Personal Property from the Property. Upon default, Grantor sha',l assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of wrllten demand from Lender to lhe 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; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this Mortgage: Furlher Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or 1o Lender's designee, and when requested by Lender, cause to be filed, recorded, raffled, or rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirab'e in order to effectuate, complete, perfecl, continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created by this Mortgage as first and prior liens on the Properly, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred In connection with the matters referred to in this paragraph. -' Attorney-in-Fact. If Grantor fails to do any of lhe lhlngs 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 Granlor's attorney-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, fo accomplish the matters referred.to in the preceding paragraph. ' FULL PERFORMANCE, If Grant(~r pays ail the Indebtedness when due, and otherwise performs all the obligations 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 will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. EVENTS 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 !ndebtedness. Default on Olher Payments. Failure of Grantor within the time required by tNs Mortgage to make any payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner provided In this Mortgage or in any agreement related to this Mortgage. Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in 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 Slalements. Any representation or statement made or furnished lo 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 al the time made or furnished. Defective Coilaleralizallon, This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. Death or Insolvency. The death of Grantor, the Insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for tile benefit of creditors, any type of creditor workout, or the 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 Property or any other of Grantor's property in which Lender has a lien. This includes taking of, garnishing of or levying on Granlor's accounts with Lender. However, If Grantor disputes in 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 lhe claim, then this default provision will not apply. Breach of Olher Agreement. Any breach by Grantor under the terms of any olher agreement between Grantor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any Indebtedness or other obligation of Grantor to Lender, whether existing now or later. Events Affecting Guarantor, Any of the preceding events occurs with respect to any guarantor, e~dorser, surety, or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodatior~ 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 dee!h, Lender, at its option, may, but shall not be required to, permit the guarantor's estate to assume unconditionaily the cbI!gations adsing under the ~cuaranty ir~. a manner satisfactory to Lender, and, in doing so, cure any Event of Default. Right to Cure. if such a failure is curable and if G-aqtor has not been g!ven a ,~otice of a b'each of the same provision of this Mortgage within the preceding twelve (12) months, it may be cured (arid po Event of Defau:t wi;I have occurred) if Grantor, after Lender sends written nolfce demanding cure of such failure: ia) cures lhe failure within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days, immediately initiateScomplianceStepsa~ sufficientsoon as reasonablyt° cure thepractical.failure and thereafter co,qfinues and completes all reasonable and necessary steps sufficient to produce RIGHTS AND REMEDIES ON DEFAULT. Upon the ~ccurre,qce of an Event of Defauit and at any lime 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: Accelerale Indebtedness. Lender sha!t have the right at it option without notice to Grantor to dectare the entire indebtedness immediately due and payable, including any prepayment penalty which Gran!or would be 'eqfred to pay. UCC Remedies. With respect to ali or any part o¢ the Personal Property, Lender shall have a;I the rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Lender shelf have the right, without ~ot'ce to Grantor, ~o !~ke possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect the F~e;~ts, including amour-frs past due and unpaid, and aOoly the net proceeds, over and above Lender's costs, against the Indebtedness. in fPrtherance 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 the Rents are cci'acted by Lender, then Grantor irrevocably designales Lender as Grantor's attorney-fr,-fact to endorse instruments received in payment thereof ir~ the name of Grantor and to negotiate the same and collect the proceeds. 0 74901 MO'RTGAGE Loan No: 33007444 (Continued) :~; (} I. Page 4 Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph elther In person, by agent, or through a receiver. Appoint Receiver, Lender shall have the right to have a receiver appointed to take possession of att or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and fo col!ecl the Rents from the Property and apply the proceeds, over and above the cost of ~he receivership, against fha Indebtedness. The receiver may serve without bond if permllted by law. Lender's right to the appointment of a receiver shall exisl whether or not the apparent value of the Property exceeds the Indebtedness by substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest In all or any part of the Property. Nonjudicial Sale. Lender may foreclose Grantor's interest In ell 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 applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender after application of alt 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 lo possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance cf Lender 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 shaft have ell other rights and remedies provided in this Mortgage or the Note or available at law or in equity. Sale of the Property. To the extent permitted by epplicab!e law, Grantor hereby waives any and ail right to have the Property marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any'pert of the Property together or separately, In one sale or by separate sales. Lender shall be entitled to bid at any pubiic sale on all or any portion of the Property. Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after which any private sale or other intended disposition of the Personal Property' is tobe made. Reasonable notice shall mean 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 cumulative and may be exercised alone or together. An eiection 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 declare Grantor In default and to exercise Lender's remedies. · - Atlorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms gl lhis Mortgage, Lender shall be entitled to recover such sum as fhe court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action Is Involved, and to the extent not prohibited by taw, all reasonable expenses Lender incurs that in Lender's opinton are necessary at any time for the protection its interest ar the enforcement of its rights shall become a part of ~he Indebtedness payable on demand and shatl bear interest at the Note rata from the date of the expenditure unfii repaid. Expenses covered by ~hi§ paragraph include, without !imitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees ¢,nd Lender's tegal expenses whethe~ or not there ts a lawsuit, Including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post.~judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and fiile insurance, to the exient permitted by applicable law. Grantor also will pay any court costs, In addition to all other sums provided by NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice oi default and any notice of sale shall be given in'writing, and shall be effective when actuafly delivered, when actualty received by telefacsimlle (unless otherwise required by iow), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited In.the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near [he beginning of this Mortgage. Alt 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 the beginning of this Mortgage. Any person may change his or her address for no,ices under this Mortgage by giving formal written nofice 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 a~ alt 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 ~o any Grantor is deemed to be notice given lo all Grantors, It will be Grantor's responsibility to tell the others of the notice from Lender. MISCELLANEOUS PROVISIONS. The folJowing roiscellaneous provisions are a part of this Mortgage: Amendments. What is written in this Mortgage and in the Re!ated Documents IsGrantor's entire ag/eem~'nt with Lender concerning the matters covered by this Mortga[ie. 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 in t~ls Mortgage are for convenience purposes only end ara not to be used to interpret or define the provisions gl this Mortgage. . . Governing Law. This Mortgage will be governed by and IhterPreted 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. Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Teton County, State of Wyoming. Joint and Several LI,abllity. All obligations of Grantor under, this Mortgage ,~hall be jolntand several, and all references to Grantor shali, 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 witl.not give up ahy of Lender's righl~' under this Mortgage unless Lender does so in Writing. The fact that Lender delays or omits to exercise any righl will not mean .that Lehder has given up that right, 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 gl this Mortgage. Grantor also understands that if Lender does consen! to a reguest, that does not mean that Grantor wil! not have to get Lender's consent again If the situation happens again. Grantor further understands that just 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 !aw in the P. roperty (including without limitation, the homestead exemption), and Grantor agrees that the rights gl Lender in the Property under this Mortgage are prior to Grantor's tights, while this Mortgage remains in effect, Severability, If a court finds that any provisi'on of this Mortgage is not va'id or shoed not be enforced, that fact by itseIf will not mean that the rest of this Mortgage will not be valid or enforced. Therefore, a court wili eh[orca the rest of the provisions cf this Mortgage even if a provision of this Mortgage may be found to be invalid or unenforceab!e. Merger. There shell be no merger of the interest or estate created by this Mortgage wi[h any other interest or estate tn the Property at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender. Successors and Assigns. Subject to any limitations stated fn 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 lhan Grantor, Lender, without notice to Grantor, may den! with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extenslcn without releasing Grantor from the'obligations of INs Mortgage or liability under the Indebtedness. Time Is of the Essence, Time is of the essence In the performance of this Mortgage. Waiver o1' Homestead Exemption, Grantor hereby releases and waives ail rights and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtedness secured by this Mortgage. DEFINITIONS. The following words sha!l have the fo!lowing mean!ngs when used in this Mortgage: Borrower. The word "Borrower" means Juan L. Herrera and Macaria Herrera, and ail other persons and entitles signiog, the Note, Environmental Laws. The words ~_nwro mental Laws" mean any and ail state, federal and local statutes, regulations and ordinances relating 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 Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transporlati0n Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Loan No: 33007444 (Continued) Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federai laws, rules, or regulations adopted pursuant thereto. Evenl of Default, The words "Event of Default" mean any of the events of default sol forth in this Mortgage in the events of default section of this Mortgage. Granlor. The word "Grantor" means J~an ~.:.' t~rrer~ ~d Macaria Herrera. Guaranty. The word "Guaranty" means the guaranly from guarantor, endorser, surety, or accommodation party to Lender, including without limitation ~[ guaranty of ali or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materiais 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 handled. The words "Hazardous Substances" are used In thek very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the' Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements. The word Improvements means all existing and future improvements, bulldi¢~gs, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other cor~struction on the Real Property. Indebtedness, The word debtedness' means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, togelher with all renewals of, extensions of, modlficalions 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 obligalions under Ibis Mortgage, together with interest on such amounts as provided in this Mortgage. Lender. 1'he word "Lender" means The Jackson State Bank, its successors and assigns. The words "successors or assigns" mean any person or company that acquires 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 27, 2001, in the original principal amount of $10,400.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and subslitutions for the promissory note or agreement. Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personat property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; togelher with all accessions, parts, and additions to, ali replacements of, and all substitutions for, any of such property; and together with all proceeds (includfng without limitation ali insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real property, interests and. rights, as furlher described in Ibis Mortgage. Relaled Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental 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 Indebledness. Renls, 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: I ~acana Herrera; Individually , INDIVIDUAL ACKNOWLEDGMENT . _ -~~~ On thi~ day before me, the undemigned Notary Public, personally appeared Juan L. Herrera and Macada Herrera, to me known to be the Individuals described in and who executed the Mortgage, and 8cknowledged that they signed the Mortgage ~s lhelr free and voluntary 8ct and deed, for the uses and purposes therein mentioned. Given under my hand and off, lei seal this ¢~ day of %~ _, 20. O ,__.