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MORTGAGE
(Continued) 0 2 8 Page 2
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans With
Disabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion,
Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably
satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon nor leave unattended the Property. Grantor shall do all other acts, in addition to those acts
set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.
DUE ON SALE CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Mortgage
upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A "sale or
transfer" means the conveyance of Real Property or any right, title or interest in the. Real Property; whether legal, beneficial or equitable; whether
voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater
than three (3) years, lease- option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real
Property, or by any other method of conveyance of an interest in the Real Property. However, this option shall not be exercised by Lender if such
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, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of 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 Hen 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 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 filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount 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 shall 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 official to deliver to Lender at any time a written statement of the taxes and assessments against the
Property.
Notice of Construction., Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials and the cost exceeds $10,000.00. 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 all Improvements on the Real Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and maintain comprehensive general
liability insurance in such coverage amounts as Lender may request with Lender being named as additional insureds in such liability insurance
policies. Additionally, Grantor shall maintain such other insurance, including but not limited to hazard, business interruption and boiler insurance
as Lender may require. 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 ten (10) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such
notice. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any
act, omission or default of Grantor or any other person. Should the Real Property 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 given by Lender that the Property is located in a special flood hazard area, for the full unpaid principal balance of the
loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as
otherwise required by Lender, and to maintain such insurance for the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
replacement exceeds $10,000.00. 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 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 a 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 Lender holds
any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by this
Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such Property.
TAX AND INSURANCE RESERVES. Subject to any limitations set by applicable law, Lender may require Grantor to maintain with Lender reserves for
payment of annual taxes, assessments, and insurance premiums, which reserves shall be created by advance payment or monthly payments of a sum
estimated by Lender to be sufficient to produce, amounts at least equal to the taxes, assessments, and insurance premiums to be paid. The reserve
funds shall be held by Lender as a general deposit from Grantor, which Lender may satisfy by payment of the taxes, assessments, and insurance
premiums required to be paid by Grantor as they become due. Lender shall have the right to draw upon the reserve funds to pay such items, and
Lender shall not be required to determine the validity or accuracy of any item before paying it. Nothing in the Mortgage shall be construed as requiring
Lender to advance other monies for such purposes, and Lender shall not incur any liability for anything it may do or omit to do with respect to the
reserve account. Subject to any limitations set by applicable law, if the reserve funds disclose a shortage or deficiency, Grantor shall pay such shortage
or deficiency as required by Lender. All amounts in the reserve account are hereby pledged to further secure the Indebtedness, and Lender is hereby
authorized to withdraw and apply such amounts on the Indebtedness upon the occurrence of an Event of Default. Lender shall not be required to pay
any interest or earnings on the reserve funds unless required by law or agreed to by Lender in writing. Lender does not hold the reserve funds in trust
for Grantor, and Lender is not Grantor's agent for payment of the taxes and assessments required to be paid by Grantor.
LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor fails
to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to discharge or pay when due
any amounts Grantor is required to discharge or pay under this Mortgage or any Related Documents, Lender on Grantor's behalf may (but shall not be
obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests,
encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining and preserving the Property.
All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the 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 (A) be
payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become
due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment
which will be due and payable at the Note's maturity. The Mortgage also will secure payment of these amounts. Such right shall be in addition to all
other rights and remedies to which Lender may be entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of 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 accepied by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver
this Mortgage to Le der.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the
lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
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MORTGAGE
(Continued) 030 Page 4
Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party 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.
Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance
of the Indebtedness is impaired.
Insecurity. Lender in good faith believes itself insecure.
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 Indebtedness. Lender shall have the right at it option without notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Borrower or 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 unpaid, and apply the net
proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of
the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates
Lender as Grantor's attorney -in -fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and
collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the
payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds 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.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all 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 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 Lender or the purchaser
of the Property and shall, at Lender's option,. either (1) pay a reasonable rental for the use of the Property, 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 the extent permitted by applicable law, Borrower and Grantor hereby waives any and all right to have the property
marshalled. In exercising its rights and remedies, Lender shall be free to sell all 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 all or any portion of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition.
Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under this Mortgage, after Grantor's failure to perform, shall not affect Lender's
right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or restrict the rights
and remedies available to Lender following an Event of Default, or in any way to limit or restrict the rights and ability of Lender to proceed directly
against Grantor and /or Borrower and/or against any other co- maker, guarantor, surety or endorser and/or to proceed against any other collateral
directly or indirectly securing the Indebtedness.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court 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 enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate
from the date of the expenditure until repaid. Expenses covered by this paragraph include, 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 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 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 telefacsimile (unless 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 registered mail postage
prepaid, directed to the addresses 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 the beginning of this Mortgage. Any party may change its address for
notices under this Mortgage by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's
address. 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.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon request, a certified
statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require.
"Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in connection with the operation of the
Property.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by, construed and enforced 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 Borrower and Grantor under this Mortgage shall be joint and several, and all references to Grantor
shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each Borrower and
Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in writing and
signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A
waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance
with that provision or any other provision of this Mortgage. No prior waiver by Lender, nor any course of dealing between Lender and Grantor,
shall constitute a w *iver of any of Lender's rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender
is required under tills Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent
instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any
circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the
offending r o� shall be considered modified so that it becomes I valid and enforceable. If the offending provision na r,not hP so modified,
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ti
Exhibit "A."
Legal Description
032
That part'of the E1 /2NEt/4 grid that `part of the NE1 /4SE1/4 of Section 36, T32N, 7
R119W,. within the Incorporated Limits of the Town of Afton,- Lincoln County,
Wyoming, being part of those tracts of record in the Office on Clerk
y Lincoln County, in.Book 432. of otostattc_ReCojds,on page 1 and in Bswk :18
T
of Deed- on ipege 298,. de scribed a :follows:°
Beginnln at a .point Oefthe west line'of -said 1 /2N-E1 /4 S00 13'35' E;_a 337:$4 r
feet;from the ni tthwest corner ofsaiid_E1 /2NE't /4;Y=L
r
thence N88 58'3.9 "E, 639.32 feet; along e•.uvesterly extension of the south line of
that tract of record in said Office in Book 276 Photostatic7Records on.page 82,
to the southwest bathey of said.tract•
thence continuing, N88 58'39 "E, 208.70 feet, along the south line of said tract, to
the southeast bathey thereof, on the westerly line of said Airport Addition;
thence SO1 05'00 "E, 2116.72 feet, along said westerly line to the southeast point
of said tract in Book 432;
thence S89 14'35"W, 879.45 feet, along the south line of said tract, to a point on
the west line of said NE1 /4SE1 /4;
thence N00 14'23 "W, 810.11 feet, along said west line, to the northwest corner
of said NE1 /4SE1 /4;
thence N00 13'35 "W, 1302.73 feet, along the west line of said E1 /2NE1 /4, to the
Point of Beginning
TOGETHER with the right of ingress and egress and utilities over, under and
across the southerly extension -of Lincoln Street as shown on that plat of record
in said Office titled, 'FINAL PLAT BEN NIELD SECOND ADDITION TO THE
TOWN OF AFTON IN THE E1/2NE1/4 SECTION 36 T32N R119W WITHIN
THE SOUTHWEST AFTON ANNEXATION TO THE TOWN OF AFTON
LINCOLN COUNTY, WYOMING which is a strip of land sixty (60) feet in width
with the centerline being described as follows:
Beginning at a spike on the north line of the above described tract, N88 58'39 "E
412.30 feet from the northwest corner of said tract;
thence NO1 14'56 "E 1004.69 feet to an intersection with the south line of Sixth
Avenue of record in said Office on Plat No. 307 titled, "BEN NIELD ADDITION
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each "spike" marked by a 3/8" X 12" steel spike referenced by two (2) 5/8" X 24"
steel reinforcing rods with a 2". aluminum cap inscribed "SURVEYOR
SCHERBEL LTD:AFTON WY PLS 5368with appropriate.detalls, 7. .1
1