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HomeMy WebLinkAbout871869RECORDATION REQUESTED BY: First Security Bank, N,A. 485 Washington Afton, WY 83114 WHEN RECORDED MAIL TO: First Security Bank, N.A. Attn. CLDC MAC# U1851 -015 P.O. Box 8203 Boise, ID 83707 -2203 First Security Bank ui 1 7I8 1 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY 1300K PR PAGE 312 MORTGAGE THIS MORTGAGE IS DATED FEBRUARY 14, 2001, between James Ivan Ridge Trust under Agreement dated December 21, 1999, whose address is 1382 Crow Creek, Afton, WY 83110, Also shown of record as: James Ivan Ridge, Trustee of the James Ivan Ridge Trust, A Revocable Living Trust, under Agreement dated December 21, 1999 (referred to below as "Grantor and First Security Bank, N.A., whose address is 485 Washington, Afton, WY 83114 (referred to below as "Lender GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, located in Lincoln County, State of Wyoming (the "Real Property SEE ATTACHED EXHIBIT A The Real Property or its address is commonly known as NNA Bittercreek Road, Fairview, WY 83119. The Real Property tax identification number is 31 192330006200. Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all leases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents. DEFINITIONS. The following words shall have the following meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful money of the United States of America. Borrower. The word "Borrower" means each and every person or entity signing the Note, including without limitation James I. Ridge. Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described below in the Existing Indebtedness section of this Mortgage. Grantor. The word "Grantor" means any and all persons and entities executing this Mortgage, including without limitation all Grantors named above. The Grantor is the mortgagor under this Mortgage. Any Grantor who signs this Mortgage, but does not sign the Note, is signing this Mortgage only to grant and convey that Grantor's interest in the Real Property and to grant a security interest in Grantor's interest in the Rents and Personal Property to Lender and is not personally liable under the Note except as otherwise provided by contract or law. Guarantor. The word "Guarantor" means and includes without limitation each and all of the guarantors, sureties, and accommodation parties in connection with the Indebtedness. Improvements. The word "Improvements" means and includes without limitation all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal and interest payable under the Note and any amounts expended or advanced by Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor under this Mortgage, together with interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means First Security Bank, N.A., its successors and assigns. The Lender is the mortgagee under this Mortgage. Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender, and includes without limitation all assignments and security interest provisions relating to the Personal Property and Rents. Note. The word "Note" means the promissory note or credit agreement dated February 14, 2001, in the original principal amount of $6,200.00 from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE. Personal Property. The words "Personal Property" mean all equipment, 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 with all accessions, 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 collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the property, interests and rights described above in the "Grant of Mortgage" section. Related Documents. The words "Related Documents" mean and include without limitation all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE lf1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF GRANTOR UNDER THIS MORTGAGE AND THE RELATED DOCUMENTS. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti- deficiency" law, or any other law which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is otherwise entitled to a claim for deficiency, before or after Lender's commencement or r:omnletion of any foreclosure action, either judiriall or by exercise of a power of sa u!elulew pue aJn3old os19 Heys JolueJO •Japual ;o Acme} u! esnelo aa6e61Jow plepUels e 91!M pue 'esnelo aoueJnsu!oo Aue 40 uolie0!ldde pone of 1ue!o! ;4ns wnowe ue u! A11adoJd Ieau 941 uo swewanoJdwl He Buuanoo amen algemsw Hn} 991 Jo} slseq waweoeldaJ e uo swewasJOpue e6eJanoo pepueixa plepuels t;!M eouein911! 9J!; 0 se!OHod uie1Ulew pue elnooid Heys JolueJO •eoueJnsul 4o eoueuelu!eIN •e6e61JOIN s!y140 lied a are A1ie oJd ayi Bu!insu! 01 6ulleteJ suo!sinoJd 6 u!molio4 9 111 •3ONV8f1SNl 9 VWVO Jl1H3dOHd •sluewenoJdw! 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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 at any time become 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 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. 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 its election, apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the 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. 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. Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance with the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance provisions under this Mortgage, to the extent compliance with the terms of this Mortgage would constitute a duplication of insurance requirement. If any proceeds from the insurance become payable on loss, the provisions in this Mortgage for division of proceeds shall apply only to that portion of the proceeds not payable to the holder of the Existing Indebtedness. Grantor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on each existing policy of insurance showing: (a) the name of the insurer; (b) the risks insured; (c) the amount of the policy; (d) the property insured, the then current replacement value of such property, and the manner of determining that value; and (e) the expiration date of the policy. Grantor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cost of the 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. EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of this Mortgage, including any obligation to maintain Existing Indebtedness in good standing as required below, or if any action or proceeding is commenced that would materially affect Lender's interests in the Property, Lender on Grantor's behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (i) the term of any applicable insurance policy or (ii) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the Note's maturity. This 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 the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage. Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and encumbrances other than those set forth in the Real Property description or in the Existing Indebtedness section below or in any title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender. Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced that questions 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 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 all existing applicable laws, ordinances, and regulations of governmental authorities. EXISTING INDEBTEDNESS. The following provisions concerning existing indebtedness (the "Existing Indebtedness are a part of this Mortgage. Existing Lien. The lien of this Mortgage securing the Indebtedness may be secondary and inferior to an existing lien. Grantor expressly covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such indebtedness, any default under the instruments evidencing such indebtedness, or any default under any security documents for such indebtedness. Default. If the payment of any installment of principal or any interest on the Existing Indebtedness is not made within the time required by the note evidencing such indebtedness, or should a default occur under the instrument securing such indebtedness and not be cured during any applicable grace period therein, then, at the option of Lender, the Indebtedness secured by this Mortgage shall become immediately due and payable, and this Mortgage shall be in default. No Modification. Grantor shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security agreement which has priority over this Mortgage by which that agreement is modified, amended, extended, or renewed without the prior written consent of Lender. Grantor shall neither request nor accept any future advances under any such security agreement without the prior written consent of Lender. CONDEMNATION. The following provisions relating to condemnation of the Property are a part of this Mortgage. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may 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 Property. 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. Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall 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 the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to be delivered to Lender such instruments as may be requested by it from time to time to permit such participation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Curre Fees and Charges. Upon request by Lender shall execute such documents in addition rtgage and take :noel Aq pepinoJd salpeweJ io s1y61J 191110 Aue of uoll!ppe ul 'salpawai pue si46u 6u1Moilo4 a14i 4o alOW JO auo Aue espiaxe Aew 'uolldo slt le 'iapual 'aBe6iloW 5 !41 ul UO1lel!w!I Aue io eloN ayl ul uollellwii Aue of 4oe(gns lnq ie1.4eeiegl awh Aue fe pue llne4aa 4o luan3 Aue 4o eoualm000 ayi uodn •liflyd30 NO S3IO31N3H ONV SIHDIH •Ieolloeid A(geuoseei se uoos se a3ue11dwoo aonpoid of luapl4;ns sdafs Aiessaoau pue elgeuoseai He sele'dwoo pue sanul;uoo 1al }eeiayl pue 9.1111194 ayl 9.1113 0l luap244ns sdafs salep!u! 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Aq P015019 slseialul Alunoas pue 5 U 0 ay; (q) pue 'sluawn3o0 pa;elabi 9141 pue 'e6e611olnl slyi 'aloN 941 iapun 1anno1109 pue 101U510 4o suo!fe61190 ayl (e) eniesa1d i3 'anulluoo '100410d 'ala(dwoo '0190109140 of 10p10 u! algeilsep 10 Aiessaoau eq 'iepual ;o uoiuldo a(os 991 ul 'Aew se s1Uawn3op 10410 pue 'eouelnsse 1ay11n4 4o sluawn11su2 'sluawalels u013enuliuo3 'sluawalels 6upueu14 'siuewaai6e A111noes 'spaap Alunoas '1snll 4o spaap 'sa6e6liow Lions 11e pue Aue 'alel.1doldde weep Aew lapual se 59050 pue 503!4 }o Lions ul pue saw11 Lions 4e 'aq Aew ese3 041 se 'pepiooeial 10 'pal ;a.1 'pepi000i 'pa14 eq of 951190 'iapual Aq palsenbel uayM pue 'aeu6lsep s,iapual 01 10 iapual 01 'pa1anllap .10 paln00Xa 'apew aq of 951193 HIM .1O '19nllep pue 911100x9 'eNew 11M 1011919 'iapual ;0 lsenbai uodn 'aw!l 04 Ball W014 pue 'aw21 Aue 1V •s93uemssy .1aybnd •e6e611o01 5141 4o lied a ale 1354- u2- AewO11e pue s0OueInsse 1041104 of 6111910/ suo!s1no1d 6u2Mo(Io4 c 4oe3 •llflb�d34 01 11 '13VA :S33Nvanssy H3H1Hfld •96e611o(n1 slyl 4o 96ed 1s11; 991 uo pains se ale '(apo3 lepiewwo3 w1o;lun 991 Aq peilnbal se pea) peulelgo aq Aew e6e61io(N s141 Aq peiuei6 190/0111 Alunoas 941 6u!waOuoO Uo119wio4ul 9014M wo14 '(Abed pelnoas) lapual pue (lolgap) lolueiD 40 Besse Ape 6u! new ay' •sassa1ppy •lapual wo14 puewap ua11!M 40 ldla0e1 19145 sAep (g) 09191 u141!M lapual o; a'gelene 11 arw pue lapual pue 1010519 01 1ualuanuoo Algeuoseei eoe'd ale pue iauuew a ul Alladold leuosied 0141 algwesse 11e9s 1011519 '11ne4ap uodn •19019111 Alunoas s144 Bulnulwoo 10 6u113e41ad ul pallnoul sosuadxe Ile 10; lepuel esingwia.1 He9s 101U919 •iuewalels 6upueul4 e se a6e611oiN 5191 ;0 suoiionpoidai 10 sa!do0 'sliedialunoo paln9Gxe 9114 '101U219 W014 uo21ez11oy1ne 19411114 ;noy;lM pue awls Aue 1e 'Aew iapual 'splooei Alledo .1d 'eat eyf ul 96e611o1N slyl 6ulp1o0a1 01 uolllppe u1 Al1ado1d'euos .1ad pue sluaH 991 w lsa .191u! Alunoas s,lepual anu11uo3 pus 10a;19d of iapual Aq palsenbai sl 101139 19910 Jenele9M 9)(91 pue sluawalels 6upueu14 911109x9 11995 101U919 'lapual Aq 1sanbal uodn •lsa.1aiu, Alunoas aw11 of ew21 woi4 papuawe se 9p03 1e191awwo3 W1o;lun 9141 1epun Abed pain99s a 4o 51961 941 4o Ile ene9 Heys lapual pue 'Abadold leuoslad 10410 10 se1nlxl4 se1n111suoO Abedold 991 4o Aue luelxe 941 01 luawaai6e Alunoas a ainllisuo3 Heys luawnilsul 5141 •luawaai6y Alunoas •06e61Jo1nl 5 141 ;o bed a 015 luawaai6e Alunoas a se a6e611o'n1 5214; 01 6u118101 suolslnoid BuiMolio4 0 41 SIN3W31t/1S DNI3NVNId 1N3W331:1Dlf AlIHl33S •iapual 01 Aloloe4slles Alunoas 10410 .1O puoq Alelns alelodloo wap2;4ns a 10 yse0 iapual 911M sllsodep pue uo143as suall pue sexe1 alp ul anoge papino1d se x91 991 51501000 (q) 10 'luanbuflap sawooaq 11 3104aq x91 091 sAed (5) 134149 101U513 ssalun Molaq papinoid se 1105400 40 1uan3 ue 10; salpewel a geiene S1! 4o He 10 Aue as1o1axe Aew lapual pue'Molaq peu14ap se) 'repo 4o 100113 ue se 109440 ewes 091 ene4 Heys Juana 5191 'e6e611o1nl sly; 4o alep 091 01 luenbasgns pal0eue sl salldde uo219as slyl y3IIM 01 x51 Aue 4I saxei luenbesgns 10M01109 Aq apew lsalelul pue ledpuud ;o sluawAed uo .1O ssaupalgapul 941 10 uollied Aue io Ile uo x91 3!41eds a (p) pue :010N ayi 40 .1ap(oy ayf 10 iapual 991 1511969 a'gea61ego e6e61io(n1 1.0 edAl s241 uo xel a (0) :eBe611o1N 4o adAl 5191 Aq pampas ssaupalgapul 991 uo sluawAed W014 10npap o1 peipbal 10 pezuoylne sl 19M01108 9014M 1anno1109 uo x91 014pads e (q) ce6e611o(J s!91 Aq pe1noes ssaupalgapul 091 ;o bed Aue io He uodn 10 96e611oW 4o edAI sly; uodn xel of ;pads e (e) :se11dde U011395 9141 town of saxei e1n1j1suo3 11299 6uIMolio; 041 •saxei •86e6boJ 5191 6uue1s1601 .1O 6uupi000i 104 5961510 19440 pue 'sdwels A.1e4uawn0op 'sea; 'me], 119 uopellwll 111011111 6ulpnpul '082611011N 5191 6u!nulluoo 10 6u110e41ed 'Bulpiooei u2 pailnoul sesuedxa He 411M 10910601 'MOIaq pequosep se '59x91 11e 1o; lapual esingwla.1 Heys 1olue19 •Abadold'eau 9141 uo uall s,.1apu9l anulluoo pue 109413d 01 lapual Aq paisenbei Si U01432 19410 10na1eyM �oz-ti �-ZO 02 -14 -2001 MORTGAGE (Continued) 316 Page 5 Accelerate Indebtedness. Lender shall have the right at its option without no'fice to Borrower to declare the entire Indebtedness immediately due and payable, including any prepayment penalty which Borrower 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 Grantor or Borrower, 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. 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 (a) pay a reasonable rental for the use of the Property, or (b) 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, Grantor or Borrower hereby waive 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. Waiver; Election of Remedies. A waiver by any party of a breach of a provision of this Mortgage shall not constitute a waiver of or prejudice the party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or take action to perform an obligation of Grantor or Borrower under this Mortgage after failure of Grantor or Borrower to perform shall not affect Lender's right to declare a default and exercise its remedies under this Mortgage. 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 reasonable attorneys' fees at trial and on any appeal. Whether or not any court action is involved, all reasonable expenses incurred by Lender that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expenditure until repaid at the rate provided for in the Note. Expenses covered by this paragraph include, without 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 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. Borrower also will pay any court costs, in addition to all other sums provided by law. NOTICES TO GRANTOR AND OTHER PARTIES. Any notice under this Mortgage, including without limitation any notice of default and any notice of sale to Grantor, shall be in writing, may be sent by telefacsimile (unless otherwise required by law), and shall be effective when actually delivered, or when deposited with a nationally recognized overnight courier, or, if mailed, shall be deemed effective when deposited in the United States mail first class, certified or registered mail, postage prepaid, directed to the addresses 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. 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. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in 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. Applicable Law. This Mortgage has been delivered to Lender and accepted by Lender in the State of Wyoming. This Mortgage shall be governed by and construed in accordance with the laws of the State of Wyoming. Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the provisions of this Mortgage. Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender. Severability. If a court of competent jurisdiction finds any 'provision of this Mortgage to be invalid or unenforceable as to any person or circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending provision cannot be so modified, it shall be stricken and all other provisions of this Mortgage in all other respects shall remain valid and enforceable. Successors and Assigns. Subject to the limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon and inure to the benefit of the 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 obligations of this. Mortgage or liability under the Indebtedness. Time Is of the Essence. Time is of the essence in the performance of this Mortgage. Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtedness secured by this Mortgage. Waivers and Consents. Lender shall not be deemed to have waived any rights under this Mortgage (or under the Related Documents) unless such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by any party of a provision of this Mortgage shall not constitute a waiver of or prejudice the party's right otherwise to demand strict compliance with that provision or any other provision. No prior waiver by Lender, nor any course of dealing between Lender and Grantor or Borrower, shall constitute a waiver of any of Lender's rights or any of Grantor or Borrower's oblig as to any future transactions. Whenever consent by Lender is required in this Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required. g eBed M.4' W' {m Vi1 vtq 00Z £OOL'L dsn6ny seildlc3 UOI$IpWW Pi BUIWOANt 0 R U n 10 SIMS y ,y. 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K. raX •JUf 0( f 19 4$1 vU l4 •Jt 1 Uv Tract 1: The SWINW1 Section 23, T31N, R119W of the 6th P.M., Wyoming Tract 2: Beginning at a point on the West boundary line of Section 23, T31N, R119W, of the 6th P.M., Wyoming, that is 85 rods North of the Southwest Corner of said Section 23, and running thence in a Northeasterly direction 89 rods, more or less, to a point on the 'East boundary line of the W &SW* of said Section 23 that is 124 rods North of the South boundary line of said Section, thence North, along the East boundary line of said WisWi of said Section, 36 rods, more or less, to the North boundary line of the WISWj, of said Section 23, thence West, along Said North boundary line 80 rods, more or less, to the West boundary line of said Section 23, thence South along said West boundary line, 75 rods, more or less, to the point of beginning Tract 3: Beginning at the Northwest Corner of the 6ExNW* of Section 23, T31N, R119W, of the 6th P.M., Wyoming, and running thence South 53 1/3 rods, along the West boundary line of said SE +NW thence East 13 rods, more or less, to the center of the Bitter Creek Road, thence in a Northwesterly direction 54.9 rods, more or less, to the point of beginning Tract 4: Beginning at the Southwest Corner Of Section 23, T31N, R119W, thence running North along the West boundary line a distance of 85 rods, thence 89 rods, more or less, in a Northeasterly direction to a point on the East boundary line of the W &sWi that is 124 rods North of the South boundary line, thence South 124 rods to a point on the South boundary. of Section 23; thence west 80 rods along the South boundary to the point of beginning Tract 5: The SE /SW* Section 23, T31N, it119W, excepting the following described land: Beginning at the Southeast corner of the SEiSW thence running North 1320 feet, thence running West 613 feet, more or less, to the East right -of -way boundary line of the Bitter Creek Road, thence 1400 feet, more or less in a Southeasterly direction along the East right -of -way line of the Bitter Creek Road to a point on the South boundary of Section 23, thence East 300 feet, more or less to the point of beginning; also excepting the following described land: Beginning at a corner on the centerline of the Bitter Creek Road which is N32 25'W, 1164.61 feet from the South one quarter corner of said Section 23, thence S7 40'E, the base bearing for this survey, 80.92 feet along said centerline to station P.C. 266 68.16; thence Southeasterly 178.29 feet along a circular curve to the left through a central angle of 5 °4' and a radius of 2017.21 feet and along said centeriine'to a corner; thence S56 °55'W, 31.96 feet to a point on the West right -of -way line of said County Road; thence continuing 856 55'W, 186.17 feet to a point; thence N9 39'W, 258.62 feet to a point; thence N56 °55'E, 186.15 feet to a point on the west right -of -way line; thence continuing N56 55'E, 33.17 feet to the corner of beginning Moo 17 'AA 11 :S1 Exhibit A 18 307 877 3300 PAGE.05 TIiE.02