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or agreement herein contained, or contained in the Promissory Note secured by this
Mortgage, which default is not remedied within thirty (30) days after notice thereof is
personally delivered to Mortgagors or mailed by or on behalf of the Mortgagees, the whole
of the then indebtedness secured hereby, both principal and interest, together with all
sums payable pursuant to the provisions hereof shall, at the option of the Mortgagees
become immediately due and payable, anything herein or in said note to the contrary
notwithstanding and failure to exercise said option shall not constitute a waiver of the right
to exercise the same in the event of any subsequent defaults. The Mortgagees may
enforce the provisions of or foreclose this Mortgage by any appropriate suit, action or
proceeding at law or in equity, and cause to be executed and delivered to the purchaser
or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold.
The Mortgagors agree to pay all costs of enforcement or foreclosure including a
reasonable attorney's fee. The failure of the Mortgagees to promptly foreclose upon a
default shall not prejudice any right of said Mortgagees to foreclose thereafter during the
continuance of such default or any right to foreclose in case of further default or defaults.
The net proceeds from such sale shall be applied to the payment of first, the attorney's fee
and all monies expended or advanced by the Mortgagees pursuant to the provisions of this
Mortgage; second, all unpaid taxes, assessments, claims and liens on said property which
are superior to the lien hereof; third, the balance due Mortgagees on account of principal
and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to
the Mortgagors.
6. If the right of foreclosure accrues as a result of any default hereunder, the
Mortgagees shall at once become entitled to exclusive possession, use and enjoyment of
all property aforesaid and to all rents, issues and profits thereof from the occurring of such
right and during the pendency of foreclosure proceedings and the period of redemption and
such possession, rents, issues and profits shall be delivered immediately to the
Mortgagees on request. On refusal the delivery of such possession, rents, issues and
profits may be enforced by the Mortgagees by any appropriate suit, action or proceeding.
Mortgagees shall be entitled to a receiver for said property and all rents, issues, and profits
thereof after any such default including the time covered by foreclosure proceedings and
the period of redemption and without regard to the solvency or insolvency of the
Mortgagors or the then -owner of said property and without regard to the value of said
property or the sufficiency thereof to discharge the Mortgage debt and foreclosure costs,
fees and expenses. Such receiver may be appointed by any Court of competent
jurisdiction upon ex parte application notice being hereby expressly waived and the
appointment of any such receiver on any such application without notice, is hereby
consented to by the Mortgagors. All rents, issues and profits, income and revenue of said
property shall be applied by such receiver according to law and the orders and directions
of the Court.
7. If the property described herein is sold under foreclosure, and the proceeds are
insufficient to pay the total indebtedness hereby secured, the Mortgagors shall be
personally bound to pay the unpaid balance and the Mortgagees shall be entitled to a
deficiency judgment.
8. Mortgagors shall not sell or transfer the property as long as any amount remains
unpaid hereunder without the written consent of Mortgagees first had and obtained. In the
event of any such sale or transfer, Mortgagors shall remain fully liable hereunder, and
Mortgagees, at Mortgagees' election, may declare the entire principal balance and all
accrued interest thereon immediately due and owing together with all applicable charges
according to the terms of the Promissory Note secured hereby, and may proceed to collect
the same in any manner provided by law or by the terms hereof. Mortgagors agree to give
Mortgagees prior written notice of any proposed sale, conveyance or other transfer of the
property subject to this Mortgage. If Mortgagees give consent to any such transfer, then
Mortgagees may insist upon the following as a condition to such consent:
Mortgage;
A. The continuing liability of Mortgagors under the Promissory Note and this
B. Satisfactory evidence of the ability and financial capacity of the assignee
Page 2
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9 F
my-
STATE OF WYOMING
COUNTY OF TETON
The foregoing Mortgage was acknowledged before me by Jeffrey B. Council, a
married man, and by Jeffrey B. Council as Attorney in Fact for Doreen M. Council, a
married woman, this 21st day of December 2000.
Witness my hand and official seal.
My Commission expires: Feb. 26, 2002
Notary Public
Page 4
j ss. ;7(j45:
Lot Fifty -Seven (57), Star Valley Ranch Plat Twelve (12), as platted
and recorded in the Office of the Lincoln County Clerk, Lincoln County,
Wyoming.
EXHIBIT "A"