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Received: 28.JuI.00 10:59 AM From: 13078779602 To: 8013271574
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6. DUE ON SALE 011 ENCUMBRANCE. Lender may, at its option, declare the
entire balance of the Promissory Note to be immediately dire and payable upon the
creation of, or contract for the creation of, any lien, encumbrance, transfer, or sale of the
Property. This covenant shall run with the Property and shall remain in effect until the
Promissory Not is paid in fall and this Mortgage is released.
7, PROPERTY CONDITION, ALTERATIONS, AND INSPECTION.
Mortgagor will keep the Property in good condition and make all repairs that are
reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or
deterioration of the Property. Mortgagor will not permit any change in any license,
restrictive covenant, or easement without Lender's prior written consent. Mortgagor will
notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of
any loss or damage to the Property.
Lender or Lender's agents may, at Lender's option, enter the Property at any
reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor
notice before an inspection specifying a reasonable purpose for the inspection. Any
inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no
way rely on Lender's inspection.
8. AUTHORITY TO PERFORM. If Mortgagor fails to perfonn any duty or any
of the covenants contained in this Mortgage, Lender may, without notice, perform or
cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign
Mortgagor's name or pay any amount necessary for performance. Lender's right to
perform for Mortgagor shall not create an obligation to perform, and Lender's failure to
perform will not preclude Lender from exercising any of Lender's other rights under the
law or this Mortgage.
9. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants,
bargains, conveys, mortgages, and warrants to Lender as additional security all the right,
title, and interest in and to any and all existing or future leases, subleases, and any other
written or verbal agreements for the use and occupancy of any portion of the Property,
including any extensions, renewals, modifications, or substitutions of such agreements
(all referred to as "Leases and rents, issues, and profits (all referred to as "Rents
Mortgagor will promptly provide Lender with true and correct copies of all existing and
future Leases. Mortgagor may collect, receive, enjoy, and use the Rents so long as
Mortgagor is not in default under the terms of this Mortgage.
Mortgagor agrees that this assignment is immediately effective between the
parties to this Mortgage. Mortgagor ag that this assignment is effective as to third
parties when Lender takes affirmative action prescribed by law, and that this assignment
will remain in effect during any redemption period until the Promissory Note is satisfied.
Mortgagor agrees that Lender may take actual possession of the Property without the
necessity of commencing legal action and that actual possession is deemed to occur when
Lender, or its agent, notifies Mortgagor of default end demands that any tenant pay all
future Rents directly to the Lender. On receiving notice of default, Mortgagor will
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Received: 28.Ju1.00 10:59 AM From: 13078779602 To: 8013271574
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0S6'726S
may., at Lender's option, obtain coverage to protect Lender's rights in the Property
according to the terms of this Mortgage.
All insurance policies and renewals shall be acceptable to Lender and shall include a
standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall
immediately notify Lender of cancellation or termination of the insurance. if Lender
requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and
renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance
carrier and Lender. Lender may make proof of loss if not made immediately by
Mortgagor.
Unless otherwise agreed in writing, all insurance proceeds shall be applied to the
restoration or repair of the Property or to the Promissory Note, whether or not then due, at
Lender's option. Any application of proceeds to principal shall not extend or postpone
the due date of the scheduled payment nor chance the amount of any payment. Any
excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's
right to any insurance policies and proceeds resulting from damage to the Property before
the acquisition shall pass to Lender to the extent of the Promissory Note immediately
before the acquisition.
14. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a
separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and
insurance in escrow.
15. JOINT AND INDIVIDUAL LIBXLIT'Y/ CO- SIGNERS; SUCCESSORS
AND ASSIGNS BOUND. All duties under this Mortgage are joint and individual.
Mortgagor agrees that Lender and any party to this Mortgage may not extend, modify or
make any change in the terms of this Mortgage or any evidence of debt without
Mortgagor's consent. Such a change will not release Mortgagor from the terms of the
Mortgage. The duties and benefits of this Mortgage shall bind and benefit the successors
and assigns of Mortgagor and Lender.
16. APPLICABLE LAW; SEVERABIL1TY; INTERPRETATION. This
Mortgage is governed by the laws of Wyoming. This Mortgage is complete and fully
integrated. This Mortgage may not be amended or modified by oral agreement. If any
section of this Mortgage cannot be enforced according to its terms, that section will be
severed and will not affect the enforceability of the remainder of this Mortgage.
Whenever used, the singular shall include the plural and the plural the singular. The
captions and headings of the sections of this Mortgage are for convenience only and arc
not be used to interpret or define the terms of this Mortgage. Time is of the essence in
this Mortgage.
17. NOTICE. Any notice shall be given by delivering it or by mailing it by first
class nail to the appropriate party's address on page 1 of this Mortgage, or to any other
address designated, in writing. Notice to one mortgagor will be deemed to be notice to all
Mortgagors.
419
Received: 28.JuI.00 10 :59 AM From: 13078779602 To: 8013271574
TIM A. KRU ER
Signature
Date
STATE OF UTAH
SS.
COUNTY OF SALT LAKE
My Commission expires:
NOTAR PUBIC
Joan IL Gebhardt
r; Cori *f10
Murray. Utah e4f17
September 20.20O*
STATR OF UTAH
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18. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right
regarding the marshalling of liens and assets and all homestead exemption rights relating
to the property.
SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants
contained in this Mortgage and in any attachments. Mortgagor also acknowledges receipt
of a copy of this Mortgage on the date stated on page 1.
ANN M.16RUEGER
Signature
Date
TARY PUBLIC
This instrument was acknowledged before me this
2000 by Tim A. Krueger and Ann M. Kruege
IIA
420