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HomeMy WebLinkAbout979026ATM 246482 WHEN RECORDED MAIL TO: Cacho Valley Bank Main Office 101 North Main P.O. Box 3227 Logan, UT 84321 979026 10/24/2014 4:05 PM LINCOLN COUNTY FEES. $36.00 PAGE 1OF 9 BOOK: 842 PAGE: 205 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 111111111111111111111111 1111111 111 111 11111111111111 V I I 1 11111 111 1111111111 1111 SPACE ABOVE THIS LINE I5 FOR RECORDER'S USE ONLY MORTGAGE THIS MORTGAGE dated October 22, 2014, Is made and executed between RANDY R. NATE and PAMELA Y. NATE husband and wife, whose address Is P.0, BOX 52, Cokeville, Wyoming 83114 (referred to below as "Grantor and Cache Valley Bank, whose address Is 101 North Main, P.O. Box 3227, Logan, UT 84321 (referred to below as "Lender GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and convoys 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 end 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, (tlie "Real Property located in LINCOLN County, State of Wyoming: See SCHEDULE "A which is attached to this Mortgage and made a part of this Mortgage as if fully set forth herein. p 83114. The Real tax address ntificat on num known r s 12-2419-18-4-00-066.00. AT THIS TIME, COKEVILLE, WY CROSS•COU.ATERALIZATION. In addition to the Note, This Mortgage secures all obligations, debts and liabiities, plus Interest thereon, of Grantor existing or or whelherrelated or nrei unrelated to the purpose of the Note, whether voluntary or one or more of otherw se, whether them, due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unllquldated, whether Grantor may be liable Individually or Jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable, from ie Property a n grants to Lender a Uniform Cornmercial security interest future leases of the Personal Property and all Rents Rents, FUTURE ADVANCES. In addition to the Note. this Mortgage secures all future advances made by Lender to Grantor whether or not the advances are made pursuant to a commitment. Specifically, without limitation, this Mortgage secures. in addition to the amounts specified in the Note, all future amounts Lander In Its discretion may loan to Grantor. together with ail Interest thereon. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN IE RELATED DOCUMENTS, PAYMENT ND THIS M RTGAGE. THIS MORTGAGE IS ANY AND ALL OBUGATIONS ON THE FOLLOWING TERMS: THE NOTE, PAYMENT AND PERFORMANCE, Except as otherwise provided In this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shall strictly perform all 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 Dee. 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 Rents from the Property. Duty to Maintain. Grantor shall maintain the Property In tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to preserve Its value. of the Property,tthere has been no use generatio Grantor represents n,ma l manufacture, storage, treatment, disposal. release r rthrea Grantors tened ra easeof any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has bean. except as previously disclosed to and acknowledged by Lander in writing, (a) any breach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants or the Property, or (c) any actual or threatened litigation or claims of any kind by any parson relating to such matters: and (3) Except as prevloualy disclosed to and acknowledged by Lender In writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate. manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted In compliance with all authorizes L der and Its agents and local laws, regulations and enter upon the Property t0 make such inspectiona tests, c at Grantor's expense, as may deem MORTGAGE (Continued) Page 2 appropriate to determine compliance of the Property with this section of the Mortgage. My Inspections or rests made by Lender shall be for Lender's purposes only and shail not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless Lender against any and ail claims. losses, liabilities, damages, penalties, and expenses which Lender may directly or indlracUy sustain or Buffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, t or manufacture, the same was or disposal, release or threatened release occurring prior to Grantor's ownership or interest In the Property, have been known to Grantor. The provisions of this section of the Mortgage, Including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and tho satisfaction end reconveyanco of the Ilan of this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, peril, or suffer any stripping of or waste on or to the Property or any portion of the Property, Without limiting the generally of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (Including ell and gas), coal, clay, scoria, soil. gravel or rock products without Lender's prior written consent. Removal of Improvsmonte. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condlUon to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace such improvements with Improvements of at feast equal value. Lenders Right to Enter. Lender and Lenders agents and representatives may enter upon the Real Property at all reasonable times to 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 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 withholdd compliance during any proceeding. including appropriate appeals, so long as Grantor has notified Lender to writing prior to doing so and so long as, in Lender's sole opinion, Lenders 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 or 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 Lenders option, declare immediately due and payable all sums secured by this Mortgage upon the sate or transfer, without Lenders 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 ter greater than three (3) years, lease- option contract. or by sale. assignment. or transfer of any beneficial Interest in or option shall not e exercised title by Lender if su h exercise or Is prohibted federal law conveyance by Wyoming law. interest In the Real Property. However, this TAXES AND tJENS. The following provisions relating to the taxes and liens an tho Property are part of this Mortgage: Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes. payroll taxes, spadal taxes, assessments, water charges and sewer service charges levied against or on account of the Property, and shall pay when duo all claims for work done on or for services the interest of Lender de underr this m Mortgage, exceptforr liens spe agreed to in writing by Lenderliens havin for the lien equal f 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 Lenders Interest In the Property Is not Jeopardized. If a flan arisen or is filed as a result of nonpayment. Grantor shall within fifteen (15) days after the lien arises or, if a lion Is filed. within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the Ilen, 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 tion plus any costs and attorneys' fees, or other charges that coutd accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shat' 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 Ume 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 fumished, or any materials are supplied to tho Property, if any mechanic's lien, materiatmen'a lien. or other lien could be asserted on account of the work, services. or materials. Grantor will upon request of Lender fumiah to Lender advance assurances satisfactory to Lender that Grantor can and will pay rho 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 bas's for Iho 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 Geese 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 for 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 thirty (30) days' prior written notice to Lender and not containing any co in favor of L nder be failure impaired In any way by any act, omission or default also shall of Grantor or any otendorsement er person. Should the Real MORTGAGE (Continued) Page 3 Property be located In an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, If available, 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 it Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security to 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. than to pay accrued y ent intermit, and the remainder, of the Indebtedness, such proceeds shall to Grantor principal balance G Grantor's interests may Lender holds any proceeds ay appear after payment EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Property or If Grantor falls 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 ail 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 end, 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) Iho 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 lo the Property in fee simple, free and clear of all liens and encumbrances other than those sot forth in the Real Property description or in any title insurance pottcy, 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 end 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 Grantors 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 Iho proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered. to Lender such Instruments as Lender may requeal 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 taws, ordinances. and regulations of governmental authorities. Survival of Representations and Warranties. All representations, warranties. and agreements made by Grantor In this Mortgage shall survive the execution and delivery of this Mortgage, shall be continuing In nature, and shat) remain in full force and effect until such time as Grantor's Indebtedness shall be paid In full. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding In condemnation Is filed, Grantor shall promptly notify Lender in writing, end Grantor shag 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 ouch instruments and documentation as may be requested by Lender from time to time to penult such participation. Application of Net Proceeds. If all or any part of the Property Is condemned by eminent domain proceedings or by any proceeding or purchase re Indebtedness or the repair or restoration may f the Property a The n t any portion net proceeds the award shallmean award attte award be of all reasonable costs, expenses, 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, fees and charges are a part of this Mortgage: Current Taxes, Foos and Charges. Upon request by Lender, Grantor shall execute Such documents In addition to this Mortgage and take whatever other action is requested by Lender to perfect and continuo Lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described below. together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, foes, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this typo of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments older of the Note; end d (4) a s pacific tax this on� or any portion of the type or on payments chargeable f principala Lender and interest made by Grantor. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to 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 provided below unless Grantor either (1) pays the tax before It becomes delinquenl, or (2) contests the tax as provided above In the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surely bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to thls Mortgage as a security agreement are a part of MORTGAGE (Continued) Page 4 this Mortgage: Security AgreemenL This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shell 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 shall take whatever action is regulated by Lender to perfect and continue Lender's security Interest In the Rents end Personal Property. In 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 expanses Incurred in perfecting or continuing this security interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default. Grantor shall 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 written demand from Lander to the extent permitted by applicable law. Addressos. granted by addresses obtained (each required by the Uni Uniform party) Commercial Code) information stated on Ube the first age e ofthis Mortgage. FURTHER ASSURANCES; ATTORNEY4N -FACT. The following provisions relating to further assurances and attorney- in-fact are a part of This Mortgage: Further Assurances. At any lime, 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 to Lender's designee, and when requested by Lender, cause to be filed, recorded, raffled, or rerecorded, as the case may be, al 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 desirable in order to effectuate, complete, perfect, continue. or preserve (1) Grantees 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 Property, 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 falls to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor and at Grantors expense. For such purposes, Grantor hereby Irrevocably appoints Lender as Grantor'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, to accomplish the matters referred to In the preceding paragraph. FULL PERFORMANCE. 11 Grantor pays all the Indebtedness, including without limitation ell future advances. 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 lamination of any financing statement on file evidencing Lenders 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. Each of the following, at Lenders option, shall constitute an Event of Default under thls Mortgage: Payment Default. Grantor falls to make any payment when due under the Indebtedness. Default on Other Payments. Failure of Grantor within the lime required by this Mortgage to make any payment for taxes or insurance. or any other payment necessary to prevent filing of or to effect discharge of any lien. Other Defaults. Grantor fails to comply with or to perform any other lean, obligation, covenant or condition contained In this Mortgage or In any of the Related Documents or to comply with or to perform any term. obligation. covenant or condition contained In any other agreement between Lender and Grantor. 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 Grantors ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any of the Related Documents. False Statements. Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantors behalf under this Mortgage or the Related Documents is false or misleading in any material respect, either now or at the Umo made or furnished or becomes false or misleading at any Ume thereafter. Defective Collateralizatlon. 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 end 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 the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor. Creditor or Forfslturo Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help, repossession or any other method. by any creditor of Grantor or by any governmental agency against any property securing the Indebtedness. This Includes a garnishment of any of Grantors accounts. Including deposit accounts, with Lender. However, this Event of Default shall not apply if there Is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the Creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding. In an amount dstemtlnod by Lender, In its sole discretion. as being an adequate reserve or bond for tho dispute. Brooch of Other Agreement. Any breach by Grantor under the terms of any other 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, endorser, surety, or accommodation party of any of the Indebtedness or any guarantor. endorser, surely, 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 Grantors financial condlUon, or Lender believes the prospect of payment or MORTGAGE (Continued) Page 5 performance of the Indebtedness 1s 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 remedlos provided by law: Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness Immediately due and payable. Including any prepayment penalty that Grantor would be required to pay. UGC Remedies. With respect to all or any part of the Personal Properly. 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, to take possession of the Property, Including during et proceeds, of foreclosure. whether judicial or non judicial, and collect the Rents, including amounts past due and unpaid, and apply 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 fens directly to Lender. If the Rents are collected by Lender, Then Grantor irrevocably designates Lender as Grantor's attomey -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 excrete° 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. Nonjudiclal Sato. 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 al sufferance of Lender or the purchaser of the Property and shall, at Lenders option, either (1) pay a reasonable rental for tho use of the Property, or (2) vacate the Property immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedlos provided in this Mortgage or the Nolo or available at law or In equity. Sale of tho Property. To the extent permitted by applicable law, 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 ono sale or by separate sales. Lender shall be enliUed to bid at any public sate on all or any portion of the Property. Notice of Sale. Lender shall give Grantor reasonable notice of the time end 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 Properly is to be made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Properly may be made in conjunction with any sale of the Real Property. 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 Deis Mortgage. after Grantor's failure to perform, shell not affect Lenders right to declare a default and exorcise its remedies, Nothing under this Mortgage or otherwise shalt 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 Ilmil or restrict the rights and ability of Lender to proceed directly against Grantor and/or against any other co- maker, guarantor, surety or endorser and /or to proceed against any other collateral directly or IndtrecUy securing the Indebtedness, Attomeys' Foos; 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 Lenders opinion are necessary at any time for the protection of its interest or tho 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, Lenders attorneys' fees and Lenders legal expenses whether or not there Is a lawsuit. including 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 sato shall be given in writing, and shall be effective when actually delivered, when actually received by Ielefacslmilo (unless otherwise required by law), when deposited with a nationally recognized ovemight courier, or, If mailed, when deposited In the United States mail, as first class, certified or registered mall postage prepaid, directed to the addresses shown near the beginning of this Mortgage. Ail copies of notices of foreclosure from the holder of any San which has priority over this Mortgage shall be sent to Lenders address, e8 shown near the beginning of this Mortgage. Any party may change lts address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the purpose of tho notice Is to change the party's address. For notice purposes, Grantor agre0s to keep Lender informed at all times of Grantors 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 MORTGAGE (Continued) Page 6 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. !f the Property Is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon request. a year in such fomt and detail as Lender shall require. Net operating income received all mean all cash receipts fiscal ts from the Propertyless 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, With respect to procedural matters related to the perfection and enforcement of Lender's rights against the Property, this Mortgage will be governed by federal law applicable to Londor and to the extent not preempted by federal law, tho taws of the State of Wyoming. In all other respects, this Mortgage will be governed by federal law applicable to Londor and, to the extent not preempted by federal law, the laws of the State of Utah without regard to Its conflicts of law provlslon°. However, If there over Is a quoetlon about whether any provision of This Mortgage Is valid or enforceable, the provision that Is questioned will bo govomed by whichever state or federal law would find the provision to be valid and enforceable. The loan transaction that is evidenced by the Note and this Mortgage hao been applied for, considered, approved and made, and all necessary loan documents hove boon accepted by Londor In the State of Utah. Choice of Venue. If there Is a lawsuit, Grantor agrees upon Lender's request to submit to tho jurisdiction of the courts of Cache County, State of Utah. Joint and Several Liability. AU obligations of Grantor under this Mortgage shell be joint and several, and all references to Grantor shall mean each and every Grantor. This means that each 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 waiver of any of Lenders rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender is required under this Mortgage, the granting of such consent by Lender in any instance shell not 'constitute continuing consent to subsequent Instances where such consent Is required and to all cases such consent may be granted or withheld in the sole discretion of Lender, Soverabllity. if a court of competent jurisdiction finds any provision of this Mortgage to be illegal, Invalid, or unenforceable as to any person or circumstance, that finding shall not mako the offending provision Illegal, invalid, or unenforceable as to any other person or circumstance. If feasible. the offending provision shall be considered modified ao that it becomes legal, valid end enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Mortgage. Unless otherwise required by law, the illegaiity, invalidity, or unenforceabilily of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision 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 al 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 staled In this Mortgage on transfer of Grantors 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 tho Essence. Time is of the essence in the performance of thlo Mortgage. Waive Jury. All parties to title Mortgage hereby waive the right to any Jury mat in any action, proceeding, or counterclaim brought by any party against any other party. 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. DEFINITIONS. The following capitalized words and terns shall have the following meanings when used in this Mortgage. Unless specifically slated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined In this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code: Borrower. The word 'Borrower means RANDY R. NATE and PAMELA Y. NATE and Includes all co- signors and co -makers signing the Note and all their successors and assigns. Default. The word "Default" means the Default sot forth in this Mortgago In the section titled "Default Environmental Lowe. The words 'Environmental Laws' moan any and all state, federal and local statutes, regulations and ordinances relating to 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 9801, at seq. "CERCLA1. the Superfund Amendments and Reauthorization Act of 1986. Pub. L. No. 99-499 "SARA,. the Hazardous Materials Transportation Act, 49 U.S.C, Section 1601, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable slate or federal laws, rutos, or regulations adopted pursuant thereto. Event of Default. The words 'Event of Default' moan any of the events of default set forth In this Mortgage In the events of default section of this Mortgage. Grantor. The word 'Grantor' means RANDY R. NATE and PAMELA Y. NATE. Guaranty. The word 'Guaranty" means the guaranty from guarantor, endorser. surety, or accommodation party to Lender, including without limitation a guaranty of ell or part of the Note. Hazardous Substances. Tho words 'Hazardous Substances' mean materials 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 MORTGAGE (Continued) Page 7 improperly used. treated, stored. disposed of. generated, manufactured. transported or otherwise handled. The words "Hazardous Substances' are used in their 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, petroteum and petroleum byproducts or any fraction thereof and asbestos. Improvements. The word "Improvements" means ell 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" moans all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advancod by Lender to discharge Grantor's obligations or expenses Incurred by Lender to enforce Grantors obligations under this Mortgage, together with Interest on such amounts as provided in this Mortgage. Specifically, without limitation, Indebtedness includes the future advances sat forth in the Future Advances provision, together with all Interest thereon and all amounts that may be Indirectly secured by the Cross- Collateralization provision of this Mortgage. Lander. The word "Lender means Cache Valley Bank, its successors and assigns. Mortgage. The word "Mortgage' means this Mortgage between Grantor and Lender. Note. The word "Nolo" means the promissory note dated October 22, 2014, In the original principal amount of 583,500.00 from Grantor to Lender, together with all renewals of, extension of, modifications of, refinancings of, consolidations of, end substitutions for the promissory note or agreement. The maturity date of this Mortgage Is December 5. 2028. 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 disposillon of the Property. Property. The word "Property" means collectively the Real Property end the Personal Property. Real Property. The words 'Real Property' mean the real properly. Interests and rights, as further described in this Mortgage. Related 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 ail 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. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERM Stato of 1 r County of L+ V nth This Instrument was acknowledged before me on ilJ -e 3-1 te (date) by RANDY R. NATE. JOSELYN M. HARMON Notary Public Lincoln County Wyoming My Commission Expires (rt.) f (p INDIVIDUAL ACKNOWLEDGMENT INDIVIDUAL ACKNOWLEDGMENT Stato of County of L u This instrument was acknowledged before me on 1 t (date) by PAMELA Y. NATE. JOSELYN M. HARMON Notary Public Lincoln County Wyoming My Commission Expires j MORTGAGE (Continued) My commission expires: My commission expires: i 5 tP Page 8 LaserPro, Ver. 14.3.10.003 Copr. D +H USA Corporation 1997, 2014. All Rights Reserved. WY /UT L:{CFlLPLtG03.FC TR -11840 PR -35 246482 EXHIBIT "A" A tract of land located in the Southeast Quarter of Section 18, Township 24 North, Range 119 West, 6th P.M., Lincoln County, Wyoming, said tract being more particularly described as follows: Commencing at Northwest corner of said Southeast Quarter (Center one quarter corner), said corner being monumented with a steel pipe with brass cap inscribed "RLS 164 and running thence South 0 °08'21" West, 971.96 feet along the west line thereof to the Point of beginning; Thence South 89 °27'30" East, 1862.26 feet to a point on the West right -of -way line of Lincoln County Road No. 12 -207, said point being monumented with a 5/8" x 24" steel bar with 1-W aluminum cap inscribed "Fred Coles PLS 6927 WC R/W Thence continuing South 89 °27'30" East, 50.15 feet along said North line to a point on the centerline of said County Road; Thence South 5 °00'36" West, 805.40 feet along said centerline; Thence leaving said centerline South 89 °59'11" West 50.19 feet to a point on said West right -of- way line, said point being monumented with a 5/8" x 24" steel bar with 1-Y2" aluminum cap inscribed "Fred Coles PLS 6927 WC R/W Thence continuing South 89 °59'11" West, 1793.80 feet to a point on the West line of said Southeast Quarter, said point being monumented with a 5/8" x 24" steel bar with 1 -%2" aluminum cap inscribed "Fred Coles PLS 6927 from which point the Southwest corner of said Southeast Quarter (South one quarter corner), the original stone monument, bears South 0 °08'21" West, 843.49 feet; Thence North 0 °08'21" East, 820.84 feet along said West line to the Point of Beginning.