HomeMy WebLinkAbout979178ATEC 246
WHEN RECORDED MAIL TO:
Cacho Valfoy Bank
Main Wilco
101 North Main
P.O. Box 3227
Logan, UT 84321
979026 10/24/2014 4:05 PM
LINCOLN COUNTY FEES: $36.00
BOOK: 842 PAGE: 205 MORTGAGE
JEANNE WAGNER, LINCOLN COUNTY CLERK
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979178 11/4/2014 11:33 AM
LINCOLN COUNTY FEES: $39.00 PAGE 1OF 10
BOOK: 842 PAGE: 640 MTG, RE- RECORDATION
JEANNE WAGNER, LINCOLN COUNTY CLERK
11111111111111111111111111111111111111111111111111111111111111111111111111111111
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
PAGE 1OF 9
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.O. BOX 52, Cokevllle, 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 "Londor").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and convoyu to Londor all of Grantor's right, Utlo, and Interest in and to
the following doscibed real property, togother with all axlsUng or subsoquonUy eroclod or amxod buildings. Improvements and ilxturoo: ell
eosomonts, rights of way, and uppurtonunces; all wolor, wator rights, watercourses and ditch rights (Including stock In uttlities with ditch or
Irrigation rights); and all other rights,. royallios, and profits rolalln to tho roal proporty, Including without limitation all minorata, oil, gee,
g0othomral and similar manors, (tho Real Property") located in LINCOLN County, State of Wyoming:
See SCHEDULE "A which is attached to this Mortgage and mado a part of this Mortgage as If fully set forth
herein.
The Real Property or Its address Is commonly known as LAND ONLY, NKA AT THIS TIME, COKEVILLE, WY
83114. The Real Property tax Identification number Is 12- 2418 -18 -4-00- 066.00.
CROSS•COLLATERALIZATION. In addition to the Nolo, This Mortgogo securoa all obligations, debts Ond tiabl8tios, plus Interest thereon, of ono or more of them, whther now
Grantor existing o horeaforr attirin h
g, whothorralatodor unrel od to the a
purpoa of tho Notagainst whothhor voluntary or othorw eo, whether duo or o
u or not due.
direct or indirect, datorminod or undalerrrtlned, absoluto or contingent, liquidated or unilquldatod, whether Grantor may bo [labia Individually or
jointly with others, whuthor obllgalad as guarantor, surety, accommodation party or othorwlso, and whother rocovery upon such amounts may
be or hureaftor may become barred by any statute of limitations, and wholhor Iho obligation to ropay such amounts may be or horoaflor may
booamo othorwiso unonforcoablo.
Grantor presunUy assigns to Londor sU of Grantor's right, titlo, and intorout In and to all prosant and future loasas of the Proporty and all Rents
from lho Propurty. In addition, Grantor grants to Londor a Uniform Commercial Code sonority Inlorost In the Personal Property and Rents,
FUTURE ADVANCES. In addltlon to Iho Nolo, this Mortgago aocuroa ail futuro advances made by Lender to Grantor whether or not the
advances aro made pursuant to cammitmenL Specifically, without limitation, thin Mortgago secures, In addition to the amounts apaclfled In
the Note, atl futuru amounts Londor In Ito discretion may loan to Grantor, togothor with all Interest thereon.
THS MORTGAGE, G i VEN TO SECURE( NCLUDING OF ASSIGNMENT
HE INDEBTEDNESS S A AND PERFORMANCE OF ANY AND ALL OBLIGATIONS NU DER THE PROPERTY, NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE 1S GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE Except ea otherwise provided In this Mortgage, Grantor shall pay to Londor ail amounts socumd by this
Mortgage as thoy bocomo due and shall oh porform all of Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor% possasslon and use of the Property shag be govemod by
Iho folIowing provisions:
Poasoaalon and lieu. UntlI the occurrenco of an Event of Dalai/It, Grantor may (1) roman in possession and control of Iho Property. (2)
use, aporato or manage the Proporty; and (3) collect ho Rants from the Property.
Duty to Malntaln. Grantor shall molntoln Iho Property In tonanteblo condtlion and promptly perform ail repairs, roplucomanis, and
malntananco nocoseary to prosurvu Its value.
Compilanco With Environmental Lows. Grantor represonls and warrants to Lander that: (1) During Iho period of Grantors ownership of
the Property, there hoe been no uso, gonoraUon, manufacture, atorogo, Iroatmont, dleposal, release or threalonod roloaso of any Hazardous
Substance by any parson on, andor, about or from Iho Property; (2) Grantor has no knowledge of. or motion to boflove that there has
bean, axcopl as proviously disclosed to and ucknowtadged by Londor in writing, (a) any broach or vlolaUOn of any Environmental Laws,
(b) any uso, generation, manufacture, storage, Iroatmonl, disposal, roloaso or throelonod roloaso of any Hazardous Substanco on, under,
about or from Iho proporty by any prior owners or occupanla of the Property, or (c) any actual or threatened litigation or Calms of any
kind by any parson relating to such mattors; and (3) Except as previously dlectoaed to end acknowlodgod by Londor in writing, (e) neither
Grantor nor any tonant, contractor, agunt or othar authorizod user of tho Property shatl uso, gonorato, manufacture, store, trout, dispose of
or rrrtouso ony Hazardous Substance on, under, about or from tho Proporty, and (b) any such activity shall bo conducted in compllanco
with all appfcablo todarat, stela, and local laws, regulations and ordlnunws, Including without limitation all Environmental Laws. Grantor
authorizes Londor and its agonta to ontar upon the Property to make such Inopoctiona and tests, at Grantors oxpenso, as Londor may deem
MORTGAGE
(Continued)
Page 2
appropriate to determine compliance of the Property with this section of the Mortgage. Any Inspections or tests made by Lender shall be
for Lender's purposes only and shall 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 an Grantor's duo 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 all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or
suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal,
release or threatened release occurring prior to Grantors ownership or interest In the Property, whether or not the same was or should
have boon 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 the satisfaction and roconvoyance of the Lion of this Mortgage and shaft not be affected by Lenders
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, permit. or suffer any stripping of or waste on or to
the Property or any portion of the Property. Without limiting the generality of the foregoing. Grantor will not remove, or grant to any other
party the right to remove, any limber, minerals (including oil and gas), coal, clay, scoria. soil, grovel or rock products without Lenders prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lenders prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's 's interests to ntere sts Enter.
an d to Lender and the Real ProP agents
ert for and
purposes purposes representatives
of Grantor's enter upon the compliance wiith the terms end conditions reasonable
of this Mortgage.
to Lenders ists an to Inspect Property P rP
Compliance with Governmental Requirements. Grantor shall promptly comply with all taws, 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 reguiation and withhold compliance during any
proceeding, Including appropriate appeals, so long as Grantor has notified Lender In writing prior to doing so and so long as In Lenders
sole opinion, Londers 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 sale or transfer, without Landers prior written consent, of all or any part of the Real Property, or any Intereat in the Real
Property. A "sale or transfer" means tho conveyance of Real Property or any right, tate or Interest In the Real Property; whether Legal, benefidal
or equitable; whether voluntary or leasehold Interest with a term greater than three (3) years, e se- ocPUon contract, Installment
ontract, or by sale, assignment, contract,
ign n ortransferr of ny beneficial interest In
or to any land trust holding title to the Real Property, or by any other method of conveyance of an Interest In the Real Property. However, this
option shall not be exercised by Lender if such exorcise Is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The foltowing provisions relating to the taxes and lions on the Property are port of this Mortgage:
Payment. Grantor shaft pay when due (and In all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sower service charges levied against or on account of the Property, and shaft pay when due all claims for work done on or for
services rendered or material furnished to the Properly. Grantor shall maintain the Property free of any Ilene having priority over or equal to
the interest of Lender under this Mortgage, except for those liens specifically agreed to In writing by Lender, and except for the lien of taxes
and assessments not due as further speckled 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 tho Property is not Jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the Ilen arises or, If o Ilan Is (lied, within fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the flan, or If requested by Lender, deposit with Lender cash or o sufficient corporate surety bond or other security
as result of a lorreclosuro or sale under the t lien discharge In ny contest, Grantor shall defend itself and Lender and shall charges could accrue
satisfy any adverse
Judgment before enforcement against the Property. Grantor shat) 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 tho appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work Is commenced, any services are furnished, or
any materials aro supplied to the Property, If any mechanic's lien, materiatmen's Ilon, or other lien could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such Improvements.
PROPERTY DAMAGE INSURANCE. The loilowing provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure end maintain policies of fire Insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering ell Improvements on the Real Property In an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause In favor of Lender. Grantor shall also procure and maintain
comprehensive general liability Insurance In such coverage amounts as Lender may request with Lender being named as additional insureds
In such (lability Insurance policies. Additionally, Grantor shall maintain such other Insurance, Including but not limited to hazard, business
Interruption and Boller 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 shell deliver to Lender certificates of coverage from rom each insurer contai n nat s t ipulati ng that
coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior any
coverage favor of Lender not be Impaired ed in any way by any act, omission or default also shall of Grantor Include en
other person. Should the R that
eal
MORTGAGE
(Continued)
Page 3
Property be located to an area designated by the Administrator of tho Federal Emergency Management Agency as a special flood hazard
area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for tho full unpaid principal balance of the loan and any
prior liens on the property securing the loan, up to the maximum policy limits sot under the National Flood Insurance Program, or es
otherwise required by Lender, and to maintain such insurance for the tarn of the loan.
Application of Proceeds. Grantor shall promptly notify Londor of any !ass 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 Lender's
election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any Oen
affecting the Property, or the rostoration 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 acaued interest, and the remainder, If any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds
after payment In full of the Indebtedness. such proceeds shall be paid to Grantor as Grantor's interests may appear.
LENDER'S 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 Grantors faiture to discharge or pay
when due any amounts Grantor Is required to discharge or pay under this Mortgage or any Related Documents, Lender on Grantees behalf may
(but ahail nol be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens,
security interests, encumbrances and other claims, at any limo levied or placed on the Property and paying all costs for insuring, maintaining and
preserving the Property. All such expenditures incurred or paid by Lander for such purposes will then bear Interest at the rate charged under the
Note from the date Incurred or pald by Lender to the date of repayment by Grantor. AU such expenses wlli become a part of the Indebtedness
and, at Landers option, will (A) be payable on demand: (8) be added to the Y ala of the Note and bo apportioned a erne ni in and tbe payable
with any installment payments to become due during either (1) the term of an a licable insurance po cy; e
g e
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 bo In addition to all other rights and remedies to which Lander may be entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of tho 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 !lens
and encumbrances other than those set forth In the Real Property description or In any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by. Lender In connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and delver this Mortgage to Lender. against
Defense of Title. Subject to the exception in tho paragraph above. Grantor warrants and will forever defend the title to the Property a g
der
the lawful claims of all parsons. In the event any action or proceeding is commenced that questions Grantors title or the interest of n en der
under this Mortgage, Grantor shut! defend the action at Grantor r
s expense. Grantor may be the nominal party P g.
Grantor will delver, or t cause to be delivered, to Lender such instruments d as Lender may request from ltimee own to time to permit such
participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with ell existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Reproeontations 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 shall remain in full force and effect until such time as
Grantors Indebtedness stall bo paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. tf any proceeding In condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly lake
such steps as may bo necessary to defend the action and obtain the award. Grantor may be the nominal party In such proceeding, but
Lender shell be entitled to participate In the proceeding and to bo represented In the proceeding by counsel of Its own choice, end Grantor
will deliver or cause to be delivered to Lender such Instruments and documentation as may be requested by Lender from time to time to
permit such participation.
Application of Not 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 not proceeds of the award shall moan the award after payment of all
reasonable costs, expenses, and attorneys' fens Incurred by Lender In connection with the condemnation.
IMPOSmON OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
foes and charges aro a part of this Mortgage:
Current Taxes, Foos and Charges. Upon request by Lander, Grantor shall execute such documents in addition to this Mortgage and take
whatover other action is requested by Lender to perfect and continue Lenders Ilen 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. Tho following shall constitute tuxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any
ct from
pert of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which of Grantor r isahorize against Lded or the
payments on the indebtedness secured by this type of Mortgage; (3) a tax on this type Mortgage chargeable
holder of the Note; and (4) a specific tax on all or any portion of the indebtedness or on payments of principal and Interest made by
Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the dale 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 delinquent, or (2) contests the lax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement aro a part of
MORTGAGE
(Continued)
Page 4
this Mortgage:
Security Agreement ThIs Instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
Lender shall have all of the rtghts of a secured party under rho Uniform Commerdal Code as amended from time to time.
Security Interest Upon request by Lender, Grantor shall take whatever action to requested by Lender to perfect and continue Lenders
security interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender may at any
time and without further authorization from Grantor, filo executed counterparts, copies or reproductions of this Mortgage as a financing
statement. Grantor shall reimburse Lender for all expenses 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 Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security Interest
granted by this Mortgage may bo obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and attorney -in -fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will mako, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lendor's designee, and when requested by Lender, cause to be filed, recorded, reified, or
rerecorded, as the case may bo, at 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 solo opinion of Lender, bo necessary or desirable In order to effectuate, complete, perfect,
continue, or preserve (1) Grantor's 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. 11 Grantor fails to do any of the things retorted to in the preceding paragraph, Lender may do so for and in the name of
purpose Grantor ose Grantor's executin delivering, filing, Grantor
doing all irrevocably things appoints Lender as
bo necessary or in for
Lender's sole
P rP 9. g'
opinion, to accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays ad the Indebtedness, including without limitation all future advances, when due, and otherwise performs
all the obligations imposed upon Grantor under this Mortgage, Lender shall execute end deliver to Grantor a suitable satisfaction of this
Mortgage and suitable statements of termination of any financing statement on Me evidencing Lender's security interest In the Rents and the
Personal Property. Grantor will pay, If permitted by applicable law. any reasonable termination toe 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 this Mortgage:
Payment Default. Grantor falls to mako any payment when duo under the Indebtedness.
Default on Other Payments. Failure of Grantor within the time 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 lion.
ge or
Other Defaults. Grantor falls to comply with or to
with any other term, obligation, covenant or
perform any term, obligation, covenant ndition contained In any
in any of the Related Documents or to comply P Y
agreement between Lender and Grantor.
Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sates
agreement agreement, or any other r creditor or Grantor's u that
Grantors ability to repay tholndebtedness orG Grantor's ability to perform obligations tionsundert hisMortgage Mortgage any of te property 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 time made or furnished or becomes
false or misleading at any time thereafter.
Defective Collatoallzation. 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 lion) at any time and for any reason.
Death or Insolvency. Tho death of Grantor, the insolvency of Grantor, the appointment of a receiver for any port of Grantor's property, any
assignment for the benefit of creditors, any typo of creditor workout, or the commencement of any proceeding under any bankruptcy or
insolvency laws by or against Grantor.
Creditor or Forfeiture 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 Grantees accounts, Inctuding 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
critor or forfeiture mon l
ies or a surety bond forrthe a i
or forfeiture proceeding. in ne e
amount determined forfeiture rmined by Lender, Its i sots discretion being Lender
adequate reserve or bond for the dispute.
Broach 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, surety, or accommodation party dies or becomes incompotent or revokes or
disputes the validity of, or liability under, any Guaranty of the Indebtedness.
Adverse Change. A mutorlaf adverse change occurs In Grantors finandat condition, or Lender believes the prospect of payment or
MORTGAGE
(Continued)
Page 5
performance of the Indebtedness is impaired.
Insecurity. Lender in good faith believes itself Insecure.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may
exorcise any ono or morn of the following rights and remedies, in addition to any other rights or remedies provided by law:
Accelerate Indebtedness. Lender shaft 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.
UCC Remedios. 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. to tako possession of the Property, including during the pendency of
foreclosure, whether judicial or non Judicial, and collect the Rents, including amounts past duo 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 fens 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. wholher or not any proper grounds for the demand existed. Lender may exorcise its rights under this
subparagraph either In porson, 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 rolled the Rents from the
Property and apply tho 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 Indobtednoss 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 Grantors Interest in all or any part of the Property.
Nonjudlcial Salo. Lender may foreclose Grantor's interest in all or In any part of the Property by non Judicial sale, end 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 duo
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 purchaser of the Property and shall, t Lender's option, eit (1) Grantor.
pay a reasonable tenant of
onable rental for the use of the Property, o(2) or vacate the
Property Immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided to this Mortgage or the Nolo or available at law or In equity.
Sate of the Property. To the extent pormitted 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 sate or by
separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sle. Lender after which a any private salle give
r other intended disposl the Personal Property is to be de. sonabte notice shall the
ll meannotice
given at least ton (1 0) days before the time of the sate or disposition. Any sate of the Personal Property may be made In conjunction with
any sale of the Real Property.
Election of Romedtea. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under this Mortgage, after Grantors failure to perform, shell not affect
Lender's right to declare a default and exorcise its remedies. Nothing under this Mortgage or otherwlso shall be construed so as to limit or
restrict the Lender to proceed directly e against Gran or Lender 1anyaother Event
co co-maker. g surety or endorser e limit
doser and/or the t proceed against any
other collateral directly or indirectly securing the Indebtedness.
Attomoys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the tomes 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 reasonebte expenses Lender incurs that In Lenders opinion are necessary at any time
for the protection of its interest or the enforcement of Its rights shall bocorne a part of the Indebtedness payable on demand and shall boar
interest at the Note rate from the dale of the expenditure until repaid. Expenses covered by this paragraph Include, without limitation,
however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses whether or not there is a lawsuit,
Including attorneys' foes and expenses for bankruptcy proceedings (Including efforts to modify or vacate any automatic stay or injunction),
re surveyo surveyors' r P o rts, and appraisal fees collection
title sunrises,
insurance, cost of
extent permitted by applicable title law. Grantors sogw foreclosure pay any
P Y P
court costs, In addition to all other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage. including without limitation any notice of default and any notice of sale shall be
given in writing, end shall be effective when actually delivered. when actually received by tetefacstmite (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, If mailed, when deposited in the United States mail. as first class. codified or
registered mail postage prepaid, directed to the addresses shown near the bogtnntng of This Mortgage. All caples of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage.
Any party may change its address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the of Grantr's
purpose
t address. Unless otherwise provided party's address.
orrequied bFor l purposes, agrees Lender
ow, s
1! there more than onoGran or. anynoti a given by Le dar to any Gre for is
doomed to be notice given to all Grantors.
MISCELLANEOUS PROVISIONS. Tho 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 sot 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 Grantors residence, Grantor shall furnish to Lender, upon request, a
certified statement of not 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 moan all cash receipts from the Property loss all cash expenditures made in connection
with the operation of the Properly.
Caption Headings. Caption headings In this Mortgage an) for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Govemleg Law. With respect to procedural matters related to the perfection and enforcement of Lender's rights against the Property, this
Mortgage will be govomod by fodoral law applicable to Lander and to tho extent not preempted by federal law, the laws of the State of
Wyoming. to all other respects, this Mortgage will be governed by fodoral law applicable to Lender and, to the extent not preempted by
federal law, tho laws of the State of Utah without regard to Its conflicts of law provisions. However, if there ever is a question about
whether any provision of thla Mortgage is valid or enforceable, tho provision that le questioned will be governed by whichever atato or
federal law would rind the provision to be valid and enforceable. The loan transaction that is evidenced by the Note and this Mortgage has
been applied for, conelderod, approved and made, and all necessary loan documents have been accepted by Lander in the State of Utah.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Landers request to submit to iho jurisdiction of the courts of Cacho County,
Stale of Utah.
Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several. and all references to Grantor shall moan
each and ovary Grantor. This means that each Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Lender. Lender shall not be doomed to have waived any rights under this Mortgage unless such waiver is given In writing
and signed by Lender. No decay 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 conalilute a waiver of Lenders 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 Grantors 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
shall not constitute continuing consent to subsequent Instances whore such consent is required and In all cases such consent may be
gnarled or withheld in the solo discretion of Lender.
Severabitity. If a court of competent jurisdiction finds any provision of his Mortgage to be illegal. invalid, ar unenforceable as to any person
or circumstance. that finding shall not make the offending provision Illegal, invalid, or unenforceable as to any other parson or
circumstance. If feasible, the offending provision shall be considered modified so that It becomes legal, valid and enforceable. If the
offending provision cannot be so modified, It shall be considered deleted from this Mortgage. Unless otherwise required by law, the
illegality, Invalidity, or unenfrceabtlity 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 at any
limo 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 tho parties, their successors and assigns. If ownership of the Property becomes vested in a person other
y y or extension wl to Grantor, without releasing Gran or with
fr from obligations of thi with
s Mortgage or liability under the indebtedness.
Time Is of the Estrum). Time is of the essence in the performance of this Mortgage.
Waive Jury. All parties to this Mortgage hereby waive the right to any jury trial In any action, proceeding, or counterclaim brought by any
party agalat 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.
DEFINmONS. The following capitalized words and terrns shall have the following meanings when used In this Mortgage. Unless apecifcally
stated 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 tho plural shall include the singular. as the context may require. Words and tones not otherwise
defined In this Mortgage ahall hove 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- signers and co- makers signing the Note
and all their successors and assigns.
Default. The word "Default" means the Default sot forth In this Mortgage In the suction titled "Default
Environmental Laws. Tho words "Environmental Laws" mean any and all stale, federal and local statutes, regulations and ordinances
relating to the protection of human health or tho environment. Including without timilation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980. as amended. 42 U.S.C. Section 9601, of seq. ("CERCLA the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99-499 "SARA"). the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
tho Resource Conservation and Recovery Act. 42 U.S.C. Section 6901, et seq., or other applicable state or federal taws, rules, 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. Tho word "Guaranty" means the guaranty from guarantor. endorser. surety, or accommodation party to Lender, including
without /Imitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of thalr quantity, concentration or physical.
chemical or Infectious characteristics, may cause or pose a present or potential hazard to human health or the environment whon
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled, The words 'Hazardous
Subatances' 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, petroleum
and petroleum by- products or any fraction thereof and asbestos.
Improvements. The word "improvements" means 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, interest, and other amounts, costs and expenses payable under the Note or
Relatod Documents, togother with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses Incurred by Lender to
enforce Grantor's obligations undor this Mortgage, together with Interest on such amounts as provided In this Mortgage. Specifically,
without !Imitation, Indebtedness Includes the future advances set forth In the Future Advances provision. together with all interest thereon
and afl amounts that may be indirectly secured by the Cross- Collaleralizatton provision of this Mortgage.
Lender. The word 'Lender means Cache Valley Bank, its successors and assigns.
Mortgago. The word "Mortgage' moans this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated October 22. 2014, In the original principal amount of $83,500.00
from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of. consolidations of, and 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 disposition of the Property.
Property. The word 'Property' moans collectively the Real Property end the Personal Property.
Real Property. The words 'Real Property' moan the real property. Interests and rights, as further described In this Mortgage.
Related Documents. Tho words 'Related Documents" mean all promissory notes, credit agreements, Loan agreements, environmental
agreements, guaranties, socurity agreements, mortgagor, deods of trust. security deeds, collateral mortgages. 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
tho Property.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS
MORTGAGE
(Continued)
Page 7
JOSELYN M. HARMON
Notary Public
Lincoln County
Wyoming
My Commission Expires
JOSELYN M. HARMON 1
1 Notary Public
Lincoln County
1 Wyoming
My Commission Expires 1
MORTGAGE
(Continued)
INDIVIDUAL ACKNOWLEDGMENT
State of
I
County of 1 z
This Instrument was ucl nowtodged boforo mo on UJ r) 5 -1 r
co (dale) by RANDY R. NATE.
My commission expires: c
INDIVIDUAL ACKNOWLEDGMENT
This instrument was acknowledged before me on 1 t� (date) by PAMELA Y. NATE.
My commission expires: I J r 5
Page 8
LaserPro, Vor. 14.3.10.003 Copr. D +H USA Corporation 1997, 2014. All Rights Reserved. WY /UT L:ICFIU.PL\G03.FC TR- 111340 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 /z"
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 /2" 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 /z" 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.
I nderst
ackn
mela Y. Nate
State of (.V
County ofd
e foregoing document is being rerecorded to correct the notary
date on the mortgage.
The foregoing instrument was acknpwledged before me by Randy R. Nate and Pamela Y.
Nate, this la day of Q Y f 2014.
aq
My Commission Expires: /4i
4,w", .f7. ten. a
JOSELYN M. HARMON
Notary Public
Lincoln County
Wyoming
My Commission Expires