HomeMy WebLinkAbout887371RECORDATION REQUESTED BY:
ZIONS FIRST NATIONAL BANK
RANDOLPH BRANCH
125 NORTH MAIN
RANDOLPH, UT 84064
WHEN RECORDED MAIL TO:
ZIONS FIRST NATIONAL BANK
P.O. BOX 30160
WEST VALLEY CITY, UT 84130-0160
88737;
BOOK~7]_'~ PR PAGE 500
RECEIVED
LINCOLN COUNTY CLERK
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
*001000690004008395074501232003
MORTGAGE
THIS MORTGAGE dated January 23, 2003, is made and executed between BRYAN LEE GALLAHER (referred to
below as "Grantor") and ZIONS FIRST NATIONAL BANK, whose address is 125 NORTH MAIN, RANDOLPH, UT
84064 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas,
geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming:
LOT 11 OF BLOCK 6 OF THE LINCOLN HEIGHTS 4TH SUBDIVISION, LINCOLN COUNTY, WYOMING AS
~'~L~b~l~ ~ DESCRIBED ON THE OFFICIAL PLAT THEREOF. LOAN #001000690004008395
The Real Property or its address is commonly known as 1126 7TH WEST AVE, KEMMERER, WY 83101. The
Real Property tax identification number is 12-2116-23-2-06-086.00
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THIS
MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
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 Use. 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) collectthe Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Hazardous Substances. Grantor represents and warrants that the Property never has been, and never will be so long as this Mortgage
remains a lien on the Property, used for the generation, manufacture, storage, treatment, disposal, release or threatened release of any
Hazardous Substance in violation of any Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make
such inspections and tests as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage.
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 and hold harmless Lender against any and all claims and
losses resulting from a breach of this paragraph of the Mortgage. This obligation to indemnify shall survive the payment of the
Indebtedness and the satisfaction of this Mortgage.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens 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 and except as otherwise provided in this Mortgage.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Loan No: 00'1000690004008395
MORTGAGE
(Continued) 5 0 J~ Page 2
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the 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 clause in favor of Lender. Policies shall be written by such insurance companies
and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer
containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender
and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an
endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any
other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as
a special flood hazard area, Grantor agrees to obtain and maintain Federal FI0~d Insurance, if available, within 45 days after notice is given
· by Lender that the Property is located in a special flodd hazard area, 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.
Lender's Expenditures. If Grantor fails (1) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims,
(2) to provide any required insurance on the Property, or (3) to make repairs to the Property then Lender may do so. If any action or
proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not
required to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses 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 and, at Lender's option, will (1) be payable on demand; (2) be
added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (a)
the term of any applicable insurance policy; or (b) the remaining term of the Note; or (3) be treated as a balloon payment which will be
due and payable at the Note's maturity.
Warranty; Defense of Title. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all
liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final
title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power,
and authority to execute and deliver this Mortgage to Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property
against the lawful claims of all persons.
Full Performance. If Grantor pays all the Indebtedness 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 termination of
any financing statement on file evidencing Lender's 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. At Lender's option, Grantor will be in default under this Mortgage if any of the following happen:
Payment Default. Grantor fails to make any payment when due 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 lien.
Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner
provided in this Mortgage or in any agreement related to this Mortgage.
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
Grantor's ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related
document.
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.
Breach 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 incompetent, or revokes
or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at its option, may, but
shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner
satisfactory to Lender, and, in doing so, cure any Event of Default.
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 remedies 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 which Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured
party under the Uniform Commercial Code.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by nomjudicial sale, and specifically by
"power of sale" or "advertisement and sale" foreclosure as provided by statute.
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Loan No: 001q00690004008395
MORTGAGE
(Continued) 5 0 ~, Page 3
Sale of the 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
one sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by
Lender to choose any one remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform
any of Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right
to declare Grantor in default and to exercise Lender's remedies.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled
to recover such sum as the court may adjudge reasonable as 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 Lender's opinion are
necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable
on demand and shall bear interest 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, Lender's attorneys' fees and Lender's 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.
Miscellaneous Provisions. The following miscellaneous provisions are a part of this Mortgage:
Governing Law. This Mortgage will be governed by and interpreted in accordance with federal law and the laws of the State of Utah,
except and only to the extent of procedural matters related to the perfection and enforcement of Lender's rights and remedies against
the Property, which will be governed by the laws of the State of Wyoming. However, if there ever is a question about whether any
provision of this Mortgage is valid or enforceable, the provision that is questioned will be governed by whichever state or federal law
would find the provision to be valid and enforceable. The loan transaction which is evidenced by the Note and this Mortgage has been
applied for, considered, approved and made, and all necessary loan documents have been accepted by Lender in the State of Utah.
Choice of Venue, If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of SALT LAKE
County, State of Utah.
Time is of the Essence. Time is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the
State of Wyoming as to all Indebtedness secured by this Mortgage.
Definitions. The following words shall have the following meanings when used in this Mortgage:
Borrower. The word "Borrowe~" means BRYAN LEE GALLAHER, and all other persons and entities signing the Note.
Environmental Laws. The words "Environmental Laws" mean 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 9601, et 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., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules,
or regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean 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 BRYAN LEE GALLAHER.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part of the Note.
Indebtedness. The word "Indebtedness" means 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 advanced by Lender to discharge Grantor's obligations or expenses incurred by
Lender to enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
Lender, The word "Lender" means ZIONS FIRST NATIONAL BANK, its successors and assigns. The words "successors or assigns"
mean any person or company that acquires any interest in the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated January 23, 2003, in the original principal amount of
$26,982.90 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 February 9, 2008.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or
hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and
additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without
limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage.
Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived
from the Property.
Loan No: 00100069,0004008395
MORTGAGE
(Continued)
Page 4
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR: // /'~
STATE OF
COUNTY OF
INDIVIDUAL ACKNOWLEDGMENT
))ss
On this day before me, the undersigned Notary Public, personally appeared BRYAN LEE GALLAHER, to me known to be the individual described
in and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the
uses and purposes therein mentioned, /( ,~
Notary Public in and for the State of ~,/~-~ My commission expires~
,/.;~"~L~-'~ Pennle G. Hutchinson ]
I~'( ~[~1~'~ 125 N. Main St.. PO BOX 56 ' J
l{?~\ ~ ~,~1 Randolph. Utah 84nRa I
~ October 23, 2005
STATE OF UTAH