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HomeMy WebLinkAbout878015 RECORDATION REQUESTED BY: FIRST NATIONAL BANK-WEST-AFTON BRANCH P.O. BOX 1620 314 WASHINGTON STREET WHEN RECORDED MAIL TO: 8 FIRST NATIONAL BANK-WEST-AFTON BRANCH P.O. BOX 1620 3i4 WASHINGTON STREET AFTON, WY 83110 SEND TAX NOTICES TO: ' BOOK .-' ~";,'~PRPAGE ~:~ ~ [') DARREN W. ROSENBAUM PO BOX 412 THAYNEj WY 83127 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY CONSTRUCTION MORTGAGE THIS MORTGAGE IS DATED DECEMBER 14, 2001, between DARREN W. ROSENBAUM, A SINGLE MAN, whose address is PO BOX .412, THAYNE, WY 83127 (referred to below as "Grantor"); and FIRST NATIONAL BANK-WEST-AFTON BRANCH, whose address is P.O. BOX 1620, 314 WASHINGTON STREET, AFTON, WY 83110 (referred to below as "Lender"). GRANT OF MORTGAGE, For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, lille, and interest ~n and lo the following described real property, togelher with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easemenls, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with dilch or irrigation rights); and all olher rights, royalties, and profits relating to the real property, including withoul IJmilalion all minerals, oil, gas, geothermal and similar matters, located in LINCOLN County, State of Wyoming (the "Real Property"): Lot 9 of the River View Ranchette,~, according to that plat of record in the Office of the Lincoln County Clerk, Lincoln' County, Wyoming. The Real Property or its address is commonly known as FIDDLER'LANE, THAYNE, WY 83127. Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all leases of the Property and all Rents from the Property. In addilion, Gran!or granls to Lender a Uniform Commercial Code security interest In the Personal Property and Rents. DEFINITIONS. The following words shall have the following meanings when used in this Modgage. Terms not otherwise defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code. A references to dollar amounts shall mean amounts in lawful money of the Uniled Stales of America, Grantor. The word "Grantor" means DARREN W. ROSENBAUM. The Grantor is the modgagor under this M.ortgage. Guarantor. The word "Guaranlor" means and Includes without limitation each and all of the guarantors, sureties, and accommodation parties in connection with the Indebtedness. ImprOvements. The word "Improvements" means and Includes without limitation ail existing and future improvements, buildings, structures, mobile homes affixed on the Real Properly, facilities, additions, replacements and other conslruclion on the Real Property. Indebfedness. The word "Indebtedness" means ail principal and interest payable under the Nolo and any amounts expended or advanced by Lender to discharge obligallons of Granter or expenses incurred by Lender to enforce obligations of Granlor under lhis Mortgage, together with interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means FIRST NATIONAL BANK-WEST-AFTON BRANCH, its successors and assigns. The Lender is the mortgagee under this Mortgage. Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender, .and includes without limilation all assignments and security interest provisions relating to the Personal Property and Rents. Note. The word "Note" means lhe promissory note or credit agreement dated December 14, 2001, in the original principal amount of $160,060.00 from Grantor to Lender, logether with all renewals of, extensions of, modifications of, refinanclngs of, consolidations of, and substitutions for the promissory note or agreement. Personal Property. The words "Personal Properly"- 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 Io, alt replacements of, and all substitutions for, any' ot such prqperty; and together with all proceeds (Includin.,q with0ut 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 ~.nd the Personal Property. Real Properly. The words "Real Property" mean the properly, interests and rights described above in the "Grant of Mortgage" section. Related Documents. The words "Related Documents" mean and Include without limitation all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of lrust, 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 the Property. THIS MORTGAGE~ INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTy, IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORiViANCE OF ALL OBLIGATIONS OF GRANTOR UNDER THIS MORTGAGE AND THE RELATED DOCUMENTS. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Modgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due, and shall strictly perform all of Granlor's obligations under this Modgage. 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 in default, Grantor may remain in possession and control of and operate and manage the Property and collect the Rents from the Property. Duly to Maintain. Grantor shall maintain the Property in tenantable condilion and promptly perform alt repairs, replacements, and mainlenance necessary to preserve its value. Hazardous Substances. The terms "hazardous waste," "hazardous subslance," "disposal," "release," and "threatened release," as used in this' Mortgage, shall have the same meanings as set ¢orth in 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 ConservaliOn and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or Federal laws, rules, or regulations adopted pursuant to any of the forego ng. The terms "hazardous waste" and "hazardous substance" shall also Include, wilhout limilation, petroleum and petroleum by-producls or any fraction thereof and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Granlor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal,.release or threatened release of any hazardous waste or substance by any person on, under, about or from the Properly; (b) Grantor has no knowledge of, or reason lo believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (i) any use, generation, manufacture, storage, treatment, disposal, release, or lhreatened release of any hazardous waste or substance on, under, about or from the Property by any prior owners or occupants of the Properly.or (ii) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (c) Except as previously disclosed to and acknowledged by Lender in writing, (i) neither Granlor nor any lenant, contractor, agent or other authorized user of the Property shall use, generate, manufaclure, ,-'- ~-'~-zuu'~ MORTGAGE Loan No 64002460 (Continued) (,.)~3 '~;~!'~{J-~.?i'. 3 ~ I~age 2 store, treat, dispose of, or release any hazardous waste or substance on, under, about or from the Property and (ii) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation.those laws, regulations, and ordinances described above. Grantor aulhorizes Lender and its agents Io enter upon the Property to make such inspections and lasts, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property wilh this section of the Morlgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to creole 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 waste and haza.;dous substances. Grantor hereby (al releases and waives any future claims against Lender for indemnity or contribut on in the event Grantor becomes Jiab e for cleanup or other costs under any such laws and b a re indemnify and hold harmless Lender againsl any and all claims losses I ' ' , indirectly sustain er suffer resuJtin~ from ~ hrc,~r.~- ..... ;. . ,.. labilities_ damages, penalties and exn ...... ~,.., , ~ ( ) ..g es to ....... , ur m~s secilon or [ne Morlc~ane ,~ ....... ,. .... ~en~o .,,,,,,uJ~ Lender may directly or slorage, disposal, release or threatened release of a hazardous w~Jsle or subslance on the properties. The provisions of this section of the ~ g or ~ ~, ~uj~;~c, qu~Ht;e Of any use, generation, manufacture, Mortgage, including the obligalion lo indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien 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, permit, or suffer any stripping of or waste on or to lhe Property or any portion of the Properly. Wilhout Ilmiling lhe generality of the foregoing, Grantor will not remove, or grant to any other parly lhe right to remove, any timber, minerals (including cji and gas), soil, gravel or rock products without the prior written consenl of Lender. Removal of Improvements. Grantor sh~JI not demolish or remove any Improvements from the Real Properly without the prior written consent of Lender. As a condition to the removal of any improvements, Lender may require Grantor to make arrangements satisfaclory 1o Lender Io replace such Improvements with Improvements of at least equal value. Lender's Right to Enter. Lender and its agents and representatives may enter upon the Real Property at all reasonable time~ lo attend to Lender's inleresls and to inspect the Properly for purposes of Gr~nlor'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 governmenla authorities applicable to the use or occupancy of the Property. Granlor may contest in good faith any 'such law, ordinance, or regulation and wllhhold compliance during any proceeding, including appropriale appeals, so long as Grantor has nolified Lender in wrilJng prior to doing so and so long as, in Lender's sole opinion, Lender's interesls in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, lo protect Lender's interesl. Duty to Protect. Granlor agrees neither Io abandon nor leave unattended the Property. Grantor shall do all other acts, in addilion Io those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to prolect and preserve the Properly. CONSTRUCTION LOAN. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete ccnslruction of any Improvements on lhe Property, lhe Improvements sh,~ll be completed no later than the maturity date of the Nolo (or such earlier date as Lender may reasonably establish) and Grantor shall pay in full all costs and expenses in connection with the work. Lender, al its option, may disburse Joan proceeds under such terms and Conditions as Lender may deem necessary to insure that the Interest created by this Mortgage shall have priority over ail possible liens, including those of material suppliers and workmen. Lender may require, among other things, that disbursement requests be supported by receipted bills, expense affidavits, waivers of liens, construction progress reporls, and such other dccumenlalion as Lender m'ay reasonably request. DUE ON SALE - CONSENT BY LENDER. Lender may, at its option, declare immedialely due and payable aJJ sums secured by this Morlgage upon the sale or transfer, withoul lhe Lender's prior written consent, of all or any pad of the Real Properly, or any interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, lille or inleresl theretn;.whether legal, beneficial or equitable'; whether voluntary or Jnvolunlary; whether by outright sale, deed, installment sale contract, land conlract, contract for deed, leasehold interest with alerm greater lhan three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other melhod of conveyance cf Real Property interesl. If any Grantor is a corporalion, partnership or limited liabilily company, transfer also includes any change in Ownership of more than twenty-five percent (25%) of lhe voting stock, partnership interest§ or limited liability company interests, as th~ case may be, of Grantor. However, this option shall not be exercised by Lender if such exercise is prohibited,by federal law or by Wyoming law. TAXES AND LIENS, The following provisions relating to the taxes'and liens on the Property are a part of this Mortgage. Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll luxes, 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 Properly. Grantor shall maintain the Property free of all liens having priority over or equal to the interest of Lender under this Mortgage, except for the lien of taxes and assessments not due, and except as otherwise provided ip lhe following paragraph. Right To Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good failh dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of.nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, 'secure lhe discharge of the lien, 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 lo discharge Ihe lien plus any costs and reasonable attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under lhe fien. In any contest, Grantor shall defend itself and Lender and shall salisfy any adverse judgment before enforcement against the Properly. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Paymenl. 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 time a written statement of the taxes and assessments against the Property. Nolice of Construction. Grantor shall notify Lender al least fitteen (15) days before any ~ork Js commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Lender furnish 1o Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating ~o 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 endorsemenls 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 acceplable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage wilt not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing any disclaimer ct the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing lhat 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 at any time become located in an area designated by the Director of Ihe' Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance for the fu unpaid principal balance of 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 Ihe loan. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss Jf Grantor falls to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at its election, apply the proceeds to lhe reduction of the Indebtedness, payment of any lien affecting the Properly, or the restoration and repair of the Properly. If Lender elects to apply lhe proceeds to restoralion 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 prpceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Modgage. Any proceeds which have not been disbursed wilhin 180 days after their receipt and which Lender has not committed to the repair or restoration of the Propedy shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to lhe principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor. · Unexpired Insurance at Sale. Ar~y unexpired Insuranee shatl inure lo the benefit o'f, and pass to, the purchaser of the Property covered by this Mortgage at any Iruslee's sale or other sale held under lhe provisions of this Mortgage, or at any foreclosure sale of such Property. EXPENDITURES BY LENDER. If Grantor fails lo comply with any provision of this Modgage, or if any action or proceeding is commenced that would materially affect Lender's interests in the Property, Lender on Grantor's behalf may, but shall not be required to, take any action lhat Lender deems appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Nolo from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (al be payable on demand, (b) be added to the balance of the Note and be apporlioned among and be payable with any installment payments 1o become due during either (I) the term of any applicable insurance policy or (ii) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the Nora's maturily. This Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be Jn addition to any olher rights or any remedies ~o which Lender may be entitled on account of the default. Any such action by Lender shall not be conslrued as curing the defaull so as to bar Lender from any remedy that it olherwise would have had. . Loan No 64002460 (Continued) (L, ,,_,.~.:. 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 olher than those set forth in the Real Property description or in any title Insurance policy, title, report, or final title opint.~n 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. In the event any action or proceeding is commenced thal questions Granlor's title or the interest of Lender under Ihis Mortgage, Grantor shall defend the action at Grantor's 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 the proceeding by counsel of Lender's own choice, and Grantor.will deliver, or cause to be delivered, !o Lender such instruments as Lender may request from time to time to permit such participation. Compliance With Laws, Grantor warrants that the Property and Grantor's use of the Properly complies wilh all existing applicable taws, ordinances, and regulations of governmental authorities. CONDEMNATION. The following provisions relating to c~)ndemnation of the Property are a part of this Mortgage. Application of Net 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 net proceeds of Ihe award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with lhe condemnation. Proceedings. If any proceeding in condemnalion is Iliad, Granlor shall promptly holily Lender in writing, and Grantor shall promplly take such steps as may be necessary to defend the action and oblain the award. Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and 1o be represenled in the proceeding by counsel of ils own choice, and Granlor will deliver or cause to be delivered to Lender such instruments as may be requested by it from lime to time to permit such participalJon. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. Tl~e following provisions relating to governmental taxes, fees and charges area part ot this Mortgage: Current Taxes, Fees 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 continue Lender's lien on the Real Property. Granlor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, includlng without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (a) a specific tax upon this lype of Mortgage or upon al/or any part of lhe Indebtedness secured by tl~is Mortgage; (b) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by lhis type of Mortgage; (c) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note; and (d) 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 date ot this Mortgage, this event shall have the same effect as an Event of Default (as defined below), and Lender may exercise any or ali of its available remedies for an Eveot of Defaull as provided below unless Grantor either (a) pays the tax before it becomes delinquent, or (b) contesls the lax as provided above in lhe Taxes and Liens section and deposils 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 area part of this Mortgage. Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitules fixtures or other personal property, and Lender shall have all ~f the rights of a secured party under the Uniform Commercial Code as a'mended from time to time. Security Interest, Upon request by Lender, Grantor shall execute financing statements, and take whatever other action is requested by Lender to perfect and continue Lender's 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, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing lhis security interest. Upon default, Grantor shall assemble the Personal 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. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party), from which informalion concerning the security inlerest granled by this Mortgage may be 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 assurance~~ and'atlorney-ln-fact are a part of this Mortgage. . Further Assurances. At any time, 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 requesled by Lender, cause to be filed, recorded, reft[ed, or rerecorded, as the case may be, at such times and In such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, securily agreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in lhe sole opinion of Lender, be necessary or desirable in order to effectuate, complele, perfect, continue, or preserve (a) the obligations of Grantor under the Note, this Mortgage, and the Related Documents, and (b) lhe liens and security inlerests 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 agreed to the contrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with Ihe matters referred to in this paragraph. Altorney-in-Facl. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so'for and in the name of Granlor and al Grantor% expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's altorney-in-fact for'.t~e 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. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligalions imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of lermination of any financing statement on file evidencing Lender's security interest irt-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. DEFAULT. Each of the following, at lhe optlon~of Lender, shall constitute an event of defaull ("Evenl of Default") under this Mortgage: Defaull orr Indebtedrtess. Failure of Grantor to make any payment when due on the Indebtedness. Default on Other Payments. Failure of Grantor within lhe time required by this Mortgage to make any payment for taxes or insurance, or any other payment necessary to prevent filing ol or to effect discharge of any lien. Compliance Default. Failure of Grantor to comply with any olher term, obligation, covenant or condition contained in thisMortgage, the Note or in any of the Related Documents. False Statements. Any warranly, representation or statement made or furnished to Lender by or on behalf of Grantor under this Mortgage, the Note or the,Related Documents is false or misleading in any material respect, either now or at the time made or furnished. Defective Collateralizatlon. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral documents to create a valid and perfected security inlerest or lien) at any time and for any reason. Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Granlor'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. Foreclosure, Forfellure, etc. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other melhod, by any creditor of Grantor or by any governmental agency against any of Ihe Property. However, this sub,section shall not apply in the event of a good faith dispute by Grantor as to the validily or reasonableness of the claim which is the basis of the foreclosure or forefeiture proceeding, provided thai Granlor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim satisfaclory to Lender. Breach of Olher 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 obligalion of Grantor Io Lender, whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness' or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. Lender, al its option, may, but 12-'14-2001 MORTGAGE Loan No 64002460 (Continued) {.}~:,, ~,,,~';~i~~, 'i~r.' ,'~ 9 ',~ Page 4 shall not be required lo, permit the Guarantor's estale to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure the Event of Default. ' Insecurity. Lender in good faith deems itself insecure. Right to Cure. If such a failure is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Grantor, after Lender sends written notice demanding cure of such failure: la) cures Ihe failure within fifteen (.15) days; or lb) if the cure requires more than fifteen (15) days, immediaiely initiates steps sufficient ~o cure the failure and thereafter continues and compleles all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT, Upon the occurrence of any Event of Defaull and at any time thereafler but subject fo any limitation In the Note or any limitation in this Mortgage, Lender, at its option, may exercise any one or more of the following rights and remedies, in addilion to any other rights or remedies provided by law: Accelerate Indebtedness. Lender shall have lhe right at its option without notice to Grantor to declare the enlire 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. Collect Rents. Lender· shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect lhe Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In fbrtherance of this right, Lender may require any tenant or other user ct the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Granlor's attorney-in-fact Io endorse instruments received in paymenl thereof in Ihe name of Grantor and to negotiate lhe same and coltect 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 exercise its rights under this subparagraph either in person, by agent, or lhrough 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 Properly, to operate the Properly 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 wilhout bond if permitted by law. Lender's right lo the appointment of a receiver shall exist whether or riel lhe apparent value of the Property exceeds the lndebledness 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 Grunter's interesl in all or any part of the Property. Nonjudicial Sale. Lender may foreclose Granlor's interest in all or in any part of the Property by nonjudicial 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 alter application of all amounts received Item 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 Granlor, Grantor shall become a tenant at sbfferance of Lender or the purchaser of the Properly and shall, at Lender's option, either la) pay a reasonable rental for the use of the Property, or lb) vacate the Properly immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or a~)ailable at law or in equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and ail right t~3 have the property marshalled. In exercising ils rights and remedies, Lender shall be free to sell all or any part of the Property logelher 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. Notice of Sale. Let!der shall give Grantor reasonable notice of the rime'and 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 Property is to be made. Reasonable notice shall mean nolice given at least ten (10) days before the time of the sale or disposition. Waiver; Election of Remedies, A waiver by any party of a breach of a provision of this Mortgage shall not constitute a waiver of or prejudice the party's rights otherwise to demand strict Compliance with that provision or any olher provision. Election by Lender 1o pursue any remedy shall not exclude pursuit of any other remedy, And an election, lo make expenditures or take aclJon to perform an obligation of Grantor under this Mortgage after failure of Grantor to perform shall not affect Lender's right to declare a defaull and exercise its remedies under lhis Mortgage.. Attorneys' Fees; Expenses. if Lender institutes any suJl or action to enforce any of lhe terms of this Mortgage, Lender Shall be entitled to recover such sum as the court may adjudge reasonable as reasonable attorneys' fees at trial and on any appeal. Whether or not any court action is involved, all reasonable expenses Incurred'by Lender that in Lender's opinion are necessary at any time for the protection of ils interesl or lhe enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expendilure until repaid at lhe rule provided 'for in the Note. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees end Lender's legal expenses whether or nc/lhere is a lawsuit, including reasonable al/orneys' fees for bankruplcy 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 lc all other sums provided by law. NOTICES TO GRANTOR AND OTHER PARTIES. Any notice under this Mortgage, including without limitation any notice of' default and any notice of sale to Grantor, shall be in writing, may be sent by telefacsimile (unless otherwise required by law), and shall be effective when actually delivered, or when deposited with e nationally recognized overnight courier, or, if mailed, shall be deemed effective when deposited in the United States mail first class, certified or registered mail, postage prepaid, direcled to the addresses shown near the beginning of this Mortgage. Any party may change its address for notices under this Mortgage by giving formal written notice Io the olher parties, specifying that the purpose of the notice is to change Ihe party's address. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sen~ to Lender's address, as shown near the beginning of this Mortgage. For notice purposes, Grantor agrees to keep Lender informed at all times of Grunter's current address. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a parl of this Mortgage: Amendments. This Mortgage, together with any Related Documents, constitutes the entire underslanding and agreement of the parties as to the matters set forth in this Mortgage. No alterat on of or amendment to trois Mortgage shall be effective unless given in writing end signed by the party or parties sought to be charged or bound by {he alteralion or amendment. · Applicable Law. This Mortgage has been delivered to Lender and accepled by Lender In the State of Wyoming. This Morlgage shall be governed by and conslrued in accordanc~ wilh the laws of the State of Wyoming. Caption Headings, Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define lhe provisions of, this Mortgage. Merger. There shall be no merger of the interesl or estate creeled by this Modgage with any other interest or estate in the ProPerty at any time held by or for the benefit of Lender in any capacJJy, without the written consent of Lender. SeverabiJily. If a court of competent jurisdiction finds any provision of this Mortgage lo be invalid or unenforceable as to any person or circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending provision cannot be so modified, it shall be stricken and all other provisions of this Modgage in all olher ~:espects shall remain valid and enforceable. Successors and Assigns. Subject to the limitations stated in this Modgage on transfer of Grunter's inlerest, this Mortgage shall be binding upon and inure to the benefit of the petites, their successors and assigns. If ownership of the Properly becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grunter's successors with reference to this Mortgage and the Indebtedness by way of torbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time Is of the Essence. Time Is of the essence in the performance of this Modgage. Waiver of Homeslead Exemption. Grantor hereby releases and waives ail rights and benefits of lhe homestead exemption laws of lhe State of Wyoming as to ail Indebtedness secured by this Modgage. Waivers and Consents. Lender shall not be deemed to have waived any rights under this Modgage (or under the Related Documenls) unless such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver ct ' Loan No 64002460 (Con{inUed) . O~f.~_~{,.j~,.i[: such right or any other right, A waiver by any pady of a provision of this Mortgage shall not constitute a waiver of or prejudice the party's right otherwise to demand strict compliance with that provision or any other provision. No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall constituie a waiver of any of Lender's rights or any of Grantor's obligations as to any future transactions. Whenever consent by Lender Is required in this Modgage, the granting of such consent by Lender in any instance shall not constitute continbing consent to subsequent instances where such consent is required. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: DARREN W. ROSENBAUM INDIVIDUAL ACKNOWLEDGMENT . STATE OF~ ~:;~ ~//x~~_~ ) ~~,lota'"w~l ..... / ) SS , )) County of ~ State of ~~M Commission Expires On this day before me, the undersigned Nota~ Public, personally appeared DARREN W. ROSENBAUM, to me known to be the individual described in and who executed lhe Mortgage, and acknowledged that he or she signed the Mortgages his or her free and voluntary act and deed, for the uses and purposes therein mentioned. ~ / ] ~~y hand and ~flclal seal this /~ day of. ~~ ,20 ~ / . Nota~ Public ~n~r lhe Slate of ~~ My commission expires LASER PRO, Reg. U,S. Pat. & T,M. Off,, Vet, 3.27 (c) 2001 CFI ProS¢rv~os, Inc, All rights re~erved. [WY-G0'3 F3,26b P3.26b DROSENBA.LN]