HomeMy WebLinkAbout890223'RECORDATION REQUESTED BY:
HILLTOP NATIONAL BANK
300 COUNTRY CLUB RD
P O BOX 2680
CASPER, WY 82602-2680
WHEN RECORDED MAIL TO:
HILLTOP NATIONAL BANK
3OO COUNTRY CLUB RD
P O BOX 2680
CASPER, WY 82602-2680
SEND TAX NOTICES TO:
Michael A. Crank
Debra J. Crank
57 Magnolia Streel
Casper, WY 82604
890223
BOoI~'J~ PRPAGE ~ 3 6
RECEIVED
LINCOLN CO!JHTY CLERK
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
CONSTRUCTION MORTGAGE
THIS MORTGAGE dated May 21, 2003, is made and executed between Michael A. Crank and Debra J. Crank,
whose address is 57 Magnolia Street, Casper, WY 82604 (referred to below as "Grantor") and HILLTOP
NATIONAL BANK, whose address is 300 COUNTRY CLUB RD , P O BOX 2680, CASPER, WY 82602-2680
(referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Granlor mortgages and conveys Io Lender all ol Grantor's right, title, and interesl in and to
the following described real properly, togelher with all existing or subsequently erected or affixed buildings, improvements and fixlures; all easements,
rights of way, and appudenances; ali water, water rights, watercourses and ditch rights (including stock in ulililies with ditch or irrigation rights); and all
other rights, royalties, and profits relaling 1o the real properly, including without limitation all minerals, oil, gas, geothermal and similar matters, (the
"Real Property") located in Lincoln County, State of Wyoming:
Lot Eighty-four (84) in Star Valley Ranch Plat Seventeen (17) as platted and recorded in the official records
of Lincoln County, Wyoming.
The Real Property or its address is commonly known as 1576 Hardman Road, Thayne, WY 83127.
Grantor presently assigns Io Lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents from the
Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Propedy and Rents.
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 THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as olherwise provided in this Modgage, Grantor shall pay to Lender all amounts secured by this Modgage
as they become due and shall strictly perform all of Grantor's obligations under this Mortgage.
CONSTRUCTION MORTGAGE. This Mortgage is a "construction modgage" for the purposes of Sections 9-334 and 2A-309 of the Uniform
Commercial Code, as those sections have been adopted by the State of Wyoming.
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 Properly; (2) use,
operate or manage the Properly; and (3) collect the Rents from the Properly.
Duly Io Malnlain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the
Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, aboul or from the Properly; (2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation ct any Environmental Laws, (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the
Property by any prior owners or occupants of the Properly, or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matlers; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant,
contractor, agenl or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Properly; and (b) any such activity shall be conducted in compliance with all applicable federal, state,
and local laws, regulations and ordinances, including wilhout limitation all Environmental Laws. Grantor authorizes Lender and its agents lo enter
upon the Property to make such inspeclions and iests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Properly 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 Io create any responsibility or liability on the pad of Lender to Grantor or to any other person. The representations and warranlies
contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribution in the evenl Grantor becomes liable for cleanup or olher cosls under any
such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penallies, and expenses
which Lender may directly or indirectly sustain or suffer resulting from a breach of Ibis section of the Modgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release occurring prior to Granlor's ownership or interest in the Property,
whether or not lhe same was or should have been known to Grantor. The provisions of this section of the Modgage, including the obligation to
indemnify, shall survive the payment of the indebtedness and the satisfaction and reconveyance of Ihe lien of this Modgage and shall nol 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 permil any nuisance nor commil, permit, or suffer any stripping of or waste on or to the
Property or any portion of Ihe Property. Without limiting lhe generality of the foregoing, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's 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 Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to
Lender's interests and to inspect the Real Property for purposes of Granlor's compliance wilh the terms and conditions of this Modgage.
Compliance with Governmental Requirements. Grantor shall promplly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable lo the use or occupancy of the Property. Grantor may contest in good faith any such law,
ordinance, or regulation 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 Lender's sole opinion, Lender's 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 Io 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 Io prolect and preserve the Property.
CONSTRUCTION LOAN. If some or all of lhe proceeds of the loan creating the Indebtedness are to be used to construct or complete construction of
any Improvements on the Property, the Improvemenls shall be completed no later than the maturity date of the Note (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 will disburse loan proceeds under
such terms and conditions as Lender may deem reasonably necessary to insure that the interest created by this Modgage shall have priority over all
possible liens, including those of material suppliers and workmen. Lender may require, among other things, that disbursement requests be suppoded
MORTGAGE ~ 3 ?
(Continued) I~age 2,
by receipted bills, expense affidavits, waivers of liens, construction progress repods, and such other documentation as Lender may reasonably request.
TAXES AND LIENS. The following provisions relating to lhe taxes and liens on the Property are pad of this 'Mortgage:
Payment. Grantor shall pay when due (and in alt events prior to delinquency) all taxes, payroll taxesi special taxes, assessments, water charges
and sewer service charges levied againsl 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 interesl of
Lender under this Modgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments not
due as further specified in the Right to Contest paragraph.
Right to Contest. Granlor may withhold paymenl of any tax, assessmenl, or claim in connection with a good faith dispute over the obligation Io
pay, so long as Lender's interesl 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; withiD Jifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if
requested by Lender, deposit wilh Lender cash or a sufficient corporale surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrue as a resutl of a foreclosure or sale under
the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against lhe Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender salisfactory evidence of payment of the taxes or assessmenls and shall
aulhorize the appropriate governmental official to deliver lo Lender al any time a written stalement 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 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 to Lender advance assurances satisfactory to Lender that Grantor can and will pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Propedy are a parl of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standa:rd exlended coverage endorsements on an
actual cash value basis for the full insurable value covering all Improvemenls 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 ~o Lender certificates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished wilhout 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 stall 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 F~eal
Properly 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 Flood Insurance, if available, within 45 days after notice is given by Lender that the Propedy is located in a
special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on'the properly securing the loan, up lo the
maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for
the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to lhe Properly. 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 lien affecting the Properly, or
lhe restoration and repair of the Properly. If Lender elects to apply the proceeds 1o 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 Granlor 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, then to pay accrued 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 Grantor fails (A) to keep the Property free of alt taxes, liens, security interests, encumbrances, and other claims, (B)
to provide any required insurance on the Properly, or (C) to make repairs to the Properly 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 behalt may, but is not required to, take any action
lhat Lender betieves to be appropriate to protect Lender's inlerests. All expenses incurred or paid by Lender for such purposes will then bear interest
at the rale charged under the Note from the date incurred or paid by Lender to lhe date of repayment by Granlor. All such expenses will become a part
of the Indebtedness and, at Lender's option, wilt (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among
and be payable with any installment payments 1o become due during either (1) the term of any applicable insurance policy; or (2) the remaining term
of the Note; or (C) be treated as a balloon payment which will be due and payable al the Nora's maturity. The Morlgage also will secure payment of
these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on
account of any default. Any such action by Lender shall not be construed as curing lhe default so as to bar Lender from any remedy that it otherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Properly 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 Propedy 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, in the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend lhe action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to padicipate 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, to Lender such instruments as Lender may request from time to lime 1o permit such participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all exisling applicable laws,'
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made 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 Grantor's Indebtedness is paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any pr0ceedi~g in :~nd~mnation is filed, Grantor shalFpromptly notif~ Lender in wri'tin~, and Granior shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments and documentation as may be requesled by Lender from time to time to permit such participation.
Application of Net Proceeds. If all or any part of the Properly 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 the award shall mean the award after paymen~ of all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a pad of this Modgage:
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 Proplerty. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, perfecting or continuing t'his Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering lhis Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of
the indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on
the indebtedness secured by this type of Modgage; (3) a tax on this type of Mortgage chargeable against the Lender or the 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 Granlor.
(Continued) i Page 3
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Detault as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contests the tax 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 Iollowing provisions relating to lhis Modgage as a security agreement are a pad of this
Mortgage:
Securily Agreement. This instrument shall constitute a Security Agreement to lhe extent any of the Property constitutes fixtures, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by Lender to
perfect and continue Lender's security interest in the Personal Property. In addition to recording this Modgage in the real property records, Lender
may, al any time and without fudher authorization from Grantor, file executed counterpads, copies or reproductions of this Mortgage as a financing
slatement. 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 pady) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on lhe first page of this Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating fo further assurances and attorney-in-fact are a pad of this
Mortgage:
Further Assurances. Al any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause Io be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, rallied, or
rerecorded, as the case may be, al such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, inskuments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfecl, continue, or
preserve (1) Grantor's obligations under the Note, this Mortgage, and the Relaled 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 fhe matters referred to in
this paragraph.
Attorney-in-Foci. If Grantor fails to do any of the lhings referred to in the preceding paragraph, Lender may do so for and in the name of Grantor
and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of
making, executing, delivering, tiling, 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 obligations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Modgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Properly. Grantor will pay, if permitled 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 fhe 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 al the time and strictly in the manner provided in
this Mortgage or in any agreement related to this Mortgage.
False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's 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.
Defective Collateralizati°n. This Modgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time and for any reason.
Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any pad of Grantor's property, any
assignment for the benefit of creditors, any type of credilor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against Grantor.
Taking of the Property. Any creditor or governmental agency tries Io lake any of the Property or any other of Grantor's property in which Lender
has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Grantor disputes in good faith whether
the claim on which the taking of the Properly is based is valid or reasonable, and if Grantor gives Lender written notice of the claim and furnishes
Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then Ibis default provision will not apply.
Breach of Other Agreemenl. 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 guaranlor, endorser, surety, or accommodation party of any
of the Indebtedness or any guaranlor, endorser, surety, or accommodalion pady dies or becomes incompetent, or revokes or disputes the validity
of, or liability under, any Guaranty of the Indebtedness.
Insecurity. Lender in good faith believes ilself 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 lo any other rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without notice Io 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 ol the Personal Properly, Lender shall have all the rights and remedies of a secured pady under
the Uniform Commercial Code.
Collect Rents. Lender shal~ have the right; Without notice to Grantor, to take possession of .the Properly, iacluding 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 furtherance of Ibis right, Lender may require any tenant or other user of 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 Grantor's
attorney-in-fact to endorse instrumenls received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds.
Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made,
whether or not any proper grounds for the demand existed. Lender may exercise its righls under this subparagraph either in person, by agent, or
through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Properly, with the power to
protect and preserve the Property, Io operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the
proceeds, over and above the cost ct 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 Ihe Properly exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any pad of the Properly.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of Ihe Property by non-judicial sale, and specifically by "power of
sale" or "advedisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may oblain a judgment for any deficiency remaining in the Indebtedness due ~o
Lender after application of all amounts received from the exercise of the rights provided in this section.
MORTGAGE r
(Continued) 6, 3' 9 15age 4,
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 ol Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser
of the Property and shall, at Lender's option, either (1) pay a reasonable rental for lhe use of the Property, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of lhe Property. To the exlenl 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.
Notice of Sale. Lender will give Grantor reasonable notice of the time 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 notice given at least
ten (tO) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real
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 Io
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 affecl 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 altorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and
to the extent not prohibiled 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 ils 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 reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable atlorneys'
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 permitled by applicable law. Grantor also will pay any court costs, in addition to all
other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including withoul limitation any notice of default and any notice of sale shall be given
in wdting, and shall be effective when actually delivered, when actually received by telefacsimile (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 beginning of lhis Mortgage. All copies of notices of foreclosure from the holder of any lien which
has priorily over this Mortgage shall be sent to Lender's address, as shown near lhe beginning of this Mortgage. Any person may change his or her
address for notices under this Mortgage by giving formal written notice 1o the other person or persons, specifying that the purpose of the notice is to
change the person's address. For notice purposes, Grantor ag~:ees to keep Lender informed at all limes of Grantor's current address. Unless otherwise
provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
It wilt be Granlor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Mortgage and in the Related Documents is Grantor's entire agreement wilh Lender concerning the matters
covered by this Mortgage. To be effective, any change or amendment to this Mortgage must be in writing and musl be signed by whoever will be
bound or obligated by the change or amendment.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not lo be used to interpret or define the
provisions 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 Wyoming.
This Mortgage has been accepted by Lender in the State of Wyoming.
Choice of Venue. if there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of NATRONA County, State
of Wyoming.
Joint and Several Liability. All obligations ol Grantor under this Mortgage shall be joinl and several, and all references to Grantor shall mean
each and every Grantor. This means that each Grantor signing below is responsible for all obligations in lhis Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under lhis Mortgage unless Lender does so in writing.
The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give
up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage. Grantor also
understands that if Lender does consent to a request, thai does not mean lhat Grantor will not have to get Lender's consenl again if the situation
happens again. Grantor further understands that just because Lender consents to one or more of Grantor's ~'equests, that does not mean Lender
will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand tot payment, protest, and notice of dishonor.
Grantor waives ali rights of exemption from execution or similar law in the Property, and Grantor agrees that the rights of Lender in the Property
under Ibis Mortgage are prior to Grantor's rights while lhis Mortgage remains in effecl.
Severability. If a court finds that any provision of this Mortgage is not valid or should not be enforced, that fact by itself will not mean thal lhe resl
of this Mortgage will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Mortgage even if a provision of this
Mortgage may be found to be invalid or unenforceable.
Merger. There shall be no merger of the interest or estale created by this Mortgage with any other interest or estate in the Property at any time
held by or for the benefit ol Lender in any capacity, without the written consenl of Lender.
Successors and Assigns. Subject lo any limitations stated in this Mortgage on transfer of Gran~or's interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal wilh Grantor's successors with reference to this Mortgage and lhe Indebtedness by way of
forbearance or extension without releasing Granlor from the obligations of this Mortgage or liability under the Indebledness.
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 "Borrower" means Michael A. Crank and Debra J. Crank, and all other persons and entities signing the Note.
Environmental Laws. The words "Environmental Laws" mean any and all slate, federal and local stalutes, regulations and ordinances relating to
the protection of human health or the environment, including without limitation (he Comprehensive Environmental Response, Compensation, and
Liability Acl of 1980, as amended, 42 U.S.C. Seclion 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub.
L. No. 99-499 ("SARA"), the Hazardous Materials Transpodation Act, 49 U.S.C. Section 1801, el seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulalions adopted pursuanl 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 lhis
Mortgage.
Grantor. The word "Grantor" means Michael A. Crank and Debra J. Crank.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including withoul
limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concenlration or physical, chemical
or infeclious characteristics, may cause or pose a present or potential hazard to human heallh or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Subslances" 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, withoul limitation, petroleum and petroleum by-products or any fraction
thereof and asbestos.
MORTGAGE G ,~ 0
(Continued)
Page 5
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 Properly.
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, exlensions of, modifications of, consolidations of and substitutions for the Note or Relaled 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 Modgage, together with interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means HILLTOP NATIONAL BANK, its successors and assigns. The words "successors or assigns" mean any person
or company that acquires any inlerest in lhe Note.
Mortgage. The word "Mortgage" means lhis Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated May 21, 2003, in the original principal amount of $180,000.00 from
Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and subslilutions for the
promissory note or agreement.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other adicles of personal properly 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 properly; and together with all proceeds (including wilhoul 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 Properly and the Personal Property.
Real Property. The words "Real Property" mean the real properly, interests and rights, as fudher described in this Mortgage.
Related Documents. The words "Related Documenls" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreemenls, mortgages, deeds of trusl, security deeds, collateral modgages, and all other instruments,
agreements and documents, whether now or hereafter existing, execuled in connection with the Indebtedness.
Renls, The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the
Properly.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
x
~C¢~nk, Individually
X Debra J. Crank, Indi~i~k~ly'
COUNTY Of W~
INDIVIDUAL ACKNOWLEDGMENT
)
)ss
)
On this day before me, the undersigned Notary Public, personally appeared Michael A. Crank and Debra J. Crank, to me known to be the individuals
described in and who executed the Mortgage, and acknowledged thai they signed the Modgage as their free and voluntary act and deed, for the uses
and purposes therein mentioned.
Given u. nder my hand and official seal this
Notary Public in and for the State of
LASER PRO Lending, Vet. 5.21.20.003 Copt. H&rl.~nd Fin&ncial $OluliOns, loc. 1997, 2003. All Rights Reserved. - WY G:~^PP$~DPWIN~CFI~LPL~GO3.FC TR-4978 PR-4