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RECEIVED
~OLN COUNTY CLERK
JEAJ,lt,, ~_ WAG~,!£R
THIS MORTGAGE is granted by DIANN DUSKIN KOLAR and JAMES S. KOLAR, httsbalt"il?.lfl{~..¢~!f¢, i~ ~O~GOR, to
THE B~K OF COMMERCE, as Trustee for the benefit of the LAURENCE B. ~INH~T I~, ~ MORTGAGEE.
IIqTNESSETtI:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN,, SELL, CONVEY
AND WARRANT, and fitrtber releases and waives all rights under and by virtue of the homestead exempt!oil laws of Wyoming, unto the Mortgagee,
bis successors and assigns, all of the following described real property, to wit:
Lot 1 71 of Nordic Ranches, Division No. 12, Lincoln Gott;try lVyoming, according to the recorded plat thereof
recorded itt the Lincoln Cottttty Recorder's office.
TOGETHER IqlTH any attd all intprovetnents, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter ased on said land or belonging to
said Mortgagor, and any reversion, retnainder, rents, issues and profits thereof hereinafterreferred to ax the "Property ". '
This grant is intended as a Mortgage, a Fixture Filing and Secartty Interest for the Purpose of Securhtg:
1. Performance of each agreement of Mortgagor herein contained, each agreement attd covenant oontained in the loan documents associated with
this mortgage, and arty extenston, renewal, modification and/or an;endment thereof "Loan documents"shall include the above described note, this
,tot;gage, and any other docnments or instruments signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, attd any extension or renewal thereof, in the Principal sum
of EIGHT THOUSAND EIGHT HUNDRED FIFTY ($8,850.00), the final payment of principal and interest thereof, if not sooner paid,
to be finally due and payable October I, 2004. .
3. Payment of all such further sums as may hereafter be loaned or advanced by the Mortgaged'for any purpose; and any notes, drafts attd/or other
instruments representingsuch fitrther loans, advances or expendituresshall be optional with the Mortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; attd provided fitrther, that it is the express intention of the parties to this Mortgage that
it shall stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in fidl.
A. To protect the security of this' Mortgage, Mortgagor warrants, covenaats and agrees:
1. The property is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever
against the lawfid claims and demands of all persons whomsoever, and this covenant shall not be extinguisbed by foreclosure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition attd repair; to not remove or demolish any building
or other improvement thereon; to contplete or restore promptly attd in a good workmanshiplike manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor perfortned and materials fitrnished thereto or therefor; to comply with all laws
affecting said property or requiring any alterations or improvements to be made thereon; to not con,u;; or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husbandrylike manner, the land and improvements thereto; to not change or
permit change in the use of the property; to not do anything which would reduce the value of the property; and do all other acts which fi-on; the
character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactoryevidence of such insurance upon request. The amount
collected under any fire or other insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby il;
such order as Mortgagee deterntines, be released to Mortgagor in whole or part, or any combination thereof &;ch application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said property; to pay when due all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage and
associated:loan documents.
5. To pay imntediately and without demand all sums expended by Mortgagee pursuant to the provisions hereof, With interest from ·date of
expenditure, at a rate equal to the interest rate payable under the promissory note described above or twelve percent (12%)per annum, whichever is
greater.
6. T~ appear in and defend any action or proceedingpurporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on
demand, all costs and expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advances, at;d/or costs, paid or
incurred by Mortgagee to ·protect or enforce its rights under bankruptcy, appellate proceedings or otherwise, and all such costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make any payment or to do any act as herein provided, Mortgagee, but without obligation so to do and without notice
or demand upon Mortgagor and without releasing Mortgagor from any obligation hereof, may: make or do the same in such nmnner and to such
extent as Mortgagee may deem necessary to protect the security hereof, Mortgagee being at;thor;zed to enter upon said property for such purposes;
appear il; and defend any action or proceeding purporting to affect the security hereof or the rights or ~owers of Mortgagee; pay, purchase, contest
or compromise any encumbrance, charge or lien which il; the judgment of Mortgagee appears to be prior or superior hereto; and itt exercising any
such powers or in enforcing this Mortgage by judicial foreclosure or other~vise, pay the necessary expenses, costs and reasonable attorney's fees.
8. To con;ply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, including without
limitation all environmental laws; not to use or pertnit the use of the Property for an.v unlawful or objectionable purpose; to remedy arty
environmental contamination or violation of environmental laws that may occur or be discovered in the future; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagee shall be
for Mortgagee 's purpases only and shall not be construed to create any responsibilityor liability on the part of Mortgagee to Mortgagor or to cay
other person); to forward copies of any notices receivedfron; any environmental agencies to Mortgagee; attd to Indemnify and hold Mortgagee, his
employees, agents and his successors and assigns, harn;less fron; and against auy environmental claims of arty kind, and all costs and expenses
incurred in connection therewith, including, without limilation, attorney's fees. ,
9. Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof, is hereby assigned
and shall be paid to Mortgagee who may apply or releasesuch monies receivedby hint in the same manner and with the scare effect as above
provided for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exerciseany right or option provided herein at any time, shall no! prechde Mortgagee from exercisingany of such
rights at any other time; by accepting payment of any sum secured hereby after its due dale, Mortgagee do~,s not waive his right either to require
prompt payment when due of all other sums so secured or to declare default for failure so to pay; all rights conferred on Mortgagee are cumulative
and additional to arty rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
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not si'feat any other provision hereof and lite mortgage shall be construed ~ though such provision had been omitted.
11. As additional securiO; Mortgagor hereby giv~ to and cotters upon Mortgagee the right, power and authority, during the contiauance of this
mortgage, to collect the rents, isstt~ and pro, ts of aaid property ~ they become due and payable~ R~e~ing however unto Mortgagor, prior to any
default by Mortgagor in payment of any indebtedn~s secured hereby or i, pe~ormance of any agreement hereunder, the right to collect and retain
such relffs, issues and pro~ts. Upon any such default, Mortgagee may at arty time without notice, either in person, by agent or court appointed
receiver, and without regard to the adequacy of any security for the indebtedn~s hereby secured, enter upon and take poss~sioa of said property or
any part thereof in his own name sue for or othe~ise collect such rents, issu~ and profits, including those p~t due and unpaid, attd apply the
same, less costs and expenses of operation and collection, including re~onable attorney ~ fees, upon any indebtedn~s secured hereby, and in such
order as Mortgagee may determine. Tim entering upon and taking poss~aion of said property, the collection of such rents, issu~ a,d profits and the
application thereof ~ aforesaid, shall not cure or waive any default h~reunder or invalidate any act done pursuant to any such default notice.
12. DUE ON SALE: The indebtedn~$ and obligations secured by this ntortgage is personal to tI~e Mortgagor and is not ~signable by Mortgagor.
Mortgagee has relied upon the credit of Mortgagor, the inter~t of Mortgagor in the Property and the ~nancial ,tarket conditions then existing when
making this loan. If Mortgagor transfet;v or contracts to transfer, title to or p~session of all or part of the Property, or any equitable inter~t
therein, whether by deed, contract for deed, ~signment, Ieee for a term in exc~a of one year, Ieee with an option to purch~e, option to purch~e,
or similar agreemenU or ~the ownership of any corporatioa or partnership, owning all or any portion of the Property sball be changed either by
voluntaty or involunta~ sale or transfer ar by operation of law, Mortgagee may declare all sUn~ due under any note, securily agreement, and/or
loan docttln~itls ~sociated herewith, in,nediately &re and payable. Noncolnpliance with this covenant shall constitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remedi~ provided.
13. Tinle is of the essence and a material part of this agreement, bl the event of default, at Mortgagee ~ option, the entire indebtedn~s secured
hereby shall forthwith becolne due and payable and bear inter~t at the rate of ~ELVE PERCE~ (12%) per annum; Mortgagee shall have the
right ~o foreclose the lien of this ntortgage, to have a receiver appointed in any court proceeding tO collect any rents, issu~ and profits fi'om the
Property and apply tltetn against the inclebtedn~s hereby secured; to sell the Property at foreclosure en ,t~se, or ~ one lot or parcel at the option
of ~fortgagee, attd to exercise any rights and renledi~ available under the Un~orm Co,unercial Code for the .State in which the property is located;
and re~onable notice ~required by such Code shall be five (5) days.
14. The Mortgagee may at any time, without notice, rele~eportion8 of said mortgaged prentis~fronl the lien of this mortgage, without affecting
the personal liability of any person for the payment of the said indebtedn~s or the lien of this mortgage upon the remainder of the mortgaged
prentises for tile full amount of said indebtedness then rentaining unpaid.
15. Mortgagor and each of them join in this instrument for the pltrpose of ~ubjecting each of their 7ight, title and interest, ~ any, in the Property,
whether qf record or othe~ise and including any'right to poss~sion, to the lien of this mortgage.
16. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the 8tate of
Igyonling. bi the event of default, Mortgagor grants to Mortgagee a Power of ~ale to foreclose on and sell 8aid property at public auction pursuant
to [5~,oming Stalule ~ection 34-4-101 et:seq.
17. This nlortgage appli'~ to, i11ur~ to the benefit of and binds all parti~ hereto, their heirs, deyise~,personal repr~entativ~,succ~sors and
a~signs. The term Mortgagee shall mean the holder and owner of the note secured hereby; or ~ t~e note h~ been pledged, the pledgee thereofl In
this fifortgage, wherever the context ~o requir~v, the masculine gender includ~ the fendnine and/or neuter, and the singular number includ~ the
STATE OF Idaho )
) 88.
COUNTY OF Bonneville
On ,~eptembe; 30, 2003. before me. the undersigned, personally
appeared D[ANN DUSKIN KOLAfl and JAMES S. KOLAR, known or identical to
me to be tl~e persons whos~ names are subsc~bed to the within inst~ment, and
Commission Expirgs: ~/15/2008
NOTARY PUBLIC
JEAN~N~E NANGLE ·
~ STATr- OF IDAHO
My CoPlmission Expires: 03/15/08
rnt/Kolarmtg