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HomeMy WebLinkAbout8977403- 8--04; 3:06PM;FIFIST BANK ; I 307 733 4101 # 10/ 17 RECORDATION REQUESTED BY: First Bank of idaho, fab, dba IRrst Bank of the Talons Jackson Office 170 E. Broactway P.O. Box 12860 : J.c.., 63002 8 9 7 7 0 WHEN RECORDED MAIL TO: Ft~st Bank of klaho, fab, dba First Bank of the Tetons Jack~n Office 1.70 E. Broadway P.O. Box 12860 Jackson, WY 83002 SEND TAX NOTICES TO: First Bank of Idaho, fab, dba Rrst Bank of the Tetons Jackson Office 170 E. Broadway P.O. Box 12860 Jack.spn, vVY 83002 , RECEIVED 'LINCOLN OOUNTY CLERK SPACE ABOVE THIS LINI[ ~S FOR RECQRI~ER'S USE QNI, Y MORTGAGE THIS MORTGAGE dated March 8, 2004, is made and executed between David Tlbbitts and Stephanie Helgel (referred to below aa "Grantor") and. First Bank of Idaho, fsb,.dba F~rst Bank of the Tetons, whose address is 170 E. Broadway, P.O. Box ~12860, Jackson, WY 83002 (referred to below as "Lender"l. GRANT OF MORTGAGE. For 'valuable oonaldera~m, Grantor rrmrtgagoa and conveys to Le~ler ali of Grantor's right, title, end Interest In and to the following described reel property, together With all existing or' subsequently erected or affixed buildings, improvements and fixtures; easements, rights of way, arid. appurtenances; all water, water rights, watercourses and ditch right~ (including stock In utilities with ditch or Irrigation rights); and all other rights, royalties, and profits relalJnl~ to the real property, including without limitation all minerals, oil, gas, geothermal end similar matters, (the "Real Property") located in Lincoln County, State of Wyoming: See Exhibit "A", which is attached to this Mortgage and made a part of this Mortgage as if fully set forth 'herein. The Reel Property or its address Is Commonly known as none assigned, Alpine, WY 83128. Grantor presently assigns to Lender all of Grentor's right, title, and Interest in and to all present and future .leases of the Property and all Rents from the Property. In edditior~, GrAntor grants to Lender e Uniform Commercial Code security interest In the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF REI~ITS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (Al PA~M'ENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND AU. OBLIGATIONS UNDER THE NOTE, THE RELA'I'E~ DOCUMENTS, =AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except es otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shell strtctly perform ell of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor'e possession and use of the Property shell be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; end (3) collect the Rents from the Property. Duty to Melntsln. Grant.or shall maintain the Property in good condition and promptJy perform all repairs, replacements, and maintenance necessary to preserve its.value. Compliance Wtth Envfn)nme~tal Laws. Grantor represents and warrants to Lender that: (1) Curing the period of Grentor's ownership of the Propen'y. there has b,een no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; {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, Ia) any breach or violation of any Environmental Laws, {b) any use, generation, manufacture, storage, t~esl~nant, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Prope~y by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and .acknowledged by Lender in writing, Ia) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall uae, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor - authorizes Lender and its agents to enter upon the Property to make such inspections and tests, st Grantor's expense, as Lender may deem appropriate to determine =ompltance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liebillW on the part of Lender to Grantor or to any other person. The representations end warranties 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 event Grantor becomes Jiable for cleanup or other costs under any such laws; and (2) agrees to indemnify end hold harmless Lender against any and ell cMirns, losses, liabilities, damages, penalties, and expenses which Lender may directly or Indlrsctly sustain or suffer resul'dng from a breech of this section of the Mortgage or aa a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grsntor'a ownership or interest in the Property, whether or not the seine wes or should have been known to Grantor. The provisions of this section of the Mortgage, Including the obligation to indemnify, shell survive the payment of the Indebtedness and the satisfaction and reconveyence of the lien of this Mortgage and shall not be affected by Lender's acquisition of any interest In the Property, whether by foreclos~ure or otherwise. Nuisance, WaSte. Grantor shall not cause, con~luct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without llmit[ng the generalfty 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 Proper~ty 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 repre, aentstives may enter upon the Real Property et all reasonable times to attend to Lender's interests end to inspect the Real Property fo!/purpoess of Grantor's compliance with the terms and conditions of this Mortgage. Compliance with Governmental Requirements. Grantor shall promptly comply with ell laws, ordinances, and regulations, now or hereafter in effect, of ell governmental authorities applicable to 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, es long es Grantor has notified Lender In writing prior to doing so end so long as, in Lender's sole opinion, Lender's Interests in the Property ere not Jeopardized. Lender may require Grantor to post adequate socurlty or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set forth above In this section, which'from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER.' Lender may, at Lender's option, declare immediately due end payable all sums secured by this Mortgage upon the sale or transfer, without Lender's pdor written consent, of all or any part of the Real Property, or any interest in the Real ~an No: ~4011596 (cOntinUed) Page 2 Prope~. A "sale or transfer" means t~ conveyance of Real P;o~ or any right, title or interest in the Real ~ope~; whethe~ legal, beneficial or equl~ble; whether voluntary or Involu~ew; whaler by o~Hght sale. dead, Installment sale contract, la~ con~act, contract for de~, leasehold interest w~h a term greater ~an three (3} years, leSs~option co,act, or b~ sale, assignment, or transfer of any beneficial interest or to any land ~t holding t~la to ~e Real ~o~, or by an? ot~r me,od of conveyance of an i~erest ~n the Real Pro~. However, o~ion shall not ~ exemlsed by LePer if such exercise is prohib~ed bY federal law or by Wyoming law. TA~S AND LIENS. T~ following prov~ions rela~ to ~ tax~:.and lie~ on ~e Prope~ are pa~ of ~ls Mo~gage: Paint. Gre~r shall Pay wMn due (and in all events prior to deiln~uency} all ~xee, payroll t~es, special taxes, a~esaments, water charges a~ sewer se~lce charges le~ed against or on account of the Pro~y, and shall pay when due all claims for work done on or for se~cea rendered or material ~rn~hed to ~e Prope~. Gra~or shall maintain the P~ope~ ~ee of any liens being prior~ over or equal to t~ Interest of Lender under ~is ~gage, except for those liens sp~ificall~ agreed to in wrEIng b~ LePer,. and exoept for the lien of taxes a~ assessmen~ not due as fu~her sp~lfied in the Right to C0mest paragraph. Right to Con,st. Grantor may w~hold payment of any tax, assessment, or claim in eonnec~on with a good fal~ dlsp~e over the obligation to pay, sO long aa Lender's interest In the Prope~ le not jeopardized. If a lien arises or Is fl~d aea resu~ of nonpayment, Grantor shall w~hln fl~een 1151 days after the lien arises or, if a lien Is fil~, wEhln fiffeeh {15) days a~er Grantor has notioe of ~e filing, secure the discharge of the lien, or If requested by LePer, depoa~ with LePer cash or a s~elent cor~rate aure~ bond or other secur~ satisfactory to Lender In an amouht su~clent to discharge the lien plus an~ costs and reasonable s~or~ys' fees, or other charges that could accrue as a reeuE of a foreclosure or aais under ~e I~n. In any contel, Grantor shell defend ~elf and Lender and shall satia~ any adverse judgmem ~fore enforcement agal~t the Pro~. Grantor shall name Lander as an eddl~onal obliges u~e~ any sur~ bond ~rnished Jn t~ contest proceedings. ~ence of Pa~. Gra~or shall u~n demand ~mlah to Lender satisfactory evidence of payment of ~e ~es or assessmen~ and shall a~orize the appropriate governme~al official to deliver to LePer ~ any time a wr~en s~teme~ of ~e taxes a~ assessments agai~t ~a Prope~. N~a of C~u~n. Grsn~r shall ~tify Lender at lea~ fi~n (15) days before any work Is commen~, any services are furnlah~, or any materials are supplied to the Prope~, If any mechanic's lien, materlalmen's lien, or other lien could ~ asseEed on account of the worL se~loes, or m~erlals. Grantor will u~n request of LePer furnish to Lender advance saaura~es safisfactow-to ~nder ~at can and will pay the ~ost of such Improvement. PROP~TY DAMAGE I~SU~CE. T~ following provisions raising to insuring ~e Pro~ are a pa~ of this Mo~gage: Maln~na~e of Insurance. Gra~or shall pro,ute and maJ~ain policies of fire Insurers w~ ~andard e~e~ed coverage endorsemen~ a replacement basls for ~e full Insurers value coverl~ all Improvemen~ on the Real Pro~y In an amount a~leient to avoid appllca~on of an~ coinsurance clause, and wl~ a a~ndard mo~gagea clause in fe'vor of LePer. PolJ~iea shall ~-wr~en by such insurance companies end In such form as ma~ ~ reasonably acceptable to Lend~. Grantor shall deliver to Lender ca,Itches of coverage from each Insurer containing a ~ipulaflon ~at coverage will not be cancelled or diminished w~ a minimum of fifteen (I 5) days' prior wr~en ~flce to Lender and not comaini~ any disclaimer of the I~urer's liability for failure to give such notice. Each instance policy also shall I~luda an 'endorsement provldl~ th~ coverage In favor of Lender will ~t be Impaired in an~ way b~ any act, omission or defauE of Grantor or any other person. Should ~ Real ~o~ be located In an ~ea designat~ by the Director of ~e F~eral Emerge~y Managemem Agency as a s~olal flood h~ard area, Grantor agrees to obtain and maintain Federal Flood Insurance, If available, w~hln 45 days after notice Is given by Lender that the Prope~ Is located In a special fl~d hazard area, for ~ full unpaid principal balance of t~ loan and any prlor liens ~e prope~ scouring t~ loan, up to the maximum policy limi~ set under th~ National Flood Insurance ~ogram, or aa otherwise required by Lender, and to mai~aJn such insurance for ~ term of the loan. Applica~on of P~oc~s. Grantor shall prom~ly ~tify LePer of any Ios~ er damage to the Prope~. Lender may make proof of loss if Grantor falls to do so within fi~n (15) days of the casual. W~er or not Lander's secur~ ia Impaired, Lender may, ~ Lander's electlon, receive and retain the proceeds of any insurance and apply ~e proceeds ~ the reduction of ~e Indebt~neas, pa~ent of any lien affecting t~ Prope~, or the restoration and repair of ~e Pro~. If LePer ele~ to apply ~e process to restoration and ~epal~, Grantor shall repair or replace ~ damaged or des~oyed Improvements In a manner s~sfactory to Lender. Lender shall, upon saflsfactor~ proof of such expend~ure, pay or reimburse Gra~or from ~e proceeds for the reasonable cost of repair or restoration if Grantor is not In defau~ under this Mo~gage. Any ~oc~ds which have not been disbursed w~in 180 da~a after ~elr receipt a~ which Lender has ~t comml~ed to ~e repair or restor~on of ~s Pro~ shall be used first to pay any amou~ owing to LePer u~er this Mo~gage, then to pay accrue6 Interest, and ~ remainder, If any, shall ~ applied to ~e principal balance of the Indebtedness. If Lender holds any proceeds a~er payment In full of the Indebtedness, such pro~eads shall be paid to Gramor as Grantor's Interests ma~ appear, L~DER'S ~DI~RES. If g.ra~or fails {A) to keep ~e Pro~ ~ee of all taxes, liens, secur~ interest, encumbrances, a~ other claims. lB) to provide any required insurance on ~e Prope~, or (C) to make repairs to ~e Pro~ then Lender may do so. If any e~t~n or preceding Is commenced that wou~ materially affect Lender's lmeresm in the ~ope~, t~n Lender on Grantor's behalf ma~, b~t is not required to, take any action that Len~r ~lievea to be appropriate to protect Lender's interest. All expene~ I~urr~ or paid by Lender for such purposes will than bear intere~ at the r~e oharged under t~ No~ from the data incu~ed or paid by Lender to the date of repayment by Gramor. All such ex~es will become a pe~ of the Indebtedne~ and, at Lender's o~lon, will (A) be payable on demand; (B) be added to ~e balance of ~ Note and be ap~Jon~ among a~ ba payable wi~ an~ I~tallmem paymen~ to b~ome due during either (1} ~e term of any a~pllcable l~urance policy; or (2) ~e remaining term of the Note; or lC) be treated as a ballon payment which will be due and payable at ~e N~e's maturi~. The ~gage also will secure payment of ~ase amour. T~ rlgh~ ~ovlded for In ~ia paragraph shall be In addition ~ any o~er rights or any remed~s to which Lender may ~ entitled on accou,t of any defauk. Any s~h action by Lender shall not cons~ed as curing ~e default so as to bar Lender from any remed~ ~ ~ o~lse would have had. WARRANTY: DEFUSE OF TITLE. The following provisions relating to ownership of the Prope~ are a pa~ of ~is Mo~gage: ~. Grantor warrants that: (al Grantor holds good a~ mark~able title of record to the Prope~ in fee simple, free and clear of all lie~ a~ e~umbranees other ~an those s~ f0~h In t~ Real Pro~ deacrl~lon or In any title i~urance policy, ~e re~, or final title opinion issued In favor of, end acce~ by, Lender in connection with this Mo~gage, and In) Gramor has the full right, power, and au~ori~ to execute a~ deliver ~ls Mo~gage to LePer. De, nsc of T~e. Subject to the exception in the paragraph above, Gramor warfares and will forever defend ~e title to the Prope~ against ~e lawful claims of all persons. In ~e event any action or proceeding is commenced that questions Grantor's title or the Interest of Lender under this Mo~gage, Grantor shall defe~ ~e action at Grantor'a ax~e. Grantor may be ~e nominal pa~ In such proceeding, b~ Lender shall ~ ent~led to pa.~iclpate in the proc~dlng and to ~ represe~ed in the proceeding by counsel of Lander's own cholce, and Grantor will deliver, or cause to be delivered, to Le~ar such instruments as Lender ma~ request from time to time to permit such pa~lcipation. Comp,a"ce ~ ~ws. Grantor warrants that ~e Prope~ and Grantor's use of the Pro~ complies w~h all existing applicable laws, ordinances, and regulatiens of governme~al a~orEles. Su~ of Fromlsea. All promises, agreement, and s~tements Grantor has made in this Mo~gage shall aur~ve ~e execution a~ dellvew of this Mo~gage, shall ~ continuing in nacre and shall remain In ~11 force a~ effect u~l such time as Grantor'a Indebtedness is paid In CONDONATION. T~ following provisions relating to condemnation proceedings are a pa, of this Mo~gage: Preceedlnge. If an~ proc~dlng In condemnation Is filed, Grantor shall ~omp~y nofi~ Lender in wH6ng, and Gra~or shall prom~ly take such steps as may be n~easaW to defend the action and obtain the award. Grantor may be ~ nominal pa~ In such preceding, b~ LePer ,shell ~ ent~led to pa~icipate in ~e proce~ing and to ~ represented In ~e' proc~i~ by counsel of l~ own choice, and Grantor will deliver or ca~e to ~ delivered to Lender such ins~uments and docume~ation as may ~ requited by ~nder from time to time to ~rmit such pa~lclpation. Appl~on of Net ~oce~a. If all or any pa~ of ~e Pro~ la condem~d by eminent domain proceedings or b~ any proceeding or purchase in lieu of condem~flon, Lender may at ~ elect~n req~re that all or any po~on of ~e net proceeds of the award ~ appli~ to · e Indebtedne~ or ~e repair or restoration of the Prope~. The net proceeds of the a~rd shall mean the award seer payment of all reasonable cos~, expe~es, and a~or~ys' fees incurred by Lender In connection w~h ~ condemnation. IMPOSITION OF T~ES, F~S AND CHARGES BY GOv~NM~TAL AUTHORITIES. T~ followi~ provisions relating to governmental taxes, fees and che~g~ ara a pa~ of ~is Ma,gage: Curr~t Tax~, ~es and Char~s. Upon requ~t by 'Lendsr, Grantor shall execute such documen~ In addEion to ~is Mo~gage and take 3- 8-04; 3:06PM;FIRST BANK ;1 307 733 4101 # 12/ 17. MORTGAGE Loan No: 494011596 (conti"ued) ()~7.~0 ;"*- .... Page 3 whatever o~er act~n Is ;eq~ed by LePer to pede~ end con~nue Lender's lien on ~ Real ~ope~. Gra~or shall reimburse Lender for all tax~, as de~Hbed ~;ow, together w~ all ex~ea I~urred in r~ordlng, pedec~ng or continuing this Mo~gage, I~ludlng wl~o~ llmit~ionell t~es, fa~, documentaw stamps, a~ ot~r charges~fOr recording or reglsteri~ ~is Mo~gage. T~ea. T~ fol~wlng shal~ con~e ~es to which ~is section applies: (1) a sp~lfic t~ upon ~ls W~ of Mo~gage or upon all'or any pan of ~e .Inde~edness s~ur~ by ~s. Mo~gage; (2) a specific t~.on Gra~or which Gran~r ia a~horlzed or requlr~ to deduct from payme~ on ~e Indeb~dness s~ured by this ~pe of Morgue: {3) a tax on ~ia ~e of Mo~gage chargeable agaln~ the Lender or the ~lder of the Note; and (4) a s~clfic tax on all or any ~on of the I~ebtedness or on payments of principal a~ interest made by Grantor. Su~que~ Tax~. If any t~ to which this section applies'ia ena~ subseque~ to the date Of this Mo~gage, this event shell have the same effect as an Event of DefsuE, a~ Lender may exercise any or all of ~s available remedies for an Event of Default as provided below unless Grantor e~er (1) pays t~ tax ~fore ~ ~comee dell~uent, or (2) comsats the tax as provided above in ~e Taxes and Liens section and de~si~ with LePer cash or e su~cient cor~rate surety bond or other aecur~ setlsfacto~ to LePer. SECURI~ AGRE~T; RNANCING ~AT~TS. The following provlslo~ relating to this Mo~gage as a security agreement are a pa~ of this Mo~gage: Se~ Agr~ment. This Ins~ument shall consfit~e a SecurlW Agreement to t~ e~ent any of the ProperW constitutes fixtures, and La,er shall have all of ~e righ~ of a secured pa~ under ~e Uniform Commercial Code as ame~ed from time to time. Se~ l~ere~. Upon req~ by Lend~, Gra~or shall exec~e fine,lng statements and take whatever other action Is requested by LePer to ~dect and con~nue Len~r's secu~ Intere~ in the Personal Pro~. In addition to recording this Mo~gage in ~e real prope~ records, Lender may, at any ~me and wEho~ ~her a~orization from Grantor, file ex~ed counterpane, copies or raprod~flons of ~is Mo~gage as a finan=ing statement. Grantor shall reimburse Lender for all e~nses incurred in peHecting or continuing this secu~ I~er~t. U~n defauE, Grantor shall ~ remove, sever or detach the Personal Prope~ ~om the Pro~. Upon default, Gra~or shall assemble any Personal Prope~ not affixed to ~e Prope~ In a manner and et a place reasonably convenient to Gramor and ~nder and make It availa~e to Lender within ~ree (3J days after receipt of wriUen demand from LePer to the extent ~ed by applicable law. Addm~es. T~ mailing ~dr~ses of Grantor (debtor) a~ LePer (s~ured pa~) ~om which information concerning the security Interest granted by this Mo~gage may be o~alned (each as required by ~e Uniform Commercial Code) are as stated on ~ first page of ~g~e. ~RTH~ ASSU~N~S; A~O~-IN~AC~. ~ following provisions relating to fu~er assurances and a~orney-ln-fact ara a pa~ of this Mo~gage: ~e~ Assuf~'s. At any time, and from time to time, upon r~t of Lender, Grantor will make, exec~e and deliver, or will cause to be made, exacted or delivar~, to Lender or to Lender's designee, a~ when requested by Lender, cause ~ ~ filed, recorded, refiled, rer~orded, as the ~ase may be. at such times and in such off,es and places as Lender may deem'appropri~e, any and all such mo~gsges, deeds of ffu~, secu~ d~ds, sac~ agreement, financing stateme~, continuation statement, Instrumen~ of furor assurance, ce~lflca~s, a~ other d~ume~ aa may, In the sole opinion of ~er, be n~essary ot desirable In order to effec~ate, comolete, perfect. continue, or preserve (1) Granto~'s obllgaflo~ under t~ No~. this Mo~gage, a~ the Related Documenm, and (2) the liens aeCur~ Interes~ crewed by ~ls Mo~gage as first and prior Ile~ on the Prope~. whether now owned or herea~er acquired by Gramor. Unless ~ohlblted by law or Lender ~r~s to ~e con, sty In writing. Grantor .hall reimburse ~nder for all cos~ and expenses incurred In connection with ~e ma~er~ referr~ to in ~is paragraph. Aff~ey-~-Fa~. If Grantor fails to do any of ~e'thi~s referred to In ~e Dreceding paragraph, LePer may do so for and In the name of Grantor a~ at Grantor'a expense. ~r a~h purposes, Grantor ~reby Irrevocably appoin~ LePer as Grantor'. a~orney-in-fact for the pur~se of making, ex~ing, dellveH~, filing, recording, and doi~ all o~er thi~ as may be neceasa~ or desirable, in Lender's sole opinion, to accomplish ~e makers referred to In the preceding paragraph. ~ PER~R~. If Grantor pays all the Inde~edness when due, a~ othe~lse ~dorms ell ~ obligations Im~sed upon Grantor under this ~gage, Lender shall ex,ute a~ deliver to Gra~or a suitable s~faction of'~is Mo~gage a~ suita~e statements of termination of any fine,lng stateme~ on file e~de~lng Lender's secu~ ~terest in the Ren~ and ~ Pemonal Pro~. Gramor will pay, If.~rm~ed by applica~e law, any reasonable termln~on f~ as determined by Lender from time to time. ~TS OF DEFAULT. At Le~er's option, Gran~r will be in defsuE u~er this ~gage if any of the following happen: Pa~t ~fa~. Grantor falls to make any pa~ent when d~ un~r ~e Inde~ed~s. De~ on ~e~ ~ymen~. Failure of Grantor w~hln the ~me requi~ by this Mo~gage to make any payment for taxes or Insurance, or any other payment n~essa~ to preve~ filing of or to effe~ discharge of any lien. Break O~ P~as. Gra~r breaks any promise made to Lender or falls to ~dorm prom~y at the time and strictly in ~e manner provided In ~ls Mo~gage or In any agr~me~ related to ~is Mo~gage. DefauE In ~ ~ ~ Pa~. Should Grantor d~eu~ under any loan, e~enalon of cr~, seGuri~ agreement, purchase or sales ~reement, or any ot~r agreement, in favor of any o~r ~radEor or person that may materially affect Shy of Grantor's prope~ or Grantor's a~l~ to repay ~e Indebtedness or Grantor's abili~ to ~dorm Grentor's obligations under this Mo~gege or any related document. ~e S~. Any representation or statement made.or furnished to La,er by Grantor or on Grantor'a ~half u~er this Mo~gage or ~e Related Documen~ is false or mlsleadlng In any material res~ct, eider now or et the time made or ~rnlsh~. ~e~a Co~at~z~n. This Mo~gage or any of ~e Related Documents ~easa~ to ~ In ~11 force and effect (including failure of any collateral document to ~reate a. valid and perfected secur~ interest or lien) at any time and for any reason. D~ ~ ~v~cy. ~e dea~ af Gra~or, the inso~ency of Grantor, ~ appoln~ent of a receiver fo~ any pa~ of Granto~'e prope~, any assignme~ for ~ banef~ of ctedEors, any ~ of creditor worko~, or the commencement of any p~eedtng u~er any bankruptoy or i~olvency laws by or against Gramor. Tak~g of ~e Pmk. Any ~red~or or governmental agency tries to take any of the Pro~ or any other of Gramor's prope~ in which Lender has a lien. This In~l~ea taking of, garnishing of or lewing on Grantor's eccoun~ wi~ Lender. However, If Grantor dispose In g~d faEh w~er ~e claim on which ~e taking of the Pro~ is bas~ is valid or reasonable, a~ If Grantor gives LePer wriffen notice of ~ claim and ~miah~ ~nder wi~ monies or a sure~ ~nd aatl~facto~ tO Lender to satisfy the claim, then ~is default provision will not apply. ~each ~ ~ A~ee~t. Any breach by Grantor u~er the terms of any Other agreement ~een Grantor and Lender that ia not rarefied w~ln any grace pared ~o~ded ~erein, Incl~lng w~out limitation any agreeme~ concerning any indebtedness or other obllg~n of Gra~o~ to ~n~r, wheat ex~tl~ now or later. Eve~ Affe~g Gu~r. Any of ~e preceding even~ ~curs w~ respect to any guarantor, endorser, sure~, or accommodation pa~ of any of ~e I~ebt~ss or any guarantor, endorser, sure~, or accomm~afion pa~ dies or become incompetent, or revokes or dispose ~ valid~ of, or Ilab]l~ under, any Guaran~ of the"lndebt~nes8. In the eve~ of a death, LePer, at its o~lon, may, but shall ~t ~ r~u[red to, ~rm~ ~e guarantor's ~e to a~ume uncondi~onalN the obligations arising under the guaran~ In a manner saflsfacto~ to Lender, a~, tn doing so, cure any Event of Default. I~. Lender In g~d fa~ believes Itself insecure. RI~ to Cure. If such a failure ia curable and If Grantor baa not been given a notice of a breach of t~ same provision of ~ls Mo~g~ge within ~ pre~i~ ~elve (12) mon~, It may ~ cured [and no Event of Default will have occurred) if Grantor, after Lender wfi~en notice ~ma~l~ d~re of ~h~ fall~' (a) cures t~ [allure Within" flffe'~' '~15)~d~y~ or lb) if the ~ure re~ulree more than fl~een' (15) days, immediate~ In~es steps sufficla~ to ~ure' ~e fei'lure and ~erea~er continues and completes all reasonable and nacessa~ ste~ sufficient to ~oduce compliance as soon as reasonably practical. RIG,S ~D R~EDIES ON DEFAULT. Upon the occurrence of an Event of DefauE and at any time therea~er, Lender, at Lender's option, may exercise any o~ or more of ~e fal~wing Hgh~ and rem~ies, In add,Ion to any o~er righ~ or remedies provided by law: Accelerate Indeb~dn~s. Lender shall have the right at ~ option wEho~ notice to Grantor to declare ~e entire I~abtednesa immediately due and payable, Inoludlng any prepeymem penaJ~ which Grantor would be required to pay. Loan No: 494011596 BANK (Continued) :' "- Page UCC Remedies. With respect to all or any part of the PerSonal Property, Lender shall have all the rights and remedlns'of e .soured party under The Uniform Commercial Code. ' : Collect Rents. Lander shall have the right, without notice to Grantor, to take possession of The ProperW, Including during the pendency of foreclosure, whether judtoisl or non-judicial, and collect the Rems, Including amounts past due and unpaid, and apply the net proceeds, over and above Lender's coet~, against t~e Indebtedness. In furtherance of this 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 Grsntor's attorney-In-fact to endorse Instruments received in payment thereof in the name of Grantor and to negotiate the same end collect the proceeds. Payments by tenant~ or other users to Lender In response to Lender's demand shall sadsfy the obligations for which the payments ere made, whe~er or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either In Person, by agent, or through a receiver. Appoint Receiver. Lender Shall h~ve the rlght to have s receiver appointed to take possession of all or any part of the Property, wllh the power to protect and preserve the Property, to operate the Property preceding .foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost o{ the receivership, against the .Indebtedn.sss. The receiver may serve without bond if permitted by law. Lender's right to the appolntment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by e substantial amount, Employment by Lender shall not disqualify a person from serving as s receiver. · Judicial Foreclosure. Lender may obtain a Judicial decree foreclosing Grantor's interest in all or any part of the Property. Nonjudicial Sale. Lender may foreclose Grentor's Interest In all or in any pert of the Property by non-judicial sale, and specifically by "power of sale" or 'advertisement and sale" foreclosure es provided by statute. Deficiency Judgment. If permitted by applicable law, Lender· may obtain a judgment for any deficiency remaining in the Indebtedness due t° Lender after application of ell amounts received from the exercise of the right~ 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 Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shell, at Lender's option, either (1) pay a reasonable rental for the uae of the Property, or (2) vacate the Property immediately upon the demand of Lender. Other Remedies. Lender st~all have all other rights end remedies provided in this Mortgage or the Note or available at law or In equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In exercising Es rlgh~ and remedies, Lender shall be flee to sell ell or any part of the Property together or separately, In one sale or by separate sales. Lender shall be entitled to bid et 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 (10) days before theflme of the sale or disposition. Any sale of The Personal Property may be made in conjunction with any eels 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 to choose any one remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of Grentor's obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default and to exercise Lender's remedies. Attorneys' Fees; Expenses. If Lender Institutes any suit or action to enforce any of The terms of this Mortgage, Lender shall bo entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and uPon any appeal. Whether or not any court action is Involved, and to the extent not prohibited by law, all reasonable expenses Lender incur~ that in Lander's opinion are necessary at any time for the protection of Its Interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand end shall bear Interest at the Not.e rate·from tho 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 atl~r[teys' fees and Lender's legal expenses whether or not there Is s lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, end any anticipated'poet-judgment collection services, the coat of'searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title Insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to ell other sums provided by law. NOTICES. Any notice required to be given under this Mortgage, Including without limitation any notice of default and any notice of sale shall be given In writing, and shall be effective when actually delivered, when actually received 'Dy telefecslmlle (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, If mailed, when deposited in the United States mall, as first claes, certified or registered mall postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shell be sent to Lender's address, as shown near the beginning of this Mortgage. Any person may change his or her address for not,cas under this Mertgage by giving formal written notice to the other person or persons, specifying that the purpose of the notice is to change the person's address'. For notice purposes, Granter agrees to keep Lender Informed at all times of Grsntor'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 will be Grantor's responsibility to tell the others of The notice from lender. MISCELLANEOUS PROVISIONS. The following,miscellaneous provisions are s part of this Mortgage: Amendments. What is written in this Mortgage and In the Related Documents is Grantor's entire agreement with Lander c~ncernlng the matters covered by this Mortgage. To be effective, any change or amendment to this Mortgage must be in writing and must 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 end are not to he used to Interpret or define the provisions of this Mortgage. Governing Law. ?hLe Mortgage will be governed by end Interpreted In accordance with federal law and the laws of the State of Wyoming. Thls Mortgage has been accepted by Lender In the State of Wyoming. Joint and Several L~abiltty. All obligations of Grantor under this Mortgage'ehell be joint and several, end all references to Grantor shall mean each and every Grantor. This means that each Grantor signing below is responsible for all obligations in this Mortgage. No Waiver by Lender. Grantor understands Lender will not give up any of Lander's rights under this 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 Lander does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation happens again. Grantor further understands That just because Lender consents to one or more of Grentor'a requests, that does not mean Lender will be required to consent to any of Grentor'a future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor agrees that the rights of Lender In the Property under this Mortgage are prior to Grantor's rights while this Mortgage remains In effect. Severabillty. 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 that the rest 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 estate created by this Mortgage with any other interest or es~tste in the Property at any time held by or for the benefit of Lender In any capacity, without the written consent of Lender. Successors end Assigns. Subject to an,/limItations stated in this Merlgage on transfer of Grantor's iht, crest, this Mortgage shell bo binding upon and Inure to the benefit of the parties, their successors end assigns. If ownership of the Property becomes veete<J In s person other than Grento~, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance 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 Mortgage, Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Wyoming es to all Indebtedness secUred by this Mortgage. DEFINITIONS. The fofiowing words shall have the following meanings when used in this Mortgage: :: ; I 307 733 410 I # 14/ I 7 3-- 8--04; 3: 0OPM;F TI~ST BANK ; . L°an No: 494011 ~eB (Continu~d) ..... ~ 5 B~wo~. The word ~trowot' moan~ Devld Tibb~ ~nd St~phani~ Hoigol ~nd inolud~ ~11 o~[oner~ ~nd oo-ma~ot~ ~gnlng th~ Hot~. ~nm~l ~w~. Tho word~ 'En~tonmontal L~w~' m~an ~ny ~nd ~11 ~, f~oral ~nd )oo~1 8t~t~o~, m~ul~flon~ 8nd.ordlnanoe~ rela~ng to ~e prot~on of human ~a~ or ~e environme~, i~ludlng w~ut limitation ~e ~mprehe~lve Environmen~l Res~nse, ~m~etlon, and Llablll~ Act of 1980, as amendS, ~2 U.S.C. Section 9601, et seq. ('CERCLA"), the Superfu~ Amendmen~ and Rea~orizaflon A~ of 1988, Pub. L. No. 99~9 ('SARA"), :~ Hazardous Material~ Tra~po~atlon Act, 49 U.S.C. Section 1801, et seq., the Res0ume Con=e~a~on a~ Reoove~ A~, 42 U.S.C. Se~on 6901, et s~., or o~er applicable state or federal laws, rules, or regulations adop~ pursuant thereto. Event of DefauE. The words "Event of Default" mean any. Of t~ eve~s of defauE set fo~h In this Mo~gage in the eve~ of defauE section of this Mo~gage. Gruner. ~e word "Grantor" mea~ David Tlbb~ and Stephanle Helgel. G~m~. ~e word "Guaranw' ~a~ ~e g~ranW from guarantor, endorser, sure~, or accommodation pa~ to Lender, including w~o~ limitation a g~ranW of all 0~ pa~ of ~e Note, H~dou. ~u~cee. ~e words "H~ardo~ Sub, shoes" mean materials ~at, because of their quanta, concentration or physical, chemical or Jnfec~o~ chara~eristica, may ca~e or ~ae a pr~ent or ~tentlal hazard to human heal~ or the environment when ImpropeHy used, treat~, stor~, disposed of, ge~rat~, man~a~red, ~ane~ed or othe~lse handled. ~e words 'Hazardous Su~nces' are ua~ In t~lr ve~ broade~ sense and I~lude wi~ lim~tion any a~ all h~ardous or toxic subs~nces, materials or waste es defied by or listed u~er t~ ~vlronmental Laws. The term 'H~ardous Sub,encee' also includes, wEhout limitation, petroleum and ~oleum by-~ or any frac~on ~er~f and asbestos. Important. The word "lmproveme~' means all existing ~d ~ure Improvement, bul~lngs, ~uc~res, mobile homes affixed on the Reel Prope~, facilities, addE~ns, replace~n~ and o~er con.tr~fion on ~e Real Ptope~. I~e~eflne~. The wo~ 'lndebted~ss' mea~ all pri~ipal, intere~, and other amount, cos~ and ex~nsee paya~e under the Note or Rel~ Docume~s, tog~r wi~ all renew~s of, e~eneiona of, m~lflcaflons of, eonsolid~one of and su~fi~ions for the Note or Rel~ Oo=ume~ a~ any amoun~ ~pended or advanced by Lender to dl~char~ Grantor% obligations or ex~es Incurred by Lender to enfome Gra~or's obligatio~ u~er ~ls ~g~e, tog~her web In, rest on such amou~ as pro~ded In this Mo~gage. L~der. ~ word "Lender" means Flint Bank of Idaho, feb, dba Rrst Bank of t~ T~ons, I~ successors and assigns. The words "succ~sors or ~slg~' mean any person or aompany ~ acquires any Interest in the Note. Mo~e. T~ word "Mo~age" mea~ this Mo~gage baleen Grantor and Lender. N~. The word 'Note" ~a~ ~e promlseo~ note dated March 8, 2~4, in ~e original principal amount of ~120,000.00 from Gra~or to Lender, toge~er with ell renewals of, e~e~ione of, modlfi~ of, refinanclngs of, consolidations of, and substit~ions for ~e promiaso~ note or agr~ment. The ma~rl~ date of this Mo~gage is March 8, 2007. NOTICE TO GRANTOR: THE NOTE CO~AINS A VAR~ INT~T ~TE. '~ Pemonal Pm~. The words 'Personal Prope~" mean all equipment, figures, and other a~Jcles of personal prope~ ~w or hereaHer own~ by Grantor, and ~w or hereafter a~ched or affixed to ~e Real Prope~; toge~er web all accessions, pa~s, and add,ions to, all repleaemen~ of, and ell sub~flo~ for, any of such prope~; and tog~her w~ all proceeds (l~ludl~ wl~o~ limitation ell insurance prOo~da and refunds of premiums} ~om any sale or o~er d~s~on of ~e Prope~. ~ape~. The word 'Pro~" means co~l~vely the Real Prope~ and the Personal Prope~. Real ~op~. ~ wo~ "Real ~o~" mean the real prope~, interests and right, ~ fu~er d~cribed In this Mo~gage. Re~ D~e~. T~ words "Rel~ed D~ume~' mean all promissory not~, credR agreements, loan ~reemen~, envlronme~al agreement, guaranty, s~ur~ agreeme~, mo~gsges, d~ 0f trust, securi~ deeds, collateral mo~gages, and all other Inetrumen=, agr~men~ a~ docume~, wh~er ~w or herea~er existing, ex~d In ¢onne~on w~h the Indebtedness. R~. ~e word "Re~' mea~s all pr~ent and f~re re~, revenues, income, is.uss, roya~es, profits, and other ~nef~ derived from · e ~o~., ~CH G~NTOR ACKNO~DGE5 ~NG R~D A~ ~E ~OVISIONS OF TH[~ MO~GA~E. AND ~CH ~NTO~ A~R~ TO IT5 T~M~. Step~a~l~ Heigel 0G44~ INDIVIDUAL ACKNOWLEDGMENT On this day before me, the undersigned Notary Public, personally appeared David Tibbltts, to me known to be the individual described in end who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and purposes therein mentioned, 3--! , ? 3:O6PM;FIRST BANK Loan No: 494011596 # 152' '~7 Page 6 INDIVIDUAL ACKNOWLEDGMENT 0n ~is day before me, the undersigned N~W Public, personally appeared Steph~ie He~. to me known to be the indi~dual deacrlb~ In and who exec~d ~e Morgue, a~ ~knowled~ ~at he or she signed the Mo~gage aa his or her bee and voluntary a~ and ~ed. for ~ uees and put. sas ~erein manhood, Exhibit "A" 0, 9V?'%0 That part of the SE~SE~ of Section 19 and that part of the NE~/LNE~ of Section 30, T37N, Rll8W, Lincoln County, Wyoming, being part of those tracts of record in the Office of the Clerk of Lincoln County in Book 195 of Photostatic records on page 426 and in Book 90 of Photostatic records on page 474, described as follows: COMMENCING at the southwest corner of the Peters Subdivision of record in said Office as Plat No. 348, on the west line of said SE~SE~, S00°-06.1'E, 868.71 feet from the northwest corner of said SE~SE~; thence N89°-59.5'E, 486.43 feet, along the south line of said Subdivision, to the POINT OF BEGINNING; thence continuing N89°-59.5'E, 317.25 feet to the southeast corner of said Subdivision; thence S00°-U0.5'E, 1188.32 feet, along east line of said tract in Book 195, to a pipe on the Palisades Reservoir. Take Line; thence coursing said Take Line as follows: N63°-46.5'W, 160.39 feet to an angle point; N53°-22.9'W, 215.82 feet to a point; thence N00°-00.5'W, 988.70 feet, parallel with said east line to the POINT OF BEGINNING.