HomeMy WebLinkAbout875187 RI~CORDATJON REQUESTED BY:
Walls Fargo Bank Horthwest, 'N.A. R[CEIVED
Logan Residential Construction Dept. I. INCOL~] COUHTY CLERK
15 South ~ain, 2nd Floor
~HEN REGORDED MAIL TO:
Wells Fargn ~ank Northwest H.A. Jr:l~.~N[~.~? , ..... ,
Logan Residential Construction Dept. kEMh~?E~d.:l~, WYOMJ~iG .~.
15 South ~ain, 2nd Floor .-
Logan, UT 84321
SEND TAX NOTICES TO:
Wells Fargo Sank Northwest, H.A. ~0
Logan Resldentla[ Construction Dept. BOOK. ~PRPAOE~/~ ~ '"
15 South Main, 2nd. Floor
Logan, UT 84321
)' CONSTRUCTION MORTGAGE
/
THIS MORTGAGE IS DATE~ugust 7, 2001 ~- , between
HAROLD C. ALLSOP AND OOROTIIY Q. ALLSgP
whose addressls 1232 C~ARLYNN, BLACKFOOT, XD 83221
(referred to below as "Grantor"); and WaX Is Farpo ~ank Northwest, N.A, ,
whose address ls 15 South ~ain, 2nd Floor Logan, UT 84321
(referred to below as "Lender").
GRANT OF MORTQAGE, For valuable consideration, Grantor mortgage= and conveys to Lender all of Granlor's right,' flue, and Interest
and to,he following described real properW, toge~er wi~ all ex~sting or subs~uenUy ~l~ or ~flxed buildings, Improvemant~ and fixtures;
easemWhts, rights of way, and appurtenances; all' water, w~ter rights, water courses~nd ditch rights (including stock In utilities with ditch or
Irrigation rights); and all other royalties, and profits relating to tho real property, Includldg without Iimilatlon ali minerals, oil, gas, geolhormal and
slmilar~matlars, located In LZNCOLN County, Stale of WYDHX~Q (the "Real
Property"):
,;
Lot 42 of Star Valley RancI1 P~at 13, Lincoln County, Wyoming:as described on the
official plat tliereof.;. :
The Real Properly or Its address is commonly known as
45'CANYON PXNES WAY, THAYNE, WY 83127
Grantor presenlly assigns to Lender ell of Grantor's right, title, end Interest in and to all leases of lite propslly and all P, onls from tho Property. In.
addition, Grantor grants to Lender a Uniform Commercial Code security interest In Ihs ~ersonal Property and Rents,
DEFINITIONS. The following words shell have the followlng meanings when used In this Mortgage. T~rms not olherwiSe defined In this Mortgage
shall have the'meanings attribuled to -~uch terms in the Unl[orm Commercial Code. Ail references to dollar amounts sh~ll mean amounts In lawful
money of the United States of America.
Grantor. The word "Grantor' means'HAROLD C ALLSOP DOROTHY G ALLSOP
The Grantor Is the modgagor under th~a Modgaga.
Guarantor. The Word "Guarantor" means amd Includes without 1imitation, each and all of tho guarantors, suraties, and accommodation
pedles In connection wl~h the Indebtedness.
Improvement-. The word "improvements" means and Includes without Ilmltalion all existing ~nd future Improvements, fixtures, bullding~,
structures, mobile homes affixed on the Real Property facilities, additions and other construction on the Real Property. '
Indebtedness. The word "Indebtedness" means att principal and interest payable.· under the Note and. any amounts expended or advanced
by Lender to discharge obligations of Grantor or expenses Incurred by Lender to enforce obligations of Grantor under Ihis Me'lease,
together with Interest on such amc!unts as provided In Ihis Modgego. ..
Lend~r. Tho word "Lender" means Wells Fargo Bank Northwest N.k. , ils
successors and assigns. 7ha Lender Is the mortgagee under lhfs Mortgage. ' '
05030845
CONWMTGA
MORTGAGE ~ 0 8 Page 2
(Continued)
Mortgage, The word "Modgege' means thls Mortgage between Grantor And Lender, end includes without Iimlletion all asslgnmenls end
security interest provisions relating 1o the Personal Property and Rents.
Note. The word "note" means tho promissor~ note or credit agreement dated August 7, ?.001
One Hundred Jllnaty-Three Thousand, Two Itundred and No/lQ0 ............. ,200.gq
from Gr~,n~er to Lender, Iogether with ail renewals of, extensions ol, modifications of, refinancing of, consoJ)dallons of, and substitutions for'the
promissory nots or agreement.
Property, The word "Property" means collectively the Real Properly end the Personal Property.
Personal Property. The words "Personal Property" mean ell equlpm~nl, llxluree, and other articles of personal property now or hareeRer
owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions,' parts, end additions to, alt
replacements o[, and ail substitutions for, any of such property; end together with all proceeds (Including wllhoul limitation 8ll insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property. Property, The work "Property'~ means collectively the
Reel Property And Ihe Personal Properly,
Real Property. The words "Real Property" mean the property, Interests and rights described above In the "Grant gl Mortgage" section.
Related Documents. The words "Related D'ocuments" mean And include without limitation all promissory notes, credil agreements, loan
agreements, guaranties, security agreemanis, mortgages, deeds of Irusl, and ail other Instruments, agreements and documents, whelher now
er hereafter existing, executed In connection with the lndebledness.
Rents, The word "Rents" means all present and future ranis, revenues, Income, Issues, royalties, profits, and other benolits derived from the
Properb/.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST iN THE RENTS AND PERSONAL
PROPERTY, IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF
GRANTOR UNDER THIS MORTGAGE AND THE RELATED DOCUMENTS, THIS MORTGAGE IS GIVEN AND ACCEPTED IS GIVEN AND
ACCEPTED ON THE FOLLOWING TERMS:
PA¥,MENT AND PERFORMANCE. Except as otherwise provided tn this Mortgage, Grantor shell to Lender all amounts secured by this
Mortl~age as they become due, end shall strictly perform all o~ Qrantor's obllgalions under ~s Mortgage.' pay
PO$~EB$1ON AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Greeter's possession and use of he Property shall be governed
by th'e following provisions: L
. Possession and Use. Until In default, Grantor may remain In possession end conLrol of and operate end manege the Property end coliect
the Rents Irom the Property.
Duty to Maintain. Grantor shell malnlain lhe Property in tenantable cond]lJen end promptly perform ali repairs, replacements, and
maintenance necessary Io preserve its value.
Hazardous Substances. The lerms "hazardous waste," '~hazardous substance," "disposal," "release," and "{hrea~enad release," as used in
this Mortgage, shall have lhe same meanings as eot forth In the Comprehensive Environmental Response, Compensation, and Liability Act
1980, as amended, 42 U.S.C. Section §601, et seq, ("CERCLA'), the Superfund Amendments and Reauthorlzallon Act of 1986, Pub. L. Ne.
9g-49g ("SARA"), Ihe Hazardous Materials Transportation Act, 49 U.S,C, Section 1801, el seq., the Resource Conservalion end Recovery Act,
4g U.S.C. Section 6901, et seq., or other applicable state or Federal laws, rules, or regulaUons adopted pursuant to any of the foregoing,
The terms "hazardous waste" and "hazardous substance" shall also Include, without limitation, petroleum and petroleum by-products or any
fraction thereof and asbestos. Grantor represents and warrants to Lender that; (a) During the period of Greeter's ownership of the Property,
Ihere has been no use, generation, manutaclure, storage, treatment, disposal, release
substance by any person on, under, or about the Property; (bi Grantor has no knowledge ol, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Landor'In writing, (I} any use, generation, manufacture, storage, Ireatment, disposal,
~eJease, or threalened release gl any hazardous waste or subslance by any prto, r owners .of occupanfJ gl the Property et (Ii) any eclual or
threatened litigation 'er' claims of any kind by ny person relallng to such..'maHers; and (r;) Except es previously disclosed to end
acknowledged by Lender In wri[ing, (ti nellher Grantor nor any lenanl, contractor, agent or.other authorized user of Ihe Property shall use,
generate, manufacture, store, treat, dispose of, or release any hazardous waste 0i: substance on, under, or abou~ the Property lo make such
inspections and tests as Lender may deem appropriate to determine compliance of the Property wl[h this section of the Mortgage, Any
Inspections or lasts made by Lender shell be for Lender's purposes only end shall not be construed to created any responsibility or liability
on the pert of Lender to Grantor or to any 'other parson. The representations and warranties contained heroin are based on Greeter's aug
. diligence In Investigating the Property for hazardous waste. Granlor hereby re) releases and waives any
future claims against Lender [or Indemnity or contribution In [he event Grantor becomes liable for cleanup or other costs undm' any such
laws, and (b) agrees to Indemnify and hold harmless Lender against any and ell Cletms, losses, liabilities, damages, penalties, end expenses
which Lender may directly or Indirectly sustain or suffer resulting from a breach ct this section of the Mortgoge or as it consequence o! any
use, generation, manufaclure, storage, dispose1, release or threatened release occurring pdor to Greeter's ownership or Interas[ in the
Properly, whether or eel lhe same was or should have been known to Grantor. The provisions ~]f this section o~ Ihe Modgage, including the
obligation to indemnify, shell eu~Ive the payment gl the Indebtedness end the satislact[on and ri;conveyance gl the lien of this Mortgage and
shall not be affected by Lender's acquisition ol.'
any Interest In the Prope!ty~ whether by Ioreclosure or oths~lse.
Nuisance, Waste. Grantor shall note cause, conduct or permit any nuisance nor commit, permit or suffer any stripping gl or waste on er to
the Properly or any portion of the Property. 'Wi[hour IImTtlng the generality of the foregoing, Grantor wlJl eel remove, or granl lo any ether
party the right to remove, any timber, minarets (including o1{ and gee), soil, gravel or rock products without the prior wdklen consent
Lender.
Removal of Improvements. Grantor shell net demolish or remove any Improvements from the Reel Property wlthodt the prior wrllten consent
of Lender. As e condition to the removal cf any improvements, Lender may require Grantor to make arrangements ~etlsfacto~7 to Lender to
replace such ]mprovemenls with Improvements o1' et least equal value.
Lender's Right 1o Enter. Lender and its agents and representatives may enler upon the Real Properly at all reasonable limes to attend to
Lender's interests and to Inspec~ the Property lot purposes gl Grantor's compliance with the terms and condillons gl Ibis Mortgage.
Compliance with Governmental'Requirements. Granlor shall promptly comply with all laws, ordinances, end regulations, new or hereafter
In eff~t, of all governmental authorRias 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, so long tis Grantor has notified
Lender In writing prior to doing so and so long as, in Lender's sole opinion, Lender's Interests in ihe Properly ere not jeopardize;J. Lender
may require Grantor to post adequate security or a surety bond, reasonable satisfactory to Lender, to protect Lender's Interest.
Duty to Protect, Granlor agrees neither to abandon nor leave unattended the property. Grantor shall do all other acts, In eddlllen to those
acts set forth'above In this section, which from the character and uae of the Property are reasonably necessaP/ Io protect and presence the
Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at its option, declare immediately due end payable ell sums secured by this Modgage
upon the sale or, transfer, without the Lender's prior written consent, of all or any pad cf the Real Property, or any Interest in Ihe ~ital Property, oar
"gala or transfer' means the conveyance gl Real Property or any right, title or interesl therein; whelher legal or equitable wh~Sther voluntary
Involuntary; whether by oulrlght s~le, deed, installment sale contract, contract for deed, leasehold interest wllh a term Drooler than three (3) years,
lease-option conlrect, or by sale, assignment, or trnnsfer of any beneficial Interest In or to any land Irust'holdtng lille to Ihe Real Property, er by any
other melhod of conveyance of Real Property tnlerest. If any Grantor Is a corporallon or padnershipl Iransler also includes any change In
owner,~hJp gl more than twenty-five percenl (25%) of the voling stock or partnership Interests, as the case may he, o! Grantor. However, this option
shall not b8 exercised by Lender Il such. exercise is prohibited by federal law or by ~Y[]}~ ! N G Law.
CONWk~TGe
o,o3884 ?
MORTGAGE Page 3
(Continued) ~ 0 ~
TAXES AND LIENS. The following provisions relating to Ihs taxes and liens on the Property are a part of Ibis Mortgage.
Payment, Grantor shell pay when due (and In all events prior to delinquency) all taxes, payroll t~xes, special taxes, assessments, .water
charges and sewer service charges levied against or on account of the Property, and shall pay when duo all claims for work done on or"for
services rendered or material furnished to the Property. Grantor shall malntaJn the Property free of all liens having priodty over or equal to
the Interest of Lender under this Mortgage, except for the lien of taxes and assessments not due, and except as otherwise provided In the
followlng paragraph.
Right To Contest. Grantor may wl~hhold payment cf any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's Interest in the Property Is note Jeopardized. if a lien arises or s filed as a result of nonpayment,
Grantor shell wllhln fifteen (t5) days after the lien arises or, if a lien Is flied, within f~tesn (15) days after Grantor has notice el the filing,
secure the discharge of the lien, or If requested' by Lender, deposit with Lender cash or a sufficient corporals surety bond or other security
satisfactory to Lender In an amount sufficient tO discharge the lien plus any costs or reasonable attorneys' fees or other charges that could
accrue as s result of a foreclosure or sale under the itoh. In any contest, Grantor shall defend itself and Lender and sha~ salls~ any
' adverse Judgement before enforcement against the
Property. Grantor shall name Lender as an additional obliges under any surety bond furnished In the contest proceedings.
Evidence of Payment. Grantor shall upon~'~emand furnish to Lender sstlslaclo~y evidence of payment of the taxes or assessments and shall
aulhorjze the appropriate governmenlal official to deliver to Lender at any time a wdlten statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall nolffy Lender at least IJfteen (15) days before any work Is commenced, any services are furnished, or
any materials ere supplied to the Property, II any mechanic's lien, materlalmen's lien, or olher lien could be asserted on account of the work,
services, 0r mater{als and the cost exceeds $500.00. grantor wllJ upon requesl of Lender furnish to Lender advance assurances satisfactory
to Lender Ihat Grantor can and will pay the cost of such Improvements.
PROPERTY DAMAGE INSURANCE, The folloWing provisions relating to Insuring the Property are a part of this Modgage.
Mialntenance of Insurance. Grantor she procure and maintain pollcles of fire Ins~urance with stand
a~raplacement basis for the lull Insurable value coverlnn all Imnrovemenls on *'~ ,o"t,., ~, ......... arc extended oov.a!age e,ndorsements on
' ~ r . -,- .urn rzupulLy .I an amount suffice x
any colns[Iranoe clause and w~th a standard mortgagee clause In faro al LA~,~A, P,, ,'~,=,~ .~. _ n [o avoid ep.pllcal on
_ _ r .................. ,all be wr ttan by such companies end in
such form as may be reasonable acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing
a stipulation that coverage will not be cancelled or diminished wilhout a minimum of ten (10) days' prior writlan notice to Lender and not
containing any disclaimer of the insurer's liability for failure to give such notice. Should the Real Property al any time become located in an
area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Granlor agrees to obtain
and maintain Federal Flood Insurance, lo U~e extent such insurance Is required and is or becomes available, for the term of the loan and for
the full unpaid pdnclpal balance of the loan, or the maximum limit of coverage that Is available, whichever Is less.
Application of Proceeds. Grantor shall promptly notify Lender of any lose or damage to the Property if the estimated cost of repair or
replacement exceeds $500.00. Lender may make proof of loss if Grantor fails to do so within fifteen (150 days of the casualty, Whether or
not Lender's security Is impaired, Lender may, at ils election, apply the proceeds'to the reduction Of the Indebtedness, payment of any lien
a~feotlng the Property, or the restoralion and repair of the Properly, if Lender elecls to apply the proceeds lo restoration and repair, Grantor
· shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satistaclo~y proof of
suoh expenditure, pay er reimburse Grantor from the proceeds for the reasonable oost of repair or restoration if Grantor is not I~ default
· hereunder. Any proceeds which have not bee~ 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, Ihen to prepay accrued
Interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedneael If Lender holds any proceeds after
payment Jn full el the Indebtedness, such proceeds shall be paid ~o Grantor.
Unexpired Insurance at Sale. Any unexpired ir~surance shall Inure to the benefit of, and pass'.to, the purchaser of the Property covered by
this Mortgage at any'truste~'.~ s~iJe or other sale held under the provisions of this Mortgage,.or at any foreclosure sale of such Property.
Grantor's RePOrt on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on
each existing policy of Insurance showing; la) the name of the Insurer; (bi the risk Insured: lc) the amount of the ~x)llcy; id) the property
Insured, the then current replacement value of such property, and the manner of determining that value; and (e)'the expiration date of the
policy. Grantor shall, upon request :of Lender, have an Independent appraiser satisfactory to Lender determine the cash value replacement
cost of the Property.
EXPENDITURES BY LENDER. If Grantor falls 1o comply with any provision of this Mortgage, or if any aclioo or proceeding Is commenced that
would materially affect ·Lender's Interests in the Property, Lender on Grantor~e behalf may, but shall col be required to, take any action that Lender
deems appropriate. Any amount that Lender expends In so doing wll bear interest at the rate charged under the Note fram the date Incurred or
paid by Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (~) be payable on demand, (bi be added to the
balance of Ihs Note and be apportioned among and be payable with any Installment payments to become due during either (ii the term of any
applicable Insurance policy or (ii) the remaining term of the Note, or lc) be treated as a balloon payment which will be due and payable at the
Nora's maturity. This Mortgage
also will seeure 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 the default. Any such action by Lender shall not be construed am curing the default so as to bar
Lender from any remedy thai it otherwise would have had.
WARR~,NTY; DEFENSE OF TITLE. The following provisions relating to ownership of Ihs Property are a part of this Mortgage.
Title. Grantor warrants that: la} Grantor holds good and marketable title of recor~l 1o the Properly In fee simple, free and clear and all lines
end onoumbrances olher than those sot forth in the Real Property deecilptlon or In any title insurance policy, title report, or final title opinion
issued In favor of, and,accepted by, Lender in connectk~n with Ibis Mortgage, and lb) Grantor has the full rlghl, powe~, and authority to
execute and deliver this Modgage to Lender.
Defense of Title. Subject to the exception In the paragraph above, Granlor warrants and will foreverdefand the title lo Ihs Properly agalnsl
the lawful claims et all persons. In the event any action or proceeding Is commenced that quasllons Grantor'a title or the Interest et Lender
under this,Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in much proceeding, bul
Lender shall be enlilled to participate in the proceeding and to be represented In the proceeding by counsel of Lender's own choice, and
Granlor wtll¢ deliver, or cause to be delivered, to ·Lender such Inslruments as Lender may request Imm lime lo time to permit such
participation.
Compliance with Laws. Grantor warrants thai the Property and Grantor'a use et the Property complies with all exlsllng applicable laws,
ordinances, and regulations of governmental aulhorities.
CONDEMNATION. The following provisions relating to condemnation of tho Property are a part of this Mortgage. ,
Application of Net Proceeds. If all or any part of the Property Is condemned by eminent domain proceedings or by any proceeding ,er
pumhaee in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds o~ the award be applied to
the Indebtedness or the repair or remtcrsllon of the Property. The riel proceeds et the award shall man the award.after payment of all
reasonable costs, expenses, and attorney's fees incurred by Lender In connection wllh the condemnation.
Proceedings. I1' any prooeedhg In condemnalion is flied, Grantor shall promptly notih/ Lender In writing, and Grantor 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
shall be entitled to participate in the proceeding and lo be represented In the proceeding by counsel of its own choice, and Granlor
deliver or cause lo be delivered to Lender such instruments as may be reauested by It from lime to lime to permit such parllcln~ti~,n
CONWMTGC
05036845 MORTGAGE
(Continued)
IMPOSITION OF TAXES~ FEES, AND CIIARGES BY' GOVERNMENTAL AUTHORITIES. The following provisions relating :to governmental laxes,
fees and charges are a pad of this Mortgage:
Current Taxes, Foes and Charges. Upon reqbsst by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action Is requested by Lender to perlect and continue Lender's lien on the Real Property. grantor shall reimburse'Lender for
all taxes, as described below, together wllh all expenses Incurred In recording, perfecting or continuing this Mortgage, In~l~Jdlng wilbout
limitation ell taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage,
Taxes. The following she. il conslltute taxes to which this section applies: la) a specific lax upon this type o~ Mortgage or upon ell or any
pad of the Indebtedness secured by this Mortgage; (bi a specific lax on Granlor which Grantor Is authorized or requh'ed to deduct from
payments on the Indebtedness secured by this type gl Modgage; lc) a lax on INs t/pa at Mortgage charger~ble against the Lender or the
holder of the Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments or principal and interest made by
Grantor.
Subsequent Taxes. If any tax to which this section applies is enacled subsequent to the dale of this Mortgage, this event shell haYe the.
same effect as an Event et DefaLJlt (as delined below), and Lender may examise any or eli of Ils available remedies for an Event of Default
as provided below unless grantor ellher la) pays the lax before l[ becomes delinquent, or {b) conies[ the tax as provided above In the Taxes
and Liens section and deposits with Lender cash or a sutflclent Corporate surely bond or other security sallsfactory 1o Lender,
.SECURITY. AGREEMENT; FINANCING STATEMENTS, The followlng provisions relating to this Mortgage as a security agreement ere a part of
this Mortgage. '
Security Agreement. This Instrument shal~ constltule a security agreement to the extent any of lha Property constitutes fixtures or other
pa[serial property, and Lender shat1 have all of the rights of a secured party under the Uniform Commercial Code as emended lrom lime to
time.
Security Interest. Upon request by Lender, Grantor shall exacule financing statements and rake whatever other action Is requested by
Lei3der to per[ecl and continue Lender secur{ly Interest in the Rents and Personal Property. In add{lion to recording this Mortga~De In ~lhe
~sal property records, Lender may, at any !line end without lurther authorization from Grantor, tile executed counterparts, cople., or
oPrOductlons of this Mortgage a,~ a financing slalement Granter shall raml~,.urse Lender lot all expenses Incurred in perfecting or
ntinuin9 this security inleresl. Upon default, Grantor shall assemble the P~7~ona Property In a manner and at e place reasonable
?onvenienl to Grantor end Lender and make it available to Lender within three (3) days 'after race pt o! written demand from Lender.
Addresses. 'The mailing addresses of Grantor (debtor) and Lender (secured party), Irom which information concerning Ihe ~ecurl~y interest
granted by Ibis Mortgage may be obtained each as required by the Uniform Commercial Code), sro as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-ln-~act are e part of this
Mortgage, ,,,
Further Assurances. At any lime, and from tlme to lime, upon requesl of Lender, granlor will make, execute and de(Ivsr, or will cause to be
made, executed or delivered, to Lender or to Ler~der's designee, and when requested by Lender, cause lo be filed, recoreded, mtiled, or
reooreded, as the case may be, at such times and in such offices and places as Lender may deem approprlele, shy and eli such
mortgages, deeds of trust, security deeds, security agreements,' Ilnancing statements, continuation statements, Instruments of furather
assurance, certificates, and other documents as may, in the sclc opinion of Lneder, be necessary or desirable la order et effectuate,
complete, perfect, continue, or preserve (a) the obligations fo Granter under the NOlo, this MOrtgage, and the Related Dca~ments, and
the liens and eecurlly Interesls created by this Mortgage as first and prior liens on the properly, whether now owned or herealter acquired by
Grantor. Unless prohibited by law or agreed ta Ihe contrary by lender in writing, Grantor shall reimburse Lender for all costs and expenses
Incurred in conoectJon wllh the matters relerred to in this paragraph. '
Attorney-in-Fact. If Grantor fails to do any ot the things referred to in the preceding paragraph, Lende[.may do so for and In the narne
Grantor end at Grantor~s. ex,.pense. For such purposes, Grantor hereby ir[evocably appoints Lender as Granto,"a attorney-In-fact for the
purpose ct making, execut[hg, delivering, filing, reoording, and doing all o[her th{ngs as may be necessary or desirable, In Lender's sole
opinion, to accomplish the makers relerred to in the preceding par~grsph
FULL PERFORMANCE. II Grantor pays att the Indebtedness when due, and otherwise performs ell the obligations Imposed upon Grenlm undo[
this Mortgage, Lender shall execute and deliver to Grantor a suitable satlslaction of this Mortgage and su)lebie stalemenls o[ tarmlnellon of any
financing statement on Ilia evidencing Lender's secur;ty interest in the Rents and the Personal Property. Grantor will pay, If permitted ~y applicable
law, any reasonable lermlnation fee es determined by Lender from time ~0 lime.
DEFAULT. Each of the following, at the option oI Lender, shall conslltule an event cl de~ault ("Event of Default") under Ibis Mortgage:
Default on Indebtedness. Failure of Grantor to make any payment when due on the Indebtedness.
Defer]It on giber Payments. Failure of Grantor within the time required by Ibis Modgags to make any paymenl for t~xes or Insurance, or
any other payment neoossary to prevent filing of or to effect discharge of any lien,
Compliance Default. Failure to comply wllh any other term, obligation, covenant or condliion contained in this mortgage, the Note or In any
et the Related Documents. If such a failure is curable and if Grantor has not bean given a notice of a breach of the same provlslon of this
~ Mortgage within the preceding twelve (t2) months, [t may be cured (and no Evenl gl Default will have occurred) il Gran[or, oiler Lender
sends written notice demanding cure of such failure: la) cures the failure within (15) days; or (bi if the cure requires more than flltecn (15)
days, Immediately inillatas slaps sufficient lo cure the failure and thereafter continues and completes all reasonable and necessary steps
sufficient to produce compliance as soon as reaSOnably practical.
1Breaches. Any warranty, representation or statement made or furnished to Lender by or on behalf of Grantor under this Mortgage, the Note
'" or the Related Documents Is, or at the time made or Iurnlshed was, lalsa In any materiel respect.
Insolvency. The Insolvency of Grantor, appotntmenl of a receiver lot any part gl Grantor's property, any assignment for the bo. tm[it of
creditors, the commencemenl o! commencement o! any proceeding under any bankruptcy or Insolvency laws by or against Grantor, or
dissolution or termination of Grantor's existence as a going business (it GranIor Is e business), Except to the extend prohibited by lederal
law or ~¥D~ ] ~[~ taw, the death cf Grsnlor (it Grantor ls an individual) also shall constltule an Event of Default under this Mortgage.
Fore~losure~ Forfeiture! etc. Commencement of foreclosure or Iorfallure proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any oreditor of Grantor or by any governmental agency agalnsl any of the Property, however,, this
subsectlon shall not apply In Ihe event of a good fallh dispute by Grantor as to lhe validity or reasonableness gl the claim which is the basis
of the foreclosure or for[allure proceeding, provided that Grantor gives Lender w[ltten notice gl such ciatrn and furnishes reserves or a surety
bond [or the claim satlsfaclo~ to Lender.
Breach of Other Agreement. Any breach by Granlor under the terms o[ any olhar agreement bolween 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 Granlor to Lender, whether existing now or later.
Events Affecting Guarantor. Any et the preceding evenls occurs with raspecl to any Guaranlor of any of the Indebtedness or 'such
Guarantor dies or becomes incompelenl or any Guarantor revokes any g[laranty of the Indeblednees. Lender, al Ils oplion.~may, bUI shall
not be required to, permit the Guarantor's estate to essun'm unconditionally the obligations arising under the gunra~ty In [~ manner .satisfactory
to Lender, and, in doing so, cure Ihs Event of Default. ' ' ·
Insecurity, Lender in good faith deems itsall Insecure.
MORTGAGE ~, Page 5
(Continued)(.}~
RIGHTS AND REMEDIE-~ ON DEFAULT. UPOn the occurrence of any Event of Dsfault and at any time thoraciC, er but subject to any limitation in
the Note or any limitation In thls Mortgage, Lender, at its opt an, may exercise any one or more of tile following rlghl~s ~md remedies, In addJlion to
any other rights or remedies provided by law: -
Accelerate Indebtedness, Lender shall have the right at Is option without notice Ia Grenlor lo declare the entire Indebtedness lmmedlelely
due and payable, Including any prepayment penalty which Grantor would be required to pay. '
UCC Remedies, With respect to ell or any part el the Personal Property, Lender shelf have ell the rights and remedies of a secured parry
under the Unllorm Commercial Code.
Collect Rants. Lender shall have the right, wlthoul notice lo Grantor, lo take possession of the Property, Inoludlng during the pendency
foreclosure, whether Judicial or non-Judicial, and collect the Reels, Including amounls past due and unpaid, and apply the net proceeds, over
and above Lender's costs, against the indebtedness· In furtherance of this right, Lander may require any tenant or other user el the Properly
Io make payments of rent or use lees directly to Lender. Il the Rents era collected by Lender, then Grantor Irrevocably designates Lander
as Grunter's attorney-In-feel to endorse instruments received In payment U)erecl In the name of Grantor and to negotiate tho same and collect
the proceeds. Paymenls by tenants or other users to Lender In response lo Lender's demand ahall satisfy the obligations [or which the
paymenls are made, whelher or not any proper grounds Ior the demand existed. Lender may exercise Its rights under this subparagraph
sillier In personI by agent, or through a rece[..ver.
Appoint Receiver, Lender.shall have the right to have e receiver appointed Io take posslsslon of ell or any part of the Properly, with the
power to protest and preserve the preserve Ihs Property, to 0perale tile Property preceding foreclosure or sale, and Io collect the Rents from
teh Property and ~pply the proceeds, over and above the cost of the r~elvershlp, against the Indebtedness. The receiver may serve without
bond Jf permllted by law. Lender's rlghtt to ~he apPOintment el a receiver shall exist whether cr not the apparent value fo the Properly
exceeds the Indebledness by a substantial amoral. Employment by Lander shall not disqualify e person lrom seeing as e receiver.
Judicial Foreclosure. Lender may obtain a Judicial decree foreclosing Granlor's Interest In all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grunter's Interesl In all or in any part of the Property by nonjudicial sale, and specifically by "power
of sate" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgement. if permitted by applicable law, Lender may obtain e Jt,f~lgemsnt for any deficiency remaining tn the Indebtedness
~l~e to Lender alter application cf ell amounts received from the exerSclse of the i'lght~rovlded in this ~ection.
~renancy at Sufferance, If Grantor remains b possession to the Properly a[ler the Property is sold as provided above or Lender olherwlse
becomes entitled to possession of the Property upon default of Granlor, Grantro shall become a tendril ~t sufferance c~ Lender or tile
purchaser el the Property and shall, at Lender's option, either (al pay a reasonable renlal for the use of the Properly, or (bi vacate the
Properly Immediately upon the demand el Lender.
Other Remedies. Lender shall have ell olher ~[ghts and remedies provided in this mortg~,e or the Note or available at I~w or in eqully.
Sate or the Properly. To Ihs extenl permitted by applicable law, Grantor hereby waives any and all right fo have the property m~rshalled'.
· In exerolslng Ils dghls and remed]es, Lender shall be fee (o"salt ell or any part of the properly together or separately, in one sale or by
separate sales. Lender shall be entitled to bid at any public sale on al~ o)' any porlion of the Properly.
Notice of Sale, Lender shall give Grantor reasonable notice of the time and place of any publlo sale of the Personal Property or of the time
after which any private sale or other Intended dlspostlon of the Personal Property is to be made· Reasonable notice shall mean notice given
at least ten 910) days before Ihs time of the sale or disposition.
Waiver= Election of Remedies. A waiver b~ any party o! a breach of e provision el this Modgage shall not conslitute a waiver of or
prejudice the party's rights othe~Ise to demand strict compliance with that provision or any other provision· Election by Lender to pursue
any remedy shall not exclude pursuit of any other remedy, and an election to make expandilures or take action to perform an obligation of
Grantor under this Mortgage aher failure of Gr~ntor to perlorm shall not ~.ffect Lender's 'right to declare ~a default and exercise its remedies
under Ibis Mortgage, -... '
Attorney~' Fees; Expehses, If Lender institutes any suit or action to enforce any.~of the terms of this Mdrtgsge, Lender shall be entitled
recover such sum as the court may adjudge reasonable as reasonable attorneys* fees, at trial and on any appeal· Whether or not any court
action Is Involved, all reasonable expenses incurred by Lender thai in Lender's' opinion are necessary et any tim~ for the protection of its
Interesl or the enforcement of lis rights shall become a pad of the Indebledness payable on demand and sh~ll bear Interest frorn the dale el
expenditure unIll repaid at the Note rate. expenses covered by this paragraph Include, without limitation, however' subjecl to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender;s legal expenses whalher or not Ihere is a lawsull, including reasonable
attorneys' lees for bankruplcy proceedings (including e~'torts to modify or vacate any.
aulomalic stay or Injunction), appeals and any anticipated post-judgemenl collection services, the cost of searching records, obtaining lille
reports (including forecosure reports), surveyors' repeals, and appraisal fees, and tills insurance, to Ihs extent permitted by applicable law.
Grantor also wlfl pay any court costs, in addition to all other sums provided by law.
NOTICES TO GRANTOR AND OTHER PARTIES. Any nolice under this Mortgage, Including without limitation any nollce of default and any
notice of sale to Grantor, shall be in writing and shall be effective when actually delivered or, If mailed, shall be deemed effective when daposlled
In the United States mail first class, registered mall, postage prepald, directed to Ihs addresses shown near the beginning of this Mortgage. Any
party may change Ils address lot helices under this Mortgage by giving formal wrlllen notice tel he other parties, specifying that the purpose of the
nollce Is to change Ihs party's address. All copies of notices of foreclosure Irom the holder cf any lien which has prlorlly over this Mortgage shall
be sent to Lender's address, as shown near the beginning of this Mortgage. For notice purposes, Grantor egress to keep Lander Intormed a~ all
tlmes'~of Grunter's currenl
· address.
MISC~ELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together wtth any Related Documents, constitutes the entire undorslendlng and agreement of the parties as to
the matters set forlh in thb Mortgage. No alteration of or amendment Io this MOrtgage shalt be ()llectlvo unless given in writing m~d signed
by Ihs party or parties sought Io be charged or bound by Ihs alteration or amendment.
Annual Reports. If the Properly Is used for purposes other than Grunter's residence, Grantor shall furnish to Lender , upon request, a
certified statement o[ net operating income received from the Property during Grunter's.previous fiscal year In such form and detail es Lender
shall require. "Net operating Income" shall mean all cash receipts for the Property less all cash expenditures made In conneclion with Ihs
operation ,of Ihs Property.
Applicable Law. This Mortgage has been delvered to Lender and accepted by Lender in the Slate cf W¥0NZNG
This Mortgage shall be governed by and conslrued In accordance with the laws of the Stele cf Wyoming.
Caption Headings. Capllon headings In this Mortgage are Ior convenience purposes only and ~re not to be used Io Inlerprel of define
provisions of this Mortgage.
Merger. There shall be no merger of Ihs interesl or estale created by this Mortgage with any other Interest cr eslate In the Property et any
lime held by or for the benellt of Lender In any capacity, without the wHtlen consent of Lender.
Multiple Parties. All obligations of Grantor under Ihls Mortgage shall be Joint and several, and all references to Granlor shall moab each
end every Grantor. This means that each of the persons signing below Is responsible for ell obligations In this Mortgage·
05036845
MORTGAGE (}~:~'7~'~ 4.1 ~. ~
(Continued)
Severablllty. I~ a coud of c~mpe~ent Jur sdlcton finds any provision of this Mo~gage to be Invalid or unenforceable as any person
Circums~nce, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. Il leasibl~, any
such offending provision shell be deemed to be m~lfled lo be within the Hmits of en~orceablll~ or vaiJdi~; however, I~ Ihs o~ending
provision cannot be so modified, It shall be stricken and all other provisions of this Modgage In all other respects shall remain vnlid
enforceable.
Successors and A~algna. Subject to the J[mllalions stat~ in this Modgage on transfer of Grantor's interest, this Modgage shall be binding
u~n and insure to benefit of the pa~ies, their successors and assigns. If ownership of the Prope~ b~omes vest~ In a person giber than
Grantor, Lander, wllhoul notice to Granter, may deal with Gmntor's successors with relerence to this Mortgage and the Indebt~nass by way
of ~orbasrance or extension w~thout releasing Grantor from the obligations o~ this Modgaga or llabiliW under {he indebtedness.
Time Is of the Essence. Time Is ef the essence in the pedormance of this Mortgage.
Waiver of Homestead Exemption. Gra~orr hereby releases and waives alt rights and benefits of the homestead exemption laws o~ the
,State of ~YOM ] N ~ as to ~11 Indebt~ness s~ur~ by this Morloage.
Waivers and Consents. Lender shell not b=e deem~ to have watv~ any rights under this Modgage (or under the Relat~ D~umen~s)
unless such waiver is In writing and signed by Lender. No delay or ~tssion on ~e pad of Lender in exercising any right shall operate as a
waiver o[ such right or any other right. A walver by any pa~ of a provision ef this Moflgage shall not constitute ~ waiver of or prejudice the
ps~'s right ~the~lse to demand strlcl c~mpliance with that provision or any other provision. No prior waiver by Lender, nor eny course
dealing be~een Lender and Grentor, shall constitule a waiver a~ any of Lender's rights or any of Grantor's obligations as to an7 future
transactors. Whenever consent by Lender Is required In this Modgage, the granting of such consent by Lender in ~n~ Ir~slence shall net
constitute continuing consent to subs~uent Instances where such consenl Is require.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO
TERMS.
GRANTOR:
': ~/ '-INDIVIDUAL ACKNOWLEDGMENT
n y efor t e un r o~ P I ,
to me known to ~ the lndNIduals de~cdb~ in and who ~x~u~ ~e Modgage, and acknowledg~ lhat ~hey ~lgn~ the MOdgage es ~eir
and volunt~ act and d~, for the use~ and pur~se~ ~hemln mentionS.
~y _.. ~-' , ~ ~ ~ /
Nota~ Public In and ~or t~e State o My commlssf~n explre~ ~-/~ ~ ~-