HomeMy WebLinkAbout898456RECORDATION REQUESTED BY:
The Jackson Stale Bank & Trusl
West Office
P.O. Box 1788
5O Buffalo Way
Jackson, WY 83001
WHEN RECORDED MAIL TO:
The Jackson State Bank & Trusl
Wesl Office
P.O. Box 1788
5o Buffalo Way
Jackson, WY 83001
SEND TAX NOTICES TO:
The Jackson State Bank & Trust
Wesl Office
P.O. Box 1788
5o Buffalo Way
J~k~Qn, WY 83001
$98[ 56
RECEtVED
LINCOLN COUNTY CLERK
Oh APR tit ~,i'~ 9: 2Pu
'MORTGAGE
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MAXIMUM LIEN. The lien of this Mortgage Shall not exceed at any one time $80,000.00.
THIS MORTGAGE dated April 7, 2004, is made and executed between Thomas E. Wylie and Karen T. Wylie,
husband and wife, whose address is PO Box 8735, Jackson, WY 83002-8735 (referred to below as "Grantor")
and The Jackson State Bank & Trust, whose address is P.O. Box 1788, 50 Buffalo Way, Jackson, WY 83001
(referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideralion, Grantor mortgages and conveys to Lender all of Granlor's right, lille, and inlerest in and lo
the following described real property, together with all existing or subsequently erected or affixed buildings, improvemenls and fixtures; all easements,
rights of way, and appurtenances; all waler, waler righls, walercourses and ditch righls (including stock in utililies with dilch or irrigation righls); and all
olher rights, royalties, and profits relating to lhe real property including.wilhoul limiiation all minerals, oil, gas, geothermal and similar maSlers, (the
"Real Property") located in Lincoln County,State of Wyoming: ......
See See Exhibit "A", _which is attached.tO'this Mortgage and' made a part of this Mortgage as if fully set
~,..- forth herein. -'
The Real Property or its address is commonly known as 268 Elkhorn Drive, Alpine, WY 83128.
Grantor presenlly assigns to Lender all of Grantor's righl, title, and interest in and Io all presenl and future leases of the Property and all Rents from lhe
Property. In addition, Granlor grants tc Lender a Uniform .Commercial Code secunty interest in Ihe Personal Property and Rents·
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in {his Mortgage, Grantor shall pay lo Lender all amounts secured by this Mortgage
as they become due and shall strictly perform all of Granlor's obligations under Ibis Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY.' GrantOr agrees Ihat Grantor's possession and use ol the Properly shall be governed by the
following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and conlrol of the Properly; (2)' use,
operate or manage the Property; and (3) collecl the Rents from the Property.
Duly lo Mainlaln. Grantor shall mainlain the Property in good condition and promptly perform all repairs, replacements, and mainlenance
necessary to preserve its value.
Compliance With Environmenlal Laws. Granlor represenls and warrants to Lender thai: (1) During the period of Granfor's ownership of the
Property, there has been no use, generalion, manufaclure, storage, Irealment, disposal, release or threalened release of any Hazardous
Substance by any person on, under, aDoul or from the Property; (2) Grantor has no knowledge of, or reaso~ Io believe that there has been,
excepl as previously disclo~i.ed to and acknowledged by. L:en:de~: in writing,. (a) any breach or violation of any Environmental Laws, (b) any use,
generation, manufaclure slot.age, trea~t.m, enl, disposal, .fete,asa. or .lhm.atened release ol any Hazardous Substance on, under, aboul or from lhe
Property by any prior owqe.rs or occupants of lhe Properly, or (c) any actual or Ihreatened litigation or claims of any kind by any person relating
Io such matters; and (3) Excepl as previously disclosed lo.and acknowledged 13y Lender in writing, (a) neither Grantor nor any tenant,
contractor, agent or other aulhorized user of the Property shall use, generate, manufacture, slore, Ireat, dispose of or release any Hazardous
Substance on under, about or from the Property; and (b) any such activily shall be conducted in compliance wilh all applicable federal, state,
and local laws, regulations and ordinances, including wilhoul limitation all Environmenlal Laws. Grantor authorizes Lender and its agents lo enler
upon the Property to make such inspections and tests, at Granlor's expense, as Lender may deem appropriate 5o determine compliance of Ihe
Property with this section of lhe Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
construed fo create any responsibility or liability on lhe part of Lender 1o Grantor or to any other person. The representations and warranties
contained herein are based on Granlor's due diligence in investigating the Properly for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify and hold harmless Lender againsl any and all claims, losses, liabililies, damages, penalties, and expenses
which Lender~ may directly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or lhreatened release occurring prior to Grantor's ownership or interest in the Property,
whether or .nol the same was or should have been known Io GranlOr. Th~provisi0ns ol Ihis seclion' of Ihe Mortgage, including the Obligation' to
Indemnify, shall survive the paymenl ol the Indebtedness and the satisfaction and reconveyance o5 the lien of Ihis Mortgage and shall not be
affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor Shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to lhe
Property or any portion of the P~'operty. Without limiting Ihe generalily ol lhe foregoing, Grantor will not remove, or grant Io 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 wrillen consent.
Removal of Improvemenls. Grantor shall not demolish or remove any Improvemenls from the Real Property without Lender's prior written
consent. As a condition to the.removal of any Improvements, Lender may require Grantor to make arrangements satisfactory 1o Lender to replace
such mprovements w th Improvements of at least equal value.
Lender's Right to Enler. Lender and Lender's agents and represenlatives may enter upon Ihe Real Property at all reasonable limes to attend
Lender's interests and to inspect the Real Property for purposes of Grantor's compliance wilh the terms and conditions of this Mortgage.
ComplianCe with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmenlal authorities applicable to the use or occupancy ot the Properly. Grantor may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in
writing prior to doing so and so long as, in Lender's sole opinion, Lender's inlerests in the Property are not jeopardized. Lender may require
Grantor to post adequale security or a surety bond, reasonably satisfactory to Lender, 1o protect Lender's' interesl.
Duty to Protect. Grantor agrees neither' to abandon or leave unatlended the Properly. Grantor shall do all other acts, in addition to those acts set
forth above in lhis section which from Ihe character and use ol the Property are reasonably necessary to protect and preserve the Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's oplion, declare immediately due and payable all sums secured by lhis Mortgage
upon the sale or transfer, without Lender's prior written consent, ot all or any part of Ihe Real Property, or any interest in the Real Property. A "sale or
Loan No: 33041518
MORTGAGE 08.~845~
(Continued) Page 2
transfer" means the conveyance of Real Properly or any right, title or interest n the Real Property; whether legal, beneficial or equitable; whether
voluntary or involuntary; whether by outright sale, deed, installment sale conlract, land contract, conlract for deed, leasehold inlerest with a term greater
lhan three (3) years, lease-option contracl, or by sale, assignment, or transfer of any beneficial inlerest in or to any land Irust holding title to the Real
Property, or by any other method' of conveyance of an interest in the Real Property. However, this option shall not be exercised by Lender if such
exercise is prohibited by federal'law or b,y Wyoming law.
TAXES AND LIENS. The following .provisions relating to the taxes and liens on lhe Properly are part of Ihis Modgage:
Payment.. Granior shall pay when due (and in all events prior 1o delinquency) all taxes, payroll taxes[ special taxes, assessments, water charges
and sewer service charges levied against or on accounl of the Properly, and shall pay when due all claims for work done on or for services
rendered or material furnished 1o the Property. Grantor shall maintain the Properly tree of any liens having priorily over or equal to the interest of
Lender under this Mortgage, except for those liens specifically agreed Io in writing by Lender, and except for Ihe lien of taxes and assessments not
due as further specified in the Right Io Contest paragraph.
Right Io Contesl. Grantor may wilhhold paymenl of any tax, assessmenl, or claim in connection wilh a good faith dispule over Ihe obligation to
pay, so long as Lender's interest in the Property is not jeopardized. It a lien arises or is filed as a resull of nonpayment, Grantor shall wilhin fifteen
'(15) days after lhe lien arises or, if a lien is filed, within fifteen (15) days after Granlor has nolice of the filing, secure the discharge of Ihe lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surely bond or other securily satisfactory Io Lender in an amount sufficient
fo discharge the lien plus any costs and reasonable atlorneys' fees, or other charges lhal could accrue as a result of a Ioreclosure or sale under
lhe lien. In any contest, Grantor shall defend ilself and Lender and shall satisfy any adverse judgment before enforcement againsl the Property.
Granlor shall name Lender as an additional obligee under any surely bond furnished in Ihe contesl proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender salisfactory evidence of payment of Ihe taxes or assessments ane shall
authorize the'appropriate governmental.~0fficial to deliver to Lender at an'/ time a written stalemenl of lhe taxes-and assessments against the
Property.
Nollce of Conslructlon. Grantor shall notify Lender al least fifteen (15) days before any work is commenced any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materiaimen's lien, or other lien could be asserted on account of the work, services,
or malerials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory Io Lender thai Grantor can and will pay the
cost of such lmprovemenls.
PROPERTY DAMAGE INSURANCE. The following provisions relating lo insuring Ihe Property are a part of this Mortgage:
Maintenance of Insurance. Granlor shall procure and maintain policies of tire insurance wilh standard exlended coverage endorsements on a
replacement basis for lhe full insurable value covering all Improvements on Ihe Real Property in an amount sufficient to avoid application of any
Coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such
form as may be reasonably acceptable to Lender; Grantor shall deliver to Lender cerlificates 'of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished withoul a minimum of ten (10) days' prior wrilten notice to Lender and not conlaining
any disclaimer of the insurer's liability for failure {o giye such nolice. Each insurance policy also shall include an endorsement providing that
coverage in favor of Lender will not be.:impaired in any,way by any act, omission or default of Granlor or any other person. Should lhe Real
Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insuradce; if available, wilhin 45 days after notice is given by Lender that the Property is located in a'
special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up 1o the
maximum policy limits set under the National Fldod. lnsurance Program, or as otherwise required by Lender, and to mainlain such insurance for
the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Properly. Lender may make proot of loss if Grantor
fails 1o do so within fifteen (15) days of the casualty. Whelher or not Lender's securily is impaired, Lender may, al Lender's eleclion, receive and
retain the proceeds of any insurance and apply the proceeds to the reducticn of the Indebtedness, payment of any lien affecting the Property, or
the restoration and repair of the Properly. If Lender elects to apply the proceeds to restoralion and repair, Grantor shall repair or replace the
damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or
re mburse Grantor from the proceeds for the reasonable c0sl. ot repair or restoration if Grantor is not in default under this Mortgage. Any proceeds
which have not been disbursed wi!hin 180 days after their receipt and which Lender has'not committed Io lhe repair or restoration ol the Property
shall be used first to pay any amount owing to Lender under this Mortgage, then lo pay accrued interest, and the remainder, if any, shall be
applied to the principal balance ot the Indebledness. If Lender holds any proceeds after paymenl in full of the Indebtedness, such proceeds shall
' be paid to Grantor as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails lA) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, lB)
to provide any required insurance on the Property, or lC) 1o make repairs to the Property then Lender may do so. If any aclion or proceeding is
commenced that w.ould materially affect Lender's interests in lhe Properly, then Lender on Grantor's behalf may, but is not required to, take any action
that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will lhen bear interest
al the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part
of lhe.l~ndebt~dness and, at Lender's,optioq, will lA) be. payable on demand; lB) be added to the balance of the Nole and be apportioned among
and be p'ayalple With any installment payments to become due during eilher (1) the term of any app cab e insurance policy; or (2) the remaining term
of the ~oJe 'or 'iC) 'be treated asa' ball6~n'pay'meht Which ~Jll be due and pa~able"at lfle'Nbte's matu'ri{~,' The Mortgage also will secure payment of
these 'amoL~nts. The rights'p~:ovided'for in this paragrap'~:Shall be'in addition to any'other'tights or any remedies l0 wh ch Lender may be entled on
account of any default. Any 's'uch actiOn'by:Lender shall not be c0nslrued as curing 'the defaull so as to bar Lender from any remedy Ihat it olherwise
would have had. : ' . ...... . ' : .... . . ·
WARRANTY; DEFENSE OF TITLE. The following provisions relating lo ownership of lhe Property are a part of this Mortgage:
Title. Granlor warranls that: la) Granlor holds good and markelable lille oi record to lhe Properly in fee simple, free and clear of all liens and
encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion issued in
favor of, and accepted by, Lender in connection with this Morlgage, and lb) Granlor has Ihe full right, power, and authorily Io execute and deliver
lhis Mortgage to Lender.
Defense of Title. Subject Io Ihe exception In the paragraph above, Grantor warrants and will forever defend the lille 1o the Property against ihe
lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled ~o participate in the proceeding ~and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
caM. se to be deliv~ered !o Lender sUCh i0~truments as Ldnder may requesl flom Ii,ne to time Io pen'nit such Part cpat on
Compliance Wilh Laws. Grantor warrants {hat the Property and Grantor's use ot lhe Properly complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statemenls Grantor has made in lhis Mortgage shall survive the execution and delivery of
this Mortgage, shall be continuing in nature and shall remain in full force and ettect until such time as Grantor's Indebtedness is paid in full.
CONDEMNATION. The following provisions relating tO condemnation proceedings are a parl of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notily Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Granlor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel o! ils own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments and documentation as may be requested by Lender from time to time lo permit such participation.
Appllcallon of Net Proceeds: If all or any part of lhe Property is condemned by eminenl domain proceedings or by any proceeding or purchase
in lieu'of condemnation, Lender may at its eleclion require thai all or any portion of Ihe net proceeds of lhe award be applied to the Indebtedness
or the'repair or restoration o! the Property.. The net.p~'oceeds of the award shall mean lhe award after paymenl ol all reasonable costs, expenses,
and attomeys':fees incurred by Lender. in connection with the condemnation. ...' :. ::. : · .:; .. ; . . ..'.~ ..-.' ..'. "..
IMPO'-~iTION'~F 'TAXES; FEEs AN'D;C'HARGES BY GOVERNMENTAL AUTHOR TI'ESi rThe fo OW ng prov s ons'mlaiingt0 governmental taxes, fees
and charges are a pad of this Mortgage:
Current Taxes~, Fees and Charges." Upon request by' Lender, Grantor shall execute such documents in addilion to this Mortgage and take
whatever other'action is requested by Lender to perfect and continue Lender's lien on Ihe Real Property. Grantor shall reimburse Lender for all
taxes, as described below, Iogether with all expenses incurred in recording, perfecling or continuing lhis Mortgage, including without limitalion all
taxes, fees, documentary stamps, and other charges Ior recording or registering this Mortgage.
(Continued)
Loan No: 33041518
Page 3
Taxes. The fo!lowing shall constitute laxes fo which this section applies: (1) a specific tax upon this lype of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (2) ia.specific tax on Grantor which .Grantor is authorized or required to deduct from payments on
the Indebtedness secured by this type of Modgage (3) a tax on Ihis type of Mortgage chargeable against Ihe Lender or the holder of the Nole;
and (4) a specific tax on all or any podion of the Indebtedness or on paymenls et principal and interest made by Grantor.
Subsequent Taxes.' If an~'ia~:t'0 which Ibis Secl on aPp es s enacted Subsequent Io the .da e of this Mortgage, this event shall have the same
effect as'an EVeni'0f D~faUl/i"A:~d [.ender~may exercise any or all et its available remedies for an Event of Def~ull AS pr0'vided below unless Grantor
either.;.,.(1),:pays the.tax.before it becomes rdelinquent, or (2) contests Ihe tax as provided above in lhe Taxes and Liens section and deposits wilh
Lender, cash or a sufficienlcorpor;ale surety.bond-or other security satisfactory lo.Lender;': :..,~.~ .. ,. ..~ :.... ,. . ...... :
SECURITY AGREEMENT ~'F NAN~CING s~'ATEMENTs~' ~"h'~~ ie:il;3~i~g p~-bviSi~'ns :;elali~g i~"il~i~"t~:t'g~;~e;~s~"S~cUrily': ...... ~greemenl'are'a" :" P~H 0f'this'
Mortgacje: : · ' ' ' ' " :":~ : ''
security Agreement. This i~st~u'menl shali'constituie' a"Secu~:ity Agreement tO the exteAi any of the Properly constitutes fixlures, and Lender shall
have all of lhe rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Inleresl. Upon request by Lender, Grantor shall take whalever action is requested by Lender Io perfect and continue Lender's security
interesl in the Personal Property. In addition 1o recording this Morlgage in the real properly records, Lender may, at any time and withoul further
authorization from Granlor, file executed counterparls, copies or reproductions of this Mortgage as a financing statemenl. Granlor shall reimburse
Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Granlor shall not remove, sever or delach the
Personal Property from the Property. Upon default Grantor shall assemble any Personal Property not affixed Io the Property in a manner and at a
place reasonably convenient to Granlor and Lender and make il available to Lender within three (3) days after receipt of written demand from
Lender to the extent permitted by applicable law.
Addresses. The mailing addresses el Grantor (debtor).,and Lender (~?cured party) from wh!ch ir~formalion copcern ng Ihe security inlerest
granled by this Mortgage may be obtained (each as required by the Unifo~:h~ C0tt~merclal Code)'a~i'e as stalest on the .first page of this Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN'FACT. The following provisions relating to further assurances and altorney-in-fact are a pad of this
Mortgage:
Further Assurances, At any time, and from time Io time, upon request of Lender, Granlor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, securily agreements, financing slalemenls, conlinualion stalements, inslruments el further assurance, cedificates,
and other documents as may, in the sole opinion of ,Lender, be necessary or desirable in order lo etfecluate, complete, perfecl, continue, or
preserve (1) Grantor's obligations under the Note,.lhis Mortgage,.and lhe Related Documents, and (2) the liens and security inleresls created
by Ihis Mortgage on the Property', whether n0v~'~3wned Or hereafter acquired by Granio~'. Unless prohibited by law or Lender agrees to Ihe
contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection wilh the mailers referred to in this paragraph.
Allorney-in-Fact. If Grantbr'fail~ to'~lc~ A~'i~qf th'e:thingS ~-efe~-red tO in:the'Pre~eding:P'a'r~gr~l~h' Lender may do so lot and n the name of GrantOr
and .'a't .Grar~tor's expense:~: ' F°r ~Udh:;'p,L!~:~ieS;:'G~ani0'~ ~h~reby:~ii'~e~bcably appbi'nls Lender.as Grantor's 'attorney-in-fact for the purpose of
making 'eXecutingl delivering, 'filing;' ~'e~:~rdjng', ~r{d .d0!ng all ~3lher' things"as' may..be'.iieces~ary or desirable "n Lender's' sole opinion to
accomplish the matters relerred 1o
FULL PERFORMANCE. If Granlor pays all !he Indebledness when due, and oiherwise performs all the obligations'imposed upon Grantor under this
Mortgage, Lender shall execute and deliver-to Grantor a suilable satisfaction of lhis MOrtgage .and suitable slalements of lermination of any iinancing
statement on file evidencing, Lender's security interest in lhe Rents and the Personal Properly. Granlor will pay, if permilted by applicable law, any
reasonable termination fee as determined by Lender from time lo time. ' '
EVENTS OF DEFAULT. At Lender's optionl Grantor will be in default under this Morlgage if any of lhe following happen:
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
Default on'Olher Payments. Failure of Grantor within the time required by lhis Morlgage 1o make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect, discharge of any lien. .
B.real~ Olhe~' Pro'mises. Grantor brea'ks any pr0'mi~e' made to Lender or fails to perform promptly at the time and strictly in the manner provided in
this Modgage or in any agreement related to this Mortgage.
Default In Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or person thal may materially allecl any of Granlor's property or Grantor's ability Io repay the
Indebtedness or Grantor's ability 1o perform Grantor's obligations under this Mortgage or any relaled document.
False Statements. Any represenlati0n or statement made or furnished 1o Lender by Grantor or on Grantor's behalf under this Mortgage or the
Relaled Documents is false or misleading in any material respect; either now or at the time made or furnished.
Defective Collaterallzallon. This Morlgage or any of {he Related DocumenlS ceases to be in tull force and effect (including failure of any collateral
document to create a valid and perfeCted security interest or lien) at any time and for any reason.
Dealh or Insolyen. cy._.T.h.e dealh el Grantor'. the nSq vency of-Granto~', II~e.appoinlrnent '0ia receiver for any part of Granlor's property, any
assignmen! for the benefit of creditors, a0y lyPe oficredilor, workout, or lhe commencement of.any proceeding under any bankruptcy or insolvency
laws by or against'Grantor'
Taking of the Property. Any credilOror governmental agency'lries to take any et' Ihe Properly) orany other of Granlor's properly in which Lender
has a lien. This includes taking of, garnishing of or levying on Granlor's accounts With Lender. However, il Granlor disputes in good faith whether
the claim on which the taking of the Property is based is valid el reasonable, and if Granlor gives Lender wrillen notice of the claim and furnishes
Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, Ihen this defaull provision will nol apply.
Breach of Other Agreemenl. Any breach by Grantor under the terms of any other agreement between Grantor and Lender Ihal is not remedied
within any grace period provided therein, including without limitation any agreemenl concerning any indebledness or other obli~alion el Grantor lo
Lender, whether existing now or laler.
Events Affecting Guarantor. Any of the preceding events occurs with respecl to any guarantor, endorser, surety, or accommodalion party of any
of the Indebtedness or any guarantor, endorser, surely, or accommodalion party dies or becomes incompetent, or revokes or disputes the validily
of, or liability under, any Guaranty of lhe Indebtedness. In the event of a death, Lender, at its option, may, but shall not be required to, permit the
guarantor's estate to assume uncond!tio~!ly !h~ obligalions arising under Ihe guaranty in a man,er satisfactory to Lender, and, in doing so, cure
any Evenl of Default. , - -: .
Right to Cure. If such a failure is curable and if Grantor has nol been given a notice of a breach of the same provision of this Mortgage within the
preceding twelve (12) months, it may be cured (and no Evenl el Default will have occurred) if Grantor, after Lender sends written notice
demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b)it the cure requires more than fifteen (15) days, immediately
initiates steps sufficient to cure the failure and thereafler continues and completes all reasonable and necessary steps sufficient to produce
compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence o! an Event o! Default and at any time thereafter but subject to any limitalion in the
Note or any limitation in this Modgage, Lender, at Lender's oplion, may exercise any one or more of the following rights and remedies, in addition to.'
any other rights or remedies provided by law:
Accelerale Indebledness. Lender shall have the rigl~l at'ifs opli0n without nolice'to Grantor to declare the entire indebtedness immediately due
and payable, inclUdingany prepayment penalty W'hi~h G~:ar{lor:would be required tO pay.".:"
UCC Remedies,, With ~respect:to al! or any pad of lhe_Personal'Property Lender shall'have all the rights.and remedies of a secured party under
the Uniform Commercial Co~l~.' '
Collect Ranis.. Lender shall-have Ihe rig,hi, without notice 1o Grantor, lo take possession et the Property, including during lhe pendenoy of
~ '~oreclosute, whether judicial oi'. non&jUdiciali'and collect the Rents, including amounls past due and unpaid, and apply Ihe net proceeds, over and
above Lender's costs,= against the Indebledness. in furtherance of lhis right Lender may require any tenant or Other user of the Property to make
paymenls of rent or Use fees directly to Lender. If the Renls are collected by Lender, then Grantor irrevocably designates Lender as Grantor's
attorney-in-fact to endorse inslruments received in payment thereof in the name of Grantor and to negotiate the same and collecl the proceeds.
Payments by lenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which Ihe payments are made,
whether or not any proper grounds for Ihe demand existed. Lender may exercise ils rights under this subparagraph either !n person, by agent, or
Loan No: 33041518
MORTGAGE 0<~.415~,
(Continued) ';~ Page 4
through a ·receiver.
Appoint Receiver. Lender shall have lhe righl to have a receive~' appoinled 1o take possession of all or any pad of the Property, with 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 of the receivership, against the Indebtedness. The receiver may serve wilhoul bond if permitted by law.
Lender's righl to lhe appointment of a receiver shall exist whether or nol the apparent value ot the Property exceeds lhe Indebtedness by a
substantial amount. Employment by Lender shall not disqualily a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's inlerest in all or any part of the Properly.
Nonjudicial Sale. Lender may foreclose Gran!or's Interesl in all or in any part of the Properly by non'judicial sale, and specifically by "power of
sale" or "advedisement and sale" foreclosure as provided by slalule.
Deficiency Judgment. If permifted by applicable law, Lender may oblain a judgment for any deficiency remaining in the Indebledness due to
Lender after application of all amounls received from lhe exercise of the righls provided in lhis seclion.
Tenancy at Sufferance. If Granlor remains in possession of {he Properly after lhe Properly is sold as provided above or Lender otherwise
becomes enlilled to possession of the Properly upon default of Grantor, Grantor shall become a tenant al sufferance of Lender or the purchaser
of lhe Properly and shall, at Lender's option, eilher (1) pay a reasonable renlal for Ihe use of the Properly, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in Ihis Mortgage or the Nolo or available al law or in equity.
Sale of the Properly; To the exfenl permilled by applicable law, Grantor hereby waives any and all righl io have lhe Properly marshalled. In
exercising ils righls and remedies, Lender shall be free to se!l all or any part gl the Properly together or separalely, in one sale or by separale
sales. Lender shall be entitled to bid al any public sale on all or any portion of the Properly.
Notice of Sale. Lender will give Grantor reasonable notice of lhe time and place of any public sale of lhe personal Property or of the lime alter
which any.private sale o( other inlended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposilion, Any sale of Ihe Personal Property may be made in conjunclion wifh any sale of the Real
Property.
Election Of Remedies. All of' Lender's righls and roma'cites Will be cumulative and may be exercised alone or logether. An election by Lender to
choose any one remedy will not bar Lender frOm using any olher remedy. II Lender decides lo spend money or to perlorm any of Grantor's
obligations unde~ lhis Morlgage, after Grantor's failure lo do So,,lhal decision by Lender will not affect Lender's right to declare Granlor in default
and lo exercise Lender's remedies.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled 1o recover
such sum as lhe court may adjudge reasonable as at{orneys' fees at trial and upon any appeal. Whelher or not any court aclion is involved, and
to the extenl not prohibiled by law, all reasonable expenses Lender incurs Ihat in Lender's opinion are necessary at any lime for the proleclion of
ils interest or lhe enforcemenl of ils righls shall become a pad of.lhe indebtedness payable on demand and shall bear inleresl al lhe Note.rale
from the dale of lhe expendilure unlil repaid. Expenses covered by this paragraph include, withoul limilation, however subject lo any limils under
applicable law, Lender's reasonable altorneys' fees and Lender's legal expenses whelher or not lhere is a lawsuit, including reasonable atlorneys'
fees after default and referral ~o an altorney not Lender's salaried employee and expenses for bankruPlcy proceed rigs ( ncluding efforts to modity
or vacate any automatic stay or injunction), appeals, and any anticipated posl-judgmenl colleclion services, lhe cosl of searching, records,
oblaining title reports (including foreclosure reports) surveyors' reports, and appraisal tees and lille insurance, 1o lhe extent permilled by
applicable law. Granlor also will pay any court costs, in addition to all other sums provided by law. - '....
NOTICES. Any nolice required lo be given under this Mortgage, including wilhout limitation any notice of default and any notice of sale shall be given
in writing, and shall be effective when aclually delivered, when actually received by lelelacsimile (unless otherwise required by law), when deposiled
wilh a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or regislered mail pos{age
prepaid, direcled lo the addresses shown near the beginning of this Mortgage. All copies gl notices of foreclosure from the holder of any lien which
has priori{y over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Modgage. Any person may change his or her
address for notices under this Morlgage by giving formal written nolice io lhe-olher person o~ persons, specilying that the purpose of the notice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender informed al all times of Grantor's currenl address. Unless olherwise
provided or required by law, if there is more than one Grantor, any notice given by Lende[ to any Grantor is deemed lo be nolice given 1o all Grantors.
I~ will be Grantor's responsibility to tell lhe others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of lhis Mortgage:
Amendments. What is writlen in this Mortgage and in the Related Documents is Grantor's entire agreemenl with Lender concerning the matters
covered by lhis Mortgage. To be effective, any change or amendment to this Mortgage must be in wriling and must be signed by whoever Will be
bound or obligated by the change or amendmenL
Caption Headings. Caption h, eadings in lhis Mortgage are for convenience purposes only and are not to be used Io interpret or define lhe
provisions of this Mortgage. "' '. ': ..... : .... "
Governing .Law. This. Motlgage Will b~ governed by'a,.nd injerpre'ted In accb~'dance With feder:~l' la~ a-nd'the laws of the Slate of Wyoming.
This Moi'lgage has'been'accepted'by'Le'nder n il~e..stiite of wyoming. · ..... · ~- ' '
Choice of Venue. If Ihere is a lawsuit, Grantor agrees upon Lender's request I0 submit 1o Ihe jurisdiction of Ihe courts of Teton Courtly, Stale of
Wyoming.
Jolnl and Several, Liability. All obligations 'of Granlor'under Ibis Mortgage shall be joinl and several, and all references to Granlor shall mean
each and every Grantor. This means that each Granlor signing below is responsible for all obligations in ihJs Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in Writing.
The fact lhat Lender delays or omits Io exercise any righl will nol mean that Lender has given up Ihat right. If Lender does agree in writing to give
up one of Lender's righls, that does not mean Gi'anlor Will nol have to complY with Ihe olher provisions gl this Morlgage. Gran{or also
,understands that if Lender does consent to a request, that does nol mean that Granlor will not have to gel Lender's consenl again if lhe situation
happens again. Grantor furlher understands thai jusl because Lender consents to one or more of Grantor's requests, that does not mean Lender
will be required lo consent lo any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor.
Grant0r. 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 [his Mortgage are prior 1o Grantoi'~s rights while {his Mortgage remai~s in effecl
Severabillly. If a court finds Ihat any provision of Ihis MortGage is not valid or should not be'enforced, that facl by ilself will nol mean lhat Ihe rest
of Ibis Mortgage will not be valid or enforced. Thereforo, a court will enforce the rest of lhe provisions of Ibis Mortgage even if a provision of lhis
Morlgage may be found to be invalid or unenforceable.
Merger, There shall be no merger ot the interest or eslate created by this Morlgage with any other inlerest or estate in the Property at any time
held by or for the benefit of Lender in any caP~city,.~Nithout Ihe writlen consenl of Lender.
Successors and Assigns, Subject lo any limitations stated in lhis Mortgage on transfer of Granlor's interest, this Mortgage shall be binding upon
and inure lo the benefit of the parties, their successors and assigns. If ownership ot the Property becomes vested in a person olher than Grantor,
Lender, without notice to G[antor, may deal wilh Grantor's successors with reference 1o this Mortgage and Ihe Indebtedness by way of
forbearance or extension withoul releasing Grantor from the obligations of Ihis Mortgage or liabilily under lhe Indebtedness.
.Time is of the Essence. Time is of {he 'essehce in Ihe Performance Of this Mortgage.
Waiver of Homestead Exemption., Grantor hereby releases and waives all righls and benefits of the homestead exemption laws of the Stale of
WY0mio9 as to all Indebtedness secured:by this Mortgage..:.: :,: ~ . . ' '
DEFINITIONS. The"f011ow~r~g words shall have'the following meanings when used m th~s Mortgage:
~°rr0~er'i '~'~'l;ie :~V0id ;,B'~n-O~er,; m~s: T~)mas E. Wylie and Karen T Wy ie and, nc udes a I co-signers and co-makers signing the Note.
Environmental Laws. The words "Environmenlal Laws" mean any and all stale, federal and local statules, regulations and ordinances relating Io
the protection of human health or the environment, including without limitation the Comprehensive Environmental Responsel Compensalion, and
Liability Act of 1980, as amended, 42 U.S.C. Sec!ion 9601 el seq. ('iC!~RCLA") !he Superfund Amendments and Reauthorizafion Act of 1986, Pub.
L. No. 99-499.:,("SARA"), lhe Hazardous Materials Transportation Act, 49 U.S.C. Section 1801,'et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other applicable State or federal laws, rules, or regulations adopted pursuant thereto.
MORTGAGE
(Continued) Page 5
Loan No: 33041518
Evenl of Defaull. The words "Event of Default" mean any of the events of defaull set forth in this Mortgage in lhe events of default section of this
Mortgage. -
Granlor. The word "Grantor" means Thomas E. Wylie and Karen T. Wylie.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surely, or accommodation party Io Lender, including withoul
limitation a guaranty of'all or'part Of the Note. ' '
Hazardous Subslances. The Words "Hazardous Subslances" mean materials Ihal because of Iheir quantily, concentration or physical, chemical
or infectious characteristics~, may .cause.or pose apresent or potenlial hazard Io human health or Ihe environment when improperly used, treated,
stored, disposed of, generated, manufactured, kansporled or, otherwise handled. The words "Hazardous Subslances" are used in their very
broadest sense and include wilhout limitalion any and all hazardous or loxic substances, malerials or wasle as defined by or lisled under the
Environmenlal Laws. The term "Hazardous Substances" also includes, withoul limilation, pelroleum and petroleum by-products or any fraction
thereof and asbestos.
Improvemenls. The word "lmprovemenls" means all existing and future ~mprovemenls, buildings, slructures, mobile homes affixecl on the Real
Property, facilities, additions, replacements and other construction on the Real Property.
Indebledness. The word "lndebledness" means all principal, interesl, and other amounts costs and expenses payable under the Note or Related
Documents, together with all renewals of, extensions of, modificalions of, consolidalions of and substilutions for the Note or Related Documents
and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender Io enforce Grantor's
obligalions under this Mortgage, together wilh interest on such amounls as provided in this Mortgage.
Lender, The word "Lender" means The Jackson. State Be. ok & Trust, its successors and assigns. The words "successors or assigns" mean any
person or company that acquires any Inleresl in the Nole. "'
Mortgage. The word "Modgage" mean'~"th ~ Mortgage-bel,~een Grantor a¥id Lender.
Nole, The word "Note" means lhe promissory note dated April 7, 2004, irt the original principal amount of $80,000.00 from Grantor
to Lender, Iogether with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and subslilulions for the promissory note
or agreement. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE.
Personal Properly. The words "Personal Properly" mean all equipment, fixtures, and other articles of personal properly now or hereafter owned
by Grantor, and now or hereafter altached or affixed to lhe Real Property; logether with all accessions, parts, and addilions to, all replacements of,
and all subslitutions for, any of such property; and together with all proceeds (including withoul limitalion all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Properly.
Property. The word "Properly" means collectively the Real Property and the Personal P~:ope'rty.
Real Property. The words "Real property".me.an lh,.e real properly, inlerests and rights, as further described in this Mortgage.
Relaled Documenls. The words "Related Documents" mean all holes,
...... promissory credit agreements, loan agreemenls, environmenlal
a. gree'ments, guaranties, security .agr~em:~i~'; modgages deeds'"of"trust security deeds, collateral mortgages, and all other instruments.
agreements and documenls, whether now or'hereafter existing,'execuled in connection with the indebtedness.
Rents. The word "Rents" means al present and future rents, revenues, income, issues, royalties, profits, and other benefils derived from the
Propedy.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL' THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
~GRANTOR: ~
T omas . yie ~~)~' '
X _ "~ ~:f'Wy IIe Karen T.
INDIVIDUAL, ACKNOWLEDGMENTS.
)
'- )ss
)
On this day before me, the under~,igned Notary' Public, persona!ly appeared Thomas E. Wylie and Karen T. Wylie, to me known to be the individuals
described ,tn'land who executed t~ Mortgage, and acknowledged that they signed the Mortgage as their free and volunlary acl and deed, for lhe uses
and purp~/se/~ therein menl~oned.~ I . __ , , ~ . ^ .
Give u~, my hand .nqoffi~seal ,.,s~ ~~ day of ~ ~ ._ %20 ~ff.
Nolo;PuPIl: I:and ,o: Ih: Stol;of ~~ My commission ex~res._~ - ' ~0~0 ~ ~
Exhibit "A"
The East Half of Lot 56 of Alpine Village Subdivision No. 1,
Plat 3, Amended, being a portion of the SW~SW~ of Section 17
and the SE~SE~ of Section 18, T37N Rll8W, of the 6th P.M.,
Lincoln County, Wyoming and being more particularly described
as follows:
Beginning at a point in the South line of said Lot 56, said
point being 52.88 feet N 89o24'57." W, from the Section corner
common the Sections 17, 18, 19 and 20 and running thence S
89o24'56'' E, along the South line of said Lot 56, 52.88 feet
to said Section corner;
thence N 89°58'42'' E, continuing along last said South
line, 229.61 feet;
~hence N 0o04'56" E, 628.20 feet;
thence N 89o52'56'' W, 160.00 feet;
thence S 11°07'03'' W, 639.91 feet 5o the point of
beginning.
INITIAL