HomeMy WebLinkAbout878579 UZUL)
RECORDATION REQUESTED ElY:
Firsl Inl.r$1ale Bank
Laramie - Downlown ~:~ ~-- ~
Laramie, WY 8207~1307
WHEN RECORDED MAIL TO: ....
First Interstate Bank
Laramie, WY 8207~13fl7
SEND T~ NOTICES TO:
PENNY F RUNDBERG LIVING TRUST DTD 11-12-99
1802 BARRETT
LARAMIE, WY 82070 SPACE ABOVE TH~S LINE I~ FOR RECORDER'$ USE ONLY
Bank
MORTGAGE
M~IMUM LIEN. The lien of this Modga~e shall not exceed at any one time $42,140.15.
THIS MORTGAGE dated January 15, 2002, is made and executed between PENNY F RUNDBERG LIVING TRUST
DTD 11-12-99, whose address is 1802 BARRE~, LARAMIE, WY 82070 (referred to below as "Grantor") and
First Interstate Bank, whose address is 221 Ivinson Avenue, p. O. Box 1307, Laramie, WY 82073-1307 (referred
to below as "Lender").
GRANT ....OF MORTGAGE. F~r valuable consideration, Grantor mortgages and conveys to Lender
the followi~g described real property, together with all existing or subsequenlly erected (0r affixed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water rights, walercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all
other rights roya;lies and praHs minting to the real property, including without limitation all minerals, oil, gas, geothermal and similar mattem, (t~
' Real Property ') located in LINCOLN County, State of Wyoming:
Lot 81, Nordic Ranches Division No. 6, Lincoln County, Wyoming, according to that plat filed May 18, 1996
as Plat No. 311F in the Office of the Lincoln County Clerk.
The Real. Properly or'its address is commonl~ known as LOT 81, NORDIC RANCHES DIVISION NO 6, ALPINE,
WY 83128.~
Grantor presently assigns to Lender al~ of Grantor's right, title, and interest in and to all present and future leases of the Property and ~11 Rents from the
Property~ In addition, Grantor grants to Lander a Uniform Commercial Coda security interest in tb~ 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 (Al 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 AN~ PERFORMANCE. E~cept a~ otherwise provided in this Mortgage, Grantor shali pay ~o Lender all amounts secured by this Mortgage
as they become due and shall strictly perform alt of Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of theProperty shall be governed by the
following provisions:
Pos~ssion 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; and (3) collect the Rents from the Property.
~uty to Maintain. Granter shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary ta preserve it~
Compliance With ~nvimnmental Laws. Grantor represents ~nd warrant~ to Lander that: (1) During the period of Grantor's ownership of th~
Property, there has been no use, generation, manufacture, storage, treatment, disposat, 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 thai there has been,
except as previously disclosed ~o and acknowledged by Lender i~ writing, (~) any breach or violation of any Environmental Laws, (b) any usa,
generation, manufacture, storage, treatment, disposal, release or threatened release of any Ha~rdous Substance on, under, about or from the
Property by any prior owners or occupants of the Property, or (c) any actua~ or threatened litigation or claims of any kind by any person
ta such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing,, ia) neither Grantor nor any tenant,
contractor, agent or oiher authorized user of the Property shall u~e, generate, manufacture, store, treat, dispose of or release any Hazardous
Substance o~, under, about or from the Properly; and (b) any such activity sba(l ba conducted in complianc~ with all applicable federal, state,
and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and ils agents to enter
upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriaie ~o determine complianc~ of the
Property with this sectio~ of the Mortgage. Any inspections or t~st~ made by Lender shall be far Lender'~ purposes o~ly and shall not be
construed to cmat~ any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties
contained herein are ba~ed on Grantor's due diligence in investigating the Property for Hazardou~ Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or cpntribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penallies, and expenses
which Lander may directly or indirectly sustain or suffer resulting from a breach of this section of lhe Mortgage or as a consequence of a~y use,
' generation, manufacture,, storage, disposal, release or'threatened release Occurring prior to Grantor's ownership or interest in the Proparly,
whelher or not the same was or should have been_known to Grantor. The provisions of this section of the
indemnify, shall survive the payment of the Indebtedne~ and the satisfaction and racoaveyance of the lien of this Mor'tgaga and shall not be
~ffeCted by Lender's acquisition of any interest in the Property, wheth;r by foreclosure or otherwise.
Nul~nce, Wasle. Grantor shall not cause, conduct or permit any uisance nor commit, permit, or suffer any stripping of or waste on or lo the
Property or any portion of the Property. Without limiting tb~ generality of the foregoing, Grantor will not remove, or grant ~o any other party the
right to remove, any timber, minerals (including off and gas), coal, olay, scoria, soil, gravel ar rock products without Lender's prior written consent.
Removal of Improvements. Grantor shall not demolish or remove ~ny Improvements from the Real Properly 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
~uch Improvements with Improvements of at least equal value.
Le~der's Right Io Enter. Lender and Lender's agents and representatives may enter upon
Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shah promptly comply with all laws, Ordinances, and ragu)aliens, now or hereafter
effect, of atl governmental authorities applicable to the use or occupancy of the Property. Granlor may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, ~o long a~ Grantor has notified Lender in
writing prior to doing so and so long as, in Lender'~ sola opinion, Lander's interests in the Property are not jeopardized. Lender may mquir~
Grantor ia post adequate security or a surety bond, r~asonably satisfactory ~o Lender, lo protect Lender's interest.
,~.~,.-.,,,:;'-., ...... , MORTGAGE ~ tr)l'7
Loan No: 900121351 {''~' ' ~.L.,;, ~)
(Continued) Page 2
Duty to Prelect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do alt 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 1o protect and preserve the Prop['.rty.
TAXES AND LIENS, The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) alt taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to the interest of
Lender under this Mortgage, except for lhose liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments not
due as further specified in the Right to Conlest paragraph.
Righl to Conlest. Grantor may withhold payment of any tax, assessment, or claim Jn connection with a good faith dispute over the obligation to
pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable altorneys' fees, or other charges that could accrue as a resuli of a foreclosure or sale under
the lien. in any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional oblJgee under any surety bond furnished in the contest proceedings.
Evidence of Paymenl. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to detiver to Lender at any time a written statement of the taxes and assessments against the
Property.
Nolice of ConStruction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, it any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials and the cost exceeds $3,000,00. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender
that Grantor can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a
[eplacement basis for the full insurable value covering all Improvements on lhe Real Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and maintain comprehensive general
liability insurance in such coverage amounts as Lender may request with Lender being named as additional insureds in such liability insurance
policies. Additionally, Grantor shall maintain such other insurance, including but not limiled to hazard, business interruption and boiler insurance
as Lender may require. Policies shall be wriiten by such insurance companies and in such form as may be reasonably acceptable to Lender.
Grantor shall deliver to Lender certificates of coverage from each insurer containing a slipulation that coverage will not be cancelled or diminished
without a minimum of ten (10) days' prior written nolJce to Lender and not containing any disclaimer of the insurer's liabilily for failure to give 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 Grantor or any other person. Should the Real Property be located in an area designated by the Director of the Federat
Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available,
within 45 days after notice is given by Lender thai 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 to the maximum policy limits set under the National Flood Insurance Program, or as
otherwise required by Lender, and to maintain such insurance for the term of lhe loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
replacement exceeds $3,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not
Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the
reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply
the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender.
Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or
restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and
which Lender has not committed to the repair or restoralion of the Property shall be used first to pay any amount owing to Lender under Ibis
Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of lhe Indebledness. If Lender holds
any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interesls may appear.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit Of, and pass to, the purchaser of the Property covered by this
Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such Property.
LENDER'S EXPENDITURES. If Grantor fails iA) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, (Bi
to provide any required insurance on the Property, or (C) to make repairs lo the Property then Lender may do so. if any action or proceeding is
commenced.that WoL~Id materially affect Lender's Interests in the Property, then Lender on Grantor's behalf may, but Js not required to, take any aclion
lhat Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will then bear interest
at 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 the indebtedness and, at Lender's option, will iA) be payable on demand; (Bi be added to the balance of the Nole and be apportioned among
and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term
of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of
these amounts. The rights provided for in this paragraph'shall be in addition to any other rights or any remedies to which Lender may be entitled on
account of any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender fromany remedy that il otherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of lhe Property are a part of this Mortgage:
Title. Grantor warrants that: ia) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth inthe 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 Mortgage, and (bi Grantor has the full right, power, and authority to execute and deliver
this MOrtgage to Lender.
Defense of Tille. Subject to the exception in the paragraph above, Grantor warrants and wilt forever defend the title to the Property against the
lawful, claims of all persor~s. In the event ahy action or proceeding is commenced thai questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grunter's expense. Grantor may'be the nominal pa~-ty in such proceeding, bui' Lender shall be
entitled to participate in lhe proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, lo Lender such instruments as Lender may request from time to time to permit such participation.
Compliance With Laws. Grantor warrants that lhe Property-. and Grunter's use of the Property complies With all existing applicable laWs,
ordinances, and regulations of governmental authorities.,
SiJrvIval of Promises. All promises, agreements, a~nd s. lalements Grantor has made in this Mortgage shall survive {he e~ecution and delivery of
this Mortgage, shall be continuing in nature and shall rerffain in full force and effect until such time as. Grantor's Indebtedness is paid !n full.
CONDEMNATIOn. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Granior shall promptly notify Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain lhe award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permit such parlicipation.
Applicalion of Nel Proceeds. If alt or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase
Jn lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the'Indebtedness
or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment et all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a part of this Mortgage:
Current Taxes, . Fees 'and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation ail
t~'.::,'*'*~,::,~ .... ,~ MORTGAGE 4. O' 8
Loan No: 900121351 "~'~"' ~ ~'~'~ ~ '~
(Continued) Page 3
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes. The following shalt constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or r~ny part of
the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from pa'y'ments on
the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Modgage chargeable against the Lender or the holder of lhe Note;
and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal a0d interest made by Grantor.
Subsequent Taxes. If any fax to Which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens Section and deposits with
..Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this
Mortgage:
Securily Agreemenl, This instrument shall constitute a Security Agreement to the exlent any of the Property constitutes fixtures, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code as amended from time 1o time.
Security Inlerest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by Lender to
perfect and continue Lender's security interest in the Personal Property. in addition to recording this Mortgage in the real property records, Lender
may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing
statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall
not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to
the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after
receipt of written demand from Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the securily interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Morlgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relaling lo further assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor 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 ail such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created
by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender
agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in
this paragraph.
Attorney-In-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor
and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Granlor's attorney-in-fact .for the purpose of
making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph. '
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Per:sonal Property. Grantor wilt pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgage if any of the following happen: Payment DefaUlt. Grantor fails ~o make any payment when due under the Indebtedness.
Default on Olher Paymenls. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner provided in
this Mortgage or in any agreement related to this Mortgage.
Default In Favor of Third Parlies. 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 that may materially affect any of Grantor's property or Grantor's ability Io repay lhe
Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related document.
False Slatemenls. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Modgage or the
Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
Defective Collalerallzatlon. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collaleral
document to create a valid and perfected security interest or lien) at any time and for any reason.
Insolvency. The dissolulion or termination of the Trust, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property,
any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
Insolvency laws by or against Grantor.
Taking of lhe Property. Any creditor or governmental agency tries to take any of the Property or any other of Granlor's property in which Lender
has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Grantor disputes in good faith whether
1he claim on which the taking of the Property is based is valid or reasonable, and if Grantor gives Lender written notice of Ihe claim and furr~ishes
Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply.
Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied
within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to
Lender, whether existing now or later.
Evenls Affecling Guaranlor, Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any
of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity
of, or liability under, any Guaranty of the Indebtedness.
Insecurily. Lender in good faith believes itself insecure.,
RIGHTS AND REMEDIES ON DEFAULT.. Upon the occurre0ce of an Event of Default and at any time thereafter, Lender, at Lender's option, may
exercise any one or more of the following rights and remedies; in addition to any other rights or remedies provided by law:
Accelerale Indebtedness. Lender shall have the right ai its option without notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With iespect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the Indebtedness. In turtherance of this right, Lender may require any tenant or other user of lhe Properly Io make
payments of rent or use fees direclly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's
attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiale the same and collect the proceeds.
Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which lhe payments are made,
whether 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 Recelver. Lender shall have the right to have a receiver appointed to take possession of all or any part 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 !ndebledness The receiver may serve without bond if permitted by law.
(Continued) Page 4
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's Interest in all or in any part of the Property by non-judicial sale, and ·'specifically by "power of
sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the rights provided in this section.
';tenancy at Sufferance. If Granter remains in possession of the Property after lhe Property is sold as provided above or Lender otherwise
becomes entitled Io possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser
of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property
immediately upon the demand of Lender.
Olher Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in .equity.
Sale of the Property, To the extent permitled by applicable law, Granlor hereby waives any and all right to have the Property marshalled, in
exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable nolice shall mean notice given at least
ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real
Property. ·
Election of Remedies. All'of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by Lender Io
choose any one remedy wilt'not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of Grantor's
obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default
and to exercise Lender's remedies.
Altorneys' Fees; Expenses, If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court aclion is involved, and
to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of
its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate
from the date of the expenditure until repaid. Expenses covered by this paragraph incluSe, without limitation, however subject to any limits under
applicable law,.~-ender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost of searching records,' obtaining title reports (including foreclosure reports), surveyors'
reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any courl costs, in addition to all
other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including without limilation any notice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United Stales mail, as first class, certified or registered mail postage
prepaid, directed 1o 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 shall be sent to Lender's address, as shown near the beginning of this Mortgage.' Any person may change his or her
address tot notices under this Mortgage 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, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise
provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS pROVISIONS'. The following miscellaneous provisions are a part of th'is Mortgage:
Amendmenls. What is written in this Mortgage and.in the Related Documents is Granlor's entire agreement with Lender concerning the matters
covered by this 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 amendment.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by and interpreted In accordance with federal law and the laws of the State of Wyoming.
This Mortgage has been accepted by Lender in the State of Wyoming.
No Waiver by Lender. Grantor understands Lender will nol give up any of Lender'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 provis ohs of this Mortgage. Grantor also
understands lhat if Lender does consent to a'request, thai 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 Grantor's requests, that does not mean Lender
will be required to consent to any of Grantcr's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor.
Grantor wa yes ali rights of exemption from execution or similar law in the Property (including without limitation, the homestead exemption), and
Grantor agrees that the rights of Lender in lhe Property under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect.
Severabilily. 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 wilt 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 eslate created by this Mortgage with any other interest or estate in the Property at any time
held by or for the benefit of Lender in any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors'and assigns. If ownership.of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with reference to lhis Mortgage and the indebtedness by way of
forbearance or extension without releasing Grantor fro'm lhe 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 Homeslead Exempllon. Grantor hereby rele,ases and waives all rights and benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured bY this Mortgage
DEFINITIONS. The following words shall have the following r~eanings when used in this Mortgage:
Borrower. T, he word "Borrower" means PENNY F RUNDBERG LIVING TRUST DTD 11-12-99, and all other persons and entities signing the Note.
Environmental Laws. The wcrds "Environmental Laws" mean any and ali state, federal and local statutes, regulations and ordinances relating to
the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub.
L. No..99-499 ("SARA")~ the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, el seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other apj31icable state or federal laws, rules, or regulations adopted pursuant thereto.
Evenl of Default. The words "Event of Default" mean any of the events of default set Iorth in this Mortgage in the events of default section of this
Mortgage.
Grantor. The word "Grantor" means PENNY F RUNDBERG LIVING TRUST DTD 11-12-99.
Guaranly. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without
limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Subslances" are used in their very
(Continued) '{ .[ 0 Page 5
broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed bnder the
Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products Or a~y fraction
thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real
Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means arl principal, interest, and other amounts, costs and expenses payable under the Note or Related
Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Relaled Documents
and any amounts expended or advanced by Lender: to discharge Grantcr's obligations or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means First Interstate Bank, ils successors and assigns. The words "successors or assigns" mean any person or
company that acquires any interest in the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated January 15, 2002, in the original principal amount of $33,750.00 from
Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the
promissory note or agreement. The maturity date of this Mortgage is January 25, 2007.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; togelher with all accessions, parts, and additions to, all replacements of,
and ail substitutions for, any of such property and together with all proceeds (including without limitation alt insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage.
Related Documents. The words "Relaled Documents" mean all promissory notes, credit agreements, {gan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income, issues, royallies, profits, and other benefits derived from the
Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
P~ RUNDBER_~(::~UST DTD 11-12-99
STATE OF ~ )
7~[h .c.,J~ ~ ......... -~ t[-.~~' _/ , ~~, before me, the undersigned Notary P~blic, personally
~pH~a.~u r~l r ~U~UeC~Iano UAHYL P RUNDBERG, of PENNY F RUNDBERG LIVING TRUST DTD 11-12-SS, and known to me to be
~uthorized trustees or agents of the trust thai executed the Mortgage and acknowledged the Mortgage to be lhe free an~ voluntary act and deed of the
trust, by authority set forth in the trust documents or, by authority of statute, for the uses and purposes therein mentioned, and on oath stated that they
are authorized to execute this Mortgage and in fact executed the Mortgage on behalf of the trust.
' Coum'., .; =.~tt=';:~'~ .
Nota~ Public In and for the State of ~ ~ Ath~,~f ~;:~:~ >,~ ,,~C~sion expires